Core Points - The Shanghai Composite Index opened high and fluctuated, with the CSI 300 Utilities (secondary industry) index reported at 2645.95 points [1] - The CSI 300 Utilities index has decreased by 0.31% over the past month, increased by 1.48% over the past three months, and has declined by 2.24% year-to-date [1] Industry Classification - The CSI 300 index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index is based on a sample of 300 stocks from the CSI 300 index, with a base date of December 31, 2004, and a base point of 1000.0 [1] Index Holdings - The top ten weights in the CSI 300 Utilities index are: - Changjiang Electric Power (48.55%) - China Nuclear Power (10.28%) - Three Gorges Energy (8.2%) - Guodian Power (5.62%) - State Power Investment Corporation (4.72%) - Sichuan Investment Energy (4.17%) - Huaneng International (4.15%) - China General Nuclear Power (3.86%) - Zhejiang Energy (2.77%) - Huadian International (2.72%) [1] Market Distribution - The market distribution of the CSI 300 Utilities index shows that the Shanghai Stock Exchange accounts for 95.80%, while the Shenzhen Stock Exchange accounts for 4.20% [2] - In terms of industry composition within the index, hydropower constitutes 59.70%, thermal power 15.26%, nuclear power 14.14%, wind power 8.54%, and gas power 2.36% [2] Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 index samples [2]

股票代码：600674 股票简称：川投能源 公告编号：2025-039号 四川川投能源股份有限公司 2025 年 1-6 月主要经营数据公告 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。 根据上海证券交易所《上市公司行业信息披露指引第三号—电 力》的要求，现将公司2025年1-6月发电业务的经营情况公告如下： 2025年1-6月，公司控股企业累计完成发电量23.61亿千瓦时，同 比上年增长17.76%；上网电量23.31亿千瓦时，同比上年增长18.14%； 企业平均上网电价0.278元／千瓦时，同比上年增长8.17%。 2025年1-6月，公司控股水电企业累计完成发电量22.28亿千瓦 时，同比上年增长17.82%；上网电量21.99亿千瓦时，同比上年增长 18.23%；水电企业平均上网电价0.269元／千瓦时，同比上年增长 11.62%。 2025年1-6月，公司控股光伏发电企业累计完成发电量1.33亿千 瓦时，同比上年增长16.67%；上网电量1.32亿千瓦时，同比上年增长 16.81%；平均上网电价0.439元 ...

证券代码：600674 证券简称：川投能源 公告编号：2025-038 四川川投能源股份有限公司 2024年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： 每股分配比例 A 股每股现金红利0.4元 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会审议通过。 二、 分配方案 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4,874,606,828股为基数，每股派发现金红利0.4 元（含税），共计派发现金红利1,949,842,731.20元。 1. 发放年度：2024年年度 2. 分派对象： 三、 相关日期 相关日期 | 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 | | --- | --- | --- | --- | ...

Group 1 - The core point of the announcement is that ChuanTuo Energy (600674) reported significant growth in electricity generation and sales for the first half of 2025, with a total generation of 2.361 billion kilowatt-hours, representing a year-on-year increase of 17.76% [1] - The company's on-grid electricity volume reached 2.331 billion kilowatt-hours, showing a year-on-year growth of 18.14% [1]

Group 1 - The company, Sichuan Chuantou Energy Co., Ltd., has announced the use of idle raised funds for cash management, with a proposed amount of up to 1.5 billion yuan [1] - The cash management products will be principal-protected financial products from commercial banks, with a term from October 23, 2024, to October 22, 2025 [1] - The board of directors has ensured that this cash management will not affect the normal progress of the investment projects funded by the raised funds [1] Group 2 - In the past twelve months, the company has utilized idle convertible bond funds for financial management, with a total actual investment amount of 208 million yuan [1] - The highest single-day investment amount in the last twelve months was 1.42 billion yuan, which represents 3.37% of the net assets for the past year [1] - The total authorized financial management limit for the period from October 23, 2024, to October 22, 2025, is 1.5 billion yuan, with 400 million yuan remaining unused [1]

股票代码：600674 股票简称：川投能源 公告编号：2025-037 号 四川川投能源股份有限公司 关于使用部分闲置募集资金购买理财产品到期赎回 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。 四川川投能源股份有限公司（以下简称"公司"）于 2024 年 10 月 14 日召开第十一届董事会第三十二次会议，审议通过《关于授 权继续使用暂时闲置募集资金进行现金管理的提案报告》。拟在确 保不影响募集资金投资项目正常进行的前提下，对 15 亿元以内的暂 时闲置募集资金进行现金管理。现金管理品种为商业银行保本型理 财产品，期限为 2024 年 10 月 23 日至 2025 年 10 月 22 日止， 12 个 月 内 ， 资 金 可 滚 动 使 用 。 具 体 内 容 详 见 上 交 所 网 站 （http://www.sse.com.cn/）披露的《四川川投能源股份有限公司 关于延长使用闲置募集资金进行现金管理期限的公告》（公告编号： 2024-064 号）。 一、前次使用暂时闲置募集资金购买理财产品到期赎回情况 ...

_ 136 _ 10 ___ 24Q4 行业月报 ·公用事业行业 2 行业月报 · 公用事业行业 可证券|CGS 一、行业要闻 1. 河南电力现货市场完成短周期结算试运行 6月 27日,河南电力现货市场完成短周期结算试运行,共计 112台煤电机组、390 座新能源场 站、127 家售电公司、12 座独立储能电站参与交易。这标志着河南电力市场化改革迈出关键一步。 中国银河证券|CGS 目录 Catalog | 一、 行业要闻 | | --- | | 二、 行业数据 … | | (一) 碳交易市场情况 | | (二） 电力行业相关数据………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 7 | | 三、 太阳能单月装机创新高，火电发电量由降转增 | | 四、 开展新型电力系统建设试点，助力新能源消纳……………………………………………………………………………………………………………………………11 | | 五、 环保 ...

Investment Rating - The report maintains a "Buy" rating for Guodian Power and a "Hold" rating for Longyuan Power and Chuanwei Energy, with expected EPS for 2025E at 0.42, 0.79, and 1.05 respectively [1][6]. Core Views - The report highlights a 4.4% year-on-year increase in national electricity consumption in May 2025, with total consumption reaching 809.6 billion kWh [3][33]. - The report notes that the public utility sector index has seen a slight increase of 0.09% during the week of June 23-29, 2025, ranking 28th among 31 sectors [2][9]. - The report emphasizes the importance of new energy policies, which are expected to stabilize expected returns and improve existing projects, while also increasing the scale of new projects [6][38]. Summary by Sections Market Performance - The public utility sector index PE (TTM) is at 17.04, slightly down from 17.09 the previous week, and down from 18.16 a year ago [1][20]. - The sector's PB remains stable at 1.71, unchanged from the previous week and down from 1.89 a year ago [1][23]. - The report indicates that the sector's performance is lagging behind major indices, with a 1.82 percentage point deficit compared to the Shanghai Composite Index [2][9]. Industry Dynamics - The National Energy Administration reported a total installed power generation capacity of 3.61 billion kW by the end of May 2025, marking an 18.8% year-on-year increase [33][34]. - The report details that the average utilization hours for power generation equipment have decreased by 132 hours compared to the previous year [34]. - New pricing mechanisms for electricity in Xinjiang and Inner Mongolia are introduced, with competitive bidding ranges set for new projects [35][38]. Key Data Tracking - As of June 30, 2025, the price of Shanxi mixed coal (5500) is reported at 615 RMB/ton, with a week-on-week change of 0.82% [40]. - The report tracks green certificate trading, with a total of 88.16 and 82.35 thousand transactions for wind and solar power respectively during the week of June 23-29, 2025 [41][44]. - The report also notes the CEA trading volumes for the week, with a total of 138.6 thousand tons traded on June 27, 2025, at an average price of 74.96 RMB/ton [46][48].

Quantitative Factor and Model Analysis Quantitative Models and Construction 1. **Model Name**: GAN_GRU Model **Model Construction Idea**: The GAN_GRU model combines Generative Adversarial Networks (GAN) for generating realistic price-volume sequential features and Gated Recurrent Units (GRU) for encoding these sequential features into predictive signals for stock selection [2][9]. **Model Construction Process**: - **GRU Component**: - Input features include 18 price-volume features such as closing price, opening price, turnover, and turnover rate [10][13]. - Training data consists of the past 400 trading days' features, sampled every 5 trading days, forming a 40x18 feature matrix to predict the cumulative return over the next 20 trading days [14]. - Data preprocessing includes outlier removal and standardization at both time-series and cross-sectional levels [14]. - The GRU network consists of two layers (GRU(128, 128)) followed by an MLP (256, 64, 64), with the final output being the predicted return (pRet) [18]. - **GAN Component**: - The generator (G) uses an LSTM model to preserve the sequential nature of the input features, while the discriminator (D) employs a CNN to process the two-dimensional price-volume feature "images" [29][32]. - The generator's loss function is: $$ L_{G} = -\mathbb{E}_{z\sim P_{z}(z)}[\log(D(G(z)))] $$ where \( z \) represents random noise, \( G(z) \) is the generated data, and \( D(G(z)) \) is the discriminator's output probability [20][21]. - The discriminator's loss function is: $$ L_{D} = -\mathbb{E}_{x\sim P_{data}(x)}[\log D(x)] - \mathbb{E}_{z\sim P_{z}(z)}[\log(1-D(G(z)))] $$ where \( x \) is real data, \( D(x) \) is the discriminator's output for real data, and \( D(G(z)) \) is the output for generated data [23][25]. - Training alternates between updating the discriminator and generator parameters until convergence [26]. **Model Evaluation**: The GAN_GRU model effectively captures both sequential and cross-sectional price-volume features, leveraging the strengths of GANs and GRUs for stock selection [2][9][29]. --- Quantitative Factors and Construction 1. **Factor Name**: GAN_GRU Factor **Factor Construction Idea**: The GAN_GRU factor is derived from the GAN_GRU model's output, representing the encoded price-volume sequential features as a stock selection signal [2][9]. **Factor Construction Process**: - The factor is derived from the predicted return (pRet) output of the GAN_GRU model [18]. - The factor undergoes industry and market capitalization neutralization, followed by standardization [18]. **Factor Evaluation**: The GAN_GRU factor demonstrates strong predictive power across various industries, with consistent performance in both IC and excess returns [36][40]. --- Model Backtest Results 1. **GAN_GRU Model**: - **IC Mean**: 11.54% - **ICIR**: 0.89 - **Turnover Rate**: 0.83 - **Recent IC**: 8.34% - **1-Year IC Mean**: 11.09% - **Annualized Return**: 37.71% - **Annualized Volatility**: 24.95% - **IR**: 1.56 - **Max Drawdown**: 27.29% - **Annualized Excess Return**: 24.95% [36][37]. --- Factor Backtest Results 1. **GAN_GRU Factor**: - **IC Mean**: 11.54% - **ICIR**: 0.89 - **Turnover Rate**: 0.83 - **Recent IC**: 8.34% - **1-Year IC Mean**: 11.09% - **Annualized Return**: 37.71% - **Annualized Volatility**: 24.95% - **IR**: 1.56 - **Max Drawdown**: 27.29% - **Annualized Excess Return**: 24.95% [36][37].

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]