Investment Rating - The report maintains an "Overweight" rating for the electricity sector [1]. Core Viewpoints - In April, the national electricity consumption increased by 4.7%, with a cumulative growth of 3.1% from January to April [8][14]. - The electricity demand from the first and third industries shows resilience, while the second industry experiences weakness [14]. - The supply side saw a 0.9% year-on-year increase in electricity generation in April, with significant growth in renewable energy sources [30][33]. Summary by Sections Demand Side - From January to April, the total electricity consumption reached 31,566 billion kWh, with April alone accounting for 7,721 billion kWh [8]. - The first industry saw a 10.0% increase in electricity consumption, the second industry grew by 2.3%, and the third industry increased by 6.0% [14][13]. - In April, the first, second, and third industries' electricity consumption growth rates were 13.8%, 3.0%, and 9.0%, respectively, while residential electricity consumption grew by 7.0% [14]. Supply Side - In April, the total electricity generation was 7,111 billion kWh, marking a 0.9% year-on-year increase [30]. - The growth rates for different energy sources in April were as follows: wind power increased by 12.7%, solar power by 16.7%, nuclear power by 12.4%, while hydropower decreased by 6.5% and thermal power fell by 2.3% [33]. Investment Recommendations - The report suggests increasing allocation to the electricity sector due to favorable fundamentals and market catalysts as summer approaches [53]. - For thermal power, the report highlights the potential for improved profitability due to falling coal prices, recommending companies like Huadian International and Huaneng International [55]. - In the green energy sector, the report recommends focusing on wind power operators and undervalued green energy stocks, such as Xintian Green Energy and Longyuan Power [55]. - For hydropower and nuclear power, the report suggests monitoring companies like China National Nuclear Power and China General Nuclear Power [55].

"#$%&'()*! +,-./0123456! 7879 ::;1<=>?! @&ABC 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：350004 电话 TEL：+86-591-87563807/87563808/87563809 传真 FAX：+86-591-87530756 二〇二五年五月 ! 福建君立律师事务所 关于中闽能源股份有限公司 2024 年年度股东大会的法律意见书 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 2024 年年度股东大 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等议案中所表述的事实或数据的真实性和准确 ...

证券代码：600163 证券简称：中闽能源 公告编号：2025-022 中闽能源股份有限公司 2024年年度股东大会决议公告 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 5 月 20 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 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 317 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,343,974,177 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 70.6241 | (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：2024 年度董事会工作报告 审议结果：通过 表决情况： | 股东 | 同意 | | 反对 | | 弃权 | ...

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental sectors [4][18]. Core Views - The report highlights the introduction of detailed rules in Guangdong and Shandong provinces regarding the sustainable development pricing settlement mechanism for new energy projects, marking a significant step towards market-driven reforms in the new energy sector [2][15]. - It emphasizes that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies [18]. - The report suggests that the continuous support from national policies for new energy development will lead to gradually stable profitability for new energy generation [18]. - It notes that the growth in installed capacity and generation will help offset the downward pressure on electricity prices, predicting stable profitability for nuclear power companies [18]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.12%, while the public utilities index increased by 0.08%. The environmental index remained unchanged, with relative weekly returns of -1.04% and -1.12% respectively [1][21]. - Among the sub-sectors, thermal power decreased by 0.89%, hydropower increased by 0.87%, and new energy generation rose by 0.08% [1][21]. Important Policies and Events - Guangdong's electricity trading center issued draft rules for the sustainable development pricing settlement mechanism for new energy projects, with the first competitive trading scheduled for mid-2025 [2][14]. - The rules stipulate that projects must be approved and operational by December 31, 2025, to participate in the first auction [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [18]. - The report also suggests investing in nuclear power operators like China Nuclear Power and China General Nuclear Power, and highlights the defensive attributes of hydropower stocks amid a global interest rate decline [18][19]. Key Company Earnings Forecasts and Investment Ratings - The report provides a detailed table of investment ratings for various companies, all rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power, with projected earnings per share (EPS) growth for 2024 and 2025 [7][18].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The recent share reduction by a major shareholder due to operational issues is not a cause for concern, and any short-term emotional impact on the stock price may present a good investment opportunity. Historical analysis shows that the emotional impact from previous reductions has diminished over time, and the current safety margin is sufficient with a price-to-earnings ratio (PE) of 12.88x after considering asset injections [2][6] - The company is expected to benefit from favorable policies regarding offshore wind resources in Fujian Province, with potential asset injections from the parent group that could enhance earnings per share (EPS) significantly. The projected EPS for 2025-2027 is 0.46, 0.49, and 0.73 respectively, corresponding to PE ratios of 11.76, 11.02, and 7.36 [2][6] Summary by Sections Event Description - The company announced that a major shareholder, "Huaxing New Ventures," plans to reduce its holdings by up to 5,325,381 shares through trading methods. This reduction is attributed to the expiration of operational terms and is not related to the company's performance [6] Event Commentary - The reduction is seen as non-fundamental, and the long-term value of the company remains intact. The previous reduction in August 2024 did not lead to significant long-term impacts, and the current market conditions suggest that any emotional market reactions will be short-lived. The company’s valuation remains attractive with a PE ratio of 12.88x, and upcoming asset injections are expected to contribute positively to earnings [2][6] Financial Projections - The company’s total revenue is projected to grow significantly from 1,741 million in 2025 to 6,218 million by 2027. The net profit is expected to increase from 692 million in 2024 to 1,916 million in 2027, indicating strong growth potential [17]

丨证券研究报告丨 行业研究丨行业周报丨公用事业 [Table_Title] 国际认可加速绿证消费扩容，价改推进重视绿电 长期价值 报告要点 [Table_Summary] 国际绿色电力消费倡议组织（RE100）宣布无条件认可中国绿证，明确企业使用中国绿证不需 要再提供额外证明。标志着我国绿证体系的制度完善与国际互认取得里程碑式突破，助推我国 绿证需求侧加速扩容。长期低位运行的市场需求和绿证价格将得到显著催化，为新能源项目实 现合理收益提供重要支撑。在新能源价格改革持续持续推进的背景下，我们认为各省配套细则 也将承接 136 号文保护存量项目、稳定增量项目收益预期的原则，有助于长远角度新能源发电 的合理健康发展，同时随着绿电消费的加速扩容，绿电公司有望迎来价值重估。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SFC：BQT627 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 张韦华 司旗 宋尚骞 刘亚辉 [T ...

Group 1 - China State Construction signed new contracts totaling 1.52 trillion yuan from January to April, representing a year-on-year increase of 2.8% [1] - Yongpu Medical's subsidiary obtained a medical device business license valid until May 7, 2030, allowing it to engage in medical device retail and wholesale [1] - Ningbo Maritime received a government subsidy of 4.42 million yuan, which will impact its net profit for the fiscal year 2025 [1] Group 2 - Mingpu Optoelectronics obtained a patent for a magnetic powder core and its preparation method, enhancing its capabilities in magnetic materials technology [1] - Digital Zhitong plans to establish a wholly-owned subsidiary in Beijing with a registered capital of 5 million yuan [1] - Zhongmin Energy's shareholder plans to reduce its stake by up to 0.28% of the company's total shares [1][6] Group 3 - Tunnel Holdings' controlling shareholder intends to increase its stake in the company by investing between 250 million to 500 million yuan [1] - China Telecom appointed Liu Guiqing as the new President and COO [1] - Datang Power completed the issuance of 3 billion yuan in medium-term notes, with proceeds aimed at repaying debt and supplementing working capital [1] Group 4 - *ST Weihai won a bid for a flood control project worth 182 million yuan, accounting for 7.35% of its audited revenue for 2024 [1] - Huijin Tong announced a cash dividend of 0.0868 yuan per share, totaling 29.44 million yuan [1] - Xinkai Energy's shareholders plan to reduce their holdings by a combined total of 4% of the company's shares [1][39] Group 5 - Xinhuan Group's subsidiary won a 1.02 billion yuan nuclear power project contract [1] - Southern Airlines reported a 12.14% year-on-year increase in passenger turnover for April [1] - Xinjiang Torch plans to acquire 100% equity of Yushan Litai for 125 million yuan [1]

证券代码：600163 证券简称：中闽能源 公告编号：2025-021 中闽能源股份有限公司 本公司董事会、全体董事及相关股东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： 大股东及董监高持股的基本情况 截至本公告披露日，中闽能源股份有限公司（以下简称"公司"）股东福建 华兴新兴创业投资有限公司（以下简称"华兴新兴"）持有公司股份 5,325,381 股，占公司总股本的 0.28%。上述股份来源于公司 2015 年重大资产重组及发行 股份购买资产并募集配套资金事项公司非公开发行股份购买资产取得。华兴新兴 系公司控股股东福建省投资开发集团有限责任公司的一致行动人。 减持计划的主要内容 因经营期限即将到期，华兴新兴计划通过集中竞价交易和大宗交易方式减持 其持有的公司股份不超过 5,325,381 股。 本次减持计划自本公告披露之日起 15 个交易日后的 3 个月内实施，上述期 间如遇法律法规、规范性文件规定的窗口期，则不减持。若在减持计划期间公司 发生派发红利、送红股、资本公积金转增股本、增发新股或配股等股本除权、除 息事项，上述减持股 ...

Investment Rating - The report maintains a "Buy" rating for the electricity and public utilities sector, focusing on the recovery of thermal power profitability and the catalytic effects of green energy policies [1]. Core Insights - The report highlights the potential for significant profit recovery in the thermal power sector due to declining coal prices, which are expected to enhance profitability for thermal power companies [4][12]. - Water power companies are experiencing growth driven by improved water inflow, with some companies showing substantial profit increases [24][25]. - Nuclear power is facing short-term performance volatility but has long-term growth potential due to new unit installations [40][41]. - Green energy, particularly offshore wind, is anticipated to enter a new growth cycle, while traditional green energy companies are under pressure but may see a restructuring of market order [4][24]. Summary by Sections Thermal Power - **Performance**: In 2024, companies like Huadian Energy and Datang Power saw significant profit increases of 281.93% and 229.70%, respectively, driven by lower coal costs and increased electricity demand [7][8]. - **Outlook**: Continued decline in coal prices is expected to lead to excess profits for thermal power companies, with coal prices dropping significantly from 855 RMB/ton in 2024 to 721 RMB/ton in Q1 2025 [12][15]. Hydropower - **Performance**: In 2024, companies such as Shaoneng Co. and Guizhou Power reported profit increases of 128.83% and 86.26%, respectively, due to improved water inflow [24][26]. - **Outlook**: The potential for further profit improvement exists if water inflow during the flood season exceeds expectations [35]. Nuclear Power - **Performance**: In 2024, China Nuclear Power reported a revenue increase of 3.09% but a profit decline of 17.38% due to rising tax expenses [40]. - **Outlook**: The long-term growth potential remains strong with new nuclear units expected to come online, enhancing future profitability [41]. Green Energy - **Performance**: Offshore wind companies like Fujian Haifeng showed impressive growth, with some companies reporting a 43% increase in Q1 2025 [4][24]. - **Outlook**: The report suggests focusing on policy catalysts for offshore wind and the potential restructuring of traditional green energy companies due to market pressures [4][24].

一季度，全社会用电量累计23846亿千瓦时，同比增长2.5%，在政策与需求双轮驱动下，电力行业持续 向上生长。 Wind数据统计显示，A股电力板块74只个股中，26只获资本市场"国家队"持有，最新持仓市值529.5亿 元，从其持股路径看，或为被"低估"的行业黑马。 "国家队"一季度增持6股 民营企业占得1席 资本市场"国家队"通常指具有政府背景、在金融市场中发挥重要稳定和调节作用的机构投资者。"国家 队"的资金规模庞大，投资行为往往对资本市场具有较强影响力。 纵观"国家队"持股表现，一季度增持电力板块6只个股，减持9只，增持个股最新持仓市值65.31亿元。 除中央及地方国有企业上榜增持名单外，民营企业也占得1席，体现出主力资金对民营经济的促进与支 持。 就具体企业看，地方国资代表浙江浙能电力股份有限公司（以下简称"浙能电力"）一季度获"国家队"增 持数量最多，达6841.11万股；民营企业广东宝丽华新能源股份有限公司（以下简称"宝新能源"）增持 股数位列其后，为1493.51万股。 "福建海风市场空间广阔，加之第一大股东福建省投资开发集团有限责任公司加速海风资产注入，中闽 能源2025年全年归母净利润有望同比 ...