Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. 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, which has relatively stable regional electricity prices [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation. Recommended companies include leading national renewable energy firms Longyuan Power and Three Gorges Energy, as well as regional offshore wind power companies [22]. - The report suggests that the growth in installed capacity and electricity generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China National Nuclear Power and China General Nuclear Power [22]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Longjiang Power, which combines stability and growth [22]. - The report identifies investment opportunities in the environmental sector, particularly in water and waste incineration industries, which are entering a mature phase with improved free cash flow [23]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, with the public utility index down 4.33% and the environmental index down 6.02%. The relative performance of public utilities and environmental sectors ranked 10th and 23rd among 31 first-level industry classifications [15][25]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection and restoration projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16]. Investment Strategy - The report recommends various companies across different sectors, including: - Thermal Power: Huadian International and Shanghai Electric - Renewable Energy: Longyuan Power, Three Gorges Energy, and regional offshore wind companies - Nuclear Power: China National Nuclear Power and China General Nuclear Power - Hydropower: Longjiang Power - Environmental: Guangda Environment and Zhongshan Public Utilities, focusing on mature sectors with improved cash flow [3][22][23]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform," including Huadian International, Longyuan Power, and Guangda Environment, among others [7][8].

证券代码：000958 证券简称：电投产融 公告编号：2025-078 国家电投集团产融控股股份有限公司 关于深圳证券交易所并购重组审核委员会 审核公司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 会议安排的公告 - 1 - 性。公司将根据相关事项的进展情况，严格按照相关法律法 规的规定履行有关审批程序和信息披露义务，有关信息均以 公司指定信息披露媒体发布的公告为准。敬请广大投资者关 注后续公告并谨慎投资，注意投资风险。 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 11 月 28 日 - 2 - 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"） 拟通过资产置换和发行股份方式购买国电投核能有限公司 100%股权，同时置出国家电投集团资本控股有限公司 100% 股权，并募集配套资金（以下简称"本次交易"）。 根据深圳证券交易所（以下简称"深交所"）并购重组 审核委员会公告的《深圳证券交易所并购重组审核委员会 2025 年第 12 次审议会议公告》，深交所并购重组审核委员 ...

Core Viewpoint - The company is currently advancing its major asset restructuring in a lawful and compliant manner, with no substantial obstacles reported that could hinder the process [2] Group 1 - The company is responding to investor inquiries regarding the status of its major asset restructuring [2] - The restructuring work is being conducted in accordance with legal and regulatory requirements [2] - The company emphasizes its commitment to fulfilling information disclosure obligations as per relevant regulations [2]

Core Viewpoint - The company plans to acquire 100% equity of Guodian Power Nuclear Co., Ltd. through asset swap and share issuance, while divesting 100% equity of State Power Investment Group Capital Holdings Co., Ltd. and raising matching funds [1][3]. Group 1: Transaction Details - The company will replace its existing financial business with assets primarily engaged in the construction, operation, and management of nuclear power plants, positioning itself as a platform for the integration of nuclear power operation assets [3]. - The performance commitment indicates that if the transaction is completed in 2025, the committed net profits for the years 2025, 2026, and 2027 should not be less than CNY 3.375 billion, CNY 3 billion, and CNY 3.587 billion, respectively [3]. - If the transaction is completed in 2026, the committed net profits for the years 2026, 2027, and 2028 should not be less than CNY 3 billion, CNY 3.587 billion, and CNY 4.908 billion, respectively [3]. Group 2: Financial Performance - In the first three quarters of the year, the company reported total revenue of CNY 3.65 billion, a year-on-year decrease of 7.66%, and a net profit attributable to shareholders of CNY 617 million, down 19.20% year-on-year [4]. - The company has experienced a continuous decline in net profit for four consecutive quarters [5]. - The net profit figures for the last four quarters are as follows: CNY 158 million in Q3 2025, CNY 195 million in Q2 2025, CNY 264 million in Q1 2025, and CNY 281 million in Q4 2024 [6]. Group 3: Market Reaction - As of November 27, the company's stock price increased by 2.9%, reaching CNY 7.1 per share, with a total market capitalization of CNY 38.222 billion [8]. - The stock's highest price in the last 52 weeks was CNY 7.96, while the lowest was CNY 5.49 [9].

Core Viewpoint - The company plans to acquire 100% equity of Guodian Power Nuclear Co., Ltd. through asset swap and share issuance, while divesting 100% equity of State Power Investment Corporation Capital Holdings Co., Ltd. and raising supporting funds [1] Group 1 - The transaction involves an asset swap and share issuance to facilitate the acquisition [1] - The company is awaiting review from the Shenzhen Stock Exchange's listing review center regarding this transaction [1] - The specific meeting time for the review will be announced later [1]

Core Viewpoint - The company plans to acquire 100% equity of Guodian Power Nuclear Co., Ltd. through asset swap and share issuance, while divesting 100% equity of State Power Investment Group Capital Holdings Co., Ltd. and raising matching funds [1] Group 1 - The transaction is subject to review by the Shenzhen Stock Exchange's listing review center, with the specific meeting time to be announced later [1]

中银国际证券股份有限公司 关于国家电投集团产融控股股份有限公司 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 之 独立财务顾问报告（上会稿） 独立财务顾问 二〇二五年十一月 中银国际证券股份有限公司关于国家电投集团产融控股股份有限公司 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之独立财务顾问报告 独立财务顾问声明和承诺 一、独立财务顾问声明 （六）对于本独立财务顾问报告至关重要而又无法得到独立证据支持或需要 法律、审计、评估等专业知识来识别的事实，本独立财务顾问主要依据有关政府 部门、律师事务所、会计师事务所、资产评估机构及其他有关单位出具的意见、 说明及其他文件做出判断； （七）本独立财务顾问特别提请广大投资者认真阅读就本次交易事项披露的 相关公告，查阅有关文件。 3-1-1 中银国际证券股份有限公司关于国家电投集团产融控股股份有限公司 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之独立财务顾问报告 二、独立财务顾问承诺 （一）本独立财务顾问与本次交易各方无任何关联关系。本独立财务顾问本 着客观、公正的原则对本次交易出具独立财务顾问报告； （二）本独立财务顾问报告所依据的文 ...

中信证券股份有限公司 关于国家电投集团产融控股股份有限公司 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 之 （二）本独立财务顾问报告所依据的文件和材料由本次交易各方提供，提供 方对所提供文件及资料的真实性、准确性和完整性负责，并保证该等信息不存在 虚假记载、误导性陈述或者重大遗漏。本独立财务顾问不承担由此引起的任何风 险责任； （三）本独立财务顾问报告是在假设本次交易各方当事人均全面和及时履行 本次交易相关协议和声明或承诺的基础上出具； （四）本独立财务顾问报告不构成对上市公司的任何投资建议或意见，对投 资者根据本独立财务顾问报告作出的任何投资决策可能产生的风险，本独立财务 顾问不承担任何责任； 独立财务顾问报告（上会稿） 独立财务顾问 （五）本独立财务顾问未委托或授权其他任何机构和个人提供未在独立财务 顾问报告中列载的信息，以作为本独立财务顾问报告的补充和修改，或者对本独 立财务顾问报告作任何解释或说明。未经独立财务顾问书面同意，任何人不得在 任何时间、为任何目的、以任何形式复制、分发或者摘录独立财务顾问报告或其 任何内容，对于本独立财务顾问报告可能存在的任何歧义，仅独立财务顾问自身 有权进行 ...

证券代码：000958 证券简称：电投产融 公告编号：2025-077 特此公告。 国家电投集团产融控股股份有限公司 董 事 会 国家电投集团产融控股股份有限公司 关于深圳证券交易所上市审核中心审核公 司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会议安排的公 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"） 拟通过资产置换和发行股份方式购买国电投核能有限公司 100%股权，同时置出国家电投集团资本控股有限公司 100% 股权，并募集配套资金（以下简称"本次交易"）。 根据深圳证券交易所上市审核中心有关工作安排，拟于 近期审核公司本次交易事项，具体会议时间待确定后另行公 告。 公司本次交易事项尚需通过深圳证券交易所（以下简称 "深交所"）审核，并获得中国证券监督管理委员会（以下 简称"中国证监会"）作出同意注册的决定后方可实施，最 终能否通过深交所审核，并获得中国证监会同意注册的决定 及其时间尚存在不确定性。公司将根据该事项的进展情况及 - 1 - 时履行信息披露义务，敬请广大投资者谨慎决 ...

证券代码：000958 证券简称：电投产融 上市地：深圳证券交易所 国家电投集团产融控股股份有限公司 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报告书 （草案）（上会稿） | 交易类型 | 交易对方名称 | | --- | --- | | 重大资产置换 | 国家核电技术有限公司 | | 发行股份购买资产 | 国家核电技术有限公司 | | | 中国人寿保险股份有限公司 | | 募集配套资金 | 不超过 35 名符合条件的特定对象 | 独立财务顾问 二〇二五年十一月 国家电投集团产融控股股份有限公司 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报告书（草案） 声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含 义。 一、公司声明 本公司及全体董事、监事、高级管理人员保证本报告书及其摘要内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、 准确性和完整性承担个别和连带的法律责任。 本公司控股股东及全体董事、监事、高级管理人员承诺：如为本次交易所 提供或披露的信息涉嫌虚假记载、误导性陈述或者重大遗漏，并被司法机关立 案侦查或者被中国证监会立案调查的， ...