Core Viewpoint - The recent change in controlling shareholder of Chuan Investment Energy Co., Ltd. to Sichuan Energy Development Group, while the actual controller remains the State-owned Assets Supervision and Administration Commission of Sichuan Province [1][3]. Group 1: Stock Performance - As of June 27, 2025, Chuan Investment Energy's stock closed at 16.01 yuan, a decrease of 0.06% from the previous week's 16.02 yuan [1]. - The stock reached a weekly high of 16.17 yuan on June 26 and a low of 15.86 yuan on June 23 [1]. - The company's current total market capitalization is 78.042 billion yuan, ranking 10th out of 102 in the power sector and 184th out of 5,151 in the A-share market [1]. Group 2: Shareholder Changes - The change in controlling shareholder is due to Sichuan Energy Development Group inheriting shares from Sichuan Investment Group, thus becoming the new controlling shareholder [3]. - The actual controller remains the State-owned Assets Supervision and Administration Commission of Sichuan Province [3]. - The company has been actively disclosing progress on the strategic restructuring involving its controlling shareholders, with announcements made on November 30, 2024, and subsequent updates in December 2024 and early 2025 [3].

股票代码：600674 股票简称：川投能源 公告编号：2025-035 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 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 （以下简称"四川能源发展集团")承继四川省投资集团有限责任 公司（以下简称"川投集团"）直接及间接持有的四川川投能源 股份有限公司（以下简称"公司"）股份从而成为公司控股股东， 公司实际控制人仍为四川省政府国有资产监督管理委员会（以下 简称"四川省国资委"）。 一、本次控股股东权益变动的基本情况 公司于 2024 年 11 月 30 日发布了《四川川投能源股份有限公 司关于控股股东四川省投资集团有限责任公司与四川省能源投资集 团有限责任公司筹划战略重组的提示性公告》（公告编号：2024- 076 号），并分别于 2024 年 12 月 31 日、2025 年 1 月 15 日和 2025 年 2 月 28 日发布了《四川川投能源股份有限公司关于控股股东四 川省投资集团有 ...

股票代码：600674 股票简称：川投能源 公告编号：2025-036 号 四川川投能源股份有限公司 关于控股股东同业竞争承诺履行情况年度说明 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。 一、控股股东承诺相关情况 为川投能源健康稳定发展、维护川投能源作为上市公司的全体股 东利益，四川省投资集团有限责任公司（以下简称"川投集团"）作 为川投能源控股股东，于 2018 年 1 月 31 日出具了《关于避免同业竞 争的承诺》。为进一步加快解决同业竞争问题，川投集团于 2019 年 3 月 8 日召开了董事会审议了相关议案，在 2018 年 1 月出具的承诺 的基础上对解决同业竞争的措施进行了进一步的细化和明确，川投集 团同意通过由川投能源托管 8 家同业竞争公司股权、即时启动盈利资 产注入等方式以进一步加快解决同业竞争问题。 二、公司控股股东发生变更相关情况 公司于 2024 年 11 月 30 日发布了《四川川投能源股份有限公司 关于控股股东四川省投资集团有限责任公司与四川省能源投资集团 有限责任公司筹划战略重 ...

Investment Rating - The report maintains a recommendation for companies such as Funiu Co., Ltd. and Shenneng Co., Ltd. while cautiously recommending China General Nuclear Power and Anhui Energy [4][21]. Core Viewpoints - In May, the total electricity consumption reached 809.6 billion kWh, showing a year-on-year growth of 4.4%. The first industry saw an increase of 8.4%, the second industry 2.1%, the third industry 9.4%, and urban and rural residents' consumption 9.6% [2][22]. - The report highlights that coal prices are expected to remain low, benefiting thermal power generation, which is anticipated to improve performance in Q2. Companies are actively investing in wind power and cogeneration assets for long-term growth potential [4][19]. Summary by Sections Weekly Market Review - The electricity sector underperformed the broader market, with the public utility sector closing at 2355.40 points, down 1.13%, and the electricity sub-sector at 3131.64 points, down 1.31% [1][8]. - Among the electricity sub-sectors, photovoltaic generation fell by 1.57%, wind power by 1.28%, while thermal services rose by 2.08% [1][13]. Industry Data Tracking - The average price of thermal coal in the Bohai Rim region was 663.00 RMB/ton, with no change week-on-week [48]. - The report notes that the electricity market is experiencing a decline in coal and gas prices, with the average transaction price for coal in Guangdong dropping by 28.43% [69]. Investment Recommendations - The report recommends focusing on companies with stable performance and growth potential, particularly in thermal power and hydropower sectors, such as Changjiang Electric Power and Sichuan Investment Energy [4][20]. - It also suggests monitoring companies involved in asset restructuring and mergers, as these are expected to gain traction this year [20].

Core Viewpoint - The dividend performance of listed companies in Sichuan has shown significant improvement, characterized by increased dividend payout ratios, stable dividend amounts, and the gradual establishment of a normalized dividend mechanism, enhancing investment value [1][2]. Group 1: Dividend Payout Ratio - The annual dividend payout ratio for Sichuan-listed companies reached 50.28%, an increase of 7.02 percentage points from the previous year. Approximately 40% of the 43 companies had a payout ratio exceeding 50%, indicating a strong commitment to shareholder returns [1]. Group 2: Stability of Dividend Amounts - Despite some companies facing performance pressures, 105 Sichuan-listed companies announced a total cash dividend of 57.766 billion yuan in 2024, maintaining the same level as the previous year, even with a decrease in profitable companies. Notably, some companies with negative net profits still distributed dividends, reflecting their focus on investor relations [1]. Group 3: Leading Role of Major Companies - In 2024, seven Sichuan-listed companies distributed dividends exceeding 1 billion yuan each, collectively contributing about 43 billion yuan, which accounts for 74% of the total dividend amount [2]. Group 4: Performance of Newly Listed Companies - Over 60% of the 20 newly listed companies in the past three years introduced cash dividend plans for 2024, with an average payout ratio exceeding 50%. Six of these companies executed multiple dividend distributions within the year [2]. Group 5: Normalized Dividend Mechanism - A total of 27 companies increased their frequency of dividend payments by 285% year-on-year, with over 12 billion yuan distributed before the Spring Festival. Additionally, 61 companies have maintained continuous dividends for five years, and 53 companies have disclosed long-term return plans or sought shareholder approval for mid-term dividend strategies [2].

新型电力系统首批试点启动，甘肃新能源装机突破 2025 年 06 月 08 日 ➢ 本周（20250601-20250605）电力板块行情：本周电力板块走势劣于大 盘。截至 2025 年 06 月 06 日，本周公用事业板块收于 2376.19 点，下跌 3.21 点，跌幅 0.14%；电力子板块收于 3165.47 点，下跌 10.64 点，跌幅 0.34%， 劣于沪深 300 本周走势。公用事业（电力）板块走势变化幅度在申万 31 个一 级板块中排第 26 位。从电力子板块来看：本周光伏发电上涨 1.39%，风力发电 上涨 0.14%，热力服务上涨 2.11%，火力发电下跌 0.57%，水力发电下跌 1.85%， 电能综合服务上涨 0.70%。 ➢ 本周专题：甘肃新能源装机突破 7000 万千瓦，新能源主体地位进一步巩 固。截至 2025 年 5 月底，甘肃新能源累计装机容量达到 7062.46 万千瓦，同 比增长 25.25%，占全省电力总装机比重超过 65%。其中风电装机容量为 3494.57 万千瓦，同比增长 21.76%；太阳能装机容量为 3536.89 万千瓦，同 比增长 28.89%，风光装机 ...

Investment Rating - The report maintains a "Recommended" rating for several companies including China Nuclear Power, Funiu Co., and Huaneng Water Power, while providing a "Cautious Recommendation" for others like China General Nuclear Power and Longyuan Power [21][19]. Core Insights - The new energy installed capacity in Gansu has surpassed 70 million kilowatts, solidifying its dominant position in the province's energy mix, with a year-on-year growth of 25.25% [2][26]. - The National Energy Administration has initiated the first batch of pilot projects for the new power system, focusing on seven key areas including grid technology and virtual power plants [3][37]. - The report suggests that with the onset of the peak electricity consumption season in June and low coal prices, the performance of thermal power companies is expected to improve [3][19]. Summary by Sections Weekly Market Review - The electricity sector underperformed compared to the broader market, with the public utility sector index closing at 2376.19 points, down 0.14%, and the electricity sub-sector at 3165.47 points, down 0.34% [1][7]. - Among the electricity sub-sectors, photovoltaic power increased by 1.39%, while thermal and hydropower decreased by 0.57% and 1.85% respectively [13][19]. Gansu New Energy Capacity - As of the end of May 2025, Gansu's cumulative installed capacity reached 70.6246 million kilowatts, with wind and solar power each contributing over 32% to the total installed capacity [2][26]. - Gansu aims to reach 80 million kilowatts of installed renewable energy capacity by the end of 2025, with a target of 160 million kilowatts by 2030 [2][26]. National Energy Administration Initiatives - The pilot projects will explore new technologies and models for the new power system, focusing on areas such as intelligent microgrids and high-proportion renewable energy delivery [3][37]. - The report emphasizes the importance of these initiatives in enhancing the stability and efficiency of the power supply [3][37]. Investment Recommendations - The report highlights specific companies to watch, including Huadian International, Jingtou Energy, and Funiu Co. for thermal power, and Changjiang Electric Power and Chuan Investment Energy for hydropower [3][19]. - It also notes the potential for growth in companies involved in green electricity projects, particularly those benefiting from the implementation of the 136 document [3][19].

截至2025年6月6日 13:58，国证绿色电力指数上涨0.31%，成分股湖南发展涨停，三峡水利上涨1.32%，大唐发电上涨1.26%，华能国际上涨1.25%，国电电力 上涨1.09%。绿色电力ETF(159625)红盘震荡。 流动性方面，绿色电力ETF盘中换手3.17%，成交1083.31万元。拉长时间看，截至6月5日，绿色电力ETF近1月日均成交1932.35万元。 规模方面，绿色电力ETF近3月规模增长6555.78万元，实现显著增长，新增规模位居可比基金第一。份额方面，绿色电力ETF近1周份额增长200.00万份，实 现显著增长，新增份额位居可比基金第一。 据国家能源局披露，截至今年4月底，我国可再生能源发电装机达到20.17亿千瓦，同比增长58%；风电、光伏、核电装机达到15.3亿千瓦，历史性超过火电 装机。 中信证券研报指出，《关于有序推动绿电直连发展有关事项的通知》为国家层面首个涉及绿电直连的政策许可及规范；推出绿电直连政策，有助于新能源就 近消纳、满足用户实际绿电需求以及实现终端用户降本等多重目的；政策兼顾公平及效率，直连项目需要承担输配电费及系统运行费用等，但也可通过减少 并网容量需求等方式 ...

股票代码：600674 股票简称：川投能源 公告编号：2025-034 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 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 （以下简称"四川能源发展集团")承继四川省投资集团有限责任 公司（以下简称"川投集团"）直接及间接持有的四川川投能源 股份有限公司（以下简称"公司"）股份从而成为公司控股股东， 公司实际控制人仍为四川省政府国有资产监督管理委员会（以下 简称"四川省国资委"）。 一、本次控股股东权益变动的基本情况 公司于 2024 年 11 月 30 日发布了《四川川投能源股份有限公 司关于控股股东四川省投资集团有限责任公司与四川省能源投资集 团有限责任公司筹划战略重组的提示性公告》（公告编号：2024- 076 号），并分别于 2024 年 12 月 31 日、2025 年 1 月 15 日和 2025 年 2 月 28 日发布了《四川川投能源股份有限公司关于控股股东四 川省投资集团有 ...

股票代码：600674 股票简称：川投能源 公告编号：2025-033 号 四川川投能源股份有限公司 关于 2024 年度暨 2025 年第一季度业绩说明会召开 情况的公告 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"）2025 年 4 月 投资者更全面深入地了解公司 2024 年全年和 2025 年一季度经营成果、 财务状况，公司于 2025 年 5 月 22 日上午 10:00-11:00 举行 2024 年 度暨 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 现将会议召开情况公告如下： 一、 业绩说明会召开基本情况 "上证路演中心"以"视频和网络互动"方式召开了"2024 年度暨 向永忠先生、王劲夫先生，副董事长、总经理杨洪先生，副总经理、 总法律顾问杨平先生，财务总监刘好女士,董事会秘书鲁晋川女士出 席了本次会议并与投资者进行了沟通交流。 二、 本次说明会投资者提出的主要问题及回复情况 在本次说明会上，公司在信息披露允许的范围内就投资者关注的 问题给 ...