股票代码：600674 股票简称：川投能源 公告编号：2025-040 号 四川川投能源股份有限公司 关于控股股东及其一致行动人权益变动触及 1%刻度 的提示性公告 股东四川能源发展集团有限责任公司及其一致行动人保证向本 公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供 的信息一致。 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 | |  控股股东/实际控制人及其一致行动人 | | --- | --- | | 投资者及其一致行动 | 其他 5%以上大股东及其一致行动人 | | | 合并口径第一大股东及其一致行动人 | | 人的身份 | （仅适用于无控股股东、实际控制人） | | | 其他__________ | 2.信息披露义务人信息 重要内容提示： 权益变动方向 比例增加 比例减少 权益变动前合计比例 50.07% 权益变动后合计比例 51.00% 本次变动是否违反已作出的承 诺、意向、计划 是 否 是否触发强制要约收购义务 是 否 二、权益变动触及1%刻度的基本情况 公司控股股东四川能源发展集团有限责任公司（ ...

Group 1 - The Shanghai Composite Index opened lower but rose later, while the China Securities Public Utilities Index fell by 0.26% to 2486.53 points with a trading volume of 9.421 billion yuan [1] - The China Securities Public Utilities Index has decreased by 1.23% over the past month, increased by 0.59% over the past three months, and has declined by 3.17% year-to-date [2] - The top ten weights in the China Securities Public Utilities Index are: Changjiang Electric Power (15.15%), China Nuclear Power (10.46%), Three Gorges Energy (8.35%), Guodian Power (5.66%), State Power Investment (4.81%), Chuanwei Energy (4.29%), Yongtai Energy (4.2%), Huaneng International (4.15%), China General Nuclear Power (3.92%), and Zhejiang Energy Power (2.8%) [2] Group 2 - The China Securities Public Utilities Index consists entirely of public utility companies, with a sample adjustment occurring every six months [3] - The market share of the China Securities Public Utilities Index is 83.15% from the Shanghai Stock Exchange and 16.85% from the Shenzhen Stock Exchange [2] - Adjustments to the index sample occur on the next trading day following the second Friday of June and December each year, with weight factors generally remaining fixed until the next scheduled adjustment [3]

Investment Rating - The report maintains a "Positive" outlook on the public utility sector, indicating an expectation for the industry to outperform the overall market [2]. Core Insights - The report highlights significant improvements in coal-fired power profitability due to a notable decrease in coal prices, with a 25.5% year-on-year drop in the average spot price of 5500 kcal thermal coal [2]. - Hydropower performance varies across regions, with major hydropower companies in Sichuan and Yunnan showing increased generation hours, leading to a strong performance in the first half of 2025 [2]. - Nuclear power generation is expected to grow steadily with the expansion of new units and ongoing approvals for additional reactors, ensuring long-term growth potential [2]. - Natural gas consumption faced short-term pressure but is anticipated to recover in the medium to long term as costs decrease and residential gas prices adjust [2]. Summary by Sections Coal Power - In Q2 2025, the average utilization hours for coal-fired power plants decreased by 118 hours year-on-year, but profitability is expected to improve due to lower coal prices [2]. - Companies like Jingneng Power and Jiantou Energy reported over 100% growth in net profit for the first half of 2025 [2]. Hydropower - National hydropower utilization hours reached 1023 hours from January to May 2025, a decrease of 70 hours year-on-year, but major hydropower companies reported significant increases in generation [2]. - Companies such as China Yangtze Power and Huaneng Hydropower saw their hydropower generation increase by 5.01% and 10.93% respectively in the first half of 2025 [2]. Nuclear Power - Nuclear power generation for China Nuclear Power and China General Nuclear Power increased by 12.01% and 6.11% respectively in the first half of 2025 [2]. - The approval of new nuclear units is expected to support future growth, with 10 new units approved in April 2025 [2]. Natural Gas - Natural gas consumption in China decreased by 1.3% year-on-year in the first five months of 2025, but there is an upward trend in terminal consumption [2]. - The report anticipates a recovery in natural gas prices due to increased LNG exports from major producing regions [2]. Performance Forecast - The report forecasts significant profit growth for key companies in the public utility sector for the first half of 2025, with various companies expected to see net profit growth rates ranging from 0% to over 100% [2][3]. - Recommendations include focusing on companies with strong growth potential in hydropower, nuclear power, and natural gas sectors [2].

Group 1 - The A-share market indices closed mixed, with the Shanghai 180 risk-weighted index at 5107.99 points, showing a 2.82% increase over the past month, a 6.34% increase over the past three months, and a 2.48% increase year-to-date [1] - The Shanghai 180 risk-weighted index and the Shanghai 380 risk-weighted index are designed to equalize the risk contribution of each sample, allowing for risk diversification and a higher Sharpe ratio compared to market capitalization-weighted indices [1] - The index is based on a reference date of December 31, 2004, with a base point of 1000.0 [1] Group 2 - The top ten holdings in the Shanghai 180 risk-weighted index include: Yangtze Power (1.85%), China Construction Bank (1.77%), Agricultural Bank of China (1.62%), Industrial and Commercial Bank of China (1.54%), Bank of China (1.34%), Sichuan Investment Energy (1.27%), Guotou Power (1.17%), Shandong High-Speed (1.12%), China Mobile (1.05%), and Ninghu Expressway (1.04%) [1] - The index's holdings are entirely composed of stocks listed on the Shanghai Stock Exchange, with a 100% allocation [1] Group 3 - In terms of industry allocation, the financial sector accounts for 27.44%, industrial sector for 23.49%, utilities for 10.34%, materials for 9.22%, information technology for 8.17%, consumer discretionary for 5.83%, energy for 5.07%, healthcare for 4.28%, consumer staples for 3.22%, communication services for 2.55%, and real estate for 0.39% [2] - The index samples are adjusted quarterly, with adjustments occurring on the next trading day following the second Friday of March, June, September, and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Investment Rating - The investment rating for the industry is "Outperform the Market" [4][64]. Core Insights - The report highlights the release of renewable energy power consumption responsibility weights and the implementation plans in Zhejiang and Hainan provinces [3][35]. - The public utility sector index increased by 1.11% during the week, outperforming the Shanghai Composite Index and the CSI 300 Index [2][12]. - The report suggests a focus on leading companies in the renewable energy sector due to favorable policies and expected improvements in project performance [8][7]. Market Performance - The public utility sector index's PE (TTM) is 17.43, slightly up from 17.38 the previous week, and down from 18.94 a year ago [23][26]. - The public utility sector index's PB (TTM) is 1.75, up from 1.74 the previous week, and down from 1.98 a year ago [26]. - The top-performing stocks for the week include Huayin Power (+40.89%), YN Energy (+25.1%), and Jingyun Tong (+22.32%) [29][30]. Industry Dynamics - The National Development and Reform Commission and the National Energy Administration have set binding indicators for renewable energy consumption responsibility weights for 2025 [35]. - The report discusses the establishment of zero-carbon parks and the implementation of green electricity direct connection plans in Yunnan province [36][37]. - Hainan's pricing mechanism for new energy projects has been clarified, with competitive pricing ranges established for onshore and offshore wind projects [37][38]. Key Data Tracking - As of July 11, 2025, the price of Shanxi mixed coal (5500) is 624 CNY/ton, with a week-on-week increase of 1.3% [42]. - The trading volume of wind and solar energy certificates totaled 5.4 and 3.65 million respectively during the week [45]. - The national CEA trading volume for the week was 51.5 thousand tons, with an average price of 74.30 CNY/ton [49][51].

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Viewpoints - The issuance of renewable energy power consumption responsibility weights for 2025 mandates green electricity consumption in five major industries, which is expected to alleviate renewable energy consumption issues [3][11] - The assessment scope has expanded to include steel, cement, polysilicon, and data centers, enhancing the focus on energy-intensive industries [3][12] - The provincial assessment targets for renewable energy consumption responsibility weights will range from 24.2% to 70% in 2025, with 19 provinces aiming for over 30% [3][15] Summary by Sections Industry Trends - The electricity and public utilities index rose by 1.60% during the week, outperforming the CSI 300 index by 0.78 percentage points [5][55] - The report highlights that over half of the listed companies in the electricity and public utilities sector experienced stock price increases [55] Key Industry Insights - The coal price has rebounded to 627 CNY/ton [13] - The inflow and outflow of water at the Three Gorges Dam decreased by 17.86% and 24.19% year-on-year, respectively [31] - The price of silicon materials remained stable, while mainstream silicon wafer prices decreased slightly [39] Investment Recommendations - Focus on the electricity sector due to the high temperatures across the country and the upcoming performance period [3] - Recommended stocks include Huaneng International, Jiantou Energy, Huadian International, and Qingda Environmental Protection, which are expected to have resilient quarterly earnings [3] - Emphasis on undervalued green electricity operators, particularly in Hong Kong and wind power sectors, such as Xintian Green Energy and Longyuan Power [3][8]

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights that the renewable energy power consumption responsibility weights for 2025 have been issued, indicating a focus on increasing the use of green electricity in various industries [5] - The LNG import volume in May 2025 decreased by 26.3% year-on-year, while domestic natural gas consumption showed a slight increase of 2.4% [5] - The report suggests that the power sector is expected to see profit improvement and value reassessment due to previous supply-demand tensions [5] Summary by Sections Market Performance - As of July 11, the utility sector rose by 1.1%, outperforming the broader market, with the electricity sector up by 1.10% and the gas sector up by 1.22% [4][12] - Key companies in the electricity sector showed varied performance, with notable increases for companies like Guikuan Electric and Guangdong Electric A [13] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased by 8 CNY/ton week-on-week, reaching 624 CNY/ton [4][21] - Coal inventory at Qinhuangdao Port decreased to 5.6 million tons, down 100,000 tons week-on-week [26] - Daily coal consumption in inland provinces was reported at 3.55 million tons, a decrease of 95,000 tons/day week-on-week [28] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was reported at 4,460 CNY/ton, a year-on-year decrease of 1.13% but a week-on-week increase of 1.09% [48] - The European TTF spot price increased by 23.0% year-on-year, reaching 11.86 USD/MMBtu [53] - Domestic natural gas apparent consumption in May 2025 was 36.42 billion cubic meters, a year-on-year increase of 2.4% [5] Industry News - The National Development and Reform Commission and the National Energy Administration issued guidelines for renewable energy consumption responsibilities, emphasizing the use of green electricity in high-energy-consuming industries [5] - The largest medium and shallow coalbed methane field in China has surpassed a cumulative gas production of 20 billion cubic meters [5] Investment Recommendations - The report recommends focusing on national coal power leaders such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [5] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5]

Core Points - The Shanghai Composite Index opened high and fluctuated, with the CSI 300 Utilities (secondary industry) index reported at 2645.95 points [1] - The CSI 300 Utilities index has decreased by 0.31% over the past month, increased by 1.48% over the past three months, and has declined by 2.24% year-to-date [1] Industry Classification - The CSI 300 index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index is based on a sample of 300 stocks from the CSI 300 index, with a base date of December 31, 2004, and a base point of 1000.0 [1] Index Holdings - The top ten weights in the CSI 300 Utilities index are: - Changjiang Electric Power (48.55%) - China Nuclear Power (10.28%) - Three Gorges Energy (8.2%) - Guodian Power (5.62%) - State Power Investment Corporation (4.72%) - Sichuan Investment Energy (4.17%) - Huaneng International (4.15%) - China General Nuclear Power (3.86%) - Zhejiang Energy (2.77%) - Huadian International (2.72%) [1] Market Distribution - The market distribution of the CSI 300 Utilities index shows that the Shanghai Stock Exchange accounts for 95.80%, while the Shenzhen Stock Exchange accounts for 4.20% [2] - In terms of industry composition within the index, hydropower constitutes 59.70%, thermal power 15.26%, nuclear power 14.14%, wind power 8.54%, and gas power 2.36% [2] Sample Adjustment - 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, with temporary adjustments made in response to changes in the CSI 300 index samples [2]

股票代码：600674 股票简称：川投能源 公告编号：2025-039号 四川川投能源股份有限公司 2025 年 1-6 月主要经营数据公告 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。 根据上海证券交易所《上市公司行业信息披露指引第三号—电 力》的要求，现将公司2025年1-6月发电业务的经营情况公告如下： 2025年1-6月，公司控股企业累计完成发电量23.61亿千瓦时，同 比上年增长17.76%；上网电量23.31亿千瓦时，同比上年增长18.14%； 企业平均上网电价0.278元／千瓦时，同比上年增长8.17%。 2025年1-6月，公司控股水电企业累计完成发电量22.28亿千瓦 时，同比上年增长17.82%；上网电量21.99亿千瓦时，同比上年增长 18.23%；水电企业平均上网电价0.269元／千瓦时，同比上年增长 11.62%。 2025年1-6月，公司控股光伏发电企业累计完成发电量1.33亿千 瓦时，同比上年增长16.67%；上网电量1.32亿千瓦时，同比上年增长 16.81%；平均上网电价0.439元 ...

证券代码：600674 证券简称：川投能源 公告编号：2025-038 四川川投能源股份有限公司 2024年年度权益分派实施公告 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法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.4元 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本4,874,606,828股为基数，每股派发现金红利0.4 元（含税），共计派发现金红利1,949,842,731.20元。 1. 发放年度：2024年年度 2. 分派对象： 三、 相关日期 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | ...