张月 四川在线记者 李欣忆 史晓露 2月14日，四川在线记者从国网四川省电力公司获悉，道孚—新都桥500千伏工程、广元煤电500千伏送出工程分别于2月8日、13日顺利投运。两项工程春节 前集中投运，进一步优化了四川主网网架结构，提升了清洁能源消纳能力和供电可靠性，为成渝地区双城经济圈建设及四川经济社会高质量发展提供了电力 保障。 1月6日，甘孜州道孚县，道孚—新都桥500千伏线路工程现场，高空作业人员正在安装间隔棒。 道孚—新都桥500千伏工程起于甘孜道孚500千伏变电站，止于新都桥500千伏变电站，线路全长约115.8公里，新建铁塔248基。工程有效改善了甘孜州电网 结构，保障道孚地区150万千瓦光伏发电的稳定上网和高效消纳，助力高原地区清洁能源服务民生和区域发展。 广元煤电500千伏送出工程起于中煤广元电厂，止于昭化500千伏变电站，线路全长35.2公里。该工程将更好地满足川东北地区负荷增长需求，优化区域能源 供应结构，增强电网调峰保供和供电可靠性，为广元地区产业发展和民生改善提供支撑。 1月29日下午，广元市昭化区，广元煤电500千伏送出工程顺利实 现全线贯通。 "工程建设过程中，我们精准把握施工进度与 ...

Recent Events - The company held its first extraordinary shareholders' meeting of 2026 on February 5, 2026, where it approved the proposal regarding the execution of daily related transactions for 2025 and the expected daily related transactions for 2026. This proposal involves daily related transaction arrangements, which may impact the company's operations in the future [2]. Performance and Operating Conditions - The company's distribution network energy-saving business is currently undergoing a transition between old and new projects, leading to short-term pressure on performance. For the first three quarters of 2025, the company reported operating revenue of 2.278 billion yuan, a year-on-year decrease of 5.43%, and a net profit attributable to the parent company of 296 million yuan, a year-on-year decrease of 29.58%. The power grid business remains stable, with a sales volume of 3.464 billion kilowatt-hours in 2024, representing a year-on-year increase of 7.71% [3]. Strategic Advancement - As the only listed platform for distribution network energy-saving under the State Grid, the company is actively exploring new business areas such as energy storage and smart distribution networks to align with the policy direction of grid intelligence. As of the 2025 semi-annual report, the company had total monetary funds of 2.727 billion yuan, and its asset-liability ratio decreased to 18.36%, providing support for future capital expenditures [4].

Core Viewpoint - The A-share market shows positive momentum with significant gains in various sectors, particularly in the small metals, electric grid equipment, and semiconductor industries, while the film and gaming sectors are experiencing declines [3]. Market Performance - The Shanghai Composite Index rose by 0.12% to 4137.06, while the Shenzhen Component Index increased by 0.8% to 14274.93. The ChiNext Index saw a rise of 1.18% to 3323.56, and the STAR Market Index gained 0.93% to 1804.89 [4][12]. - Over 2700 stocks in the market experienced an increase by midday [3]. Sector Highlights - The electric grid equipment sector showed strong performance, with companies like Hailianxun rising over 18% and others reaching their daily limit [4]. - The shipping sector also performed well, with China Merchants Energy hitting its daily limit and achieving a historical high [5]. - The computing power leasing sector saw significant gains, with Yuke Technology hitting its daily limit and other companies like Dazhi Technology and Capital Online also rising [5]. Trading Volume - The total trading volume in the Shanghai and Shenzhen markets exceeded 1 trillion yuan [6]. Currency Movement - The offshore RMB against the US dollar broke the 6.9 yuan mark, indicating a strengthening of the currency [8]. Stock Movements - The film and cinema sector continued to adjust, with companies like Hengdian Film and Bona Film hitting their daily limit down [9]. - AI application stocks in the Hong Kong market showed strength, with Zhiyuan rising over 11% [10].

Summary of Fuling Power Conference Call Company Overview - Fuling Power is the only listed platform under State Grid Comprehensive Energy Holdings, benefiting from significant investments in distribution network during the "15th Five-Year Plan" period, with substantial growth potential in energy-saving business, although early project expirations have led to some revenue decline [2][4] Core Business and Financial Performance - The main business segments include: - **Electricity Operation in Fuling Region**: Revenue generated through the difference in electricity purchase and sale, with consistent growth in electricity consumption ensuring stability [4] - **Energy-Saving Business**: Benefiting from increased investment in distribution networks, although facing revenue decline due to early project expirations [6] - Profit stability is maintained at around 500-600 million yuan annually, with both main business segments performing steadily [10] Market Dynamics - Fuling District's electricity consumption continues to grow, providing a stable market foundation, despite its limited contribution to Chongqing's overall GDP [2][8] - The local purchase-sale price difference remains stable, further solidifying the company's market position [8] Management and Strategic Changes - In 2023, two executives from State Grid Comprehensive Energy joined Fuling Power, indicating a strengthened collaboration with the parent company and an emphasis on developing emerging businesses like energy storage [7] Challenges and Strategic Responses - The company faces challenges in the energy-saving service sector due to revenue decline from expiring early projects. To counter this, Fuling Power aims to expand new projects, optimize resource allocation, and enhance technological innovation and market development [9] Future Growth Opportunities - Fuling Power is exploring new energy storage initiatives and plans to align these with its main business operations. The company is focusing on smart park projects related to energy storage and zero-carbon initiatives [11] Financial Health - The company's debt ratio has decreased from over 60% in 2018-2020 to the low teens currently, with approximately 3 billion yuan in cash and minimal short-term debt, providing a solid foundation for future investments and stable dividends [12][13] Investment Recommendation - Investors are encouraged to consider Fuling Power due to its stable core business, reliable income sources, and potential for growth in emerging sectors during the "15th Five-Year Plan" period, indicating high investment value and significant future development space [3][14]

重要内容提示： 证券代码：600452 证券简称：涪陵电力 公告编号：2026-006 重庆涪陵电力实业股份有限公司 2026年第一次临时股东会决议公告 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。 ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2026年2月5日 (二)股东会召开的地点：重庆市涪陵区望州路20号公司会议室 (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： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由公司董事会召集，会议由公司董事长马文海先生主持；本次会议的召集、召开符合《公司 法》《重庆涪陵电力实业股份有限公司章程》《重庆涪陵电力实业股份有限公司股东会议事规则》的有 关规定。 (五)公司董事和董事会秘书的列席情况 审议结果：通过 表决情况： ■ (二)涉及重大事项，5%以下股东的表决情况 1、公司在任董事9人，列席6人，董事王永婷、熊长寿和独立董事刘斌因事不能亲自到会。 2、公司董事会秘书、部分高级管理人员和见 ...

重庆源伟律师事务所 关于重庆涪陵电力实业股份有限公司 2026 年第一次临时股东会的法律意见书 致：重庆涪陵电力实业股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共 和国证券法》、中国证券监督管理委员会发布的《上市公司股东会规则》（以下 简称"《股东会规则》"）和《上海证券交易所上市公司自律监管指引第 1 号-- 规范运作》等法律、行政法规、规范性文件以及《重庆涪陵电力实业股份有限 公司章程》（以下简称"《公司章程》"）的规定，重庆源伟律师事务所(以下简 称"本所")接受重庆涪陵电力实业股份有限公司（以下简称"公司")的委托， 指派律师程源伟、谢申丽出席公司于 2026 年 2 月 5 日 11 点 00 分在重庆市涪陵 区望州路 20 号公司会议室召开的 2026 年第一次临时股东会(以下简称"本次股 东会")，对本次股东会的召集、召开程序的合法性、召集人和出席会议人员资 格的合法有效性、会议表决程序和表决结果的合法有效性出具法律意见书。 为出具本法律意见书，本所律师对本次股东会所涉及的有关事项进行了审查， 查阅了本所律师认为出具法律意见所必须的文件、资料，并对有关事实进行 ...

本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 330 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 13,294,087 | | 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（%） | 1.4827 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 证券代码：600452 证券简称：涪陵电力 公告编号：2026-006 重庆涪陵电力实业股份有限公司 2026年第一次临时股东会决议公告 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： 本次股东会由公司董事会召集，会议由公司董事长马文海先生主持；本次会议 的召集、召开符合《公司法》《重庆涪陵电力实业股份有限公司章程》《重庆涪陵电 力实业股份有限公司股东会议事规则》的有关规定。 (五) 公司董事和董事会秘书的列席情况 (一) 股东会召开的时间：2026 年 2 月 5 日 (二) 股东会召开的地点：重庆市涪陵区望州路 ...

Core Insights - Fuling Power (600452.SH) is positioned as the only listed platform for energy-saving distribution networks under State Grid, with a solid state-owned background and experienced management team, enabling strategic transformation [4] - The company is optimizing its dual business layout, benefiting from regional load expansion and electricity reform, leading to increased volume and price in grid operations [4] - The State Grid plans to invest over 4 trillion yuan during the 14th Five-Year Plan, which will support Fuling Power's development in "main, distribution, and micro" networks, creating new growth trajectories [4] - Revenue projections for Fuling Power are 3.195 billion, 3.633 billion, and 4.031 billion yuan for 2025-2027, with corresponding net profits of 475 million, 593 million, and 712 million yuan, indicating growth rates of 2.5%, 13.7%, and 11.0% respectively [4] Company Summaries Fuling Power (600452.SH) - The company is leveraging its unique position within the State Grid to enhance its energy-saving distribution network business, which is expected to see significant growth due to favorable policies and market conditions [4] - The financial health of Fuling Power is strong, with healthy debt levels and ample cash reserves, which will support future capital expenditures and cash dividends [4] - The estimated earnings per share (EPS) for 2025-2027 are projected at 0.31, 0.39, and 0.46 yuan, with price-to-earnings (PE) ratios of 38.2, 30.6, and 25.5 times respectively, suggesting that the current valuation does not fully reflect the company's business potential [4] Hohhot Information (688615.SH) - Hohhot Information is a leader in intelligent text recognition, benefiting from AI and big data technologies to drive growth in both B2B and B2C segments [3] - The company is expected to achieve total revenues of 1.83 billion, 2.30 billion, and 2.85 billion yuan for 2025-2027, with year-on-year growth rates of 28%, 25%, and 24% respectively [3] - Projected net profits for the same period are 487 million, 610 million, and 755 million yuan, with growth rates of 21.5%, 25.4%, and 23.8% [3] Nasda (002180.SZ) - Nasda is undergoing a significant asset divestiture that is expected to temporarily disrupt its performance, with projected net losses of 600 million to 900 million yuan for 2025 [7] - The company’s asset-liability ratio is expected to improve significantly post-divestiture, enhancing its financial structure [7] - Despite the short-term challenges, the long-term outlook remains positive, with a maintained "buy" rating based on anticipated recovery and growth in subsequent years [8]

2月3日，涪陵电力（600452）公告称，公司第九届四次董事会会议审议并通过了《关于聘任公司高级管理人员的议案》。 公司原副总经理常涛先生因工作变动，已离任。按照《公司法》《重庆涪陵电力实业股份有限公司章程》《重庆涪陵电力实业股份有限公司董事会提名委 员会议事规则》的有关规定，经公司总经理提名、董事会提名委员会审议通过，同意聘任刘会灯先生担任公司副总经理，任期至第九届董事会届满为止。 | 姓名 | 离任职务 | 离任 | 原定任期 | 离任 | 是否继续在 上市公司及 | 具体职 务(如 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 时间 | 到期日 | 原因 | 其控股子公 | 适用) | 毕的公开 | | | | | | | 司任职 | | 承诺 | | 常涛 | 副总经理 | 2026年2 | 2028 年 10 | 工作 | 否 | 元 | 否 | | | | 月２日 | 月 22 日 | 变动 | | | | 经审核，刘会灯先生具备与其行使职权相适宜的任职条件，不存在《公司法》《上海证券交易所股票上市规则》 ...

国盛证券研报指出，涪陵电力背靠国网综能，"配、微、储"望协同打造新增长极。公司深耕电力行业多 年，是国网旗下唯一配网节能上市平台。业务涵盖区域电网运营与配网节能两大领域，主业增长韧性突 出，高毛利配电网业务增厚利润。区域负荷扩张叠加电改红利，电网业务量价双升；高毛利配网节能业 务，项目切换后弹性可期。"主、配、微"协同塑造新型电网，打开新成长曲线。另外，公司负债健康现 金充裕，为后续资本开支与现金分红奠定基础。当前估值未反映公司近三年业务弹性，首次覆盖，给 予"买入"评级。 ...