Core Viewpoint - The supercritical power generation concept has seen a 2.20% increase, ranking 7th among concept sectors, with significant gains from several stocks within the sector [1][2]. Group 1: Stock Performance - 72 stocks within the supercritical power generation sector experienced gains, with Huayin Power, YN Energy, and Huadian Liaoning reaching the daily limit up [1]. - Notable stock performances include: - Guangdong Power A: +8.05% - Gan Energy: +7.45% - Jiantou Energy: +6.59% [1][5]. - The stocks with the largest declines include: - Shengde Xintai: -3.28% - ST Huaxi: -1.82% - Jiuli Special Materials: -1.59% [1][7]. Group 2: Capital Flow - The supercritical power generation sector attracted a net inflow of 544 million yuan, with 41 stocks receiving net inflows [2][3]. - The top stocks by net inflow include: - Rongfa Nuclear Power: 433.42 million yuan - Huadian International: 84.74 million yuan - Jingneng Power: 82.74 million yuan [2][3]. - The net inflow ratios for leading stocks are: - Inner Mongolia Huadian: 18.31% - Jingneng Power: 17.48% - Huadian Energy: 15.44% [3].

Investment Rating - The industry investment rating is maintained at "Overweight" [1][8] Core Views - The report highlights that high temperatures have led to record electricity loads, improving the power supply-demand balance [6] - The report recommends focusing on three main lines: hydropower stocks benefiting from the unified electricity market, thermal power stocks with improving performance due to cost reductions, and green energy projects transitioning smoothly [7][38] - Key companies recommended include Huaneng Hydropower, Huaneng International, Jingneng Power, and Funiu Co., Ltd. [8] Summary by Sections Industry Performance - The public utility sector (Shenwan) rose by 2.26% this week, outperforming the market by 0.72 percentage points [3] - Sub-sectors such as heating services, thermal power, and comprehensive electricity services saw significant increases [3] Key Data Tracking - Domestic natural gas prices slightly decreased, with the LNG ex-factory price at 4412 RMB/ton, a decrease of 0.09% [5] - The average inflow of the Three Gorges Reservoir increased by 18.81% week-on-week [5] Industry Dynamics - National electricity load reached a historical high of 1.465 billion kilowatts, with significant increases in several provinces due to high temperatures [6] Investment Recommendations - The report emphasizes the acceleration of the national unified electricity market construction and the potential for asset value reassessment in the electricity sector [7][38] - It suggests that strong operational capabilities and quality resource locations are key for investment [8]

Core Viewpoint - Beijing Jingneng Power Co., Ltd. has announced a cash dividend distribution of 0.12 yuan per share, which will be paid to shareholders registered by the end of trading on July 8, 2025, with the last trading day being July 9, 2025 [1][2]. Summary by Sections Dividend Distribution Plan - The profit distribution plan was approved at the annual shareholders' meeting held on June 20, 2025 [1]. - The total share capital before the distribution is 6,694,621,015 shares, leading to a total cash dividend payout of 0.12 yuan per share (including tax) [1]. Relevant Dates - The key dates for the dividend distribution are as follows: - Share registration date: July 8, 2025 - Last trading day: July 9, 2025 - Dividend payment date: July 9, 2025 [1]. Implementation Method - Cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited Shanghai Branch to shareholders registered by the end of trading on the share registration date [1]. - Shareholders who have completed designated transactions can receive their cash dividends on the payment date, while those who have not will have their dividends held until they complete the necessary transactions [1]. Taxation Information - For individual shareholders holding shares for more than one year, the cash dividend of 0.12 yuan per share is exempt from personal income tax [2]. - For shares held between one month and one year, a 10% tax applies, while shares held for one month or less are fully taxable at 20% [2]. - For Qualified Foreign Institutional Investors (QFII), a 10% tax will be withheld, resulting in a net dividend of 0.108 yuan per share [3].

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。 证券代码：600578 证券简称：京能电力 公告编号：2025-29 北京京能电力股份有限公司 2024年年度权益分派实施公告 差异化分红送转： 否 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 6 月 20日的2024年年度股东大会 审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 重要内容提示： 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。 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息） | 现金红利发 | | --- | --- | --- | --- | --- | | | | | 日 | 放日 | | Ａ股 | 2025/7/8 | － | 2025/7/9 | 2025/7/9 | 3. 分配方案： 本次利润分配以方案实施前的公司总股本6,694,621,015股为基 数 ， 每 股 派 发 现 金 ...

Group 1 - The core viewpoint of the news indicates that the growth style is currently favored, with strong performance in sectors such as communication, computer, and electronics, while the dividend style remains a high-certainty direction [1][2] - The CSI 500 Quality Growth Index is at a historical low valuation, with a latest price-to-book (PB) ratio of 1.86, which is lower than 91.23% of the time over the past three years, highlighting its attractive valuation [2] - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 20.42% of the index, with notable companies including Dongwu Securities, Kaiying Network, and Huagong Technology [2] Group 2 - The 500 Quality Growth ETF has shown a recent upward trend, with a 0.31% increase, marking three consecutive days of gains [1] - According to Dongwu Securities, the communication sector has a relatively high risk but is currently the strongest trend, while the computer sector has lower risk and greater potential for catch-up [1] - The banking sector is expected to rebound after June, influenced by the timing of mid-year reports [1]

Core Viewpoint - The A-share power sector experienced a volatile rebound, with Huayin Power hitting the daily limit, and other companies such as Huadian Liaoning Energy, Jingneng Power, ST Hezhong, Huadian Energy, Hongxiang Co., and Datang Power also seeing gains [1] Group 1 - Huayin Power reached the daily limit increase [1] - Other companies in the power sector, including Huadian Liaoning Energy and Jingneng Power, followed suit with price increases [1] - The overall performance indicates a positive trend in the A-share power sector [1]

证券代码:600578 证券简称:京能电力 公告编号:2025-28 北京京能电力股份有限公司 第八届董事会第九次会议决议公告 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个别及连带责任。 2025 年 6 月 23 日，北京京能电力股份有限公司以专人递送或电 子邮件的方式向公司全体董事和全体监事送达了第八届董事会第九 次会议通知。 2025 年 6 月 30 日，北京京能电力股份有限公司以通讯表决方式 召开第八届董事会第九次会议，会议应参加表决的董事 8 人，实际参 加表决的董事 8 人，关联董事已回避表决。会议召开符合法律法规、 规范性文件及公司章程的规定，合法有效。 会议以通讯表决方式形成以下决议： 1 一、经审议，通过《关于京能电力本部经理层成员 2025 年度个 人业绩考核责任书的议案》 董事会同意公司本部经理层成员 2025 年度个人业绩考核责任书。 董事会薪酬与考核委员会发表了同意的意见。 关联董事、总经理李染生回避表决。 同意 8 票，反对 0 票，弃权 0 票。 特此公告。 北京京能电力股份有限公司董事会 二〇二五年 ...

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]