股票代码：600116 股票简称：三峡水利 编号：临 2025-024 号 重庆三峡水利电力（集团）股份有限公司 关于 2024 年度担保计划的进展公告 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。 重要内容提示： 按照重庆三峡水利电力（集团）股份有限公司（以下简称"公司"）2024 年度担保计划，公司于 2025 年 5 月为下属全资子公司重庆长电联合供应链管理 有限公司（以下简称"供应链公司"）在相关金融机构的贷款提供担保 3,742 万元。 除上述 2024 年度担保计划外，根据公司 2024 年第一次临时股东大会审 议通过的《关于为重庆市科尔科克新材料有限公司提供担保的议案》，公司下 属全资子公司重庆涪陵聚龙电力有限公司（以下简称"聚龙电力"）于 2025 年 5 月为其持股 31.5%的参股公司重庆市科尔科克新材料有限公司（以下简称"科 尔科克公司"）按持股比例提供担保 630 万元。该担保事项由科尔科克公司用 其在建工程及土地使用权为聚龙电力的保证担保提供反担保。 上述担保不属于关联担保。本月担保存在反担保，截至 ...

证券代码：600116 证券简称：三峡水利 公告编号：2025-023 重庆三峡水利电力（集团）股份有限公司 关于召开2024年年度股东大会的通知 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 27 日 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： 召开地点：重庆市渝北区金开大道 99 号升伟晶石公元 11 栋 4 楼会议室 (五)网络投票的系统、起止日期和投票时间。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 (七)涉及公开征集股东投票权 无 二、 会议审议事项 本次股东大会审议议案及投票股东类型 投票股东类型 序号 议案名称 A 股股东 非累积投票议案 三、 股东大会投票注意事项 (一) 本公司股东通过上海证券交易所股东大会网络投票系统行使表决权的， 既可以登陆交易系统投票平台（通 ...

证券代码：600116 证券简称：三峡水利 公告编号：2025-023 重庆三峡水利电力（集团）股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 召开的日期时间：2025 年 6 月 27 日 14 点 00 分 召开地点：重庆市渝北区金开大道 99 号升伟晶石公元 11 栋 4 楼会议室 (五)网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年6月27日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有 ...

Group 1 - The liquidity of the green power ETF showed a turnover of 3.17% with a transaction volume of 10.83 million yuan, and the average daily transaction volume over the past month reached 19.32 million yuan [3] - The green power ETF experienced a significant growth in scale, increasing by 65.56 million yuan over the past three months, ranking first among comparable funds [3] - The green power ETF's share increased by 2 million shares in the past week, also ranking first among comparable funds [3] Group 2 - The price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is currently 18.62 times, which is below 85.71% of the historical data over the past three years, indicating a historical low valuation [3] - The top ten weighted stocks in the National Green Power Index account for 58.12% of the total, including major companies such as Yangtze Power, China Nuclear Power, and Three Gorges Energy [3] Group 3 - The recent policy notification regarding the orderly promotion of green electricity direct connection is the first national-level policy to permit and regulate green electricity direct connection, which aims to facilitate the consumption of renewable energy and reduce costs for end users [4] - The green electricity direct connection projects will require investors to bear transmission and distribution costs, but can also lower operational costs by reducing grid connection capacity requirements [4] - Investors can leverage the corresponding green power ETF linked fund (017057) to seize investment opportunities in this sector [4]

Group 1 - Jiangsu New Energy has achieved a three-day consecutive rise in stock prices, indicating strong market performance [1] - Other companies in the power sector, such as Guangdong Electric A and Shenzhen Nanshan Electric A, have also reached their daily price limit, reflecting a broader positive trend in the industry [1] - According to the China Electricity Council's forecast, the national electricity consumption is expected to reach 10.4 trillion kilowatt-hours by 2025, representing a year-on-year growth of approximately 6% [1] Group 2 - The annual regulated maximum electricity load is projected to be around 1.55 billion kilowatts, highlighting the increasing demand for electricity in the coming years [1] - Several other power companies, including Jiangsu Guoxin, Three Gorges Water Conservancy, and Fujian Dong Power, have also seen their stock prices rise, indicating a collective upward movement in the sector [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified for the next 6 months [1] Core Views - The company's short-term performance is impacted by impairment losses, but its comprehensive energy operations are stable [1] - The company reported a revenue of 10.32 billion yuan in 2024, a decrease of 7.7% year-on-year, and a net profit attributable to the parent company of 309.71 million yuan, down 39.9% year-on-year [5][6] - The company’s power generation decreased by 16.4% to 21.0 billion kWh in 2024 due to reduced water inflow, while electricity sales volume increased by 1.9% to 142.5 billion kWh [5][6] Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 10,321.62 million yuan, net profit of 309.71 million yuan - 2025E: Revenue of 10,719.71 million yuan, net profit of 570.05 million yuan, with an EPS of 0.30 yuan [2][7] - 2026E: Revenue of 11,252.54 million yuan, net profit of 642.68 million yuan, with an EPS of 0.34 yuan [2][7] - 2027E: Revenue of 11,749.27 million yuan, net profit of 703.21 million yuan, with an EPS of 0.37 yuan [2][7] - **Growth Rates**: - Revenue growth rates are projected at -7.65% for 2024, 3.86% for 2025, 4.97% for 2026, and 4.41% for 2027 [2] - Net profit growth rates are projected at -39.94% for 2024, 84.06% for 2025, 12.74% for 2026, and 9.42% for 2027 [2] - **Valuation Metrics**: - PE ratios are projected at 43.0 for 2024, 23.3 for 2025, 20.7 for 2026, and 18.9 for 2027 [2] - PB ratios are projected at 1.18 for 2024, 1.13 for 2025, 1.10 for 2026, and 1.07 for 2027 [2] Business Segment Performance - **Power Supply Business**: - Revenue for 2024 is expected to be 6,956 million yuan, with a growth rate of 0.7% [6] - **Comprehensive Energy Business**: - Revenue for 2024 is expected to be 1,577 million yuan, with a growth rate of 13.5% [6] - The gross profit margin for comprehensive energy is projected to improve to 12.9% in 2025 [6] - **Other Businesses**: - Revenue for 2024 is expected to be 1,788 million yuan, with a significant decline of 37.8% [6] Profitability and Efficiency - The company's sales gross margin and net margin for 2024 are projected at 10.3% and 2.8%, respectively [5] - The return on equity (ROE) is expected to improve from 2.53% in 2024 to 5.29% in 2027 [2][7]

股票代码：600116 股票简称：三峡水利 编号：临 2025-022 号 重庆三峡水利电力（集团）股份有限公司 关于 2024 年度担保计划的进展公告 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。 重要内容提示： 在重庆三峡水利电力（集团）股份有限公司（以下简称"公司"）2024 年度担保计划内，2025 年 4 月无新增担保。 截至 2025 年 4 月 30 日，公司及子公司累计担保余额为 125,308.35 万 元，公司及子公司担保总额为 487,102.97 万元【含 2024 年度担保计划中尚未 使用额度 353,699.12 万元以及公司下属全资子公司重庆涪陵聚龙电力有限公 司（以下简称"聚龙电力"）为其持股 31.5%的参股公司重庆市科尔科克新材 料有限公司（以下简称"科尔科克公司"）提供的担保总额中尚未使用额度 8,095.50 万元】，占公司 2024 年度经审计归属于上市公司股东净资产的 44.16%。 截至本公告披露日，公司无逾期担保。 其他说明：本公告中担保余额、发生额、总额以及偿还额度合计数与分 ...

Group 1 - The A-share power sector is experiencing significant activity, with multiple stocks such as Mindong Electric Power, Huadian Energy, Huadian Liaoning, Three Gorges Water Conservancy, Huayin Electric Power, and Jingneng Electric Power hitting the daily limit up [1] - Other notable performers include Langfang Development, Changyuan Electric Power, and Hunan Development, which have shown substantial gains [1]

Core Viewpoint - The utility sector is experiencing positive momentum, with the CSI All Share Utilities Index showing a 0.88% increase, driven by significant gains in key stocks such as Three Gorges Water Conservancy and Beijing Energy [3] Group 1: Index Performance - As of April 28, 2025, the CSI All Share Utilities Index (000995) has risen by 0.88%, with stocks like Three Gorges Water Conservancy and Beijing Energy hitting the daily limit [3] - The utility ETF (159301) is following the index's upward trend, achieving three consecutive days of gains [3] Group 2: Liquidity and Tracking Precision - As of April 25, 2025, the utility ETF has a one-year average daily trading volume of 6.8752 million yuan, ranking first among comparable funds [3] - The tracking error for the utility ETF over the past two months is only 0.005%, indicating the highest tracking precision among comparable funds [3] Group 3: Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the CSI All Share Utilities Index is 16.19, which is in the 11.46% percentile over the past three years, suggesting that the valuation is lower than 88.54% of the time in the last three years, indicating a historical low [3] Group 4: Index Composition - The CSI All Share Utilities Index is composed of companies selected based on liquidity and market capitalization criteria, reflecting the overall performance of representative and investable securities in the sector [3] - As of March 31, 2025, the top ten weighted stocks in the index account for 57.95% of the total index weight, with significant contributions from companies like Yangtze Power and China Nuclear Power [3] Group 5: Top Weighted Stocks - The top ten stocks in the CSI All Share Utilities Index and their respective weightings are as follows: - Yangtze Power: 15.88% - China Nuclear Power: 9.25% - Three Gorges Energy: 7.39% - Guodian Power: 4.83% - State Power Investment: 4.23% - Sichuan Investment Energy: 3.82% - Huaneng International: 3.72% - China General Nuclear Power: 3.49% - Zhejiang Energy: 2.80% - Huadian International: 2.39% [5]

Group 1 - The A-share power sector showed strong performance at the beginning of trading, with significant gains in several stocks [1] - Three stocks, namely Three Gorges Water Conservancy, Huadian Liaoning Energy, and Huayin Power, reached the daily limit increase [1] - Other companies such as Jingneng Power, Changyuan Power, Xichang Power, and Fuling Power also experienced upward movement in their stock prices [1]