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"）。 登录新浪财经APP 搜索【信披】查看更多考评等级 股票代码：600674 股票简称：川投能源 公告编号：2025-015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。 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 四川省投资集团有限责 ...

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"）。 股票代码：600674 股票简称：川投能源 公告编号：2025-015 号 2025 年 3 月 6 日，公司披露了《四川川投能源股份有限公司收 购报告书》等相关要件。 本次合并完成后，公司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国资委。 二、本次控股股东权益变动进展情况 截至本公告披露日，本次控股股东权益变动涉及的川投集团直 接持有的公司 2,401,149,487 股股份尚未完成中国证券登记结算有限 责任公司的登记过户程序，相关工商变更登记手续尚未完成。 三、 ...

Investment Rating - The report maintains an "Outperform" rating for the power and utilities sector, indicating a positive outlook for the industry [4]. Core Insights - The implementation details for the green certificate issuance have been released, which is expected to positively impact the renewable energy sector [31]. - The overall market performance of the utilities sector has been weak, with the industry index declining by 0.73% during the week of March 24-30, 2025, underperforming compared to major indices [2][10]. - The report highlights specific stocks with investment ratings, including "Buy" for Guodian Power and "Overweight" for Longyuan Power, among others [1]. Market Performance Summary - The Shenyin Wanguo Utilities Industry Index PE (TTM) is at 16.44x, down from 16.61x the previous week, and significantly lower than 19.85x in the same period last year [2][22]. - The PB ratio for the utilities sector is currently 1.72x, slightly down from 1.73x last week and lower than 1.82x a year ago [2][25]. - The sector's performance ranks 11th among 31 major industries, with specific sub-sectors showing varied performance, such as thermal power down by 0.94% and hydropower up by 1.35% [10][16]. Stock Performance Summary - The top five performing stocks for the week include ST Lingda (+11.87%), Meinuo Energy (+4.46%), and Chuan Investment Energy (+4%) [3][28]. - Conversely, the worst performers include ST Xulan (-22.39%) and Guang'an Aizhong (-16.72%) [3][28]. Industry Dynamics - The National Energy Administration has initiated a consultation on the implementation details for the issuance of renewable energy green certificates, which will standardize the management of green certificates for various renewable energy projects [31]. - The administration is also focusing on enhancing the integration of renewable energy consumption and the construction of external transmission channels to ensure energy security [32][33]. Key Data Tracking - As of March 28, 2025, the price of Shanxi mixed coal (5500) is 667 RMB/ton, reflecting a week-on-week decrease of 0.89% [38]. - The trading volume for green certificates from March 24 to March 30 totaled 96.10 and 111.15 million for wind and solar power, respectively [41].

截至2025年3月31日11:19，中证全指公用事业指数(000995)上涨0.48%，成分股龙源电力上涨5.86%，大唐发电、华电国际、申能股份、国电电力等个股跟 涨。公用事业ETF(159301)跟随涨势，最新价报0.9元，盘中成交额已达230.79万元，暂居可比ETF首位，换手率3.66%。规模方面，公用事业ETF近1月规模 增长299.65万元，新增规模位居可比基金首位。 从估值层面来看，公用事业ETF跟踪的中证全指公用事业指数最新市盈率（PE-TTM）仅15.67倍，处于近1年5.14%的分位，即估值低于近1年94.86%以上的 时间，处于历史低位。 广发证券发布研报称，公用事业板块企稳与催化信号同步显现，煤价超预期下跌及水电蓄能释放推动火电、水电业绩预期反转，叠加高股息策略和市值管理 方案密集落地，板块配置价值凸显。 公用事业ETF（159301）紧密跟踪中证全指公用事业指数，选取50只涉及电力、环保、储能等领域的股票作为指数样本，按申万三级行业来看，前四大行业 分别为水力发电、火力发电、核力发电和风力发电，合计权重近78%，具备高分红与稳健成长属性，是较为典型的红利成长资产。 | 股票代码 | ...

Group 1 - The core viewpoint of the news highlights the positive performance of the green power sector, with the Guozheng Green Power Index rising by 0.65% and several constituent stocks showing significant gains, such as Jiangsu Xinneng up by 6.12% and Longyuan Power up by 5.99% [1] - The latest scale of the Green Power ETF reached 330 million yuan, marking a one-year high, with the number of shares also reaching 299 million, indicating strong investor interest [2] - The Green Power ETF has seen continuous net inflows over the past nine days, totaling 55.07 million yuan, with a single-day peak inflow of 15.56 million yuan, reflecting robust demand for green energy investments [2] Group 2 - The Guozheng Green Power Index's price-to-earnings ratio (PE-TTM) stands at 17.34, which is in the lowest 0.4% of its historical range, suggesting that the index is undervalued compared to the past year [2] - The top ten weighted stocks in the Guozheng Green Power Index account for 57.74% of the index, with major players including Changjiang Power and China Nuclear Power [2] - The recent joint issuance of the "Opinions on Promoting the High-Quality Development of the Renewable Energy Green Power Certificate Market" by five government departments is expected to enhance the long-term growth potential of the green certificate market and support the strategic transition of renewable energy in China [3]

证券研究报告 电力设备 报告日期：2025 年 03 月 20 日 1-2 月电力数据：风电出力环比加快，用电增速同比+1.3% ——行业动态点评报告 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 执业证书编号：S0230524080001 行业动态研究 表：重点关注公司及盈利预测 | 股票代码 | 股票简称 | 2025/03/20 | | EPS（元） | | | | PE | | | 投资 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 股价（元） | 2023A | 2024E | 2025E | 2026E | 2023A | 2024E | 2025E | 2026E | 评级 | | 600011.SH | 华能国际 | 6.93 | 0.54 | 0.83 | 0.92 | 1.04 | 12.9 | 8.3 | 7.5 | 6.7 | 买入 | | 600027.SH | 华电国际 | 5. ...

证券研究报告 | 行业周报 | 公用事业 公用事业 报告日期：2025 年 03 月 16 日 绿电直供凸显环境属性，清洁能源迎来专项资金 ——环保与公用事业行业周报 投资要点 ❑ 行情回顾 本周，公用事业板块指数上涨 2.19%，涨跌幅在 31 个申万一级行业中排名第 11，跑赢沪深 300 指数 0.61%；本周，环保板块指数上涨 2.53%，涨跌幅在 32 个 申万一级行业中排名第 9，跑赢沪深 300 指数 0.94%。截至 2025 年 3 月 7 日，公 用事业（申万）PE（TTM）为 16.87 倍，PB（LF）为 1.48 倍；环保（申万）PE （TTM）为 21.60 倍，PB（LF）为 1.48 倍。 ❑ 行业重要动态 ❑ 核心观点与投资建议 ❑ 公用事业行业，本周重点关注个股组合：佛燃能源+东方电子+中国核电。 A.绿电运营板块。去年以来政策推动典型高耗能行业参与绿证绿电交易，绿电环 境价值有望进一步兑现；此外新能源全面入市有望带动电价下行，叠加电网发债 持续推进下绿电企业国补欠补问题有望改善。考虑到当前绿电估值已处价值洼地， 尤其是港股绿电普遍处于破净状态，后续可进一步关注新能源大基地 ...

四川川投能源股份有限公司 十一届三十七次监事会决议公告 本公司监事会及全体监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、监事会会议召开情况 四川川投能源股份有限公司十一届三十七次监事会会议通知于 2025 年 3 月 7 日以送达、传真和电话通知方式发出，会议于 2025 年 3 月 14 日以通讯方式召开。应参加投票的监事 5 名，实际参加投票 的监事 5 名。会议的召集召开符合有关法律、法规、规章和公司章 程的规定。 二、监事会会议审议情况 股票代码：600674 股票简称：川投能源 公告编号：2025-014 号 （一）以 5 票赞成，0 票反对，0 票弃权审议通过了《关于向湖 北远安抽水蓄能有限公司提供 21315 万元内部借款审核意见的提案 报告》。 监事会认为： 本次借款符合湖北远安抽水蓄能有限公司的实际需求，其财务 情况、资金情况属实，符合公司整体战略方向及内部管理要求，决 策程序规范，风险总体可控，有利于推动项目工程建设。 特此公告。 四川川投能源股份有限公司监事会 2025 年 3 月 15 日 会议以记名投票方 ...

会议以记名投票方式审议通过了以下提案报告： （一）以 11 票赞成，0 票反对，0 票弃权审议通过了《关于向 湖北远安抽水蓄能有限公司提供 21315 万元内部借款的提案报告》。 会议同意： 股票代码：600674 股票简称：川投能源 公告编号：2025-013 号 四川川投能源股份有限公司 十一届三十七次董事会决议公告 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、董事会会议召开情况 四川川投能源股份有限公司十一届三十七次董事会会议通知于 2025 年 3 月 7 日以送达、传真和电话通知方式发出，会议于 2025 年 3 月 14 日以通讯方式召开。会议应参加投票的董事 11 名，实际参加 投票的董事 11 名。会议的召集召开符合有关法律、法规、规章和公 司章程的规定。 二、董事会会议审议情况 2025 年 3 月 15 日 1.向远安抽蓄公司提供不超过 21,315.00 万元额度的借款，用 于远安抽蓄公司项目征地移民及上水库进场道路工程相关费用、可 研阶段设计费用及其他在执行合同款项与项目运营费用等支付。 ...

Summary of the Conference Call for Chuanwei Energy Company Overview - Chuanwei Power is a state-owned electricity asset integration platform in Sichuan Province, holding a 50% stake. As of Q3 2024, the net assets are approximately 42 billion yuan, with 48% stake in Yalong River Hydropower Company accounting for about 32 billion yuan, representing 75% of the company's assets [3][4]. Core Assets and Financial Performance - The core asset is the 48% stake in Yalong River Hydropower, which has exclusive development rights in the Yalong River basin, with a planned total installed capacity of 30 million kilowatts. The company contributes approximately 5 billion yuan in investment income annually [2][4]. - Yalong River Hydropower has a stable performance with an average electricity price higher than the provincial average due to its regulatory reservoirs, which provide annual investment returns of about 5 billion yuan [5][6]. Market Dynamics and Competitive Position - Short-term demand for electricity in Sichuan and Yunnan is strong, with limited competition from thermal power, resulting in minimal impact from electricity price declines. The increase in trading prices during peak periods is favorable for Yalong River [2][6]. - The competitive pressure in the electricity sector is limited for Chuanwei, as the demand for hydropower in Southwest China remains stable, and the company has strong bargaining power regarding electricity prices [6][7]. Revenue and Growth Projections - Revenue growth for Yalong River is expected to be around 3% to 4% from 2025 to 2026, with improved water inflow partially offsetting any negative impacts [9][10]. - The company has significant growth potential with approximately 7 million kilowatts of undeveloped projects expected to be operational between 2030 and 2035 [11]. Cost Management and Financial Strategy - Yalong River's financial strategy includes replacing high-interest loans, which is expected to save about 200 million yuan annually in financial costs, contributing marginally to performance growth [10][12]. - The company has a long-term dividend yield of approximately 3.3%, which could increase to 3.84% with an improved payout ratio. The free cash flow return rate is around 15%, higher than competitors [12][13]. Investment Highlights and Market Sentiment - The current valuation presents a good buying opportunity, with a reset cost valuation of about 100 billion yuan compared to the current market value [13][14]. - Recent declines in the hydropower sector's stock prices are attributed to market style rotation rather than changes in the company's operational status [15]. Future Outlook and Asset Integration - There is potential for asset integration within the group, which may include additional hydropower assets from other subsidiaries [17]. - The company is actively developing integrated wind and solar projects to enhance utilization hours and return levels [11]. Conclusion - Chuanwei Energy is well-positioned in the hydropower sector with stable revenue streams, strong growth potential, and effective cost management strategies, making it an attractive investment opportunity in the current market environment.