Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [1] Core Insights - The offshore wind power projects in Zhejiang province are accelerating, with 13GW of projects' products and services being opened for bidding [1] - Six regions have released new mechanism electricity price policies, indicating a higher proportion of market-oriented transactions; no new mechanism electricity projects are planned for Inner Mongolia East and West [1] - Huadian New Energy plans to raise 18 billion RMB through an IPO, targeting investments in 11.3GW of photovoltaic and 3.9GW of wind power [1] - The national plan during the 14th Five-Year Plan period includes 253GW of photovoltaic projects for desertification control [1] - Powin, a leading U.S. energy storage integrator, has filed for Chapter 11 bankruptcy protection [1][5] Summary by Sections Offshore Wind Power - Zhejiang's deep-sea development is accelerating, with multiple offshore wind farm projects announced, including a 5000MW project and others totaling 4000MW and 2000MW [2] Photovoltaic - Six regions have issued new mechanism electricity price policies, significantly increasing the market-oriented transaction ratio and raising revenue uncertainty [3] - Huadian New Energy's IPO aims to raise 18 billion RMB for various projects, including 8.5GW of centralized photovoltaic and 3.88GW of wind power [3] National Planning - The national plan for the 14th Five-Year Plan period includes a target of 253GW of photovoltaic installations to combat desertification by 2030 [4] Energy Storage - Powin, a major player in the U.S. energy storage market, has filed for bankruptcy, affecting several Chinese companies that are among its largest unsecured creditors [5] Company Profit Forecasts - Key companies' profit forecasts indicate varying growth, with Daikin Heavy Industries projected to achieve a net profit of 4.7 billion RMB in 2024, while Dongfang Cable is expected to reach 10.1 billion RMB [7]

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].

Meeting Overview - The annual general meeting of Beijing Jingneng Power Co., Ltd. was held on June 20, 2025, in the company's conference room [1] - The meeting was attended by shareholders representing 84.2979% of the total shares [1] - The meeting was presided over by Chairman Zhang Fengyang, and all procedures complied with relevant laws and regulations [1][4] Voting Results - All resolutions presented at the meeting were approved with significant majority votes, including: - A resolution received 99.9815% approval from A-shareholders, with only 0.0169% against and 0.0016% abstaining [1] - Another resolution garnered 99.9829% approval, with 0.0156% against and 0.0015% abstaining [1] - A further resolution achieved 99.9823% approval, with 0.0156% against and 0.0021% abstaining [1] - The voting results indicate a strong consensus among shareholders on the proposed resolutions [2][3] Legal Compliance - The legal representatives confirmed that the meeting's convening, attendance, voting procedures, and results were in accordance with applicable laws and the company's articles of association [4] - The resolutions passed during the meeting are deemed legal and valid [4]

Core Viewpoint - The legal opinion issued by Grandall Law Firm confirms that the 2024 annual general meeting of Beijing Jingneng Power Co., Ltd. was convened and conducted in compliance with relevant laws and regulations, ensuring the legitimacy and validity of the meeting and its resolutions [2][5][7]. Group 1: Meeting Procedures - The company published a notice regarding the 2024 annual general meeting on May 30, 2025, detailing the meeting's convenor, time, location, and voting procedures [3][4]. - The actual time and location of the meeting matched the details provided in the notice [3]. - The meeting utilized a combination of on-site and online voting, with specific time slots for each voting method [3][4]. Group 2: Attendance and Voting - A total of 388 shareholders and their proxies attended the meeting, representing 5,643,430,471 shares, which is 84.2979% of the total voting shares [4][5]. - The attendance included 2 shareholders present at the meeting and 386 participating via online voting [4]. - The qualifications of the attending shareholders and proxies were verified in accordance with relevant regulations [4][5]. Group 3: Resolutions and Voting Results - The meeting was chaired by the company's chairman, Zhang Fengyang, and the voting procedures were conducted in accordance with legal requirements [5][7]. - The voting results were compiled from both on-site and online votes, and the resolutions were announced post-voting [5][7]. - All resolutions passed at the meeting were ordinary resolutions and were deemed validly voted upon [7]. Group 4: Conclusion - The legal opinion concludes that all aspects of the meeting, including convening procedures, attendance qualifications, convenor qualifications, voting procedures, and results, complied with applicable laws and the company's articles of association [7].

国浩律师（北京）事务所 关于 北京京能电力股份有限公司 2024 年年度股东大会的 法律意见书 北京 上海 深圳 杭州 天津 昆明 广州 成都 宁波 福州 西安 南京 南宁 香港 巴黎 地址：北京市朝阳区东三环北路38号泰康金融大厦9层 邮编：100026 电话：010-65890699 传真：010-65176800 电子信箱：bjgrandall@grandall.com.cn 网址：http://www.grandall.com.cn 1 国浩律师（北京）事务所 关于北京京能电力股份有限公司 2024 年年度股东大会的 本法律意见书仅供公司为本次股东大会之目的而使用，不得被任何人用于其 他任何目的。本所同意，公司可以将本法律意见书作为公司本次股东大会公告材 2 料，随同其他需公告的信息一起向公众披露，并依法对本所在其中发表的法律意 见承担责任。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，出具法 律意见如下： 法律意见书 国浩京证字[2025]第 0369 号 致：北京京能电力股份有限公司 国浩律师（北京）事务所（以下简称"本所"）在中华人民共和国具有执业 资格，可以从事与中国法律有关之 ...

证券代码：600578 证券简称：京能电力 公告编号：2025-027 北京京能电力股份有限公司 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 | 1、出席会议的股东和代理人人数 | 388 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 5,643,430,471 | | 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（%） | 84.2979 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会的召集程序、召开程序、出席本次股东大会人员的资格、召集 人的资格及本次股东大会的表决程序、表决结果均符合《中华人民共和国公司法》、 《上市公司股东大会规则》等现行有效的法律、法规、规范性文件以及《公司章 程》的规定，本次股东大会通过的决议合法有效。 本次股东大会由董事长张凤阳先生主持。 1 (一) 股东大会召开的时间：20 ...

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]

Core Viewpoint - The research highlights the resilience of electricity prices in northern regions of China, particularly in the context of ongoing electricity market reforms and the increasing capacity of renewable energy sources. This resilience is attributed to a unique supply-demand balance, which allows for better profitability recovery among northern thermal power companies compared to the industry average [1]. Group 1: Industry Overview - The national electricity market is experiencing downward pressure on prices due to market reforms and the expansion of renewable energy installations [1]. - Northern regions show a smaller decline in electricity prices compared to the national average, with some areas even experiencing price increases [1]. - The continuous decline in coal prices has alleviated cost pressures for the thermal power industry, enhancing profitability for northern thermal power companies [1]. Group 2: Company Analysis - Jingneng Power - Jingneng Power, the first publicly listed power company in the capital, has seen stable growth in profitability, primarily driven by its coal-fired power business [2]. - The company benefits from its coal resources located in Inner Mongolia and Shanxi, with a steady increase in installed capacity over the years [2]. - Jingneng Power's electricity supply is mainly directed to the Beijing-Tianjin-Tangshan grid, which has a high dependency on external power supply, supporting price resilience despite national price pressures [2]. Group 3: Financial Performance and Shareholder Returns - The company has a strong track record of returning value to shareholders, having distributed cash dividends 24 times since its listing, totaling over 10.2 billion yuan [3]. - From 2023 to 2025, the company plans to distribute an average of no less than 70% of its distributable profits as cash dividends, with a projected dividend yield exceeding 9% by 2025 [3]. - Profit forecasts indicate significant growth, with expected net profits of 3.73 billion, 4.23 billion, and 4.47 billion yuan for 2025-2027, representing year-on-year increases of 116%, 13%, and 6% respectively [3].

| 北京京能电力股份有限公司 | 2024 年年度股东大会会议材料 | | --- | --- | | 北京京能电力股份有限公司 | | | 二○二五年六月 | | | 北京京能电力股份有限公司 | 2024 年年度股东大会会议材料 | | 序号 | 议案名称 页码 | | 2025 | 关于 年度向全资子控股公司提供内部借款 | | （委贷） | | | 的议案 | | | 2025 | 关于 年度与北京京能融资租赁有限公司及深圳京 | | 能融资租赁有限公司开展融资租赁借款额度的议案 | | | 关于公司与京能集团财务有限公司续签金融服务框架 | | | 协议的议案 | | | 关于续聘致同会计师事务所（特殊普通合伙）为公司 | | | 北京京能电力股份有限公司 | 2024 年年度股东大会会议材料 | | 北京京能电力股份有限公司 | | | 序号 | 会议内容 报告人 | | | 董事会 | | 一 | 宣布到会股东人数及代表股份数 | | | 秘书 | | 二 | 宣布大会开幕 主持人 | | 审议如下议案： | | | | 议案宣 | | 三 | 8.《关于 2025 年度向全资控股子公司提供内部 ...

北京京能电力股份有限公司 2024 年年度股东大会会议材料 北京京能电力股份有限公司 2024年年度股东大会会议材料 二○二五年六月 0 北京京能电力股份有限公司 2024 年年度股东大会会议材料 | 序号 | 议案名称 | 页码 | | --- | --- | --- | | 1 | 2024 年年度股东大会会议议程 | 2 | | 2 | 2024 年年度股东大会通知 | 3 | | 3 | 关于公司 2024 年度董事会工作报告的议案 | 9 | | 4 | 关于公司 2024 年度监事会工作报告的议案 | 17 | | 5 | 关于公司 2024 年度独立董事述职报告的议案 | 20 | | 6 | 关于公司 2024 年度财务决算的议案 | 45 | | 7 | 关于公司 2024 年度利润分配方案的议案 | 52 | | 8 | 关于公司 2024 年年度报告及摘要的议案 | 55 | | 9 | 关于公司 2025 年度日常关联交易的议案 | 56 | | 10 | 关于2025年度向全资子控股公司提供内部借款（委贷） 的议案 | 75 | | 11 | 关于公司 2025 年度向银行申请授信额 ...