Group 1 - The liquidity of the green power ETF showed a turnover of 2.76% with a transaction volume of 10.0083 million yuan [2] - The green power ETF experienced a significant growth in scale, increasing by 165 million yuan over the past three months [2] - In terms of shares, the green power ETF saw an increase of 18.4 million shares in the last month, indicating substantial growth [2] Group 2 - The latest net inflow of funds into the green power ETF was 9.3737 million yuan, with a total of 19.8745 million yuan accumulated over the last 18 trading days [2] - The price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is currently at 18.37, which is in the 12.08% percentile over the past three years, indicating a historical low valuation [2] - As of April 30, 2025, the top ten weighted stocks in the National Green Power Index account for 58.04% of the index, including major companies like Yangtze Power and China Nuclear Power [2] Group 3 - The domestic public bidding market for wind power in Q1 2025 saw a new bidding volume of 28.6 GW, representing a year-on-year increase of 22.7% [3] - Wind turbine exports from China reached 14.6 million USD in March, with a month-on-month increase of 86.81% and a year-on-year increase of 50.54% [3] - The international bidding volume for Chinese wind turbine manufacturers is projected to reach 27.63 GW in 2024, showing a nearly 200% year-on-year growth [3]

Group 1 - The China Power Utility Index has seen a decline of 0.85% as of April 30, 2025, with mixed performance among constituent stocks, including Shenzhen Energy leading with a rise of 2.73% [1] - The Power ETF (159611) has shown a cumulative increase of 0.63% over the past week, with a trading volume of 188 million yuan and a turnover rate of 5.64% on the latest trading day [1] - The Power ETF has experienced significant growth in scale, increasing by 1.641 billion yuan over the past six months, ranking first among comparable funds [1] Group 2 - The top ten weighted stocks in the China Power Utility Index account for 55.94% of the index, with major players including Changjiang Electric Power and China Nuclear Power [2] - The five major power generation groups reported profits in 2024, with Guodian Power distributing cash dividends of 3.567 billion yuan, representing 36.28% of its net profit [2] - The power and utility sector is recognized for its stability and defensive characteristics, with expectations for favorable fiscal and monetary policies in 2025 to support high dividend, low valuation assets [2] Group 3 - The National Energy Administration anticipates a rapid increase in national electricity load during the summer of 2025, with a projected year-on-year increase of approximately 10 million kilowatts [3] - The total electricity consumption in China is expected to reach 10.4 trillion kilowatt-hours in 2025, with a growth rate of around 6% [3] - Recommendations have been made to focus on investment opportunities in the power sector, particularly in light of potential supply pressures during peak periods [3]

Investment Rating - The investment rating for Guotou Electric Power is "Buy" [1] Core Views - The company reported stable performance in 2024 with a revenue of 57.819 billion yuan, a year-on-year increase of 1.95%, and a net profit attributable to shareholders of 6.643 billion yuan, a slight decline of 0.92% [2][4] - The company’s hydropower segment showed significant growth due to abundant water resources, while thermal power benefited from new unit production and reduced coal costs, leading to a notable recovery in profitability [2][6] - The outlook for the company remains positive, with expectations of significant growth in hydropower performance and continued improvement in thermal power due to increased electricity generation and cost reductions [8] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 57.819 billion yuan, with a net profit of 6.643 billion yuan, and cash flow from operating activities increased by 15.93% to 24.657 billion yuan [2][7] - For Q1 2025, the company reported revenue of 13.122 billion yuan, a year-on-year decrease of 6.99%, but net profit increased by 2.01% to 2.078 billion yuan [2] Segment Analysis - Hydropower: In 2024, the hydropower segment generated revenue of 26.624 billion yuan, a 4.1% increase, with a gross profit of 16.395 billion yuan, up 6.6% [4] - Thermal Power: The thermal power segment saw revenue of 21.775 billion yuan, a decline of 4.8%, but gross profit increased by 20.5% to 2.972 billion yuan [4] - New Energy: Revenue from new energy was 4.848 billion yuan, a 6.4% increase, but gross profit decreased by 13% to 2.234 billion yuan [4] Future Outlook - The company is expected to see significant growth in hydropower due to improved water conditions and the release of generation capacity from new projects [6][8] - The forecast for net profit from 2025 to 2027 is 7.188 billion yuan, 7.477 billion yuan, and 7.623 billion yuan, respectively, indicating growth rates of 8.2%, 4.0%, and 2.0% [8]

Investment Rating - The investment rating for Guotou Electric Power is "Buy" [1] Core Views - The company reported stable performance in 2024 with a revenue of 57.819 billion yuan, a year-on-year increase of 1.95%, and a net profit attributable to shareholders of 6.643 billion yuan, a slight decline of 0.92% [1][2] - The company’s cash flow from operating activities increased by 15.93% to 24.657 billion yuan, indicating strong operational efficiency [2] - The hydropower segment benefited from abundant water resources, leading to a significant increase in electricity generation, while thermal power saw a recovery in profitability due to lower coal costs [2][4] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 57.819 billion yuan, with a net profit of 6.643 billion yuan, and a basic earnings per share (EPS) of 0.87 yuan [1][7] - The fourth quarter of 2024 saw a revenue of 13.424 billion yuan, a decrease of 5.22% year-on-year, and a net profit of 0.652 billion yuan, down 90% [1][2] - For Q1 2025, the company reported revenue of 13.122 billion yuan, a decline of 6.99%, but a net profit of 2.078 billion yuan, an increase of 2.01% year-on-year [2] Segment Performance - Hydropower revenue in 2024 was 26.624 billion yuan, up 4.1%, with a gross profit of 16.395 billion yuan, up 6.6% [4] - Thermal power revenue decreased by 4.8% to 21.775 billion yuan, but gross profit increased by 20.5% to 2.972 billion yuan [4] - New energy revenue was 4.848 billion yuan, a growth of 6.4%, but gross profit fell by 13% to 2.234 billion yuan [4] Future Outlook - The company is expected to see significant growth in hydropower due to improved water conditions and the release of generation capacity from new plants [6][8] - The forecast for net profit from 2025 to 2027 is 7.188 billion yuan, 7.477 billion yuan, and 7.623 billion yuan, respectively, with corresponding growth rates of 8.2%, 4.0%, and 2.0% [8] - The company plans to increase its new energy capacity significantly, with a target of 1,472 MW by the end of the "14th Five-Year Plan" [8]

Core Insights - The company reported a record high revenue of 57.819 billion yuan for 2024, marking a year-on-year increase of 1.95% [1] - The net profit attributable to shareholders for 2024 was 6.643 billion yuan, with a cash dividend of 0.4565 yuan per share planned [1] - In Q1 2025, the company achieved a revenue of 13.12 billion yuan, with a net profit of 2.08 billion yuan, reflecting a year-on-year increase of 2.1% [1] Business Overview - The company primarily focuses on investment, construction, and management of energy projects, with a strong emphasis on clean energy development [1] - The installed capacity structure includes hydropower, thermal power, wind power, and solar power, with hydropower holding a dominant position [1] - As of the end of 2024, clean energy installed capacity accounted for 70.42% of the total, up by 1.11 percentage points year-on-year [2] Operational Performance - The total power generation for 2024 was 1,720.72 billion kWh, an increase of 6.24% year-on-year, while the on-grid electricity price decreased by 4.01% to 0.359 yuan/kWh [2] - The company’s total assets reached 296.537 billion yuan, an increase of 19.174 billion yuan from the previous period [2] - The company is actively developing integrated renewable energy projects in various regions, achieving significant milestones in new energy project approvals [2] International Expansion - The company is making steady progress in its international business, contributing to the "Belt and Road" initiative with projects in Indonesia and Europe [3] - The company has established a leadership group for market-oriented reforms to enhance its marketing and revenue generation capabilities [3] Technological Innovation - The company is committed to technological innovation, with stable growth in R&D investment and recognition for its projects in intelligent construction technology [3] - The company’s strong profitability and high asset quality position it favorably in a competitive market environment [3]

证券代码：600886 证券简称：国投电力 公告编号：2025-022 国投电力控股股份有限公司 第十二届监事会第二十次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 国投电力控股股份有限公司（以下简称公司）第十二届监事会第二十次会议 于 2025 年 4 月 18 日以邮件方式发出通知，2025 年 4 月 28 日以现场方式召开。 本次会议应出席监事 3 人，实际出席监事 3 人，公司监事会主席曲立新先生主持 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、监事会会议审议情况 （一）审议通过了《2024 年度监事会工作报告》 本议案尚需提请公司股东大会审议。 表决情况：3 票赞成、0 票反对、0 票弃权。 （二）审议通过了《关于 2024 年年度报告的议案》 该报告及其摘要同日在上海证券交易所网站（www.sse.com.cn）披露。 表决情况：3 票赞成、0 票反对、0 票弃权。 （三）审议通过了《关于审议<2024 年度内部控制评价报告>的议案》 该报告 ...

证券代码：600886 证券简称：国投电力 公告编号：2025-021 国投电力控股股份有限公司 第十二届董事会第四十二次会议决议公告 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。 表决情况：9 票赞成、0 票反对、0 票弃权。 （三）审议通过了《关于 2024 年年度报告的议案》 该报告及其摘要同日在上海证券交易所网站（www.sse.com.cn）披露。 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）第十二届董事会第四十二次会 议于 2025 年 4 月 18 日以邮件方式发出通知，2025 年 4 月 28 日以现场结合通讯 方式召开。本次会议应出席董事 9 人，实际出席董事 9 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《2024 年度董事会工作报告》 本议案尚需提请公司股东大会审议。 表决情况：9 票赞成、0 票反对、0 票弃权。 （二）审议通过了《2024 年度总经理工作报告》 本议案已经公司审 ...

中信证券股份有限公司、国投证券股份有限公司 关于国投电力控股股份有限公司使用部分暂时闲置募集资金 进行现金管理的核查意见 作为国投电力控股股份有限公司（以下简称"国投电力"或"公司"）2024 年度向特定对象全国社会保障基金理事会发行 A 股股票的保荐人，中信证券股 份有限公司（以下简称"中信证券"）、国投证券股份有限公司（以下简称"国投 证券"、与中信证券合称"保荐人"）严格按照中国证券监督管理委员会（以下简 称"中国证监会"）《证券发行上市保荐业务管理办法》《上海证券交易所股票上 市规则》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法律法规 的要求，对国投电力履行了持续督导义务，在持续督导期内，对公司使用部分暂 时闲置募集资金进行现金管理的事项进行了核查，核查具体情况如下： 一、募集资金基本情况 在本次向特定对象发行股票募集资金到位之前，公司将根据募集资金投资项 目的实际情况，以自筹资金先行投入，并在募集资金到位后按照相关法规规定的 程序予以置换。 三、本次使用部分暂时闲置募集资金进行现金管理的基本情况 （一）投资目 ...

国投电力控股股份有限公司 内部控制审计报告 2024 年度 信会师报字[2025]第 ZG11984 号 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外， 由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循 的程度降低，根据内部控制审计结果推测未来内部控制的有效性具有一定 风险。 内部控制审计报告 信会师报字[2025]第 ZG11984 号 国投电力控股股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要 求，我们审计了国投电力控股股份有限公司（以下简称国投电力）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内 部控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效 性是国投电力董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效 性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 1 立信会计师事务所(特殊普通合 ddo china shu lun ...