股票代码：600674 股票简称：川投能源 公告编号：2025-077 号 四川川投能源股份有限公司 关于预计 2026 年度日常关联交易的公告 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 担个别及连带责任。 重要内容提示： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 2025年12月30日，四川川投能源股份有限公司（以下简称"公司"） 召开了第十二届一次董事会会议，在关联董事刘胜金、韩云文、赵云 龙、涂莹回避表决的情况下，以7票同意，0票反对，0票弃权审议通 过了《关于2026年年度日常关联交易预计情况的提案报告》。 以上事项已经公司十二届董事会独立董事第一次专门会议审议 通过，独立董事认为：公司本次日常关联交易为公司正常生产经营的 需要，在公允的前提下开展，有助于公司生产经营稳健发展，提高市 场竞争力；符合相关法律法规，不存在损害公司和全体股东尤其是中 1 本次关联交易无需提交股东大会审议。 本次关联交易属于公司正常生产经营行为，符合公司及全体 股东的利益，不影响公司的独立性，公司亦不会对关联方形 成依赖。 小股东 ...

股票代码：600674 股票简称：川投能源 公告编号：2025-075 号 四川川投能源股份有限公司 关于完成董事会换届选举及聘任高级管理人员 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 承担个别及连带责任。 四川川投能源股份公司（以下简称"公司"）于 2025 年 12 月 30 日召开 2025 年第三次临时股东会，选举产生了第十二届非独立 董事 6 名，独立董事 4 名，并与 2025 年 12 月 29 日召开的职工代 表大会选举产生的 1 名职工代表董事共同组成公司第十二届董事会， 任期自 2025 年第三次临时股东会审议通过之日起三年。在完成换 届选举后，公司于同日召开了十二届董事会一次会议，选举产生了 董事长、副董事长、各专门委员会成员，并聘任新一届高级管理人 员。现将具体情况公告如下： 一、公司换届情况 公司十一届董事会董事长吴晓曦先生因工作调动、副董事长杨 洪先生因到龄退休，本次换届后不再担任公司董事长、副董事长。 公司十一届董事会在董事长吴晓曦先生、副董事长杨洪先生的带领 下，忠实勤勉地履行董事职责，围绕公司 ...

股票代码：600674 股票简称：川投能源 公告编号：2025-076 号 四川川投能源股份有限公司 会计估计变更公告 本次会计估计变更无需提交股东会审议。 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： 本次会计估计变更，不会对公司 2025 年及以往各年度的财务 状况和经营成果产生影响，预计对公司未来期间的财务状况和经营成 果不会产生重大影响，不存在损害公司及股东利益的情形。 一、本次固定资产折旧年限会计估计变更概述 公司于2025年12月30日召开了第十二届董事会第一次会议，会议 审议通过了《关于部分固定资产折旧年限会计估计变更的提案报告》。 同意公司于2025年12月30日起对2025年及以后年度新投产的大型水 电站项目的挡水建筑物折旧年限进行变更。现将具体情况公告如下： （一）变更日期 本次固定资产折旧年限会计估计变更事项自2025年12月30日起 执行。 （二）变更原因 根据《企业会计准则第 4 号——固定资产》的相关规定，"企 1 业至少应当于每年年度终了，对固定资产的使用寿命、预计净残值 ...

证券代码：600674 证券简称：川投能源 公告编号：2025-073 四川川投能源股份有限公司 2025年第三次临时股东会决议公告 一、 会议召开和出席情况 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 | 1、出席会议的股东和代理人人数 | 318 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,020,466,024 | | 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（%） | 61.9633 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议符合《公司法》和《公司章程》的规定，会议由公司董事会召集， 副董事长杨洪先生主持。 (一) 股东会召开的时间：2025 年 12 月 30 日 (二) 股东会召开的地点：四川省成都市武侯区临江西路 1 号 1508 会议室 (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： 二、 议案审议情况 (一) ...

北 京 大 成 （ 成 都 ） 律 师 事 务 所 关 于 四 川 川 投 能 源 股 份 有 限 公 司 2025 年 第 三 次 临 时 股 东 会 的 法 律 意 见 书 大成蓉（2025）法意字第 3331 号 本所经办律师根据《公司法》等法律、行政法规和规范性文件以及《公司章 程》的有关规定，并按照律师行业公认的业务标准、道德规范和勤勉尽责精神， 对本次股东会所涉及的有关事项和相关文件进行了必要的核查和验证，出席了本 次股东会，出具法律意见如下： 1 北 京 大 成 （ 成 都 ） 律 师 事 务 所 www.dentons.cn 四川省成都市高新区天府二街吉瑞五路 396 号金控时代广场 2 栋 邮编：610000 Building 2 of Financial Holding Times Square, No. 396 Jirui 5th Road,Tianfu 2nd Stree,High-tech Zone,Chengdu,China Tel: +8628-87039931 Fax: +8628-87036893 北京大成（成都）律师事务所 关于四川川投能源股份有限公司 2025 年第三次临 ...

股票代码：600674 股票简称：川投能源 公告编号：2025-074 号 四川川投能源股份有限公司 十二届一次董事会决议公告 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 承担个别及连带责任。 一、董事会会议召开情况 四川川投能源股份有限公司十二届一次董事会会议通知于 2025 年 12 月 30 日以送达、传真和电话通知方式发出，会议于 2025 年 12 月 30 日以现场和通讯结合的方式在四川省成都市武侯区临江西 路 1 号 1508 会议室召开。经与会董事一致推举，会议由董事刘胜 金先生主持。会议应参加投票的董事 11 名，实际参加投票的董事 11 名，其中现场到会 7 名，董事王劲夫先生、郑声安先生、涂莹女 士、曾志伟先生以通讯方式参加会议并行使表决权。4 名高级管理 人员列席了会议。会议的召集召开符合有关法律、法规、规章和公 司章程的规定。 二、董事会会议审议情况 会议以记名投票方式审议通过了以下提案报告： （一）以 11 票赞成，0 票反对，0 票弃权审议通过了《关于选 举十二届董事会董事长的提案报告》； （二）以 11 ...

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly recommending companies involved in coal power, hydropower, nuclear power, green energy, and gas [1]. Core Insights - The report highlights that in November 2025, the total electricity consumption reached 835.6 billion kWh, marking a year-on-year increase of 6.2%. The growth contributions from the primary, secondary, and tertiary industries, as well as residential consumption, were 2%, 49%, 29%, and 19% respectively [4][6]. - The secondary industry remains the largest contributor to electricity consumption, accounting for over 60% of the total, with significant growth in high-tech and equipment manufacturing sectors [5][6]. - Natural gas prices have shown fluctuations, with the U.S. Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decline of 7.30%. The report notes that the domestic LNG ex-factory price is 3915 yuan/ton, down 2.85% week-on-week [1][16]. Summary by Sections Electricity Sector - In November 2025, the electricity consumption by the first, second, and third industries grew by 7.9%, 4.4%, and 10.3% respectively, while residential consumption increased by 9.8% [4][6]. - The high-tech and equipment manufacturing sectors saw a 6.7% increase in electricity consumption, with automotive manufacturing leading at a 10% growth rate [5][6]. Natural Gas Sector - The report indicates that global gas prices are experiencing slight fluctuations, with the U.S. market showing a significant drop in spot prices. The report anticipates that the demand for natural gas will increase as winter approaches, potentially stabilizing prices [1][16]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and improved profitability due to lower oil prices [39][40]. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their diversified revenue sources [1]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to expected improvements in profit margins from reduced capital expenditures [1]. - Nuclear power firms like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [1]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are recommended for their stable returns and increasing operational value [1]. - The report also suggests investment in gas companies like Shenzhen Energy and Kunlun Energy, which are expected to benefit from cost reductions and improved market conditions [1][39].

Investment Rating - The report maintains a "Positive" outlook on the utility and environmental sectors, indicating potential investment opportunities in these areas [2]. Core Insights - The report highlights that in November, the total electricity consumption in China reached 835.6 billion kWh, representing a year-on-year growth of 6.2%. The contributions from various sectors were: primary industry (7.9%), secondary industry (4.4%), tertiary industry (10.3%), and urban and rural residents (9.8%) [3][8]. - The growth in electricity consumption is primarily driven by the tertiary industry, particularly in sectors related to big data analysis and artificial intelligence services, which saw significant increases in electricity usage [9]. - The report notes that the natural gas market is experiencing slight fluctuations, with LNG prices continuing to decline. As of December 26, the national LNG ex-factory price was 3915 RMB/ton, down 2.85% week-on-week [3][40]. Summary by Sections Electricity Sector - In November, the total electricity consumption was 8356 billion kWh, with a year-on-year increase of 6.2%. The secondary industry contributed 49% to the growth, while the tertiary industry followed with a 29% contribution [10][11]. - The high-tech and equipment manufacturing sectors showed a notable increase in electricity consumption, with a year-on-year growth of 6.7%, surpassing the average growth rate of the manufacturing sector by 2.5 percentage points [9][10]. Natural Gas Sector - The report indicates that global gas prices are experiencing minor fluctuations, with the Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decrease of 7.30%. The TTF spot price in the Netherlands was €27.70/MWh, down 1.42% week-on-week [3][19]. - The report suggests that the LNG ex-factory price in China is under pressure due to high inventory levels and low-cost sea gas resources, leading to a continued downward trend [40][41]. Investment Recommendations - The report recommends several companies based on their performance and market positioning: - For thermal power, companies like Guodian Power, Inner Mongolia Huadian, and Datang Power are highlighted for their integrated coal and power operations [3][17]. - In the hydropower sector, companies such as Yangtze Power and Guotou Power are recommended due to their stable financial performance and reduced capital expenditures [3][17]. - For nuclear power, China National Nuclear Power and China General Nuclear Power are suggested due to their stable cost structures and growth potential [3][17]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are noted for their improved returns from stable project yields [3][17].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4] Core Views - Electricity consumption growth remains high, but there are signs of pressure on long-term contract electricity prices due to falling coal prices and high inventory levels [7] - The utility sector is viewed as a defensive asset, with low-priced utility assets worth attention [7] - The report suggests that the electricity market will gradually allow for better pricing of electricity attributes to support the complex new power system [7] Summary by Sections Electricity Consumption - In November 2025, total electricity consumption increased by 6.2% year-on-year, a recovery from October's 4.2 percentage point decline, with a cumulative growth of 1.0% for January to November 2025 [10] - The growth rates for different sectors in November 2025 were: primary industry +7.9%, secondary industry +4.4%, tertiary industry +10.3%, and residential consumption +9.8% [10] - The report anticipates that December 2025 will see electricity consumption growth maintain around 5-6% due to ongoing growth in sectors like charging services and information technology [10] Electricity Prices - From December 19 to December 26, 2025, the average clearing price in Guangdong's electricity market was 308 RMB/MWh, up by 3.9% year-on-year [21] - In contrast, Shanxi's average market price dropped to 179 RMB/MWh, down 54.9% year-on-year [21] Coal Prices - Port coal prices continue to decline, with the Qinhuangdao Q5500 coal price at 672 RMB/ton, down 4.4% week-on-week [24] - The report notes a divergence in pit coal prices, with Shanxi's Q5500 coal price stable at 550 RMB/ton, while Inner Mongolia's price fell by 1.7% [24] Hydrology - The Three Gorges Reservoir's water level was 171 meters, with a year-on-year increase of 3.1 meters, while inflow rates decreased by 13.7% year-on-year [31] Market Performance - The utility sector index rose by 0.8% but underperformed compared to the Shanghai and Shenzhen 300 index, which increased by 1.9% [40] - Among sub-sectors, gas showed the highest weekly increase at +2.6%, while hydropower decreased by 0.8% [42] Investment Recommendations - The report recommends focusing on utility stocks, particularly in thermal power, hydropower, and nuclear power, citing improved business models and growth potential [7]

Investment Rating - The industry investment rating is "Recommended" (maintained) [2] Core Viewpoints - In November, electricity consumption increased by 6.2% year-on-year, with total electricity consumption reaching 835.6 billion kilowatt-hours [6] - The report highlights a shift in electricity generation, with thermal power output declining while hydropower and renewable energy sources like nuclear, solar, and wind power showed growth [6] - The report suggests that the demand for electricity across various industries has remained stable, with significant growth in sectors such as high-tech and equipment manufacturing [6] Summary by Relevant Sections Electricity Generation Data - In November, the industrial electricity generation was 779.2 billion kilowatt-hours, a year-on-year increase of 2.7%. The average daily generation was 25.97 billion kilowatt-hours [6] - For the first eleven months, the total industrial electricity generation was 8,856.7 billion kilowatt-hours, up 2.4% year-on-year [6] - Breakdown of generation types in November: - Thermal power decreased by 4.2% year-on-year - Hydropower increased by 17.1% - Nuclear power grew by 4.7% - Wind power increased by 22.0% - Solar power surged by 23.4% [6] Electricity Consumption Data - Total electricity consumption for the first eleven months was 94,602 billion kilowatt-hours, reflecting a year-on-year growth of 5.2% [6] - Breakdown of consumption by sector in November: - Primary industry: 11.3 billion kilowatt-hours, up 7.9% - Secondary industry: 5,654 billion kilowatt-hours, up 4.4% - Tertiary industry: 1,532 billion kilowatt-hours, up 10.3% - Urban and rural residential consumption: 105.7 billion kilowatt-hours, up 9.8% [6] Investment Recommendations - The report recommends focusing on companies in the thermal and renewable energy sectors, including Huaneng International, Huadian International, Guodian Power, and Datang Power, as well as hydropower companies like Huaneng Hydropower and State Power Investment Corporation [6]