Core Viewpoint - Shanghai Electric has become a leading stock in the new energy sector since early August, but it faced a setback by terminating a nearly decade-long overseas asset acquisition plan [1][3]. Group 1: Termination of Acquisition - The termination of the acquisition is linked to changes in the local electricity pricing mechanism in Pakistan, which affected the profitability and valuation of K-Electric Limited [3][4]. - The acquisition plan dates back to October 2016, when Shanghai Electric announced a cash purchase of 66.40% of K-Electric for $1.77 billion, with potential additional payments of up to $27 million based on performance [3][4]. - The decision to terminate was made after careful analysis, as the seller failed to meet the conditions for closing and due to changes in the business environment in Pakistan [3][4]. Group 2: Impact on Company Strategy - Despite the termination, Shanghai Electric stated that it would not affect its overseas strategic layout, highlighting its significant investments in Japan, Hungary, and Turkey [4]. - The company remains committed to its strategy of strengthening its domestic operations while pursuing international growth [4]. - Following the announcement of the termination, Shanghai Electric's stock price initially dropped but then rebounded, indicating market resilience [4]. Group 3: Establishment of Electric International - The company established a wholly-owned subsidiary, Electric International, with a registered capital of 1 billion yuan, which shares some board members with Shanghai Electric [1][6]. - Electric International's business scope includes power generation technology services, and it is located in the same building as Shanghai Electric [6]. - The management of Shanghai Electric confirmed that its senior executives do not hold any administrative positions in Electric International beyond their roles as directors or supervisors [8].

上海电力股份有限公司 投资者说明会会议记录 活动主题：上海电力关于终止重大资产购买事项投资者说明会 时间：2025年9月12日 形式：上证路演中心 https://roadshow.sseinfo.com网络文字互动 出席嘉宾：公司董事（代行董事长职责）、总经理黄晨先生、公司独立董事郭永 清先生、公司副总经理、总会计师谢晶先生，公司董事会秘书邹忆女士、独立财 务顾问主办人等有关人员。 会议情况、投资者提出的主要问题及公司回复情况如下： 二次战略与投资委员会会议审议通过，尚需提交股东会审议。 问题1：请问此次终止重大资产购买会对公司后续发展有什么影响? 答：您好！感谢您对公司的关注！本次交易从启动到终止，未对上市公司生 产经营产生重大不利影响，未导致上市公司经营环境产生重大不利变化。同时， 本次重大资产购买尚未达成交割先决条件，本次交易终止对上市公司未产生实质 性影响，不会对上市公司现有生产经营活动、财务状况造成重大不利影响，不存 在损害上市公司及中小股东利益的情形。 未来，公司将全面落实"均衡增长战略"，坚定不移地推进"做强做优做大 上海，健康有序发展国内，精准布局决胜海外"，努力推动上市公司高质量可持 续发 ...

New Stock Issuance - Jin Hua New Material (920015) issued at a price of 18.15[1] - Jianfa Zhixin (301584) issued at a price of 7.05[1] Market Alerts - Cash option declaration period for *ST Tianmao (000627) from September 15 to September 19, 2025[1] - 13 trading days remaining for the delisting period of Zitian Tui (300280)[1] - Severe abnormal fluctuation reported for Jishi Media (601929)[1] Other Announcements - Multiple companies including Shanghai Construction (600170) and Zhongke Shuguang (603019) have recent announcements linked[1] - Various stocks are under scrutiny for abnormal trading activities, including *ST Yu Shun (002289) and ST Huaneng (000851)[3]

Market Overview - The electricity sector experienced a decline of 0.59% on the previous trading day, with Jiaze New Energy leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - Notable gainers in the electricity sector included: - Hengtong Co., Ltd. (600226) with a closing price of 4.07, up 6.54% and a trading volume of 2.8267 million shares, totaling 1.147 billion yuan [1] - Hangzhou Thermal Power (605011) closed at 22.69, up 5.88% with a trading volume of 145,600 shares, totaling 330 million yuan [1] - Changqing Group (002616) closed at 7.24, up 4.62% with a trading volume of 386,000 shares, totaling 276 million yuan [1] - Conversely, significant decliners included: - Jiaze New Energy (6191919) closed at 4.42, down 5.15% with a trading volume of 2.068 million shares, totaling 926 million yuan [2] - Huami Environmental Energy (600475) closed at 17.00, down 4.92% with a trading volume of 475,900 shares, totaling 829 million yuan [2] - Shanghai Electric Power (600021) closed at 21.07, down 2.81% with a trading volume of 2.047 million shares, totaling 4.379 billion yuan [2] Capital Flow - The electricity sector saw a net outflow of 2.127 billion yuan from major funds, while retail investors contributed a net inflow of 1.566 billion yuan [2] - Specific stock capital flows included: - Luxiao Technology (002617) with a net inflow of 19.8 million yuan from major funds, but a net outflow of 36.984 million yuan from retail investors [3] - Hangzhou Thermal Power (605011) had a net inflow of 21.272 million yuan from major funds, while retail investors contributed a net inflow of 120,050 yuan [3]

New Stock Issuance - New stock issuance for 联合动力 (code: 301656) at a price of 12.48 on September 15, 2025[1] - *ST天茂 (code: 000627) has a cash option declaration period from September 15 to September 19, 2025[1] - 紫天退 (code: 300280) has 14 trading days remaining until the last trading day during the delisting period[1] Market Alerts - 先导智能 (code: 300450) reported severe abnormal fluctuations[2] - 杭可科技 (code: 688006) and 新华锦 (code: 600735) have recent announcements regarding trading activities[1] - 退市整理期 for multiple stocks including *ST威尔 (code: 002058) and 新炬网络 (code: 605398) has been noted[1] Trading Insights - Significant trading activity observed in stocks like 工业富联 (code: 601138) and 景旺电子 (code: 603228) with recent announcements[1] - The report includes links to detailed announcements for various stocks, indicating ongoing market developments[1]

Core Viewpoint - The news highlights the performance of the Central State-Owned Enterprises Modern Energy Index and its related ETF, emphasizing the integration of artificial intelligence in the energy sector to enhance operational efficiency and support high-quality development [2][3]. Group 1: Market Performance - As of September 15, 2025, the Central State-Owned Enterprises Modern Energy Index increased by 0.48%, with notable gains from Shanghai Electric (+8.60%), China National Materials Technology (+4.70%), and others [2]. - The Central State-Owned Enterprises Modern Energy ETF (561790) rose by 0.69%, marking its third consecutive increase, with the latest price at 1.18 yuan [2]. - Over the past week, the ETF has accumulated a rise of 1.92%, ranking in the top third among comparable funds [2]. Group 2: Liquidity and Trading Volume - The ETF recorded a turnover rate of 0.88% during the trading session, with a transaction volume of 399,500 yuan [2]. - The average daily trading volume of the ETF over the past year was 6.4154 million yuan [2]. Group 3: Policy and Industry Development - On September 8, the National Development and Reform Commission and the National Energy Administration released implementation opinions to promote "Artificial Intelligence + Energy" for high-quality development, outlining phased goals and 37 key tasks across various energy applications [2]. - In the electric power equipment sector, the policy aims to establish an innovative system by 2027, focusing on intelligent forecasting of power supply and demand, and enhancing the management capabilities of the power grid [3]. Group 4: Index Composition - The Central State-Owned Enterprises Modern Energy Index, customized by Guoxin Investment Co., includes 50 listed companies involved in green energy, fossil energy, and energy transmission and distribution, reflecting the overall performance of state-owned enterprises in the modern energy sector [3]. - As of August 29, 2025, the top ten weighted stocks in the index accounted for 48.28% of the total index weight, including companies like Yangtze Power, China National Power, and China Nuclear Power [3].

New Stock Issuance - YouSheng Co., Ltd. (Securities Code: 732418) issued shares at a price of 46.36 RMB on September 12, 2025[1] - *ST Tianmao (Securities Code: 000627) has a cash option declaration period from September 15 to September 19, 2025[1] - *ST Zitian (Securities Code: 300280) enters the delisting arrangement period starting September 15, 2025[1] Trading Alerts - Hangke Technology (Securities Code: 688006) reported severe abnormal fluctuations on September 11, 2025[1] - Shanghai Electric Power (Securities Code: 600021) had a trading volume of 8,487 on September 10, 2025[1] - Tianji Co., Ltd. (Securities Code: 002759) reported a trading volume of 8,705 on September 10, 2025[1] Abnormal Fluctuations - ST Lingnan (Securities Code: 002717) reported a trading volume of 7,965 on September 10, 2025[3] - ST Huaxi (Securities Code: 002630) reported a trading volume of 9,579 on September 11, 2025[3] - ST Jianye (Securities Code: 600381) reported a trading volume of 5,420 on September 3, 2025[3]

Core Viewpoint - Shanghai Electric Power Co., Ltd. has decided to terminate the acquisition of a 66.40% stake in K-Electric Limited in Pakistan, originally planned for $1.77 billion, due to unmet conditions and changes in the business environment [2][4]. Group 1: Acquisition Details - The acquisition process began in 2016 and involved multiple approvals from regulatory bodies, including the Pakistan Competition Commission and Chinese authorities [3][4]. - The deal faced challenges, including a new pricing mechanism in Pakistan that significantly reduced K-Electric's profitability and valuation [4]. - Shanghai Electric Power has been disclosing progress on the acquisition every 30 days since March 2017, indicating ongoing challenges and risks associated with the deal [4][5]. Group 2: Market Reaction - Following the announcement of the termination, Shanghai Electric's stock experienced significant volatility, initially dropping to the daily limit before rebounding to close at 22.01 yuan per share, a 5.87% increase [2]. - Over the past 60 days, the company's stock has seen a cumulative increase of 150.68% [2]. Group 3: Financial Performance - Shanghai Electric reported a net profit of 3.34 billion yuan in 2022, which is expected to grow to 20.46 billion yuan in 2024 [6]. - In the first half of 2025, the company achieved a revenue of 20.475 billion yuan, a year-on-year increase of 1.76%, and a net profit of 1.909 billion yuan, up 43.85% [6]. Group 4: Energy Portfolio - As of mid-2025, Shanghai Electric's installed capacity reached 25.8013 million kilowatts, with clean energy accounting for 61.83% of the total [7]. - The company has significant operations in various energy sectors, including coal, gas, wind, and solar power, with a notable increase in renewable energy generation [7]. Group 5: New Investments - Following the termination of the acquisition, Shanghai Electric is shifting focus to domestic clean energy projects, including a 500,000-kilowatt offshore solar project and a 400,000-kilowatt wind project in Heilongjiang [8].

Core Insights - On September 11, 2023, the Shanghai-Hong Kong Stock Connect saw participation in 11 stocks on the daily trading leaderboard, indicating significant trading activity in these stocks [1][2] Group 1: Net Buying Stocks - Shanghai Electric (600021) had a net buying amount of 248.95 million yuan, with a daily increase of 5.87% and a turnover rate of 10.40% [2] - Dongyangguang (600673) recorded a net buying of 66.49 million yuan, with a daily increase of 4.66% and a turnover rate of 7.69% [2] - Oriental Communication (600776) saw a net buying of 58.43 million yuan, with a daily increase of 10.02% and a turnover rate of 11.07% [2] - Jinko Technology (601778) had a net buying of 49.29 million yuan, with a daily increase of 10.05% and a turnover rate of 8.29% [2] - New Silicon Micro (688593) experienced a net buying of 36.52 million yuan, with a daily increase of 20.00% and a turnover rate of 9.86% [2] - Juguang Technology (688167) had a net buying of 27.59 million yuan, with a daily increase of 20.00% and a turnover rate of 10.77% [2] - Sanjiang Shopping (601116) recorded a net buying of 8.78 million yuan, with a daily increase of 10.03% and a turnover rate of 10.18% [2] Group 2: Net Selling Stocks - Tengjing Technology (688195) had a net selling of 0.31 million yuan, with a daily increase of 20.00% and a turnover rate of 15.04% [2] - Haiguang Information (688041) saw a net selling of 10.34 million yuan, with a daily increase of 20.00% and a turnover rate of 3.34% [2] - Huaguang Environmental Energy (600475) recorded a net selling of 18.07 million yuan, with a daily decrease of 10.01% and a turnover rate of 0.75% [2] - Qingshan Paper (600103) had a net selling of 18.12 million yuan, with a daily increase of 10.14% and a turnover rate of 11.50% [2]

Core Viewpoint - Shanghai Electric's stock experienced a significant increase of 5.87% with a trading volume of 6.021 billion yuan and a fluctuation of 17.43% on the trading day [1] Group 1: Stock Performance - The stock's turnover rate was 10.40%, and it was listed on the daily fluctuation board due to its 17.43% price change [1] - The net purchase from the Shanghai-Hong Kong Stock Connect was 249 million yuan, with a total net purchase of 321 million yuan from the top five trading departments [1][2] Group 2: Trading Data - The top trading department for buying was the Shanghai-Hong Kong Stock Connect, with a purchase amount of 463.57 million yuan and a selling amount of 214.41 million yuan [2] - Over the past six months, the stock has appeared on the daily fluctuation board six times, with an average price increase of 0.27% the next day and an average increase of 7.69% over the following five days [2] Group 3: Fund Flow and Financials - The stock saw a net inflow of 231 million yuan from main funds today, with a significant inflow of 248 million yuan from large orders [2] - As of September 10, the margin trading balance was 1.869 billion yuan, with a financing balance of 1.845 billion yuan, reflecting a recent increase of 266 million yuan or 16.82% [2] - The company's semi-annual report indicated a revenue of 20.475 billion yuan, a year-on-year increase of 1.76%, and a net profit of 1.909 billion yuan, a year-on-year increase of 43.85% [2]