Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4]. Core Insights - The report emphasizes the high-quality development of the environmental equipment manufacturing industry, aiming to create a trillion-level industry with international competitiveness by 2027 [2][16]. - It highlights the synergy between computing power and electricity, particularly in the context of data centers, which require substantial and reliable electricity supply [18][20]. - The report suggests that the profitability of coal-fired power generation is expected to remain reasonable due to the simultaneous decline in coal and electricity prices [28]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.59%, while the public utility index increased by 2.19% and the environmental index by 2.53% [1][29]. - Among the sub-sectors, coal-fired power saw a 3.39% increase, while renewable energy generation rose by 1.48% [31]. Important Policies and Events - The Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, and the State Administration for Market Regulation jointly issued opinions to promote the high-quality development of the environmental equipment manufacturing industry [2][16]. - By 2030, the report anticipates a complete upgrade of the environmental equipment manufacturing industry towards green, low-carbon, and circular development [2]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies like Shanghai Electric due to stable electricity prices [3][28]. - For renewable energy, leading companies such as Longyuan Power and Three Gorges Energy are recommended, alongside regional offshore wind power companies [3][28]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved free cash flow [3][28]. Industry Dynamics - The report notes that the electricity and heat production and supply industry prices fell by 0.8% year-on-year in February 2025 [17]. - It highlights the increasing importance of green electricity and nuclear power in meeting the energy demands of data centers [24][21]. Company Performance - The report lists several companies with "Outperform" ratings, including Huadian International, Longyuan Power, and China Nuclear Power, among others, indicating their strong market positions and growth potential [6][28].

Investment Rating - The report maintains a positive investment rating for the power and utilities sector, with specific recommendations for various companies based on their performance and market conditions [3][20][21]. Core Insights - The power sector outperformed the broader market, with the public utility sector index rising by 2.19% and the electricity sub-sector by 2.21% during the week ending March 14, 2025 [1][7]. - Significant investments are being made in renewable energy projects, particularly in the "Shagou Desert" area, with major state-owned enterprises planning substantial capacity expansions [2][23]. - The report emphasizes the acceleration of the electricity spot market construction and the establishment of a unified national electricity market system [2][28]. Summary by Sections Weekly Market Review - The public utility sector index closed at 2287.91 points, up 49.11 points, while the electricity sub-sector closed at 3042.41 points, up 65.87 points, indicating strong performance compared to the Shanghai and Shenzhen 300 index, which rose by 1.59% [1][7]. - Among the electricity sub-sectors, photovoltaic power generation saw a rise of 4.68%, followed by thermal services at 3.80%, and comprehensive energy services at 3.57% [14][19]. Investment Recommendations - For thermal power, the report recommends companies like Sheneng Co. and Funeng Co., while cautiously recommending Waneng Power and Huadian International [3][19]. - In the green energy sector, it suggests investing in Three Gorges Energy and keeping an eye on new energy companies like Xintian Green Energy [3][19]. - The report highlights the stable performance of large hydropower companies, recommending Changjiang Electric Power, and notes the growth potential in nuclear power with a recommendation for China Nuclear Power [3][19]. Industry Developments - The report discusses the ongoing construction of the "Shagou Desert" renewable energy base and the promotion of cross-regional energy dispatch projects to enhance energy supply security [2][22]. - It notes that Xinjiang's electricity export volume reached 126.4 billion kilowatt-hours in 2024, marking a continuous increase over five years [2][23]. - The establishment of a national carbon market and the first cross-regional green electricity transaction are highlighted as significant steps towards market integration [28][29].

Investment Rating - The report maintains a rating of "Outperform the Market" for the electricity sector [6]. Core Insights - The Ministry of Industry and Information Technology has announced a target for renewable energy to account for 30% of computing power centers by 2026, emphasizing green and low-carbon computing. This is expected to increase the demand for renewable energy consumption in data centers, leading to sustained growth in green electricity and green certificate consumption [1][10]. - The report expresses optimism regarding the transformation of thermal power companies into renewable energy operators, recommending several companies such as Sheneng Co., Shanghai Electric, and Huaneng International [5][10]. Summary by Sections Market Performance - From February 14 to February 21, the electricity sector (882528.WI) declined by 0.12%, underperforming the CSI 300 index, which rose by 1.00%. Year-to-date, the electricity sector has fallen by 5.09%, while the CSI 300 index has increased by 1.11% [2][14]. - The sub-sectors of thermal power, hydropower, and gas power saw changes of -0.93%, -1.25%, and -1.07% respectively during the same period [14][22]. Coal Prices and Inventory - The spot price of thermal coal in Qinhuangdao decreased by 2.67% month-on-month and by 23.64% year-on-year, with a current price of 730 RMB/ton [3][31]. - Coal inventory at Qinhuangdao increased by 3.38% month-on-month and by 40.88% year-on-year, reaching 7.03 million tons as of February 21 [4][36]. Investment Recommendations - The report continues to favor companies transitioning from thermal power to renewable energy operations, including Wanan Electric, Sheneng Co., and Huaneng International. It also recommends stable companies like China Nuclear Power and Three Gorges Energy [5][10]. - Specific recommendations include Longjiang Electric, benefiting from the injection of the Wuhai Power Station, and Huaneng Hydropower, which is expected to benefit from improving provincial market electricity prices [5][10]. Key News and Announcements - Jiangsu Province is encouraging renewable energy hydrogen production projects to participate in the electricity market, aiming for innovative management models [48]. - The Chongqing electricity spot market is set to begin trial operations on March 11, 2025, with a focus on optimizing clearing results based on real-time market conditions [48].

证券代码：600905 证券简称：三峡能源 公告编号：2025-007 中国三峡新能源（集团）股份有限公司 关于变更职工监事的公告 本公司监事会及全体监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。 一、职工监事辞职情况 中国三峡新能源（集团）股份有限公司（以下简称公司）第二 届监事会于 2025 年 2 月 28 日收到职工监事罗冰女士的书面辞职报 告，因已届退休年龄，罗冰女士申请辞去公司监事会职工监事职务。 罗冰女士目前还担任公司子公司巨野县峻阳新能源发电有限公司、 利辛县锐风新能源有限公司等监事职务，正在履行法定变更程序。 公司监事会对罗冰女士在任职期间为公司发展所作出的贡献表 示衷心感谢。 二、补选监事情况 为保证公司监事会的正常运作，根据《公司法》《公司章程》等 有关规定，公司于 2025 年 2 月 24 日召开三届十次职工代表大会， 选举赖梅芳女士（简历附后）为公司第二届监事会职工监事，任期 自本次职工代表大会表决通过之日起至公司第二届监事会任期届满 止，并按规定于 2025 年 2 月 24 日至 2025 年 3 月 3 日履行 ...

证券代码：600905 证券简称：三峡能源 公告编号： 2025-006 中国三峡新能源（集团）股份有限公司 第二届董事会第三十三次会议决议公告 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 二届董事会第三十三次会议于 2025 年 2 月 27 日在北京以现场 会议方式召开，会议通知已于 2025 年 2 月 17 日以电子邮件方 式发出。本次会议应出席董事 8 名，实际出席董事 8 名。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《关于修订公司<内部审计管理制度>的议案》 本议案经审计与风险管理委员会审议通过。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 二、审议通过《关于修订公司<财务管理制度>的议案》 表决结果：同意 8 票，反对 0 票，弃权 0 票。 三、审议通过《关于公司<2024 年度法治合规工作总结报告> ...

本次注销股份的有关情况 证券代码：600905 证券简称：三峡能源 公告编号：2025-005 中国三峡新能源（集团）股份有限公司 关于杨贵芳等激励对象股权激励限制性 股票回购注销实施公告 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： 回购注销原因：根据《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》（以下简称《2021 年限制性 股票激励计划》），杨贵芳、李化林、张军、张高群、曾笑鸿、 滕智楚和韩雷岩 7 人不再具备激励对象资格，董事会同意回购注 销其已获授但尚未解除限售的限制性股票。因此，由公司对上述 7 名激励对象已获授但尚未解除限售的 110.8402 万股限制性股 票进行回购注销，本次回购注销的股份占目前公司总股本的 0.00387%。 | 回购股份数量 | 注销股份数量 | | 注销日期 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1,108,402 股 | 1,108,402 ...

t 德帅哥务所 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 18th Floor, East Tower, World Financial Center 1 Dongsanhuan Zhonglu Chaovang District Beijing, 100020 P.R. China +86 10 5878 5588 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 法律意见书 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，作为其 2021 年限制性股票激励计划（以下 简称"本激励计划"）的专项法律顾问,根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《国有控股上市 公司(境内)实施股权激励试行办法》《关于规范国有控股上市公司实施股权激励 制度有关问题的通知》《关于进一步做好中央企业 ...

Group 1 - The establishment of Sanxia New Energy Power Generation (Suiyang) Co., Ltd. has been reported, with a registered capital of 4.8 million yuan [1] - The legal representative of the new company is Guo Feng, indicating a structured leadership [1] - The company's business scope includes power generation, transmission, and distribution, as well as wind power technology services [1] Group 2 - The company is jointly held by Sanxia Energy and other stakeholders, reflecting a collaborative investment approach [1]

证券代码：600905 证券简称：三峡能源 公告编号：2025-003 中国三峡新能源（集团）股份有限公司 第二届董事会第三十二次会议决议公告 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 二届董事会第三十二次会议于 2025 年 1 月 26 日以书面签署决 议的方式召开，会议通知已于 2025 年 1 月 20 日以电子邮件方式 发出。本次会议应参会表决董事 8 名，实际参会董事 8 名。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。与会董事以记名投票方式表决，形成决议如下： 审议通过《关于聘任公司副总经理的议案》 同意聘任王忠亮先生为公司副总经理，任期自本次董事会审 议通过之日起至第二届董事会届满时止。 具体内容详见公司同日披露的《中国三峡新能源（集团）股 份有限公司关于聘任公司副总经理的公告》（公告编号：2025- 004）。 2 本议案经提名委员会审议通过。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 特此公告。 1 中国三峡新 ...

证券代码：600905 证券简称：三峡能源 公告编号：2025-004 中国三峡新能源（集团）股份有限公司 关于聘任公司副总经理的公告 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 1 月 26 日召开第二届董事会第三十二次会议审议通过 《关于聘任公司副总经理的议案》。 根据《公司法》《公司章程》等有关规定，经董事会提名委员 会审核，董事会同意聘任王忠亮先生（简历附后）为公司副总经 理，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。 特此公告。 中国三峡新能源（集团）股份有限公司董事会 2025 年 1 月 27 日 附件 王忠亮先生简历 王忠亮，1976 年 3 月出生，男，汉族，中共党员，大学本科， 正高级工程师，历任中国三峡新能源公司河北分公司副总经理， 中国三峡新能源有限公司内蒙古分公司副总经理，中国三峡新能 源有限公司质量安全部副主任、工程管理部副主任，中国三峡新 能源（集团）股份有限公司工程管理部主任、副总工程师、总工 程师兼建设 ...