Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The power sector is experiencing low attention, with thermal power growth turning positive in May, indicating a potential for long-term opportunities [1][4] - The report highlights that the thermal power sector is expected to maintain high growth rates despite low valuations, suggesting that it remains promising even if short-term declines occur due to coal price rebounds [4] Summary by Sections Industry Overview - The power sector has seen adjustments recently, with specific companies showing varied performance: Huaneng Power International +1.1%, Huadian Power International -2.9%, China Yangtze Power -0.7%, and China Longyuan Power Group H -0.9% during the week of June 16-20 [4] - The electricity price in Jiangsu for June was set at 313 RMB/MWh, reflecting a year-over-year decrease of 23.7% [4] Power Generation Data - In May, the national industrial power generation was 737.8 billion kWh, a year-over-year increase of 0.5%, while the social electricity consumption grew by 4.4% [5] - The year-over-year changes for different power sources in May were as follows: thermal power +1.2%, hydropower -14.3%, nuclear power +6.7%, wind power +11.0%, and photovoltaic +7.3% [5] Emergency Dispatch Pricing - The emergency dispatch pricing structure allocates 80% of net income to users in the exporting province and 20% to power plants, with losses borne entirely by users in the importing province [6] Regional Developments - The Xinjiang Tianshan Gobi wind and solar base, with a total capacity of 14.2 million kW, is expected to transmit 36 billion kWh annually to Chongqing, meeting nearly a quarter of its electricity demand [7] - Shandong province is promoting electric vehicle storage solutions to manage peak demand, with recent pilot programs showing significant participation and energy discharge [8]

Group 1 - The core viewpoint of the articles highlights that Huadian International's stock price closed at 5.56 yuan, down 1.77%, with a rolling PE ratio of 9.85 times and a total market capitalization of 56.865 billion yuan [1] - The average PE ratio for the power industry is 22.38 times, with a median of 19.91 times, placing Huadian International at the 12th position within the industry [1][2] - As of the first quarter of 2025, 96 institutions hold shares in Huadian International, including 87 funds, 7 others, and 2 insurance companies, with a total shareholding of 811,162.67 thousand shares valued at 46.642 billion yuan [1] Group 2 - Huadian International's main business includes power generation, heating, coal sales, and other related activities, with its primary products being electricity and heat [1] - The latest performance report for the first quarter of 2025 shows that the company achieved an operating revenue of 26.577 billion yuan, a year-on-year decrease of 14.14%, and a net profit of 1.930 billion yuan, a year-on-year increase of 3.66%, with a gross profit margin of 10.73% [1] - The PE ratios of other companies in the industry range from 8.08 to 11.73, with Huadian International's PE ratio being significantly lower than the industry average [2]

Core Viewpoint - The power industry plays a crucial role in the global energy system, with significant impacts on climate change, energy transition, and environmental quality. Major Chinese power companies have released their 2024 ESG reports, highlighting their greenhouse gas emissions and sustainability efforts [1]. Group 1: Greenhouse Gas Emissions - Three companies disclosed their total greenhouse gas emissions, with China Guodian Power leading at 31,463.27 thousand tons of CO2 equivalent, showing an 11.7% decrease from the previous year [2][3]. - Datang Power reported total emissions of 21,092.55 thousand tons of CO2 equivalent, a 7% increase year-on-year, primarily due to a rise in Scope 1 emissions [5]. - China Power's total emissions were the lowest at 5,030.2 thousand tons of CO2 equivalent, reflecting a 2.4% increase, with a significant 43% rise in Scope 2 emissions attributed to increased electricity purchases [3][5]. Group 2: Clean Energy Capacity - China Power has the highest clean energy capacity ratio at 80.12%, while Datang Power, Huaneng International, and Guodian Power have ratios of 40.37%, 35.82%, and 33.19% respectively [7][8]. - Huaneng International's total installed capacity is 14,512.5 million kW, followed by Guodian Power at 11,170 million kW, Datang Power at 7,911 million kW, and China Power at 4,939 million kW [8]. Group 3: Environmental Investments - Huaneng International invested the most in environmental protection at 1.78 billion yuan, followed by Huaneng International at 1.087 billion yuan, Datang Power at 747.9 million yuan, and Guodian Power at 730 million yuan [10]. - China Power had the lowest investment in environmental protection at 594 million yuan [10]. Group 4: Research and Development Investments - Datang Power led in R&D investments with 2.436 billion yuan, followed by Huaneng International at 2.389 billion yuan, and Guodian Power at 977 million yuan [12]. Group 5: Waste Management - China Power reported the highest hazardous waste generation at 128,000 tons, while Guodian Power significantly reduced its hazardous waste to 860 tons from 551,700 tons the previous year [14]. - Huaneng International reported hazardous waste generation of 610 tons, while Datang Power did not disclose this data [14]. Group 6: Green Power Trading - China Power sold 13.6119 million green certificates and participated in green electricity trading generating 5.198 billion kWh, resulting in revenue of 325 million yuan [15]. - Guodian Power achieved a historical high in green electricity trading volume at 3.51 billion kWh, with over 2.91 million green certificates obtained [15]. - Datang Power's new renewable energy project is expected to produce over 4.1 billion kWh of green electricity annually, significantly reducing CO2 emissions [15].

Investment Rating - The report maintains a "Recommendation" rating for the industry [2] Core Viewpoints - The environmental and public utility sectors experienced declines, with the environmental index down 2.51% and the public utility index down 1.13%. The power sector specifically saw a 1.31% drop, while the gas sector increased by 0.69% [6][31] - As of June 20, 2025, the price of Qinhuangdao 5500 kcal thermal coal has dropped to 620 CNY/ton, marking a relative low since 2022. The performance of thermal power companies varies significantly based on their geographic location and demand for electricity [6][10] - The report highlights a shift in electricity generation, with thermal power generation increasing to 4614.6 billion kWh in May, a year-on-year increase of 1.2%, while hydropower generation decreased by 14.3% [10][21] Summary by Sections Key Event Interpretations - In May, total electricity generation reached 7377.6 billion kWh, a year-on-year increase of 0.5%, with thermal power generation showing a recovery [10][21] - The overall electricity consumption in May was 8096 billion kWh, up 4.4% year-on-year, with a notable decline in the growth rate of electricity consumption in the secondary industry [21] Market Performance Review - The environmental sector has seen a cumulative increase of 3.34% since the beginning of 2025, outperforming the Shanghai and Shenzhen 300 indices [6][31] - The report details the performance of various sub-sectors, with thermal power down 1.31% and nuclear power showing a slight increase of 0.15% [31][37] Key Data Tracking - The report tracks coal prices, noting that the price of Qinhuangdao 5500 kcal thermal coal remains low, with significant declines from previous highs [46] - It also monitors water reservoir levels, with the Three Gorges Reservoir showing a water level of 149.13 meters as of June 20, 2025, a year-on-year increase of 0.3% [48] Industry Key Events - The report discusses recent government initiatives aimed at promoting renewable energy and improving energy efficiency, including financial support for renewable energy projects [78]

Investment Rating - The report maintains a recommendation for companies such as Funiu Co., Ltd. and Shenneng Co., Ltd. while cautiously recommending China General Nuclear Power and Anhui Energy [4][21]. Core Viewpoints - In May, the total electricity consumption reached 809.6 billion kWh, showing a year-on-year growth of 4.4%. The first industry saw an increase of 8.4%, the second industry 2.1%, the third industry 9.4%, and urban and rural residents' consumption 9.6% [2][22]. - The report highlights that coal prices are expected to remain low, benefiting thermal power generation, which is anticipated to improve performance in Q2. Companies are actively investing in wind power and cogeneration assets for long-term growth potential [4][19]. Summary by Sections Weekly Market Review - The electricity sector underperformed the broader market, with the public utility sector closing at 2355.40 points, down 1.13%, and the electricity sub-sector at 3131.64 points, down 1.31% [1][8]. - Among the electricity sub-sectors, photovoltaic generation fell by 1.57%, wind power by 1.28%, while thermal services rose by 2.08% [1][13]. Industry Data Tracking - The average price of thermal coal in the Bohai Rim region was 663.00 RMB/ton, with no change week-on-week [48]. - The report notes that the electricity market is experiencing a decline in coal and gas prices, with the average transaction price for coal in Guangdong dropping by 28.43% [69]. Investment Recommendations - The report recommends focusing on companies with stable performance and growth potential, particularly in thermal power and hydropower sectors, such as Changjiang Electric Power and Sichuan Investment Energy [4][20]. - It also suggests monitoring companies involved in asset restructuring and mergers, as these are expected to gain traction this year [20].

章 程 （于一九九七年九月二十二日经公司股东大会特别决议通过） （经二○○一年四月二十六日召开的二○○○年度股东大会特别决议修改） （经二○○三年六月二十四日召开的二○○二年度股东大会特别决议修改） （经二○○四年六月二十九日召开的二○○三年度股东大会特别决议修改） （经二○○七年二月五日召开的二○○七年第一次临时股东大会特别决议修改） （经二○○八年六月三十日召开的二○○七年度股东大会特别决议修改） （经二○○九年六月二日召开的二○○八年度股东大会特别决议修改） （经二○一○年十月二十六日召开的二○一○年临时股东大会特别决议修改） （经二○一一年二月二十二日召开的二○一一年临时股东大会特别决议修改） （经二○一二年十二月二十八日召开的二○一二年第二次临时股东大会特别决议修改） （经二○一三年六月二十五日召开的二○一二年度股东大会特别决议修改） （经二○一三年十二月六日召开的二○一三年第一次临时股东大会特别决议修改） （经二○一四年五月三十日召开的二○一三年度股东大会特别决议修改） （经二○一四年十二月二十三日召开的二○一四年第二次临时股东大会特别决议修改） （经二○一五年二月十三日召开的二○一五年第一次临时 ...

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by more than 10% in the next six months [47]. Core Insights - In May, the total electricity consumption in society increased by 4.4% year-on-year, reaching 809.6 billion kilowatt-hours [3][41]. - The public utility index rose by 0.1% in the last two weeks, outperforming the CSI 300 index by 1.0 percentage points, ranking 8th among 31 industries [10][12]. - The report highlights significant price movements in various sub-sectors, with the heating service sector up by 2.9% and the gas sector up by 2.6% in the last two weeks [12][14]. Summary by Sections 1. Market Review - As of June 19, the public utility index has decreased by 1.0% year-to-date, outperforming the CSI 300 index by 1.3 percentage points [10]. - Among the 131 listed companies in the public utility index, 46 saw stock price increases, with notable gains from Shouhua Gas (44.2%), GCL-Poly Energy (38.0%), and Tianhao Energy (18.6%) [14]. 2. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is 18.4 times, with the solar power sector having a notably high P/E ratio of 711.2 times [17][18]. - The heating service sector's P/E ratio stands at 31.9 times, while the gas sector's P/E ratio is 19.1 times [17]. 3. Industry Data Tracking - The average price of Shanxi Yulin thermal coal (Q6000) was 582 yuan per ton, a 3.9% increase from the previous value [30]. - The average price of Qinhuangdao port thermal coal (Q5500) was 610 yuan per ton, a 0.3% decrease from the previous value [30][33]. 4. Key Industry News - A significant financing product combining carbon assets and transformation finance was successfully launched, achieving a financing scale of 300 million yuan [39]. - The first remote intelligent operation system for large bridge cranes at hydropower stations has completed its first annual maintenance, marking a technological advancement in the industry [39]. 5. Weekly Industry Perspective - The report suggests focusing on companies like Huadian International (600027) and Guodian Power (600795) in the thermal power sector due to the decline in average coal prices [41]. - In the gas sector, companies such as Xin'ao Co. (600803) and Jiufeng Energy (605090) are recommended for their orderly price linkage in natural gas [41].

华电国际电力股份有限公司 章 程 （于一九九七年九月二十二日经公司股东大会特别决议通过） （经二○○一年四月二十六日召开的二○○○年度股东大会特别决议修改） （经二○○三年六月二十四日召开的二○○二年度股东大会特别决议修改） （经二○○四年六月二十九日召开的二○○三年度股东大会特别决议修改） （经二○○七年二月五日召开的二○○七年第一次临时股东大会特别决议修改） （经二○○八年六月三十日召开的二○○七年度股东大会特别决议修改） （经二○○九年六月二日召开的二○○八年度股东大会特别决议修改） （经二○一○年十月二十六日召开的二○一○年临时股东大会特别决议修改） （经二○一一年二月二十二日召开的二○一一年临时股东大会特别决议修改） （经二○一二年十二月二十八日召开的二○一二年第二次临时股东大会特别决议修改） （经二○一三年六月二十五日召开的二○一二年度股东大会特别决议修改） （经二○一三年十二月六日召开的二○一三年第一次临时股东大会特别决议修改） （经二○一四年五月三十日召开的二○一三年度股东大会特别决议修改） （经二○一四年十二月二十三日召开的二○一四年第二次临时股东大会特别决议修改） （经二○一五年二月十三日 ...

证券代码：600027 证券简称：华电国际 公告编号：2025-050 华电国际电力股份有限公司 2024年年度股东大会决议公告 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。 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 | 1、出席会议的股东和代理人人数 | 1,911 | | --- | --- | | 股股东人数 其中：A | 1,910 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 5,595,408,323 | | 其中：A 股股东持有股份总数 | 5,424,655,511 | | 境外上市外资股股东持有股份总数（H 股） | 170,752,812 | | 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份 | 54.709116 | | 总数的比例（%） | | | 其中：A 股股东持股占股份总数的比例（%） | 53.039580 | | 境外上市外资股股东持股占股份总数的比例（%） | 1.669536 | 1 （ ...

北京市海问律师事务所 关于华电国际电力股份有限公司 2024 年年度股东大会的法律意见书 致：华电国际电力股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》（以下合称"有关 法律"）及《华电国际电力股份有限公司章程》（以下简称"公司章程"）的规定， 北京市海问律师事务所（以下简称"本所"）作为华电国际电力股份有限公司（以 下简称"公司"）的法律顾问，应公司的要求，指派律师列席公司于 2025 年 6 月 17 日召开的 2024 年年度股东大会（以下简称"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。 本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法 律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤 勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见书所认定的事 实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导 性陈述或者重大遗漏，并承担相应法律责任。 在本法律意见书中，本所律师仅对本次会议召集和召开的程序、表决程序及 ...