Investment Rating - The industry investment rating is "Maintain Buy" [4] Core Viewpoints - The Shandong 136 document details a balanced approach to the entry of new energy into the market, providing stability for existing projects while enhancing competition for new projects [3][12][13] - For existing projects, the mechanism price is set at a cap of 0.3949 CNY/kWh (including tax), which aligns with the coal benchmark price in Shandong [13] - For new projects, a bidding capacity requirement of 125% is established, which increases competitive pressure and accelerates the exit of high-cost projects, pushing for efficiency and cost reduction in new energy projects [3][12][13] - The report recommends focusing on green power operators with a higher proportion of existing projects and better short-term revenue certainty, as well as high-quality flexible power sources like thermal and hydropower [3][12][13] Summary by Sections Industry Trends - The Shandong 136 document was released on May 7, detailing the market-oriented reform implementation plan for new energy pricing [13] - The coal price has dropped to 643 CNY/ton [14] - The inflow and outflow of the Three Gorges reservoir have decreased by 17.39% and 47.66% year-on-year, respectively [36] - Silicon material prices have decreased to 39 CNY/kg, and mainstream silicon wafer prices have dropped to 1.18 CNY/unit [50] - The national carbon market trading price has decreased by 2.24% this week [60] Market Performance - The Shanghai Composite Index closed at 3342.00 points, up 1.92%, while the CSI 300 Index closed at 3846.16 points, up 2.00% [65] - The CITIC Power and Utilities Index closed at 2904.26 points, up 2.04%, outperforming the CSI 300 Index by 0.04 percentage points [65] Key Stocks - Recommended stocks include: - Zhejiang Energy Power (600023.SH) - Buy - Anhui Energy Power (000543.SZ) - Buy - Guodian Power (600795.SH) - Buy - Huaneng International (600011.SH) - Buy - New Energy (688501.SH) - Buy - New Tian Green Energy (600956.SH) - Buy [8]

Core Viewpoint - The domestic controlled nuclear fusion projects are making significant progress, with mainstream technology expected to enter the demonstration phase by 2035 and achieve commercial power generation around 2050 [1][6][14]. Group 1: Industry Progress - The controlled nuclear fusion sector has seen a surge in stock prices, with the concept stocks rising by 6.11% on May 6, 2023, following positive developments in the industry [1]. - The Hefei compact fusion energy experimental device (BEST) project has commenced its assembly work two months ahead of schedule, aiming for completion by 2027 [1]. - The International Thermonuclear Experimental Reactor (ITER) has completed the construction of all components of its superconducting magnet system, marking a significant milestone in fusion research [1][6]. Group 2: Technological Developments - The "Xuanlong-50U" spherical hydrogen-boron fusion device achieved high-temperature, high-density plasma currents exceeding 15 million degrees Celsius, surpassing the core temperature of the sun [2][5]. - New Hope Group has invested 4 billion yuan in fusion research since 2017, aiming to achieve engineering feasibility before 2035 [5]. - The industry is focusing on three main technical challenges: maintaining plasma at over 100 million degrees Celsius, ensuring materials can withstand neutron bombardment for commercial operation, and addressing the production of tritium [11]. Group 3: Investment and Market Dynamics - The global fusion industry attracted $7.1 billion in investment in 2023, with a significant portion coming from private capital [16]. - China has formed three main forces in fusion research: market-driven startups, national research teams, and private enterprises like New Hope Group, which plans to invest nearly 10 billion yuan in the next five years [16][17]. - The market for fusion devices is projected to reach 2.26 trillion yuan between 2030 and 2035, indicating substantial investment potential in components like high-temperature superconductors [18].

证券代码：600023 证券简称：浙能电力 公告编号：2025-016 浙江浙能电力股份有限公司 关于召开2024年年度股东大会的通知 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。 重要内容提示： (一)股东大会类型和届次 2024年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025年5月29日 14点00分 召开地点：浙江省杭州市西湖区曙光路122号浙江世贸君澜大饭店嘉年厅 至2025年5月29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大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大会召开当日的9:15- 15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投票，应按照《上海证券交易 所上 ...

浙江浙能电力股份有限公司 关于召开2024年年度股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 29 日 14 点 00 分 召开地点：浙江省杭州市西湖区曙光路 122 号浙江世贸君澜大饭店嘉年厅 证券代码：600023 证券简称：浙能电力 公告编号：2025-016 股东大会召开日期：2025年5月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 29 日 至2025 年 5 月 29 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 东大会召 ...

证券代码：600023 证券简称：浙能电力 公告编号：2025-015 浙江浙能电力股份有限公司 关于2024年度暨2025年第一季度业绩说明会 召开情况的公告 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。 浙江浙能电力股份有限公司（以下简称"公司"）于2025年4月30日15:00-16:00召开了2024年度暨2025年 第一季度业绩说明会。现就有关情况公告如下： 一、本次业绩说明会召开情况 关于本次业绩说明会的召开事项，公司已于2025年4月22日在上海证券交易所网站（www.sse.com.cn） 披露了《关于召开2024年度暨2025年第一季度业绩说明会的公告》（公告编号：2025-006）。2024年4 月30日15:00-16:00，公司在上海证券交易所上证路演中心召开了2024年度暨2025年第一季度业绩说明 会。公司董事长虞国平，董事会秘书魏峥，独立董事程金华、王智化和倪晨凯参会，与投资者在线进行 互动交流，并就投资者关注的主要问题进行回复。 二、本次业绩说明会投资者提出的问题及公司回复情况 问题1：公司本 ...

Investment Rating - The industry investment rating is "Buy" [5][9]. Core Viewpoints - By the end of this year, the electricity spot market is expected to achieve comprehensive coverage, indicating a deepening of electricity marketization and an anticipated increase in demand for ancillary services. It is recommended to focus on the value of flexible adjustment power sources [3][12]. - The State Council has approved 10 new nuclear power units, enhancing growth certainty. From 2019 to 2025, the number of approved nuclear power units in China has been consistently high, with a total of 56 units approved over seven years. Predictions suggest that by 2030, China's operational nuclear power capacity will rank first globally [3][12]. - The recent drop in coal prices to approximately 657 RMB/ton is expected to improve profitability for thermal power generation, highlighting excess opportunities in thermal power [3][12]. Summary by Sections Industry Viewpoints - The electricity spot market is set for full coverage by the end of this year, with a focus on the value of flexible power source configurations [3][12]. - The approval of 10 new nuclear power units by the State Council adds certainty to growth in the nuclear sector [3][12]. - Coal prices have decreased to 657 RMB/ton, which supports improved profitability for thermal power [3][12]. - Hydropower inflow and outflow at the Three Gorges Dam have decreased significantly, with inflow down 40% year-on-year and outflow down 39.73% [30]. - Silicon material prices remain stable, while mainstream silicon wafer prices have decreased, potentially enhancing the profitability of photovoltaic projects [37]. - The national carbon market saw a 5.68% decrease in trading prices, with a total trading volume of 171.11 million tons for the week [49]. Market Review - The Shanghai Composite Index closed at 3,279.03 points, down 0.49%, while the CSI 300 Index closed at 3,770.57 points, down 0.43%. The CITIC Power and Utilities Index closed at 2,846.13 points, down 1.68%, underperforming the CSI 300 Index by 1.24 percentage points [54][55]. Key Companies - Recommended stocks include Huadian International, Waneng Power, Zheneng Power, Huaneng International, and Jiantou Energy, all rated as "Buy" [9]. - The report also suggests focusing on undervalued green electricity sectors, particularly in Hong Kong, and highlights companies like Xintian Green Energy and Longyuan Power [3][9].

Investment Rating - The report maintains a "Hold" rating for the company, expecting a relative performance between 10% and 20% compared to the market benchmark index over the next 6 months [6]. Core Views - In 2024, the company achieved a revenue of 88.003 billion yuan, a decrease of 8.31% year-on-year, while the net profit attributable to shareholders increased by 18.92% to 7.753 billion yuan [3][4]. - The first quarter of 2025 saw a revenue decline of 12.09% year-on-year, with net profit dropping by 40.81% to 1.074 billion yuan, primarily due to falling electricity prices [4][5]. - The company plans to distribute a cash dividend of 0.29 yuan per share, totaling approximately 3.889 billion yuan, with a cash dividend payout ratio of 50.15% for 2024 [4]. Financial Performance Summary - In 2024, the company's electricity and heat gross profit increased by 49.66% year-on-year, despite a 7.06% decrease in electricity prices [5]. - The company's total electricity generation increased by approximately 6.60% in 2024, but the first quarter of 2025 faced pressure on electricity prices, which diminished the benefits from lower coal prices [5]. - The report projects net profits for 2025, 2026, and 2027 to be 7.020 billion, 7.955 billion, and 8.048 billion yuan respectively, with corresponding P/E ratios of 10.2, 9.0, and 8.9 [6][7].

关于 2024 年度暨 2025 年第一季度业绩说明会召开情况的公告 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。 浙江浙能电力股份有限公司（以下简称"公司"）于 2025 年 4 月 30 日 15:00-16:00 召开了 2024 年度暨 2025 年第一季度业绩说明会。现就有关情况公 告如下： 一、本次业绩说明会召开情况 关于本次业绩说明会的召开事项，公司已于 2025 年 4 月 22 日在上海证券交 易所网站（www.sse.com.cn）披露了《关于召开 2024 年度暨 2025 年第一季度业 绩说明会的公告》（公告编号：2025-006）。2024 年 4 月 30 日 15:00-16:00， 公司在上海证券交易所上证路演中心召开了2024年度暨2025年第一季度业绩说 明会。公司董事长虞国平，董事会秘书魏峥，独立董事程金华、王智化和倪晨凯 参会，与投资者在线进行互动交流，并就投资者关注的主要问题进行回复。 二、本次业绩说明会投资者提出的问题及公司回复情况 问题 1：公司本期盈利水平如何？ 证券代码：60 ...

Group 1 - The China Power Utility Index has seen a decline of 0.85% as of April 30, 2025, with mixed performance among constituent stocks, including Shenzhen Energy leading with a rise of 2.73% [1] - The Power ETF (159611) has shown a cumulative increase of 0.63% over the past week, with a trading volume of 188 million yuan and a turnover rate of 5.64% on the latest trading day [1] - The Power ETF has experienced significant growth in scale, increasing by 1.641 billion yuan over the past six months, ranking first among comparable funds [1] Group 2 - The top ten weighted stocks in the China Power Utility Index account for 55.94% of the index, with major players including Changjiang Electric Power and China Nuclear Power [2] - The five major power generation groups reported profits in 2024, with Guodian Power distributing cash dividends of 3.567 billion yuan, representing 36.28% of its net profit [2] - The power and utility sector is recognized for its stability and defensive characteristics, with expectations for favorable fiscal and monetary policies in 2025 to support high dividend, low valuation assets [2] Group 3 - The National Energy Administration anticipates a rapid increase in national electricity load during the summer of 2025, with a projected year-on-year increase of approximately 10 million kilowatts [3] - The total electricity consumption in China is expected to reach 10.4 trillion kilowatt-hours in 2025, with a growth rate of around 6% [3] - Recommendations have been made to focus on investment opportunities in the power sector, particularly in light of potential supply pressures during peak periods [3]