Core Viewpoint - The company has successfully managed its idle raised funds through cash management, achieving a redemption of RMB 157.488 million with a return of RMB 9.0115 million, while maintaining compliance with board-authorized limits for cash management investments [1][2]. Group 1: Cash Management Redemption - The company redeemed idle raised funds amounting to RMB 157.488 million, generating a profit of RMB 9.0115 million [1]. - The company has utilized RMB 158.4 million of idle raised funds for cash management, with a total unredeemed balance of RMB 320 million as of the announcement date [1][3]. Group 2: Approval and Compliance - The board of directors and supervisory board approved the cash management proposal during meetings held on April 28, 2025, allowing for a maximum of RMB 5 billion in idle funds to be used for cash management [2]. - The cash management products purchased are characterized by high safety, good liquidity, and capital preservation requirements [2]. Group 3: Impact on Operations - The cash management activities will not affect the company's daily operations or the normal progress of investment projects, ensuring the safety of the raised funds [5]. - The company aims to enhance fund utilization efficiency and achieve certain investment returns, thereby improving overall performance [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to have a stable performance outlook for the entire year, supported by an increase in electricity prices despite a decline in power generation [5][12]. - The average on-grid electricity price for the company's controlled enterprises reached 0.390 yuan per kilowatt-hour, an increase of approximately 8.03% year-on-year [5][12]. - The company has experienced a significant decrease in hydropower generation due to lower water inflow, with a year-on-year reduction of 20.94% in the fourth quarter [5][12]. Summary by Relevant Sections Operational Performance - In the fourth quarter of 2025, the company completed a total power generation of 331.42 billion kilowatt-hours, a decrease of 14.22% year-on-year [5]. - Hydropower generation was 187.69 billion kilowatt-hours, down 20.94% year-on-year, while thermal power generation was 111.11 billion kilowatt-hours, down 8.43% [12]. - The company recovered some overdue electricity fees from previous years, which contributed positively to the fourth-quarter performance [12]. Financial Outlook - The company is projected to achieve earnings per share (EPS) of 0.87 yuan, 0.85 yuan, and 0.92 yuan for the years 2025, 2026, and 2027, respectively [12]. - The corresponding price-to-earnings (PE) ratios are expected to be 15.25, 15.61, and 14.47 for the same years [12]. Growth Potential - The company has significant growth potential in the Yalong River basin, with an estimated developable hydropower capacity of approximately 30 million kilowatts [12]. - As of June 2025, the company had 19.2 million kilowatts of hydropower capacity in operation and an additional 3.72 million kilowatts under approval and construction [12].

Core Viewpoint - The company is utilizing part of its idle raised funds for cash management, achieving a redemption of RMB 157.488 million with a return of RMB 9.0115 million, while continuing to manage cash with an additional investment of RMB 158.4 million [2][4]. Group 1: Cash Management Redemption - The company redeemed RMB 157.488 million of idle raised funds from cash management products, earning RMB 9.0115 million in returns [2]. - The board approved the use of up to RMB 5 billion of idle raised funds for cash management, focusing on high-security, liquid, and capital-preserving investment products [3]. Group 2: Ongoing Cash Management - As of the announcement date, the company has a total of RMB 320 million in unredeemed idle raised funds allocated for cash management, which is within the board's authorized limit [4]. - The company continues to invest in cash management products to enhance fund utilization efficiency and achieve investment returns [8]. Group 3: Risk Management and Control - The company will analyze and monitor the investment products and take necessary measures to control investment risks based on economic conditions [7]. - The finance department will maintain records of cash management activities and ensure proper accounting practices [7]. Group 4: Impact on Operations - The use of idle raised funds for cash management will not affect the company's daily operations or the normal progress of fundraising investment projects, ensuring the safety of the principal [8].

证券代码：600886 证券简称：国投电力 公告编号：2026-004 国投电力控股股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回 并继续进行现金管理的进展公告 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： 现金管理到期赎回情况：国投电力控股股份有限公司（以下简称公司） 本次到期赎回部分闲置募集资金现金管理产品本金人民币 157,488 万元，获得收 益人民币 901.15 万元。 继续进行现金管理进展情况：公司本次使用部分闲置募集资金购买现金 管理产品金额人民币 158,400 万元；截至本公告日，公司累计使用闲置募集资金 进行现金管理未到期余额为人民币 320,000 万元，未超过董事会授权使用闲置募 集资金进行现金管理的额度。 公司于 2025 年 4 月 28 日召开第十二届董事会第四十二次会议、第十二届监 事会第二十次会议，审议通过了《国投电力控股股份有限公司关于使用部分暂时 闲置募集资金进行现金管理的议案》，同意公司使用最高额度不超过人民币 50 1 亿元的暂时闲置募集资金进行现金管理 ...

Core Insights - The report titled "2025 Benchmark Analysis of Chinese Power Generation Enterprises and Global Energy Companies" aims to provide insights for Chinese power companies to accelerate their development into world-class energy enterprises [3][5]. Group 1: Benchmarking Framework - The report utilizes a benchmarking indicator system that includes four dimensions: product excellence, brand prestige, innovation leadership, and modern governance, comprising 18 quantitative indicators [7][8]. - A total of 24 representative companies, 12 from China and 12 from abroad, are selected for benchmarking [9]. Group 2: Performance Overview - By the end of 2024, the benchmark companies achieved a total installed capacity of 2.68 billion kilowatts and generated 9.08 trillion kilowatt-hours of electricity, representing a year-on-year growth of 7.8% and 4.0% respectively [12]. - The EBITDA of benchmark companies was approximately $312.6 billion, with operating revenue reaching about $964.4 billion, reflecting a year-on-year increase of 9.0% and 5.8% respectively [13]. Group 3: Comparative Analysis - Domestic benchmark companies have a significant advantage in installed capacity, with a total of 1.86 billion kilowatts, which is 2.3 times that of foreign counterparts [32]. - The proportion of non-fossil energy installed capacity for domestic companies reached 56.8%, surpassing foreign companies by 7.8 percentage points [32]. Group 4: Key Findings - Eight companies, including EDF, State Energy Group, China Three Gorges, and China Huaneng, ranked in the top tier based on comprehensive scores across various indicators [18]. - The report highlights that while domestic companies are expanding their production capabilities, foreign companies are experiencing challenges in integrating renewable energy into existing grids [30][76]. Group 5: Future Outlook - The report identifies key development themes for Chinese power companies in 2026, emphasizing the need for energy security and modernization [6][76]. - It also notes that the growth in electricity demand is expected to boost the global nuclear power industry, with countries like France and the U.S. advancing their nuclear power strategies [79].

Core Viewpoint - The announcement provides an overview of the operational data for Guotou Electric Power Holdings Co., Ltd. for the fourth quarter and the entire year of 2025, highlighting a decrease in electricity generation and sales, alongside changes in average on-grid electricity prices. Group 1: Electricity Generation and Sales - In Q4 2025, the company's controlled enterprises achieved a total electricity generation of 33.142 billion kWh and on-grid electricity of 32.229 billion kWh, representing a year-on-year decrease of 14.22% and 14.43% respectively [1] - For the full year 2025, the total electricity generation was 158.093 billion kWh and on-grid electricity was 154.209 billion kWh, with year-on-year decreases of 8.12% and 8.06% respectively [1] - The average on-grid electricity price in Q4 2025 was 0.390 yuan/kWh, an increase of 8.03% compared to the same period last year [1] - For the full year 2025, the average on-grid electricity price was 0.355 yuan/kWh, reflecting a year-on-year decrease of 1.11% [1] Group 2: Reasons for Changes in Electricity Generation - The decrease in hydropower generation was primarily due to reduced water inflow in the Yalong River Basin and the upper reaches of the Yellow River [2] - The decline in thermal power generation was attributed to increased clean energy generation in certain regions and the impact of electricity exports [2] - Wind power generation saw a slight increase due to the addition of new wind power installations, although the growth was limited by insufficient wind resources and power restrictions [3] - Solar power generation increased due to the commissioning of multiple solar projects [4] Group 3: Installed Capacity - In Q4 2025, the company added 2.1471 million kW of installed capacity, including 152,100 kW from wind power, 1.84 million kW from solar power, and 155,000 kW from energy storage [6] - As of the end of Q4, the total installed capacity of the company's controlled enterprises reached 46.8956 million kW, comprising 21.3045 million kW of hydropower, 13.0748 million kW of thermal power (including waste-to-energy), 4.1403 million kW of wind power, 7.6894 million kW of solar power, and 686,600 kW of energy storage [6]

证券代码：600886 证券简称：国投电力 公告编号：2026-003 国投电力控股股份有限公司 2025 年四季度主要经营数据公告 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、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 10-12 月，公司控股企业累计完成发电量 331.42 亿千瓦时，上网电量 322.29 亿千瓦时， 与去年同期相比分别减少 14.22%和 14.43%。2025 年 1-12 月，公司控股企业累 计完成发电量 1580.93 亿千瓦时，上网电量 1542.09 亿千瓦时，与去年同期相比 分别减少 8.12%和 8.06%。 2025 年 10-12 月,公司控股企业平均上网电价 0.390 元/千瓦时,与去年同期 相比增长 8.03%。2025 年 1-12 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 1.11%。 - 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 ...

2025年1—12月，公司控股企业累计完成发电量1580.93亿千瓦时，上网电量1542.09亿千瓦时，与上年同 期相比分别减少8.12%和8.06%。 2025年1—12月，公司控股企业平均上网电价0.355元/千瓦时,与上年同期相比减少1.11%。 人民财讯1月14日电，国投电力（600886）1月14日公告，2025年四季度，公司控股企业累计完成发电量 331.42亿千瓦时，上网电量322.29亿千瓦时，与上年同期相比分别减少14.22%和14.43%。 ...

格隆汇1月14日丨国投电力(600886.SH)公布，公司初步统计，2025年10-12月，公司控股企业累计完成 发电量331.42亿千瓦时，上网电量322.29亿千瓦时，与去年同期相比分别减少14.22%和14.43%。2025年 1-12月，公司控股企业累计完成发电量1580.93亿千瓦时，上网电量1542.09亿千瓦时，与去年同期相比 分别减少8.12%和8.06%。 2025年10-12月,公司控股企业平均上网电价0.390元/千瓦时,与去年同期相比增长8.03%。2025年1-12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1.11%。 2025年1-12月份控股企业平均上网电价同比变动情况说明:平均上网电价同比下降的主要原因：一是电 量结构变化，即火电上网电量下降，电价较高部分对应电量比例降低；二是部分区域火电中长期交易价 格下降。 公司四季度控股投产装机容量增加214.71万千瓦，其中风电15.21万千瓦、光伏184万千瓦、储能15.50万 千瓦。截至四季度末，公司已投产控股装机容量4,689.56万千瓦，其中水电2,130.45万千瓦、火电 1,307.48万千瓦（含 ...

Core Viewpoint - The third round of the fourth batch of central ecological environment protection inspections has been fully launched, focusing on five provinces and three central enterprises, emphasizing a problem-oriented approach and the need for effective supervision [1] Group 1: Inspection Overview - Eight central ecological environment protection inspection teams have been established to conduct inspections in Shanxi, Inner Mongolia, Shandong, Shaanxi, and Ningxia [1] - The inspections will also cover the Yellow River basin and three central enterprises: China Huaneng Group, China Datang Corporation, and State Power Investment Corporation [1] - The duration of the inspections is approximately one month [1] Group 2: Inspection Objectives and Methodology - The inspections aim to align with the overall economic and social development, focusing on a people-centered approach and a problem-oriented strategy [1] - The inspection teams will adhere to the spirit of the central eight regulations and implement measures to reduce the burden on grassroots levels [1] - During the inspection period, teams will set up contact numbers and postal addresses to receive reports related to ecological environment protection from the inspected entities [1] Group 3: Implementation Guidelines - The central ecological environment protection inspection work leadership office has issued a letter to the inspected entities, urging them to implement central decision-making and to avoid a "one-size-fits-all" approach [1] - The office emphasizes the need for precise, scientific, and lawful progress in addressing issues identified during inspections [1] - Simplification of inspection reception arrangements is encouraged to effectively reduce the burden on grassroots organizations [1]