Core Viewpoint - The A-share market has seen a strong performance in the power sector, with several companies experiencing significant stock price increases [1] Company Performance - Meiyan Jixiang and Mindong Electric both reached the daily limit increase [1] - Leshan Electric surged by 8% [1] - Huayin Electric rose by 5% [1] - Datang Power and Shanghai Electric both increased by over 4% [1] - Guangzhou Development and Chuaneng Power both saw gains of over 3% [1]

Group 1 - Shanghai Electric's stock increased by 5.14%, reaching 30.30 CNY per share, with a trading volume of 2.58 billion CNY and a turnover rate of 3.06%, resulting in a total market capitalization of 85.48 billion CNY [1] - Shanghai Electric was established on June 4, 1998, and listed on October 29, 2003, with its main business activities including power generation, heating, and electricity services. The revenue composition is as follows: electricity 92.90%, heating 5.49%, and others 1.61% [1] Group 2 - According to data, one fund under Wan Jia Fund holds a significant position in Shanghai Electric. The Wan Jia CSI All-Share Public Utility ETF (560620) held 138,300 shares in the third quarter, accounting for 3.45% of the fund's net value, ranking as the eighth largest holding [2] - The Wan Jia CSI All-Share Public Utility ETF (560620) was established on September 11, 2024, with a latest scale of 84.72 million CNY. Year-to-date return is 6.21%, ranking 3939 out of 4216 in its category; the one-year return is 5.03%, ranking 3466 out of 3909; and since inception, it has a loss of 0.45% [2] - The fund manager of Wan Jia CSI All-Share Public Utility ETF (560620) is Wu Yirong, who has been in the position for 38 days, with a total asset scale of 1.01 billion CNY. The best fund return during her tenure is 6.19%, while the worst is -7.14% [2]

Core Points - Shanghai Electric Power Co., Ltd. issued its 14th super short-term financing bond for the year 2025 on November 4, 2025 [1] - The funds raised from this bond issuance will primarily be used to repay maturing bonds [2] - The announcement confirms the accuracy and completeness of the information provided [1][3]

证券简称：上海电力 证券代码：600021 编号：临 2025-104 上海电力股份有限公司 2025 年度 第十四期超短期融资券发行结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 债务融资工 | 上海电力股份有限公司2025年 | 债务融资工具 | 25沪电力SCP014 | | --- | --- | --- | --- | | 具名称 | 度第十四期超短期融资券 | 简称 | | | 代码 | 012582682 | 债务融资工具 期限 | 72日 | | 计息方式 | 付息固定利率 | 发行总额 | 25亿元/人民币 | | 起息日 | 2025年11月5日 | 兑付日 | 2026年1月16日 | | 发行价格 | 100元/百元 | 票面利率 （年化） | 1.58% | | 承销商 | 中国工商银行股份有限公司 | | | 本期超短期融资券通过簿记建档集中配售的方式在全国银行间债券市场公开发 行，募集资金主要用于偿还到期债券。 特此公告。 上海电力股份有限公司董事会 二〇二五年十一月六日 上海电力股 ...

Market Overview - In October, the Shanghai and Shenzhen 300 Index remained unchanged, while the public utility index increased by 4.47% and the environmental index rose by 2.58% [1][16] - Among the 31 first-level industry categories, public utilities and environmental sectors ranked 5th and 8th in terms of growth [1][43] - In the electricity sector, thermal power increased by 10.98%, hydropower by 4.01%, and gas by 6.39% [1][44] Important Events - On October 30, the Ministry of Commerce issued guidelines to support the use of green low-carbon development in foreign trade, promoting the use of renewable energy and sustainable fuels in international shipping [2][17] - The guidelines encourage foreign trade enterprises to develop and utilize recycled resources and biodegradable materials [2][17] Sector Performance - The thermal power sector's revenue for the first three quarters of 2025 was 906.47 billion yuan, a year-on-year decrease of 5.48%, while net profit increased by 15.03% to 71.12 billion yuan [3][18] - The hydropower sector's revenue was 148.76 billion yuan, down 1.39%, with net profit rising by 1.73% to 51.32 billion yuan [3][22] - Wind power revenue decreased by 2.80% to 117.16 billion yuan, with net profit down 12.15% to 22.03 billion yuan [3][25] - The photovoltaic sector saw revenue of 26.10 billion yuan, a decline of 16.55%, but net profit increased by 55.77% to 2.90 billion yuan [3][28] - Nuclear power revenue was 164.08 billion yuan, up 1.76%, but net profit fell by 12.39% to 16.58 billion yuan [3][32] - The gas sector's revenue was 234.91 billion yuan, a decrease of 0.78%, with net profit down 5.49% to 10.25 billion yuan [3][36] Investment Strategy - For thermal power, it is recommended to invest in major companies like Huadian International and Shanghai Electric due to stable profitability [4][41] - In the renewable energy sector, companies such as Longyuan Power and Three Gorges Energy are recommended for their potential steady earnings growth [4][41] - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profits [4][41] - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes [4][41] - In the gas sector, Jiufeng Energy is recommended for its capabilities in marine gas trading [4][41] - The environmental sector is advised to focus on companies like China Everbright Environment and Zhongshan Public Utilities, which are entering a mature phase with improved cash flow [4][42]

Market Overview - In October, the Shanghai and Shenzhen 300 index remained unchanged, while the public utility index increased by 4.47% and the environmental index rose by 2.58% [1][16] - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 5th and 8th in terms of growth [1][43] - In the electricity sector, thermal power increased by 10.98%, hydropower by 4.01%, and gas by 6.39% [1][44] Important Events - On October 30, the Ministry of Commerce issued guidelines to promote green trade, encouraging foreign trade enterprises to adopt green and low-carbon development throughout their supply chains [2][17] - The guidelines support the use of renewable energy and sustainable fuels in international shipping, including green methanol and green ammonia [2][17] Sector Performance - The thermal power sector's revenue for the first three quarters of 2025 was 906.47 billion yuan, a year-on-year decrease of 5.48%, while net profit increased by 15.03% to 71.12 billion yuan [3][18] - Hydropower sector revenue totaled 148.76 billion yuan, down 1.39%, with net profit rising by 1.73% to 51.32 billion yuan [3][22] - Wind power revenue decreased by 2.80% to 117.16 billion yuan, with net profit down 12.15% to 22.03 billion yuan [3][25] - The solar power sector saw revenue of 26.10 billion yuan, a decline of 16.55%, but net profit increased by 55.77% to 2.90 billion yuan [3][28] - Nuclear power revenue was 164.08 billion yuan, up 1.76%, but net profit fell by 12.39% to 16.58 billion yuan [3][32] - The gas sector's revenue was 234.91 billion yuan, a decrease of 0.78%, with net profit down 5.49% to 10.25 billion yuan [3][36] Investment Strategy - For thermal power, it is recommended to invest in major companies like Huadian International and Shanghai Electric due to expected stable profitability [4][41] - In the renewable energy sector, leading companies such as Longyuan Power and Three Gorges Energy are recommended for their potential steady earnings [4][41] - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profits, with a recommendation for China Power Investment Corporation [4][41] - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes [4][41] - In the gas sector, Jiufeng Energy is recommended for its capabilities in marine gas trading [4][41] - The environmental sector is advised to focus on companies like China Everbright Environment and Zhongshan Public Utilities, which are seen as utility-like investment opportunities [4][42]

Core Viewpoint - Shanghai Electric Power Co., Ltd. issued its sixth medium-term note for the year 2025 on October 28, 2025, primarily to repay maturing bonds [1] Group 1: Issuance Details - The medium-term note was publicly issued through a book-building method in the national interbank bond market [1] - The funds raised from this issuance will mainly be used for repaying maturing bonds [1] Group 2: Company Assurance - The company's board of directors guarantees that the announcement does not contain any false records, misleading statements, or significant omissions, and they assume legal responsibility for the authenticity, accuracy, and completeness of the content [1]

Core Viewpoint - Shanghai Electric's recent quarterly report for Q3 2025 shows significant changes in its top shareholders, particularly the entry of Zhao Liqian, a well-known investor, who now holds 63.26 million shares, representing 2.24% of the circulating shares, ranking third among the top shareholders [2][6]. Shareholder Changes - Zhao Liqian's investment strategy includes frequent adjustments, with a notable increase in his holdings in Shanghai Electric while reducing his stake in Zhejiang Medicine [6]. - Another individual investor, Zhang Yi, has also entered the top shareholder list with 8.70 million shares, although it is unclear if this was a recent purchase [16]. Financial Performance - For the first three quarters of 2025, Shanghai Electric reported total revenue of 32.154 billion yuan, a year-on-year decrease of 1.26%, while net profit attributable to shareholders reached 3.05 billion yuan, an increase of 24.04% [16]. - The company's net profit for the first three quarters has already surpassed the total for the entire previous year, indicating strong performance compared to peers in the electricity sector [16]. Strategic Developments - Shanghai Electric is involved in the integration of resources under the State Power Investment Corporation (SPIC), focusing on international platform construction and asset restructuring [7][12]. - The establishment of the "State Power Investment Group International Energy Co., Ltd." aims to consolidate overseas energy assets and support the group's strategic goals [11][12]. - Future projects may include offshore wind power development and green hydrogen production, aligning with national energy strategies [16]. Stock Performance - As of October 31, 2023, Shanghai Electric's stock price was 29.69 yuan per share, reflecting a year-to-date increase of 234.03% and a 120-day increase of 236.97% [13][14].

Core Viewpoint - Shanghai Electric's recent quarterly report for Q3 2025 shows significant changes in its top shareholders, particularly the entry of Zhao Liqian, a well-known investor, who now holds 63.26 million shares, representing 2.24% of the circulating shares, ranking third among the top shareholders [1][3]. Group 1: Shareholder Changes - Zhao Liqian has made notable adjustments to his portfolio, increasing his stake in Shanghai Electric while reducing his holdings in Zhejiang Pharmaceutical [3]. - Another investor, Zhang Yi, has also entered the top shareholder list with 8.70 million shares, although it is unclear if this was a recent purchase [11]. Group 2: Company Performance - For the first three quarters of 2025, Shanghai Electric reported total revenue of 32.154 billion yuan, a year-on-year decrease of 1.26%, while net profit attributable to shareholders increased by 24.04% to 3.05 billion yuan [11]. - The company's performance is considered strong compared to peers in the electric power sector, with net profits for 2022, 2023, and 2024 recorded at 321 million yuan, 1.593 billion yuan, and 2.046 billion yuan, respectively [11]. Group 3: Strategic Developments - The establishment of the National Power Investment Group International Energy Co., Ltd. aims to integrate overseas energy assets and build an international green energy platform, supporting the group's strategic goals [7]. - Shanghai Electric is exploring projects related to offshore wind power and green hydrogen production, aligning with national energy strategies for the upcoming "14th Five-Year Plan" period [11]. Group 4: Market Performance - As of October 31, 2023, Shanghai Electric's stock price was 29.69 yuan per share, reflecting a year-to-date increase of 234.03% and a 120-day increase of 236.97% [8][9].

上海电力股份有限公司于2025年10月28日发行了2025年度第六期中期票据，现将 发行结果公告如下： | 债务融资工 | 上海电力股份有限公司2025年 | 债务融资工具 | 25沪电力MTN006 | | --- | --- | --- | --- | | 具名称 | 度第六期中期票据 | 简称 | | | 代码 | 102584548 | 债务融资工具 期限 | 3+N年 | | 票面利率 | 2.09% | 起息日 | 2025年10月30日 | | 发行总额 | 16亿元/人民币 | 发行价格 | 100元/百元 | | 承销商 | 招商银行股份有限公司 | | | 本期中期票据通过簿记建档集中配售的方式在全国银行间债券市场公开发行，募 集资金主要用于偿还到期债券。 特此公告。 上海电力股份有限公司董事会 证券简称：上海电力 证券代码：600021 编号：临 2025-103 上海电力股份有限公司 2025 年度第六期中期票据发行结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 二〇二五年十月三十一日 ...