Core Viewpoint - The company is focused on enhancing its governance and operational efficiency while achieving high-quality sustainable development in line with national energy goals, particularly in the renewable energy sector. Group 1: Company Performance and Achievements - As of the end of 2024, the company has a cumulative installed capacity of 47.96 million kilowatts, with an annual increase of 7.92 million kilowatts and a total power generation of 72 billion kilowatt-hours, representing a year-on-year growth of 30% [4][14]. - The company achieved an operating income of 29.717 billion yuan, with total assets exceeding 350 billion yuan [4][14]. - The company received multiple accolades, including being recognized as a "benchmark" in the State-owned Assets Supervision and Administration Commission's "Double Hundred Action" assessment and awarded for best practices in corporate governance [4][6]. Group 2: Governance and Strategic Planning - The board of directors emphasizes strategic decision-making, risk prevention, and compliance with regulations to enhance corporate governance [8][12]. - The company plans to continue optimizing its governance structure and enhance the role of independent directors to ensure effective oversight and decision-making [12][13]. - The company aims to integrate ESG (Environmental, Social, and Governance) principles into its long-term strategy and daily operations to support sustainable development [12][13]. Group 3: Financial Overview - The company reported a net profit of 7.458 billion yuan for 2024, with a decline of 9.75% year-on-year, and a net profit attributable to shareholders of 6.111 billion yuan, down 14.81% [20]. - The total assets as of December 31, 2024, amounted to 356.871 billion yuan, reflecting a growth of 14.44% from the beginning of the year [20]. - The company plans to distribute cash dividends totaling 2.232 billion yuan, representing 31.09% of the net profit attributable to shareholders [21]. Group 4: Future Plans and Investments - The company has set a 2025 investment plan of 43.972 billion yuan, focusing on fixed asset investments and equity investments in renewable energy projects [23]. - The financing plan for 2025 includes a total external financing of up to 76 billion yuan, with debt financing not exceeding 60 billion yuan [23]. - The company aims to enhance its market position and operational capabilities through strategic investments in offshore and onshore wind power, solar energy, and energy storage projects [23].

中国三峡新能源（集团）股份有限公司 2024 年度股东大会 会 议 材 料 中国三峡新能源（集团）股份有限公司 二〇二五年六月 | 目录 | | --- | | 一、会议议程 - 1 - | | --- | | 二、会议须知 - 3 - | | 三、审议议案 | | （一）关于《公司 2024 年度董事会工作报告》的议案 .. - 5 - | | （二）关于《公司 2024 年度监事会工作报告》的议案 . - 14 - | | （三）关于公司 2024 年度财务决算报告的议案 - 22 - | | （四）关于公司 2024 年度利润分配方案的议案 - 24 - | | （五）关于公司《2024 年年度报告》及摘要的议案 - 27 - | | （六）关于公司董事2024 年度报酬事项的议案 - 28 - | | （七）关于公司监事2024 年度报酬事项的议案 - 29 - | | （八）关于公司 2025 年投资计划与财务预算的议案 ... - 30 - | | （九）关于公司 2025 年债券注册及债券融资方案的议案- 32 - | | （十）关于预计 2025 年度日常关联交易金额的议案 ... - 36 ...

Group 1 - The State Intellectual Property Office of China has granted a patent for a "marine wind energy resource detection device" to China Three Gorges Corporation, Shanghai Survey and Design Research Institute, Qingdao Huahang Environmental Technology, and Shanghai Leitan Technology [1][2] - China Three Gorges Corporation, established in 1993, is primarily engaged in electricity and heat production and supply, with a registered capital of 21.15 billion RMB [1] - The company has invested in 43 enterprises, participated in 5,000 bidding projects, holds 96 trademark registrations, and has 4,874 patents [1] - Shanghai Survey and Design Research Institute, founded in 1997, focuses on professional technical services with a registered capital of 960.13 million RMB [1] - This institute has invested in 27 enterprises, participated in 5,000 bidding projects, holds 26 trademarks, and has 2,616 patents [1] Group 2 - Qingdao Huahang Environmental Technology, established in 2014, specializes in instrument manufacturing with a registered capital of 22.15 million RMB [2] - The company has invested in 1 enterprise, participated in 151 bidding projects, holds 3 trademarks, and has 26 patents [2] - Shanghai Leitan Technology, founded in 2017, focuses on technology promotion and application services with a registered capital of 5 million RMB [2] - This company has participated in 48 bidding projects, holds 3 trademarks, and has 33 patents [2]

Core Viewpoint - The China Securities New Energy Index has experienced a decline in recent months, reflecting the overall performance of listed companies in the renewable energy sector [2]. Group 1: Index Performance - The China Securities New Energy Index fell by 1.29% to 1768.83 points, with a trading volume of 36.878 billion yuan [1]. - Over the past month, the index has decreased by 1.69%, by 10.68% over the last three months, and by 9.32% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in renewable energy production, application, storage, and related equipment, with a base date of December 31, 2011, set at 1000.0 points [2]. - The top ten weighted companies in the index are: CATL (9.99%), Sungrow Power (5.53%), LONGi Green Energy (5.26%), China Nuclear Power (4.73%), Three Gorges Energy (3.69%), TBEA (3.52%), EVE Energy (3.15%), Huayou Cobalt (2.96%), Tongwei Co. (2.45%), and Ganfeng Lithium (2.13%) [2]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shenzhen Stock Exchange (58.70%), followed by the Shanghai Stock Exchange (40.87%) and the Beijing Stock Exchange (0.43%) [2]. - In terms of industry composition, the index is comprised of 73.71% in industrials, 14.26% in utilities, and 12.02% in materials [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][7]. Core Views - The report highlights the ongoing pilot projects for hydrogen energy initiated by the National Energy Administration, focusing on large-scale hydrogen production integrated with renewable energy sources [2][14]. - The waste incineration industry is entering a mature phase, with a significant increase in cash flow for listed companies, indicating a positive trend in financial health [15][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and comprehensive energy management [25][26]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.25%, while the public utility index rose by 0.26%, and the environmental index dropped by 1.19% [1][13]. - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 10th and 22nd in terms of performance [1][27]. Important Events - The National Energy Administration has launched pilot projects in the hydrogen energy sector, focusing on large-scale hydrogen production in areas rich in wind, solar, hydro, nuclear, and biomass resources [2][14]. Specialized Research - The report analyzes the free cash flow of 15 major A-share listed companies in the waste incineration sector, noting that many have achieved positive cash flow by 2024 [15][22]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][25]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydroelectric stocks like Yangtze Power [3][25]. - In the environmental sector, it recommends companies like China Science Instruments and Shandong High Energy Environmental for their growth potential [26]. Company Profit Forecasts and Investment Ratings - A detailed table lists various companies with their investment ratings, market capitalization, earnings per share (EPS), and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [7][23].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][7]. Core Views - The report highlights the ongoing pilot projects for hydrogen energy initiated by the National Energy Administration, focusing on large-scale hydrogen production integrated with renewable energy sources [2][14]. - The waste incineration industry is entering a mature phase, with a significant increase in cash flow for listed companies, indicating a positive trend in financial health [15][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and comprehensive energy management [25][26]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.25%, while the public utility index rose by 0.26%, and the environmental index dropped by 1.19% [1][13]. - Among the 31 first-level industry classifications, public utilities and environmental sectors ranked 10th and 22nd in terms of growth [1][27]. Important Events - The National Energy Administration has launched pilot projects in the hydrogen energy sector, focusing on large-scale hydrogen production in areas rich in wind, solar, hydro, nuclear, and biomass resources [2][14]. Specialized Research - The report analyzes the free cash flow of 15 major A-share listed companies in the waste incineration sector, noting that many have achieved positive cash flow by 2024 [15][22]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][25]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydroelectric stocks like Yangtze Power [3][25]. - In the environmental sector, it recommends companies like China Science Instruments and Shandong High Energy for their growth potential [26]. Company Profit Forecasts and Investment Ratings - A detailed table lists various companies with their investment ratings, market capitalization, earnings per share (EPS), and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [7][23].

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]