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]

Group 1 - The Shanghai Composite Index opened lower and fluctuated, with the Shanghai Utilities Index rising by 0.06% to 4647.84 points and a trading volume of 22.849 billion yuan [1] - The Shanghai Utilities Index has increased by 1.94% over the past month, 1.41% over the past three months, and has decreased by 2.47% year-to-date [1] - The index is categorized into five major sectors: industrial, commercial, real estate, utilities, and comprehensive, reflecting the economic conditions and overall performance of listed companies in these sectors [1] Group 2 - The top ten weighted stocks in the Shanghai Utilities Index include: Beijing-Shanghai High-Speed Railway (8.12%), China Nuclear Power (5.64%), Huaneng Hydropower (5.07%), China Unicom (4.82%), Shanghai Port Group (3.75%), Daqin Railway (3.74%), Three Gorges Energy (3.46%), China Communications Construction (2.91%), Air China (2.85%), and China Railway Construction (2.53%) [1] - The sample of the Shanghai Utilities Index is composed entirely of stocks listed on the Shanghai Stock Exchange, with a total market share of 100% [1] Group 3 - In terms of industry composition within the Shanghai Utilities Index, industrial sector accounts for 51.73%, utilities for 33.68%, communication services for 8.87%, consumer discretionary for 1.72%, energy for 1.67%, financials for 1.10%, materials for 0.86%, and real estate for 0.37% [2] - The criteria for inclusion in the index require securities to have a daily average market capitalization ranking in the top 10 of the Shanghai market after three months of listing, while other securities are included after one year [2] - Securities under risk warning measures are removed from the index starting from the second Friday of the month following the implementation, while those that have their risk warning lifted are included from the next trading day after the second Friday of the following month [2]

Group 1 - The core viewpoint of the news highlights the significant growth and performance of the New Energy ETF, which has shown a notable increase in trading volume and scale, ranking among the top two comparable funds [3] - The New Energy ETF has a recent average daily trading volume of 36.32 million yuan over the past year, indicating strong liquidity [3] - The fund's scale has increased by 3.44 million yuan in the past week, and its share count has grown by 36 million shares in the last six months, both ranking in the top two among comparable funds [3] - The valuation of the index tracked by the New Energy ETF is at a historical low, with a price-to-book ratio (PB) of 2.08, which is lower than 85.94% of the time over the past five years, suggesting a favorable valuation [3] - The index includes companies involved in renewable energy production, application, storage, and related equipment, reflecting the overall performance of the new energy sector [3] Group 2 - The Shandong Provincial Development and Reform Commission has issued a draft implementation plan for the market-oriented reform of new energy grid connection prices, which is the first provincial-level guideline following the national notice aimed at promoting high-quality development in the new energy sector [4] - The guidelines are expected to serve as a reference for other regions in formulating their own plans in response to the national directive [4] - According to Guojin Securities, the core driving force for the photovoltaic industry is shifting from policy intervention to self-driven industry dynamics, indicating a potential recovery for the sector [4] - As of April 30, 2025, the top ten weighted stocks in the CSI New Energy Index include major companies such as CATL, LONGi Green Energy, and others, collectively accounting for 44.26% of the index [4]

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 5.20, based on a projected EPS of RMB 0.26 for 2025 [1][11]. Core Insights - The company's performance is under pressure due to declining electricity prices and impairment losses, but the sale of hydropower assets is expected to improve earnings [4][11]. - The company is a leader in green energy, with a solid project pipeline supporting future growth [4][11]. Financial Summary - Revenue for 2024 is projected at RMB 29.72 billion, representing a year-over-year increase of 12.1%. However, net profit attributable to shareholders is expected to decline by 14.8% to RMB 6.11 billion due to a significant impairment charge [2][11]. - For 2025, the company anticipates a net profit of approximately RMB 7.52 billion, reflecting a recovery from the previous year [4][11]. - The company has a robust project reserve, with 16.44 GW of capacity under construction as of the end of 2024, including 4.87 GW of wind power and 7.45 GW of solar power [4][11]. Market Position - The company is positioned as a leader in offshore wind power and has a diversified project portfolio across various renewable energy sectors [8][11]. - The report highlights the company's strategic focus on scale and efficiency, aiming to establish itself as a world-class renewable energy company [8].

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of RMB 5.20 based on a projected 20x PE for 2025 [1][11]. Core Insights - The company's performance is under pressure due to declining electricity prices and impairment losses, but the sale of hydropower assets is expected to improve earnings in 2025. As a leader in green energy, the company has a solid project pipeline for future growth [4][11]. Financial Summary - **Revenue Projections**: The company is expected to generate revenues of RMB 29.72 billion in 2024, increasing to RMB 34.77 billion in 2025, reflecting a year-on-year growth of 12.1% and 17.0% respectively [2][11]. - **Net Profit**: The net profit attributable to shareholders is projected to be RMB 6.11 billion in 2024, with a recovery to RMB 7.52 billion in 2025, after a decline of 14.8% in 2024 due to impairment losses [2][11]. - **Earnings Per Share (EPS)**: EPS is expected to be RMB 0.21 in 2024 and RMB 0.26 in 2025, indicating a gradual recovery [2][11]. Operational Highlights - **Installed Capacity**: As of the end of 2024, the company has 16.44 GW of installed capacity under construction, including 4.87 GW of wind power and 7.45 GW of solar power, which supports its growth strategy [4][11]. - **Revenue Breakdown**: Wind power revenue is projected at RMB 19.82 billion in 2024, while solar power revenue is expected to reach RMB 9.12 billion, showing significant growth in the solar segment [4][11]. Market Position - The company is recognized as an industry leader with significant advantages in offshore wind power, justifying a valuation premium compared to peers [1][11].

Group 1 - The core theme of the news revolves around the rising interest and investment in low-carbon economy initiatives, highlighted by the performance of the China Securities Low-Carbon Economy Theme Index and related ETFs [1][2][3] - The China Securities Low-Carbon Economy Theme Index (000977) saw a strong increase of 1.21%, with significant gains in constituent stocks such as Guoxuan High-Tech (up 9.99%) and Ningde Times (up 4.41%) [1] - The Carbon Neutrality ETF (159885) has experienced a 1.39% increase, marking its third consecutive rise, indicating growing investor confidence in carbon neutrality initiatives [2] Group 2 - The 2025 (Third Cross-Strait Carbon Neutrality Conference) held in Fuzhou focused on sustainable development opportunities and cooperation between the two sides, with over 200 experts and industry leaders participating [2] - The conference resulted in the "Cross-Strait Enterprises Carbon Neutral Green Action Fuzhou Initiative," urging enterprises to commit to green practices and contribute to global climate governance [2] - A report from Dongwu Securities emphasized the importance of achieving carbon peak and carbon neutrality by 2030, with a focus on establishing zero-carbon parks and factories, and expanding the national carbon trading market [2][3] Group 3 - CITIC Securities highlighted that achieving carbon neutrality by 2060 is crucial for China to integrate into the new global industrial chain and build a community with a shared future [3] - Non-fossil energy is expected to be the main driver of energy growth, with policies focusing on energy consumption control, carbon trading, and green finance [3] - The top ten weighted stocks in the China Securities Low-Carbon Economy Theme Index account for 62.79% of the index, indicating a concentrated investment in key sectors such as clean energy and storage [3]

Investment Rating - The report indicates a positive outlook for the electricity industry, suggesting it is entering a phase of high prosperity due to policy catalysts and fundamental improvements [2][11]. Core Insights - The implementation of the capacity price mechanism starting in 2024 is expected to restructure the revenue model for coal power companies, reducing reliance on energy sales and stabilizing income expectations [11][21]. - The auxiliary service market mechanism has been officially released, accelerating the construction of the spot market, which will support high-quality development in the electricity sector [12]. - Overall electricity demand is recovering, with a reported increase in national electricity consumption of 4.28% year-on-year as of March 2025, indicating a positive trend for the industry [13]. - Hydropower generation is expected to improve due to favorable water conditions, while coal-fired power plants are experiencing reduced fuel cost pressures, enhancing profitability [15][17]. Summary by Sections 1. Policy Catalysts and Fundamental Resonance - The capacity price mechanism will optimize the profit model for coal power, ensuring sustainable operation [11]. - The auxiliary service market will provide new revenue channels for electricity companies, enhancing income diversity [12]. - Electricity demand is on the rise, supporting industry prosperity [13]. 2. Investment Value Analysis of the CSI All-Share Power Index - The CSI All-Share Power Index consists mainly of stocks from the power utility sector, with 98.92% of its components in power generation and grid industries [3][29]. - As of April 30, 2025, the index's P/E ratio is 16.65 and P/B ratio is 1.69, indicating relatively suitable valuation levels [31]. - The index has shown strong profitability and a high willingness to distribute dividends, with a 12-month dividend yield of 2.80% [35]. 3. Analysis of the GF CSI All-Share Power Utility ETF - The GF CSI All-Share Power Utility ETF was established on December 29, 2021, and aims to closely track the CSI All-Share Power Utility Index [45]. - As of May 14, 2025, the ETF has a scale of 3.489 billion yuan and a daily average trading volume of 193 million yuan, indicating good market liquidity [45]. - The fund is managed by an experienced manager with over 25 years in the securities industry [46].