_ 136 _ 10 ___ 24Q4 行业月报 ·公用事业行业 2 行业月报 · 公用事业行业 可证券|CGS 一、行业要闻 1. 河南电力现货市场完成短周期结算试运行 6月 27日,河南电力现货市场完成短周期结算试运行,共计 112台煤电机组、390 座新能源场 站、127 家售电公司、12 座独立储能电站参与交易。这标志着河南电力市场化改革迈出关键一步。 中国银河证券|CGS 目录 Catalog | 一、 行业要闻 | | --- | | 二、 行业数据 … | | (一) 碳交易市场情况 | | (二） 电力行业相关数据………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 7 | | 三、 太阳能单月装机创新高，火电发电量由降转增 | | 四、 开展新型电力系统建设试点，助力新能源消纳……………………………………………………………………………………………………………………………11 | | 五、 环保 ...

Group 1 - The article discusses the current market development status of hydrogen production technologies, specifically ALK/PEM/AEM, and highlights innovations in key materials and hydrogen production system technologies [1][11] - It emphasizes the importance of technological innovation and international cooperation in the photovoltaic industry to achieve sustainable development [2] - The total liabilities of photovoltaic companies reached approximately 2 trillion yuan, with an overall debt-to-asset ratio of 63.24%, indicating a year-on-year increase of 2.65 percentage points [2] Group 2 - A ranking of photovoltaic companies by total liabilities shows that the top three companies have liabilities exceeding 1 billion yuan, with significant year-on-year growth in some cases, such as Tongwei Co., which saw a 41.78% increase [3][4] - The article provides a detailed list of companies with their total liabilities and year-on-year growth rates, highlighting the financial health of the industry [3][4] - The article also includes a ranking of companies by debt-to-asset ratio, with some companies showing extremely high ratios, indicating potential financial risks [7][8] Group 3 - The upcoming "2025 Renewable Energy Hydrogen Production Industry Development Forum" will focus on key materials and system technologies, discussing trends in green hydrogen project applications [11][12] - The forum will feature various sessions on the current status and development trends of renewable energy hydrogen production, including discussions on PEM and alkaline hydrogen production technologies [13][15] - Notable speakers from leading institutions and companies will present their research and innovations in hydrogen production technologies, emphasizing the industry's growth potential [29][37]

Core Viewpoint - The China Securities Index for Modern Energy of State-Owned Enterprises has shown mixed performance, with a slight increase recently but a year-to-date decline, reflecting the overall trends in the modern energy sector [1][2]. Group 1: Index Performance - The index closed at 1284.8 points, with a trading volume of 20.648 billion yuan [1]. - Over the past month, the index has increased by 1.23%, and over the last three months, it has risen by 1.36%, while it has decreased by 4.08% year-to-date [1]. Group 2: Index Composition - The index is composed of 50 listed companies involved in green energy, fossil energy, and energy transmission and distribution, reflecting the performance of modern energy theme companies [1]. - The top ten weighted companies in the index include: - Changjiang Electric Power (10.02%) - Guodian NARI Technology (7.44%) - China Nuclear Power (6.4%) - Three Gorges Energy (5.1%) - Aluminum Corporation of China (4.68%) - Guodian Power (3.71%) - China Power Construction (3.49%) - China Shenhua Energy (3.08%) - State Power Investment Corporation (3.01%) - China National Petroleum Corporation (2.97%) [1]. Group 3: Market and Sector Breakdown - The Shanghai Stock Exchange accounts for 81.96% of the index's holdings, while the Shenzhen Stock Exchange represents 18.04% [1]. - In terms of industry distribution, the index's sample shows: - Utilities: 44.88% - Industrials: 22.59% - Energy: 17.31% - Materials: 14.35% - Communication Services: 0.88% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]. - Public funds tracking the index include: - Harvest CSI National New State-Owned Enterprises Modern Energy Link A - Harvest CSI National New State-Owned Enterprises Modern Energy Link C - ICBC CSI National New State-Owned Enterprises Modern Energy ETF - Bosera CSI National New State-Owned Enterprises Modern Energy ETF - Harvest CSI National New State-Owned Enterprises Modern Energy ETF [2].

Core Insights - In the first half of this year, the Three Gorges Hub has efficiently operated its navigation structures, achieving a cumulative cargo volume exceeding 80 million tons, thereby maximizing the shipping efficiency of the Yangtze River [1] Group 1: Operational Performance - The Three Gorges Ship Lock operated 5,206 times, facilitating 19,125 vessels with a cargo volume of 81.4 million tons [1] - The Three Gorges Ship Lift had 1,790 loaded operations, passing 1,810 vessels and accommodating over 280,000 passengers, with a cargo volume of 758,000 tons [1] - The combined operation of the Three Gorges Ship Lock and Ship Lift has effectively enhanced shipping efficiency [1] Group 2: Technical Specifications - The Three Gorges Ship Lock is recognized as the most complex inland ship lock globally, with the highest total head and inter-stage water head, designed for an annual throughput capacity of 100 million tons [1] - Since its opening to public vessels on June 18, 2003, the cumulative cargo volume through the lock has reached 2.24 billion tons, with annual cargo volumes consistently exceeding 100 million tons for 11 consecutive years and surpassing 150 million tons for the last three years, peaking at 168 million tons [1] Group 3: Economic Impact - The Three Gorges Ship Lift has facilitated over 1.8 million tourists since its trial operation on September 18, 2016, contributing to the high-quality development of the Yangtze River Economic Belt [1]

Group 1: ETF Performance and Liquidity - The New Energy ETF has a turnover rate of 1.64% with a transaction volume of 14.5887 million yuan as of June 27 [3] - Over the past year, the average daily transaction volume of the New Energy ETF is 35.6371 million yuan, with a recent weekly scale increase of 1.9363 million yuan [3] - The net value of the New Energy ETF has increased by 8.10% over the past year, with the highest monthly return since inception being 25.07% and the longest consecutive monthly increase being 2 months [3] Group 2: Valuation Metrics - The valuation of the index tracked by the New Energy ETF, the CSI New Energy Index, is at a historical low, with the latest price-to-book ratio (PB) at 2.05 times, which is lower than 86.85% of the time over the past five years [3] Group 3: Stock Performance - Notable stock performances include: - Contemporary Amperex Technology Co., Ltd. (宁德时代) with a rise of 0.26% [5] - Sungrow Power Supply Co., Ltd. (阳光电源) with an increase of 3.62% [5] - Longi Green Energy Technology Co., Ltd. (隆基绿能) with a rise of 2.68% [5] - The top ten weighted stocks in the CSI New Energy Index account for 44.89% of the index, including major players like Ningde Times and Sungrow [6] Group 4: Market Developments - The electricity spot market trial in Henan province is underway from June 19 to June 27, aiming to optimize resource allocation and improve price connections between long-term and spot electricity markets [5] - Xinjiang's new energy electricity price market reform is expected to lead to a lower price floor for incremental projects, with a high probability of approaching 0.150 yuan per kilowatt-hour [6]

证券代码：600905 证券简称：三峡能源 公告编号：2025-041 中国三峡新能源（集团）股份有限公司 2024年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 27 日 (二)股东大会召开的地点：北京市通州区粮市街 2 号院成大中心 5 号楼 425 会议 室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 5,197 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 20,271,837,675 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 70.8344 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会的召集、召开形式和程序符合《公司法》《证券法》《中国三峡 新能源（集团）股份有限公司章程》《 ...

北京市中伦律师事务所 关于中国三峡新能源（集团）股份有限公司 2024 年度股东大会的 法律意见书 2025 年 6 月 法律意见书 北京市朝阳区金和东路 20 号院正大中心 3 号南塔 22-31 层 邮编：100020 22-31/F, South Tower of CP Center, 20 Jin He East Avenue, Chaoyang District, Beijing l00020, P.R. China 电话/Tel : +86 10 5957 2288 传真/Fax : +86 10 6568 1022/1838 www.zhonglun.com 北京市中伦律师事务所 关于中国三峡新能源（集团）股份有限公司 2024 年度股东大会的法律意见书 致：中国三峡新能源（集团）股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受中国三峡新能源（集团） 股份有限公司（以下简称"公司"）委托，指派本所律师对公司 2024 年度股东 大会（以下简称"本次股东大会"）的合法性进行见证并出具法律意见。 本法律意见书根据《中华人民共和国公司法》（以下简称"《公司法》"）、 中国证券监督管理委员会（ ...

Group 1 - The core point of the announcement is the change in accounting estimate regarding the functional currency of the wholly-owned overseas subsidiary, China Three Gorges New Energy (Hong Kong) Co., Ltd., from Hong Kong Dollar (HKD) to Euro (EUR) effective from July 1, 2025 [1] - The reason for the change is to better reflect the company's financial status and operating results, as the subsidiary primarily conducts its business transactions in Euro, and using HKD as the functional currency could lead to significant foreign exchange gains or losses due to currency fluctuations [1] - The change will not have a significant impact on the company's financial status and operating results for the year ending June 30, 2025, as it will be applied prospectively without retrospective adjustment [1] Group 2 - The audit committee reviewed and approved the proposal to change the functional currency, stating that it complies with the relevant accounting standards [1] - The board of directors also agreed to the change, emphasizing the need for an objective and fair representation of the company's financial condition and performance [1]

证券代码：600905 证券简称：三峡能源 公告编号：2025-040 中国三峡新能源（集团）股份有限公司 关于会计估计变更的公告 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。 重要内容提示： 本次会计估计变更采用未来适用法，无需追溯调整，拟自 2025 年 7 月 1 日起开始执行，本次变更不会对中国三峡新能源 （集团）股份有限公司（以下简称公司）2025 年 6 月 30 日及以 前年度财务状况和经营成果产生重大影响。 公司于2025年6月25日召开第二届董事会第三十九次会议， 审议通过了《关于境外子公司变更记账本位币的议案》。本次公 司会计估计变更事项无需提交股东大会审议，相关会计估计变更 的具体情况如下。 一、会计估计变更概述 （一）变更原因 公司全资境外子公司中国三峡新能源（香港）有限公司（以 下简称香港公司）主要从事投资与资产管理业务，以港币（HKD） 为记账本位币，日常业务收支以欧元为主。根据《企业会计准则 第19号——外币折算》的规定，对于企业发生的外币交易，应当 1 将外币金额折算为记账本位币金额。在汇率波 ...

中国三峡新能源（集团）股份有限公司第二届监事会第二十 一次会议于 2025 年 6 月 25 日以书面签署决议的方式召开，会议 通知已于 2025 年 6 月 20 日以电子邮件方式发出。本次会议应参 会表决监事 3 人，实际参会表决监事 3 人，本次会议的召集召开 符合《公司法》和《公司章程》的有关规定，会议合法有效。与 会监事以记名投票方式表决，形成决议如下： 审议通过《关于境外子公司变更记账本位币的议案》 证券代码：600905 证券简称：三峡能源 公告编号：2025-039 中国三峡新能源（集团）股份有限公司 第二届监事会第二十一次会议决议公告 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。 具体内容详见公司同日披露的《中国三峡新能源（集团）股 份有限公司关于会计估计变更的公告》（公告编号：2025-040）。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 中国三峡新能源（集团）股份有限公司监事会 2025 年 6 月 25 日 监事会认为:中国三峡新能源（香港）有限公司变更记账本 位币，符合《企业 ...