Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The report highlights a continued performance divergence within the power sector, with thermal power companies showing improved performance in regions like Beijing-Tianjin-Hebei, Guangdong, and Shanghai, while new energy companies exhibit significant individual performance differences [5][6] - Hydropower and nuclear power maintain stable performance, with hydropower's unique business model and resource scarcity being emphasized as key investment considerations [5] - The report suggests focusing on companies with resilient business models that can navigate annual cycles and have higher certainty with lower downside risks [5] Summary by Sections Performance Analysis - The report anticipates that thermal power companies will see improved performance in regions with smaller declines in electricity prices, particularly in Beijing-Tianjin-Hebei and Central China [5] - New energy performance is expected to vary significantly based on regional wind conditions, electricity price declines, and installed capacity growth [5] - Hydropower's pricing impact is expected to be controllable in the short term, with a focus on low-valuation and growth-oriented companies [5] Investment Recommendations - The report provides three stock selection strategies: prioritize resilient hydropower assets, continue to monitor low-valuation or growth-oriented wind power operators, and focus on quality thermal power assets and power equipment manufacturers [5] - Key recommended companies include: 1. Quality Hydropower: Chuan Investment Energy, Yangtze Power, Huaneng Hydropower, State Power Investment [5] 2. Hong Kong Wind Power: Longyuan Power (H), Datang New Energy, CGN New Energy, New天绿色能源 [5] 3. Quality Thermal Power: China Resources Power, Anhui Energy, Sheneng Co., Guangzhou Development [5] 4. Traditional Power Equipment Manufacturers: Dongfang Electric [5]

Group 1: Liquidity and Scale of Green Power ETF - The Green Power ETF had an intraday turnover of 3.03%, with a transaction volume of 9.51 million yuan. Over the past week, the average daily transaction volume reached 22.38 million yuan [2] - The Green Power ETF experienced a scale increase of 13.62 million yuan over the past week, ranking first among comparable funds. The number of shares increased by 8.40 million, also the highest among comparable funds [2] - In terms of net fund inflow, the Green Power ETF saw continuous inflows over three days, with a maximum single-day net inflow of 7.04 million yuan, totaling 9.82 million yuan [2] Group 2: Valuation and Index Composition - The latest price-to-earnings ratio (PE-TTM) of the index tracked by the Green Power ETF is 18.77 times, which is below the 81.36% historical level over the past three years, indicating a low valuation [2] - As of June 30, 2025, the top ten weighted stocks in the National Green Power Index include Changjiang Electric Power, Three Gorges Energy, China Nuclear Power, and others, collectively accounting for 56.91% of the index [2] Group 3: Market Dynamics and Policy Changes - The National Development and Reform Commission has released a plan for a normalized electricity trading mechanism across grid operation areas, aiming for optimized resource allocation during peak summer periods in 2025 [3] - The number of market participants in the national electricity market is projected to reach 816,000 in 2024, a year-on-year increase of 8.9%, with 35,000 power generation companies and 777,000 electricity users [3] - The release of three major factors—consumption, electricity prices, and subsidies—will likely lead to a reversal for green electricity operators, with market-driven pricing expected to guide renewable energy investments back to actual demand [3]

Group 1 - Toyota Motor Corporation and Sheneng Co., Ltd. have officially signed a strategic cooperation agreement [1] - The collaboration aims to explore the cascading utilization of Toyota's nickel-hydrogen batteries in energy storage scenarios [1] - The focus will be on developing the application value of these batteries in the field of power frequency regulation [1]

Core Viewpoint - On July 21, a total of 23 listed companies had their restricted shares unlocked, with a total market value of approximately 5.36 billion yuan [1] Summary by Category Restricted Share Unlocking - The specific details of the restricted share unlocking include: - Shandong High Energy (000803): 1.2772 million shares from equity incentive - Yueyang Xingchang (000819): 2.1525 million shares from equity incentive - Zhangyu A (000869): 2.0357 million shares from equity incentive - Sheneng Co., Ltd. (600642): 9.7161 million shares from equity incentive - Batian Co., Ltd. (002170): 1.2 million shares from equity incentive - Wanma Co., Ltd. (002276): 2.6112 million shares from equity incentive - Chuanfa Longmang (002312): 12.5 million shares from A-share issuance - Chengda Pharmaceutical (301201): 6.15594 million shares with extended lock-up period - Maoshuo Power (002660): 8.22983 million shares from A-share issuance - Laobaixing (603883): 193.6 thousand shares from equity incentive - Zhenbaodao (603567): 726.9 thousand shares from equity incentive - Lifang Pharmaceutical (003020): 234 thousand shares from equity incentive - Triangle Defense (300775): 110.4 thousand shares from equity incentive - Yidao Information (001314): 46.26 thousand shares from equity incentive - Honghe Technology (603256): 252.65 thousand shares from equity incentive - Guomao Co., Ltd. (603915): 165.8 thousand shares from equity incentive - Arrow Home (001322): 135.28 thousand shares from equity incentive - Hongying Intelligent (001266): 18 thousand shares from equity incentive - Kangpeng Technology (688602): 4.6189 million shares - Juyi Technology (688162): 108.1 thousand shares - Xidiwei (688173): 15.4 million shares - Aike Optoelectronics (688610): 68 thousand shares - Hangcai Co., Ltd. (688563): 180 thousand shares [1]

Core Viewpoint - The company announced the repurchase and cancellation of 15,300 restricted shares, which represents 0.00031% of the total share capital before the repurchase, due to the departure of an incentive object. The repurchase price has been adjusted to 1.68 yuan per share, and the total funds used for the repurchase will be approximately 25,704.00 yuan, sourced from the company's own funds [1][4]. Group 1: Repurchase Details - The repurchase involves 15,300 restricted shares that have been granted but not yet released from restrictions, affecting one incentive object [1]. - After the repurchase, the total share capital will decrease from 4,894,094,676 shares to 4,894,079,376 shares [2]. - The adjusted repurchase price is set at 1.68 yuan per share, down from the initial price of 2.89 yuan per share, due to a total dividend payout of 1.21 yuan per share [1][4]. Group 2: Financial Impact - The repurchase will not significantly impact the company's financial status or operational results, nor will it affect the management team's responsibilities [4]. - The repurchase process has been deemed legal and compliant with relevant regulations by the company's remuneration and assessment committee [4]. Group 3: Share Capital Structure - Post-repurchase, the structure of the company's share capital will be as follows: 15,038,870 shares with restricted conditions (0.31%) and 4,879,040,506 shares without restrictions (99.69%) [3]. - The total number of shares will remain at 100% with no change in the distribution of control among major shareholders [3].

Group 1 - The board of directors of Sheneng Co., Ltd. held its 14th meeting of the 11th session on July 2025, with all 11 directors participating in the vote [1] - The meeting unanimously approved the appointment of Chen Tao as a member of the board's strategic committee, with the new committee members being Hua Shichao (Chairman), Liu Wei, Chen Tao, Shao Jun, and Qin Haiyan [1] - Liu Wei was also unanimously approved as a member of the board's audit committee, with the committee now consisting of Huang Jun (Chairman), Liu Wei, and Yu Weifeng [1] - Chen Yunbo was appointed to the board's remuneration and assessment committee, replacing Liu Xianjun, with the committee now including Wu Baijun (Chairman), Chen Yunbo, and Yu Weifeng [1] - Chen Haoying was appointed as the company's vice president, with his qualifications previously approved by the independent directors [1][2] Group 2 - The board approved a proposal to repurchase and cancel part of the restricted stock and adjust the repurchase price of the restricted stock, which had been reviewed by the remuneration and assessment committee [2]

证券代码：600642 证券简称：申能股份 公告编号：2025-029 一、通知债权人的原因 申能股份有限公司 关于回购注销部分限制性股票减资暨通知债权人的公告 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。 申能股份有限公司（以下简称"公司"）于2025年7月18日召开第十一届董事会第 十四次会议，审议通过了《关于回购注销部分限制性股票及调整限制性股票回购价格的 议案》，鉴于《申能股份有限公司A股限制性股票激励计划（草案）》（以下简称"激 励计划"）首次授予的1名激励对象在激励计划有效期内离职，根据激励计划的相关规定， 公司拟以1.68元/股的价格回购注销其已获授但尚未解除限售的限制性股票共计15,300股， 具体内容详见公司于2025年7月19日在上海证券交易所网站（www.sse.com.cn）披露的 相关公告文件。 本次回购注销完成后，公司总股本将由4,894,094,676股减少至4,894,079,376股，公 司注册资本将由4,894,094,676元减少至4,894,079,376元。 二、需债权人知晓的相关信 ...

证券代码：600642 证券简称：申能股份 公告编号：2025-028 申能股份有限公司 关于回购注销部分限制性股票及调整限制性股票回购价格 的公告 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： 申能股份有限公司（以下简称"公司"） 于 2025年7月18日召开第十一届董事会第 十四次会议，审议通过了《关于回购注销部分限制性股票及调整限制性股票回购价格的 议案》。根据公司第四十一次（2020年度）股东大会和第四十二次（2021年度）股东大 会的授权，公司拟将1名激励对象已获授但尚未解除限售的限制性股票合计15,300股进 行回购注销（以下简称"本次回购注销"）。现将相关事项公告如下： 一、本次限制性股票回购注销的决策程序和相关信息披露情况 1、2021年5月28日，公司召开第四十一次（2020年度）股东大会，审议通过《关于 <申能股份有限公司A股限制性股票激励计划（草案）>及其摘要的议案》、《关于制定 公司A股限制性股票激励计划<实施考核办法>与<实施管理办法>的议案》及《关于股东 大会授权董事会办理A股限制 ...

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一、以全票同意，一致通过增补陈涛为董事会战略委员会委员， 任期同本届董事会；调整后董事会战略委员会组成人员为：华士超（主 任委员）、刘炜、陈涛、邵君、秦海岩。 证券代码：600642 股票简称：申能股份 公告编号：2025-027 申能股份有限公司 第十一届董事会第十四次会议决议公告 申能股份有限公司第十一届董事会第十四次会议于 2025 年 7 月 18 日以通讯方式召开。公司于 2025 年 7 月 11 日以法律规定方式通 知全体董事。会议应参加表决董事 11 名，实际参加表决董事 11 名。 会议符合《公司法》和《公司章程》有关规定，审议并通过了以下事 项： 三、以全票同意，一致通过刘先军不再担任公司董事会薪酬与考 核委员会委员职务，增补陈云波为董事会薪酬与考核委员会委员，任 期同本届董事会；调整后董事会薪酬与考核委员会组成人员为：吴柏 钧（主任委员）、陈云波、俞卫锋。 四、以全票同意，一致通过聘任陈皓莹为公司副总裁，任期同本 届董事会。陈皓莹的任职资格已事先经公司独立董事专门会议审议通 申能股份有限公司董事会 二、以全票同意，一致通过增补刘炜为董事会审计委员会委员， 任期同本届董事会；调整后董事会审 ...