Group 1 - The A-share market's three major indices closed mixed, with the CSI 300 Utilities (secondary industry) index at 2610.44 points [1] - The CSI 300 Utilities index has increased by 3.88% over the past month, 2.74% over the past three months, and has decreased by 3.55% year-to-date [1] - The CSI 300 index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Utilities index are: Changjiang Electric Power (48.15%), China Nuclear Power (10.39%), Three Gorges Energy (8.2%), Guodian Power (5.46%), State Power Investment (4.72%), Chuanwei Energy (4.36%), Huaneng International (4.2%), China General Nuclear Power (3.8%), Zhejiang Energy (3.06%), and Huadian International (2.62%) [1] - The market share of the CSI 300 Utilities index is 95.84% from the Shanghai Stock Exchange and 4.16% from the Shenzhen Stock Exchange [2] - The industry composition of the CSI 300 Utilities index includes hydropower (59.47%), thermal power (15.34%), nuclear power (14.19%), wind power (8.56%), and gas (2.43%) [2] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 index samples are modified [2] - Special events affecting sample companies may lead to changes in industry classification, and companies that are delisted will be removed from the index sample [2]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [4][6]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power enterprises such as Huadian International and Shanghai Electric [3][6]. - Continuous government policies supporting renewable energy development are anticipated to stabilize profitability in the renewable energy sector. Recommended companies include Longyuan Power, Three Gorges Energy, and regional offshore wind power companies like Guangxi Energy and Funiu Co [3][6]. - The growth in installed capacity and power generation is expected to offset the downward pressure on electricity prices, with nuclear power companies like China Nuclear Power and China General Nuclear Power projected to maintain stable profitability [3][6]. - High-dividend hydropower stocks are highlighted for their defensive attributes in a global interest rate decline context, with recommendations for Changjiang Electric Power [3][6]. - The environmental sector, particularly water and waste incineration industries, is entering a mature phase with significant improvements in free cash flow. Recommended companies include China Everbright Environment and Zhongshan Public Utilities [3][6]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.59%, while the public utility index increased by 1.77%. The environmental index saw a slight increase of 0.04% [12][19]. - In March, the total electricity consumption reached 828.2 billion kWh, marking a year-on-year growth of 4.8% [13][49]. Important Policies and Events - The report notes that in March, the first industry electricity consumption was 10.6 billion kWh (up 9.9%), the second industry was 557.8 billion kWh (up 3.8%), and the third industry was 148.4 billion kWh (up 8.4%) [13][52]. Key Company Profit Forecasts and Investment Ratings - Huadian International, Jin Kai New Energy, Shanghai Electric, Longyuan Power, and others are rated as "Outperform" with specific EPS and PE forecasts provided [6]. Industry Dynamics - The report discusses the decline in the import of mass spectrometers from the US, with a significant drop in both import value and quantity from 2020 to 2024 [15][17]. Sector Performance - The report indicates that the public utility and environmental sectors ranked 7th and 23rd respectively among 31 industry classifications in terms of performance [12][19]. Electricity Industry Data - The report provides detailed statistics on electricity generation, noting a 1.8% year-on-year increase in industrial electricity production in March, with specific growth rates for different energy sources [42][49]. Carbon Market Overview - The report includes insights into the domestic carbon market, highlighting recent price trends and trading volumes [86][87]. Coal Price Trends - The report notes that the price of thermal coal remained stable, with the price at the port reported at 678 RMB/ton [99].

Investment Rating - The report maintains a "Recommended" rating for several companies including Three Gorges Energy, Changjiang Electric Power, and China Nuclear Power, while providing a "Cautious Recommendation" for China General Nuclear Power and others [23][24]. Core Insights - The electricity sector outperformed the market, with the public utility sector index rising by 1.77% and the electricity sub-sector by 1.81% during the week ending April 18, 2025 [1][8]. - In Q1 2025, the National Energy Administration issued 662 million green certificates, with a total of 5.617 billion certificates issued by the end of March 2025, indicating a significant increase in green electricity trading [2][25]. - The total electricity consumption in March 2025 reached 828.2 billion kWh, a year-on-year increase of 4.8%, with notable growth in the primary and tertiary industries [3][32]. Summary by Sections Weekly Market Review - The electricity sector index closed at 2318.99 points, up 40.42 points, while the electricity sub-sector closed at 3099.51 points, up 54.97 points, outperforming the Shanghai and Shenzhen 300 index [1][8]. - The thermal power sector showed the best performance with a 2.99% increase, while solar and wind power sectors experienced slight declines [15][20]. Green Certificate Trading - The trading volume of green certificates in the southern region reached 128.9 billion kWh in Q1 2025, with a year-on-year increase of 148% [2][25]. - The market price for green certificates remains stable in the range of 1-5 yuan per certificate, influenced by production time, regional supply and demand, and power source types [2][26]. Electricity Consumption Data - In March 2025, the first industry consumed 10.6 billion kWh (up 9.9%), the second industry consumed 557.8 billion kWh (up 3.8%), and the third industry consumed 148.4 billion kWh (up 8.4%) [3][32]. - Cumulative electricity consumption for the first three months of 2025 was 2384.6 billion kWh, reflecting a year-on-year increase of 2.5% [32]. Investment Recommendations - The report suggests focusing on high-dividend stocks and those with stable performance and relatively low valuations, highlighting companies such as Funiu Co., Changjiang Electric Power, and others [21][22]. - It emphasizes the potential of wind and thermal power assets, recommending Three Gorges Energy and Funiu Co. while cautiously recommending others [22][23].

中国三峡新能源（集团）股份有限公司 2025 年第一次临时股东大会 会 议 材 料 中国三峡新能源（集团）股份有限公司 二〇二五年四月 | 三、审议议案 | | --- | 425 会议室 会议安排： 一、参会人签到、股东进行发言登记（9:00-9:50） 二、主持人宣布会议开始 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 四、推选计票人、监票人 会议议程 会议时间：2025 年 4 月 24 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 - 1 - 会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩 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。 五、审议《关于补选公司董事的议案》 六、股东发言 七、股东投票表决 八、统计表决票 九、工作人员宣读股东大会现场表决结果 十、见证律师宣读法律意见书 十一、现场会议结束 对于涉及公司商业秘密或内幕信息，损害公司、股东共同利 益的提问，主持人或其指定的有关人员有权拒绝回 ...

证券代码：600905 证券简称：三峡能源 公告编号：2025-016 中国三峡新能源（集团）股份有限公司 第二届监事会第十九次会议决议公告 根据《上市公司股权激励管理办法》及公司《2021 年限制 性股票激励计划》的相关规定，原激励对象李顺义和胡永田因退 休，张龙、吴启仁、姚经春、张磊、马中伟和郑主平因调动，刘 兵因个人原因主动离职，廖建新因违法违规违纪不再具备激励对 象资格，同意回购并注销上述激励对象已授予但尚未解除限售的 19.3334 万股、19.3334 万股、10.7667 万股、24.6667 万股、15.3334 万股、22 万股、5.7467 万股、19.3334 万股、19.3334 万股和 24.6667 万股，回购价格按照首次授予和预留授予分别为 3.20478 元/股和 2.686 元/股，回购资金总额为 6,075,196.16 元（含利息）。本次 回购注销完成后，公司 2021 年限制性股票激励计划将继续执行。 具体内容详见公司同日披露的《中国三峡新能源（集团）股 份有限公司关于回购注销李顺义等激励对象限制性股票的公告》 （公告编号：2025-017）。 表决结果：同意 3 票， ...

证券代码：600905 证券简称：三峡能源 公告编号：2025-015 中国三峡新能源（集团）股份有限公司 第二届董事会第三十六次会议决议公告 性股票激励计划》的相关规定，原激励对象李顺义和胡永田因退 休，张龙、吴启仁、姚经春、张磊、马中伟和郑主平因调动，刘 兵因个人原因主动离职，廖建新因违法违规违纪不再具备激励对 象资格，同意回购并注销上述激励对象已授予但尚未解除限售的 19.3334 万股、19.3334 万股、10.7667 万股、24.6667 万股、15.3334 万股、22 万股、5.7467 万股、19.3334 万股、19.3334 万股和 24.6667 万股，回购价格按照首次授予和预留授予分别为 3.20478 元/股和 2.686 元/股，回购资金总额为 6,075,196.16 元（含利息）。本次 回购注销完成后，公司 2021 年限制性股票激励计划将继续执行。 本议案经战略与可持续发展委员会审议通过。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 二、审议通过《关于公司 2025 年对外捐赠计划的议案》 表决结果：同意 8 票，反对 0 票，弃权 0 票。 三、审议通过《关于 ...

证券代码：600905 证券简称：三峡能源 公告编号：2025-018 中国三峡新能源（集团）股份有限公司 关于回购注销李顺义等激励对象限制性 股票减资暨通知债权人的公告 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 4 月 18 日在北京以现场并结合通讯的方式召开第二届董 事会第三十六次会议和第二届监事会第十九次会议，会议审议通 过了《关于回购注销 2021 年限制性股票激励计划李顺义等激励 对象限制性股票的议案》，详见公司同日披露的《中国三峡新能 源（集团）股份有限公司关于回购注销李顺义等激励对象限制性 股票的公告》（公告编号：2025-017）。根据回购议案，公司将回 购已授予尚未解除限售的限制性股票 180.5138 万股，本次回购 注销的股份占目前公司总股本的 0.00631%。本次 10 名原激励对 象中，首次授予部分激励对象回购价格 3.20478 元/股，预留授予 部分激励对象回购价格 2.686 元/股。 公司本次回购注销部分限制性股票将导 ...

本次回购激励对象已获授但尚未解除限售的限制性股票 180.5138 万股，涉及人数 10 人，占公司回购前总股本的 0.00631%； 本次回购注销完成后，公司总股本将由 28,618,630,794 股减少至 28,616,825,656 股。 本次回购价格：首次授予部分激励对象回购价格 3.20478 元/ 股，预留授予部分激励对象回购价格 2.686 元/股，回购资金为公司 自有资金。 中国三峡新能源（集团）股份有限公司（以下简称公司）于 2025 年 4 月 18 日在北京以现场并结合通讯的方式召开第二届董事会第 三十六次会议和第二届监事会第十九次会议，会议审议通过了《关 于回购注销 2021 年限制性股票激励计划李顺义等激励对象限制性 股票的议案》，拟回购注销 10 名激励对象已获授但尚未解除限售 的限制性股票 180.5138 万股。现将相关事项公告如下： 重要内容提示： 中国三峡新能源（集团）股份有限公司 关于回购注销李顺义等激励对象限制性 股票的公告 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。 证券代码：6 ...

18th Floor, East Tower, World Financial Center 1 Dongsanhuan Zhonglu Chaoyang District Beijing, 100020 P.R. China T +86 10 5878 5588 86 10 5878 5566/5599 北京市金杜律师事务所 关于中国三峡新能源(集团)股份有限公司 2021年限制性股票激励计划回购注销部分限制性股票相关事项的 tte in the some of the sent of the see of the treation of the treation of the treation of the treation of the treation of the treating the treation of the see of the see of =&WC0) 法律意见书 北京市朝阳区东三环中路1号 环球金融中心办公楼东楼18层 邮编:100020 致:中国三峡新能源(集团)股份有限公司 北京市金杜律师事务所（以下简称"本所"）受中国三峡新能源（集团）股份 有限公司(以下简称"公司")委托 ...

Core Points - The A-share market's three major indices closed mixed, with the CSI 300 Utilities (secondary industry) index reported at 2626.36 points [1] - The CSI 300 Utilities index has increased by 4.97% over the past month, 2.36% over the past three months, and has decreased by 2.97% year-to-date [1] Industry Composition - The CSI 300 Utilities index is composed of various sectors categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The top ten weights in the CSI 300 Utilities index are as follows: - Changjiang Electric Power (47.88%) - China Nuclear Power (10.42%) - Three Gorges Energy (8.28%) - Guodian Power (5.57%) - State Power Investment (4.77%) - Chuanwei Energy (4.39%) - Huaneng International (4.24%) - China General Nuclear Power (3.82%) - Zhejiang Energy (3.07%) - Huadian International (2.58%) [1] Market Distribution - The market distribution of the CSI 300 Utilities index shows that the Shanghai Stock Exchange accounts for 95.85%, while the Shenzhen Stock Exchange accounts for 4.15% [2] - In terms of industry composition within the index, hydropower constitutes 59.29%, thermal power 15.45%, nuclear power 14.23%, wind power 8.62%, and gas power 2.40% [2] Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, but can be modified in the event of temporary adjustments due to changes in the CSI 300 index samples or special events affecting sample companies [2]