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 ...

证券研究报告 公用事业 | 电力 非金融|公司点评报告 投资要点： hyzqdatemark 2025 年 04 月 14 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 月 11 | 日 | | 04 | | | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | 16.83 | | | 一 年 / 低 | 最 | 内 | | | | | | 高 | 最 | 20.47/14.78 | | | （元） | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | 82,039.63 | | | 流 ...

从指数持仓来看，沪深300公用事业(二级行业)指数十大权重分别为：长江电力（48.37%）、中国核电 （10.28%）、三峡能源（8.33%）、国电电力（5.37%）、国投电力（4.72%）、川投能源（4.44%）、 华能国际（4.11%）、中国广核（3.76%）、浙能电力（3.02%）、华电国际（2.54%）。 从沪深300公用事业(二级行业)指数持仓的市场板块来看，上海证券交易所占比95.90%、深圳证券交易 所占比4.10%。 从沪深300公用事业(二级行业)指数持仓样本的行业来看，水电占比59.79%、火电占比15.04%、核电占 比14.04%、风电占比8.68%、燃气占比2.45%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数 ...

每经记者 朱成祥 每经编辑 杨夏 NO.1 东方日升：控股股东林海峰解除部分股份质押 4月13日，东方日升公告称，公司近日接到控股股东林海峰通知，获悉林海峰将其所持有的本公司部分 股份解除质押。本次解除质押股份数量合计1813.66万股，占其所持股份比例6.41%，占公司总股本比例 1.59%。截至公告披露日，林海峰累计质押股份数量为8465万股，占其所持股份比例29.91%，占公司总 股本比例7.43%。目前林海峰质押的股份不存在平仓风险或被强制过户风险。 NO.2 上能电气：拟回购3600万元至7200万元公司股份 4月13日，上能电气公告称，公司拟通过集中竞价交易方式以自有资金或自筹资金回购公司部分A股股 份，用于后期实施股权激励计划。回购的资金总额不低于3600万元且不超过7200万元。回购期限自公司 董事会审议通过回购股份方案之日起12个月内。 点评：上能电气计划回购A股股份，用于股权激励，彰显公司对自身价值的认可及对未来发展的信心。 回购资金总额不低于3600万元，显示公司财务状况稳健。此举有望提升市场信心，稳定股价，长期有利 于公司发展。 点评：东方日升控股股东林海峰部分股份解除质押，但目前林海 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a total revenue of 1.609 billion yuan in 2024, a year-on-year increase of 8.5%, and a net profit attributable to shareholders of 4.508 billion yuan, up 2.5% year-on-year. In Q1 2025, the company achieved a revenue of 364 million yuan, a significant year-on-year growth of 41.2%, with a net profit of 1.479 billion yuan, reflecting a 16.2% increase year-on-year [7] - The company experienced a significant improvement in profitability from its controlled hydropower projects in Q1 2025, driven by favorable water conditions and increased electricity prices. The hydropower generation reached 5.821 billion kWh in 2024, a growth of 11.27% year-on-year, with a notable increase in electricity prices [7] - The company’s financial expenses decreased to 456 million yuan in 2024, down by 159 million yuan year-on-year, contributing positively to its overall performance [7] Financial Summary - The company’s total revenue is projected to reach 1.944 billion yuan in 2025, with a year-on-year growth rate of 20.8%. The net profit attributable to shareholders is expected to be 5.273 billion yuan, reflecting a growth of 17.0% [6][9] - The gross profit margin is forecasted to be 52.6% in 2025, with a return on equity (ROE) of 11.6% [6][9] - The company plans to continue its investment in hydropower projects, with several key projects expected to commence operations in 2025, further enhancing its revenue and profit potential [7]