自2015年12月以来，中央生态环保督察已完成两轮督察全覆盖，第三轮已完成3个批次的督察任务，查处了一批破 坏生态环境的重大典型案件、解决了一批人民群众反映强烈的突出生态环境问题。 并且，此次督察也是5月12日中共中央、国务院印发《生态环境保护督察工作条例》后的首次督察。生态环境部新 闻发言人裴晓菲介绍，该条例共八章、四十四条，对督察定位、督察组织、督察整改、成果运用、纪律责任等进 行了系统规范。在督察内容上，中央生态环保督察紧紧围绕区域重大战略实施、美丽中国建设等重大任务，围绕 督察反馈问题整改及长效机制建设、人民群众反映强烈的突出生态环境问题及处理情况等开展督察，推动地方党 政领导干部、相关部门和单位落实生态文明建设和生态环境保护责任。在督察整改方面，设立督察整改和督察成 果运用专章，规范整改责任主体、推进落实、整改情况报告、调度督促等方面内容，明确将督察结果和督察整改 工作有关情况作为党政领导班子和有关领导干部考核评价、选拔任用、管理监督、表彰奖励的重要依据，加强督 察结果在干部管理工作中的运用。 记者注意到，日前中央生态环境保护督察工作领导小组办公室致函上述被督察对象，要求坚决贯彻落实中央决策 部署， ...

Group 1 - The resignation of Zhang Lei from the positions of director, vice chairman, and committee member is due to work adjustments, and there are no disagreements with the board [1] - Zhang Lei's resignation is effective immediately upon delivery to the board, and he has completed all necessary work handovers [1] - The company will proceed with the election of a new director in accordance with relevant laws and regulations [1] Group 2 - The board expressed appreciation for Zhang Lei's contributions during his tenure and thanked him for his service [1]

证券代码：600886 证券简称：国投电力 公告编号：2025-027 国投电力控股股份有限公司 2025 年董事离任的公告 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。 一、董事离任的基本情况 二、离任对公司的影响 张雷先生的辞呈自送达公司董事会之日起生效，张雷先生已按照公司相关规 定做好工作交接，不存在未履行完毕的公开承诺，其离任不会导致公司董事会成 员低于法定最低人数，不会影响公司董事会正常运作。公司将根据《公司法》《公 司章程》及相关规定尽快完成董事补选工作。 公司董事会对张雷先生任职期间的工作表示认可，对其为公司发展所做出的 贡献给予高度的评价，并向其表示衷心感谢。 1 特此公告。 国投电力控股股份有限公司董事会 2025 年 5 月 21 日 2 国投电力控股股份有限公司（以下简称公司）董事会近日收到公司董事张雷 先生的辞呈：张雷先生因工作调整原因，辞去公司董事、副董事长、董事会战略 委员会委员及环境、社会与治理委员会委员职务，并确认与公司董事会并无意见 分歧，亦无需提请公司股东和债权人关注的事宜。具体情况如下： ...

Group 1 - The core theme of the news revolves around the rising interest and investment in low-carbon economy initiatives, highlighted by the performance of the China Securities Low-Carbon Economy Theme Index and related ETFs [1][2][3] - The China Securities Low-Carbon Economy Theme Index (000977) saw a strong increase of 1.21%, with significant gains in constituent stocks such as Guoxuan High-Tech (up 9.99%) and Ningde Times (up 4.41%) [1] - The Carbon Neutrality ETF (159885) has experienced a 1.39% increase, marking its third consecutive rise, indicating growing investor confidence in carbon neutrality initiatives [2] Group 2 - The 2025 (Third Cross-Strait Carbon Neutrality Conference) held in Fuzhou focused on sustainable development opportunities and cooperation between the two sides, with over 200 experts and industry leaders participating [2] - The conference resulted in the "Cross-Strait Enterprises Carbon Neutral Green Action Fuzhou Initiative," urging enterprises to commit to green practices and contribute to global climate governance [2] - A report from Dongwu Securities emphasized the importance of achieving carbon peak and carbon neutrality by 2030, with a focus on establishing zero-carbon parks and factories, and expanding the national carbon trading market [2][3] Group 3 - CITIC Securities highlighted that achieving carbon neutrality by 2060 is crucial for China to integrate into the new global industrial chain and build a community with a shared future [3] - Non-fossil energy is expected to be the main driver of energy growth, with policies focusing on energy consumption control, carbon trading, and green finance [3] - The top ten weighted stocks in the China Securities Low-Carbon Economy Theme Index account for 62.79% of the index, indicating a concentrated investment in key sectors such as clean energy and storage [3]

Investment Rating - The report indicates a positive outlook for the electricity industry, suggesting it is entering a phase of high prosperity due to policy catalysts and fundamental improvements [2][11]. Core Insights - The implementation of the capacity price mechanism starting in 2024 is expected to restructure the revenue model for coal power companies, reducing reliance on energy sales and stabilizing income expectations [11][21]. - The auxiliary service market mechanism has been officially released, accelerating the construction of the spot market, which will support high-quality development in the electricity sector [12]. - Overall electricity demand is recovering, with a reported increase in national electricity consumption of 4.28% year-on-year as of March 2025, indicating a positive trend for the industry [13]. - Hydropower generation is expected to improve due to favorable water conditions, while coal-fired power plants are experiencing reduced fuel cost pressures, enhancing profitability [15][17]. Summary by Sections 1. Policy Catalysts and Fundamental Resonance - The capacity price mechanism will optimize the profit model for coal power, ensuring sustainable operation [11]. - The auxiliary service market will provide new revenue channels for electricity companies, enhancing income diversity [12]. - Electricity demand is on the rise, supporting industry prosperity [13]. 2. Investment Value Analysis of the CSI All-Share Power Index - The CSI All-Share Power Index consists mainly of stocks from the power utility sector, with 98.92% of its components in power generation and grid industries [3][29]. - As of April 30, 2025, the index's P/E ratio is 16.65 and P/B ratio is 1.69, indicating relatively suitable valuation levels [31]. - The index has shown strong profitability and a high willingness to distribute dividends, with a 12-month dividend yield of 2.80% [35]. 3. Analysis of the GF CSI All-Share Power Utility ETF - The GF CSI All-Share Power Utility ETF was established on December 29, 2021, and aims to closely track the CSI All-Share Power Utility Index [45]. - As of May 14, 2025, the ETF has a scale of 3.489 billion yuan and a daily average trading volume of 193 million yuan, indicating good market liquidity [45]. - The fund is managed by an experienced manager with over 25 years in the securities industry [46].

Group 1 - The public utility ETF (560190.SH) increased by 0.71%, with its associated index, the All Public Utility Index (000995.CSI), rising by 0.80% [1] - Key constituent stocks such as Changjiang Electric Power, China Nuclear Power, and Guotou Power saw significant gains, with increases of 1.35%, 1.47%, and 2.97% respectively [1] - The Ministry of Water Resources anticipates continuous rainfall in the central and northern regions of the Pearl River Basin, potentially leading to flood conditions, which has triggered a level IV flood emergency response [1] Group 2 - The increase in rainfall is expected to boost hydropower generation and performance for water electricity companies like Changjiang Electric Power and Guotou Power, contributing to their stock price increases [1] - Guosen Securities highlighted supportive policies such as the Guangdong Document No. 136 and Zhejiang's encouragement for computing centers to participate in long-term electricity trading, which bolster the public utility sector [1] - The public utility index rose by 0.08% this week, with the water electricity sector performing particularly well, increasing by 0.87% [1]

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 ...

截至2025年5月15日 10:59，国证绿色电力指数上涨0.01%，成分股京运通上涨7.58%，华能国际上涨1.21%，湖南发展上涨1.09%，明星电力上涨1.05%，国电 电力上涨0.88%。绿色电力ETF(159625)冲击3连涨。 从估值层面来看，绿色电力ETF跟踪的国证绿色电力指数最新市盈率（PE-TTM）仅18.81倍，处于近3年15.99%的分位，即估值低于近3年84.01%以上的时 间，处于历史低位。 数据显示，截至2025年4月30日，国证绿色电力指数前十大权重股分别为长江电力、中国核电、三峡能源、国投电力、川投能源、中国广核、华能国际、华 能水电、国电电力、申能股份，前十大权重股合计占比58.04%。 消息面方面，在近日举办的"中国绿证：畅行中国 走向世界——绿证走进粤港澳大湾区"活动上，全球绿色电力消费倡议（RE100）宣布全面认可中国绿证， 意味着我国和倡议伙伴都可以放心采用绿证，更便捷地核证其采购的可再生能源电力，我国可再生能源转型取得重要进展。 中邮证券表示，绿电和储能的价值有望先后得到重估，新能源作为绿色的波动性电源，其内在价值量应减去"波动"的负外部性，并加上"绿色"的正外部性 ...

一季度，全社会用电量累计23846亿千瓦时，同比增长2.5%，在政策与需求双轮驱动下，电力行业持续 向上生长。 Wind数据统计显示，A股电力板块74只个股中，26只获资本市场"国家队"持有，最新持仓市值529.5亿 元，从其持股路径看，或为被"低估"的行业黑马。 "国家队"一季度增持6股 民营企业占得1席 资本市场"国家队"通常指具有政府背景、在金融市场中发挥重要稳定和调节作用的机构投资者。"国家 队"的资金规模庞大，投资行为往往对资本市场具有较强影响力。 纵观"国家队"持股表现，一季度增持电力板块6只个股，减持9只，增持个股最新持仓市值65.31亿元。 除中央及地方国有企业上榜增持名单外，民营企业也占得1席，体现出主力资金对民营经济的促进与支 持。 就具体企业看，地方国资代表浙江浙能电力股份有限公司（以下简称"浙能电力"）一季度获"国家队"增 持数量最多，达6841.11万股；民营企业广东宝丽华新能源股份有限公司（以下简称"宝新能源"）增持 股数位列其后，为1493.51万股。 "福建海风市场空间广阔，加之第一大股东福建省投资开发集团有限责任公司加速海风资产注入，中闽 能源2025年全年归母净利润有望同比 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company achieved a revenue growth of 1.95% in 2024, with total revenue reaching 57.819 billion yuan, while the net profit attributable to shareholders decreased by 0.92% to 6.643 billion yuan. In Q1 2025, revenue was 13.122 billion yuan, a decrease of 6.99%, but net profit attributable to shareholders increased by 2.1% to 2.078 billion yuan [6][2]. - The company's operational performance is supported by a significant reduction in costs, with total operating costs decreasing by 0.75% in 2024 and a further decline of 11.79% in Q1 2025, benefiting from lower coal prices and interest rates [2][11]. - The company is focusing on cost reduction strategies to ensure performance growth despite weak revenue due to price declines and volume pressures in the energy market [11][6]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 57.819 billion yuan, with a net profit of 6.643 billion yuan. The first quarter of 2025 saw a revenue of 13.122 billion yuan and a net profit of 2.078 billion yuan [6][2]. - The company’s total installed capacity reached 44.6347 million kilowatts, with clean energy accounting for over 70% of the total capacity [11]. Cost Management - The company actively reduced costs, achieving a decrease in total operating costs by 0.75% in 2024 and 11.79% in Q1 2025. Financial expenses were reduced by 14.17% [2][11]. - The average on-grid electricity price in 2024 was 0.359 yuan/kWh, a decrease of 4.01% year-on-year, influenced by changes in energy mix and pricing mechanisms [11]. Future Outlook - The company is expected to see EPS of 0.92 yuan, 1.04 yuan, and 1.11 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 16.45, 14.64, and 13.67 [11][6]. - The ongoing development of the Yalong River integrated water-wind-solar base is anticipated to enhance the company’s growth potential, with a total of 30 million kilowatts of hydropower capacity available for development [11].