太平洋证券股份有限公司刘强,钟欣材近期对华能水电（600025）进行研究并发布了研究报告《华能水电 2024年年度股东大会点评：深耕云南清洁能源，远期成长有保障》，给予华能水电买入评级。 华能水电 事件：2025年5月27日，公司召开2024年股东大会，董事长孙卫先生主持会议，会议采用现场投票和网络 投票相结合的方式召开。 深化改革达一流，电力保供"零事故"，经营业绩稳步提升。2024年，公司全面推动管理体制改革，加强经 理层任期制和契约化管理，实现各层级干部全覆盖，全面推行全员绩效考核。全面推进生产、基建、财务 等领域创一流，一流水电厂达标率超80%。全面提升水风光一体化运行综合效益，公司全年完成发电量 1120.12亿千瓦时，有效保障了经济社会发展用能需求，龙开口、桑河二级等7个水电厂连续5年实现"零非 停"。公司经营效率持续提升，经营业绩稳步提升，2024年财务费用同比降低0.56亿元，抢抓降准降息政 策窗口期，发行低利率绿色债券61.4亿元，推动综合融资成本持续下降，强化资本价值管理，实现股权投 资收益3.25亿元。 水电板块稳步增长，在建机组保障远期成长。受益于澜沧江流域来水同比偏丰0.5成(其中糯 ...

新型电力系统首批试点启动，甘肃新能源装机突破 2025 年 06 月 08 日 ➢ 本周（20250601-20250605）电力板块行情：本周电力板块走势劣于大 盘。截至 2025 年 06 月 06 日，本周公用事业板块收于 2376.19 点，下跌 3.21 点，跌幅 0.14%；电力子板块收于 3165.47 点，下跌 10.64 点，跌幅 0.34%， 劣于沪深 300 本周走势。公用事业（电力）板块走势变化幅度在申万 31 个一 级板块中排第 26 位。从电力子板块来看：本周光伏发电上涨 1.39%，风力发电 上涨 0.14%，热力服务上涨 2.11%，火力发电下跌 0.57%，水力发电下跌 1.85%， 电能综合服务上涨 0.70%。 ➢ 本周专题：甘肃新能源装机突破 7000 万千瓦，新能源主体地位进一步巩 固。截至 2025 年 5 月底，甘肃新能源累计装机容量达到 7062.46 万千瓦，同 比增长 25.25%，占全省电力总装机比重超过 65%。其中风电装机容量为 3494.57 万千瓦，同比增长 21.76%；太阳能装机容量为 3536.89 万千瓦，同 比增长 28.89%，风光装机 ...

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].

截至2025年6月6日 13:58，国证绿色电力指数上涨0.31%，成分股湖南发展涨停，三峡水利上涨1.32%，大唐发电上涨1.26%，华能国际上涨1.25%，国电电力 上涨1.09%。绿色电力ETF(159625)红盘震荡。 流动性方面，绿色电力ETF盘中换手3.17%，成交1083.31万元。拉长时间看，截至6月5日，绿色电力ETF近1月日均成交1932.35万元。 规模方面，绿色电力ETF近3月规模增长6555.78万元，实现显著增长，新增规模位居可比基金第一。份额方面，绿色电力ETF近1周份额增长200.00万份，实 现显著增长，新增份额位居可比基金第一。 据国家能源局披露，截至今年4月底，我国可再生能源发电装机达到20.17亿千瓦，同比增长58%；风电、光伏、核电装机达到15.3亿千瓦，历史性超过火电 装机。 中信证券研报指出，《关于有序推动绿电直连发展有关事项的通知》为国家层面首个涉及绿电直连的政策许可及规范；推出绿电直连政策，有助于新能源就 近消纳、满足用户实际绿电需求以及实现终端用户降本等多重目的；政策兼顾公平及效率，直连项目需要承担输配电费及系统运行费用等，但也可通过减少 并网容量需求等方式 ...

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》 ...

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 2024 年年度股东大会的法律意见书 致：华能澜沧江水电股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》（以下统称"有关法律"） 及《华能澜沧江水电股份有限公司章程》（以下称"公司章程"）的规定，北京市海问 律师事务所（以下称"本所"）受华能澜沧江水电股份有限公司（以下称"公司"）的委 托，指派本所律师列席 2025 年 5 月 27 日召开的公司 2024 年年度股东大会（以下称 "本次会议"）现场会议，对本次会议召开的合法性进行见证，并依法出具本法律意 见书。 海问律师事务所 HAIWEN & PARTNERS 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 SHE ...

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 ...

Key Developments - Sany Heavy Industry submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange on May 22, 2025, with plans to raise approximately $1.5 billion [2] - Huaneng Hydropower received an inquiry letter from the Shanghai Stock Exchange regarding its application for a specific object issuance of A-shares [3] - Hongda Co. received approval from the Shanghai Stock Exchange for its application to issue shares to specific objects, pending registration approval from the China Securities Regulatory Commission [5] - Hongda Co. has undergone a bankruptcy restructuring, with Shudao Group set to become the controlling shareholder, holding 26.39% of the total shares [7] - Changhong High-Tech received a warning letter from the Ningbo Securities Regulatory Bureau for failing to disclose related party transactions in a timely manner [9] - China Chemical signed new contracts worth approximately 123.02 billion yuan from January to April 2025, with domestic contracts accounting for 104.88 billion yuan [11] - Demais announced a change in its actual controller from He Jianping to Pan Yi, co-founder of Huichuan Technology, following a share transfer agreement [12] - Health元 plans to acquire 64.81% of Vietnam's Imexpharm Corporation for approximately 1.587 billion yuan [13] - Xinhua Insurance will invest 10 billion yuan in the second phase of the Honghu Fund, which has a total scale of 20 billion yuan [19]