坚强的主网是电力可靠性的核心支柱，上海电力自20世纪80年代起，便精心谋划电力主网战略布局，历经多年不懈努力，取得了一系列令人瞩目的成就。 1990年，全国第一条±500千伏超高压直流输电线路在上海建成投运，这一标志性事件拉开了上海电力主网升级的序幕。2009年，超高压城市环网全面建 成，"双环九联络"的主网网架格局正式形成。与此同时，"五交四直"对外联络通道的建设确保了城市外部能源能够平稳输入。 ▲国网上海超高压公司1000千伏特高压交流练塘站开展4号主变年度检修工作。 上海电力将提升供电可靠性作为配电网发展的核心目标，从多个维度发力，精心打造"不停电"的配网。 ▲上海市区供电公司员工运用绝缘短杆桥接作业法开展不停电作业，全力保障上海配网网架高供电可靠性。 在网架结构优化上，上海电力根据城市配网特点，匠心独运地规划中压电缆网和10千伏架空网。中压电缆网以10千伏开关站为节点成环布局，中心城区 的"钻石型"双环网设计更是一大亮点，显著提升了负荷转供能力和故障自愈能力；10千伏架空网则采取多分段多联络的方式，配备故障指示器及配电自动 化装置，确保在发生故障时能够快速隔离故障、灵活转移负荷，实现快速复电，为超大城 ...

Investment Rating - The report maintains an "Overweight" rating for the public utility sector [1] Core Insights - The operating profit and profitability of the public utility sector have improved, with Q1 2025 revenue at 551.23 billion yuan, a year-on-year decrease of 4.04%, while net profit attributable to shareholders increased by 6.11% to 54.59 billion yuan [2][21] - The coal-fired power sector benefited from a decline in thermal coal prices, with Q1 2025 revenue at 307.92 billion yuan, down 7.67%, but net profit rose by 8.58% to 23.04 billion yuan [2][45] - The hydropower sector saw revenue increase by 8.66% to 41.80 billion yuan in Q1 2025, with net profit growing by 28.07% to 11.34 billion yuan, driven by increased hydropower generation [2][70] - The nuclear power sector experienced revenue growth of 8.42% to 40.30 billion yuan in Q1 2025, although profit performance varied among companies [2][28] - The investment strategy suggests maintaining an overweight rating for the sector, focusing on companies like Huadian International and Guodian Power in the coal power segment, and Xintian Gas and Xin'ao in the gas sector [2] Summary by Sections 1. Public Utility Sector Performance - The public utility sector includes 133 listed companies, with 102 in the power sector and 31 in the gas sector. In 2024, the sector's revenue was 23,085.51 billion yuan, a decrease of 1.24%, while net profit increased by 5.38% to 1,848.50 billion yuan [10] 2. Subsector Performance 2.1 Coal Power - The coal power sector's revenue in 2024 was 13,060.52 billion yuan, down 1.11%, with net profit rising by 24.06% to 676.91 billion yuan, benefiting from lower coal prices [28][32] 2.2 Hydropower - In 2024, hydropower revenue was 1,947.67 billion yuan, up 8.99%, with net profit increasing by 17.55% to 563.21 billion yuan, attributed to higher hydropower generation [62] 2.3 New Energy - In 2024, solar power generation was 419.08 billion kWh, up 28.2%, while wind power generation was 936.05 billion kWh, up 11.1% [79] 2.4 Nuclear Power - The nuclear power sector's revenue in Q1 2025 was 40.30 billion yuan, an increase of 8.42%, with varying profit performances among companies [2][28] 2.5 Gas - The gas sector's performance was impacted by rising costs, with specific companies recommended for investment [2] 3. Investment Strategy - The report recommends an overweight rating for the public utility sector, highlighting potential growth in coal and gas companies due to favorable market conditions [2]

证券代码：600027 证券简称：华电国际 公告编号：2025-041 特此公告。 华电国际电力股份有限公司 2025 年 5 月 12 日 1 为进一步加强与投资者的互动交流，华电国际电力股份有限公司（以下简称"本公 司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联合举办的 "2025 年山东辖区上市公司投资者网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP，参 与本次互动交流。活动时间为 2025 年 5 月 15 日（周四）15:00-16:30。届时本公司高管 将在线就本公司 2024 年度业绩、公司治理、发展战略、经营状况、融资计划、股权激 励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃 参与。 华电国际电力股份有限公司 关于参加 2025 年山东辖区上市公司投资者 网上集体接待日活动的公告 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、 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [6][9]. Core Views - The environmental sector's revenue in 2024 is projected to decline by 0.6% to CNY 364.236 billion, with net profit decreasing by 14.7% to CNY 23.058 billion. However, in Q1 2025, the sector is expected to see a revenue increase of 3.5% to CNY 81.243 billion and a net profit growth of 3.8% to CNY 8.232 billion [3][21]. - The report highlights the impact of the new market-oriented pricing reforms for renewable energy in Shandong, aiming for full market integration by the end of 2025 [2][16]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the new energy industry chain and comprehensive energy management [41][42]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.00%, while the public utility index increased by 2.22%, and the environmental index rose by 2.93% [1][43]. Important Policies and Events - Shandong's new pricing reform aims for full market integration of wind and solar energy by 2025, with differentiated policies for existing and new projects [2][16]. Financial Overview of the Environmental Sector - In 2024, only the solid waste management and water treatment sectors showed positive growth, while the environmental equipment sector saw a decline of over 30% [3][21]. - The atmospheric governance sector reported a loss increase, while the comprehensive environmental governance sector shifted from profit to loss [21][24]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional electricity firms like Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][41]. - The report suggests focusing on "utility-like investment opportunities" within the environmental sector, recommending companies like China Everbright Environment and Zhongshan Public Utilities [42][41]. Key Company Profit Forecasts and Investment Ratings - Several companies, including Huadian International and Longyuan Power, are rated as "Outperform" with projected earnings per share (EPS) growth for 2025 [9][41].

Investment Rating - The report maintains a positive outlook on the power and natural gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][10]. Core Insights - The Shandong provincial government has introduced its first local guidelines for the marketization of renewable energy pricing, which is expected to stabilize returns for existing projects and provide a model for other provinces [5][7]. - Global natural gas prices have seen a slight rebound due to tightening supply and increased demand for LNG exports, with specific price movements noted in various regions [10][19]. - The report highlights the potential for LNG import prices to decrease further in the second half of 2025, benefiting downstream gas companies [11][29]. Summary by Sections 1. Power Sector: Shandong's New Energy Market Guidelines - Shandong's new energy pricing reform outlines that existing projects will participate in market pricing at a rate of 0.3949 yuan per kWh, aligning with the provincial coal benchmark price [5][6]. - The guidelines emphasize strong connectivity with existing policies, ensuring stability for existing projects while introducing competitive elements for new projects [6][7]. - The implementation of these guidelines is expected to serve as a model for other provinces, enhancing the operational efficiency and market strategies of renewable energy companies [7][8]. 2. Natural Gas: Global Demand and Price Rebound - As of May 9, 2025, the Henry Hub spot price in the U.S. was $3.22/mmBtu, reflecting a weekly increase of 3.84%, while European prices also saw a rise due to supply constraints and seasonal demand [10][19]. - The report notes that the overall LNG import cost in China has remained below 4000 yuan per ton, with a significant decrease of 18.4% from the year's peak [11][29]. - The anticipated decline in international oil prices is expected to further lower LNG import prices in China, benefiting city gas companies [11][29]. 3. Weekly Market Review - The public utilities, environmental protection, power equipment, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the review period [35]. 4. Company and Industry Dynamics - Recent developments include the issuance of competitive configuration announcements for renewable energy projects in various provinces, indicating ongoing investment and growth in the sector [44][46]. - The report also highlights significant corporate announcements, including financing and profit distribution plans from key players in the energy sector, reflecting a proactive approach to capital management and shareholder returns [48][49].

Investment Rating - The investment rating for the public utility sector is "Positive" and is maintained [8]. Core Insights - The new public offering regulations are expected to drive capital inflows into the long-underweighted public utility sector, which has a current allocation of only 0.94% in actively managed public funds, significantly lower than the weights in the CSI 300 and CSI A500 indices [2][10]. - The sector's earnings have shown signs of recovery, with expectations for continued performance improvement in the second quarter and throughout the year [2][10]. Summary by Sections Public Offering Regulations - The implementation of new public offering regulations is likely to provide marginal support for the public utility sector, which has been significantly underweighted in fund allocations. The sector's weight in the CSI 300 index is 3.53%, while the allocation in actively managed funds is only 0.94%, indicating a shortfall of 2.59 percentage points compared to the index [2][10]. Earnings Recovery - The public utility sector's earnings recovery has been validated by first-quarter performance, with expectations for continued improvement. Specific insights include: - Coal prices have decreased, alleviating pressure on thermal power generation, which is expected to enhance earnings in the second quarter [10]. - Hydropower assets are becoming increasingly attractive due to declining interest rates, with companies like Yangtze Power showing a high dividend yield compared to government bond yields [10]. - Nuclear power is anticipated to recover as new units come online, mitigating previous earnings pressures [10]. - Green energy companies are expected to benefit from policy support and asset value reassessment [10]. Investment Recommendations - The report suggests focusing on quality thermal power operators such as Huadian International, China Resources Power, and Huaneng International, as well as hydropower leaders like Yangtze Power and Guotou Power. In the renewable energy sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities [10][13][15].

Investment Rating - The report maintains an "Accumulate" rating for the electricity sector [4] Core Views - The electricity sector is experiencing differentiated growth in thermal power, significant improvement in hydropower, and pressure on green energy [3][6] - The overall performance of the electricity sector is expected to continue growing, supported by falling fuel costs and potential recovery in electricity demand [3][6] Summary by Sections Market Review - In Q1 2025, the total electricity consumption reached 2.38 trillion kWh, a year-on-year increase of 2.5%. The industrial power generation decreased by 0.3% year-on-year [10] - The generation from thermal, hydropower, nuclear, solar, and wind sources changed by -4.7%, +5.9%, +12.8%, +19.5%, and +9.3% respectively [10] - Coal prices have significantly decreased, with the Q1 average price for North Port Q5500 at 733 RMB/ton, down 19.2% year-on-year [18] Performance Overview - In 2024, thermal power companies achieved a net profit of 646 billion RMB, up 31.91% year-on-year, while hydropower companies reported a net profit of 563 billion RMB, up 17.31% [2] - In Q1 2025, the electricity sector's total revenue was 464.6 billion RMB, a decrease of 3.96% year-on-year, but the net profit increased by 7.83% year-on-year to 50.7 billion RMB [3][27] Fund Holdings - As of Q1 2025, the proportion of active funds in the electricity and public utilities sector decreased to 1.37%, down 0.55 percentage points from Q4 2024 [32] - The combined holdings of both active and index funds in the sector stood at 2.02% in Q1 2025, reflecting a downward trend [32][33] Investment Recommendations - Focus on thermal power companies with strong profitability and low electricity price risks, such as Huadian International and Huaneng International [6] - Long-term investment potential is seen in hydropower and nuclear power assets due to their high dividend yields and stable performance [6] - Attention is also recommended for green energy sectors as trading and consumption issues are expected to improve [6]

Core Viewpoint - The Yebatan Hydropower Station, located in the upper reaches of the Jinsha River, has successfully extracted a concrete core sample measuring 38.10 meters, setting a record for similar dam types in China [1][2]. Group 1: Project Overview - The Yebatan Hydropower Station has a total installed capacity of 2.24 million kilowatts and is being developed by China Huadian Corporation [2]. - The dam has a maximum height of 217 meters, making it the highest hyperbolic arch dam under construction in China [2]. - The project is part of the national "14th Five-Year Plan" and serves as a significant project for the "West-East Power Transmission" initiative [6]. Group 2: Construction and Quality Control - The core sample extraction was part of a random sampling process during the dam's construction, spanning 13 pouring units and 12 horizontal construction seams [2]. - The extracted core sample was found to be complete, smooth, and dense, indicating excellent inter-layer bonding and uniform aggregate distribution [2][4]. - Advanced technologies such as intelligent pouring, temperature control, and quality control techniques were employed to mitigate the risk of cracking due to significant temperature fluctuations at the site [4]. Group 3: Environmental Impact and Energy Production - Once fully operational, the Yebatan Hydropower Station is expected to generate an average annual electricity output of 10.205 billion kilowatt-hours [6]. - The project is projected to save 3.99 million tons of standard coal annually and reduce carbon dioxide emissions by 7.37 million tons [6].

Investment Rating - The report maintains an "Overweight" rating for the public utilities industry, expecting the industry index to outperform the market index by more than 10% in the next six months [46]. Core Insights - The public utilities index increased by 0.9% in the last two weeks, underperforming the CSI 300 index by 0.9 percentage points, ranking 22nd among 31 Shenwan industries. Year-to-date, the index has decreased by 1.3%, outperforming the CSI 300 index by 0.8 percentage points, ranking 21st [6][13]. - Among the sub-sectors, six out of seven saw price increases, with the heat service sector rising by 3.4%, photovoltaic power by 3.0%, and gas by 2.0%. The only sector to decline was the electric energy comprehensive service sector, which fell by 1.2% [15]. - The report highlights significant stock movements, with 81 out of 131 listed companies in the index seeing price increases, led by Huayin Power (up 40.3%), ST Shengda (up 25.9%), and Huadian Liaoning Energy (up 25.2%). Conversely, 49 companies experienced declines, with Guangxi Energy down 12.8% [15][17]. Summary by Sections 1. Market Review - As of May 8, the public utilities index has shown mixed performance, with a slight increase in the last two weeks but a decline year-to-date. The index's performance relative to the CSI 300 indicates a need for cautious investment strategies [6][13]. 2. Industry Valuation - The public utilities sector's price-to-earnings (P/E) ratio stands at 18.3 times. The photovoltaic sector has a notably high P/E ratio of 729.6 times, while the thermal power sector is at 12.0 times, indicating varying levels of market confidence across sub-sectors [19][20]. 3. Industry Data Tracking - The average price of Q6000 coal at the Shaanxi Yulin pit was 592 RMB/ton, down 2.0% from the previous value. The average price of Q5500 coal at Qinhuangdao port was 651 RMB/ton, also down 2.0% [32][35]. 4. Key Industry News - The National Energy Administration released the "China Hydrogen Energy Development Report (2025)," emphasizing the promotion of hydrogen energy policies and the development of the hydrogen energy industry chain [41][43]. - The report also mentions the support for private enterprises in the energy sector, aiming to enhance their market participation and improve energy governance services [38][41]. 5. Industry Outlook - The report suggests focusing on companies like Huadian International and Guodian Power in the thermal power sector, and New Hope Holdings, Jiufeng Energy, and New Natural Gas in the gas sector, as they are expected to benefit from favorable market conditions [41][42].

Investment Rating - The report maintains a "Recommended" rating for companies like Funiu Co., Huaneng Water Power, and China Nuclear Power, while giving a "Cautious Recommendation" for companies like China General Nuclear Power and Longyuan Power [4][7]. Core Viewpoints - The electricity sector shows resilience with a strong performance in Q1 2025, driven by stable demand and a transition towards peak electricity consumption in Q2 and Q3 [1][11]. - The coal price drop significantly benefits thermal power companies, leading to improved profitability despite a decrease in revenue due to falling electricity prices [2][3]. - Hydropower companies are experiencing stable growth, supported by favorable water conditions and new capacity additions, although they face some pressure from tax payments [2][54]. - Nuclear power continues to expand in capacity, but faces short-term fluctuations in profitability due to tax expenses and market price changes [2][71]. Summary by Sections 1. Electricity Sector Performance - The electricity index has shown strength, with the sector outperforming the broader market in early 2025, despite initial underperformance compared to growth stocks [1][11]. - The sector is expected to maintain steady growth as it enters the peak electricity consumption season in Q2 and Q3 [1][11]. 2. Thermal Power - Thermal power revenue decreased by 1% in 2024 to 1,218.9 billion yuan, with Q1 2025 revenue down 8% year-on-year to 286.9 billion yuan [2][36]. - Despite revenue declines, net profit for thermal power companies increased by 31% in 2024 to 65.6 billion yuan, and by 8% in Q1 2025 to 21.9 billion yuan, benefiting from lower coal prices [2][38]. 3. Hydropower - Hydropower revenue grew by 8.98% in 2024 to 194.4 billion yuan, with Q1 2025 revenue increasing by 8.63% to 417.7 billion yuan [2][54]. - The net profit for hydropower companies rose by 17.48% in 2024 to 56.4 billion yuan, with a significant increase of 28.11% in Q1 2025 to 113.5 billion yuan [2][57]. 4. Nuclear Power - The nuclear power sector achieved a revenue of 164.1 billion yuan in 2024, a 4.17% increase, but net profit fell by 8.23% to 19.6 billion yuan [2][71]. - In Q1 2025, nuclear power revenue rose by 8.42% to 40.3 billion yuan, while net profit decreased by 7.51% to 6.2 billion yuan [2][71]. 5. Green Energy - The green energy sector faced challenges with revenue growth not translating into profit, with 2024 revenue at 143.5 billion yuan, a slight increase of 0.27%, but net profit decreased by 6.48% to 239.9 billion yuan [2][3]. - In Q1 2025, green energy revenue fell by 3.35% to 350.5 billion yuan, with net profit down 6.32% to 77.4 billion yuan [2][3].