Group 1 - The company has approved its wholly-owned subsidiary, Guangzhou Development Power Group Co., Ltd., to acquire 50% equity in China Electric Power Construction (Fumin) Pumped Storage Development Co., Ltd. through a public bidding process [1][2] - The transaction price for the 50% equity stake is set at 53.2284 million yuan [2] - This acquisition aligns with the company's strategy to support national goals and enhance its control over quality pumped storage projects, contributing to its industrial transformation and collaborative development [3] Group 2 - The company has also approved the acquisition of a 35% equity stake in China Electric Power Construction (Lufeng) Pumped Storage Development Co., Ltd. [7] - The transaction price for the 35% equity stake is set at 53.2535 million yuan [7] - This move is part of the company's efforts to optimize its industrial structure and expand into new areas of energy business, increasing the proportion of renewable and low-carbon energy [8]

Core Points - Guangzhou Development announced the approval of an investment cooperation agreement for its wholly-owned subsidiary, Guangzhou Development Power Group Co., Ltd. [2] - The subsidiary will acquire 50% equity of China Electric Power Construction (Fumin) Pumped Storage Development Co., Ltd. through a public bidding process [2] - The transaction price for the acquisition is set at 53.2284 million yuan [2] Summary by Category - **Company Actions** - The board of Guangzhou Development approved the investment cooperation agreement for its subsidiary [2] - The subsidiary will act as the buyer for the 50% equity stake in the target company [2] - **Transaction Details** - The acquisition will be based on an asset appraisal report [2] - The transaction price is 53.2284 million yuan, with the remaining payment to be made as per the contract [2] - The transaction will be formalized with a property transaction contract signed with the transferor [2]

Core Viewpoint - Guangzhou Development has approved the acquisition of a 35% stake in China Electric Power Construction Group (Lufeng) Pumped Storage Development Co., Ltd. through its wholly-owned subsidiary, Guangzhou Development Power Group Co., Ltd. [2] Summary by Relevant Sections - **Acquisition Details** - The acquisition involves purchasing a 35% stake from China Electric Power Construction Group Co., Ltd. at a price of 53.2535 million yuan [2] - The transaction will be completed according to the rules of the Beijing Property Exchange [2] - **Corporate Actions** - The board of directors of Guangzhou Development has passed the resolution during its 18th meeting of the 9th session [2] - The Power Group has signed the property transaction contract with the transferor as required [2] - **Financial Implications** - The transaction price is based on the asset evaluation report value that has been filed [2] - The remaining transaction payment will be made to the designated account of the Beijing Property Exchange as per the contract [2]

Core Viewpoint - Guangzhou Development (600098.SH) announced the acquisition of a 50% stake in China Electric Power Construction Group (Fumin) Pumped Storage Development Co., Ltd. by Electric Power Group for a transaction price of 53.2284 million yuan [1] Group 1 - The transaction was facilitated through a notification issued by Beijing Property Exchange [1] - Electric Power Group has signed the property transaction contract with the transferor as per regulations [1] - The remaining transaction price will be paid to the designated account of Beijing Property Exchange as per the contract [1]

二、交易进展情况 根据北京产权交易所有限公司出具的《交易签约通知 书》，电力集团成为中电建(禄丰)抽水蓄能开发有限公司 35% 1 股权的受让方。电力集团已按要求与转让方签署《产权交易 合同》，交易价格为 5,325.35 万元，并将按照合同约定将剩 余交易价款等交纳至北京产权交易所有限公司指定账户。北 京产权交易所有限公司将出具产权交易凭证并按交易规则 发布公告。 股票简称：广州发展 股票代码：600098 公告编号：临 2025-079 号 公司债券简称：21 穗发 01、21 穗发 02、22 穗发 01、22 穗发 02 公司债券代码：188103、188281、185829、137727 广州发展集团股份有限公司关于 参与竞拍中电建(禄丰)抽水蓄能开发 有限公司35%股权的进展公告 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、交易基本情况 公司第九届董事会第十八次会议审议通过了《关于收购 中电建（禄丰）抽水蓄能开发有限公司 35%股权的议案》， 同意公司属下全资子公司广州发展电力集团有限公司（以下 简称"电 ...

股票简称：广州发展 股票代码：600098 公告编号：临 2025-078 号 公司债券简称：21 穗发 01、21 穗发 02、22 穗发 01、22 穗发 02 公司债券代码：188103、188281、185829、137727 广州发展集团股份有限公司关于 参与竞拍中电建(富民)抽水蓄能开发 有限公司50%股权的进展公告 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、交易基本情况 股权的受让方。电力集团已按规定与转让方签署《产权交易 合同》，交易价格为 5,322.84 万元，并将按照合同约定将剩 余交易价款等交纳至北京产权交易所有限公司指定账户。北 京产权交易所有限公司将出具产权交易凭证并按交易规则 发布公告。 三、本次交易对公司的影响 本次参与竞拍是公司践行国家战略，落实"双碳"目标 构建新型电力系统，锁定优质抽水蓄能项目的控制权的举措， 有利于公司产业转型升级和各业务协同发展，符合公司发展 战略。在当前国家核定抽水蓄能容量电价的政策框架下，项 目总体经济合理、财务可行，具有一定的盈利能力和抗风险 能力。 ...

Core Viewpoint - Guangzhou Development (600098.SH) announced the acquisition of a 35% stake in China Electric Power Construction Group (Lufeng) Pumped Storage Development Co., Ltd. by Electric Power Group for a transaction price of 53.2535 million yuan [1] Group 1 - The transaction was facilitated through a notification issued by Beijing Property Exchange [1] - Electric Power Group has signed the property transaction contract with the transferor as required [1] - The remaining transaction amount will be paid to the designated account of Beijing Property Exchange as per the contract [1]

Core Viewpoint - Guangzhou Development (600098.SH) announced the acquisition of a 50% stake in China Electric Power Construction Group's pumped storage development company for a transaction price of 53.2284 million yuan [1] Group 1 - The buyer, Electric Power Group, has signed the "Property Transaction Contract" with the transferor as per regulations [1] - The remaining transaction price will be paid to the designated account of Beijing Property Exchange as per the contract [1]

Core Viewpoint - As of November 24, a total of 130 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Longest Net Buying Days - The stocks with the highest number of consecutive net buying days are Datang Power and Shimao Energy, both having seen net buying for 12 consecutive trading days [1] - Other stocks with significant net buying days include Chuan Yi Co., Beijing-Shanghai High-Speed Railway, Aucma, New Wind Light, Yuanfei Pet, Zhenjiang Co., Parker New Materials, and Guangzhou Development [1]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries based on their performance and market conditions [2]. Core Insights - The report highlights a significant increase in electricity consumption in October, with a year-on-year growth of 10.4%, driven primarily by the tertiary sector and residential usage [5][10]. - Natural gas prices exhibit mixed trends globally, with U.S. prices rising while European prices are stabilizing [22][30]. - The report provides specific investment recommendations across various segments, including hydropower, green energy, nuclear power, thermal power, and gas [20][21]. Summary by Sections 1. Electricity Sector - In October, total electricity consumption reached 857.2 billion kWh, marking a 10.4% increase year-on-year. The first, second, and third industries, along with residential consumption, saw growth rates of 13.2%, 6.2%, 17.1%, and 23.9%, respectively [12][10]. - The tertiary sector's electricity consumption grew the fastest, particularly in internet data services related to big data and AI, which surged by 46% [11]. - The report notes that the second industry contributes over 60% of total electricity consumption, with high-tech and equipment manufacturing showing significant growth [11][12]. 2. Gas Sector - As of November 21, U.S. Henry Hub spot prices were $4.13/mmBtu, reflecting an 18.33% weekly increase, while European gas prices showed slight declines [22][30]. - The report indicates that U.S. natural gas supply remains robust, with a notable increase in LNG demand, contributing to rising prices [24][25]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and increased sales, such as Kunlun Energy and New Hope Energy [44]. 3. Weekly Market Review - The report notes that the public utility, gas, and power equipment sectors underperformed compared to the Shanghai and Shenzhen 300 index during the week of November 17 to November 21 [47]. 4. Company and Industry Dynamics - The report discusses the commissioning of China's highest-altitude wind power project in Tibet, which is expected to provide significant clean energy and economic benefits to the local community [50][53]. - It also highlights various local government initiatives aimed at promoting green electricity and renewable energy projects, including direct connections for green electricity [54][55].