证券代码：600025 证券简称：华能水电 公告编号：2025-036 根据公司 2025 年第一次临时股东大会审议通过的《关于提请股东大会延长 授权董事会及其授权人士全权办理本次向特定对象发行 A 股股票具体事宜的议 案》，股东大会同意董事会在取得股东大会授权的前提下授权公司董事长和（或） 董事长授权的公司相关人士为本次向特定对象发行事宜的董事会授权人士，代表 公司根据股东大会决议及董事会授权具体处理授权及相关发行事宜，包括但不限 于签署、修改、补充、递交、呈报、执行与本次发行有关的各项文件和协议，以 及在遵守届时法律、法规及其他规范性文件的前提下，根据本次发行股票法规及 政策变化、有关监管部门对本次发行股票申请的审核意见及证券市场变化等情形， 除涉及有关法律、法规、其他规范性文件及《公司章程》规定须由股东大会重新 表决且不允许授权的事项外，对本次发行方案（包括但不限于确定本次发行的定 价基准日、发行数量区间、发行对象、发行价格以及调整募集资金总额上限、募 集资金投向等）作出补充、修订和调整，并继续办理本次发行事宜。 根据上述授权，公司董事会授权人士调整和修订了本次向特定对象发行 A 股股票预案的相关内容， ...

Core Viewpoint - Huaneng Hydropower (600025) is focusing on clean energy development in Yunnan, with a strong growth outlook supported by ongoing reforms and operational improvements [1][2] Company Performance - In 2024, Huaneng Hydropower achieved a total electricity generation of 1,120.12 billion kWh, ensuring energy supply for economic development [2] - The company reported a reduction in financial expenses by 0.56 billion yuan year-on-year, and issued green bonds worth 6.14 billion yuan at low interest rates, enhancing capital management [2] - The water and wind power integration has improved operational efficiency, with over 80% of hydropower plants meeting first-class standards [2] Growth Prospects - The hydropower segment is experiencing steady growth, with a 2.72% year-on-year increase in electricity sales to 1,066.87 billion kWh in 2024, and an increase in on-grid electricity price by 1.11 yuan per MWh [3] - The company is actively developing hydropower and wind-storage projects in the upper reaches of the Lancang River, ensuring long-term growth potential [3] - In Q1 2025, the company reported a significant increase in electricity generation, achieving 212.92 billion kWh, a 31.22% year-on-year increase [3] Investment Recommendations - The company is expected to maintain steady growth with projected revenues of 26.498 billion yuan, 27.272 billion yuan, and 28.227 billion yuan for 2025-2027, respectively [4] - Projected net profits for the same period are 8.896 billion yuan, 9.273 billion yuan, and 9.823 billion yuan, with corresponding EPS of 0.49 yuan, 0.52 yuan, and 0.55 yuan [4] - The stock has received a "buy" rating from multiple institutions, with 14 out of 18 institutions recommending a buy in the last 90 days [5]

Investment Rating - The report maintains a "Recommended" rating for several companies including China Nuclear Power, Funiu Co., and Huaneng Hydropower, while providing a "Cautious Recommendation" for others like China General Nuclear Power and Longyuan Power [21][4]. Core Insights - The new power system pilot projects have been initiated by the National Energy Administration, focusing on seven key areas including grid technology and virtual power plants [3][37]. - Gansu's new energy installed capacity has surpassed 70 million kilowatts, with a year-on-year growth of 25.25%, solidifying its position in the energy sector [2][26]. - The electricity market is entering a peak usage season in June, with expectations for improved performance in thermal power due to low coal prices [19][3]. Summary by Sections Weekly Market Review - The electricity sector underperformed compared to the broader market, with the public utility sector index closing at 2376.19 points, down 0.14%, and the electricity sub-sector at 3165.47 points, down 0.34% [1][7]. - Among sub-sectors, photovoltaic power increased by 1.39%, while thermal and hydropower saw declines of 0.57% and 1.85%, respectively [13][1]. Gansu New Energy Update - As of the end of May 2025, Gansu's total installed capacity reached 70.62 million kilowatts, with wind and solar power each contributing over 32% to the total installed capacity [2][26]. - Gansu aims to reach 80 million kilowatts of installed capacity by the end of 2025, with a target of 160 million kilowatts by 2030 [2][26]. National Energy Administration Initiatives - The National Energy Administration has launched pilot projects focusing on innovative power system technologies, including smart microgrids and high-proportion renewable energy dispatch [3][37]. - The pilot projects aim to enhance grid stability and improve the integration of renewable energy sources [3][37]. Investment Recommendations - Companies to focus on include Huadian International, Jingtou Energy, and Funiu Co. for thermal power, and Changjiang Power and Chuan Investment Energy for hydropower [19][3]. - The report suggests monitoring companies involved in green electricity projects, as their returns are expected to be safeguarded under new regulations [19][3].

Investment Rating - The report maintains a "Recommended" rating for several companies including China Nuclear Power, Funiu Co., and Huaneng Water Power, while providing a "Cautious Recommendation" for others like China General Nuclear Power and Longyuan Power [21][19]. Core Insights - The new energy installed capacity in Gansu has surpassed 70 million kilowatts, solidifying its dominant position in the province's energy mix, with a year-on-year growth of 25.25% [2][26]. - The National Energy Administration has initiated the first batch of pilot projects for the new power system, focusing on seven key areas including grid technology and virtual power plants [3][37]. - The report suggests that with the onset of the peak electricity consumption season in June and low coal prices, the performance of thermal power companies is expected to improve [3][19]. Summary by Sections Weekly Market Review - The electricity sector underperformed compared to the broader market, with the public utility sector index closing at 2376.19 points, down 0.14%, and the electricity sub-sector at 3165.47 points, down 0.34% [1][7]. - Among the electricity sub-sectors, photovoltaic power increased by 1.39%, while thermal and hydropower decreased by 0.57% and 1.85% respectively [13][19]. Gansu New Energy Capacity - As of the end of May 2025, Gansu's cumulative installed capacity reached 70.6246 million kilowatts, with wind and solar power each contributing over 32% to the total installed capacity [2][26]. - Gansu aims to reach 80 million kilowatts of installed renewable energy capacity by the end of 2025, with a target of 160 million kilowatts by 2030 [2][26]. National Energy Administration Initiatives - The pilot projects will explore new technologies and models for the new power system, focusing on areas such as intelligent microgrids and high-proportion renewable energy delivery [3][37]. - The report emphasizes the importance of these initiatives in enhancing the stability and efficiency of the power supply [3][37]. Investment Recommendations - The report highlights specific companies to watch, including Huadian International, Jingtou Energy, and Funiu Co. for thermal power, and Changjiang Electric Power and Chuan Investment Energy for hydropower [3][19]. - It also notes the potential for growth in companies involved in green electricity projects, particularly those benefiting from the implementation of the 136 document [3][19].

Core Viewpoint - The management of state-owned enterprises (SOEs) in China has shifted from policy advocacy to substantive implementation, with expectations for valuation restructuring and market confidence enhancement as assessment mechanisms and supporting policies improve [1][5]. Group 1: SOE Value Management - The State-owned Assets Supervision and Administration Commission (SASAC) has emphasized improving the quality of SOEs' listed companies and enhancing value management to stabilize market expectations [1][4]. - Several SOEs have held performance briefings and investor engagement activities, committing to increase dividend payouts and enhance shareholder returns while focusing on core business improvement and innovation [1][2]. - China National Nuclear Corporation (CNNC) reported a market value of approximately 260 billion yuan, with a year-on-year increase of over 30%, highlighting its commitment to shareholder value through strategic investments [1][2]. Group 2: Dividend Policies - China National Power has maintained a cash dividend payout ratio exceeding 35% for ten consecutive years, with the 2024 dividend ratio reaching a historical high of 41.92%, totaling over 24 billion yuan in cumulative dividends [2]. - China Nuclear Technology has consistently returned cash dividends for 18 years, with a 2024 payout ratio of 32.43% and an average payout ratio exceeding 30% from 2020 to 2024 [2]. - China Huaneng Group is focused on enhancing dividend frequency and amounts across its listed companies to stabilize market value [2]. Group 3: Innovation and Reform - Accelerating innovation and deepening reforms are crucial for SOEs to enhance value management and improve the quality of listed companies [3][4]. - The State Grid Corporation is implementing multiple measures to promote high-quality development of its listed companies, focusing on energy transition and new power system construction [3]. - China Aerospace Science and Technology Corporation aims to enhance innovation capabilities and integrate technology and industry innovation to improve value creation [3]. Group 4: Regulatory Framework - The SASAC has issued guidelines to improve the market value management of SOEs, emphasizing the importance of maintaining investor rights and promoting healthy capital market development [3][4]. - Recent analyses indicate that value management is essential for listed companies to enhance intrinsic value and market performance through various compliant methods [4][5]. - SOEs are increasingly formalizing their value management practices, including the establishment of value enhancement plans and regular communication with investors [5].

Group 1 - The liquidity of the green power ETF showed a turnover of 3.17% with a transaction volume of 10.83 million yuan, and the average daily transaction volume over the past month reached 19.32 million yuan [3] - The green power ETF experienced a significant growth in scale, increasing by 65.56 million yuan over the past three months, ranking first among comparable funds [3] - The green power ETF's share increased by 2 million shares in the past week, also ranking first among comparable funds [3] Group 2 - The price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is currently 18.62 times, which is below 85.71% of the historical data over the past three years, indicating a historical low valuation [3] - The top ten weighted stocks in the National Green Power Index account for 58.12% of the total, including major companies such as Yangtze Power, China Nuclear Power, and Three Gorges Energy [3] Group 3 - The recent policy notification regarding the orderly promotion of green electricity direct connection is the first national-level policy to permit and regulate green electricity direct connection, which aims to facilitate the consumption of renewable energy and reduce costs for end users [4] - The green electricity direct connection projects will require investors to bear transmission and distribution costs, but can also lower operational costs by reducing grid connection capacity requirements [4] - Investors can leverage the corresponding green power ETF linked fund (017057) to seize investment opportunities in this sector [4]

Investment Rating - The report rates the industry as "Overweight" [1][4] Core Insights - Northern thermal power shows resilience with significant profit growth, while hydropower maintains stable performance. Green energy faces pressure on earnings due to dual impacts of wind conditions and electricity prices, while nuclear power's profitability is affected by electricity pricing [1][2][4] Summary by Sections Northern Thermal Power - The report highlights that the profitability of northern thermal power plants is growing faster than that of southern plants, with a median net profit growth rate of 8% for national thermal power companies in Q1 2025. The median PE ratios for thermal power companies have decreased from 15.7 in Q1 2023 to 10.4 in Q1 2025, indicating a declining market focus on this sector [8][10][9] - The report anticipates a recovery in thermal power performance in Q2 2025 following a significant drop in electricity generation in Q1 2025 due to a warm winter [10][14] Hydropower - Hydropower companies have shown strong earnings growth, with a median net profit growth rate of 26% in Q1 2025, driven by optimized water storage and scheduling. The median PE ratios for hydropower companies have fluctuated, reaching 18.8 in Q1 2024 before slightly declining to 18.1 in Q1 2025 [19][20][22] - The report notes that the El Niño phenomenon is expected to positively influence water inflow during the main flood season in 2024, while the situation for 2025 remains uncertain as the climate shifts to a La Niña phase [19][20] Green Energy - Green energy companies are experiencing a decline in net profit growth, with median growth rates of -12% in 2024 and -4% in Q1 2025. The sector is facing challenges from falling electricity prices and poor wind conditions, leading to a situation where revenue is increasing but profits are not [2][4] - The report predicts a recovery in green energy performance in 2025, with an expected median net profit growth rate of around 12% as wind utilization hours improve [2][4] Nuclear Power - The nuclear power sector is experiencing mixed performance, with major companies like China Nuclear Power and China General Nuclear Power facing different challenges. The report indicates that profitability for China Nuclear Power is expected to decline significantly in 2024 due to accounting policy changes and tax implications, while China General Nuclear Power's profits are only slightly increasing despite new capacity coming online [2][4][5]

Summary of Conference Call Records Industry Overview - The conference call discusses the electricity market in China, particularly focusing on the implementation of the New Energy 136 Document and the acceleration of the spot market, which signifies a shift towards market-oriented electricity pricing [1][1]. Key Points and Arguments - The New Energy 136 Document, effective from June 1, marks a significant step in the marketization of the electricity sector, particularly for new energy sources, which now account for the second-largest share of electricity generation [1][1]. - Over ten provinces have begun long-cycle trial operations of the electricity spot market this year, enhancing the supply-demand relationship in electricity pricing [1][1]. - The introduction of the spot market has led to increased price volatility, with some pilot provinces like Shandong and Shanxi experiencing intraday price fluctuations exceeding 50% [2][2]. - As renewable energy capacity continues to grow, it is expected that more trading cycles will be dominated by renewable sources, which will lower overall price levels. However, traditional thermal power will still play a crucial role during periods of insufficient renewable output, maintaining higher prices during those times [3][3]. - The volatility in price curves is leading to a compression of trading cycles, pushing for weekly, multi-day, and even daily trading to become mainstream [4][4]. - The comprehensive electricity price for thermal power has risen during periods of declining coal prices, indicating a shift towards a model where thermal power is not just about generation but also about price regulation [4][4]. Recommendations - The report recommends focusing on national comprehensive power companies and northern thermal power companies with performance elasticity, such as: - Jintou Energy - Datang Power (H) - Huaneng International (H+A) - Huadian International (H+A) - Continued recommendations for Waneng Power, Sheneng Co., Huaneng Hydropower, and Guodian Power [4][4]. - For green energy, companies like Xintian Green Energy, Datang New Energy, and Longyuan Power (H) are highlighted. - In the hydropower sector, recommended companies include Yangtze Power, Chuan Investment Energy, Guotou Power, and Huaneng Hydropower [4][4]. Risks - The report outlines several risks associated with the marketization of electricity trading, including: - Price volatility risks due to market fluctuations - Risks from variations in wind and water resources - Significant increases in thermal coal prices - Delays in resource approval for new energy projects - Risks from macroeconomic downturns affecting electricity demand [4][4].

Group 1 - The report maintains a positive investment rating for the power industry, highlighting a stable income center and declining costs for hydropower assets [1][4][21] - Hydropower generation is closely linked to water flow and rainfall, with the Three Gorges Dam serving as a prime example of utilizing water head for energy conversion [19][20] - The hydropower sector is expected to see a significant increase in profitability as depreciation costs decrease over time, enhancing the value creation capability of hydropower enterprises [21][23] Group 2 - The report indicates that there is still growth potential in hydropower installations, with traditional hydropower and new energy projects contributing to a second growth curve for hydropower companies [26][28] - The hydropower industry is entering a phase where high-quality large hydropower assets are becoming scarce, as the country has already developed a significant portion of its technical hydropower capacity [28][30] - The report emphasizes the importance of water and wind-solar integrated bases in expanding the total installed capacity of hydropower, with notable projects planned for the upcoming years [26][42] Group 3 - The report discusses the stability of non-market electricity prices in the short term, while market prices are expected to rise in regions like Sichuan and Yunnan, supporting hydropower revenue [22][23] - Financial costs, including depreciation and interest expenses, are projected to decline, leading to improved cash flow and lower debt ratios for hydropower companies [23][40] - The report highlights the consistent growth in cash dividends from hydropower companies, reinforcing their status as stable investment options in a low-interest-rate environment [6][7][18]

证券代码：600025 证券简称：华能水电 公告编号：2025-035 华能澜沧江水电股份有限公司 2024年年度股东大会决议公告 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 27 日 (二)股东大会召开的地点：云南省昆明市官渡区世纪城中路 1 号公司一楼报告厅 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,512 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 16,398,070,210 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 91.1003 | | 份总数的比例（%） | | 公司 2024 年年度股东大会由董事长孙卫主持，会议采用现场投票和网络投 票相结合的方式召开。股东大会表决程序符合《公司法》 ...