Core Viewpoint - Leshan Electric's stock price has surged significantly, while a major shareholder has executed substantial share reductions at the peak of this price increase [1][2] Group 1: Stock Performance - Leshan Electric's stock price rose from 6.12 yuan per share at the beginning of 2025 to a closing price of 16.78 yuan per share on May 27, 2025, representing a maximum cumulative increase of 194% [1] - On May 28, 2025, the stock price continued to rise, reaching a historical high of 18 yuan per share during intraday trading [1] Group 2: Shareholder Activity - Tianjin Bohai Information Industry Structural Adjustment Equity Investment Fund Co., Ltd. (Bohai Information), the fourth-largest shareholder, reduced its holdings by a total of 6.9 million shares between May 6 and May 27, 2025, which is 0.69% and 0.50% of the total share capital, respectively [1] Group 3: Financial Performance - In 2024, Leshan Electric reported a revenue of 3.196 billion yuan, a year-on-year increase of 7.03%, with electricity being the largest revenue source at 2.251 billion yuan [4] - Despite revenue growth, the company's net profit attributable to shareholders has been under pressure, declining from 70.58 million yuan in 2022 to 22.57 million yuan in 2024 [4] - In the first quarter of 2024, the company reported a revenue of 841 million yuan, a year-on-year increase of 1.58%, but incurred a net loss of 1.2038 million yuan [4]

Group 1 - The core viewpoint of the news is that Guangdong is leading the charge in the nationwide electricity reform, initiating a significant transformation in its electricity market, which is expected to create new investment opportunities [1][4]. - The electricity reform in Guangdong is characterized by marketization, digitalization, and greening, aiming to reshape the province's electricity market, valued in the hundreds of billions [1][4]. - The Guangdong Provincial Energy Bureau, in collaboration with the National Energy Administration Southern Supervision Bureau, has officially released the "2025 Electricity Market Trading Plan," which will take effect on January 1, 2025, marking the transition to practical implementation of the electricity reform [4]. Group 2 - Shenzhen Energy, as a leading local energy company, is positioned to play a significant role in the electricity reform due to its early listing in the national power industry [3]. - Guangzhou Development, a state-owned enterprise in Guangzhou, is expected to leverage its experience in comprehensive energy and smart energy services to contribute significantly to the reform [4]. - A notable company in the context of the reform is highlighted as potentially becoming the next "Leshan Electric Power," with its stock price currently in single digits, indicating substantial growth potential amid reform expectations [5].

Group 1 - The Ministry of Industry and Information Technology, the Ministry of Science and Technology, and the Ministry of Finance issued a plan to enhance the digital transformation of the electronic information manufacturing industry, focusing on the construction of new information infrastructure and the large-scale application of advanced computing, 5G-A, and artificial intelligence [1] - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee held a meeting to discuss key tasks such as accelerating the establishment of a unified national market, addressing "involution" competition, and strengthening competition regulatory enforcement [1] - Several companies in the automotive industry received notifications to participate in a seminar aimed at promoting high-quality development of the used car market, focusing on "zero-kilometer" used cars and further stimulating used car circulation consumption [1] Group 2 - Xiaomi Group reported a 47.4% year-on-year increase in revenue for Q1 2025, with adjusted net profit rising by 64.5%; the company delivered 75,869 units of the SU7 series electric vehicles, generating 18.1 billion yuan in revenue from smart electric vehicles [1]

证券代码：600644 证券简称：乐山电力 公告编号：2025-033 乐山电力股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 股东天津渤海信息产业结构调整股权投资基金有限公司保证向本公司提供的信 息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： （二） 权益变动触及 1%刻度的基本情况 | 投资者名称 | 变动前 | 变动前 | 变动后 | 变动后 | 权益变动方式 | 权益变动的 | | --- | --- | --- | --- | --- | --- | --- | | | 持股数 | 持股比例 | 持股数 | 持股比例 | | 时间区间 | | | （股 ） | （%） | （股） | （%） | | | | 权益变动方向 | 比例增加□ | | 比例减少☑ | | --- | --- | --- | --- | | 权益变动前合计比例 | 13.74% | | | | 权益变动后合计比例 | 12.55% | | | | 本次变动是否违反已作出的承诺、意向、 | 是□ | 否☑ | ...

乐山电力（600644）公告，公司持股5%以上股东天津渤海信息产业结构调整股权投资基金有限公司在 2025年5月6日至5月27日期间，通过大宗交易方式减持公司股份。减持股份合计690万股，占公司总股本 比例由13.74%下降至12.55%，触及1%刻度线 ...

Market Overview - The A-share market experienced fluctuations with a focus on dividend stocks, particularly in the consumption, electricity, and banking sectors, which showed strength [1][4] - The Shanghai Composite Index fell by 0.18%, the Shenzhen Component Index dropped by 0.61%, and the ChiNext Index decreased by 0.68% [2] Sector Performance - The beverage manufacturing, chemical fiber, IP economy, and traditional Chinese medicine sectors performed well in the morning, while pesticide and solid-state battery stocks saw declines in the afternoon [4] - The consumption sector showed strong performance, with traditional consumption stocks like dairy, liquor, and pharmaceuticals, alongside new consumption concepts like cultivated diamonds and IP economy, all rising [4] - The grass herbicide sector saw a surge, with the Tonghuashun grass herbicide index rising over 6%, and several stocks hitting the daily limit [6][12] Grass Herbicide Sector - The latest price for glyphosate is reported at 23,297 yuan/ton, an increase of 100 yuan/ton from the previous week, indicating a slight upward trend from a historically low price range [12] - The demand for glyphosate is strong, with good inquiries from downstream and robust formulation orders, contributing to a bullish market atmosphere [12] Electricity Sector - The electricity sector saw a strong afternoon performance, with Leshan Electric hitting the daily limit and showing a year-to-date increase of over 170% [14][16] - The electricity index has risen approximately 12% since April 8, 2023, supported by seasonal demand due to the summer peak and declining coal prices, which positively impact profit margins for thermal power companies [18] - Analysts expect significant growth in the performance of thermal and hydropower companies in the second quarter and throughout the year, reversing earlier pessimistic expectations [18]

Group 1 - The electronic sector experienced a significant net outflow of over 4.7 billion yuan, indicating a bearish trend in this industry [1][2] - The food and beverage sector saw a net inflow of 9.31 billion yuan, marking a 3.13% increase, which suggests strong investor interest [2] - Other sectors with positive net inflows include pharmaceuticals (6.64 billion yuan, 0.97%), beauty care (4.92 billion yuan, 6.46%), and chemical pharmaceuticals (2.27 billion yuan, 0.80%) [2] Group 2 - The top stock with net inflow was China Great Wall, attracting 5.66 billion yuan with a net inflow rate of 17.11% [3] - Other notable stocks with significant net inflows include Qingdao Kingking (5.03 billion yuan, 26.31%) and Fenghuo Electronics (3.81 billion yuan, 29.85%) [3] - Conversely, BYD faced the largest net outflow of 9.52 billion yuan, reflecting a negative sentiment towards the stock [4] Group 3 - The mechanical equipment sector recorded a net outflow of 4.3 billion yuan, while the transportation equipment sector saw a net outflow of 2.7 billion yuan [2] - The computer sector also faced a net outflow of 2.5 billion yuan, indicating challenges within these industries [2] - The communication sector experienced a net outflow of 2.4 billion yuan, further highlighting the trend of capital leaving these sectors [2]

Summary of Leshan Electric Power Conference Call Company Overview - **Company**: Leshan Electric Power - **Industry**: Electric Power and Utilities Key Financial Performance - **2024 Revenue**: 3.196 billion CNY - **2025 Q1 Profit**: Total profit of -1.8709 million CNY, net profit of -1.2038 million CNY, and net profit after non-recurring items of -2.7128 million CNY [2][10] - **2024 Power Generation**: 531 million kWh, up 1.74% YoY; Sales volume of 4.692 billion kWh, up 3.52% YoY [3] - **Gas Sales**: 1.72 million cubic meters, down 2.34% YoY; Water intake of 65.94 million cubic meters, up 7.66% YoY [2][11] Business Segments and Developments - **Water and Gas Business**: Water business growth offset some declines in gas sales, indicating a need for further optimization of the business structure [2] - **Infrastructure Development**: New construction and renovation of 5 substations and 104 km of transmission lines, along with upgrades to old gas pipelines and user connections [2][12] - **Energy Storage Projects**: The company’s 100 MW/200 MWh energy storage project was selected as a pilot project in Sichuan, with user-side storage capacity accounting for 30.56% of the province [2][13] Strategic Initiatives - **High-Quality Development Measures**: The company has outlined a strategic plan focusing on foundational stability, transformation, and efficiency improvements [4][5] - **Technological Innovation**: Investment in technology and innovation, including obtaining national high-tech enterprise certification and securing multiple patents [6][8] - **Safety Management**: Implementation of comprehensive safety management systems to enhance operational safety and management levels [7] Future Outlook - **Continued Focus on High-Quality Development**: Plans to maintain a focus on modernizing operations, enhancing core competitiveness, and leveraging technology for growth [9][15] - **Expansion of New Energy and Platforms**: Ongoing efforts to develop new energy projects, including virtual power plants and user-side storage solutions [8][9][13] Internal Control and Governance - **Internal Control Evaluation**: No significant deficiencies in financial reporting controls were reported, indicating effective internal control operations [14][16] Additional Insights - **Green Energy Transactions**: The company signed contracts with 938 customers for a total of 7.8 billion kWh, participating in green energy trading [2][13] - **Charging Infrastructure**: Expansion of charging stations and infrastructure, contributing to service revenue growth [13]

证券代码：600644 证券简称：乐山电力 公告编号：2025-032 乐山电力股份有限公司 关于持股 5%以上股东质押股份解除质押的公告 | 剩余被质押股份数量占公司总股本比例（%） | 0.00% | | --- | --- | | 是否为限售股 | 否 | | 是否为补充质押 | 否 | | 质押起始日 | 2024 年 6 月 26 日 | | 质押到期日 | 2025 年 5 月 23 日 | | 质权人 | 华福证券有限责任公司 | | 质押用途 | 补充流动性资金 | 二、解除质押情况说明 中环信息产业集团解除质押的股份不会对上市公司控制权构成影 响。 备查文件 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： ●乐山电力股份有限公司（简称"公司"）股东天津中环信息产业 集团有限公司（简称"中环信息产业集团"）持有公司无限售条件流通 股 79,470,198 股，持股比例为 13.74%。 2024 年 6 月 26 日，中环信息产业集团将其持有的公司 39,735,000 股股份质押给华福证券有限 ...

乐山电力（600644）公告，股东天津中环信息产业集团有限公司于2025年5月23日解除质押公司股份 3973.5万股，占其所持股份的49.99%，占公司总股本的6.87%。此次解除质押后，中环信息产业集团所 持公司股份无剩余质押股份。此次解除质押不会对公司控制权产生影响。 ...