Core Viewpoint - The report highlights the successful completion of China's first ship-based green methanol refueling operation at Ningbo Zhoushan Port, marking a significant milestone in the development of green fuel capabilities in the region [3]. Market Review - In September, the CSI 300 Index rose by 3.20%, while the public utility index increased by 0.41% and the environmental index by 0.77%. The relative monthly returns for these indices were -2.80% and -2.43% respectively [2]. - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 13th and 11th in terms of growth. The environmental sector saw a 0.77% increase, while the electricity sector's thermal power rose by 2.34%, and hydropower fell by 3.08% [2]. Important Events - The successful refueling of the "COSCO Shipping Libra" with 230 tons of green methanol at Ningbo Zhoushan Port signifies the port's capability to handle LNG, biofuels, and methanol, enhancing its status as an international hub [3]. - This operation involved collaboration between China Ship Fuel, Zhejiang Port Group, and Ningbo Zhoushan Port Group, utilizing seven specialized methanol transport tankers and explosion-proof refueling equipment [3]. Investment Strategy - Public Utilities: Recommendations include Huadian International for thermal power, Longyuan Power and Three Gorges Energy for renewable energy, and China Nuclear Power for stable nuclear power operations [4][5]. - Environmental Sector: Focus on companies like China Everbright Environment and Zhongshan Public Utilities, as well as opportunities in the domestic waste oil recycling industry due to upcoming EU SAF policies [5].

Summary of Key Points from the Conference Call on China's Electricity Market Reform Industry Overview - The conference call focuses on the **electricity industry** in China, specifically discussing the ongoing reforms in the electricity market and their implications for various energy sources and companies involved in the sector [1][4][8]. Core Insights and Arguments - **Market Reform Progress**: Significant advancements have been made in the market-oriented reform of the electricity sector, with thermal power pricing fully entering the market and nuclear power pricing reaching 50% market participation. By 2025, all new energy projects are expected to enter the market [1][4]. - **Electricity Pricing Mechanism**: The reform aims to reflect the true value of each segment in the electricity supply chain, including energy value, green value, transmission and distribution costs, and system operation fees. This is intended to guide high-quality industry development and optimize resource allocation [1][6][7]. - **Future Directions**: The future of electricity reform is expected to focus on ensuring reasonable returns for each segment through a scientifically sound pricing mechanism, promoting the development of a new, efficient, and clean energy system [1][6][14]. - **Investment Opportunities**: The electricity sector presents diverse investment opportunities, particularly in companies with quality wind and solar resources, coal power companies benefiting from declining coal prices, and competitive hydro and nuclear power firms [3][20][21]. Important but Overlooked Content - **Challenges in Reform**: The reform process faces challenges, including rising overall system costs due to the shift towards cleaner energy and the need to balance supply and demand effectively. The current pricing mechanism has not fully adapted to these changes [2][5][14]. - **Historical Context**: The electricity reform in China began in 2002, with significant milestones in 2015 that emphasized market competition in generation and sales while maintaining state control over transmission and distribution [8][9]. - **Regulatory Changes**: Recent policies have aimed to enhance competition in the coal-fired power market, allowing prices to fluctuate based on supply and demand, which is crucial for achieving a more efficient and fair resource allocation [9][10][11]. - **Regional Market Development**: The development of regional and national electricity trading markets is progressing, with the southern region already implementing spot market operations, which will influence overall pricing and system efficiency [17][18]. Conclusion - The ongoing reforms in China's electricity market are set to reshape the industry landscape, creating new investment opportunities while addressing existing challenges. The focus on market-driven pricing and the integration of various energy sources will be critical for the sector's future growth and stability [1][3][20][21].

Investment Rating - The industry investment rating is "Positive" and is maintained [11] Core Viewpoints - The report indicates that while electricity prices and volumes continued to decline in the third quarter, the significant drop in coal prices is expected to lead to positive performance for thermal power operators in northern and parts of eastern and central China [2][6] - Hydropower performance is anticipated to be limited due to weak electricity generation during the main flood season, with a year-on-year decrease of 9.95% in hydropower generation from July to August [7][35] - Nuclear power generation is expected to grow steadily, but performance may vary by province due to differing impacts from declining electricity prices [7][36] - Clean energy utilization hours have decreased nationally, but regions like Fujian, Shanghai, and Guangdong have shown recovery in wind energy utilization hours, leading to strong performance from certain regional new energy operators [8][43] Summary by Sections Thermal Power - The three core factors affecting thermal power profitability are coal prices, electricity prices, and utilization hours. Despite a general decline in electricity prices across provinces, coal prices have significantly decreased, with the average coal price in Qinhuangdao dropping by 175.63 yuan/ton year-on-year [6][20] - The comprehensive coal price drop is expected to reduce thermal power fuel costs by approximately 0.035 yuan/kWh year-on-year, supporting continued improvement in thermal power operations, especially in northern and eastern provinces [6][32] Hydropower - Hydropower generation faced a year-on-year decline of 9.95% due to high base effects and uneven rainfall distribution. However, improved water inflow in September is expected to alleviate some pressure on hydropower performance [7][35] - Major hydropower companies are expected to manage water reservoir operations effectively to mitigate fluctuations in water inflow [35] Nuclear Power - Nuclear power generation is projected to grow by 7.09% year-on-year, supported by increased installed capacity and stable maintenance schedules. However, market price fluctuations may impact performance differently across operators [36][7] Clean Energy - Wind and solar power generation saw significant year-on-year growth of 11.85% and 22.09%, respectively, but utilization hours have decreased. Regional disparities exist, with eastern coastal provinces showing improved wind energy utilization [8][43] - Despite high growth in installed capacity, the overall performance of new energy operators may face pressure due to rising costs and weak electricity prices, although some regional operators are expected to perform well [8][43] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as major hydropower companies like Yangtze Power and State Power Investment Corporation. For new energy, it suggests companies like Longyuan Power and China Nuclear Power [9][54]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The introduction of the "stabilizing electricity prices" policy aims to mitigate "involutionary" competition among power generation companies, which is expected to support electricity price expectations for 2026 and beyond [2][12] - The stable electricity price policy is anticipated to catalyze the revaluation of thermal power assets, as it encourages companies to avoid irrational price competition [12] - The linkage between thermal power prices and hydro/nuclear power prices is expected to strengthen, providing a price anchor for these sectors [12] - The report suggests that the new policy direction will alleviate irrational low-price competition in the renewable energy sector, promoting a shift towards high-quality development [12] Summary by Sections Policy Developments - The State-owned Assets Supervision and Administration Commission (SASAC) has emphasized stabilizing electricity and coal prices to prevent harmful competition, which is crucial for the high-quality development of state-owned enterprises [2][12] Market Dynamics - The report highlights that the capital market has historically viewed the thermal power industry as a "coal processing industry," with profitability primarily driven by the coal-electricity price differential [12] - Concerns over declining long-term electricity prices for 2026 have been a source of anxiety for investors, but the new policy is expected to provide a stable foundation for future negotiations [12] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydroelectric companies like Yangtze Power and State Power Investment Corporation [12] - In the renewable energy sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities due to their expected growth and stability [12]

一、董事会会议召开情况 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。 中闽能源股份有限公司（以下简称"公司"）第九届董事会第二十二次临时会议通知和材料于2025年9月 23日以电子邮件的方式送达全体董事，会议于2025年9月26日以通讯方式召开。本次会议由董事长郭政 先生主持，会议应出席董事9名，实际出席董事9名，公司部分高级管理人员列席了会议，会议的召集、 召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的有关规定。 二、董事会会议审议情况 经全体与会董事认真审议，以记名投票表决方式，逐项表决审议通过了以下议案： 1、审议通过了《关于2024年度公司高级管理人员考核评价及年薪确定情况的议案》 特此公告。 中闽能源股份有限公司董事会 表决结果：同意8票，反对0票，弃权0票。 2、审议通过了《关于2022-2024年公司高级管理人员任期考核评价及任期激励确定情况的议案》 公司董事会同意薪酬与考核委员会根据公司第八届董事会第六次会议审议通过的《公司经理层任期制和 契约化管理工作方案》对公司高级管理人员2022-20 ...

公司董事会同意薪酬与考核委员会根据公司 2024 年度经营业绩完成情况， 对高级管理人员的业绩和绩效进行考核，根据考评结果及任职时间发放高级管理 人员 2024 年度薪酬。 证券代码：600163 证券简称：中闽能源 公告编号：2025-033 中闽能源股份有限公司 第九届董事会第二十二次临时会议决议公告 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。 一、董事会会议召开情况 中闽能源股份有限公司（以下简称"公司"）第九届董事会第二十二次临时 会议通知和材料于 2025 年 9 月 23 日以电子邮件的方式送达全体董事，会议于 2025 年 9 月 26 日以通讯方式召开。本次会议由董事长郭政先生主持，会议应出 席董事 9 名，实际出席董事 9 名，公司部分高级管理人员列席了会议，会议的 召集、召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》 的有关规定。 二、董事会会议审议情况 经全体与会董事认真审议，以记名投票表决方式，逐项表决审议通过了以下 议案： 1、审议通过了《关于 2024 年度公司高级管理人员考核评 ...

截至发稿，中闽能源市值为98亿元。 每经AI快讯，中闽能源（SH 600163，收盘价：5.16元）9月26日晚间发布公告称，公司第九届第二十二 次董事会临时会议于2025年9月26日以通讯方式召开。会议审议了《关于2022-2024年公司高级管理人员 任期考核评价及任期激励确定情况的议案》等文件。 2024年1至12月份，中闽能源的营业收入构成为：电力占比98.39%，其他业务占比1.61%。 每经头条（nbdtoutiao）——5年增长33倍，这类新险种卖爆了，身边很多人都需要，30多家险企蜂拥而 入⋯⋯ （记者 王晓波） ...

证券代码：600163 证券简称：中闽能源 公告编号：2025-032 中闽能源股份有限公司 2025年第一次临时股东大会决议公告 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 (一)股东大会召开的时间：2025 年 9 月 19 日 (二)股东大会召开的地点：福建省福州市五四路 210 号国际大厦 22 层第一会议 室 本次股东大会由公司董事会召集、董事长郭政先生主持，公司全体董事、全 体监事和董事会秘书出席了会议，部分高级管理人员列席了会议；本次会议采取 现场投票和网络投票相结合的表决方式，现场投票采取记名投票表决方式。会议 的召集和召开程序、出席会议人员的资格、会议的表决方式和程序均符合相关法 律、法规和规范性文件及《公司章程》等有关规定,并经福建君立律师事务所律 师现场见证。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：关于修订《公司章程》的议案 审议结果：通过 表决情况： (三)出席会议的 ...

福建君立律师事务所 关于中闽能源股份有限公司 2025 年第一次临时股东大会的 法律意见书 2025 年 9 月 福建君立律师事务所 关于中闽能源股份有限公司 地址 ADD：福州市鼓楼区工业路 572 号凤凰望郡三楼 邮政编码 ZIP：350002 电话 TEL：+86-591-87563807/87563808/87563809 传真 FAX：+86-591-87530756 2025 年第一次临时股东大会的法律意见书 致：中闽能源股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民 共和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市 公司股东会规则》（以下简称"《股东会规则》"）等法律、法规和其他有关规 范性文件的要求，福建君立律师事务所（以下简称"本所"）接受中闽能源股份 有限公司（以下简称"公司"）的委托，指派律师参加公司 2025 年第一次临时 股东大会（以下简称"本次股东大会"）。 本所声明：本所律师仅对本次股东大会的召集程序、召开程序、出席会议人 员资格、召集人资格、表决程序、表决结果及会议决议发表法律意见，并不对本 次股东大会所审议的议案内容和该 ...

Core Viewpoint - The recent notice from the National Development and Reform Commission and the Energy Administration aims to enhance the price mechanism to promote the nearby consumption of renewable energy, requiring that the annual self-consumption of renewable energy should account for no less than 60% of the total available generation capacity and 30% of total electricity consumption, with new projects starting from 2030 required to meet at least 35% [1] Investment Highlights - The notice recommends commercial rooftop photovoltaics and highlights the potential of companies like Ankerui. It emphasizes the need for projects to have metering conditions and for grid companies to install metering devices to accurately measure electricity data at various stages [1] - The bidding for large-scale energy storage in August exceeded expectations, with a recommendation for storage operators like Southern Grid Storage. The combination of AI and the finalized document No. 136 is expected to drive the economic viability of large-scale storage, with domestic demand exceeding expectations [1] - Southern Grid Storage is positioned to benefit significantly as a large-scale storage operator within the Southern Grid, with a projected cumulative installed capacity of 654,200 kW and 1,298,300 kWh by the first half of 2025, alongside 10.28 million kW of pumped storage capacity [1] Industry Core Data Tracking - Electricity prices saw a 2% year-on-year decrease and a 1.3% month-on-month increase in August 2025. The price of thermal coal was reported at 680 RMB/ton as of September 12, 2025, reflecting a week-on-week increase of 1 RMB/ton [2] - The water level at the Three Gorges Reservoir was recorded at 162.88 meters, with inflow and outflow rates showing significant year-on-year increases of 33.59% and 198.15%, respectively [2] - Total electricity consumption from January to July 2025 reached 5.86 trillion kWh, a year-on-year increase of 4.5%, with various sectors showing different growth rates [2] - Cumulative power generation for the same period was 5.47 trillion kWh, with a year-on-year increase of 1.3%, while installed capacity additions in the first half of 2025 showed significant growth in renewable sources like wind and solar [2] Investment Recommendations - Companies within the Southern Grid system, such as Southern Grid Energy, Southern Grid Storage, and Southern Grid Technology, are recommended for investment opportunities [3] - The green electricity sector is expected to see improvements in asset quality and growth potential, with specific companies highlighted for attention [3] - The value of photovoltaic assets and charging station assets is anticipated to be reassessed positively due to regulatory support and market dynamics [3] - Investment opportunities in thermal power, particularly in the Beijing-Tianjin-Hebei region, are also recommended [3] - The hydropower sector is expected to benefit from rising prices and low costs, with strong cash flow and dividend capabilities [3] - The nuclear power sector is projected to grow, with multiple approvals for new units expected to enhance profitability and dividends [3]