Investment Rating - The industry investment rating is maintained as "Increase" [4][3] Core Views - The "136 Document" catalyzes rapid growth in new energy this year, with accelerated electricity market reforms and the southern regional market starting continuous settlement, leading to more flexible electricity pricing reflecting supply and demand changes [3][10] - The cumulative installed capacity of solar power reached 1.08 billion kilowatts by the end of May, with a year-on-year increase of 56.9%, while the share of thermal power generation capacity decreased to approximately 40% [15][67] - The southern regional electricity market officially transitioned to continuous settlement, allowing for daily trading and better reflection of supply-demand dynamics [15][10] Summary by Sections Industry Overview - As of the end of May, the total installed power generation capacity in China reached 3.61 billion kilowatts, a year-on-year increase of 18.8% [15][67] - In the first five months of the year, solar power added 197.85 GW of new capacity, a year-on-year increase of 149.97%, while wind power added 46.28 GW, a year-on-year increase of 134.21% [15][67] Market Dynamics - The average daily trading volume in the southern regional electricity market is expected to reach 3.8 billion kilowatt-hours after the transition to continuous settlement [15][10] - The coal price rebounded to 620 yuan per ton, impacting the thermal power sector [11][3] Key Stocks - Recommended stocks include Huaneng International, Jingtou Energy, Huadian International, Sheneng Co., and Baoneng New Energy, focusing on those with flexible quarterly performance [3][7] - Emphasis on undervalued green electricity operators, particularly in Hong Kong stocks and wind power operators, such as Xintian Green Energy and Zhongmin Energy [3][7] Carbon Market - The national carbon market trading price increased by 4.83% this week, with a total trading volume of 6.68 billion tons and a cumulative trading amount of 458.99 billion yuan [52][69]

Core Points - The article outlines the revised articles of association for China Yangtze Power Co., Ltd., emphasizing the company's commitment to legal compliance and corporate governance [2][3][7] - The company aims to operate as a leading clean energy provider, focusing on high-quality and efficient electricity production while ensuring shareholder returns and social benefits [8][17] Group 1: Company Overview - China Yangtze Power Co., Ltd. was established in accordance with the Company Law of the People's Republic of China and is registered with the relevant authorities [3] - The company has a registered capital of RMB 24,468,217,716 and is structured as a permanent joint-stock company [4][7] - The company is committed to maintaining the rights and interests of shareholders, employees, and creditors [7] Group 2: Business Objectives - The company's business objective is to engage in electricity production and investment, providing clean energy and ensuring public interest [17][18] - The development goal is to become an internationally recognized large-scale clean energy company through the operation and investment in quality power generation assets [18] Group 3: Share Structure - The company issued 232,600,000 A-shares to the public in 2003 and has also issued Global Depositary Receipts (GDRs) on the London Stock Exchange [3][4] - The initial share distribution included major stakeholders such as China Three Gorges Corporation, which holds 89.5% of the shares [9] Group 4: Corporate Governance - The company adheres to a legal advisory system to ensure compliance and governance [7] - The articles of association provide a framework for shareholder rights, including the ability to sue the company or its directors under certain conditions [7][19] - The company emphasizes the importance of transparency and accountability in its operations [7][8]

中国长江电力股份有限公司 股东会议事规则 （修订稿） — 1 — 中国长江电力股份有限公司 股东会议事规则 （2002 年 9 月 29 日公司创立大会审议通过，2005 年 9 月 30 日公司 2005 年第三次临时股东大会第一次修订，2006 年 9 月 29 日公司 2006 年第一次 临时股东大会第二次修订，2016 年 5 月 20 日公司 2015 年度股东大会第三 次修订，2020 年 6 月 30 日公司 2020 年第一次临时股东大会第四次修订， 2024 年 1 月 16 日公司 2024 年第一次临时股东大会第五次修订，2025 年 【】月【】日公司 2025 年第【】次临时股东会第六次修订） — 2 — | | | | 第一章 总则 . | | | --- | --- | | 第二章 股东会的召集 | | | 第三章 | 股东会的提案 . | | 第四章 | 股东会的通知 . | | 第五章 | 股东会的召开 . | | 第六章 | 股东会的表决与决议 . | | 第七章 | 股东会会议记录及其他事项 | | 第八章 股东会对董事会的授权原则 25 | | | 第九章 附则 . | ...

中国长江电力股份有限公司 （修订稿） — 2 — －１－ 中国长江电力股份有限公司 章 程 （2002 年 9 月 29 日公司创立大会审议通过，2003 年 5 月 19 日公司 2002 年度股东大会第一次修订，2005 年 5 月 8 日公司 2004 年度股东大会第二 次修订，2005 年 9 月 30 日公司 2005 年第三次临时股东大会第三次修订， 2006 年 9 月 29 日公司 2006 年第一次临时股东大会第四次修订，2007 年 9 月 7 日公司 2007 年第三次临时股东大会第五次修订，2010 年 3 月 4 日公 司 2010 年第二次临时股东大会第六次修订，2010 年 6 月 26 日公司 2009 年度股东大会第七次修订，2012 年 9 月 17 日公司 2012 年第一次临时股东 大会第八次修订，2015 年 5 月 6 日公司 2015 年第一次临时股东大会第九 次修订，2016 年 5 月 20 日公司 2015 年度股东大会第十次修订，2017 年 11 月 15 日公司 2017 年第二次临时股东大会第十一次修订，2019 年 5 月 23 日公司 2018 ...

一、日常关联交易基本情况 股票代码：600900 股票简称：长江电力 公告编号：2025-030 （一）日常关联交易履行的审议程序 中国长江电力股份有限公司 2025 年度日常关联交易公告 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： 无需提交股东会审议 日常关联交易不影响公司的独立性，公司不会对关联方形成依 赖 中国长江电力股份有限公司（以下简称公司）于 2025 年 6 月 26 日召开第六届董事会第四十三次会议，审议通过《关于公司 2025 年 度日常关联交易的议案》，关联董事回避了表决。2025 年度，公司 预计将与中国长江三峡集团有限公司（以下简称中国三峡集团）及其 内部相关单位发生委托或受托管理资产和业务、接受或提供劳务、租 入或租出资产等 6 类日常关联交易，合计 57 项，总金额约 321,974 万元。独立董事事前认可该交易，并发表独立意见如下：上述日常关 联交易均为公司日常经营活动所需，交易遵循"平等、自愿、等价、 有偿"和"公平、公正、公开"的原则，关联交易行为规范。 （二）前次日常关 ...

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。 中国长江电力股份有限公司（以下简称公司）第六届董事会 第四十三次会议于2025年6月26日以现场方式召开。会议应到董 事11人，实到8人，委托出席3人，其中刘伟平董事委托何红心董 事，苏天鹏董事、洪猛董事委托黄峰董事代为出席并行使表决权， 符合《公司法》和《公司章程》等有关规定。公司部分高管列席 了会议。会议由何红心副董事长主持，以记名表决方式通过如下 议案： 一、审议通过《关于投资建设江西寻乌抽水蓄能电站项目的 议案》。 股票代码：600900 股票简称：长江电力 公告编号：2025-029 中国长江电力股份有限公司 第六届董事会第四十三次会议决议公告 同意增设江西寻乌抽水蓄能有限公司为长江电力二级子企 业，并由江西寻乌抽水蓄能有限公司投资建设江西寻乌抽水蓄能 电站项目，总投资不超过77.39亿元，其中资本金占总投资的20%。 四、审议通过《关于公司2025年度日常关联交易的议案》。 具 体 内 容 详 见 公 司 刊 登 在 上 海 证 券 交 易 所 网 站 （www.s ...

Core Viewpoint - The FTSE China A50 Index components showed a decline across various sectors, with banking stocks mostly in the red and significant drops in insurance, liquor, and semiconductor sectors [1][6]. Banking Sector - Most banking stocks experienced a decline, contributing to the overall negative performance of the index [1]. Insurance Sector - Major insurance companies like China Pacific Insurance, Ping An Insurance, and China Life Insurance saw market capitalizations of 390.94 billion, 359.61 billion, and 1,045.27 billion respectively, with declines of -0.26 (-0.69%), -0.18 (-0.31%), and -0.16 (-1.78%) [3]. Liquor Industry - Key players in the liquor industry, including Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, reported market capitalizations of 1,778.15 billion, 217.75 billion, and 464.59 billion respectively, with price changes of -4.50 (-0.32%), -1.16 (-0.65%), and -0.04 (-0.03%) [3]. Semiconductor Sector - Semiconductor companies such as Northern Huachuang, Cambricon Technologies, and Hygon reported market capitalizations of 233.53 billion, 249.53 billion, and 326.76 billion respectively, with price changes of -1.01 (-0.23%), -12.76 (-2.09%), and -1.17 (-0.83%) [3]. Automotive Sector - In the automotive sector, BYD and Great Wall Motors had market capitalizations of 282.79 billion and 1,834.50 billion respectively, with price changes of -3.57 (-1.06%) and +0.07 (+0.33%) [3]. Energy Sector - Companies in the energy sector, including China Shipping and Sinopec, reported market capitalizations of 686.25 billion and 1,584.96 billion respectively, with price changes of +0.03 (+0.20%) and -0.05 (-0.88%) [3]. Coal Industry - In the coal industry, China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 186.24 billion and 795.34 billion respectively, with price changes of -1.98 (-0.78%) and -0.01 (-0.02%) [3]. Power Industry - The power sector, represented by companies like Yangtze Power and China Nuclear Power, had market capitalizations of 192.31 billion and 745.30 billion respectively, with price changes of -0.65 (-2.09%) and -0.03 (-0.32%) [4]. Internet Services - Internet service companies such as Dongfang Caifu reported a market capitalization of 371.40 billion, with a price change of +0.37 (+1.60%) [4]. Food and Beverage Sector - In the food and beverage sector, companies like Citic Securities and Haitian Flavoring reported market capitalizations of 414.23 billion and 342.55 billion respectively, with price changes of +0.38 (+1.38%) and -0.10 (-0.26%) [4]. Consumer Electronics - Companies in the consumer electronics sector, including Industrial Fulian and Luxshare Precision, had market capitalizations of 426.17 billion and 246.39 billion respectively, with price changes of +0.42 (+2.00%) and -0.35 (-0.67%) [4]. Home Appliances - In the home appliance sector, Gree Electric and Haier Smart Home reported market capitalizations of 255.76 billion and 234.57 billion respectively, with price changes of +0.16 (+0.35%) and +0.28 (+1.13%) [4]. Logistics Sector - The logistics sector, represented by companies like SF Holding, had a market capitalization of 276.36 billion, with a price change of +0.60 (+1.13%) [4]. Construction Industry - In the construction industry, China State Construction and XD China Communications reported market capitalizations of 240.07 billion and 527.30 billion respectively, with price changes of -0.02 (-0.34%) and +0.05 (+0.95%) [4].

Market Overview - The FTSE China A50 Index component stocks showed a mixed performance with bank stocks rising in the afternoon while insurance stocks continued to decline [1][5]. Banking Sector - Bank stocks generally performed well, contributing to the positive movement in the FTSE China A50 Index [1]. Insurance Sector - Major insurance companies such as China Pacific Insurance, China Life Insurance, and Ping An Insurance experienced declines in their stock prices, with China Pacific Insurance down by 1.05%, China Life down by 0.52%, and Ping An down by 1.42% [3]. Alcohol Industry - In the alcohol sector, Kweichow Moutai saw a slight increase of 0.48%, while Shanxi Fenjiu and Wuliangye experienced declines of 0.37% and 0.83% respectively [3]. Semiconductor Industry - The semiconductor companies showed varied results, with North Huachuang increasing by 2.72%, while Cambrian and Haiguang Information saw minor declines [3]. Automotive Sector - In the automotive sector, BYD's stock fell by 3.39%, while Great Wall Motors and China Railway High-speed experienced minor declines and increases respectively [3]. Shipping and Oil Industry - China COSCO Shipping saw a slight increase of 0.53%, while Sinopec and PetroChina experienced minor declines [3]. Coal and Battery Industry - China Shenhua's stock decreased by 0.27%, while Ningde Times (CATL) saw a decline of 0.83% [3]. Power and Financial Sector - Longyuan Power and China Nuclear Power had mixed results, with Longyuan Power increasing by 0.74% and China Nuclear Power declining by 3.63% [4]. Food and Beverage Sector - The food and beverage sector showed declines, with companies like Haitian Flavor Industry and Zhongtai Securities experiencing notable decreases [4]. Consumer Electronics and Pharmaceutical Sector - The consumer electronics sector saw a slight increase in stocks like Luxshare Precision, while pharmaceutical companies like Hengrui Medicine experienced a decline [4]. Logistics and Medical Equipment - The logistics sector, represented by SF Holding, saw a minor decline, while medical equipment company Mindray Medical also experienced a decrease [4]. Non-ferrous Metals and Communication Services - Zijin Mining and China Communications Construction had mixed performances, with Zijin Mining showing a slight decline [4].

Group 1 - China Yangtze Power Co., Ltd. has obtained a patent for a tool cabinet designed for the convenient placement of long ladders, with the patent number CN223013167U and application date of August 2024 [1] - The patent describes a tool cabinet that includes a storage cabinet located on top of a ladder placement rack, which consists of multiple vertical rods and horizontal rods, providing a designated space for placing long ladders [1] - The design addresses safety hazards associated with leaning ladders against walls and the difficulty of neatly storing ladders on the ground, thereby optimizing space utilization [1] Group 2 - China Yangtze Power Co., Ltd. was established in 2002 and is based in Beijing, primarily engaged in the production and supply of electricity and heat [2] - The company has a registered capital of approximately 2.45 billion RMB and has made investments in 46 enterprises, participated in 5,000 bidding projects, and holds 250 trademark registrations and 5,000 patent registrations [2] - Additionally, the company possesses 431 administrative licenses, indicating a robust operational framework [2]

Group 1 - The Shanghai Composite Index opened lower but rose throughout the day, with the CSI 300 Utilities (secondary industry) index reported at 2669.83 points [1] - The CSI 300 Utilities index has decreased by 1.10% over the past month, increased by 5.80% over the past three months, and has declined by 1.36% year-to-date [1] - The CSI 300 index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] Group 2 - The top ten holdings in the CSI 300 Utilities index are: Changjiang Electric (49.31%), China Nuclear Power (10.16%), Three Gorges Energy (8.03%), Guodian Power (5.52%), State Power Investment (4.65%), Huaneng International (4.17%), Chuanwei Energy (4.09%), China General Nuclear Power (3.81%), Zhejiang Energy (2.82%), and Huadian International (2.5%) [1] - The market share of the CSI 300 Utilities index is dominated by the Shanghai Stock Exchange at 95.87%, while the Shenzhen Stock Exchange accounts for 4.13% [2] - In terms of industry composition, hydropower constitutes 60.36%, thermal power 15.01%, nuclear power 13.97%, wind power 8.36%, and gas power 2.31% of the index [2] Group 3 - 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 adjusted in accordance with the regular sample adjustments, which occur at the same time as the index sample adjustments [2] - Temporary adjustments to the index samples occur when the CSI 300 index undergoes changes, and special events affecting sample companies may also lead to corresponding adjustments in the CSI 300 industry index [2]