证券代码：600886 证券简称：国投电力 公告编号：2025-033 2025年第三次临时股东大会 至2025 年 7 月 2 日 股东大会召开日期：2025年7月2日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 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 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 7 月 2 日 14 点 00 分 召开地点：北京市西城区西直门南小街 147 号楼 207 会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 7 月 2 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开 ...

国投电力控股股份有限公司 证券代码：600886 证券简称：国投电力 公告编号：2025-032 第十二届董事会第四十四次会议决议公告 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。 一、董事会会议召开情况 国投电力控股股份有限公司（以下简称公司）第十二届董事会第四十四次会 议于 2025 年 6 月 11 日以邮件方式发出通知，2025 年 6 月 16 日以通讯方式召开。 本次会议应出席董事 8 人，实际出席董事 8 人，公司董事长郭绪元先生主持本次 会议。本次会议的召集和召开符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过了《关于子公司注册发行中期票据和公司债券的议案》 为提升资金筹措能力，满足经营发展需要，董事会同意控股子公司雅砻江流 域水电开发有限公司申请注册发行规模不超过人民币 50 亿元（含 50 亿元）的中 期票据和规模不超过人民币 40 亿元（含 40 亿元）的公司债券。 本议案尚需提请公司股东大会审议。 表决情况：8 票赞成、0 票反对、0 票弃权。 （二）审议通过了《关于修 ...

智通财经6月16日电，国投电力(600886.SH)公告称，公司第十二届董事会第四十四次会议于2025年6月 16日召开，会议审议通过了《关于子公司注册发行中期票据和公司债券的议案》，同意控股子公司雅砻 江流域水电开发有限公司申请注册发行规模不超过人民币50亿元的中期票据和规模不超过人民币40亿元 的公司债券。本议案尚需提请公司股东大会审议。 国投电力：子公司拟申请不超90亿元注册发行中期票据和公司债券 ...

Group 1 - The A-share market showed mixed performance with the China Securities Public Utilities Index down by 0.39% closing at 2494.68 points and a trading volume of 8.457 billion [1] - Over the past month, the China Securities Public Utilities Index has decreased by 0.01%, increased by 5.61% over the last three months, and has declined by 2.47% year-to-date [1] - The index is designed to reflect the overall performance of different industry companies within the China Securities 800 Index, categorized into 11 primary and 35 secondary industries [1] Group 2 - The top ten holdings in the China Securities Public Utilities Index include: Changjiang Electric Power (16.87%), China Nuclear Power (10.59%), and Three Gorges Energy (8.41%) among others [1] - The market composition of the index shows that 84.49% of the holdings are from the Shanghai Stock Exchange and 15.51% from the Shenzhen Stock Exchange [1] - The public utilities sector accounts for 100.00% of the index's holdings [2] Group 3 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, but can change with temporary adjustments due to events affecting the index [2] - Special events such as delisting, mergers, or changes in industry classification will prompt corresponding adjustments to the index samples [2]

【导读】李樱履新，任中国华能集团总会计师、党组成员 见习记者舍梨 近日，中国华能集团有限公司网站"公司领导"一栏最新信息显示，李樱已任中国华能集团总会计师、党组成员。 李樱出任中国华能总会计师 公开资料显示，李樱，女，1974年生，经济学硕士，现任中国华能集团有限公司总会计师、党组成员。她曾长期在国投系企业任职，担任过国投电力控股 股份有限公司证券部经理兼证券事务代表，国投财务有限公司总经理助理、副总经理，国投资本控股有限公司副总经理、董事会秘书兼财务总监等职务， 2018年任国投资本总经理，2023年任国投泰康信托有限公司董事长，直至此次履新中国华能集团。 中国华能集团和国投集团均为中央企业，在国务院国资委2024年10月发布的98家央企名录中，中国华能和国投集团分别位列第17位、第49位。 中国华能集团创立于1985年。公司注册资本为349亿元人民币，主营业务包括电源开发、投资、建设、经营和管理，电力（热力）生产和销售，金融、煤 炭、交通运输、新能源、环保相关产业及产品的开发、投资、建设、生产、销售，实业投资经营及管理。目前，中国华能集团拥有57家二级单位、480余 家三级企业，5家上市公司（分别为华能国 ...

Group 1 - The liquidity of the green power ETF showed a turnover of 3.17% with a transaction volume of 10.83 million yuan, and the average daily transaction volume over the past month reached 19.32 million yuan [3] - The green power ETF experienced a significant growth in scale, increasing by 65.56 million yuan over the past three months, ranking first among comparable funds [3] - The green power ETF's share increased by 2 million shares in the past week, also ranking first among comparable funds [3] Group 2 - The price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is currently 18.62 times, which is below 85.71% of the historical data over the past three years, indicating a historical low valuation [3] - The top ten weighted stocks in the National Green Power Index account for 58.12% of the total, including major companies such as Yangtze Power, China Nuclear Power, and Three Gorges Energy [3] Group 3 - The recent policy notification regarding the orderly promotion of green electricity direct connection is the first national-level policy to permit and regulate green electricity direct connection, which aims to facilitate the consumption of renewable energy and reduce costs for end users [4] - The green electricity direct connection projects will require investors to bear transmission and distribution costs, but can also lower operational costs by reducing grid connection capacity requirements [4] - Investors can leverage the corresponding green power ETF linked fund (017057) to seize investment opportunities in this sector [4]

Summary of Conference Call Records Industry Overview - The conference call discusses the electricity market in China, particularly focusing on the implementation of the New Energy 136 Document and the acceleration of the spot market, which signifies a shift towards market-oriented electricity pricing [1][1]. Key Points and Arguments - The New Energy 136 Document, effective from June 1, marks a significant step in the marketization of the electricity sector, particularly for new energy sources, which now account for the second-largest share of electricity generation [1][1]. - Over ten provinces have begun long-cycle trial operations of the electricity spot market this year, enhancing the supply-demand relationship in electricity pricing [1][1]. - The introduction of the spot market has led to increased price volatility, with some pilot provinces like Shandong and Shanxi experiencing intraday price fluctuations exceeding 50% [2][2]. - As renewable energy capacity continues to grow, it is expected that more trading cycles will be dominated by renewable sources, which will lower overall price levels. However, traditional thermal power will still play a crucial role during periods of insufficient renewable output, maintaining higher prices during those times [3][3]. - The volatility in price curves is leading to a compression of trading cycles, pushing for weekly, multi-day, and even daily trading to become mainstream [4][4]. - The comprehensive electricity price for thermal power has risen during periods of declining coal prices, indicating a shift towards a model where thermal power is not just about generation but also about price regulation [4][4]. Recommendations - The report recommends focusing on national comprehensive power companies and northern thermal power companies with performance elasticity, such as: - Jintou Energy - Datang Power (H) - Huaneng International (H+A) - Huadian International (H+A) - Continued recommendations for Waneng Power, Sheneng Co., Huaneng Hydropower, and Guodian Power [4][4]. - For green energy, companies like Xintian Green Energy, Datang New Energy, and Longyuan Power (H) are highlighted. - In the hydropower sector, recommended companies include Yangtze Power, Chuan Investment Energy, Guotou Power, and Huaneng Hydropower [4][4]. Risks - The report outlines several risks associated with the marketization of electricity trading, including: - Price volatility risks due to market fluctuations - Risks from variations in wind and water resources - Significant increases in thermal coal prices - Delays in resource approval for new energy projects - Risks from macroeconomic downturns affecting electricity demand [4][4].

Investment Rating - The report maintains a "Recommendation" rating for the environmental and public utility sector [2] Core Insights - The environmental sector index increased by 3.42%, outperforming other sectors, while the public utility sector index decreased by 0.18% [6][18] - The report highlights a significant drop in coal prices, with Qinhuangdao 5500 kcal thermal coal at 620 CNY/ton, a 61.2% decrease from its peak in October 2022 [6][28] - The report recommends companies such as Huadian International and Sheneng Co., while suggesting attention to Zhongmin Energy and Funeng Co. [6] - The report emphasizes the investment value in nuclear and hydropower, recommending Chuan Investment Energy, State Power Investment, Yangtze Power, and China National Nuclear Power [6] Summary by Sections Key Event Interpretations - The National Development and Reform Commission and the National Energy Administration issued a notice to promote green electricity direct connection projects, requiring that the self-consumed electricity from renewable sources should not be less than 60% of total available generation by 2030 [10][15] - The Central Committee of the Communist Party and the State Council released opinions on improving the market-oriented allocation of resource and environmental factors, aiming for a complete carbon emission rights and water rights trading system by 2027 [15][16] Market Performance Review - The environmental sector has shown a cumulative increase of 6.79% in 2025, while the power sector has seen a slight decrease of 0.05% [6][18] - The report details the performance of various sub-sectors, with solid waste management up by 4.83% and comprehensive environmental management up by 8.66% [22] Key Data Tracking - As of May 30, 2025, the price of Qinhuangdao 5500 kcal thermal coal remains at 620 CNY/ton, with significant reductions from previous highs [28] - The Three Gorges Reservoir's water level increased by 3.9% year-on-year, with a current level of 154.63 meters [30] - The price of LNG at the port is reported at 12.03 USD/MMBtu (4501 CNY/ton), a 70.20% decrease from its peak in December 2022 [46] Industry Key Events - The report notes significant developments in the power market, including the issuance of green certificates for renewable energy projects and the establishment of trading rules for green electricity [58] - It also highlights initiatives in the environmental market aimed at enhancing data integration and promoting green development [59]

Group 1 - The report maintains a positive investment rating for the power industry, highlighting a stable income center and declining costs for hydropower assets [1][4][21] - Hydropower generation is closely linked to water flow and rainfall, with the Three Gorges Dam serving as a prime example of utilizing water head for energy conversion [19][20] - The hydropower sector is expected to see a significant increase in profitability as depreciation costs decrease over time, enhancing the value creation capability of hydropower enterprises [21][23] Group 2 - The report indicates that there is still growth potential in hydropower installations, with traditional hydropower and new energy projects contributing to a second growth curve for hydropower companies [26][28] - The hydropower industry is entering a phase where high-quality large hydropower assets are becoming scarce, as the country has already developed a significant portion of its technical hydropower capacity [28][30] - The report emphasizes the importance of water and wind-solar integrated bases in expanding the total installed capacity of hydropower, with notable projects planned for the upcoming years [26][42] Group 3 - The report discusses the stability of non-market electricity prices in the short term, while market prices are expected to rise in regions like Sichuan and Yunnan, supporting hydropower revenue [22][23] - Financial costs, including depreciation and interest expenses, are projected to decline, leading to improved cash flow and lower debt ratios for hydropower companies [23][40] - The report highlights the consistent growth in cash dividends from hydropower companies, reinforcing their status as stable investment options in a low-interest-rate environment [6][7][18]

国投电力控股股份有限公司 关于与国投财务有限公司签订《金融服务协议》暨关 联交易的公告 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： 一、关联交易概述 公司拟与国投财务签署《金融服务协议》，国投财务将为公司办理相关金融 证券代码：600886 证券简称：国投电力 公告编号：2025-030 1 交易内容：根据经营发展需要，经双方友好协商，国投电力控股股份有 限公司（以下简称公司）拟与国投财务有限公司（以下简称国投财务） 签订《金融服务协议》，国投财务将为公司办理相关金融业务，主要包括 存款服务、贷款服务、结算服务，以及经原中国银保监会批准的国投财 务可从事的其他业务；在协议有效期内，公司在国投财务的每日最高存 款余额不超过人民币 180 亿元，每日最高贷款额度不超过人民币 200 亿 元，协议有效期为 3 年。 国投财务系公司的关联法人，国投财务为本公司提供存款、贷款、结算 等业务构成了公司的关联交易。 本次关联交易事项已经公司第十二届董事会第四十三次会议审议通过， 尚需提交公司股东大会审议。 2024 年 ...