Market Overview - In June, the CSI 300 index rose by 2.50%, while the public utility index fell by 0.54% and the environmental index increased by 0.81%, with relative returns of -3.04% and -1.42% respectively [1][14] - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 25th and 19th in terms of growth [1][14] - The environmental sector saw a rise of 1.08%, while within the electricity sector, thermal power decreased by 0.94%, hydropower fell by 1.76%, and renewable energy generation increased by 1.98% [1][26] Important Events - The Central Financial Committee's sixth meeting emphasized strengthening and expanding the marine industry, promoting orderly construction of offshore wind power [15] - National electricity load exceeded 1.465 billion kilowatts on July 4, marking a historical high, with a rise of approximately 200 million kilowatts since the end of June and an increase of nearly 150 million kilowatts year-on-year [15] Supply and Demand Analysis - The electricity industry has experienced three cycles of supply and demand changes since 2000, with future supply expected to increase significantly due to new thermal power units coming online and growth in renewable and nuclear power installations [2][22] - The demand side shows a decline in electricity consumption growth, particularly in high-energy-consuming industries, leading to a stabilization of overall electricity demand growth [2][23] Investment Strategy - Public Utilities: Recommendations include large thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][24] - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profitability, with a recommendation for China Power Investment Corporation as a restructuring target [3][24] - In the water and waste incineration sectors, companies like China Everbright Environment and Zhongshan Public Utilities are highlighted for their cash flow improvements [3][24] Key Company Profit Forecasts - Huadian International (600027.SH): Expected EPS of 0.46 in 2024, PE ratio of 12.2 [8] - Longyuan Power (001289.SZ): Expected EPS of 0.75 in 2024, PE ratio of 22.3 [8] - China Nuclear Power (601985.SH): Expected EPS of 0.46 in 2024, PE ratio of 20.5 [8] - China Everbright Environment (0257.HK): Expected EPS of 0.55 in 2024, PE ratio of 7.3 [8]

Core Viewpoint - Insurance capital is increasingly active in the capital market, with a significant acceleration in shareholding actions, indicating a strong interest in dividend stocks, particularly in the banking sector and public utilities [1][4]. Group 1: Shareholding Actions - As of July 2, 2025, insurance companies have made 18 shareholding actions, surpassing the total of 20 for the entire year of 2024 and significantly exceeding the 2023 total [1][4]. - Li'an Life announced a shareholding action in Jiangnan Water, increasing its stake from 4.91% to 5.03% after purchasing 1.1 million shares [3]. - Major shareholders like Great Wall Life are also actively buying shares, indicating a trend of increased participation in the market [4]. Group 2: Investment Focus - The focus of insurance capital has shifted towards H-shares and banking stocks, which are favored due to their significant discounts compared to A-shares and high dividend yields above 5% [4][8]. - The stable profitability and low volatility of banking stocks, especially state-owned banks, align with the risk preferences of insurance capital [4][9]. - The regulatory environment has become more favorable, encouraging insurance funds to increase their equity investments, with a reported 34.9 trillion yuan in investment balance as of Q1 2025, a 16.7% year-on-year increase [8]. Group 3: Strategic Implications - Insurance companies are not only focusing on financial returns but also on industrial synergy, as seen in the case of Huaxia Life's investment in Hangzhou Bank to enhance insurance and banking collaboration [5]. - The trend of shareholding actions is expected to continue, with a potential diversification into sectors like public utilities, environmental protection, and transportation, which offer stable cash flows and are less affected by economic cycles [9][10]. - Future investments are likely to prioritize high-dividend, high-capital appreciation potential companies, aligning with the long-term, stable needs of the insurance industry [10].

本公司及董事会全体成员保证信息披露内容的真实、 准确和完整，没有虚假记载、误导性陈述或重大遗漏。 一、股东大会审议通过利润分配方案情况 1.2025年5月16日，经国家电投集团产融控股股份有限 公司（简称公司）2024年年度股东大会审议通过，公司 2024年度利润分配方案为：以总股本5,383,418,520股为基 数，向全体股东每10股派发现金红利0.69元(含税)；本次 共派发现金红利371,455,877.88元。本次不送红股，不以 资本公积金转增股本。 在本利润分配方案公布后至实施前，公司总股本由于 股份回购、发行新股等原因而发生变化的，将按照分配总 额不变的原则相应调整。 2.自分配方案披露至实施期间公司股本总额未发生变 化。 3.本次实施的权益分派方案与股东大会审议通过的利 润分配方案及其调整原则一致。 - 1 - 证券代码：000958 证券简称：电投产融 公告编号：2025-042 国家电投集团产融控股股份有限公司 关于2024年度权益分派实施的公告 四、权益分派对象 - 2 - 本次分派对象为：截止2025年6月30日下午深圳证券交 易所收市后，在中国证券登记结算有限责任公司深圳分公 司（简 ...

证券代码：000958 证券简称：电投产融 公告编号：2025-041 国家电投集团产融控股股份有限公司 关于重大资产置换及发行股份购买资产 并募集配套资金暨关联交易申请文件获得 深圳证券交易所受理的公告 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。 国家电投集团产融控股股份有限公司（以下简称"公 司"）于 2025 年 6 月 13 日收到深圳证券交易所出具的《关 于受理国家电投集团产融控股股份有限公司发行股份购买 资产并募集配套资金申请文件的通知》（深证上审〔2025〕82 号），深圳证券交易所根据相关规定对公司报送的申请文件 进行了核对，认为申请文件齐备，决定予以受理。 公司本次重大资产置换及发行股份购买资产并募集配 套资金暨关联交易事项尚需经深圳证券交易所审核通过，并 经中国证券监督管理委员会予以注册后方可实施。该事项最 终能否通过上述审核或注册以及最终通过时间均存在不确 定性。 - 2 - 特此公告。 国家电投集团产融控股股份有限公司 董 事 会 2025 年 6 月 17 日 公司将根据上述事项的进展情况，及时履行信息披露义 务，敬请广大投资者注 ...

Group 1: Bond ETF Market - The bond ETF market has seen significant growth, with over 40 billion yuan in net inflows in May alone, reaching a new high in total scale [1] - On May 30, 10 out of the top 12 ETF products by trading volume were bond ETFs, indicating strong market participation [1] - Nine bond ETFs have been approved for use as collateral in general pledge-style repurchase agreements, which may accelerate the expansion of the bond ETF market [1] Group 2: Public Fund Issuance - In May, bond funds dominated the public fund issuance market with a 55.07% issuance ratio, while equity products faced uneven demand [1] - The issuance of ETFs has declined for four consecutive months, raising only 11.068 billion units in May [1] - The market reflects a struggle between stability and change, with bond funds providing a safety net while equity products seek growth in niche segments [1] Group 3: Private Equity and ETF Investment - Private equity firms have shown strong interest in newly listed ETFs, with 104 firms holding a total of 1.783 billion shares in 97 ETFs [2] - The preferred themes for private equity investments are technology innovation and free cash flow [2] Group 4: Insurance Companies' Stock Purchases - As of the end of May, seven insurance companies have made 15 stock purchases this year, surpassing the total for 2023 and the first nine months of 2024 [2] - The majority of these purchases have been in bank stocks, with additional investments in public utilities, energy, and transportation sectors [2] Group 5: Corporate Developments - 28 companies have successfully removed their ST (Special Treatment) status this year, primarily through financial improvements, internal control repairs, and bankruptcy restructuring [3] - The airline industry is expected to see improved profitability due to falling oil prices and recovering demand, with a projected net profit margin of 3.7% for 2025 [3] - Domestic new energy vehicle manufacturers reported significant sales growth in May, with several companies achieving monthly sales exceeding 40,000 units, driven by extended-range vehicles [4] Group 6: Tesla's Sales Decline - Tesla's sales in France plummeted by 67% in May, marking the lowest sales level in nearly three years, despite the launch of a new version of its Model Y [6]

Group 1 - The core point of the news is that the stock of State Power Investment Corporation's subsidiary, Electric Investment and Financing Co., has experienced a decline of 7.89% over three consecutive trading days [1] - The company, established in 1998 and listed in 1999, is known as "Electric Investment and Financing" with the stock code "000958" [1] - Southern Fund's Southern CSI 500 ETF is among the top ten shareholders of Electric Investment and Financing, having reduced its holdings in the first quarter of this year [1] Group 2 - The year-to-date return of the Southern CSI 500 ETF is -1.35%, ranking 1907 out of 3433 in its category [1] - The performance of the Southern CSI 500 ETF over various periods shows a decline of -1.96% in the past week and -3.59% over the past three months [2] - The fund manager, Luo Wenjie, has a strong academic background with master's degrees in mathematical finance and computer science from U.S. universities and has been with Southern Fund since 2008 [3][4]

Group 1 - The restructuring of Electric Power Investment Corporation (000958) has successfully passed the shareholders' meeting, marking the completion of the corporate governance process for the merger [1] - The proposed transaction involves the acquisition of 100% equity of Electric Power Nuclear and the divestment of 100% equity of Capital Holdings, allowing the company to become a platform for integrating nuclear power operations under the State Power Investment Corporation [1] - The restructuring is expected to enhance the company's energy business by integrating nuclear, thermal, and renewable energy assets, which will help in reducing operational risks and achieving synergies in market, technology, and management [1] Group 2 - China's nuclear power industry has entered a new phase of active and orderly development, with an accelerated approval process for nuclear power units, establishing nuclear power as a baseload energy source in the new power system [2] - Since 2022, China has approved more than 10 nuclear power units annually, indicating a shift from a conservative to a rapid development policy for nuclear power [2] - Electric Power Nuclear employs various leading nuclear technologies, including AP1000 and CAP1000, with the Shandong Haiyang Nuclear Power Plant set to become the world's largest base using passive pressurized water reactor technology [2] Group 3 - The restructuring project of Electric Power Investment Corporation is one of the earliest central enterprise restructuring projects following the "9.24" merger policy, aligning with central government calls and market demands [3] - Mergers and acquisitions are seen as beneficial for increasing the supply of quality assets and reshaping the valuation of listed companies, enhancing their competitiveness and stability [3] - The restructuring will require further regulatory procedures, including material submissions and regulatory inquiries, which the company plans to execute in an orderly manner to ensure a solid foundation for integration [3]

证券代码：000958 证券简称：电投产融 公告编号：2025-040 特别提示： 1.本次股东大会无否决提案情形，全部议案表决通过。 2.本次股东大会不涉及变更以往股东大会通过决议。 一、会议召开情况 1.现场会议召开时间：2025年5月26日14:30。 2.网络投票日期与时间：通过深圳证券交易所交易系统 投票的时间为2025年5月26日9:15～9:25，9:30～11:30，13:0 0～15:00；通过深圳证券交易所互联网投票系统（http://wltp. cninfo.com.cn）投票的时间为2025年5月26日9:15～15:00期 间的任意时间。 国家电投集团产融控股股份有限公司 2025年第三次临时股东大会决议公告 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。 3.现场会议召开地点：北京市西城区金融大街28号院3 号楼1701会议室。 4.召开方式：本次股东大会采取现场投票与网络投票相 - 1 - 结合的方式。 5.召集人：国家电投集团产融控股股份有限公司董事会 6.主持人：董事长冯俊杰女士 7.会议的召开符合《公司法》等法律法规及《公司 ...

北京市中咨律师事务所 关于 国家电投集团产融控股股份有限公司 2025 年第三次临时股东大会的 法律意见书 2025 年 5 月 北京市西城区平安里西大街 26 号 新时代大厦 6-8 层 邮编：100034 电话：+86-10-66091188 传真：+86-10-66091616 致：国家电投集团产融控股股份有限公司 北京市中咨律师事务所（以下简称"本所"）接受国家电投集团产融控股股 份有限公司（以下简称"电投产融"或"公司"）委托，指派吴楠律师、李亚峰 律师（以下简称"承办律师"）担任电投产融 2025 年第三次临时股东大会（以下 简称"本次股东大会"）特别法律顾问，出席本次股东大会并出具法律意见书。 本法律意见书系根据《中华人民共和国公司法》（以下简称《公司法》）等 法律、规范性文件及《国家电投集团产融控股股份有限公司章程》（以下简称《公 司章程》）、《国家电投集团产融控股股份有限公司股东大会议事规则》（以下 简称《股东大会议事规则》），并结合公司《国家电投集团产融控股股份有限公 司关于召开2025年第三次临时股东大会的通知》（以下简称《股东大会通知》） 及《关于2025年第三次临时股东大会增加临时提 ...

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental sectors [4][18]. Core Views - The report highlights the introduction of detailed rules in Guangdong and Shandong provinces regarding the sustainable development pricing settlement mechanism for new energy projects, marking a significant step towards market-driven reforms in the new energy sector [2][15]. - It emphasizes that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies [18]. - The report suggests that the continuous support from national policies for new energy development will lead to gradually stable profitability for new energy generation [18]. - It notes that the growth in installed capacity and generation will help offset the downward pressure on electricity prices, predicting stable profitability for nuclear power companies [18]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.12%, while the public utilities index increased by 0.08%. The environmental index remained unchanged, with relative weekly returns of -1.04% and -1.12% respectively [1][21]. - Among the sub-sectors, thermal power decreased by 0.89%, hydropower increased by 0.87%, and new energy generation rose by 0.08% [1][21]. Important Policies and Events - Guangdong's electricity trading center issued draft rules for the sustainable development pricing settlement mechanism for new energy projects, with the first competitive trading scheduled for mid-2025 [2][14]. - The rules stipulate that projects must be approved and operational by December 31, 2025, to participate in the first auction [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [18]. - The report also suggests investing in nuclear power operators like China Nuclear Power and China General Nuclear Power, and highlights the defensive attributes of hydropower stocks amid a global interest rate decline [18][19]. Key Company Earnings Forecasts and Investment Ratings - The report provides a detailed table of investment ratings for various companies, all rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power, with projected earnings per share (EPS) growth for 2024 and 2025 [7][18].