Group 1 - The core report from Brand Finance indicates that the total brand value of Chinese utility companies in 2025 has increased by 23.1% compared to 2024, accounting for 46.2% of the global brand value, ranking first worldwide [1][3] - State Grid's brand value has grown by 20.4%, reaching $85.63 billion, maintaining its position as the most valuable utility brand globally for the eighth consecutive year [3][4] - China Southern Power Grid, with a brand value of $8.98 billion, ranks fifth globally, marking its first entry into the utility sector [3][4] Group 2 - State Grid has a brand strength index (BSI) score of 92.6, rated AAA+, making it the only utility brand to achieve this highest rating [3][4] - China Southern Power Grid is actively expanding its international business, including acquiring shares in Peru's largest distribution company and engaging in cross-border electricity trade with neighboring countries [3][4] - Other notable Chinese brands on the list include Guodian Power (brand value down 1% to $3.67 billion), Huaneng International (brand value up 9.1% to $3.64 billion), and Sungrow Power (brand value up 5.3% to $3.53 billion), ranking 11th, 12th, and 13th respectively [4]

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by over 10% in the next six months [47]. Core Insights - The public utility index increased by 1.0% over the past two weeks, underperforming the CSI 300 index by 2.2 percentage points, ranking 28th among 31 industries [6][13]. - Year-to-date, the public utility index has decreased by 0.02%, also underperforming the CSI 300 index by 0.9 percentage points, ranking 23rd among 31 industries [6][13]. - Among the sub-sectors, the heating service sector rose by 6.4%, photovoltaic power generation by 5.2%, and electric energy comprehensive services by 3.3% in the last two weeks [15]. - The report highlights significant developments in the southern regional electricity market, marking a key step towards a unified national electricity market [42]. Summary by Sections 1. Market Review - As of July 3, the public utility index has seen a 1.0% increase in the last two weeks, while the CSI 300 index has outperformed it by 2.2 percentage points [6][13]. - The sub-sectors showed mixed performance, with five sectors rising and two declining [15]. 2. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is 18.5 times, with the photovoltaic sector at 747.3 times, indicating a significant valuation disparity [20][21]. 3. Industry Data Tracking - The average price of Shenxi Yulin block coal (Q6000) was 596 RMB/ton, up 2.4% from the previous value, while Qinhuangdao port coal (Q5500) averaged 613 RMB/ton, up 0.4% [32][33]. 4. Key Company Announcements - China Nuclear Power reported a 15.65% year-on-year increase in cumulative power generation for the first half of the year [40]. - Longyuan Power announced a 23.58% decrease in power generation for June compared to the previous year [40]. 5. Key Industry News - The southern regional electricity market's continuous settlement trial was launched, aiming to optimize electricity resource allocation across provinces [44]. - The State Council emphasized encouraging private capital participation in water and electricity infrastructure projects [44]. 6. Industry Weekly Perspective - The report suggests focusing on companies like Huadian International and Guodian Power due to the decline in average coal prices [42].

证券代码：600795 证券简称：国电电力 公告编号：临2025-20 国电电力发展股份有限公司 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0.11元（含税） 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 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/9 | － | 2025/7/10 | 2025/7/10 | 差异化分红送转：否 — 1 — 1,961,918,099.02元。 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国电电力发展股份有限公司（以下简称"公 司"）2025 年 5 月 13 日的2024年年度股东大会审议通过。 二、分配方案 1.发放年度：2024年年度 2.分派对象： 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 ...

Summary of Guodian Power's Conference Call Company Overview - Guodian Power is undergoing asset restructuring by divesting non-core assets and acquiring high-quality thermal and conventional energy assets, significantly improving profitability quality. The non-recurring ROE is projected to increase from -1.15% in 2020 to 9.28% in 2024 [2][3][7]. Key Points Industry and Asset Management - Guodian Power is positioned as the integration platform for conventional power generation within the State Energy Group. The company has implemented several market value management measures since the second half of 2020, including asset buybacks and divestitures of underperforming thermal power assets [3][7]. - The potential asset injection from the State Energy Group includes approximately 35GW of coal power in Ningxia and Xinjiang, and an additional 70.91GW of high-quality coal power assets. If fully injected, this would increase Guodian Power's coal power capacity by 96% [2][3][6]. Future Growth and Production Cycles - The new production cycle in the Dadu River Basin includes multiple power stations, with an expected total capacity of 3.52 million kW to be operational by 2025-2026, significantly enhancing the company's profitability and valuation [2][5][10]. - The operation of the Shuangjiangkou Hydropower Station is expected to generate an additional profit of approximately 618 million yuan for downstream power stations in 2025 and 2026, further improving overall profitability [2][12]. Financial Projections - The anticipated net profit contribution from all uncommissioned units in the Dadu River Basin is projected to be 1.564 billion yuan, enhancing the company's competitiveness in hydropower [2][14][15]. - The overall net profit for Guodian Power is expected to grow by 31% to 2.735 billion yuan in the first phase (2025-2026) and by 37% to 2.858 billion yuan during the 14th Five-Year Plan period [14][15]. Cost Management and Pricing Strategy - Guodian Power has effectively controlled the cost of coal through adjustments in procurement structure, increasing the proportion of spot and imported coal, and negotiating long-term coal prices, which enhances profitability during coal price fluctuations [3][26][28]. - Despite a decline in electricity prices, Guodian Power maintains stable profitability, with a projected earnings per kWh of around 0.03 yuan in early 2025 [29]. Market Position and Competitive Advantage - Guodian Power's strong market position is supported by its long-term coal supply agreements and a significant presence in Jiangsu, Zhejiang, and Anhui, which helps maintain profitability even during price declines [28][29]. - The company is expected to benefit from additional asset injections and hydropower growth, providing a solid foundation for future development [29][32]. Challenges and Industry Outlook - The renewable energy sector faces industry-wide challenges, but Guodian Power's water assets are expected to enhance its valuation and provide a stable growth outlook [30][32]. - The cancellation of fixed pricing policies in Sichuan has led to price fluctuations, but the overall market remains stable, alleviating concerns about potential market collapse [22][32]. Conclusion - Guodian Power is strategically positioned for growth through asset restructuring and the integration of high-quality energy assets. The company's focus on improving profitability and managing costs effectively positions it well for future challenges and opportunities in the energy sector. Long-term investors are encouraged to consider Guodian Power due to its improving asset quality and growth potential in hydropower [32].

Investment Rating - The report maintains a "Buy" rating for Guodian Power and a "Hold" rating for Longyuan Power and Chuanwei Energy, with expected EPS for 2025E at 0.42, 0.79, and 1.05 respectively [1][6]. Core Views - The report highlights a 4.4% year-on-year increase in national electricity consumption in May 2025, with total consumption reaching 809.6 billion kWh [3][33]. - The report notes that the public utility sector index has seen a slight increase of 0.09% during the week of June 23-29, 2025, ranking 28th among 31 sectors [2][9]. - The report emphasizes the importance of new energy policies, which are expected to stabilize expected returns and improve existing projects, while also increasing the scale of new projects [6][38]. Summary by Sections Market Performance - The public utility sector index PE (TTM) is at 17.04, slightly down from 17.09 the previous week, and down from 18.16 a year ago [1][20]. - The sector's PB remains stable at 1.71, unchanged from the previous week and down from 1.89 a year ago [1][23]. - The report indicates that the sector's performance is lagging behind major indices, with a 1.82 percentage point deficit compared to the Shanghai Composite Index [2][9]. Industry Dynamics - The National Energy Administration reported a total installed power generation capacity of 3.61 billion kW by the end of May 2025, marking an 18.8% year-on-year increase [33][34]. - The report details that the average utilization hours for power generation equipment have decreased by 132 hours compared to the previous year [34]. - New pricing mechanisms for electricity in Xinjiang and Inner Mongolia are introduced, with competitive bidding ranges set for new projects [35][38]. Key Data Tracking - As of June 30, 2025, the price of Shanxi mixed coal (5500) is reported at 615 RMB/ton, with a week-on-week change of 0.82% [40]. - The report tracks green certificate trading, with a total of 88.16 and 82.35 thousand transactions for wind and solar power respectively during the week of June 23-29, 2025 [41][44]. - The report also notes the CEA trading volumes for the week, with a total of 138.6 thousand tons traded on June 27, 2025, at an average price of 74.96 RMB/ton [46][48].

Core Viewpoint - The China Securities Index for Modern Energy of State-Owned Enterprises has shown mixed performance, with a slight increase recently but a year-to-date decline, reflecting the overall trends in the modern energy sector [1][2]. Group 1: Index Performance - The index closed at 1284.8 points, with a trading volume of 20.648 billion yuan [1]. - Over the past month, the index has increased by 1.23%, and over the last three months, it has risen by 1.36%, while it has decreased by 4.08% year-to-date [1]. Group 2: Index Composition - The index is composed of 50 listed companies involved in green energy, fossil energy, and energy transmission and distribution, reflecting the performance of modern energy theme companies [1]. - The top ten weighted companies in the index include: - Changjiang Electric Power (10.02%) - Guodian NARI Technology (7.44%) - China Nuclear Power (6.4%) - Three Gorges Energy (5.1%) - Aluminum Corporation of China (4.68%) - Guodian Power (3.71%) - China Power Construction (3.49%) - China Shenhua Energy (3.08%) - State Power Investment Corporation (3.01%) - China National Petroleum Corporation (2.97%) [1]. Group 3: Market and Sector Breakdown - The Shanghai Stock Exchange accounts for 81.96% of the index's holdings, while the Shenzhen Stock Exchange represents 18.04% [1]. - In terms of industry distribution, the index's sample shows: - Utilities: 44.88% - Industrials: 22.59% - Energy: 17.31% - Materials: 14.35% - Communication Services: 0.88% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]. - Public funds tracking the index include: - Harvest CSI National New State-Owned Enterprises Modern Energy Link A - Harvest CSI National New State-Owned Enterprises Modern Energy Link C - ICBC CSI National New State-Owned Enterprises Modern Energy ETF - Bosera CSI National New State-Owned Enterprises Modern Energy ETF - Harvest CSI National New State-Owned Enterprises Modern Energy ETF [2].

Core Viewpoint - The company, backed by the State Energy Group, is a leading state-owned power generation enterprise in China, with a total installed capacity of 111.7 GW by the end of 2024, comprising 67% thermal power, 13% hydropower, and 20% renewable energy [1] Group 1 - The company has shown significant market value management results since the second half of 2020, with a potential for substantial asset injection from the group [1] - The company's stock price has increased by 165% from July 15, 2020, to June 27, 2025, with a projected return on equity (ROE) of 9.28% for 2024, a notable improvement from -1.15% in 2020 [1] - The State Energy Group announced ongoing asset integration, with potential coal power assets injection that could provide 96% flexibility in coal power installed capacity [1] Group 2 - The Dadu River project is set to enter a new production cycle in 2025-2026, which is expected to enhance the company's profitability and valuation [2] - The hydropower capacity is projected to increase by 43% by the end of 2024, with downstream hydropower stations benefiting from increased annual power generation and improved electricity pricing [2] - The projected installed capacity of 3.52 million kW from the Dadu River project is expected to increase the company's net profit from hydropower by 31% to 2.735 billion yuan in 2024 [2] Group 3 - The company differs from market views that suggest lower allocation value due to declining coal prices, arguing that potential asset injections and new hydropower production will provide profit elasticity [3] Group 4 - The target price for the company's stock is set at 6.69 yuan, maintaining a "buy" rating, with projected net profits for 2025-2027 at 7.556 billion, 8.911 billion, and 9.375 billion yuan respectively [4] - The company’s expected price-to-earnings (PE) and price-to-book (PB) ratios for 2025 are 14.5 and 1.80, respectively, with a target market value of 119.3 billion yuan [4]

Group 1 - The event "China-Turkey Cooperation: Building the Future Together" was held in Istanbul, focusing on deepening economic and cultural exchanges between China and Turkey [1][2] - The Chinese Consul General in Istanbul, Wei Xiaodong, highlighted the significance of the 15th anniversary of the China-Turkey strategic partnership and the 10th anniversary of the Belt and Road Initiative [1] - The event aimed to provide a platform for Turkish media and Chinese enterprises to exchange views and promote cooperation, enhancing mutual understanding between the two nations [1][2] Group 2 - The Chairman of Industrial and Commercial Bank of China (Turkey) and President of the Chinese Enterprises Association, Hou Qian, expressed gratitude for the event, emphasizing the expansion of economic cooperation channels [2] - The event provided valuable opportunities for Turkish institutions to understand China better and explore collaboration avenues [2] - Representatives from major Chinese enterprises, including China Bank, Industrial and Commercial Bank of China, Huawei, and State Power Investment Corporation, presented their core business operations [2]

Group 1 - The Shanghai Composite Index opened lower but rose throughout the day, with the CSI 300 Utilities (secondary industry) index reported at 2669.83 points [1] - The CSI 300 Utilities index has decreased by 1.10% over the past month, increased by 5.80% over the past three months, and has declined by 1.36% year-to-date [1] - The CSI 300 index categorizes its 300 sample stocks 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] Group 2 - The top ten holdings in the CSI 300 Utilities index are: Changjiang Electric (49.31%), China Nuclear Power (10.16%), Three Gorges Energy (8.03%), Guodian Power (5.52%), State Power Investment (4.65%), Huaneng International (4.17%), Chuanwei Energy (4.09%), China General Nuclear Power (3.81%), Zhejiang Energy (2.82%), and Huadian International (2.5%) [1] - The market share of the CSI 300 Utilities index is dominated by the Shanghai Stock Exchange at 95.87%, while the Shenzhen Stock Exchange accounts for 4.13% [2] - In terms of industry composition, hydropower constitutes 60.36%, thermal power 15.01%, nuclear power 13.97%, wind power 8.36%, and gas power 2.31% of the index [2] Group 3 - 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 adjusted in accordance with the regular sample adjustments, which occur at the same time as the index sample adjustments [2] - Temporary adjustments to the index samples occur when the CSI 300 index undergoes changes, and special events affecting sample companies may also lead to corresponding adjustments in the CSI 300 industry index [2]

Group 1 - The core index of the China Mainland Enterprises Global Public Utilities Composite Index (CN Public Composite) is reported at 2593.80 points, with a recent decline of 2.72% over the past month, an increase of 2.15% over the past three months, and a year-to-date decrease of 1.15% [1] - The index is based on the classification of China Mainland Enterprises according to the China Securities Index industry classification standard, reflecting the overall performance of different industry securities [1] - The index has a base date of December 31, 2004, with a base point of 1000.0 [1] Group 2 - The top ten holdings of the CN Public Composite Index include: Changjiang Electric Power (22.5%), China Nuclear Power (4.68%), Three Gorges Energy (3.65%), Xin'ao Energy (2.75%), Guodian Power (2.52%), China Resources Power (2.14%), Guotou Power (2.14%), Huaneng International (1.95%), Chuan Investment Energy (1.88%), and Kunlun Energy (1.84%) [1] - The market segment distribution of the index shows that the Shanghai Stock Exchange accounts for 66.03%, the Hong Kong Stock Exchange for 18.03%, the Shenzhen Stock Exchange for 15.72%, and the Beijing Stock Exchange for 0.22% [2] - The industry composition of the index indicates that electricity and grid account for 76.17%, gas for 14.13%, water services for 5.52%, heating and others for 2.75%, and municipal sanitation for 1.43% [2] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, particularly when there are changes in the industry classification of sample companies or if a sample company is delisted [2] - Events such as mergers, acquisitions, spin-offs, and suspensions of sample companies are handled according to calculation and maintenance guidelines [2]