Group 1: Share Buyback and Capital Structure - The company completed the buyback and cancellation of 10,884,453 shares on March 20, 2026, reducing total share capital from 2,066,602,352 shares to 2,055,717,899 shares. The controlling shareholder, Luneng Group, increased its holding percentage from 68.61% to 68.97% [2] - Future buyback plans will be considered based on market conditions, the company's financial status, and the interests of all shareholders [2] Group 2: Business Operations and Asset Management - The company has divested from real estate operations as of January 14, 2022, and no longer engages in this sector [2] - As of the end of 2025, the company's renewable energy projects are primarily located in regions such as Xinjiang, Qinghai, Gansu, Inner Mongolia, Hebei, Jiangsu, Shaanxi, and Shandong [2] Group 3: Renewable Energy Subsidies - By the end of 2025, the company had recovered a total of 2.282 billion yuan in renewable energy subsidies, with approximately 6.9 million yuan recovered in 2026 to date [3] Group 4: Strategic Planning and Development - The company is actively working on the evaluation of the "14th Five-Year" plan and the preparation of the "15th Five-Year" plan, focusing on optimizing investment structure and business layout [3] - Future development will prioritize electricity generation and pricing as a key initiative, aiming to enhance value creation and market competitiveness [3] Group 5: Energy Storage Projects - The company has secured a total of 1.2 million kilowatts of energy storage projects in regions including Inner Mongolia, Xinjiang, Gansu, and Hebei as part of its investment strategy [3] - The company is exploring diverse technological routes for energy storage, including electrochemical storage, compressed air storage, and flywheel storage [3]

重要内容提示： 1.天津绿发电力集团股份有限公司（以下简称"公司"）本次回购股份已实施 完毕。公司本次注销的股份为 10,884,453 股，占注销前公司总股本（2,066,602,352 股）的 0.53%，本次注销的股份数量与公司实际回购的股份数量一致。 | 证券代码：000537 | 证券简称：绿发电力 | | | 公告编号：2026-023 | | --- | --- | --- | --- | --- | | 债券代码：148562 | 债券简称：23 | 绿电 | G1 | | | 债券代码：524531 | 债券简称：25 | 绿电 | G1 | | 天津绿发电力集团股份有限公司 关于回购股份注销完成暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 二、本次回购股份的注销情况 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等有关规定，回购股份用于依法注销减少注册资本情形的，需在 相关法律法规规定期限内予以注销。公司本次注销的股份为 10,884,453 股，占注销 前公司总股本的 0.53 ...

Core Viewpoint - The company anticipates a significant increase in power generation by 2025, driven by recent growth in installed capacity and the realization of generation capabilities [1] Group 1: Company Strategy - The company has prioritized power generation and pricing as its "number one project," focusing on enhancing power supply and consumption to ensure investment returns [1] Group 2: Market Influences - Power generation and pricing are influenced by factors such as resource endowment, regional policies, and supply-demand dynamics, which introduce a degree of uncertainty [1]

| 证券代码：000537 | 证券简称：绿发电力 | | | 公告编号：2026-021 | | --- | --- | --- | --- | --- | | 债券代码：148562 | 债券简称：23 | 绿电 | G1 | | | 债券代码：524531 | 债券简称：25 | 绿电 | G1 | | 天津绿发电力集团股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 1 81.75%；累计完成上网电量 192.3 亿千瓦时，同比增长 82.03%，具体内容详见公司 于 2026 年 1 月 17 日披露在巨潮资讯网（www.sse.com.cn）上的《关于 2025 年度发 电量完成情况的自愿性信息披露公告》（公告编号：2026-005）。 2025年，公司预计实现归属于上市公司股东的净利润69,129.64万元-89,789.08 万元，比上年同期下降 31.46%～10.97%；实现扣除非经常性损益后的净利润 74,937.94 万元-97,333.19 万元，比上年同期增长-17.03%～7.77 ...

| 证券代码：000537 | 证券简称：绿发电力 | | | 公告编号：2026-022 | | --- | --- | --- | --- | --- | | 债券代码：148562 | 债券简称：23 | 绿电 | G1 | | | 债券代码：524531 | 债券简称：25 | 绿电 | G1 | | 天津绿发电力集团股份有限公司 关于2025年度利润分配征求意见的自愿性信息披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 根据国务院办公厅《关于进一步加强资本市场中小投资者合法权益保护工作的 意见》、中国证券监督管理委员会《上市公司监管指引第 3 号——上市公司现金分红》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号 ——主板上市公司规范运作》以及《公司章程》的有关规定和要求，为进一步增强天 津绿发电力集团股份有限公司（以下简称"公司"）分红透明度，切实维护广大投 资者尤其是中小投资者的利益，现就公司 2025 年度利润分配相关事项向广大投资者公 开征求意见。 本次征求意见的内容主要包括是否支持公司开展 2025 ...

Core Viewpoint - Green Power's stock experienced a significant increase, reaching a daily limit up with a closing price of 11.37 yuan, reflecting a trading volume of 12.49 billion yuan and a total market capitalization of 234.97 billion yuan [1][6]. Trading Activity - On March 11, Green Power was listed on the "Dragon and Tiger List" due to a cumulative price deviation of 20% over three consecutive trading days [1][6]. - The total buying amount over three days was 378 million yuan, while the total selling amount was 462 million yuan, resulting in a net sell of 84.39 million yuan [1][7]. - Major buying activities included 108.16 million yuan from Guotai Junan Securities and 80.71 million yuan from northbound funds [2][8]. - Major selling activities included 165.18 million yuan from the deep stock connect and 98.01 million yuan from招商证券 [2][9]. Company Overview - Tianjin Green Power Group Co., Ltd. is primarily engaged in real estate development, with 99.22% of its revenue coming from electricity generation [3][10]. - The company operates in the public utility sector, specifically in wind power generation, and is involved in green energy concepts such as offshore wind and solar energy [3][10]. Financial Performance - For the period from January to September 2025, Green Power reported a revenue of 3.707 billion yuan, marking a year-on-year increase of 26.78%, while the net profit attributable to shareholders decreased by 12.02% to 805 million yuan [10][11]. - As of September 30, 2025, the number of shareholders increased by 6.35% to 42,700, with an average of 48,348 circulating shares per person, a decrease of 5.98% [10][11]. Dividend Information - Since its A-share listing, Green Power has distributed a total of 2.908 billion yuan in dividends, with 1.065 billion yuan distributed over the past three years [11].

| 证券代码：000537 | 证券简称：绿发电力 | | | 公告编号：2026-020 | | --- | --- | --- | --- | --- | | 债券代码：148562 | 债券简称：23 | 绿电 | G1 | | | 债券代码：524531 | 债券简称：25 | 绿电 | G1 | | 天津绿发电力集团股份有限公司 关于股份回购实施结果暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 天津绿发电力集团股份有限公司（以下简称"公司"）分别于 2025 年 8 月 28 日、2025 年 9 月 16 日召开第十一届董事会第二十次会议、2025 年第三次临时股东 会，审议通过了《关于实施股份回购的议案》，同意公司以自有资金，通过集中竞 价交易方式回购公司 A 股股份，全部用于注销并减少公司注册资本。本次用于回购 股份的资金总额为人民币 6,184.28 万元至 9,276.42 万元（含），回购价格不超过 人民币 13.31 元/股（含本数）。回购期限自公司 2025 年第三次临时股东会审议通 过回购股份方案之日起 12 个 ...

Investment Rating - The report maintains a "Buy" rating for multiple companies in the energy sector, including 淮河能源, 国电电力, 长江电力, 川投能源, 京能清洁能源, 国投电力, 中国核电, 中广核电力, 陕西能源, 绿发电力, 华能蒙电, and 龙源电力 [7][9][10][11] Core Insights - The ongoing conflict in the Middle East is expected to drive global oil prices significantly higher, which in turn will increase coal prices and subsequently lead to higher electricity prices in China [2][4] - A projected increase in the price of 5500 kcal thermal coal to around 750 RMB/ton will result in a 2.9% increase in wholesale electricity prices, translating to a 2.0%-2.2% rise in industrial electricity prices [2][3] - The demand for green electricity driven by the overseas expansion of token technology is anticipated to boost green certificate prices, which are currently only 9% of carbon prices. If green certificate prices align with carbon prices, wholesale electricity prices could increase by 15% [3][4] Summary by Sections Section: Coal and Electricity Price Impact - The report estimates that a 50 RMB/ton increase in coal prices will lead to a 2% rise in industrial electricity prices, with the current price of 5500 kcal thermal coal at 755 RMB/ton, up 65 RMB/ton (9.4% YoY) [2][4] - The report highlights that the current electricity supply-demand situation may limit the actual impact of price increases [2] Section: Recommendations for Companies - The report recommends investing in clean energy companies such as 绿发电力, 龙源电力 H, and 中广核电力, as well as coal-electricity integrated companies like 华能蒙电 and 陕西能源, which are expected to benefit from rising market electricity prices [4][10][11] - Specific companies highlighted for their strong performance and potential include 淮河能源, 国电电力, and 长江电力, with target prices set at 5.28 RMB, 6.87 RMB, and 36.55 RMB respectively [7][9][10]

Core Insights - The report from Huatai Securities quantifies the impact of AI Token deployment on China's power industry, indicating that the transition to the reasoning era in AI could lead to a 10% elasticity in electricity demand, boosting green certificates and capacity prices [1][2]. Group 1: AI Industry Transition - The AI industry has shifted from a training era to a reasoning era, with a narrowing gap in computing power between domestic and overseas players. The Agent model is expected to drive exponential growth in Token consumption [1][2][9]. - If the global daily Token call volume reaches trillions, combined with a 30%-50% market share of domestic large models and 70%-90% local computing power deployment, Token deployment could increase China's electricity and power demand by 8% and 18%, respectively [1][2]. Group 2: Electricity Cost Dynamics - The importance of electricity costs in AI computing competition is increasing, with the share of electricity in unit Token costs rising significantly. In high-performance training versions of AIDC, electricity accounts for only 5%, but this doubles to 10% under reasoning models, and can reach 20%-30% with self-developed reasoning-grade chips [1][7][9]. - The report highlights that while the current electricity cost is only 10% of Token costs, this share is expected to continue rising as chip efficiency improves [9][18]. Group 3: Price Elasticity and Market Dynamics - The demand for Tokens is expected to enhance China's green electricity demand by 4%-33% from 2026 to 2030, benefiting undervalued green certificate prices. The low utilization rate of reasoning models is likely to increase capacity prices by 50-300 yuan per kilowatt during the same period, while the impact on electricity prices will be relatively delayed [2][8]. - The report contrasts with market views by emphasizing that the AI race has entered the reasoning era, and the elasticity of Token demand on green certificates and capacity prices is significantly higher than on electricity prices [2][9]. Group 4: Investment Recommendations - The report recommends focusing on undervalued stocks in the green and thermal power sectors, particularly those benefiting from renewable energy demand, such as Longyuan H, Green Development, and China Power [10]. - Companies like Jinko Power, Jingneng Clean Energy, and others are highlighted for their potential to benefit from capacity price elasticity [10]. Group 5: Future Outlook - The report suggests that the power supply in China will not become a bottleneck for computing power expansion, given the country's ample electricity supply. The industrial electricity price gap between China and the U.S. is expected to further highlight China's advantages in power supply [1][7][21]. - The transition to the reasoning era is anticipated to attract more infrastructure investments, as the sensitivity of electricity costs in AIDC is expected to double, making it a more critical factor in the competitive landscape [20][21].

Investment Rating - The report maintains a "Buy" rating for the industry, emphasizing the potential of "算电协同" (computing and electricity collaboration) as a new infrastructure category [9][10]. Core Insights - The concept of "算电协同" has been officially included in the government work report, marking it as a significant direction for new infrastructure development. This indicates a shift from local trials to a national strategic deployment [2][14]. - The report highlights the rapid growth of intelligent computing power in China, projected to reach 725.3 EFLOPS by 2024, a 74.1% increase year-on-year, significantly outpacing general computing power growth [2][14]. - The dual carbon goals are reinforcing the value of green electricity, with a focus on constructing a new power system and promoting the application of renewable energy [5][17]. Summary by Sections Government Work Report - The government work report emphasizes the importance of "算电协同" in building a new type of infrastructure and outlines plans for zero-carbon parks and factories, as well as the development of smart grids and new energy storage [2][14]. - The report sets ambitious carbon reduction targets, aiming for a 17% reduction in carbon emissions per unit of GDP during the 14th Five-Year Plan period [9][17]. Industry Trends - The electricity sector is experiencing structural changes, with increasing demand from data centers for green energy, which is driving upgrades in the power system [4][16]. - The report notes that the pricing and capacity value of electricity are being adjusted, making low-cost and high-green energy parks more attractive for data center electricity needs [4][16]. Policy Developments - Continuous policy support for "算电协同" has been observed, with initiatives aimed at establishing a comprehensive computing infrastructure by the end of 2025 [3][15]. - The report outlines several major projects under the 14th Five-Year Plan, including the development of new energy bases and zero-carbon initiatives [18]. Investment Recommendations - The report suggests focusing on companies involved in "算电协同," recommending specific firms such as 涪陵电力 (Fuling Power) and 金开新能 (JinKai New Energy) for investment [9][10]. - It also highlights the potential of traditional thermal power companies to adapt and benefit from the evolving energy landscape, suggesting firms like 华能国际 (Huaneng International) and 国电电力 (Guodian Power) as key players [9][10].