Investment Rating - Maintain "Buy" rating for the industry [10] Core Viewpoints - The report highlights a mixed performance across various sectors within the public utility and environmental protection industry, with coal prices declining and water supply improving, reshaping the defensive value of water and coal [3] - The overall electricity consumption growth slowed down due to a warm winter and high base effects from the previous year, impacting thermal power generation negatively [4][29] - The renewable energy sector faces profit pressure due to declining utilization rates and electricity prices, despite significant installed capacity growth [4][52] - Hydropower benefits from improved water supply and reservoir management, leading to increased revenue and profit in early 2025 [5][7] - The environmental sector shows stable performance in water and solid waste operations, with a recovery in water profitability in early 2025 [5][6] Summary by Sections 1. Overview of 2024 Reports and 2025 Q1 - The electricity industry saw a 6.7% growth in consumption in 2024, driven by structural optimization and rising demand for new energy sources [16] - The environmental sector experienced a revenue decline of 2.7% and a net profit drop of 31% in 2024, with operational efficiency improvements in existing assets [16] 2. Sector Performance from 2024 to Q1 2025 2.1 Thermal Power - Thermal power generation faced pressure from electricity prices and demand, but benefited from lower coal prices, leading to a net profit increase of 6.5% in Q1 2025 [4][36][37] 2.2 Renewable Energy - The renewable energy sector's profit was under pressure due to declining utilization rates and electricity prices, despite a 15.7% increase in wind power generation in 2024 [4][52] 2.3 Hydropower - Hydropower generation increased by 11.7% in 2024, with a significant profit increase in Q1 2025 due to improved water supply [5][7] 2.4 Environmental Protection - The environmental sector showed stable performance in water and solid waste operations, with a recovery in profitability in early 2025 [5][6] 3. Key Companies in the Sector - Focus on leading companies in thermal power, hydropower, and nuclear power, such as Huadian International, Yangtze Power, and China Nuclear Power, respectively [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In 2024, the company is expected to achieve a revenue of 29.717 billion yuan, representing a year-on-year growth of 12.13%, while the net profit attributable to shareholders is projected to decline by 14.81% to 6.111 billion yuan [6][8]. - The first quarter of 2025 shows a revenue of 7.628 billion yuan, a decrease of 3.47% year-on-year, but the net profit attributable to shareholders has increased by 1.16% to 2.447 billion yuan [6][8]. Summary by Sections Revenue and Profitability - The company’s revenue for 2024 is projected at 29.717 billion yuan, with a gross profit of 15.639 billion yuan, reflecting a gross margin of 52.63%, down by 2.49 percentage points year-on-year [6][10]. - The company’s financial expenses for 2024 are expected to reach 4.310 billion yuan, an increase of 8.85% year-on-year, impacting profitability [10]. Operational Performance - In 2024, the company added 7.917 million kilowatts of new installed capacity, with total generation reaching 71.952 billion kilowatt-hours, a year-on-year increase of 30.40% [10]. - The average on-grid electricity price for 2024 is expected to be 0.4195 yuan per kilowatt-hour, a decrease of 14.10% year-on-year, affecting revenue [10]. Future Outlook - The company forecasts earnings per share (EPS) of 0.25 yuan, 0.26 yuan, and 0.28 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 17.31, 16.67, and 15.11 [10].

Group 1: Wind Power Industry - The wind power industry in China is experiencing a recovery in performance from Q4 2024 to Q1 2025, with some companies exceeding expectations [3] - In 2024, 23 A-share wind power companies reported a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan, showing a revenue increase of 4.39% but a net profit decline of 12.70% year-on-year [3] - In Q1 2025, these companies achieved a total revenue of 47.58 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [3] - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a 35.72% increase year-on-year, and a net profit of 568 million yuan, up 70.84% [4] - The recovery in wind turbine prices and expansion into overseas markets have positively impacted the performance of wind power manufacturers [4][6] Group 2: Solar Power Industry - The solar power industry faced significant challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a decrease of 17.96% year-on-year, and a net profit of approximately -363 million yuan, a decline of 100.25% [8] - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 4.74 billion yuan, indicating a significant drop compared to Q1 2024 [8] - Major integrated solar companies like TCL Zhonghuan, Longi Green Energy, and Tongwei reported substantial losses, with net profits of -9.82 billion yuan, -8.62 billion yuan, and -7.04 billion yuan respectively [8] - Despite the overall downturn, companies involved in solar energy storage have shown resilience, with notable performances from companies like Sungrow Power and Canadian Solar [9] Group 3: Energy Storage Industry - The energy storage industry saw a decline in overall performance in 2024, with 21 A-share companies reporting a total revenue of 682.1 billion yuan, a decrease of 3.59%, and a net profit of 74.54 billion yuan, down 21.4% year-on-year [12] - In Q1 2025, these companies reported a total revenue of 158.07 billion yuan, a year-on-year increase of 12.39%, and a net profit of 21.03 billion yuan, up 34% [13] - The profitability in the energy storage sector is increasingly concentrated among leading companies like CATL and Sungrow, which have reported significant profit increases [13] - The energy storage market is undergoing transformation, with a shift in focus from domestic to overseas markets for higher profit margins [14][15]

Core Viewpoint - The renewable energy sectors, including wind power, solar energy, and energy storage, are experiencing cyclical fluctuations, with varying performance across different segments. While wind and energy storage companies are maintaining profitability, solar companies are facing significant challenges, particularly in 2024 and early 2025 [1]. Wind Power Industry - The domestic wind power industry showed a recovery from Q4 2024 to Q1 2025, with 23 A-share wind power companies achieving a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan in 2024, reflecting a revenue growth of 4.39% but a net profit decline of 12.70% [5]. - In Q1 2025, these companies reported a revenue of 475.75 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [5]. - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a year-on-year increase of 35.72%, with a net profit of 568 million yuan, up 70.84% [6]. - The recovery in wind turbine prices and expansion into overseas markets have contributed to improved performance for wind turbine manufacturers, including previously loss-making companies [7]. Solar Energy Industry - The solar energy sector faced unprecedented challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a year-on-year decrease of 17.96%, and a net profit of approximately -3.63 billion yuan, down 100.25% [9]. - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 47.44 billion yuan, indicating a significant decline compared to Q1 2024 [9]. - A total of 46 A-share solar companies reported negative net profits in 2024, with leading integrated companies like TCL Zhonghuan, Longi Green Energy, and Tongwei Co. facing the largest losses [10]. - Companies with energy storage businesses, such as Sungrow Power Supply, showed resilience, with notable profit growth driven by their storage segments [11]. Energy Storage Industry - The energy storage sector experienced a downturn in 2024 but showed signs of recovery in Q1 2025, with 21 A-share companies reporting a total revenue of 6.82 billion yuan, a decrease of 3.59%, and a net profit of 745.41 million yuan, down 21.4% [15]. - In Q1 2025, these companies achieved a total revenue of 1.58 billion yuan, a year-on-year increase of 12.39%, and a net profit of 210.33 million yuan, up 34% [15]. - The profitability in the energy storage sector is increasingly concentrated among leading companies, with firms like CATL and Sungrow Power Supply reporting significant profit increases [16]. - The Chinese market remains the largest for energy storage installations, driven by domestic policies and growing overseas demand [17].

Core Insights - The first 100 MW solar thermal power project in Qinghai, the Sanxia Energy Qingyu DC Phase II, has successfully completed full system operation, marking a historic breakthrough in the large-scale application of solar thermal power in high-altitude regions of China [1][3]. Project Overview - The project is located in the Utu Meiren Township of Golmud City, Qinghai Province, and is led by China Power Construction Group Northwest Survey and Design Institute Co., Ltd. It covers an area of approximately 287 hectares [3]. - It utilizes advanced tower-type concentrated solar power technology and is equipped with a 12-hour molten salt energy storage system, enabling stable power supply around the clock [3]. Environmental Impact - The project is expected to generate an annual electricity output of 227.1 million kWh, sufficient to meet the clean electricity needs of 189,300 households. It will also reduce carbon dioxide emissions by 226,300 tons annually, equivalent to the ecological benefit of afforesting 188,600 acres [3]. Technological Advancements - The construction team overcame key technical challenges in extreme environments, achieving the localization of core equipment such as molten salt pumps and heliostats, which lays a solid foundation for the independent development of the solar thermal industry chain [3][4]. - The project has successfully integrated a "solar thermal + photovoltaic" multi-energy complementary solution, significantly enhancing the stability and absorption capacity of the local power grid [3]. Industry Positioning - The successful implementation of this project not only improves construction efficiency but also promotes resource utilization, equipment localization, and independent core technology, positioning China from a "follower" to a "leader" in the solar thermal sector with proprietary intellectual property rights [4].

Group 1 - The China Power Utility Index has seen a decline of 0.85% as of April 30, 2025, with mixed performance among constituent stocks, including Shenzhen Energy leading with a rise of 2.73% [1] - The Power ETF (159611) has shown a cumulative increase of 0.63% over the past week, with a trading volume of 188 million yuan and a turnover rate of 5.64% on the latest trading day [1] - The Power ETF has experienced significant growth in scale, increasing by 1.641 billion yuan over the past six months, ranking first among comparable funds [1] Group 2 - The top ten weighted stocks in the China Power Utility Index account for 55.94% of the index, with major players including Changjiang Electric Power and China Nuclear Power [2] - The five major power generation groups reported profits in 2024, with Guodian Power distributing cash dividends of 3.567 billion yuan, representing 36.28% of its net profit [2] - The power and utility sector is recognized for its stability and defensive characteristics, with expectations for favorable fiscal and monetary policies in 2025 to support high dividend, low valuation assets [2] Group 3 - The National Energy Administration anticipates a rapid increase in national electricity load during the summer of 2025, with a projected year-on-year increase of approximately 10 million kilowatts [3] - The total electricity consumption in China is expected to reach 10.4 trillion kilowatt-hours in 2025, with a growth rate of around 6% [3] - Recommendations have been made to focus on investment opportunities in the power sector, particularly in light of potential supply pressures during peak periods [3]

中国三峡新能源（集团）股份有限公司 2024 年会计师事务所履职情况评估报告 中国三峡新能源（集团）股份有限公司（以下简称公司） 聘请大华会计师事务所（特殊普通合伙）（以下简称大华所） 为 2024 年度财务决算审计机构、天健会计师事务所（特殊 普通合伙）（以下简称天健所）为 2024 年度内部控制审计 机构。根据财政部、国资委及证监会颁布的《国有企业、上 市公司选聘会计师事务所管理办法》，公司对会计师事务所 2024 年审计过程中的履职情况进行了评估。经评估，公司认 为会计师事务所资质等方面合规有效，履职保持独立性，勤 勉尽责，公允表达审计意见。具体情况如下： 一、会计师事务所基本情况 （一）财务决算审计机构 机构名称：大华会计师事务所（特殊普通合伙） 成立日期：2012 年 2 月 9 日成立（由大华会计师事务所 有限公司转制为特殊普通合伙企业） 注册地址：北京市海淀区西四环中路 16 号院 7 号楼 1101 执业资质：拥有的主要执业资格包括注册会计师法定业 务、证券期货相关业务、H 股企业审计业务、美国公众公司 会计监督委员会（PCAOB）注册事务所、中央企业审计入围 机构、金融相关审计业务、从事特大 ...

证券代码：600905 证券简称：三峡能源 公告编号：2025-022 中国三峡新能源（集团）股份有限公司 第二届监事会第二十次会议决议公告 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。 中国三峡新能源（集团）股份有限公司(以下简称公司)第二 届监事会第二十次会议于 2025 年 4 月 28 日在北京以现场并结合 通讯方式召开，会议通知已于 2025 年 4 月 18 日以电子邮件方式 发出。出席本次会议的监事应到 3 人，实到 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。会议由监事会主席林志民主持，以记名投票方式表决，形成 决议如下： 一、审议通过《关于<公司 2024 年度监事会工作报告>的议 案》 本议案尚需提交公司股东大会审议。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 二、审议通过《关于公司 2024 年度财务决算报告的议案》 本议案尚需提交公司股东大会审议。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 三、审议通过《关于公司 2024 年度利润分配预 ...

中国三峡新能源（集团）股份有限公司 第二届董事会独立董事专门会议 第四次会议决议 中国三峡新能源（集团）股份有限公司（以下简称公司） 第二届董事会独立董事专门会议第四次会议于 2025 年 4 月 22 日以现场会议并结合通讯方式在北京召开，会议通知已于 2025 年 4 月 19 日以电子邮件方式发出。本次会议应出席独立董事 3 名，实到独立董事 3 名。本次会议的召集召开符合《公司法》 《公司章程》《独立董事工作制度》等有关规定，会议合法有 效。会议由独立董事专门会议召集人胡裔光主持，形成决议如 下： 一、审议通过《关于向三峡财务有限责任公司申请授信额 度并重新签订<金融服务协议>暨关联交易的议案》 全体独立董事一致认为，本次拟向三峡财务有限责任公司 申请 300 亿元授信额度并签订《金融服务协议》事项符合公平 合理、市场公允的交易原则。本次关联交易有利于保障公司资 金需求，所形成的关联交易是必要、合法的经济行为，符合公 司的长远发展目标和股东的利益。上述关联交易不存在损害公 司及全体股东，尤其是中小股东合法权益的情形，同意将上述 关联交易事项提交公司第二届董事会第三十七次会议审议。 表决结果：同意 3 ...

证券代码：600905 证券简称：三峡能源 公告编号：2025-021 中国三峡新能源（集团）股份有限公司 第二届董事会第三十七次会议决议公告 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 二届董事会第三十七次会议于 2025 年 4 月 28 日在北京以现场会 议方式召开，会议通知已于 2025 年 4 月 18 日以电子邮件方式发 出，并于 2025 年 4 月 27 日以电子邮件方式发出增加议案的补充 通知。本次会议应出席董事 9 名，实际出席董事 7 名，赵增海董 事委托蔡庸忠董事、王永海董事委托胡裔光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<公司 2024 年度总经理工作报告>的议 案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 三、审议通过《关于公司 2024 年度计提 ...