Summary of Conference Call Records Industry Overview - The conference call discusses the electricity market in China, particularly focusing on the implementation of the New Energy 136 Document and the acceleration of the spot market, which signifies a shift towards market-oriented electricity pricing [1][1]. Key Points and Arguments - The New Energy 136 Document, effective from June 1, marks a significant step in the marketization of the electricity sector, particularly for new energy sources, which now account for the second-largest share of electricity generation [1][1]. - Over ten provinces have begun long-cycle trial operations of the electricity spot market this year, enhancing the supply-demand relationship in electricity pricing [1][1]. - The introduction of the spot market has led to increased price volatility, with some pilot provinces like Shandong and Shanxi experiencing intraday price fluctuations exceeding 50% [2][2]. - As renewable energy capacity continues to grow, it is expected that more trading cycles will be dominated by renewable sources, which will lower overall price levels. However, traditional thermal power will still play a crucial role during periods of insufficient renewable output, maintaining higher prices during those times [3][3]. - The volatility in price curves is leading to a compression of trading cycles, pushing for weekly, multi-day, and even daily trading to become mainstream [4][4]. - The comprehensive electricity price for thermal power has risen during periods of declining coal prices, indicating a shift towards a model where thermal power is not just about generation but also about price regulation [4][4]. Recommendations - The report recommends focusing on national comprehensive power companies and northern thermal power companies with performance elasticity, such as: - Jintou Energy - Datang Power (H) - Huaneng International (H+A) - Huadian International (H+A) - Continued recommendations for Waneng Power, Sheneng Co., Huaneng Hydropower, and Guodian Power [4][4]. - For green energy, companies like Xintian Green Energy, Datang New Energy, and Longyuan Power (H) are highlighted. - In the hydropower sector, recommended companies include Yangtze Power, Chuan Investment Energy, Guotou Power, and Huaneng Hydropower [4][4]. Risks - The report outlines several risks associated with the marketization of electricity trading, including: - Price volatility risks due to market fluctuations - Risks from variations in wind and water resources - Significant increases in thermal coal prices - Delays in resource approval for new energy projects - Risks from macroeconomic downturns affecting electricity demand [4][4].

Group 1 - The company, Wanji Fund Management Co., Ltd., has signed agreements with several securities firms to increase their roles as agents for subscription and redemption of various ETFs starting from May 26, 2025 [1][3][5][11][13] - The specific ETFs mentioned include the A500 ETF (code: 159356), the 300 Growth ETF (code: 159656), the Aerospace ETF (code: 159208), the National Index 2000 ETF (code: 159628), the ChiNext Comprehensive ETF (code: 159541), and the Hong Kong Central State-Owned Enterprises Dividend ETF (code: 159333) [1][3][5][11][13] - Investors will be able to process subscription and redemption transactions through the newly appointed securities firms starting from the specified date [1][3][5][11][13] Group 2 - The announcement includes contact details for the involved securities firms, providing customer service numbers and websites for investor inquiries [1][4][6][11][14] - The company emphasizes the importance of investors reading the fund contracts and prospectuses before making investment decisions [1][4][5][11][14]

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [1]. Core Viewpoints - In April, the national electricity consumption increased by 4.7%, with a cumulative growth of 3.1% from January to April [8][14]. - The electricity demand from the first and third industries shows resilience, while the second industry experiences weakness [14]. - The supply side saw a 0.9% year-on-year increase in electricity generation in April, with significant growth in renewable energy sources [30][33]. Summary by Sections Demand Side - From January to April, the total electricity consumption reached 31,566 billion kWh, with April alone accounting for 7,721 billion kWh [8]. - The first industry saw a 10.0% increase in electricity consumption, the second industry grew by 2.3%, and the third industry increased by 6.0% [14][13]. - In April, the first, second, and third industries' electricity consumption growth rates were 13.8%, 3.0%, and 9.0%, respectively, while residential electricity consumption grew by 7.0% [14]. Supply Side - In April, the total electricity generation was 7,111 billion kWh, marking a 0.9% year-on-year increase [30]. - The growth rates for different energy sources in April were as follows: wind power increased by 12.7%, solar power by 16.7%, nuclear power by 12.4%, while hydropower decreased by 6.5% and thermal power fell by 2.3% [33]. Investment Recommendations - The report suggests increasing allocation to the electricity sector due to favorable fundamentals and market catalysts as summer approaches [53]. - For thermal power, the report highlights the potential for improved profitability due to falling coal prices, recommending companies like Huadian International and Huaneng International [55]. - In the green energy sector, the report recommends focusing on wind power operators and undervalued green energy stocks, such as Xintian Green Energy and Longyuan Power [55]. - For hydropower and nuclear power, the report suggests monitoring companies like China National Nuclear Power and China General Nuclear Power [55].

Investment Rating - The report maintains a "Buy" rating for key stocks in the power sector, including Huadian International, Huaneng International, Datang Power, and Jianou Energy, as well as leading fire power renovation equipment manufacturers like Qingda Environmental Protection [3][8]. Core Viewpoints - The Guangdong government has issued Document No. 136, focusing on incremental projects with a clear mechanism for a 90% electricity volume cap and long execution periods [3][12]. - Compared to Shandong's conservative approach to existing projects, Guangdong's plan emphasizes detailed competition for incremental projects, which is expected to enhance market-driven price formation [12][13]. - The report suggests paying attention to green power operators with a higher proportion of existing projects and short-term revenue certainty, as well as those with long-term cost reduction and efficiency advantages [3][12]. Summary by Sections Industry Overview - The report highlights the recent performance of the power sector, with the Shanghai Composite Index closing at 3367.46 points, up 0.76%, and the CSI 300 Index at 3889.09 points, up 1.12% [58]. - The CITIC Power and Utilities Index closed at 2912.72 points, up 0.29%, underperforming the CSI 300 Index by 0.82 percentage points [58]. Key Developments - The Guangdong Provincial Power Trading Center has released draft rules for the sustainable development price settlement mechanism for new energy incremental projects, emphasizing competitive bidding [3][12]. - The report notes a decline in coal prices to 629 RMB/ton, which may impact fire power profitability [15]. - Water inflow at the Three Gorges Dam has decreased by 26.09% year-on-year, while outflow has dropped by 25.14% [31]. Market Trends - The report indicates a drop in silicon material prices to 37 RMB/KG and a decrease in mainstream silicon wafer prices to 1.12 RMB/PC, suggesting potential improvements in photovoltaic project returns [41]. - The national carbon market saw a price increase of 0.80% this week, with a total trading volume of 3.67 million tons and a total transaction value of 266 million RMB [53]. Recommended Stocks - The report recommends focusing on undervalued green power stocks, particularly those listed in Hong Kong, as well as wind power operators like Xintian Green Energy and Longyuan Power [3][8].

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Viewpoints - The new regulations for public funds are expected to lead to an increased allocation towards the utility sector, which is anticipated to benefit from a shift in investment strategies focusing on the "risk-return ratio" [6][4] - The utility sector, particularly hydropower, is projected to be one of the biggest beneficiaries of the new policies, as they are characterized by low covariance with the market, leading to potential valuation increases [6][4] - Historical data shows that major hydropower companies have consistently ranked in the top percentiles for risk-return ratios, indicating strong performance relative to market volatility [6][7] Summary by Sections Sector Performance - The report highlights the underallocation of public funds in the utility and environmental sectors compared to their index weights, suggesting a significant opportunity for investment [6][7] Investment Recommendations - The report recommends prioritizing investments in resilient hydropower companies and undervalued thermal power companies that benefit from declining coal prices [6] - Specific stock recommendations include: 1. Hydropower: Guotou Power, Changjiang Power, Chuanwei Energy 2. Wind Power: Longyuan Power (H), Xintian Green Energy, Datang Renewable, CGN New Energy 3. Thermal Power: Waneng Power, Shanghai Electric, China Resources Power, Huadian International, Sheneng Co [6]

Investment Rating - The industry investment rating is "Maintain Overweight" [4] Core Viewpoints - The Shandong 136 document details a balanced approach to the entry of new energy into the market, providing stability for existing projects while enhancing competition for new projects [3][12][13] - For existing projects, the mechanism price is set at a cap of 0.3949 CNY/kWh (including tax), which aligns with the coal benchmark price in Shandong [13] - For new projects, a bidding capacity requirement of 125% is established, which increases competitive pressure and accelerates the exit of high-cost projects, pushing for efficiency and cost reduction in new energy projects [3][12][13] - The report recommends focusing on green power operators with a higher proportion of existing projects and better short-term revenue certainty, as well as high-quality flexible power sources like thermal and hydropower [3][12][13] Summary by Sections Industry Trends - The report highlights a 1.92% increase in the Shanghai Composite Index and a 2.04% increase in the CITIC Power and Utilities Index during the week of May 6-9 [65][66] - The report notes a decline in coal prices to 643 CNY/ton [14] Key Projects and Developments - The Shandong provincial government has issued a detailed implementation plan for the market-oriented reform of new energy pricing, marking a significant step in the industry [3][12][13] - The report emphasizes the importance of auxiliary service market transactions and price mechanisms, as well as optimizing capacity compensation mechanisms for power generation [13] Key Stocks and Recommendations - The report recommends several stocks for investment, including: - Zhejiang Energy Power (600023.SH) with a buy rating - Anhui Energy Power (000543.SZ) with a buy rating - Guodian Power (600795.SH) with a buy rating - Huaneng International (600011.SH) with a buy rating - New Energy (688501.SH) with a buy rating - New天绿色能源 (600956.SH) with a buy rating [8][78]

Investment Rating - The industry investment rating is "Maintain Buy" [4] Core Viewpoints - The Shandong 136 document details a balanced approach to the entry of new energy into the market, providing stability for existing projects while enhancing competition for new projects [3][12][13] - For existing projects, the mechanism price is set at a cap of 0.3949 CNY/kWh (including tax), which aligns with the coal benchmark price in Shandong [13] - For new projects, a bidding capacity requirement of 125% is established, which increases competitive pressure and accelerates the exit of high-cost projects, pushing for efficiency and cost reduction in new energy projects [3][12][13] - The report recommends focusing on green power operators with a higher proportion of existing projects and better short-term revenue certainty, as well as high-quality flexible power sources like thermal and hydropower [3][12][13] Summary by Sections Industry Trends - The Shandong 136 document was released on May 7, detailing the market-oriented reform implementation plan for new energy pricing [13] - The coal price has dropped to 643 CNY/ton [14] - The inflow and outflow of the Three Gorges reservoir have decreased by 17.39% and 47.66% year-on-year, respectively [36] - Silicon material prices have decreased to 39 CNY/kg, and mainstream silicon wafer prices have dropped to 1.18 CNY/unit [50] - The national carbon market trading price has decreased by 2.24% this week [60] Market Performance - The Shanghai Composite Index closed at 3342.00 points, up 1.92%, while the CSI 300 Index closed at 3846.16 points, up 2.00% [65] - The CITIC Power and Utilities Index closed at 2904.26 points, up 2.04%, outperforming the CSI 300 Index by 0.04 percentage points [65] Key Stocks - Recommended stocks include: - Zhejiang Energy Power (600023.SH) - Buy - Anhui Energy Power (000543.SZ) - Buy - Guodian Power (600795.SH) - Buy - Huaneng International (600011.SH) - Buy - New Energy (688501.SH) - Buy - New Tian Green Energy (600956.SH) - Buy [8]

输/售气量 证券代码：600956 证券简称：新天绿能 公告编号：2025-025 新天绿色能源股份有限公司 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。 根据公司初步统计，2025年4月，本公司及子公司按合并报表口径完成发电 量1,477,832.60兆瓦时，同比增加16.91%。截至2025年4月30日，累计完成发电量 发电量 地区 2025 年 4 月 同比变动 2025 年 1-4 月 同比变动 （兆瓦时） （%） （兆瓦时） （%） 风电业务 1,448,098.38 16.01 5,911,582.04 10.98 河北 1,040,486.76 20.19 4,341,569.16 13.91 山西 49,591.32 76.58 210,571.92 29.91 新疆 29,009.36 -30.29 95,661.69 -21.78 云南 59,548.95 -25.58 238,910.67 -19.45 山东 10,332.64 62.27 32,696.04 -1.00 内蒙古 75,063.98 4 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 本公告由新天綠色能源股份有限公司（「本公司」）根據香港法例第571章《證券及期貨條例》第XIVA部 項下內幕消息條文及《香港聯合交易所有限公司證券上市規則》第13.09條作出。 CHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED* 新天綠色能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 2025年4月主要經營數據 | | | 發電量 | | | | --- | --- | --- | --- | --- | | 地區 | 2025年4月 | 同比變動 | 2025年1-4月 | 同比變動 | | | （兆瓦時） | （%） | （兆瓦時） | （%） | | 風電業務 | 1,448,098.38 | 16.01 | 5,911,582.04 | 10.98 | | 河北 | 1,040,486.76 | 20.19 | ...

证券代码：600956 证券简称：新天绿能 公告编号：2025-025 新天绿色能源股份有限公司 2025 年 4 月主要经营数据公告 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。 根据公司初步统计，2025年4月，本公司及子公司按合并报表口径完成发电 量1,477,832.60兆瓦时，同比增加16.91%。截至2025年4月30日，累计完成发电量 6,022,021.31兆瓦时，同比增加11.91%。 | 地区 | 发电量 | | | | | --- | --- | --- | --- | --- | | 2025 | 年 月 同比变动 4 | | 年 月 2025 1-4 | 同比变动 | | | （兆瓦时） | （%） | （兆瓦时） | （%） | | 风电业务 | 1,448,098.38 | 16.01 | 5,911,582.04 | 10.98 | | 河北 | 1,040,486.76 | 20.19 | 4,341,569.16 | 13.91 | | 山西 | 49,591.32 | 76.58 | 2 ...