Core Viewpoint - The Shanghai Composite Index opened lower and fluctuated, with the CSI 300 Utilities Index reported at 2638.18 points, reflecting a 3.14% increase over the past month, a 4.64% increase over the past three months, and a 2.53% decline year-to-date [1] Group 1: Index Performance - The CSI 300 Utilities 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, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2: Index Holdings - The top ten weights in the CSI 300 Utilities Index are: - Changjiang Electric Power (48.17%) - China Nuclear Power (10.24%) - Three Gorges Energy (8.19%) - Guodian Power (5.45%) - State Power Investment (4.79%) - Sichuan Investment Energy (4.38%) - Huaneng International (4.21%) - China General Nuclear Power (3.7%) - Zhejiang Energy Power (3.12%) - Huadian International (2.67%) [1] Group 3: Market Composition - The market composition of the CSI 300 Utilities Index shows that the Shanghai Stock Exchange accounts for 95.94%, while the Shenzhen Stock Exchange accounts for 4.06% [2] - In terms of industry composition, hydropower constitutes 59.60%, thermal power 15.45%, nuclear power 13.94%, wind power 8.55%, and gas power 2.46% [2] Group 4: 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 or special events affecting sample companies [2]

关于四川能源发展集团有限责任公司 华泰联合证券有限责任公司 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 华泰联合证券有限责任公司 UATAI UNITED SECURITIES CO.,LTD. (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) 二〇二五年四月 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4月12日,川投能源披露了2025年第一季度报告。华泰联合作为本次 收购的财务顾问,出具了从2025年3月6日至2025年3月31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 ...

瑞银证券有限责任公司 关于 四川川投能源股份有限公司 重大资产购买实施情况 之 2024 年度持续督导工作报告 暨持续督导总结报告 独立财务顾问 4、本持续督导报告不构成对川投能源股票的任何投资建议，对于投资者根据 本持续督导报告所作出的任何投资决策可能产生的风险，本独立财务顾问不承担任 何责任； 5、本独立财务顾问未委托或授权其他任何机构和个人提供未在本持续督导报 告中列载的信息，以作为本持续督导报告的补充或修改，或对本持续督导报告做任 何解释或说明；对于本持续督导报告可能存在的任何歧义，仅独立财务顾问自身有 权进行解释； 6、本独立财务顾问特别提请广大投资者认真阅读就本次交易事项披露的相关 公告，查阅有关文件。 2 | 目录 | | --- | 签署日期：二〇二五年四月 独立财务顾问声明 本声明所述词语或简称与本持续督导报告"释义"部分所述词语或简称具有相同 含义。 1、本持续督导报告所依据的文件、材料由本次交易的相关各方（上市公司、 交易对方与标的公司）向本独立财务顾问提供。相关各方已承诺在本次交易过程中 所提供的信息真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，本 独立财务顾问不承担由此引 ...

Group 1 - The A-share market's three major indices closed mixed, with the CSI 300 Utilities (secondary industry) index at 2610.44 points [1] - The CSI 300 Utilities index has increased by 3.88% over the past month, 2.74% over the past three months, and has decreased by 3.55% year-to-date [1] - The CSI 300 index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Utilities index are: Changjiang Electric Power (48.15%), China Nuclear Power (10.39%), Three Gorges Energy (8.2%), Guodian Power (5.46%), State Power Investment (4.72%), Chuanwei Energy (4.36%), Huaneng International (4.2%), China General Nuclear Power (3.8%), Zhejiang Energy (3.06%), and Huadian International (2.62%) [1] - The market share of the CSI 300 Utilities index is 95.84% from the Shanghai Stock Exchange and 4.16% from the Shenzhen Stock Exchange [2] - The industry composition of the CSI 300 Utilities index includes hydropower (59.47%), thermal power (15.34%), nuclear power (14.19%), wind power (8.56%), and gas (2.43%) [2] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 index samples are modified [2] - Special events affecting sample companies may lead to changes in industry classification, and companies that are delisted will be removed from the index sample [2]

Investment Rating - Maintain "Buy" rating for the electricity sector [3] Core Viewpoints - March electricity consumption growth was 4.8%, highlighting the importance of coal power upgrades and flexible regulation value [10][12] - The national electricity consumption in March reached 828.2 billion kWh, with a year-on-year growth of 4.8% [12] - The new three-year coal power upgrade plan emphasizes deep peak regulation and energy-saving carbon reduction [11][12] Summary by Sections Electricity Consumption - In March, the electricity consumption by industry was as follows: primary industry 10.6 billion kWh (9.9% growth), secondary industry 557.8 billion kWh (3.8% growth), tertiary industry 148.4 billion kWh (8.4% growth), and urban and rural residents 111.4 billion kWh (5.0% growth) [12][66] - Cumulative electricity consumption from January to March was 238.46 billion kWh, with a year-on-year growth of 2.5% [66] Power Generation - In March, industrial power generation was 778 billion kWh, with a year-on-year growth of 1.8% [12] - Coal power generation in March decreased by 2.3%, while hydroelectric and nuclear power generation increased by 9.5% and 23.0%, respectively [12][10] Coal Power Upgrade Plan - The new coal power upgrade plan (2025-2027) aims to enhance existing units and establish new ones with improved performance metrics [11][12] - Key upgrade indicators include minimum output levels, load change rates, and carbon emission reductions [11][12] Investment Recommendations - Focus on coal power sector opportunities, with coal prices dropping to 674 RMB/ton, supporting improved profitability [13] - Recommended stocks include Huadian International, Waneng Power, and Zhejiang Energy, among others [7]

Investment Rating - Maintain "Buy" rating for the electricity sector [3] Core Viewpoints - In March, national electricity consumption growth was 4.8%, with significant growth in the internet and automotive manufacturing sectors [10][12] - The future three-year coal power upgrade action plan emphasizes the importance of coal power upgrades and flexible adjustment capabilities [11][12] Summary by Sections Electricity Consumption - In March, total electricity consumption reached 828.2 billion kWh, a year-on-year increase of 4.8%. By sector, the first, second, and third industries, along with urban and rural residents, consumed 106, 557.8, 148.4, and 111.4 billion kWh respectively, with growth rates of 9.9%, 3.8%, 8.4%, and 5.0% [12][65] - Cumulative electricity consumption from January to March was 23,846 billion kWh, up 2.5% year-on-year [12][66] Power Generation - In March, industrial power generation was 778 billion kWh, a year-on-year increase of 1.8%, with a narrowing decline in thermal power generation [12][10] - Water and nuclear power generation increased by 9.5% and 23.0% respectively, while wind and solar power generation growth slowed [12][10] Coal Power Upgrade Plan - The National Development and Reform Commission and the National Energy Administration released a new coal power upgrade action plan for 2025-2027, focusing on enhancing existing units and developing new generation units with improved performance indicators [11][12] - Key upgrade requirements include deep peak regulation, load change rates, and clean carbon reduction measures [11][12] Investment Recommendations - Emphasize investment opportunities in the electricity sector, particularly in thermal power stocks such as Huadian International, Waneng Power, and Zhejiang Energy, as well as in leading companies in thermal power upgrade equipment like Qingda Environmental Protection [6][7] - Recommend focusing on undervalued green electricity sectors, including Hong Kong-listed green electricity and wind power operators [6][7]

Group 1 - The core viewpoint of the articles highlights the significant presence and strategic investments of the national team in the stock market, particularly in key sectors such as banking, materials, and public utilities [1][2][3] - As of April 19, the national team has emerged as a major shareholder in 10 stocks, holding a total of 15.69 billion shares valued at 305.52 billion yuan, with a focus on stable assets [2] - The top three holdings by quantity are Zijin Mining, Ping An Bank, and Chuanwei Energy, with respective holdings of 6.91 billion shares, 4.29 billion shares, and 1.61 billion shares [2] Group 2 - The national team's investments are concentrated in three main sectors: materials, technology hardware and equipment, and public utilities, indicating a long-term positive outlook on the real economy and infrastructure [2] - In terms of market value, Zijin Mining leads with a holding value of 125.24 billion yuan, followed by Wanhua Chemical and Ping An Bank with 49.30 billion yuan and 48.33 billion yuan, respectively [2] - The national team's overall holdings across 192 stocks amount to 5.29 trillion shares with a market value of 35.85 trillion yuan, with banking stocks being a significant focus [3]

Core Points - The A-share market's three major indices closed mixed, with the CSI 300 Utilities (secondary industry) index reported at 2626.36 points [1] - The CSI 300 Utilities index has increased by 4.97% over the past month, 2.36% over the past three months, and has decreased by 2.97% year-to-date [1] Industry Composition - The CSI 300 Utilities index is composed of various sectors categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The top ten weights in the CSI 300 Utilities index are as follows: - Changjiang Electric Power (47.88%) - China Nuclear Power (10.42%) - Three Gorges Energy (8.28%) - Guodian Power (5.57%) - State Power Investment (4.77%) - Chuanwei Energy (4.39%) - Huaneng International (4.24%) - China General Nuclear Power (3.82%) - Zhejiang Energy (3.07%) - Huadian International (2.58%) [1] Market Distribution - The market distribution of the CSI 300 Utilities index shows that the Shanghai Stock Exchange accounts for 95.85%, while the Shenzhen Stock Exchange accounts for 4.15% [2] - In terms of industry composition within the index, hydropower constitutes 59.29%, thermal power 15.45%, nuclear power 14.23%, wind power 8.62%, and gas power 2.40% [2] Index Adjustment Mechanism - 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, but can be modified in the event of temporary adjustments due to changes in the CSI 300 index samples or special events affecting sample companies [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7][4]. Core Views - The company reported a revenue of 1.61 billion yuan in 2024, an increase of 8.5% year-on-year, and a net profit attributable to shareholders of 4.51 billion yuan, up 2.5% year-on-year [1][2]. - In Q1 2025, the company achieved a revenue of 360 million yuan, a significant increase of 41.2% year-on-year, and a net profit attributable to shareholders of 1.48 billion yuan, up 16.2% year-on-year [1][4]. - The decline in investment income in Q4 2024 negatively impacted the overall annual performance, particularly from the Yalong River Hydropower, which saw a net profit decrease of 4.5% year-on-year [2][4]. Financial Performance Summary - For 2024, the Yalong River Hydropower's net profit was 8.27 billion yuan, down 4.5% year-on-year, with a significant drop of approximately 77% in Q4 compared to the same period in 2023 [2]. - The company's Q4 2024 net profit was 86 million yuan, a decrease of 84.6% year-on-year, primarily due to a reduction in investment income from Yalong River Hydropower [2]. - The company expects net profits for 2025-2027 to be 5.08 billion, 5.28 billion, and 5.54 billion yuan respectively, with corresponding P/E ratios of 16.1, 15.5, and 14.8 [4][5]. Operational Highlights - The company’s controlling and equity investments contributed to a profit increase in Q1 2025, with a net profit of 1.48 billion yuan, reflecting a 16.2% year-on-year growth [3][4]. - The operational performance in Q1 2025 was bolstered by the commissioning of the first unit of the Yinjing Hydropower Station, which has a capacity of 390,000 kilowatts [11]. - The company anticipates improved performance from Yalong River Hydropower in Q1 2025, with expected revenue growth driven by increased electricity prices and generation capacity [11].

川投能源（600674.SH）控股股东四川能源发展集团（原川投集团与四川省能源投资集团合并设立）计划在未来12个月 内通过集中竞价交易方式增持公司股份，金额不低于5亿元、不高于10亿元，资金来源为自有或自筹资金。增持价格不 设上限，将视资本市场情况择机实施。此次增持前，增持方及其一致行动人已合计持有公司2,440,810,525股，占总股本 50.07%。 公开数据显示，四川能源发展集团于2025年2月正式设立，意在整合四川省两大能源国企，即承接川投集团与四川能投 全部资产。在合并完成后，川投能源的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政府国资 委。 作为水电头部上市公司，川投能源股价表现强势，2019年-2024年连续创下新高；今年以来股价累计跌幅2.43%，依然跑 赢指数。 增持动作也可能服务于集团整体资产证券化的战略考量。按照国企改革"三年行动计划"与《"十四五"能源发展规划》要 求，地方能源国企需通过整合提升资本市场活跃度与透明度。四川能源发展集团增持旗下上市公司，正是提高市值管理 能力、推动资本运作机制市场化的重要实践。 基本面有保底 从资产结构到运营能力，川投能源近年来在财 ...