Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's hydropower generation increased by 17.90% year-on-year in Q1 2025, driven by the release of stored energy from the Yarlung Tsangpo River and favorable water inflow at major hydropower stations [2][6] - The average on-grid electricity price for the company in Q1 2025 was 0.355 CNY/kWh, a decrease of 0.032 CNY/kWh year-on-year, primarily due to a reduction in the proportion of high-priced thermal power generation and a decline in long-term trading prices for thermal power in some regions [2][6] - The company's thermal power generation decreased by 32.35% year-on-year in Q1 2025, but significant cost optimization is expected to support the performance of the thermal power segment [2][6] Summary by Sections Hydropower Performance - In Q1 2025, the company completed hydropower generation of 252.71 billion kWh, a year-on-year increase of 17.90%, mainly due to the release of stored energy and favorable water conditions [2][6] - The Yarlung Tsangpo River hydropower station generated 232.37 billion kWh, up 18.38% year-on-year, while the Dazhaoshan and Xiaosansha hydropower stations also saw increases of 18.09% and 2.95% respectively [2][6] Thermal Power Performance - The company's thermal power generation was 102.87 billion kWh in Q1 2025, down 32.35% year-on-year, influenced by weak electricity demand and competition from clean energy [2][6] - The average price of thermal power is expected to decline due to adjustments in long-term trading prices in some regions [2][6] - Coal prices have significantly decreased, with the average price of Qinhuangdao Q5500 coal at 721.22 CNY/ton, down 180.52 CNY/ton year-on-year, which is expected to lead to cost optimization for the thermal power segment [2][6] Financial Projections - The company forecasts EPS of 0.86 CNY, 0.94 CNY, and 1.05 CNY for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 17.03, 15.63, and 13.94 [2][6]

Investment Rating - Maintain "Buy" rating for the electricity sector [3] Core Viewpoints - March electricity consumption growth was 4.8%, highlighting the importance of coal power upgrades and flexible regulation value [10][12] - The national electricity consumption in March reached 828.2 billion kWh, with a year-on-year growth of 4.8% [12] - The new three-year coal power upgrade plan emphasizes deep peak regulation and energy-saving carbon reduction [11][12] Summary by Sections Electricity Consumption - In March, the electricity consumption by industry was as follows: primary industry 10.6 billion kWh (9.9% growth), secondary industry 557.8 billion kWh (3.8% growth), tertiary industry 148.4 billion kWh (8.4% growth), and urban and rural residents 111.4 billion kWh (5.0% growth) [12][66] - Cumulative electricity consumption from January to March was 238.46 billion kWh, with a year-on-year growth of 2.5% [66] Power Generation - In March, industrial power generation was 778 billion kWh, with a year-on-year growth of 1.8% [12] - Coal power generation in March decreased by 2.3%, while hydroelectric and nuclear power generation increased by 9.5% and 23.0%, respectively [12][10] Coal Power Upgrade Plan - The new coal power upgrade plan (2025-2027) aims to enhance existing units and establish new ones with improved performance metrics [11][12] - Key upgrade indicators include minimum output levels, load change rates, and carbon emission reductions [11][12] Investment Recommendations - Focus on coal power sector opportunities, with coal prices dropping to 674 RMB/ton, supporting improved profitability [13] - Recommended stocks include Huadian International, Waneng Power, and Zhejiang Energy, among others [7]

Investment Rating - Maintain "Buy" rating for the electricity sector [3] Core Viewpoints - In March, national electricity consumption growth was 4.8%, with significant growth in the internet and automotive manufacturing sectors [10][12] - The future three-year coal power upgrade action plan emphasizes the importance of coal power upgrades and flexible adjustment capabilities [11][12] Summary by Sections Electricity Consumption - In March, total electricity consumption reached 828.2 billion kWh, a year-on-year increase of 4.8%. By sector, the first, second, and third industries, along with urban and rural residents, consumed 106, 557.8, 148.4, and 111.4 billion kWh respectively, with growth rates of 9.9%, 3.8%, 8.4%, and 5.0% [12][65] - Cumulative electricity consumption from January to March was 23,846 billion kWh, up 2.5% year-on-year [12][66] Power Generation - In March, industrial power generation was 778 billion kWh, a year-on-year increase of 1.8%, with a narrowing decline in thermal power generation [12][10] - Water and nuclear power generation increased by 9.5% and 23.0% respectively, while wind and solar power generation growth slowed [12][10] Coal Power Upgrade Plan - The National Development and Reform Commission and the National Energy Administration released a new coal power upgrade action plan for 2025-2027, focusing on enhancing existing units and developing new generation units with improved performance indicators [11][12] - Key upgrade requirements include deep peak regulation, load change rates, and clean carbon reduction measures [11][12] Investment Recommendations - Emphasize investment opportunities in the electricity sector, particularly in thermal power stocks such as Huadian International, Waneng Power, and Zhejiang Energy, as well as in leading companies in thermal power upgrade equipment like Qingda Environmental Protection [6][7] - Recommend focusing on undervalued green electricity sectors, including Hong Kong-listed green electricity and wind power operators [6][7]

证券代码：600886 证券简称：国投电力 公告编号：2025-019 一、电量电价情况 根据国投电力控股股份有限公司（以下简称公司）初步统计，2025 年 1-3 月， 公司控股企业累计完成发电量 389.92 亿千瓦时，上网电量 381.03 亿千瓦时，与 去年同期相比分别减少 1.55%和 1.04%。 2025 年 1-3 月,公司控股企业平均上网电价 0.355 元/千瓦时,与去年同期相 比减少 8.25%。 - 1 - 项 目 发电量 (亿千瓦时） 上网电量 （亿千瓦时） 本期 去年 同期 同比 增减 本期 去年 同期 同比 增减 四川 雅砻江水电 232.37 196.29 18.38% 231.14 195.16 18.44% 云南 国投大朝山 13.68 11.58 18.09% 13.60 11.51 18.16% 甘肃 国投小三峡 6.67 6.48 2.95% 6.56 6.37 2.95% 水电小计 252.71 214.34 17.90% 251.30 213.04 17.96% 天津 国投北疆 29.85 44.51 -32.92% 27.80 41.70 -33.33% 广西 ...

Core Points - The A-share market's three major indices closed mixed, with the CSI 300 Utilities (secondary industry) index reported at 2626.36 points [1] - The CSI 300 Utilities index has increased by 4.97% over the past month, 2.36% over the past three months, and has decreased by 2.97% year-to-date [1] Industry Composition - The CSI 300 Utilities index is composed of various sectors categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The top ten weights in the CSI 300 Utilities index are as follows: - Changjiang Electric Power (47.88%) - China Nuclear Power (10.42%) - Three Gorges Energy (8.28%) - Guodian Power (5.57%) - State Power Investment (4.77%) - Chuanwei Energy (4.39%) - Huaneng International (4.24%) - China General Nuclear Power (3.82%) - Zhejiang Energy (3.07%) - Huadian International (2.58%) [1] Market Distribution - The market distribution of the CSI 300 Utilities index shows that the Shanghai Stock Exchange accounts for 95.85%, while the Shenzhen Stock Exchange accounts for 4.15% [2] - In terms of industry composition within the index, hydropower constitutes 59.29%, thermal power 15.45%, nuclear power 14.23%, wind power 8.62%, and gas power 2.40% [2] Index Adjustment Mechanism - 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, but can be modified in the event of temporary adjustments due to changes in the CSI 300 index samples or special events affecting sample companies [2]

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 年第二次临时股东大会的法律意见 京天股字(2025)第 132 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年第二次临时股东大会 (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 4 月 17 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 事会第四十一次会议决议公告》、《国投电力控股股份有限公司关于召开 2025 年第 二次临时股东大会的通知》(以下简称"《召开 ...

证券代码：600886 证券简称：国投电力 公告编号：2025-018 国投电力控股股份有限公司 2025 年第二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。 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 | | | --- | --- | | | 1,145 | | 2、出席会议的股东所持有表决权的股份总数（股） | 6,100,904,908 | | 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（%） | 76.2184 | (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 04 月 17 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 ...

从指数持仓来看，沪深300公用事业(二级行业)指数十大权重分别为：长江电力（48.37%）、中国核电 （10.28%）、三峡能源（8.33%）、国电电力（5.37%）、国投电力（4.72%）、川投能源（4.44%）、 华能国际（4.11%）、中国广核（3.76%）、浙能电力（3.02%）、华电国际（2.54%）。 从沪深300公用事业(二级行业)指数持仓的市场板块来看，上海证券交易所占比95.90%、深圳证券交易 所占比4.10%。 从沪深300公用事业(二级行业)指数持仓样本的行业来看，水电占比59.79%、火电占比15.04%、核电占 比14.04%、风电占比8.68%、燃气占比2.45%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数 ...

Core Viewpoint - The announcement details the adjustment and election of employee directors and supervisors at Guotou Electric Power Holdings Co., Ltd, ensuring compliance with company regulations and governance standards [1][2]. Group 1: Adjustments in Leadership - The company held an employee representative meeting to conduct adjustments and elections for employee directors and supervisors [1]. - Zhang Zaijian is no longer serving as an employee director, and Zhao Lijun is no longer serving as an employee supervisor [1]. - Shang Zhonghua has been elected as the employee director of the 12th Board of Directors, and Hu Jiangchun has been elected as the employee supervisor of the 12th Supervisory Board, with terms effective from the date of election until the next board re-election [1]. Group 2: Background of Newly Elected Members - Shang Zhonghua, born in October 1980, holds a bachelor's degree in engineering and has held various positions within the company, including senior business manager roles in production and business development [3]. - Hu Jiangchun, born in February 1972, also holds a bachelor's degree in engineering and has extensive experience in financial management within the company [4].

证券代码：600886 证券简称：国投电力 公告编号：2025-017 国投电力控股股份有限公司 关于调整职工董事、职工监事的公告 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。 根据《国投电力控股股份有限公司章程》《国投电力控股股份有限公司职工 董事、职工监事管理办法》，近日，国投电力控股股份有限公司（以下简称公司） 召开职工代表大会，组织开展公司职工董事、职工监事调整及增补选举工作。 结合工作实际，大会决定对公司第十二届董事会职工董事、第十二届监事会 职工监事进行调整，张仔建先生不再担任公司职工董事，赵利君先生不再担 任公司职工监事。选举尚中华先生（简历请见附件）为公司第十二届董事会职 工董事，任期自选举通过之日起至本届董事会换届之日止；选举胡江春女士（简 历请见附件）为公司第十二届监事会职工监事，任期自选举通过之日起至本届监 事会换届之日止。 特此公告。 国投电力控股股份有限公司董事会 2025 年 4 月 9 日 职工监事个人简历 胡江春，女，汉族，1972 年 2 月出生，大学学历，工学学士，工程师。历 任国能中型水 ...