Group 1 - The company, ChuanTou Energy (600674.SH), has stated that it currently has no plans to participate in the Yaxia project [1]

Investment Rating - The report maintains an "Outperform" rating for the power and utilities sector, indicating expectations for the sector to perform better than the market in the next six months [6]. Core Views - The report highlights the recent implementation of supporting details for Document No. 136 in Shandong Province, which is expected to stabilize the industry outlook. Additionally, coal prices are on the rise, which may impact profitability positively [1][3]. - The report notes that the public utilities sector index has shown a slight increase in valuation, with a PE ratio of 17.51x as of August 8, 2025, compared to 17.35x the previous week [1][22]. - The report emphasizes the growth in photovoltaic capacity, with an addition of 211.61 GW in the first half of 2025, indicating a strong trend in renewable energy development [34]. Summary by Sections 1. Market Performance - The public utilities sector index increased by 1.61% during the week of August 4-10, 2025, ranking 22nd among 31 sectors [2][10]. - The performance of sub-sectors varied, with thermal power generation up by 2.88% and hydropower down by 0.56% [2][10]. 2. Industry Dynamics - The National Energy Administration reported that the top five provinces for new photovoltaic installations in the first half of 2025 were Jiangsu (22.07 GW), Xinjiang (19.6 GW), Guangdong (15.59 GW), Shandong (15.05 GW), and Yunnan (13.61 GW) [34]. - Shandong's new energy pricing mechanism has set a bidding upper limit of 0.35 CNY/kWh for both wind and solar power, with lower limits established as well [35]. 3. Key Data Tracking - As of August 8, 2025, the price of Shanxi mixed coal (5500) was 678 CNY/ton, reflecting a week-on-week increase of 3.51% [39]. - The report tracked green certificate trading, with a total of 15.38 and 13.68 thousand transactions for wind and solar power respectively during the week of August 4-10, 2025 [43].

股票代码：600674 股票简称：川投能源 公告编号：2025-042号 四川川投能源股份有限公司 关于变更财务顾问主办人的公告 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个别及连带责任。 华泰联合证券有限责任公司（以下简称"华泰联合证券"）作为四川能源发展集团有限责任公司收购四川 川投能源股份有限公司（以下简称"公司"）事项的财务顾问，目前处于持续督导阶段。 公司于2025年8月8日收到华泰联合证券发来的《关于变更财务顾问主办人的函》，原委派江帆先生、童 宇航先生、王嘉冬先生和胡心如女士四人担任财务顾问主办人，其中胡心如女士因个人工作变动原因离 职，不再担任财务顾问主办人，由江帆先生、童宇航先生和王嘉冬先生继续履行财务顾问主办人的相关 职责。 本次财务顾问主办人的变更不会对持续督导工作的质量和进度产生影响。财务顾问团队将继续严格按照 《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》等相关法律法规的要求，认真 履行财务顾问职责，确保督导工作的连续性和有效性。 特此公告。 四川川投能源股份有限公司董事会 2025年8月 ...

Group 1 - The company, Chuan Investment Energy, announced a change in its financial advisor team, effective August 8, 2025 [1] - The original financial advisors included Jiang Fan, Tong Yuhang, Wang Jiadong, and Hu Xinru, with Hu Xinru leaving due to personal work changes [1] - Jiang Fan, Tong Yuhang, and Wang Jiadong will continue to fulfill their roles as financial advisors [1]

Group 1 - The company announced a change in the lead financial advisor for the acquisition by Sichuan Energy Development Group Co., Ltd. [1] - Hu Xinru, one of the original appointed financial advisors, has left the position due to personal work changes, while Jiang Fan, Tong Yuhang, and Wang Jiadong will continue their roles [1] - The change in financial advisors will not affect the quality or progress of the ongoing supervision work [1] Group 2 - The financial advisory team will continue to adhere to relevant laws and regulations, ensuring the continuity and effectiveness of the advisory duties [1]

求，认真履行财务顾问职责，确保督导工作的连续性和有效性。 华泰联合证券有限责任公司（以下简称"华泰联合证券"）作 为四川能源发展集团有限责任公司收购四川川投能源股份有限公司 （以下简称"公司"）事项的财务顾问，目前处于持续督导阶段。 公司于 2025 年 8 月 8 日收到华泰联合证券发来的《关于变更 财务顾问主办人的函》，原委派江帆先生、童宇航先生、王嘉冬先 生和胡心如女士四人担任财务顾问主办人，其中胡心如女士因个人 工作变动原因离职，不再担任财务顾问主办人，由江帆先生、童宇 航先生和王嘉冬先生继续履行财务顾问主办人的相关职责。 本次财务顾问主办人的变更不会对持续督导工作的质量和进度 产生影响。财务顾问团队将继续严格按照《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》等相关法律法规的要 股票代码：600674 股票简称：川投能源 公告编号：2025-042 号 四川川投能源股份有限公司 关于变更财务顾问主办人的公告 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 承担个别及连带责任。 特此公告。 四川川投能源股份有限公司 ...

Investment Rating - The report maintains an "Overweight" rating for the electricity and public utilities sector [3]. Core Views - The Zhejiang electricity spot market has officially transitioned to operation, and the foundational rules for the national unified electricity market, referred to as "1+6," have been initially established [3][10]. - The energy transition is accelerating, with a recommendation to focus on flexible thermal power companies and undervalued green electricity operators [3][10]. Summary by Sections Industry Overview - The Zhejiang electricity spot market has officially commenced operations, with seven regions already in formal operation as of August 8. The market began trial operations in May 2024 and is part of a broader initiative to establish a national unified electricity market by 2029 [6][10]. - The foundational "1+6" rule system for the national unified electricity market has been preliminarily constructed, with significant growth in market transactions and participants [10][13]. Market Performance - During the week of August 4-8, the Shanghai Composite Index closed at 3635.13 points, up 2.11%, while the CSI 300 Index rose 1.23%. The CITIC Electricity and Public Utilities Index increased by 1.61%, outperforming the CSI 300 by 0.38 percentage points [3][54]. Investment Recommendations - The report suggests focusing on the following companies: Huaneng International, Huadian International, Baoneng New Energy, Sheneng Co., Jingtou Energy, and Zhejiang Energy for their resilient quarterly performance in the thermal power sector. It also highlights Qingda Environmental Protection as a leader in thermal power flexibility transformation [3][10]. - It recommends prioritizing undervalued green electricity operators, particularly in the Hong Kong market, and suggests companies like Xintian Green Energy (H), Zhongmin Energy, and Funiu Co. for investment [3][10]. Key Metrics - In 2024, the market-based electricity trading volume is projected to reach 6.18 trillion kilowatt-hours, accounting for approximately 63% of total electricity consumption. The trading volume of green certificates has surged by 364% year-on-year, with green electricity trading volume increasing by 235.2% [10][13].

金融界消息 截至2025年8月8日收盘，川投能源（600674）报收于15.53元，下跌0.13%，换手率0.28%， 成交量13.45万手，成交金额2.09亿元。 天眼查商业履历信息显示，四川川投能源股份有限公司，成立于1988年，位于成都市，是一家以从事电 力、热力生产和供应业为主的企业。企业注册资本487460.6828万人民币，实缴资本11107.7517万人民 币。公司法定代表人为吴晓曦。 通过天眼查大数据分析，四川川投能源股份有限公司共对外投资了24家企业，参与招投标项目361次， 此外企业还拥有行政许可5个。 来源：金融界 资金流向方面，今日主力资金净流入1294.78万元，占比成交额6.19%。其中，超大单净流入615.58万 元、占成交额2.94%，大单净流入679.19万元、占成交额3.25%，中单净流出流出556.21万元、占成交额 2.66%，小单净流出738.57万元、占成交额3.53%。 川投能源最新一期业绩显示，截至2025一季报，公司营业总收入3.64亿元、同比增长41.17%，归属净利 润14.79亿元，同比增长16.16%，扣非净利润14.77亿元，同比增长16.43%，流 ...

格隆汇8月8日丨川投能源(600674.SH)在投资者互动平台表示，公司暂无与雅江集团合作的计划。 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [10] Core Insights - The gradual realization of compensation benefits from the Lianghekou hydropower station is expected to significantly enhance the profitability of Yalong River Hydropower, benefiting stakeholders such as Guotou Power and ChuanTou Energy. The profitability of Yalong River Hydropower is comparable to that of Yangtze Power, but its future growth potential is significantly higher due to ongoing construction of midstream power stations and integrated development of wind and solar energy [2][8] Summary by Sections Joint Dispatch of Hydropower - China's water resources exhibit uneven distribution throughout the year, with significant rainfall occurring from May to October, accounting for 70%-90% of annual rainfall. The joint dispatch of upstream and downstream reservoirs can effectively reduce seasonal flow fluctuations and unnecessary water wastage, while also enhancing water head and energy utilization efficiency [5][20] Quantifying the Benefits of Joint Dispatch - The Lianghekou hydropower station, which began full operation in 2022, is expected to realize significant electricity generation benefits by 2025. The total regulation capacity of the three major reservoirs in Sichuan is 148 billion cubic meters, which is about 51% of the province's total effective capacity. The joint operation of these reservoirs can lead to an electricity generation increase of approximately 88.52 billion kWh, corresponding to an 8.94% enhancement in generation capacity [6][42] Investment Value of Guotou Power and ChuanTou Energy - The report highlights the investment value of Guotou Power and ChuanTou Energy, as their valuations are currently lower compared to Yangtze Power, despite similar profitability levels. The narrowing dividend yield gap between Guotou Power and Yangtze Power further supports this positive outlook [8][72]