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]

Investment Rating - The report maintains a "Positive" investment rating for the power industry [11] Core Insights - The performance outlook for thermal power remains positive despite a decline in electricity prices and generation in Q2, driven by a significant decrease in coal prices [2][6] - Hydropower generation faces pressure due to high base effects and reduced rainfall, but some companies may achieve stable growth through optimized reservoir management [7][28] - Nuclear power generation continues to grow, but performance may vary by region due to differing impacts from market electricity prices [7][29] - Renewable energy generation (wind and solar) shows steady growth, but performance disparities exist across regions, influenced by local utilization hours [8][33] Summary by Sections Thermal Power - Key factors affecting thermal power profitability include coal prices, electricity prices, and generation volume. In Q2, coal prices decreased significantly, with the Qinhuangdao Q5500 coal price averaging 631.61 yuan/ton, down 216.85 yuan/ton year-on-year [20][21] - The overall electricity price across regions has declined, but northern regions like Inner Mongolia and Xinjiang show relatively strong performance [6][17] - Despite a year-on-year decline in thermal power generation hours and prices, the significant drop in coal prices is expected to stabilize thermal power operations, particularly in northern and eastern regions [26][21] Hydropower - Hydropower generation saw a year-on-year decline of 11.02% in April-May due to high base effects and less rainfall [28][31] - Major hydropower companies with better asset quality may still achieve stable growth through effective water management strategies [28] Nuclear Power - Nuclear power generation increased by 9.57% year-on-year in April-May, supported by a larger installed capacity and fewer maintenance days [29][31] - The impact of market electricity price fluctuations varies, with companies like China Nuclear Power being less affected compared to others [29] Renewable Energy - Wind and solar generation increased by 11.87% and 11.68% year-on-year, respectively, but utilization hours have decreased [33][36] - Regional disparities in performance are evident, with eastern and central provinces showing improved wind utilization hours, while coastal provinces like Guangdong and Fujian experienced significant declines [33][39] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huadian International, Huaneng International, and China Power, as well as major hydropower companies like Yangtze Power and Guotou Power [9][44] - For renewable energy, companies with balanced national layouts like Longyuan Power and China Nuclear Power are expected to perform well [9][44]

证券代码：600886 证券简称：国投电力 公告编号：2025-036 国投电力控股股份有限公司 2025年第三次临时股东大会决议公告 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法律责任。 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，由公司董事长郭绪元先生主持。会议采用现场 投票和网络投票相结合的表决方式。本次会议的召集、召开、表决符合《公司法》 和《公司章程》的有关规定。 (一) 股东大会召开的时间：2025 年 07 月 02 日 (二) 股东大会召开的地点：北京市西城区西直门南小街 147 号楼 207 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,353 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 6,004,025,742 | | 3、出席会议的股东所持有表决权股份数占公司有表决 ...

北京市天元律师事务所 关于国投电力控股股份有限公司 2025 年第三次临时股东大会的法律意见 京天股字(2025) 第 451 号 致:国投电力控股股份有限公司 国投电力控股股份有限公司(以下简称"公司")2025年第三次临时股东大会 (以下简称"本次股东大会")采取现场投票与网络投票相结合的方式,现场会议 于 2025 年 7 月 2 日在北京市西城区西直门南小街 147 号楼 207 会议室召开。北京 市天元律师事务所(以下简称"本所")接受公司聘任,指派本所律师参加本次股 东大会现场会议,并根据《中华人民共和国公司法》、《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》")以及 《国投电力控股股份有限公司章程》(以下简称"《公司章程》")等有关规定,就 本次股东大会的召集、召开程序、出席现场会议人员的资格、召集人资格、会议表 决程序及表决结果等事项出具本法律意见。 为出具本法律意见,本所律师审查了《国投电力控股股份有限公司第十二届董 事会第四十四次会议决议公告》《国投电力控股股份有限公司关于召开 2025 年第三 次临时股东大会的通知》(以下简称"《召开 ...

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].

Metal Sector - China Hongqiao's net profit forecast for 2024 is CNY 223.72 billion, with a PE ratio of 6.78[12] - Luoyang Molybdenum's net profit forecast for 2025 is CNY 167.43 billion, with a PE ratio of 10.42[12] Building Materials Sector - China National Materials' net profit forecast for 2025 is CNY 18.54 billion, with a PE ratio of 16.65[12] - Keda Manufacturing's net profit forecast for 2025 is CNY 17.24 billion, with a PE ratio of 10.82[12] - Three Trees' revenue compound growth rate from 2015 to 2018 was approximately 33%[40] Transportation Sector - SF Holding's net profit forecast for 2025 is CNY 117.44 billion, with a PE ratio of 20.58[12] - The company has seen a significant increase in daily package handling, reaching an average of 166 packages per courier in 2024[56] Chemical Sector - Yara International's net profit forecast for 2025 is CNY 22.52 billion, with a PE ratio of 12.30[12] - Ba Tian's net profit forecast for 2025 is CNY 12.84 billion, with a PE ratio of 7.59[12] Financial Performance - The overall net profit for Keda Manufacturing is projected to reach CNY 19.0 billion by 2026, with a significant increase in overseas revenue contributing to growth[31]

Investment Rating - The industry investment rating is maintained as "Increase" [4][3] Core Views - The "136 Document" catalyzes rapid growth in new energy this year, with accelerated electricity market reforms and the southern regional market starting continuous settlement, leading to more flexible electricity pricing reflecting supply and demand changes [3][10] - The cumulative installed capacity of solar power reached 1.08 billion kilowatts by the end of May, with a year-on-year increase of 56.9%, while the share of thermal power generation capacity decreased to approximately 40% [15][67] - The southern regional electricity market officially transitioned to continuous settlement, allowing for daily trading and better reflection of supply-demand dynamics [15][10] Summary by Sections Industry Overview - As of the end of May, the total installed power generation capacity in China reached 3.61 billion kilowatts, a year-on-year increase of 18.8% [15][67] - In the first five months of the year, solar power added 197.85 GW of new capacity, a year-on-year increase of 149.97%, while wind power added 46.28 GW, a year-on-year increase of 134.21% [15][67] Market Dynamics - The average daily trading volume in the southern regional electricity market is expected to reach 3.8 billion kilowatt-hours after the transition to continuous settlement [15][10] - The coal price rebounded to 620 yuan per ton, impacting the thermal power sector [11][3] Key Stocks - Recommended stocks include Huaneng International, Jingtou Energy, Huadian International, Sheneng Co., and Baoneng New Energy, focusing on those with flexible quarterly performance [3][7] - Emphasis on undervalued green electricity operators, particularly in Hong Kong stocks and wind power operators, such as Xintian Green Energy and Zhongmin Energy [3][7] Carbon Market - The national carbon market trading price increased by 4.83% this week, with a total trading volume of 6.68 billion tons and a cumulative trading amount of 458.99 billion yuan [52][69]

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]