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 ...

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（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。 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。 同意公司以公开挂牌方式转让三峡新能源彰武发电有限公 司 100%股权及相关债权。 ...

Group 1 - The core viewpoint highlights the significant growth of the green power ETF, with a trading volume of 6.1863 million yuan and a 1.81% turnover rate, indicating strong market interest [1] - Over the past three months, the green power ETF has seen an increase in scale by 68.9715 million yuan, ranking first among comparable funds [1] - The ETF's share count has grown by 49.2 million shares in the last three months, also leading among comparable funds [1] Group 2 - The current price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is 18.67, which is below 85.57% of the historical data over the past three years, indicating a low valuation [1] - The top ten weighted stocks in the index account for 58.12% of the total, with major companies including Changjiang Electric Power and China Nuclear Power [1] - Recent government initiatives aim to enhance the electricity service environment, promoting energy efficiency and the use of green electricity, which may benefit companies in the sector [1] Group 3 - In 2024, multiple policies are expected to create a stable market environment for renewable energy operators, leading to a stabilization in the industry [2] - The upcoming national energy work conference in 2025 is anticipated to further integrate renewable energy into the electricity market [2] - The market has likely priced in expectations for electricity volume and pricing in the renewable energy sector, with potential positive changes from green certificates and subsidies [2]

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report indicates that spot electricity prices may have bottomed out, leading to improvements in both valuation and performance [1] - The report highlights the increasing scarcity of large hydropower assets as the development of hydropower in China has largely been completed, except for the Tibet region [41][46] - The report anticipates that the approval of nuclear power projects will continue, with an expected national installed capacity of 110 million kilowatts by 2030, reflecting a CAGR of +11% from 2024 [3] - The report notes that the share of renewable energy in installed capacity has exceeded 40%, with significant growth expected in wind and solar power by 2030 [60][63] Summary by Sections Thermal Power - In northern regions, the higher proportion of renewable energy leads to better scarcity of thermal power, making prices easier to rise than to fall [3] - Recent increases in spot electricity prices in southern regions are attributed to previously low thermal power prices, which have severely impacted power plant profitability [3] Hydropower - The report states that the hydropower market in China has a relatively low electricity market share, with stable prices during the 13th Five-Year Plan and a slight increase expected during the 14th Five-Year Plan [46] - The scarcity of large hydropower assets is expected to become more pronounced as development enters its later stages [41] Renewable Energy - The report suggests that new policies for renewable energy will focus more on stabilizing electricity prices and controlling installed capacity growth, potentially leading to a slowdown in installation rates [3] - The report highlights that the marketization of renewable energy is progressing, but electricity prices are under pressure [64] Nuclear Power - Since 2019, the approval of nuclear power projects has become normalized, with over 10 units approved annually for four consecutive years [3] - The report projects that by 2030, the national installed capacity of nuclear power will reach 110 million kilowatts, indicating a robust growth trajectory [3] Financial Performance of Major Hydropower Companies - The report provides detailed financial metrics for major hydropower companies, indicating stable revenue and profit margins, with a focus on improving debt structures and reducing financing costs [54][55] - The dividend payouts of major hydropower companies have been steadily increasing, reflecting a commitment to returning value to shareholders [59]

Investment Rating - The report rates the industry as "Overweight" [1][4] Core Insights - Northern thermal power shows resilience with significant profit growth, while hydropower maintains stable performance. Green energy faces pressure on earnings due to dual impacts of wind conditions and electricity prices, while nuclear power's profitability is affected by electricity pricing [1][2][4] Summary by Sections Northern Thermal Power - The report highlights that the profitability of northern thermal power plants is growing faster than that of southern plants, with a median net profit growth rate of 8% for national thermal power companies in Q1 2025. The median PE ratios for thermal power companies have decreased from 15.7 in Q1 2023 to 10.4 in Q1 2025, indicating a declining market focus on this sector [8][10][9] - The report anticipates a recovery in thermal power performance in Q2 2025 following a significant drop in electricity generation in Q1 2025 due to a warm winter [10][14] Hydropower - Hydropower companies have shown strong earnings growth, with a median net profit growth rate of 26% in Q1 2025, driven by optimized water storage and scheduling. The median PE ratios for hydropower companies have fluctuated, reaching 18.8 in Q1 2024 before slightly declining to 18.1 in Q1 2025 [19][20][22] - The report notes that the El Niño phenomenon is expected to positively influence water inflow during the main flood season in 2024, while the situation for 2025 remains uncertain as the climate shifts to a La Niña phase [19][20] Green Energy - Green energy companies are experiencing a decline in net profit growth, with median growth rates of -12% in 2024 and -4% in Q1 2025. The sector is facing challenges from falling electricity prices and poor wind conditions, leading to a situation where revenue is increasing but profits are not [2][4] - The report predicts a recovery in green energy performance in 2025, with an expected median net profit growth rate of around 12% as wind utilization hours improve [2][4] Nuclear Power - The nuclear power sector is experiencing mixed performance, with major companies like China Nuclear Power and China General Nuclear Power facing different challenges. The report indicates that profitability for China Nuclear Power is expected to decline significantly in 2024 due to accounting policy changes and tax implications, while China General Nuclear Power's profits are only slightly increasing despite new capacity coming online [2][4][5]