证券代码：600905 证券简称：三峡能源 公告编号：2025-066 中国三峡新能源（集团）股份有限公司 控股股东增持股份进展公告 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： 79,587.38 万元。本次增持计划尚未实施完毕。 风险提示：本次增持计划可能存在因资本市场发生变化 导致延迟或无法实施的风险，敬请广大投资者注意投资 风险。 一、增持主体的基本情况 增持主体名称 中国长江三峡集团有限公司 增持主体身份 控股股东、实控人 是 否 控股股东、实控人的一致行动人 是 否 直接持股 5%以上股东 是 否 董事、监事和高级管理人员 是 否 其他：__________ 增持前持股数量 8,064,485,300 股 增持前持股比例 （占总股本） 28.18% 上述增持主体存在一致行动人： | 股东名称 | 持股数量 （股） | 持股比例 | 一致行动关系形成原因 | | --- | --- | --- | --- | | 长江三峡投资管 理有限公司 | 6,000,000,000 | 20.97% | 三峡 ...

中国三峡新能源（集团）股份有限公司 2025 年第三次临时股东会 会 议 材 料 中国三峡新能源（集团）股份有限公司 三、主持人向大会报告出席会议的股东人数及其代表 的股份数 | 三、审议议案 | | --- | 会议议程 会议时间：2025 年 11 月 27 日（星期四）上午 10:00 会议地点：北京市通州区粮市街 2 号院成大中心 5 号楼 425 会议室 见证律师：北京市中伦律师事务所 会议安排： 一、参会人签到、股东进行发言登记（09:00-09:50） 二、主持人宣布会议开始 四、推选计票人、监票人 五、审议议案 关于聘请公司 2025 年度财务决算审计机构的议案 六、股东发言 七、股东投票表决 八、统计表决票 九、工作人员宣读股东会现场表决结果 十、见证律师宣读法律意见书 十一、现场会议结束 - 1 - 会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序 和议事效率，保证大会的顺利进行，公司根据有关法律法规， 特制定本须知。 一、董事会以维护全体股东的合法权益、确保大会正常 秩序和议事效率为原则，认真履行《公司章程》中规定的职 责。 二、为保证股东会的严肃性和正常秩序，除出席会议的 股 ...

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental protection sectors [3] Core Insights - The report highlights a significant increase in electricity production in October, with total generation reaching 800.2 billion kWh, a year-on-year growth of 7.9% [4][11] - Hydropower and thermal power contributed the most to the increase in electricity generation, while wind power saw a decline of 11.9% compared to the previous year [4][10] - Natural gas prices showed mixed trends globally, with stable prices in Asia and fluctuations in Europe and North America [22][40] Summary by Sections 1. Electricity Production - In October, thermal power generation was 513.8 billion kWh, up 7.3% year-on-year, while hydropower generation reached 135.1 billion kWh, up 28.2% [4][11] - The total increase in electricity generation for October was approximately 58.6 billion kWh, with thermal power contributing 35 billion kWh and hydropower contributing 29.7 billion kWh [10][11] - The Three Gorges Reservoir achieved its water storage target of 175 meters, supporting future hydropower generation [10] 2. Natural Gas Market - As of November 14, the Henry Hub spot price in the U.S. was $3.49/mmBtu, a weekly decrease of 7.32% [22] - The TTF spot price in Europe was €30.80/MWh, showing a slight weekly change of 0.81% [22] - Northeast Asia's LNG spot price remained stable at $11.10/mmBtu, with domestic supply being sufficient [22][40] 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Huaneng Hydropower due to favorable autumn water conditions [20] - In the green energy sector, companies such as Xintian Green Energy and Longyuan Power are suggested for their stable returns and high utilization hours [20] - For nuclear power, the report highlights China Nuclear Power and China General Nuclear Power as key players due to ongoing approvals for new units [20] - In the thermal power sector, companies like Guodian Power and Inner Mongolia Huadian are recommended due to decreasing fuel costs [20] - The report also suggests focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy for their potential recovery in profitability [42][43]

Group 1: Power Industry - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a comprehensive coverage of the spot market and a market-driven pricing mechanism for renewable energy [1][24][29] - In the first three quarters of 2025, the national industrial power generation reached 72,557 billion kWh, a year-on-year increase of 1.6%, while the total social electricity consumption was 77,675 billion kWh, up 4.6% [20][22] - The electricity supply-demand situation is overall loose, but the peak load is tight, with the maximum electricity load reaching 1.506 billion kW on July 16, 2025, an increase of 0.55 million kW compared to the previous year [20][22] Group 2: Renewable Energy - The green electricity price has reached a bottoming point, with the core uncertainty regarding electricity prices gradually clarified, indicating that the industry's darkest hour is coming to an end [2][30] - The wind and solar installed capacity exceeded 1.7 billion kW in the first three quarters of 2025, accounting for nearly one-quarter of total social electricity consumption [36][40] - The challenges of renewable energy consumption remain, with increasing abandonment rates for wind and solar energy, indicating a mismatch between renewable energy development and consumption capacity [41][43] Group 3: Thermal Power - The transition of thermal power to a regulating power source is accelerating, with coal prices expected to support long-term contract prices, stabilizing thermal power profitability [2][10] - The capacity price for coal power is expected to increase further in 2026, promoting stable profitability for coal power [2][10] Group 4: Hydropower - Hydropower is experiencing a widening interest margin, with ample cash flow and stable performance supporting high dividends [3][10] - The core growth points for hydropower performance include increased installed capacity, rising electricity prices, and reduced financial costs and depreciation [3][10] Group 5: Nuclear Power - The nuclear power market is facing downward pressure on market prices, but there is a rebound in Guangdong's nuclear power pricing, indicating a strong momentum for new nuclear power development [3][10] - The approval of new nuclear units is regularized, with 10 units approved within the year, indicating a steady growth trajectory for the nuclear power sector [3][10] Group 6: Natural Gas - Domestic natural gas supply and demand are relatively loose, with a decline in apparent consumption by 0.2% year-on-year in the first nine months of 2025 [4][10] - The global natural gas market is entering a supply expansion phase, with overseas gas prices expected to decline [4][10] Group 7: Green Methanol - The promotion of green electricity consumption and the replacement of shipping fuels are expected to open up growth space for green methanol [4][9] - As of August 2025, there are 173 signed/registered green methanol projects in China, with a capacity of 53.46 million tons per year, indicating rapid growth in project numbers and capacity [9][10] Group 8: Environmental Protection - The water and waste incineration industries are entering a mature phase, with significant improvements in free cash flow [9][10] - The domestic waste oil resource utilization industry is expected to benefit from the EU's SAF mandatory blending policy, increasing demand for raw materials [9][10]

Group 1: Power Sector - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a comprehensive coverage of the spot market and a market-driven pricing mechanism for renewable energy [1][24][29] - In the thermal power sector, the transition to a regulatory power source is accelerating, with rising coal prices expected to support long-term contract prices. The profitability of thermal power is anticipated to stabilize due to increased capacity prices and auxiliary service revenues [2][10] - The hydropower sector is experiencing widening interest margins, with strong cash flow and stable performance supporting high dividends. The integration of wind, solar, and storage development is a core growth point for hydropower performance [3][10] Group 2: Renewable Energy - The green electricity sector is showing signs of recovery as the negative impact of electricity prices diminishes. The dual-track pricing mechanism provides a basic income guarantee for renewable energy projects, indicating a shift from policy-driven to market-driven growth [2][10] - The wind and solar power installed capacity is expected to increase significantly, with an average annual increase of 20 million kilowatts over the next decade. By 2035, the total installed capacity of wind and solar power is projected to reach six times that of 2020 [36][40] Group 3: Natural Gas and Green Methanol - The domestic natural gas supply is expected to remain relatively loose, with a decline in apparent consumption in early 2025. The global natural gas market is entering a supply expansion phase, which may lead to a downward trend in overseas gas prices [4][10] - Green methanol is anticipated to grow due to the promotion of green electricity consumption and its potential as a shipping fuel alternative. The domestic green methanol projects have rapidly increased, with a total capacity of 53.46 million tons per year [9][10] Group 4: Environmental Sector - The water and waste incineration industries are entering a mature phase, with significant improvements in free cash flow. The decline in risk-free returns is leading to a shift in investor expectations and risk preferences, highlighting investment opportunities in the environmental sector [9][10] - The Chinese scientific instrument market is projected to exceed $9 billion, with substantial room for domestic substitution. Companies in the environmental monitoring instrument sector are expected to benefit from this trend [9][10]

Group 1: Power Industry - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a focus on market-driven pricing for renewable energy [1][24][29] - In the first three quarters of 2025, the wind power sector's revenue decreased by 2.80% year-on-year, while the solar power sector's revenue dropped by 14.01%, indicating pressure on the performance of the renewable energy sector due to consumption and pricing issues [30][31] - The total installed capacity of wind and solar power reached 582 GW and 1127 GW respectively by September 2025, accounting for 46% of the total installed capacity, with a significant contribution to non-fossil energy consumption [36][40] Group 2: Thermal Power - The transition of thermal power to a regulatory power source is accelerating, with coal prices expected to support long-term contract prices, stabilizing profitability for coal-fired power plants [2] - The capacity price for coal-fired power is anticipated to increase further in 2026, promoting stable profitability for coal power [2][10] Group 3: Hydropower - Hydropower is experiencing improved cost-effectiveness due to abundant cash flow and stable performance, with high dividends becoming more attractive in a declining interest rate environment [3] - The core growth points for hydropower include increased installed capacity, rising electricity prices, and reduced financial costs and depreciation [3] Group 4: Nuclear Power - The nuclear power sector is facing pressure from declining market prices, but there is a rebound in electricity prices in Guangdong, and new nuclear power developments are gaining momentum [3][10] - The approval of new nuclear units is becoming more regular, with 10 units approved in 2025, indicating a positive outlook for the sector [3] Group 5: Natural Gas - Domestic natural gas supply is expected to remain relatively loose, with a decline in apparent consumption by 0.2% year-on-year in the first nine months of 2025 [4] - The global natural gas market is entering a supply expansion phase, which may lead to a downward trend in overseas gas prices [4] Group 6: Green Methanol - The promotion of green electricity consumption and the replacement of shipping fuels are expected to open up growth opportunities for green methanol [9] - As of August 2025, there are 173 signed/registered green methanol projects in China, with a total capacity of 53.46 million tons per year, indicating rapid growth in the sector [9][10] Group 7: Environmental Protection - The water and waste incineration sectors are entering a mature phase, with significant improvements in free cash flow, suggesting investment opportunities in the environmental protection sector [10] - The domestic market for scientific instruments exceeds $9 billion, with substantial potential for domestic substitution, particularly benefiting companies in environmental monitoring instruments [10]

11月14日，三峡能源跌0.23%，成交额4.55亿元。两融数据显示，当日三峡能源获融资买入额5951.23万 元，融资偿还6415.87万元，融资净买入-464.64万元。截至11月14日，三峡能源融资融券余额合计13.22 亿元。 融资方面，三峡能源当日融资买入5951.23万元。当前融资余额13.15亿元，占流通市值的1.07%，融资 余额低于近一年40%分位水平，处于较低位。 融券方面，三峡能源11月14日融券偿还2.53万股，融券卖出24.06万股，按当日收盘价计算，卖出金额 102.98万元；融券余量181.23万股，融券余额775.66万元，超过近一年90%分位水平，处于高位。 责任编辑：小浪快报 资料显示，中国三峡新能源(集团)股份有限公司位于北京市通州区粮市街2号院成大中心5号楼，成立日 期1985年9月5日，上市日期2021年6月10日，公司主营业务涉及风能、太阳能的开发、投资和运营。主 营业务收入构成为：风力发电67.50%，太阳能发电30.22%，其他2.28%。 截至9月30日，三峡能源股东户数50.44万，较上期减少5.15%；人均流通股56678股，较上期增加 5.43%。202 ...

Core Viewpoint - The company warns the public about unauthorized social media accounts impersonating China Three Gorges Corporation, emphasizing that these accounts do not represent the company's official stance or information [3][5]. Summary by Sections Unauthorized Accounts - The company has identified several unauthorized social media accounts using its name and logo, including but not limited to Weibo account "三峡集团", Douyin accounts "三峡集团市场部" and "三峡集团", and Xiaohongshu account "中国三峡" [3][5]. Official Accounts - The company lists its officially recognized and authorized social media accounts, which include: - WeChat (Video Account): 三峡小微 - Weibo: 中国三峡集团 - Douyin: 中国三峡 - Toutiao: 中国三峡集团 - Baijiahao: 中国三峡集团 - Xuexi Qiangguo: 中国三峡 - Zhihu: 中国三峡集团 - The Paper: 中国三峡集团 [5][6]. Public Advisory - The company urges the public, partners, and society to be vigilant and verify information through official channels to avoid damage from false information [6]. - The company warns the infringing parties to immediately deactivate the unauthorized accounts and delete all related information, stating that it has collected evidence and reserves the right to pursue legal action [6].

Core Viewpoint - The China Three Gorges Corporation has issued a warning regarding unauthorized social media accounts that closely resemble its name, urging the public to be cautious and verify information through official channels [1][3] Group 1: Unauthorized Accounts - Numerous social media accounts have been found that use names similar to China Three Gorges Corporation, including on platforms like Xiaohongshu and Douyin [1][3] - The company has identified these accounts as not being registered or authorized by them, and their content does not represent the company's views [3] Group 2: Public Warning - The corporation has advised the public, partners, and society to be vigilant and to obtain information only through official channels to avoid misinformation [3] - The company has taken steps to collect evidence against these infringing accounts and reserves the right to pursue legal action [3] Group 3: Company Profile - China Three Gorges Corporation, officially known as China Yangtze Three Gorges Group Co., Ltd., is the world's largest hydropower development and operation company [3] - As of the end of 2024, the company has a controllable installed capacity of 158 million kilowatts and total assets amounting to 1.5 trillion yuan [3]

Core Viewpoint - The report from Huayuan Securities indicates that Sanxia Energy's net profit attributable to shareholders for the first three quarters reached 4.313 billion yuan, a year-on-year decrease of 15.31%, with a significant drop of 52.87% in the third quarter alone [1] Group 1: Financial Performance - Sanxia Energy's net profit for the first three quarters was 4.313 billion yuan, down 15.31% year-on-year [1] - In the third quarter, the net profit was 498 million yuan, reflecting a substantial decline of 52.87% compared to the same period last year [1] Group 2: Capacity and Project Development - As of the end of June this year, the company had a cumulative installed capacity of 49.94 million kilowatts, with wind power and photovoltaic capacity at 22.97 million and 25.91 million kilowatts, respectively [1] - The company has 13.82 million kilowatts of capacity under construction, with wind and photovoltaic projects accounting for 5.33 million and 4.78 million kilowatts, respectively [1] - There are 26.96 million kilowatts of capacity planned for future construction, with wind and photovoltaic projects at 11.43 million and 15.43 million kilowatts, respectively [1] Group 3: Market Outlook and Policy Impact - The company has a rich project reserve with a balanced proportion of wind and photovoltaic resources, demonstrating its capability in acquiring project resources and providing more options for subsequent project selection [1] - The 1360 document clarifies the development direction for renewable energy during the 14th Five-Year Plan, and combined with various policies, it is expected that marketization and profitability will gradually become clearer during this period [1] - The report maintains an "overweight" rating for the company, indicating a positive outlook based on the current market conditions and policy environment [1]