Core Viewpoint - The Shanghai Composite Index opened lower and the CSI 300 Utilities Index reported a value of 2654.37 points, reflecting a mixed performance in the utilities sector [1] Group 1: Index Performance - The CSI 300 Utilities Index has increased by 0.44% over the past month and by 7.20% over the past three months, but has decreased by 1.93% year-to-date [1] - The index is designed to reflect the overall performance of different industry companies within the CSI 300 Index, categorized into 11 primary industries, 35 secondary industries, and over 200 tertiary and quaternary industries [1] Group 2: Index Composition - The top ten weighted stocks in the CSI 300 Utilities Index are: - Changjiang Electric (48.96%) - China Nuclear Power (10.13%) - Three Gorges Energy (8.04%) - Guodian Power (5.47%) - State Power Investment (4.79%) - Huaneng International (4.21%) - Chuanwei Energy (4.2%) - China General Nuclear Power (3.76%) - Zhejiang Energy (2.85%) - Huadian International (2.61%) [1] - The market composition of the CSI 300 Utilities Index shows that the Shanghai Stock Exchange accounts for 95.91% and the Shenzhen Stock Exchange accounts for 4.09% [2] Group 3: Industry Breakdown - The industry composition of the CSI 300 Utilities Index is as follows: - Hydropower: 60.25% - Thermal Power: 15.15% - Nuclear Power: 13.90% - Wind Power: 8.37% - Gas: 2.34% [2] Group 4: Sample Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with sample changes, and temporary adjustments occur when the CSI 300 Index samples are modified [2]

Group 1 - The A-share market showed mixed performance with the China Securities Public Utilities Index down by 0.39% closing at 2494.68 points and a trading volume of 8.457 billion [1] - Over the past month, the China Securities Public Utilities Index has decreased by 0.01%, increased by 5.61% over the last three months, and has declined by 2.47% year-to-date [1] - The index is designed to reflect the overall performance of different industry companies within the China Securities 800 Index, categorized into 11 primary and 35 secondary industries [1] Group 2 - The top ten holdings in the China Securities Public Utilities Index include: Changjiang Electric Power (16.87%), China Nuclear Power (10.59%), and Three Gorges Energy (8.41%) among others [1] - The market composition of the index shows that 84.49% of the holdings are from the Shanghai Stock Exchange and 15.51% from the Shenzhen Stock Exchange [1] - The public utilities sector accounts for 100.00% of the index's holdings [2] Group 3 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, but can change with temporary adjustments due to events affecting the index [2] - Special events such as delisting, mergers, or changes in industry classification will prompt corresponding adjustments to the index samples [2]

Investment Rating - The report maintains an "Outperform" rating for the public utility sector [1][5][7] Core Views - The report highlights the ongoing pilot projects for the new power system initiated by the National Energy Administration, focusing on innovative technologies and models [2][14] - It emphasizes the growth in exports of industrial-grade mixed oil (UCO) in April 2025, with a year-on-year increase of 7.46% in volume and a 21.01% increase in average price [3][15] - The report suggests that coal and electricity prices are declining simultaneously, which may help maintain reasonable profitability for thermal power [3][18] Summary by Sections Market Review - The Shanghai Composite Index rose by 0.88%, while the public utility index fell by 0.13% and the environmental index increased by 0.46% [1][19] - Within the electricity sector, thermal power decreased by 0.97%, hydropower by 1.47%, and new energy generation by 0.45% [1][19] Important Events - The National Energy Administration is conducting pilot projects for a new power system, focusing on advanced technologies and models [2][14] Special Research - In April 2025, China exported 228,148 tons of industrial-grade mixed oil (UCO), with an average export price of $1,069.34 per ton [3][15] Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [3][18] - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved cash flow [3][18] Key Company Earnings Forecasts and Investment Ratings - Several companies are rated "Outperform," including Huadian International, Shanghai Electric, Longyuan Power, and China Nuclear Power [7][18] Industry Dynamics - The report notes that the overall electricity generation in April 2025 was 711.1 billion kWh, with a year-on-year growth of 0.9% [45] - The total installed power generation capacity reached 3.49 billion kW, a year-on-year increase of 15.9% [76]

Group 1 - The liquidity of the green power ETF showed a turnover of 3.17% with a transaction volume of 10.83 million yuan, and the average daily transaction volume over the past month reached 19.32 million yuan [3] - The green power ETF experienced a significant growth in scale, increasing by 65.56 million yuan over the past three months, ranking first among comparable funds [3] - The green power ETF's share increased by 2 million shares in the past week, also ranking first among comparable funds [3] Group 2 - The price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is currently 18.62 times, which is below 85.71% of the historical data over the past three years, indicating a historical low valuation [3] - The top ten weighted stocks in the National Green Power Index account for 58.12% of the total, including major companies such as Yangtze Power, China Nuclear Power, and Three Gorges Energy [3] Group 3 - The recent policy notification regarding the orderly promotion of green electricity direct connection is the first national-level policy to permit and regulate green electricity direct connection, which aims to facilitate the consumption of renewable energy and reduce costs for end users [4] - The green electricity direct connection projects will require investors to bear transmission and distribution costs, but can also lower operational costs by reducing grid connection capacity requirements [4] - Investors can leverage the corresponding green power ETF linked fund (017057) to seize investment opportunities in this sector [4]

Core Viewpoint - The company, China Three Gorges New Energy (Group) Co., Ltd., held its 38th meeting of the second board of directors on June 4, 2025, where several key resolutions were passed regarding equity transfers, budget reports, and appointments [1][18]. Group 1: Equity Transfers - The company approved the public transfer of 50% equity in Changyuan City Yunming New Energy Technology Co., Ltd. [1] - The company also agreed to publicly transfer 100% equity and related debts of Sanxia New Energy Zhangwu Power Generation Co., Ltd. [3] Group 2: Budget and Compensation - The board approved the report on the execution of the total salary budget for 2024 and the budget plan for 2025 [5]. - The company adjusted the settings of its functional departments, which was also approved by the board [7]. Group 3: Appointments - The board appointed Ms. Yang Liying as the company's General Counsel and Chief Compliance Officer, effective from the date of the board's approval until the end of the current board's term [8][18]. - The board also approved the performance assessment targets for the management team for the year 2025 [11]. Group 4: Shareholder Meeting - The company scheduled its 2024 Annual Shareholders' Meeting for June 27, 2025, with a combination of on-site and online voting [15][22]. - The meeting will include the review of the 2024 Independent Directors' Work Report [24].

证券代码：600905 证券简称：三峡能源 公告编号：2025-035 中国三峡新能源（集团）股份有限公司 第二届董事会第三十八次会议决议公告 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。 中国三峡新能源（集团）股份有限公司（以下简称公司）第 二届董事会第三十八次会议于 2025 年 6 月 4 日在北京以现场结 合通讯方式召开，会议通知已于 2025 年 5 月 29 日以电子邮件方 式发出。本次会议应出席董事 9 名，实际出席董事 8 名，蔡庸忠 董事委托王永海董事出席会议并代为行使表决权。公司部分监事、 高级管理人员等列席了会议。会议的召集召开符合《公司法》 《公 司章程》的有关规定，会议合法有效。会议由朱承军董事长主持， 以记名投票方式表决，形成决议如下： 一、审议通过《关于公开挂牌转让长垣市云明新能源科技有限 公司 50%股权的议案》 同意公司以公开挂牌方式转让长垣市云明新能源科技有限 公司 50%股权，相关工作按照股权转让方案执行。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 二、审议通过《关于挂牌转让 ...

证券代码：600905 证券简称：三峡能源 公告编号：2025-037 中国三峡新能源（集团）股份有限公司 关于召开2024年度股东大会的通知 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： ? 股东大会召开日期：2025年6月27日 ? 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 ? 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时 参会、及时投票，公司拟使用上证所信息网络有限公司（以下简称"上 证信息"）提供的股东大会提醒服务，委托上证信息通过智能短信等形 式，根据股权登记日的股东名册主动提醒股东参会投票，向每一位投资 者主动推送股东大会参会邀请、议案情况等信息。投资者在收到智能短 信 后 ， 可 根 据 使 用 手 册 （ 下 载 链 接 ： https://vote.sseinfo.com/i/yjt_help.pdf）的提示步骤直接投票， 如遇拥堵等情况，仍可通过原有的交易系统投票平台和互联网投票平台 进行投票 一、 召开会议的基本情况 (一)股东大会类型和届次 ...

证券代码：600905 证券简称：三峡能源 公告编号：2025-036 中国三峡新能源（集团）股份有限公司 关于聘任总法律顾问、首席合规官的公告 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。 中国三峡新能源（集团）股份有限公司（以下简称公司）于 聘任公司总法律顾问、首席合规官的议案》。 根据《公司法》《公司章程》等有关规定，经公司总经理提 名、董事会提名委员会审核，董事会同意聘任杨丽迎女士（简历 附后）为公司总法律顾问、首席合规官，任期自本次董事会审议 通过之日起至第二届董事会任期届满之日止。公司总会计师杨庆 华先生不再兼任总法律顾问、首席合规官职务。 特此公告。 中国三峡新能源（集团）股份有限公司董事会 相关ETF 绿电ETF (产品代码: 562550) ★ 跟踪：中证绿色电力指数 近五日涨跌: -1.03% 市盈率：17.22倍 资金流向：最新份额为1.4亿份，增加了50.0万份，主力资金净流 出19.9万元。 杨丽迎女士简历 杨丽迎，1982 年 9 月出生，女，汉族，中共党员，硕士研 究生，高级经济师，历任中国长江 ...

证券代码：600905 证券简称：三峡能源 公告编号：2025-036 截至本公告日，杨丽迎女士持有公司股份 24.60 万股，与公 司控股股东、实际控制人、持有公司 5%以上股份的股东及其他 董事、监事、高级管理人员之间不存在关联关系，未受到过中国 证监会、上海证券交易所及其他有关部门的处罚，其任职资格符 合《公司法》《上海证券交易所股票上市规则》等法律法规、监 管规则的规定。 特此公告。 中国三峡新能源（集团）股份有限公司董事会 2025 年 6 月 6 日 附件 杨丽迎女士简历 中国三峡新能源（集团）股份有限公司 关于聘任总法律顾问、首席合规官的公告 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。 中国三峡新能源（集团）股份有限公司（以下简称公司）于 2025年6月4日召开第二届董事会第三十八次会议审议通过《关于 聘任公司总法律顾问、首席合规官的议案》。 根据《公司法》《公司章程》等有关规定，经公司总经理提 名、董事会提名委员会审核，董事会同意聘任杨丽迎女士（简历 附后）为公司总法律顾问、首席合规官，任期自本次董事会审议 ...

证券代码：600905 证券简称：三峡能源 公告编号：2025-037 中国三峡新能源（集团）股份有限公司 关于召开2024年度股东大会的通知 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 27 日 10 点 00 分 召开地点：北京市通州区粮市街 2 号院成大中心 5 号楼 425 会议室 (五)网络投票的系统、起止日期和投票时间。 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年度股东大会 股东大会召开日期：2025年6月27日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时 参会、及时投票，公司拟使用上证所信息网络有限公司（以下简称"上 证信息"）提供的股东大会提醒服务，委托上证信息通过智能短信等形 式，根据股权登记日的股东名册主动提醒股东参会投票，向每一位投资 者主动推送股东大会参会邀请、议案情况等信息。投资者在收到智能短 信 ...