Investment Rating - The investment rating for the company is upgraded to "Buy" [2][13][38] Core Views - The company reported a stable performance in hydropower, with an increase in gross profit margin for thermal power despite a decrease in overall revenue [4][5][6] - The company plans to maintain a cash dividend ratio of no less than 55% for the upcoming years, reflecting a commitment to shareholder returns [12][13] - The company is expected to achieve net profits of 70.79 billion yuan, 75.19 billion yuan, and 80.75 billion yuan for the years 2025 to 2027, respectively, with corresponding earnings per share of 0.88, 0.94, and 1.01 yuan [13] Financial Performance - In the first half of 2025, the company achieved operating revenue of 256.97 billion yuan, a year-on-year decrease of 5.18%, while net profit attributable to shareholders was 37.95 billion yuan, an increase of 1.36% [4][5] - The total power generation in the first half of 2025 was 770.59 billion kWh, a decrease of 0.54% year-on-year, with hydropower generation increasing by 10.30% to 477.82 billion kWh [5][6] - The average on-grid electricity price decreased by 6.4% to 0.353 yuan per kWh, primarily due to a drop in thermal power prices [6] Business Segmentation - The company has a dominant position in hydropower, with a total installed capacity of 21,304.5 MW, making it the third-largest listed company in China by hydropower capacity [7][10] - The contribution from the Yalong River hydropower project was significant, accounting for 55.8% of the total power generation in the first half of 2025 [5][7] - The company’s energy mix includes hydropower (62.01%), thermal power (28.88%), and a small proportion of renewable energy sources [5][10] Cost Management - Financial expenses decreased by 23.97% year-on-year to 1.373 billion yuan in the first half of 2025, indicating improved cost management [11] - The gross profit margin for hydropower was 63.79%, an increase of 0.42 percentage points year-on-year, while the gross profit margin for thermal power rose to 17.26%, an increase of 2.03 percentage points [6][11]

Core Insights - Hydropower profits remain stable while thermal and renewable energy profits decline [1][2] - The company reported a revenue of 25.697 billion yuan for H1 2025, a decrease of 5.18% year-on-year, with a net profit of 3.795 billion yuan, an increase of 1.36% year-on-year [1] - In H1 2025, hydropower contributed a net profit of 2.876 billion yuan, up 11.1% year-on-year, while thermal power's net profit was 481 million yuan, down 18.1% year-on-year [1] Revenue and Profit Analysis - The company experienced a 10.3% increase in hydropower generation due to high reservoir levels, with Yalong River's generation up 12.7% and revenue up 7.0% [2] - The average electricity price for thermal power decreased by 0.9 cents, leading to a decline in profits, particularly from the Qinzhou power plant [2] - The company has ongoing hydropower projects in Indonesia and Yalong River, totaling 4.23 GW, indicating long-term growth potential [2] Profit Forecast and Investment Recommendations - The projected net profits for the company from 2025 to 2027 are 7.09 billion, 7.84 billion, and 8.41 billion yuan, respectively, with corresponding PE ratios of 16.0, 14.5, and 13.5 [2] - The company is expected to maintain a 55% dividend payout ratio from 2024 to 2026, with a target price of 15.94 yuan per share based on an 18x PE valuation for 2025 [3]

Investment Rating - The report maintains a "Buy" rating for renewable energy operators due to the accelerated recovery of renewable energy subsidies, which is expected to alleviate cash flow pressures for green electricity operators [3][6][7]. Core Viewpoints - The "Document 136" promotes the full market entry of renewable energy, intensifying competition in the sector. The accelerated recovery of national renewable energy subsidies is anticipated to significantly ease cash flow pressures for green electricity operators, benefiting their recovery and long-term development [3][12]. - Recent data shows that several renewable energy operators have received substantial renewable energy subsidy funds, with notable increases in funding compared to the previous year. For instance, Jin Kai New Energy received CNY 1.214 billion, a 341.67% increase year-on-year, while Solar Energy received CNY 2.319 billion, a 232.23% increase [13][13][13]. Summary by Sections Industry Trends - The report indicates a 0.51% increase in the CITIC Power and Utilities Index, outperforming the CSI 300 Index by 1.33 percentage points during the week of September 1-5, 2025 [4][67]. - The coal price has dropped to CNY 687 per ton, which may impact the thermal power sector positively [15]. Renewable Energy - The price of silicon materials has risen to CNY 48 per kg, while the price of mainstream silicon wafers remains stable at CNY 1.42 per piece. This trend is expected to enhance the profitability of photovoltaic projects in the long run [50]. Hydropower - As of September 5, 2025, the inflow and outflow of the Three Gorges Reservoir have increased by 31.71% and 69.81% year-on-year, respectively, indicating a robust performance in hydropower generation [38]. Carbon Market - The national carbon market saw a 4.50% decrease in trading prices, with a total trading volume of 2.1243 million tons and a total transaction value of CNY 144 million during the week [60][64]. Key Stocks - The report highlights several key stocks with "Buy" ratings, including Zhejiang Energy, Anhui Energy, and Huaneng International, with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating potential growth [7].

Group 1 - The board of directors of Guotou Electric Power Holdings Co., Ltd. held its first meeting of the 13th session, with all 9 directors present, confirming compliance with relevant laws and regulations [1] - The board elected Guo Xuyuan as the chairman and Liu Guojun as the vice chairman, both serving terms consistent with the 13th board session [1] - The board approved the election of members for various specialized committees, including the Strategy Committee, Audit Committee, Compensation and Assessment Committee, Nomination Committee, and Environment, Social, and Governance Committee, with all votes in favor [1] - Yu Haomiao was appointed as the general manager, with the term starting from the date of the board resolution until the next board election [1] - The board also approved the appointment of senior management personnel, including the chief accountant, following the recommendations of the nomination committee [1] Group 2 - The Green Power ETF, tracking the China Securities Green Power Index, has seen a recent 5-day change of 1.92% and a price-to-earnings ratio of 17.21 times [3] - The latest share count for the Green Power ETF is 140 million, reflecting a decrease of 500,000 shares, with a net inflow of 1.134 million yuan in principal funds [3]

Group 1 - The green electricity ETF (Product Code: 562550) tracks the China Securities Green Power Index [2] - The ETF has experienced a 1.92% change in the last five days [2] - The current price-to-earnings ratio of the ETF is 17.21 times [2] Group 2 - The latest share count for the ETF is 140 million, with a reduction of 500,000 shares [2] - The net inflow of main funds into the ETF is 1.134 million yuan [2] - The valuation percentile of the ETF stands at 43.42% [3]

Group 1 - The company held a shareholders' meeting on September 5, 2025, with a total attendance representing 72.7628% of the voting shares [1] - The meeting was chaired by the company's chairman, Guo Xuyuan, and utilized a combination of on-site and online voting methods, complying with legal and regulatory requirements [1] - There were no rejected resolutions during the meeting, indicating unanimous support for the proposals presented [1] Group 2 - The legal representatives for the meeting were Shen Weipeng and Chu Lili, confirming that the meeting's procedures and voting results were legally valid [1] - The company reported no related shareholders that needed to abstain from voting, suggesting a clear voting process without conflicts of interest [1]

Group 1 - The company announced the convening of its 13th Board of Directors' first meeting on September 5, 2025, to review the appointment of senior management personnel [1] - The Board approved the appointment of Mr. Zhou Changxin as the Chief Accountant (Financial Officer) of the company [1] - The Board also approved the appointments of Mr. Cai Jidong, Mr. Jing Zhentao, Mr. Gao Hai, and Mr. Cao Jianjun as Vice Presidents [1] - Mr. Gao Hai was appointed as the Secretary of the Board and Chief Legal Counsel (Chief Compliance Officer) [1] - The term of the newly appointed senior management personnel will last until the next Board of Directors' election [1]

Group 1 - The company announced that its 13th Board of Directors held its first meeting on September 5, where several proposals were approved, including the election of the company's chairman [2]

证券日报网讯 9月5日晚间，国投电力发布公告称，公司2025年第五次临时股东会审议通过了《关于增 补董事的议案》《关于增补独立董事的议案》。 （文章来源：证券日报） ...

每经AI快讯，国投电力（SH 600886，收盘价：14.21元）9月5日晚间发布公告称，公司审议通过了《关 于聘任公司高级管理人员的议案》，经公司总经理提名，董事会审议，同意聘任周长信先生为公司总会 计师，同意聘任蔡继东先生、景振涛先生、高海先生、曹建军先生为公司副总经理，同意聘任高海先生 为董事会秘书、总法律顾问。上述高级管理人员的任职资格已经公司董事会提名委员会审议通过，聘任 公司总会计师已经公司董事会审计委员会审议通过。 2024年1至12月份，国投电力的营业收入构成为：电力行业占比92.54%，其他行业占比6.96%，其他业 务占比0.5%。 每经头条（nbdtoutiao）——烤肉店里洗头、西湖边开面包店、进军高端酒店……海底捞"不务正业"背 后：子品牌存活率不足50% （记者 王晓波） 截至发稿，国投电力市值为1137亿元。 ...