Group 1 - The central enterprise energy ETF has a turnover rate of 2.38% and a transaction volume of 3.0688 million yuan, with an average daily transaction volume of 5.4144 million yuan over the past week as of May 16 [2] - The index tracked by the ETF, the China Securities National New Central Enterprise Modern Energy Index, is currently at a historical low valuation with a price-to-book ratio (PB) of 1.41, which is below 95.4% of the time over the past year, indicating a strong valuation cost-effectiveness [2] - The top ten weighted stocks in the index, including Changjiang Electric Power and China Nuclear Power, account for a total of 51.18% of the index as of April 30, 2025 [2] Group 2 - The A-share market has historically undervalued low-covariance assets due to insufficient risk awareness, but there is a growing recognition of the importance of the "return-risk ratio" amid increased market volatility, leading to a valuation uplift for utility and other low-covariance assets [2] - Huayuan Securities recommends selecting hydropower with strong risk resistance and undervalued quality thermal power benefiting from declining coal prices, while also suggesting a preference for undervalued quality wind power operators despite uncertainties in the new energy market under Document No. 136 [2]

丨证券研究报告丨 行业研究丨行业周报丨公用事业 [Table_Title] 国际认可加速绿证消费扩容，价改推进重视绿电 长期价值 报告要点 [Table_Summary] 国际绿色电力消费倡议组织（RE100）宣布无条件认可中国绿证，明确企业使用中国绿证不需 要再提供额外证明。标志着我国绿证体系的制度完善与国际互认取得里程碑式突破，助推我国 绿证需求侧加速扩容。长期低位运行的市场需求和绿证价格将得到显著催化，为新能源项目实 现合理收益提供重要支撑。在新能源价格改革持续持续推进的背景下，我们认为各省配套细则 也将承接 136 号文保护存量项目、稳定增量项目收益预期的原则，有助于长远角度新能源发电 的合理健康发展，同时随着绿电消费的加速扩容，绿电公司有望迎来价值重估。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SFC：BQT627 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 张韦华 司旗 宋尚骞 刘亚辉 [T ...

Investment Rating - The report maintains a "Buy" rating for key stocks in the power sector, including Huadian International, Huaneng International, Datang Power, and Jianou Energy, as well as leading fire power renovation equipment manufacturers like Qingda Environmental Protection [3][8]. Core Viewpoints - The Guangdong government has issued Document No. 136, focusing on incremental projects with a clear mechanism for a 90% electricity volume cap and long execution periods [3][12]. - Compared to Shandong's conservative approach to existing projects, Guangdong's plan emphasizes detailed competition for incremental projects, which is expected to enhance market-driven price formation [12][13]. - The report suggests paying attention to green power operators with a higher proportion of existing projects and short-term revenue certainty, as well as those with long-term cost reduction and efficiency advantages [3][12]. Summary by Sections Industry Overview - The report highlights the recent performance of the power sector, with the Shanghai Composite Index closing at 3367.46 points, up 0.76%, and the CSI 300 Index at 3889.09 points, up 1.12% [58]. - The CITIC Power and Utilities Index closed at 2912.72 points, up 0.29%, underperforming the CSI 300 Index by 0.82 percentage points [58]. Key Developments - The Guangdong Provincial Power Trading Center has released draft rules for the sustainable development price settlement mechanism for new energy incremental projects, emphasizing competitive bidding [3][12]. - The report notes a decline in coal prices to 629 RMB/ton, which may impact fire power profitability [15]. - Water inflow at the Three Gorges Dam has decreased by 26.09% year-on-year, while outflow has dropped by 25.14% [31]. Market Trends - The report indicates a drop in silicon material prices to 37 RMB/KG and a decrease in mainstream silicon wafer prices to 1.12 RMB/PC, suggesting potential improvements in photovoltaic project returns [41]. - The national carbon market saw a price increase of 0.80% this week, with a total trading volume of 3.67 million tons and a total transaction value of 266 million RMB [53]. Recommended Stocks - The report recommends focusing on undervalued green power stocks, particularly those listed in Hong Kong, as well as wind power operators like Xintian Green Energy and Longyuan Power [3][8].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's performance is stable and slightly exceeds expectations, with contributions from both thermal and hydropower generation [5] - The first quarter of 2025 saw a revenue of 39.813 billion yuan, a year-on-year decrease of 12.61%, while the net profit attributable to shareholders was 1.811 billion yuan, a year-on-year increase of 1.45% [7] - The company has a robust cash flow, with a net operating cash flow of 14 billion yuan in the first quarter, a 93% increase year-on-year, marking the highest for the company in its first quarter reports [7] Financial Performance Summary - Revenue for 2023 is projected at 180.999 billion yuan, with a year-on-year decrease of 7.02% [6] - The net profit attributable to shareholders for 2023 is estimated at 5.609 billion yuan, reflecting a significant year-on-year increase of 98.80% [6] - The company expects to achieve a net profit of 6.811 billion yuan in 2025, a decrease of 30.72% compared to 2024 [6] - The average on-grid electricity price in the first quarter was 425.41 yuan/MWh, a decrease of 6.6% year-on-year [7] - The company plans capital expenditures of 74.1 billion yuan in 2025, with a focus on both traditional and renewable energy projects [7][8]

Group 1 - The core viewpoint highlights the significant growth and low valuation of the green power ETF, indicating a potential investment opportunity in the renewable energy sector [3] - The green power ETF has seen a trading turnover of 3.91% and a transaction volume of 14.43 million yuan, with an average daily transaction of 24.55 million yuan over the past week [3] - The ETF's scale has increased by 131 million yuan over the past six months, ranking first among comparable funds, while its share count has grown by 10.6 million shares in the last three months, also leading in its category [3] Group 2 - The current price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is 18.81, which is in the 15.99% percentile over the past three years, indicating a valuation lower than 84.01% of the historical period [3] - The top ten weighted stocks in the index account for 58.04% of the total, including major companies such as Yangtze Power, China Nuclear Power, and Three Gorges Energy [3] - The recent recognition of China's green certificate by the global renewable energy consumption initiative (RE100) marks a significant advancement in the country's renewable energy transition [3] Group 3 - The value of green electricity and energy storage is expected to be reassessed, with the intrinsic value of renewable energy adjusted for its volatility and enhanced by its green attributes [4] - Investors can access investment opportunities through the corresponding green power ETF linked fund (017057) [4]

Group 1 - The National Financial Regulatory Administration and the China Securities Regulatory Commission announced a series of financial policy measures to support market stability and expectations [1] - Central Huijin, a vice-ministerial level central enterprise, has an asset scale exceeding 10 trillion yuan after the merger of three major Asset Management Companies (AMCs) into China Investment Corporation [3] - Central Huijin's investment acumen has been validated multiple times in the market [4] Group 2 - Central Huijin has made significant investments in companies with high growth potential, including six leading firms in their respective fields [5] - The first company is Guodian Power, which has a diversified business model and is developing technology in nuclear power [5] - The second company is Gehua Cable, which operates the world's largest interactive digital TV platform and is considered a stable asset in communication infrastructure [6] - The third company is Sheneng Co., which dominates the natural gas and electricity sectors in Shanghai [7] - The fourth company is Zhongheng Group, known for its influential cardiovascular and oncology medications, with potential for valuation recovery [8] - The fifth company is Suzhou High-tech, the only A-share listed company under the Suzhou High-tech Zone government, focusing on new industry investment and urban development services [9] - The sixth company is a leading domestic industrial rigging manufacturer, with a stable market share and a large customer base across various sectors [10]

作者：邱慈观，上海交通大学上海高级金融学院教授、可持续金融学科发展专项基金学术主任 李小千，可持续金融学科发展专项基金研究专员 生态环境部近期发布全国碳排放权交易市场的工作方案，将钢铁、水泥和铝冶炼三个产业纳入全国碳市 场。作为高碳排产业，与钢铁和水泥行业的碳排放主要来自生产制程不同，铝冶炼产业的碳排放主要来 自电力使用。 对于铝冶炼行业，其脱碳的关键在于绿电。然而绿电投资大，回报周期长，收益不确定。未来电解铝厂 商应与电力产业共探可行的投资模式，如通过合资模式来扩大资金来源、通过风险缓释机制来降低投资 风险等，从而创造有利环境，推动产业绿色转型。 绿电是铝冶炼脱碳关键 从国内外绿电投资经验看，企业可通过引入社会资本来降低绿电项目开发对其财务杠杆的影响。电解铝 厂商主要通过合资模式引入社会资本，以共同投资绿电项目，而电力企业则可通过另类投资工具募集社 会资本，以扩大资金规模。 合资模式上，当项目方与外部资本以合资方式参与绿电项目时，双方共同开发、共享收益，开发企业则 通过投资成本的分摊，降低自身杠杆，也通过引入社会资本提高项目落地的成功性。 铝产业链包括铝矿开采、氧化铝生成、电解制铝、铝材加工等环节，其中，电 ...

2024 年年度股东大会的法律意见书 北京办公室通讯地址：北京市朝阳区北辰东路八号汇宾大厦 A 座六层 Add：F6/A, North Star Huibin Plaza, No.8 Beichen East Road, Chaoyang District, Beijing 100101 , China 电话 T：+8610 6184 8000 传真 F：+8610 6184 8008 网址 www.tiantailaw.com 北京天驰君泰律师事务所 关于国电电力发展股份有限公司 天驰君泰顾 602-202502 号 致：国电电力发展股份有限公司 北京天驰君泰律师事务所（以下简称"本所"）接受国电电力发 展股份有限公司（以下简称"公司"）委托，指派本所律师对公司 2024 年年度股东大会（以下简称"本次股东大会"）的合法性进行见证并 出具法律意见书（以下简称"本法律意见"）。 本法律意见根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有 效的法律、法规、规范性文件及《国电电力发展股份有限 ...

证券代码：600795 证券简称：国电电力 公告编号：临2025-19 国电电力发展股份有限公司 2024年年度股东大会决议公告 一、会议召开和出席情况 （一）股东大会召开的时间：2025 年 5 月 13 日 （二）股东大会召开的地点：北京市朝阳区安慧北里安园 19 号 楼公司会议室 （三）出席会议的普通股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 3,126 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 9,483,273,551 | | 3、出席会议的股东所持有表决权股份数占公司有 | | | 表决权股份总数的比例（%） | 53.1704 | （四）本次会议由公司董事会召集，会议采取现场投票与网络投 票相结合的方式，会议的召开符合《公司法》及其他有关法律法规和 《公司章程》的规定。 （五）公司董事、监事出席情况： 1.公司在任董事8人，出席8人； 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： 本次会议是否有否决议案：无 2.公司在任监事3 ...

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Viewpoints - The new regulations for public funds are expected to lead to an increased allocation towards the utility sector, which is anticipated to benefit from a shift in investment strategies focusing on the "risk-return ratio" [6][4] - The utility sector, particularly hydropower, is projected to be one of the biggest beneficiaries of the new policies, as they are characterized by low covariance with the market, leading to potential valuation increases [6][4] - Historical data shows that major hydropower companies have consistently ranked in the top percentiles for risk-return ratios, indicating strong performance relative to market volatility [6][7] Summary by Sections Sector Performance - The report highlights the underallocation of public funds in the utility and environmental sectors compared to their index weights, suggesting a significant opportunity for investment [6][7] Investment Recommendations - The report recommends prioritizing investments in resilient hydropower companies and undervalued thermal power companies that benefit from declining coal prices [6] - Specific stock recommendations include: 1. Hydropower: Guotou Power, Changjiang Power, Chuanwei Energy 2. Wind Power: Longyuan Power (H), Xintian Green Energy, Datang Renewable, CGN New Energy 3. Thermal Power: Waneng Power, Shanghai Electric, China Resources Power, Huadian International, Sheneng Co [6]