Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [5][7]. Core Views - The "14th Five-Year Plan" emphasizes the construction of an "Energy Powerhouse," focusing on the development of hydrogen and fusion energy industries [3][18]. - The central economic work conference highlighted the need for a comprehensive green transition and the establishment of a new energy system [2][16]. - The report suggests that the energy system in China is transitioning from an "energy power" to an "energy powerhouse," with increased demands for supply security, ecological sustainability, technological innovation, and modern governance [3][19][21]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.08%, while the public utilities index decreased by 0.09% and the environmental index dropped by 0.61% [1][15]. - In the electricity sector, thermal power increased by 0.22%, while hydropower decreased by 0.26%, and renewable energy generation rose by 0.93% [1][15]. Important Events - The central economic work conference took place on December 10-11, focusing on energy security and the establishment of a carbon trading market [2][16]. - Yunnan province announced an increase in coal power capacity pricing to 330 RMB per kilowatt per year starting in 2026 [17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][25]. - The report also highlights opportunities in the water and waste incineration sectors, suggesting investments in companies like China Everbright Environment and Zhongshan Public Utilities [26]. Key Company Earnings Forecasts - The report provides earnings forecasts for various companies, indicating a stable outlook for nuclear power operators like China Nuclear Power and China General Nuclear Power [4][25]. - It also emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending companies like Yangtze Power [4][25]. Industry Key Data Overview - In October, the industrial electricity production increased by 7.9% year-on-year, with total electricity consumption reaching 774.2 billion kilowatt-hours, a 4.3% increase [49][55]. - The cumulative installed power generation capacity reached 3.75 billion kilowatts, with solar power capacity growing by 43.8% year-on-year [73].

Core Points - Shanghai Electric Power Co., Ltd. issued the 20th phase of ultra-short-term financing bonds for the year 2025 on December 9, 2025 [2] - The funds raised from this bond issuance will primarily be used to repay maturing bonds [2] Group 1 - The bond issuance was conducted through a book-building and centralized allocation method in the national interbank bond market [2] - The company’s board of directors guarantees the truthfulness, accuracy, and completeness of the announcement [1]

国银金租(01606)发布公告，公司作为资产受让方与(i)资产出让方中国电建（601669）集团租赁有限公 司;(ii)承租人宁夏达新新能源有限公司;及(iii)上海电力（600021）于2025年12月10日订立资产转让协 议，据此，资产出让方同意将融资租赁合同项下的租赁物所有权、应收租赁款债权、所有担保权益以及 资产出让方在融资租赁合同下需承担的全部相关义务转让给公司，公司同意受让该等资产及相关权利义 务，并向资产出让方及上海电力支付人民币10亿元的转让对价。 转让标的包括融资租赁合同项下的租赁物所有权、应收租赁款债权、所有担保权益以及资产出让方在融 资租赁合同下需承担的全部相关义务。租赁物为位于中国宁夏回族自治区吴忠市的光伏电站设备及设施 资产。转让标的的总价值合计约为人民币10亿元，乃依据转让标的实际建造成本，并经公司内部评估流 程后确定。 资产转让协议乃由公司于一般及日常业务过程中订立。订立资产转让协议有益于增加公司融资租赁业务 收入，符合公司业务发展策略。 ...

Group 1 - The company Shanghai Electric Power (600021.SH) issued its 20th ultra-short-term financing bond for the year 2025 on December 9, 2025 [1] - The total amount of the bond issued is 2.6 billion RMB, with a maturity period of 121 days and a repayment date set for April 10, 2026 [1] - The annualized coupon rate for the bond is 1.69% [1]

证券简称：上海电力 证券代码：600021 编号：临 2025-119 | 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SCP020 | | --- | --- | --- | --- | | 具名称 | 度第二十期超短期融资券 | 简称 | | | 代码 | 012583009 | 债务融资工具 期限 | 121日 | | 计息方式 | 付息固定利率 | 发行总额 | 26亿元/人民币 | | 起息日 | 2025年12月10日 | 兑付日 | 2026年4月10日 | | 发行价格 | 100元/百元 | 票面利率 （年化） | 1.69% | | 承销商 | 兴业银行股份有限公司,江苏银行股份有限公司 | | | 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 二〇二五年十二月十一日 上海电力股份有限公司 2025 年度 第二十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 ...

证券简称：上海电力 证券代码：600021 编号：临2025-118 上海电力股份有限公司 董事会2025年第十一次临时会议决议公告 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。 该议案13票同意，0票反对，0票弃权。 同意选举黄晨先生担任公司第九届董事会董事长，并继续兼任执行公司事务的董事（法定代表人）。黄 晨先生不再担任公司总经理职务。 特此公告。 上海电力股份有限公司董事会 （二）本次董事会会议通知和会议材料于2025年12月2日以电子方式发出。 （三）本次董事会会议于2025年12月8日以通讯会议方式召开。 （四）会议应到董事13名，实到董事13名，符合《公司法》和《公司章程》规定。 二、董事会审议及决议情况 同意关于选举公司第九届董事会董事长的议案。 一、董事会会议召开情况 （一）上海电力股份有限公司董事会2025年第十一次临时会议的召开符合有关法律、行政法规、部门规 章、规范性文件和公司章程的规定。 二〇二五年十二月十日 ...

二〇二五年第四次临时股东会 会议资料 二○二五年十二月 2025 年第四次临时股东会 会议资料 现场会议开始时间：2025 年12 月16 日（周二） 下午14 时整 网络投票起止时间：自2025 年12 月16 日 至2025 年12 月16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间 为股东会召开当日的交易时间段，即9:15-9:25,9:30-11:30，13:00-15:00； 通过互联网投票平台的投票时间为股东会召开当日的9:15-15:00。 现场会议地点：上海天诚大酒店 8 楼第二会议室 （上海市徐家汇路 585 号） 1 2025 年第四次临时股东会 会议资料 资 料 目 录 | 一、会 程 1 | 议 | 议 | | | | --- | --- | --- | --- | --- | | 二、关于开展不超过 亿元永续信托融资的议案 | | | 42 | 2 | | 三、关于聘用中汇会计师事务所（特殊普通合伙）为公司 2025 | | | | | | 年度审计机构的议案 5 | | | | | | 四、关于选举董事的议案 6 | | | | | 2025 年第四次临时股 ...

上海电力股份有限公司 董事会 2025 年第十一次临时会议决议公告 证券简称：上海电力 证券代码：600021 编号：临 2025-118 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。 一、董事会会议召开情况 （一）上海电力股份有限公司董事会 2025 年第十一次临时会议的召开符合 有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 （二）本次董事会会议通知和会议材料于 2025 年 12 月 2 日以电子方式发出。 （三）本次董事会会议于 2025 年 12 月 8 日以通讯会议方式召开。 （四）会议应到董事 13 名，实到董事 13 名，符合《公司法》和《公司章程》 规定。 二、董事会审议及决议情况 同意关于选举公司第九届董事会董事长的议案。 该议案 13 票同意，0 票反对，0 票弃权。 同意选举黄晨先生担任公司第九届董事会董事长，并继续兼任执行公司事务 的董事（法定代表人）。黄晨先生不再担任公司总经理职务。 上海电力股份有限公司董事会 二〇二五年十二月十日 1 特此公告。 ...

每经AI快讯，上海电力（SH 600021，收盘价：20.49元）12月9日晚间发布公告称，公司第九届2025年 第十一次董事会会议于2025年12月8日以通讯会议方式召开。会议审议了《关于选举公司第九届董事会 董事长的议案》等文件。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 2025年1至6月份，上海电力的营业收入构成为：电力行业占比98.98%，其他行业占比1.02%。 截至发稿，上海电力市值为578亿元。 （记者 王晓波） ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4][8]. Core Views - The report highlights the ongoing development of the Guangdong electricity market for 2026, with a total market scale of approximately 680 billion kilowatt-hours and an annual trading cap of 420 billion kilowatt-hours [2][15]. - The report discusses the approval of a significant asset swap by Electric Power Investment Corporation, which involves the acquisition of 100% equity in Electric Power Nuclear and the issuance of shares to raise funds for nuclear power projects [3][21][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and integrated energy management [24]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.28%, while the public utility index increased by 0.12%, and the environmental index fell by 0.15% [1][14]. - Within the electricity sector, thermal power decreased by 0.20%, hydropower increased by 0.66%, and new energy generation rose by 1.09% [1][27]. Important Events - The Guangdong electricity market for 2026 is set to have a trading scale of about 680 billion kilowatt-hours, with specific allocations for nuclear power units [2][15]. - The asset swap by Electric Power Investment Corporation has been approved, with a transaction value of 55.39 billion yuan for the acquisition of Electric Power Nuclear [3][21]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies with stable pricing like Shanghai Electric [4][24]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydropower stocks like Yangtze Power [4][24]. Key Company Earnings Forecasts - Huadian International is rated "Outperform" with an expected EPS of 0.49 yuan for 2024 and 0.62 yuan for 2025 [8]. - Electric Power Investment Corporation is also rated "Outperform," with an expected EPS of 0.19 yuan for 2024 and 0.26 yuan for 2025 [8]. Environmental Sector Insights - The report notes that the waste incineration industry is maturing, with improved free cash flow, and suggests focusing on "utility-like investment opportunities" in the environmental sector [25]. - Recommendations include companies like China Science Instruments and Shandong High Energy Resources, which are expected to benefit from upcoming EU policies [25].