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]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expectations for the sector to perform better than the market in the next six months [4][61]. Core Insights - The report highlights that the public utility sector index has decreased by 1.84%, underperforming compared to major indices such as the Shanghai Composite and CSI 300 [2][13]. - Key developments include the release of the "136 Document" in Ningxia, which outlines pricing mechanisms for renewable energy, and adjustments to coal power capacity pricing in Guangdong [3][38]. - The report suggests that the long-term demand for thermal power remains stable, with coal prices expected to stabilize or decline, supporting profit margins for thermal power companies [7]. Summary by Sections Market Performance - The public utility sector index's PE (TTM) is reported at 18.42, down from 18.77 the previous week, while the PB is at 1.51, down from 1.54 [1][22][26]. - The sector's performance ranks 13th among 31 sectors, with specific declines noted in various sub-sectors such as thermal and hydropower [2][13]. Industry Dynamics - Recent regulatory changes in Shandong and Ningxia are expected to impact pricing and market participation for renewable energy projects [3][35][38]. - The report tracks coal prices, noting a slight increase in the price of Shanxi mixed coal to 649 RMB/ton, with other regional prices also rising [3][40]. Key Data Tracking - The report provides data on green certificate trading, with a total of 4.31 and 11.39 thousand transactions for wind and solar power respectively during the week [6][44]. - CEA trading volumes for the week were reported at 31.02, 65.80, 33.33, 66.70, and 52.27 thousand tons, with average prices fluctuating around 71.89 to 74.78 RMB/ton [6][46].

Group 1 - The core viewpoint of the news is the performance of the CSI All Share Public Utilities Index, which closed at 2560.34 points with a trading volume of 12.994 billion yuan, showing a decline of 1.81% over the past month, an increase of 0.92% over the past three months, and a year-to-date decline of 3.37% [1] - The CSI All Share Public Utilities Index is composed of listed companies selected based on liquidity and market capitalization criteria, reflecting the overall performance of representative and investable securities in various industries [1] - The top ten weighted stocks in the CSI All Share Public Utilities Index include: Changjiang Electric Power (14.08%), China Nuclear Power (8.94%), Three Gorges Energy (7.3%), Guodian Power (4.83%), State Power Investment (4.43%), Huaneng International (3.95%), Yongtai Energy (3.81%), Chuanwei Energy (3.59%), China General Nuclear Power (3.43%), and Zhejiang Energy (2.49%) [1] Group 2 - The CSI All Share Public Utilities Index is primarily composed of public utility companies, with a 100% allocation to this sector [1] - The index is adjusted semi-annually, with sample adjustments occurring on the next trading day after the second Friday of June and December each year [2] - In the event of special occurrences affecting sample companies, such as delisting or changes in industry classification, the index samples will be adjusted accordingly [2]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expectations for the industry to perform better than the market in the next six months [4]. Core Insights - The report highlights a turning point in the growth of new energy installations, with a significant increase in installed capacity in the first half of 2025, totaling 293 million kilowatts, a year-on-year increase of 140.5 million kilowatts. Wind and solar power installations saw year-on-year growth of 98.9% and 107.1%, respectively, accounting for 64.4% and 76.6% of the total new installations in 2024 [1][9][10]. - The development of energy storage is becoming clearer, with 2025 identified as a year of value reconstruction for the storage industry, driven by both policy and market changes. The introduction of differentiated capacity pricing mechanisms in Gansu and Guangdong emphasizes the value of regulatory power sources [2][17][18]. Summary by Sections New Energy Installation Growth - The report notes that the new energy installation growth is at a critical juncture, with policies transitioning from reliance on government support to market-driven mechanisms. The "430" and "531" policies are pivotal in this shift, promoting a more mature electricity market and enhancing the capacity for energy consumption [1][13][14]. Energy Storage Development - The energy storage sector is projected to see a significant increase in installed capacity, reaching 73.76 million kilowatts by the end of 2024, a 130% increase from 2023. By mid-2025, this is expected to rise to 94.91 million kilowatts. The average utilization hours for energy storage are also expected to improve significantly, indicating a shift towards market competitiveness [2][20][24]. Regulatory Changes and Market Dynamics - The introduction of capacity pricing mechanisms in Gansu and Guangdong is a key development, allowing coal and gas power plants to have a more significant role in the energy market. This change is expected to enhance the operational flexibility of traditional power sources and support the integration of renewable energy [17][19][18]. - The report emphasizes that the energy sector is moving towards a collaborative model where new energy and regulatory power sources work together to meet the increasing demand for system flexibility as renewable energy penetration rises [25][27].

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power, Huaneng International, and Kunlun Energy, among others [49][51]. Core Insights - The adjustment of capacity prices for coal and gas power plants in Guangdong is expected to improve profitability for gas power plants significantly, with capacity prices increasing by 65% to 296% depending on the type of gas plant [4][10]. - The rapid development of renewable energy installations in Guangdong has increased the reliance on coal power for flexible peak regulation, with renewable energy capacity reaching 59.13 million kW by the end of 2024, accounting for 26.6% of the total installed capacity [9][10]. - The report highlights the geopolitical factors affecting natural gas prices, with European gas prices experiencing a slight increase due to renewed geopolitical tensions, while U.S. gas prices remain stable [13][20]. Summary by Sections 1. Power Sector - Guangdong has raised the capacity price for coal power plants to 165 RMB per kW per year starting January 1, 2026, and for gas power plants, prices will range from 165 to 396 RMB per kW per year starting August 1, 2025 [8][10]. - The increase in capacity prices is expected to provide annual revenue boosts of 1.72 billion RMB for Guangdong Power A and 350 million RMB for Guangzhou Development [11]. 2. Gas Sector - As of August 1, 2025, the Henry Hub spot price is $3.00/mmBtu, while the TTF spot price in Europe is €32.95/MWh, reflecting a week-on-week increase of 2.74% [13][14]. - The report notes that the domestic LNG price is 4388 RMB per ton, showing a week-on-week decrease of 1.06% [32]. 3. Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, power, and environmental sectors lagged behind [39]. 4. Company and Industry Dynamics - The National Energy Administration has released guidelines to enhance the management of natural gas pipeline transportation prices, promoting transparency and optimizing resource allocation [37]. - The report discusses the performance of key companies, including Huaneng International and Inner Mongolia Huadian, with varying revenue and profit trends [44].