证券代码：600642 证券简称：申能股份 公告编号：2025-024 申能股份有限公司 2024年度权益分派实施公告 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： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放 | | --- | --- | --- | --- | --- | | | | | | 日 | | Ａ股 | 2025/7/10 | － | 2025/7/11 | 2025/7/11 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 2. 分派对象： 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。 3. 分配方案： 本次利润分配以方案实施前的公司总股本4,894,094,676股为基数，每股派发现 每股分配比例 A 股每股现金红利0.45元 相关日期 金红利0.45元（含税），共计派发现金红利2,202,342,604.20元。 三、 相关日期 本次利润分 ...

Market Overview - The Shanghai Composite Index rose by 0.39% on July 1, with 20 out of 28 sectors experiencing gains. The top-performing sectors were Comprehensive and Pharmaceutical & Biological, with increases of 2.60% and 1.80% respectively [1] - The Utilities sector saw a rise of 1.05%, with a net inflow of 860 million yuan in main funds. Out of 131 stocks in this sector, 93 rose, and 3 hit the daily limit [1] Utilities Sector Performance - In the Utilities sector, 69 stocks experienced net inflows, with 7 stocks receiving over 50 million yuan in net inflows. The top stock for net inflow was Huayin Electric, with 364 million yuan, followed by Huadian Energy and Changjiang Electric with 105 million yuan and 102 million yuan respectively [1] - The stocks with the highest net outflows included Xiexin Energy Technology, Sheneng Co., and Gansu Energy, with net outflows of 219 million yuan, 53 million yuan, and 44 million yuan respectively [2] Top Gainers in Utilities Sector - The top gainers in the Utilities sector included: - Huayin Electric: +9.98%, turnover rate 7.72%, main fund flow 364.48 million yuan - Huadian Energy: +9.83%, turnover rate 5.33%, main fund flow 104.96 million yuan - Changjiang Electric: +0.76%, turnover rate 0.25%, main fund flow 102.34 million yuan [1] Top Losers in Utilities Sector - The top losers in the Utilities sector included: - Xiexin Energy Technology: +2.37%, turnover rate 17.60%, main fund flow -219.26 million yuan - Sheneng Co.: +0.23%, turnover rate 0.56%, main fund flow -53.37 million yuan - Gansu Energy: -1.10%, turnover rate 2.56%, main fund flow -44.23 million yuan [2] Related ETF - The Green Power ETF (Product Code: 562550) tracks the China Securities Green Power Index, with a recent five-day change of +1.42% and a price-to-earnings ratio of 17.18 times. The latest share count is 12 million, a decrease of 500,000 shares, with a net inflow of 816,000 yuan [4]

Investment Rating - The industry investment rating is maintained as "Increase" [4][3] Core Views - The "136 Document" catalyzes rapid growth in new energy this year, with accelerated electricity market reforms and the southern regional market starting continuous settlement, leading to more flexible electricity pricing reflecting supply and demand changes [3][10] - The cumulative installed capacity of solar power reached 1.08 billion kilowatts by the end of May, with a year-on-year increase of 56.9%, while the share of thermal power generation capacity decreased to approximately 40% [15][67] - The southern regional electricity market officially transitioned to continuous settlement, allowing for daily trading and better reflection of supply-demand dynamics [15][10] Summary by Sections Industry Overview - As of the end of May, the total installed power generation capacity in China reached 3.61 billion kilowatts, a year-on-year increase of 18.8% [15][67] - In the first five months of the year, solar power added 197.85 GW of new capacity, a year-on-year increase of 149.97%, while wind power added 46.28 GW, a year-on-year increase of 134.21% [15][67] Market Dynamics - The average daily trading volume in the southern regional electricity market is expected to reach 3.8 billion kilowatt-hours after the transition to continuous settlement [15][10] - The coal price rebounded to 620 yuan per ton, impacting the thermal power sector [11][3] Key Stocks - Recommended stocks include Huaneng International, Jingtou Energy, Huadian International, Sheneng Co., and Baoneng New Energy, focusing on those with flexible quarterly performance [3][7] - Emphasis on undervalued green electricity operators, particularly in Hong Kong stocks and wind power operators, such as Xintian Green Energy and Zhongmin Energy [3][7] Carbon Market - The national carbon market trading price increased by 4.83% this week, with a total trading volume of 6.68 billion tons and a cumulative trading amount of 458.99 billion yuan [52][69]

Core Viewpoint - The China Securities Index for Shanghai State-Owned Enterprises (CSI Shanghai SOE Index) experienced a mixed performance, with a slight decline of 0.45% on the latest trading day, reflecting a year-to-date decrease of 4.03% [1] Group 1: Index Performance - The CSI Shanghai SOE Index closed at 1356.76 points with a trading volume of 20.855 billion yuan [1] - Over the past month, the index has increased by 2.33%, and over the last three months, it has risen by 2.59% [1] Group 2: Index Composition - The index is composed of state-controlled and significant shareholding listed companies in Shanghai, selected based on profitability, growth potential, and shareholder return levels [1] - The top ten weighted stocks in the index include China Pacific Insurance (8.36%), Guotai Junan Securities (6.13%), Shanghai Airport (5.85%), and others [1] Group 3: Sector Allocation - The sector distribution of the index shows that finance accounts for 29.04%, industry for 23.20%, and consumer discretionary for 11.58%, among others [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] Group 4: Tracking Funds - Public funds tracking the CSI Shanghai SOE Index include Huatai-PineBridge CSI Shanghai SOE ETF Link A, Huatai-PineBridge CSI Shanghai SOE ETF Link C, and Huatai-PineBridge CSI Shanghai SOE ETF [2]

Group 1 - The natural gas sector experienced a decline of 1.58%, ranking among the top losers in the concept sector, with Tongyuan Petroleum hitting a 20% limit down [1][2] - Major stocks within the natural gas sector that faced significant declines include Intercontinental Oil and Gas, Taishan Petroleum, and Zhun Oil, all hitting limit down [1][2] - Conversely, stocks such as Hongtian Co., Fulin Transportation, and Weike Precision saw gains of 10.01%, 5.18%, and 4.72% respectively [1][2] Group 2 - The natural gas sector saw a net outflow of 1.747 billion yuan, with 98 stocks experiencing net outflows, and five stocks exceeding a net outflow of 100 million yuan [2][3] - Intercontinental Oil and Gas led the outflow with a net outflow of 235 million yuan, followed by Tianhai Defense and Tongyuan Petroleum with net outflows of 166 million yuan and 164 million yuan respectively [2][3] - Stocks with the highest net inflows included Hongtian Co., China Merchants Energy, and Sheneng Co., with inflows of 74.88 million yuan, 52.92 million yuan, and 31.46 million yuan respectively [2][3]

Investment Rating - The report maintains a "Recommendation" rating for the industry [2] Core Viewpoints - The environmental and public utility sectors experienced declines, with the environmental index down 2.51% and the public utility index down 1.13%. The power sector specifically saw a 1.31% drop, while the gas sector increased by 0.69% [6][31] - As of June 20, 2025, the price of Qinhuangdao 5500 kcal thermal coal has dropped to 620 CNY/ton, marking a relative low since 2022. The performance of thermal power companies varies significantly based on their geographic location and demand for electricity [6][10] - The report highlights a shift in electricity generation, with thermal power generation increasing to 4614.6 billion kWh in May, a year-on-year increase of 1.2%, while hydropower generation decreased by 14.3% [10][21] Summary by Sections Key Event Interpretations - In May, total electricity generation reached 7377.6 billion kWh, a year-on-year increase of 0.5%, with thermal power generation showing a recovery [10][21] - The overall electricity consumption in May was 8096 billion kWh, up 4.4% year-on-year, with a notable decline in the growth rate of electricity consumption in the secondary industry [21] Market Performance Review - The environmental sector has seen a cumulative increase of 3.34% since the beginning of 2025, outperforming the Shanghai and Shenzhen 300 indices [6][31] - The report details the performance of various sub-sectors, with thermal power down 1.31% and nuclear power showing a slight increase of 0.15% [31][37] Key Data Tracking - The report tracks coal prices, noting that the price of Qinhuangdao 5500 kcal thermal coal remains low, with significant declines from previous highs [46] - It also monitors water reservoir levels, with the Three Gorges Reservoir showing a water level of 149.13 meters as of June 20, 2025, a year-on-year increase of 0.3% [48] Industry Key Events - The report discusses recent government initiatives aimed at promoting renewable energy and improving energy efficiency, including financial support for renewable energy projects [78]

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].

申能股份有限公司董事会 《上市公司股东会规则》等法律、法规、其他规范性文件及《公 司章程》的有关规定，本次股东会通过的各项决议均合法有效。 特此公告。 证券代码：600642 证券简称：申能股份 公告编号：2025-023 申能股份有限公司 第四十六次（2024年度）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：2025 年 6 月 20 日 (二)股东会召开的地点：上海市徐汇区东安路 8 号青松城大酒店 (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： 份总数的比例（%） 67.4641 (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，采取现场和网络投票相结合的方式召开，由公 司董事长华士超先生主持。现场会议采取记名投票表决的方式。本次会议的召集、 召开及表决方式均符合《公司法》及《公司章程》的有关规定。 (五)公司董事和董事会秘书的出席情 ...

证券代码：600642 证券简称：申能股份 公告编号：2025-023 申能股份有限公司 第四十六次（2024年度）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：2025 年 6 月 20 日 (二)股东会召开的地点：上海市徐汇区东安路 8 号青松城大酒店 (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 | 596 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,301,757,164 | | 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（%） | 67.4641 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，采取现场和网络投票相结合的方式召开，由公 司董事长华士超先生主持。现场会议采取记名投票表决的方式。本次会议的召集、 召 ...

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