华能澜沧江水电股份有限公司（以下简称公司）向特定对象发行A股股票发 行承销总结及相关文件已经上海证券交易所备案通过。公司将依据相关规定尽快 办理本次发行新增股份的登记托管事宜。 相关发行情况详见公司于同日在上海证券交易所网站（www.sse.com.cn）披 露的《华能澜沧江水电股份有限公司2024年度向特定对象发行A股股票发行情况 报告书》，敬请广大投资者查阅。 证券代码：600025 证券简称：华能水电 公告编号：2025-066 华能澜沧江水电股份有限公司 关于向特定对象发行 A 股股票发行情况的提示性公告 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。 特此公告。 华能澜沧江水电股份有限公司董事会 2025 年 9 月 26 日 ...

北京市海问律师事务所 关于华能澜沧江水电股份有限公司向特定对象 发行 A 股股票发行过程和认购对象合规性的 见证法律意见书 致：华能澜沧江水电股份有限公司 Address：20/F, Fortune Financial Center, 5 Dong San Huan Central Road, Chaoyang District, Beijing 100020, China 电话(Tel)：(+86 10) 8560 6888 传真(Fax)：(+86 10) 8560 6999 www.haiwen-law.com 北京 BEIJING 丨上海 SHANGHAI 丨深圳 SHENZHEN 丨香港 HONG KONG 丨成都 CHENGDU 为出具本法律意见书之目的，本所律师查阅了本所认为出具本法律意见书所需 查阅的文件，包括但不限于：与认购对象及本次发行的发行过程有关的记录、协议、 资料和证明等相关文件。在调查过程中，本所亦得到发行人如下保证：发行人向本 所提供的文件和做出的陈述是完整、真实、准确和有效的；签署文件的主体均具有 签署文件的权利能力和行为能力；所提供文件中的所有签字和印章是真实的，任何 北京市 ...

Core Viewpoint - The report from Dongfang Securities indicates that electricity consumption in August 2025 increased by 5.0% year-on-year, with expectations for sustained high growth in electricity demand driven by high-tech manufacturing as the base effect diminishes in the following months [1][2]. Electricity Consumption Analysis - In August 2025, electricity consumption by different sectors showed year-on-year growth rates of +9.7% for primary industry, +5.0% for secondary industry, +7.2% for tertiary industry, and +2.4% for residential use, reflecting a decline compared to July 2025 [2]. - The manufacturing sector's electricity consumption rose by 5.5% year-on-year, marking the highest monthly growth rate for 2025, with high-tech and equipment manufacturing growing by 9.1% [2]. Power Generation Insights - In August 2025, the electricity generation from large-scale power plants increased by 1.6% year-on-year, with a decline in growth rates for thermal, nuclear, and solar power, while wind power saw an acceleration in growth [3]. - Hydropower generation decreased by 10.1% year-on-year, attributed to weaker water inflow, but is expected to improve marginally in the last quarter of 2025 due to a low base effect [3]. Investment Recommendations - The public utility sector is viewed positively, with expectations for continued growth in the thermal power industry due to improved commercial models and rising capacity price compensation [4]. - Recommended stocks in the thermal power sector include Guodian Power (600795.SH), Huadian International (600027.SH), and Huaneng International (600011.SH) [4]. - For hydropower, companies with strong basin advantages such as Yangtze Power (600900.SH) and Sichuan Investment Energy (600674.SH) are suggested for investment [4]. - In the nuclear power sector, China General Nuclear Power (003816.SZ) is highlighted for its strong long-term growth potential [5]. - Wind and solar sectors are expected to have significant growth opportunities under carbon neutrality expectations, with a focus on companies with high wind power ratios like Longyuan Power (001289.SZ) [5].

2024年1至12月份，华能水电的营业收入构成为：电力行业占比99.15%，其他业务占比0.85%。 截至发稿，华能水电市值为1674亿元。 每经头条（nbdtoutiao）——重大突破！中国这款新药，中美官方都认定有突破性疗效！世界肺癌大会 沸腾了 （记者 王晓波） 每经AI快讯，华能水电（SH 600025，收盘价：9.3元）9月15日晚间发布公告称，公司第四届第十一次 董事会会议于2025年9月15日在公司以通讯表决方式召开。会议审议了《关于公司关联方拟参与认购公 司向特定对象发行股票暨关联交易的议案》等文件。 ...

Core Viewpoint - Huaneng Hydropower (600025.SH) announced that the central enterprise rural investment fund intends to subscribe for the company's stock issuance to specific targets, with a subscription amount not exceeding 800 million yuan [1] Group 1 - The central enterprise rural investment fund has expressed interest in subscribing to Huaneng Hydropower's stock issuance [1] - The subscription amount is capped at 800 million yuan [1] - As of now, no share subscription agreement has been signed between the company and the central enterprise rural investment fund [1]

证券代码：600025 证券简称：华能水电 公告编号：2025-064 华能澜沧江水电股份有限公司 关于公司关联方拟参与认购公司向特定 对象发行股票暨关联交易的公告 风险提示：公司本次向特定对象发行股票最终的发行对象及其认购金额 尚存在不确定性，公司将根据全部投资者的申购报价情况按照相关规则确定，敬 请广大投资者注意投资风险。 一、关联交易概述 央企乡村投资基金拟认购公司向特定对象发行股票，拟认购金额不超过 8 亿元。截至目前，公司与央企乡村投资基金尚未签署相关股份认购协议。 2025 年 9 月 15 日，公司召开第四届董事会第十一次会议，审议通过《关于 公司关联方拟参与认购公司向特定对象发行股票暨关联交易的议案》。公司全体 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： 华能澜沧江水电股份有限公司（以下简称公司）关于向特定对象发行股 票申请已获得中国证券监督管理委员会同意注册批复。中央企业乡村产业投资基 金股份有限公司（以下简称央企乡村投资基金）有意参与认购公司向特定对象发 行股票，拟认购金额不超过 8 亿 ...

一、董事会会议召开情况 证券代码：600025 证券简称：华能水电 公告编号：2025-063 华能澜沧江水电股份有限公司 关于第四届董事会第十一次会议决议公告 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。 华能澜沧江水电股份有限公司董事会 2025 年 9 月 16 日 华能澜沧江水电股份有限公司（以下简称公司）第四届董事会第十一次会议 于 2025 年 9 月 1 日以书面和电子邮件方式发出会议通知，并于 2025 年 9 月 15 日在公司以通讯表决方式召开。公司董事长孙卫主持会议，应出席董事 14 人， 实际出席会议的董事 14 人，公司部分高级管理人员列席会议。本次会议的召集、 召开、表决程序符合《中华人民共和国公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过《关于公司关联方拟参与认购公司向特定对象发行股票暨关 联交易的议案》。 公司关联方中央企业乡村产业投资基金股份有限公司（以下简称央企乡村投 资基金）拟参与认购公司向特定对象发行股票事宜，拟认购金额不超过8亿元。 根据申购报价情况并遵照 ...

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The bidding results for wind and solar energy in Shandong for 2025 show a clear differentiation, with wind energy having a selected volume of 5.967 billion kWh and a clearing price of 0.319 CNY/kWh, while solar energy has a selected volume of 1.248 billion kWh and a clearing price of 0.225 CNY/kWh [2][11] - The new pricing mechanism for grid connection capacity is expected to facilitate the consumption of renewable energy, promoting a win-win situation for the grid, power generation companies, and users [2][11] Summary by Sections Bidding Results - The wind energy projects in Shandong are limited in number but have a large allocated bidding volume, with a rational bidding price close to the upper limit, indicating stable profit expectations [2][11] - The solar energy projects face intense competition, leading to a clearing price that is under pressure, reflecting a more challenging market environment [2][11] Pricing Mechanism - Recent regulatory changes propose a shift to a single capacity-based pricing model for grid connection, which is expected to streamline the pricing mechanism for nearby consumption projects [2][11] - The new pricing structure aims to eliminate additional fees for energy delivered to the grid, thus enhancing the economic viability of renewable energy projects [2][11] Investment Recommendations - The report suggests that the ongoing reforms in the electricity market are revitalizing power operators, with a focus on high-quality development in the renewable energy sector [2][11] - Specific companies recommended for investment include Huaneng International, Datang Power, and China Power, among others, due to their strong positions in the transitioning energy landscape [2][11]

Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the water production and supply industry in China, with a total of 4,146 companies reported as of January to July 2025, marking an increase of 241 companies compared to the same period last year, representing a year-on-year growth of 6.17% [1] - The report indicates that the water production and supply industry accounts for 0.8% of the total industrial enterprises in China [1] - The data referenced in the article is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [2] Group 2 - The article mentions several listed companies in the water production and supply sector, including Ba'an Water (300262), Energy Conservation Guozhen (300388), Boschke (300422), and others [1] - The report titled "2025-2031 China Water Production and Supply Industry Market Development Scale and Investment Opportunity Analysis Report" was published by Zhiyan Consulting [1] - The threshold for scale industrial enterprises has been raised from an annual main business income of 5 million to 20 million yuan since 2011 [1]

Core Viewpoint - Huaneng Hydropower plans to raise up to 5.825 billion yuan through a private placement to fund RM and TB hydropower station projects, with the issuance approved by the Shanghai Stock Exchange and the China Securities Regulatory Commission [1][3] Company Announcement Summary - The total amount to be raised is not more than 5.825 billion yuan, specifically for the RM and TB hydropower station projects [1][3] - The issuance has been approved by the Shanghai Stock Exchange and has received registration approval from the China Securities Regulatory Commission [2][3] - The issuance will involve no more than 35 specific qualified investors, with the issuance price set at no less than 80% of the average trading price of the company's stock over the 20 trading days prior to the pricing benchmark [1][3] - All raised funds will be used for hydropower project construction, aligning with the company's main business direction, and the control of the company will remain unchanged [2][3] - As of the latest reporting period, financial investments accounted for 2.16% of the company's net assets, remaining below the 30% threshold [2][3]