Investment Rating - The report maintains a positive outlook on the power and environmental sectors, indicating a favorable investment environment [1]. Core Insights - The report highlights a slowdown in electricity generation growth in November, with a total generation of 779.2 billion kWh, a year-on-year increase of 2.7%. The contribution from hydropower and wind power is significant, while thermal power shows a decline [7][9]. - Natural gas prices in the US and Europe have shown slight fluctuations, with Northeast Asia's LNG prices continuing to decline, reaching $9.50/mmBtu, the lowest since May 2024 [21][34]. - The report suggests various investment opportunities across different sectors, including thermal power, hydropower, nuclear power, green energy, and gas companies, emphasizing the importance of diversified revenue streams [19][41]. Summary by Sections 1. Electricity: November Generation Growth Slows, Hydropower and Wind Power Contribute Incrementally - November electricity generation totaled 779.2 billion kWh, with thermal power decreasing by 4.2% year-on-year, while hydropower increased by 17.1%, nuclear power by 4.7%, wind power by 22.0%, and solar power by 23.4% [7][9]. - The overall growth rate of electricity generation has slowed compared to the previous month, with hydropower and wind power contributing significantly to the incremental generation [8][9]. 2. Natural Gas: Global Gas Prices Show Minor Fluctuations, Asian and US Prices Continue to Decline - As of December 19, the Henry Hub spot price in the US was $3.58/mmBtu, down 12.10% week-on-week, while the TTF spot price in Europe was €28.10/MWh, up 2.00% [21][22]. - The report notes that the LNG ex-factory price in China was 4030 yuan/ton, a decrease of 3.70% week-on-week, indicating a trend of declining costs in the natural gas sector [39]. 3. Weekly Market Review - The public utility and electricity sectors underperformed compared to the CSI 300 index, while the gas and environmental sectors outperformed [44]. 4. Company and Industry Dynamics - The report discusses various company announcements and industry developments, including stable coal production and increased oil production rates, as well as significant investments in energy projects [46][48].

Core Viewpoint - The report highlights the growth of China's hydropower generation, indicating a significant increase in production and a positive outlook for the industry from 2026 to 2032 [1] Industry Overview - According to the National Bureau of Statistics, China's hydropower generation reached 135.1 billion kilowatt-hours in October 2025, marking a year-on-year increase of 28.2% [1] - From January to October 2025, the cumulative hydropower generation in China was 1,131.12 billion kilowatt-hours, reflecting a cumulative growth of 1.6% [1] Company Insights - Listed companies in the hydropower sector include: - Changjiang Electric Power (600900) - Huaneng Hydropower (600025) - Guotou Power (600886) - Chuan Investment Energy (600674) - Guiguan Electric Power (600236) - Qianyuan Electric Power (002039) - Hubei Energy (000883) - Mindong Electric Power (000993) - Leshan Electric Power (600644) - Chenzhou International (600969) [1]

Investment Rating - The report maintains a "Positive" outlook for the utility sector [4] Core Views - The growth rate of electricity generation is slowing down, while coal prices continue to decline [2] - The utility sector is seen as a defensive asset with low valuations, making it attractive for investment [7] - The report emphasizes the need for further market-oriented pricing reforms to support the integration of renewable energy [7] Summary by Sections Electricity Generation - In November 2025, the electricity generation of large-scale power plants increased by 2.7% year-on-year, but the growth rate decreased by 5.2 percentage points compared to October 2025 [10] - The growth of renewable energy generation significantly improved, with wind power increasing by 22.0% and solar power by 23.4% year-on-year [10] - The report notes that the growth of hydropower decreased but remained high, while thermal power generation turned negative with a decline of 4.2% [10] Coal Prices - Port coal prices have been declining, with the Qinhuangdao port's Q5500 coal price at 703 RMB/ton, down 5.6% week-on-week [16] - The report indicates that high coal inventories and low demand from downstream power plants are contributing to the price drop [7] - The report anticipates that the decline in spot coal prices may gradually narrow due to improved acceptance from power plants [7] Investment Recommendations - The report suggests focusing on utility stocks, particularly in thermal power, hydropower, and nuclear power sectors, highlighting specific companies such as Huadian International and China General Nuclear Power [7] - It recommends investing in high-quality hydropower companies due to their low cost per kilowatt-hour and stable business models [7] - The report also notes the potential for growth in wind and solar sectors under carbon neutrality expectations [7] Market Performance - The utility sector index fell by 0.6%, underperforming the CSI 300 index by 0.3 percentage points [41] - Among sub-sectors, hydropower, thermal power, and wind power saw declines, while solar power showed a slight increase of 0.9% [43]

证券日报网讯12月17日，川投能源（600674）在互动平台回答投资者提问时表示，公司未进行股票回 购，公司控股股东四川能源发展集团有限责任公司自2025年4月9日起12个月内以自有或自筹资金增持公 司股份，截至三季报，控股股东及其一致行动人合计持有公司总股本的51.05%。 ...

Group 1 - The company, Chuan Investment Energy, reported that as of November 30, 2025, the total number of shareholders will be 78,959 [2]

（文章来源：证券日报） 证券日报网讯 12月17日，川投能源在互动平台回答投资者提问时表示，截至2025年12月15日，最新公 司股东总数为77605户。 ...

Group 1: Core Insights - The future narrative for thermal power is expected to shift towards enhanced profitability stability and increased dividends due to rising capacity prices and deeper assessments by the State-owned Assets Supervision and Administration Commission (SASAC) [2][60] - In the short term, integrated coal power companies are likely to have a comparative advantage as coal prices rise, with a consensus forming around an increase in the coal price baseline for next year [2][6] - Renewable energy companies, despite facing challenges such as supply-demand imbalance and subsidy delays, have shown considerable absolute returns, supported by improving policies for green energy development [6][8] Group 2: Thermal Power Analysis - Historical performance of thermal power shows a certain "counter-cyclical" nature, with earnings often moving inversely to coal prices, which are now market-driven [19][26] - The current policy framework limits the duration of profitability expectations for thermal power, leading to a "high first, low second" characteristic in the market for 2023 and 2024 [6][45] - The expected increase in capacity prices across provinces by 2026 will enhance the fixed cost recovery ability of coal power plants, significantly improving profitability stability [60][64] Group 3: Renewable Energy Insights - The renewable energy sector is currently facing multiple issues, including market price pressure and subsidy delays, but the gradual improvement in policy support is expected to create investment opportunities [6][8] - Companies with low valuations, high wind power ratios, and strong regional price certainty are still worth considering for investment despite the uncertain timing of policy impacts [2][6] Group 4: Hydropower and Nuclear Power - Leading hydropower companies exhibit high earnings certainty and dividend ratios, making them attractive for long-term investment [7] - Nuclear power is anticipated to see significant capacity growth during the 14th Five-Year Plan, with stable long-term price expectations despite some market price fluctuations [8][60] Group 5: Investment Recommendations - Recommended companies include quality thermal power operators such as Huaneng International, Datang Power, and China Power, as well as leading hydropower firms like Yangtze Power and Guotou Power [9] - In the renewable sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities [9]

四川川投能源股份有限公司 2025 年第三次临时股东会会议材料 2025 年 12 月 2025 年第三次临时股东会文件目录 1.关于选举十二届董事会非独立董事的提案报告； 根据《公司法》《公司章程》相关规定，董事会每届任期为 三年，公司十一届董事会任期于 2025 年 4 月 6 日届满。公司已 于 2025 年 4 月 8 日在上海证券交易所网站发布了《四川川投能 源股份有限公司关于董事会和监事会延期换届的提示性公告》， 期间，公司积极推进董事会的换届选举工作。现公司拟组建十二 届董事会。 根据章程规定，公司董事会由 11 名董事组成，其中非独立 董事 6 名，独立董事 4 名，职工董事 1 名。由控股股东四川能源 发展集团有限责任公司、持股 5%以上股东中国长江电力股份有 限公司推荐，经公司十一届四十四次董事会审议，提名刘胜金先 生、黄强先生、韩云文先生、赵云龙先生、涂莹女士、曾志伟先 生为十二届董事会非独立董事候选人，并提交股东会审议。任期 三年，自股东会审议通过之日起计算。 候选人简历详见公司于 2025 年 12 月 13 日发布的《关于董 事会换届选举的公告》（公告编号：2025-070 号）。 ...

证券日报网讯12月16日，川投能源（600674）在互动平台回答投资者提问时表示，新一轮的三年分红计 划预计2026年上半年出台，分红是否会大幅提升，仍需结合公司未来的资金需求统筹考量，后续请持续 关注公司公告。 ...

证券日报网讯12月16日，川投能源（600674）在互动平台回答投资者提问时表示，截至11月30日的股东 总数为78959户。 ...