证券研究报告 | 公司动态点评 2025 年 09 月 02 日 川投能源（600674.SH） 投资收益稳健支撑，水电主业弹性凸显 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,482 | 1,609 | 1,864 | 1,997 | 2,109 | | 增长率 yoy（%） | 4.4 | 8.5 | 15.8 | 7.1 | 5.6 | | 归母净利润（百万元） | 4,400 | 4,508 | 5,165 | 5,349 | 5,532 | | 增长率 yoy（%） | 25.2 | 2.4 | 14.6 | 3.6 | 3.4 | | ROE（%） | 11.7 | 10.6 | 11.2 | 10.8 | 10.4 | | EPS 最新摊薄（元） | 0.90 | 0.92 | 1.06 | 1.10 | 1.13 | | P/E（倍） | 16.2 | 15.8 | 13.8 | 13.4 | 12.9 | | P/B（倍） | 1. ...

Group 1 - The China Securities Index for Public Utilities (000995) increased by 0.89% as of September 2, 2025, with notable gains from Shanghai Electric (600021) up 9.98%, Jilin Electric Power (000875) up 5.98%, and Huaneng Hydropower (600025) up 2.32% [1] - In July, the total electricity consumption in China reached 10,226 billion kilowatt-hours, marking an 8.6% year-on-year increase, with monthly consumption surpassing 1 trillion kilowatt-hours for the first time, indicating strong demand [1] - Dongguan Securities highlighted that the first and third industries, along with urban and rural residential electricity consumption, experienced rapid growth, while the average price of thermal coal decreased year-on-year, benefiting the profitability of thermal power companies [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the China Securities Index for Public Utilities (000995) include Yangtze Power (600900), China Nuclear Power (601985), and Three Gorges Energy (600905), collectively accounting for 56.01% of the index [2]

责任编辑：小浪快报 9月2日，川投能源盘中上涨2.12%，截至13:29，报14.96元/股，成交4.42亿元，换手率0.61%，总市值 729.24亿元。 资金流向方面，主力资金净流出1139.28万元，特大单买入4183.46万元，占比9.46%，卖出3862.26万 元，占比8.74%；大单买入9727.80万元，占比22.00%，卖出1.12亿元，占比25.30%。 川投能源今年以来股价跌11.22%，近5个交易日跌3.73%，近20日跌3.98%，近60日跌6.32%。 资料显示，四川川投能源股份有限公司位于四川省成都市武侯区临江西路1号，成立日期1988年4月18 日，上市日期1993年9月24日，公司主营业务涉及以投资开发、经营管理清洁能源为主业,研发、生产、 销售轨道交通电气自动化系统,生产经营光纤光缆等高新技术产品。主营业务收入构成为：电力业务 89.47%，非电力业务10.53%。 川投能源所属申万行业为：公用事业-电力-水力发电。所属概念板块包括：水电概念、绿色电力、证金 汇金、新能源、分拆概念等。 截至6月30日，川投能源股东户数5.99万，较上期减少10.17%；人均流通股81387 ...

Investment Rating - The report maintains a strong rating for the power sector and recommends specific companies within the sector [4][7][11]. Core Insights - The first central document in the carbon market sector has been issued, marking a new journey in carbon market construction, with significant implications for green investment and industry growth [3][17][18]. - The report emphasizes the importance of promoting high-quality urban development, particularly in the water and solid waste management sectors, which are expected to benefit from new policies [4][21]. Summary by Sections Market Review - From August 25 to August 29, the electricity sector fell by 0.40%, the environmental sector by 1.47%, the gas sector by 1.65%, and the water sector by 2.15%, while the CSI 300 index rose by 2.71% [11][12]. Carbon Market Development - The central government's recent document outlines plans to accelerate the construction of a national carbon market, aiming for comprehensive coverage of major industrial sectors by 2027 and a robust voluntary reduction market [3][17][18]. - As of July 2025, the national carbon emissions trading market has seen a cumulative transaction volume of 681 million tons and a transaction value of 46.784 billion yuan, indicating a growing influence of carbon pricing [3][18]. Urban Development Initiatives - The recent policy encourages green low-carbon transformation in urban development, promoting energy efficiency and waste management [4][21]. - The report identifies opportunities in waste-to-energy applications, industrial wastewater treatment, and the recycling of construction waste, which are expected to enhance profitability for related companies [4][21]. Investment Recommendations - The report recommends specific companies within various sectors: - For the power sector, it suggests Jiangsu Guoxin and cautiously recommends Sheneng Co. and Zhejiang Energy [4]. - In the nuclear power sector, it cautiously recommends China National Nuclear Power and China General Nuclear Power [4]. - For green energy, it suggests focusing on Three Gorges Energy and Jiangsu New Energy [4]. - In the water sector, it recommends Changjiang Electric Power and cautiously suggests Huaneng Hydropower [4]. - In the environmental sector, it recommends Yongxing Co. and Xuedilong, while suggesting attention to Huaguang Huaneng and China Tianying [4].

华泰联合证券有限责任公司（以下简称"华泰联合"或"本财务顾问"） 接受四川能源发展集团有限责任公司（以下简称"四川能源发展集团"或"收 购人"）委托，担任四川能源发展集团收购四川川投能源股份有限公司（以下 简称"川投能源"或"上市公司"）之财务顾问，根据《上市公司收购管理办 法》《上市公司并购重组财务顾问业务管理办法》等有关规定，持续督导期自 川投能源公告收购报告书之日起至收购完成后的12个月止（即从2025年3月6日 至收购完成后的12个月止）。 购的财务顾问，出具了从2025年4月1日至2025年6月30日期间（以下简称"本持 续督导期"）的持续督导意见（以下简称"本意见"）。本意见所依据的文 件、书面资料等由收购人、四川川投峨眉铁合金（集团）有限责任公司（以下 简称"川投峨铁"）（以下合并简称"收购人及其一致行动人"）与川投能源 提供，收购人及其一致行动人与川投能源保证对其真实性、准确性和完整性承 担全部及连带责任。本财务顾问对所发表意见的真实性、准确性和完整性负 责。 一、交易资产的交付或者过户情况 （一）关于本次收购情况概述 华泰联合证券有限责任公司 关于四川能源发展集团有限责任公司 免于发出要约收 ...

华泰联合证券有限责任公司 关于四川能源发展集团有限责任公司 免于发出要约收购 四川川投能源股份有限公司 之 持续督导意见 财务顾问 （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇 B7栋401） 二〇二五年八月 华泰联合证券有限责任公司（以下简称"华泰联合"或"本财务顾问"） 接受四川能源发展集团有限责任公司（以下简称"四川能源发展集团"或"收 购人"）委托，担任四川能源发展集团收购四川川投能源股份有限公司（以下 简称"川投能源"或"上市公司"）之财务顾问，根据《上市公司收购管理办 法》《上市公司并购重组财务顾问业务管理办法》等有关规定，持续督导期自 川投能源公告收购报告书之日起至收购完成后的12个月止（即从2025年3月6日 至收购完成后的12个月止）。 2025年8月15日，川投能源披露了2025年半年度报告。华泰联合作为本次收 购的财务顾问，出具了从2025年4月1日至2025年6月30日期间（以下简称"本持 续督导期"）的持续督导意见（以下简称"本意见"）。本意见所依据的文 件、书面资料等由收购人、四川川投峨眉铁合金（集团）有限责任公司（以下 简称"川投峨铁"）（以下合并简称"收购人及 ...

股票代码：600674 股票简称：川投能源 公告编号：2025-050 号 四川川投能源股份有限公司 关于公司控股股东权益变动的进展公告 2025 年 3 月 1 日，公司发布了《四川川投能源股份有限公司 关于收购报告书摘要及股东权益变动的提示性公告》（公告编号 2025-009 号），公告了关于本次合并涉及的权益变动情况并披露 了《四川川投能源股份有限公司收购报告书摘要》《四川川投能源 股份有限公司简式权益变动报告书》等相关要件。 2025 年 3 月 6 日，公司披露了《四川川投能源股份有限公司 收购报告书》等相关要件。 本次合并完成后，公司控股股东由川投集团变更为四川能源发 展集团，实际控制人仍为四川省国资委。 二、本次控股股东权益变动进展情况 截至本公告披露日，本次控股股东权益变动涉及的川投集团直 接持有的公司股份尚未完成中国证券登记结算有限责任公司的登记 过户程序，相关工商变更登记手续尚未完成。 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。 重要内容提示： 本次控股股东权益变动系四川能源发展集团有限责任公司 ...

金融界8月26日消息，A股三大指数收盘涨跌不一，沪深300电力指数 (300电力，L11655)报2638.31点。 数据统计显示，沪深300电力指数近一个月下跌0.46%，近三个月下跌4.42%，年至今下跌4.39%。 据了解，为反映沪深300指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将沪深300 指数300只样本按行业分类标准分为11个一级行业、35个二级行业、90余个三级行业及200余个四级行 业。沪深300行业指数系列分别以进入各一级、二级、三级、四级行业的全部证券作为样本编制指数， 形成沪深300行业指数。该指数以2004年12月31日为基日，以1000.0点为基点。 从指数持仓来看，沪深300电力指数十大权重分别为：长江电力（48.33%）、中国核电（10.63%）、三 峡能源（8.61%）、国电电力（5.99%）、国投电力（4.98%）、华能国际（4.57%）、川投能源 （4.24%）、中国广核（4.19%）、浙能电力（2.94%）、华电国际（2.81%）。 从沪深300电力指数持仓的市场板块来看，上海证券交易所占比95.46%、深圳证券交易所占比4.54%。 从沪深300电力 ...

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, recommending specific companies for investment based on their performance and market conditions [4][16]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [4][7]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, with significant contributions from the secondary and tertiary industries as well [8][9]. - The report highlights the impact of high temperatures on electricity demand, noting that July was the hottest month since 1961, which significantly boosted residential electricity usage [8][9]. - Natural gas prices in Europe have rebounded due to geopolitical tensions, while prices in Asia and the US have decreased, indicating a mixed market environment [16][20]. - The report emphasizes the potential for improved profitability in the biomass energy sector following the introduction of new methodologies for carbon emissions reduction [4][16]. Summary by Sections Electricity - July's total electricity consumption reached 10,226 billion kWh, marking a historic milestone with an 8.6% year-on-year growth [4][7]. - The first, second, and third industries, along with urban and rural residents, contributed to the overall electricity consumption growth, with the second industry showing a recovery in electricity usage [8][9]. - Recommendations include investing in hydropower, green energy, nuclear power, and thermal power companies such as Guodian Power and Huaneng International [14][15]. Natural Gas - The report notes a stable supply-demand balance in the natural gas market, with US prices dropping to $2.76/mmBtu, while European prices have seen fluctuations due to geopolitical risks [16][20]. - Recommendations for investment include companies in the city gas sector and integrated natural gas traders, highlighting firms like Kunlun Energy and New Hope Energy [41][42]. Environmental Sector - The introduction of new methodologies for biomass energy projects is expected to enhance profitability, with a focus on companies like Evergreen Group and China Everbright [4][16]. Market Performance - The report reviews market performance from August 18 to August 22, indicating that the gas, public utility, electricity, and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 index [43][44].

Investment Rating - The report maintains a positive outlook on the electricity and gas sectors, indicating a favorable investment environment [5]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [10][11]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, while the secondary and tertiary industries contributed 33% and 25%, respectively [11]. - The report highlights the impact of high temperatures in July, which were 1.3°C above the historical average, leading to increased electricity demand from residential sectors [11]. - In the gas sector, European gas prices have rebounded due to geopolitical tensions, while Asian and US gas prices have declined [19][30]. - The report suggests that the gas supply-demand balance remains loose, with US gas production at historical highs, contributing to lower prices [22][23]. Summary by Sections 1. Electricity: July National Electricity Consumption Exceeds 1 Trillion kWh - The national electricity consumption reached 10,226 billion kWh in July, marking a historic milestone [10]. - The first industry saw a 20.2% increase in electricity consumption, while the second and third industries grew by 4.7% and 10.7%, respectively [12]. - Cumulative electricity consumption from January to July was 58,633 billion kWh, a 4.5% year-on-year increase [14]. 2. Gas: Gas Supply-Demand Remains Loose, Geopolitical Tensions Affect European Gas Prices - As of August 22, the Henry Hub spot price in the US was $2.76/mmBtu, a weekly decrease of 7.19% [19]. - The TTF spot price in Europe rose to €33.10/MWh, reflecting an 8.17% increase due to geopolitical tensions [20]. - The report notes that European gas inventories are significantly lower than last year and the five-year average, raising concerns about supply stability [30]. 3. Weekly Market Review - The report indicates that the gas, public utilities, electricity, and environmental sectors underperformed relative to the CSI 300 index during the period from August 18 to August 22 [47]. 4. Company and Industry Dynamics - The report mentions the release of a notice regarding the bidding arrangement for new energy projects in Gansu Province, indicating ongoing developments in the renewable energy sector [54]. - Key announcements from companies such as Guodian Power and Kunlun Energy highlight their financial performance and strategic initiatives [55][58]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility sector, indicating buy ratings for several firms, including China Nuclear Power and Huaneng International [59].