2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.083元（含税） 证券代码：600163 证券简称：中闽能源 公告编号：2025-023 中闽能源股份有限公司 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/9 | － | 2025/7/10 | 2025/7/10 | 差异化分红送转： 否 本次利润分配以方案实施前的公司总股本1,902,996,143股为基数，每股派发现金红利 0.083元（含税），共 ...

Investment Rating - The industry investment rating is maintained as "Increase" [4][3] Core Views - The "136 Document" catalyzes rapid growth in new energy this year, with accelerated electricity market reforms and the southern regional market starting continuous settlement, leading to more flexible electricity pricing reflecting supply and demand changes [3][10] - The cumulative installed capacity of solar power reached 1.08 billion kilowatts by the end of May, with a year-on-year increase of 56.9%, while the share of thermal power generation capacity decreased to approximately 40% [15][67] - The southern regional electricity market officially transitioned to continuous settlement, allowing for daily trading and better reflection of supply-demand dynamics [15][10] Summary by Sections Industry Overview - As of the end of May, the total installed power generation capacity in China reached 3.61 billion kilowatts, a year-on-year increase of 18.8% [15][67] - In the first five months of the year, solar power added 197.85 GW of new capacity, a year-on-year increase of 149.97%, while wind power added 46.28 GW, a year-on-year increase of 134.21% [15][67] Market Dynamics - The average daily trading volume in the southern regional electricity market is expected to reach 3.8 billion kilowatt-hours after the transition to continuous settlement [15][10] - The coal price rebounded to 620 yuan per ton, impacting the thermal power sector [11][3] Key Stocks - Recommended stocks include Huaneng International, Jingtou Energy, Huadian International, Sheneng Co., and Baoneng New Energy, focusing on those with flexible quarterly performance [3][7] - Emphasis on undervalued green electricity operators, particularly in Hong Kong stocks and wind power operators, such as Xintian Green Energy and Zhongmin Energy [3][7] Carbon Market - The national carbon market trading price increased by 4.83% this week, with a total trading volume of 6.68 billion tons and a cumulative trading amount of 458.99 billion yuan [52][69]

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].

Investment Rating - The report maintains a "Positive" investment rating for the public utility sector in Hong Kong [7]. Core Insights - The significant decline in Hong Kong HIBOR since May has created a favorable environment for investment in the public utility sector, particularly in electricity, which is seen as a defensive asset amid external market volatility [10][11]. - The report highlights that the electricity sector is experiencing a dual benefit from both external market conditions and internal performance improvements, with a notable decrease in coal prices and an increase in renewable energy generation [10][11]. Summary by Sections Market Overview - Since May, the Hong Kong banking sector has seen a 285% increase in interbank liquidity, with HIBOR dropping by 337 basis points, marking the largest monthly decline since 2002. As of June 13, the 1-month HIBOR stabilized around 0.60%, maintaining a near three-year low [10][11]. - The Hang Seng Index rose by 8.02% from May 1 to June 13, outperforming the Shanghai Composite Index, which only increased by 2.48% during the same period [10][11]. Performance of the Electricity Sector - The report notes that the electricity sector is uniquely positioned to benefit from both defensive and offensive strategies, with improved profitability expected due to lower coal prices and stable electricity prices. For instance, the Q5500 coal price at Qinhuangdao port fell to 635.64 CNY/ton, a year-on-year decrease of 212.81 CNY/ton [10][11]. - Renewable energy generation is also on the rise, with wind power generation growth rates improving significantly in recent months, indicating a robust recovery in the sector [10][11]. Investment Recommendations - The report suggests that the "carbon neutrality" initiative and ongoing electricity market reforms will lead to a comprehensive reassessment of the intrinsic value of electricity operators throughout the 14th Five-Year Plan period. Key companies to watch include Huadian International, China Resources Power, and Huaneng International, among others [10][11]. - The report emphasizes the potential for long-term growth in the renewable energy sector, recommending investments in companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes and market conditions [10][11].

Investment Rating - The report maintains a positive investment rating for the power and utilities sector, with specific recommendations for companies such as Funiu Co., Ltd. and Shenneng Co., Ltd. [3][21] Core Insights - The power sector outperformed the broader market, with the utilities sector index closing at 2382.43 points, up 0.26%, and the electricity sub-sector index at 3173.29 points, down 0.25% [1][9] - The commissioning of the Hami-Chongqing ±800 kV UHVDC project significantly enhances power supply capabilities in Chongqing, providing approximately 36 billion kWh annually, which accounts for about 20% of the city's annual electricity demand [2][24] - The establishment of the world's first offshore wind-powered data center in Shanghai aims to support AI and 5G computing needs while promoting low-carbon energy solutions [2][32] Summary by Sections Weekly Market Review - The electricity sector showed resilience with a slight decline in the electricity sub-sector, while thermal power benefited from falling coal prices, leading to improved performance expectations [1][20] - The report highlights the performance of various electricity sub-sectors, noting a decline in photovoltaic generation by 1.79% and an increase in hydropower generation by 1.03% [1][14] Industry Data Tracking - The report tracks coal prices, which have seen a slight decrease, indicating a favorable environment for thermal power generation [35] - The report also provides insights into the performance of renewable energy sources, with significant growth in wind and solar installations in Xinjiang, which now account for over 54% of the total installed capacity [25][26] Investment Recommendations - The report recommends focusing on companies with stable earnings and growth potential, particularly in thermal power and hydropower sectors, while also highlighting opportunities in renewable energy and data center integration [3][21] - Specific companies recommended include Funiu Co., Ltd., Shenneng Co., Ltd., and China Nuclear Power, with cautious recommendations for China General Nuclear Power [3][22]

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has seen an increase in wind power generation, which has positively impacted profitability, while continuing to push for asset injections [3] - In 2024, the company achieved a revenue of 1.741 billion yuan, a slight increase of 0.54% year-on-year, but the net profit attributable to shareholders decreased by 4.03% to 651 million yuan due to impairment provisions [2] - The company is expected to benefit from the scarcity of quality wind power resources and the long-term certainty of project development and asset injections, with projected revenues of 1.838 billion yuan, 1.903 billion yuan, and 1.927 billion yuan for 2025, 2026, and 2027 respectively [3] Financial Summary - Revenue for 2023 is projected at 1.732 billion yuan, with a year-on-year decrease of 3.3% [1] - The net profit attributable to shareholders for 2023 is estimated at 678 million yuan, reflecting a year-on-year decline of 6.9% [1] - The company’s return on equity (ROE) is expected to decrease from 11.2% in 2023 to 9.9% by 2027 [1] - Earnings per share (EPS) is projected to grow from 0.36 yuan in 2023 to 0.45 yuan in 2027 [1] - The price-to-earnings (P/E) ratio is expected to decline from 15.0 in 2023 to 12.0 by 2027 [1]

Investment Rating - The report maintains a "Positive" investment rating for the public utility sector [8]. Core Insights - The introduction of the "Green Electricity Direct Connection" model is expected to enhance demand certainty and consumption levels compared to traditional projects, particularly benefiting distributed commercial solar, offshore wind, and integrated projects in certain western regions [2][12]. - The green electricity pricing mechanism has transitioned to a competitive bidding phase, marking a shift from a supply-driven growth phase to a mature market regulated by demand [12]. - The report emphasizes that the "carbon neutrality" initiative and electricity market reforms will reshape the intrinsic value of power operators throughout the 14th Five-Year Plan period [12]. Summary by Sections Green Electricity Direct Connection - The National Development and Reform Commission and the National Energy Administration have established a framework for the "Green Electricity Direct Connection" model, allowing renewable energy sources to supply electricity directly to single users [12]. - Projects must have at least 60% of their generated electricity consumed on-site and a minimum of 30% of total electricity consumption from self-generated sources, with a gradual increase in self-consumption expected by 2030 [12]. - The model is anticipated to reduce price risks through long-term power purchase agreements (PPAs), enhancing project profitability [12]. Pricing Mechanism Transition - Starting June 1, new green electricity projects will no longer follow a benchmark pricing mechanism but will adopt a market-driven pricing model, with a competitive bidding process determining the final price [12]. - The report suggests that this transition may lead to a slowdown in new installations, which is viewed positively as it could alleviate pricing pressures and improve long-term growth prospects [12]. Investment Recommendations - The report recommends focusing on quality power operators such as Huadian International, China Resources Power, and Huaneng International, as well as hydropower companies like Yangtze Power and Guotou Power [12][16][17]. - For the renewable energy sector, it highlights companies like Longyuan Power and China Nuclear Power as key investment opportunities due to their strong market positions and growth potential [12][18].

Investment Rating - The report maintains a "Recommendation" rating for the environmental and public utility sector [2] Core Insights - The environmental sector index increased by 3.42%, outperforming other sectors, while the public utility sector index decreased by 0.18% [6][18] - The report highlights a significant drop in coal prices, with Qinhuangdao 5500 kcal thermal coal at 620 CNY/ton, a 61.2% decrease from its peak in October 2022 [6][28] - The report recommends companies such as Huadian International and Sheneng Co., while suggesting attention to Zhongmin Energy and Funeng Co. [6] - The report emphasizes the investment value in nuclear and hydropower, recommending Chuan Investment Energy, State Power Investment, Yangtze Power, and China National Nuclear Power [6] Summary by Sections Key Event Interpretations - The National Development and Reform Commission and the National Energy Administration issued a notice to promote green electricity direct connection projects, requiring that the self-consumed electricity from renewable sources should not be less than 60% of total available generation by 2030 [10][15] - The Central Committee of the Communist Party and the State Council released opinions on improving the market-oriented allocation of resource and environmental factors, aiming for a complete carbon emission rights and water rights trading system by 2027 [15][16] Market Performance Review - The environmental sector has shown a cumulative increase of 6.79% in 2025, while the power sector has seen a slight decrease of 0.05% [6][18] - The report details the performance of various sub-sectors, with solid waste management up by 4.83% and comprehensive environmental management up by 8.66% [22] Key Data Tracking - As of May 30, 2025, the price of Qinhuangdao 5500 kcal thermal coal remains at 620 CNY/ton, with significant reductions from previous highs [28] - The Three Gorges Reservoir's water level increased by 3.9% year-on-year, with a current level of 154.63 meters [30] - The price of LNG at the port is reported at 12.03 USD/MMBtu (4501 CNY/ton), a 70.20% decrease from its peak in December 2022 [46] Industry Key Events - The report notes significant developments in the power market, including the issuance of green certificates for renewable energy projects and the establishment of trading rules for green electricity [58] - It also highlights initiatives in the environmental market aimed at enhancing data integration and promoting green development [59]

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]