Group 1 - The Shanghai Composite Index opened lower and fluctuated, with the Shanghai Utilities Index rising by 0.06% to 4647.84 points and a trading volume of 22.849 billion yuan [1] - The Shanghai Utilities Index has increased by 1.94% over the past month, 1.41% over the past three months, and has decreased by 2.47% year-to-date [1] - The index is categorized into five major sectors: industrial, commercial, real estate, utilities, and comprehensive, reflecting the economic conditions and overall performance of listed companies in these sectors [1] Group 2 - The top ten weighted stocks in the Shanghai Utilities Index include: Beijing-Shanghai High-Speed Railway (8.12%), China Nuclear Power (5.64%), Huaneng Hydropower (5.07%), China Unicom (4.82%), Shanghai Port Group (3.75%), Daqin Railway (3.74%), Three Gorges Energy (3.46%), China Communications Construction (2.91%), Air China (2.85%), and China Railway Construction (2.53%) [1] - The sample of the Shanghai Utilities Index is composed entirely of stocks listed on the Shanghai Stock Exchange, with a total market share of 100% [1] Group 3 - In terms of industry composition within the Shanghai Utilities Index, industrial sector accounts for 51.73%, utilities for 33.68%, communication services for 8.87%, consumer discretionary for 1.72%, energy for 1.67%, financials for 1.10%, materials for 0.86%, and real estate for 0.37% [2] - The criteria for inclusion in the index require securities to have a daily average market capitalization ranking in the top 10 of the Shanghai market after three months of listing, while other securities are included after one year [2] - Securities under risk warning measures are removed from the index starting from the second Friday of the month following the implementation, while those that have their risk warning lifted are included from the next trading day after the second Friday of the following month [2]

Core Viewpoint - Huaneng Lancang River Hydropower Co., Ltd. has shown positive financial performance in 2024, with plans for significant financing and bond issuance in 2025 [2][6]. Company Announcements - The company will hold its 2024 annual shareholders' meeting in May 2025 in Kunming, Yunnan, to discuss various proposals including financial reports and profit distribution [1]. - The company achieved a total revenue of 24.882 billion yuan and a net profit of 8.297 billion yuan in 2024, with total assets of 214.607 billion yuan and a debt-to-asset ratio of 63.11% [2]. - The company plans to donate 58.091 million yuan in 2025, an increase from 40.3441 million yuan in 2024 [2]. Financing and Debt Issuance - The company has completed the issuance of two bonds totaling 2 billion yuan, with interest rates of 1.60% and 1.72% [4][6]. - The company plans to raise 79.916 billion yuan in 2025, with capital expenditures projected at 25.735 billion yuan [2][6]. - The company has received an inquiry from the Shanghai Stock Exchange regarding its application for a specific stock issuance, which is pending approval [3][6].

二、审批程序履行情况 公司 2024 年 5 月 28 日召开的 2023 年年度股东大会审议通过《关于公司在 银行间市场债务融资工具注册发行的议案》，同意公司在 2023 年度股东大会批 准之日起 24 个月（现执行《注册通知书》（中市协注〔2024〕TDFI25 号）有效 期截止日）的任一时点，一次或分次发行本金余额合计不超过人民币 340 亿元的 债务融资工具，其中单项余额限额为：短期融资券（含超短期融资券）不超过人 民币 140 亿元，中期票据（含永续中票）不超过人民币 200 亿元。每年年末 12 月 31 日短期融资券（含超短期融资券）余额不超过人民币 50 亿元，中期票据（含 永续中票）余额不超过人民币 160 亿元。 2025 年度第三期科技创新债券和第四期绿色 证券代码：600025 证券简称：华能水电 公告编号：2025-034 科技创新债券（乡村振兴）发行公告 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。 一、发行基本情况 华能澜沧江水电股份有限公司（以下简称公司）已于近日完成了 2025 年度 第三期 ...

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [1]. Core Viewpoints - In April, the national electricity consumption increased by 4.7%, with a cumulative growth of 3.1% from January to April [8][14]. - The electricity demand from the first and third industries shows resilience, while the second industry experiences weakness [14]. - The supply side saw a 0.9% year-on-year increase in electricity generation in April, with significant growth in renewable energy sources [30][33]. Summary by Sections Demand Side - From January to April, the total electricity consumption reached 31,566 billion kWh, with April alone accounting for 7,721 billion kWh [8]. - The first industry saw a 10.0% increase in electricity consumption, the second industry grew by 2.3%, and the third industry increased by 6.0% [14][13]. - In April, the first, second, and third industries' electricity consumption growth rates were 13.8%, 3.0%, and 9.0%, respectively, while residential electricity consumption grew by 7.0% [14]. Supply Side - In April, the total electricity generation was 7,111 billion kWh, marking a 0.9% year-on-year increase [30]. - The growth rates for different energy sources in April were as follows: wind power increased by 12.7%, solar power by 16.7%, nuclear power by 12.4%, while hydropower decreased by 6.5% and thermal power fell by 2.3% [33]. Investment Recommendations - The report suggests increasing allocation to the electricity sector due to favorable fundamentals and market catalysts as summer approaches [53]. - For thermal power, the report highlights the potential for improved profitability due to falling coal prices, recommending companies like Huadian International and Huaneng International [55]. - In the green energy sector, the report recommends focusing on wind power operators and undervalued green energy stocks, such as Xintian Green Energy and Longyuan Power [55]. - For hydropower and nuclear power, the report suggests monitoring companies like China National Nuclear Power and China General Nuclear Power [55].

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 申 请 文 件 的 审 核 问 询 函 的 回 复 天 职 业 字 [2025]27844 号 如无特别说明，本问询函回复中使用的简称与《华能澜沧江水电股份有限公司 2024 年 度向特定对象发行 A 股股票募集说明书》中的释义一致。 目 录 审核问询函的回复 -- -1 关于华能澜沧江水电股份有限公司 向特定对象发行 A 股股票申请文件的审核问询函的回复 天职业字[2025]27844 号 上海证券交易所: 根据贵所出具的《关于华能澜沧江水电股份有限公司向特定对象发行 A 股股票申请文件 的审核问询函》（上证上审(再融资)（2025）109 号）（以下简称"问询函"）的要求，天 职国际会计师事务所(特殊普通合伙)(以下简称"我们"或"申报会计师")作为华能澜 沧江水电股份有限公司（以下简称"公司"或"发行人"或"华能水电"）的申报会计师, 对审核问询函中涉及申报会计师的相关问题进行了逐项核实，现回复如下，请予审核。 本回复所引用的财务数据和财务指标,如无特殊说明,均为合并报表口径的财务数据和 根据该类财务数据计算的财 ...

华能澜沧江水电股份有限公司（以下简称公司）收到上海证券交易所（以下 简称上交所）于2025年4月18日出具的上证上审（再融资）〔2025〕109号《关于 华能澜沧江水电股份有限公司向特定对象发行股票申请文件的审核问询函》（以 下简称《审核问询函》），上交所审核中心对公司提交的向特定对象发行A股股票 申请文件进行了审核，并形成了审核问询问题。 公司收到《审核问询函》后，会同相关中介机构对《审核问询函》所列问题 进行了认真研究和逐项落实，并对有关问题进行了说明、论证分析和逐项回复， 具体内容详见公司于同日在上交所网站（www.sse.com.cn）披露的相关公告文件。 证券代码：600025 证券简称：华能水电 公告编号：2025-033 华能澜沧江水电股份有限公司 关于向特定对象发行 A 股股票审核问询函回复 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。 公司本次向特定对象发行A股股票事项尚需上交所审核通过，并获得中国证 券监督管理委员会（以下简称中国证监会）同意注册后方可实施。最终能否通过 上交所审核，并获得中 ...

关于华能澜沧江水电股份有限公司 向特定对象发行 A 股股票申请文件的 审核问询函的回复报告 二〇二五年五月 华能澜沧江水电股份有限公司向特定对象发行 A 股股票 审核问询函回复报告 上海证券交易所： 根据贵所于 2025 年 4 月 18 日出具的《关于华能澜沧江水电股份有限公司向 特定对象发行股票申请文件的审核问询函》（上证上审（再融资）〔2025〕109 号） （以下简称"审核问询函"）的要求，华能澜沧江水电股份有限公司（以下简称 "华能水电"、"发行人"或"公司"）已会同中信证券股份有限公司（以下简称 "保荐机构"或"保荐人"）和天职国际会计师事务所（特殊普通合伙）（以下简 称"申报会计师"）等有关中介机构，本着勤勉尽责、诚实守信的原则，对审核 问询函所列的问题进行了逐项核查和落实，现回复如下，请予审核。 本审核问询函回复报告的字体代表以下含义： | 审核问询函所列问题 | 黑体 | | --- | --- | | 对问题的回复 | 宋体 | | 申报文件的修订、补充披露（如有） | 楷体（加粗） | 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 如无特别说明，本审核问 ...

华能澜沧江水电股份有限公司 2024 年年度股东大会 会议资料 2025 年 5 月 云南·昆明 华能澜沧江水电股份有限公司 2024 年年度股东大会 华能澜沧江水电股份有限公司 2024 年年度股东大会 目 录 | 议案 | 1：公司 2024 | 年度董事会工作报告 | | 2 | | | --- | --- | --- | --- | --- | --- | | 议案 | 2：公司 2024 | 年度监事会工作报告 | | 12 | | | 议案 | 3：关于公司 | 2024 年度财务决算报告的议案 | | 20 | | | 议案 | 4：关于公司 | 2024 年年度报告及摘要的议案 | | 24 | | | 议案 | 5：关于公司 | 2024 年度利润分配方案的议案 | | 25 | | | 议案 | 6：关于公司 | 2024 年度对外捐赠情况及 | 2025 | 年度对外捐赠计划的议案 | 28 | | 议案 | 7：公司 2025 | 年度财务预算及综合计划的议案 | | 31 | | | 议案8： | 关于聘请公司 | 2025 | 年度财务报告及内部控制审计机构的议案 | | 34 | ...

Core Viewpoint - China Huaneng Group and its listed subsidiaries have demonstrated strong financial performance, with significant dividends and a focus on renewable energy as a new profit growth engine [1][3][4]. Financial Performance - The three listed companies have cumulatively distributed dividends of 104.1 billion yuan since their listings, with an average dividend payout ratio exceeding 56% [1]. - Cumulative financing amounts to approximately 45 billion yuan, with dividends significantly surpassing financing, highlighting the companies' long-term return capabilities for investors [1]. - The net profit of the three listed companies increased from 18.1 billion yuan to 20.8 billion yuan over the past two years, with a steady rise in return on equity [3][4]. Renewable Energy Growth - Huaneng International's renewable energy business has seen substantial growth, with pre-tax profits projected to reach 8 billion yuan and 9.5 billion yuan in 2023 and 2024, respectively, accounting for over 50% of total profits [1][6]. - Huaneng Hydropower's installed renewable energy capacity surged from 235,000 kilowatts in early 2021 to 3.7027 million kilowatts, with a 127.04% year-on-year increase in renewable energy generation in 2024 [3][6]. - Inner Mongolia Huadian has increased its renewable energy project share to 25% of total installed capacity, up 14 percentage points since the beginning of the 14th Five-Year Plan [3]. Strategic Development - The company aims to enhance market competitiveness and internal value through effective market management strategies, including improved information disclosure and share buybacks [4][6]. - The focus is on developing strategic emerging industries and future industries, with an expected increase in electricity's share of total energy consumption from 30% this year to 35% by 2030 [6][9]. - The company plans to maintain a balanced development approach, emphasizing green and low-carbon growth while advancing renewable energy, hydropower, and nuclear power projects [8][9].

业绩说明会上，中国华能董事长、党组书记温枢刚表示，上市公司是中国华能极为重要的发展平台，华 能国际、华能水电和内蒙华电三家上市公司都在能源电力行业深耕多年，在资本市场有着丰厚的积 累。"中国华能一直以来都大力支持控股上市公司不断做大做强，持续关注控股上市公司的股东回报、 市值管理，优化上市公司资本布局。" 温枢刚强调。 新能源布局显成效 "在新能源投资机会上，作为控股股东，我们全力支持上市公司向好发展，同时也尊重上市公司的独立 性，支持他们发挥各自优势挖掘投资机会。"中国华能总会计师王益华表示，华能国际、内蒙华电依托 现有电源布局，着力推动火电和新能源项目实现"火风光互补"，华能水电着重开发水电站流域内新能源 项目以实现"水风光一体化"。 王益华强调，我国风光新能源项目可开发资源丰富，全集团核准备案、开工建设新能源规模逐年上升， 目前公司新能源装机突破1亿千瓦，目前新能源的开发建设速度足以支持上市公司的长期快速发展。 5月16日，中国华能集团有限公司（下称"中国华能"）携控股的华能国际（600011）、华能水电 （600025）、内蒙华电（600863）三家沪市上市公司在上海证券交易所召开集体业绩说明会。 华 ...