资产负债表 编制单位 | 湖山市市 | 日项信托有限页仕公可 | | | 2025/6/30 | | | 单位:元 | | --- | --- | --- | --- | --- | --- | --- | --- | | से | 行次 | | 期末余额 | 负债和所有者权益 | 行次 | 年初余额 | 期末余额 | | | | | | (或胶乐权益) | | | | | 资产: | Crosts | | | 负债: | 31 | | | | 库存现金 | 2 | | | 短期借款 | 32 | | | | 银行存款 | 3 | 133, 757, 240. 71 | 80, 427, 295. 31 | 拆入资金 | 33 | | | | 其他货币资金 | 4 | 14, 796. 22 | 22, 148. 58 | 交易性金融负债 | 34 | | | | 拆出资金 | 5 | | | 衍生金融负债 | 35 | | | | 交易性金融资产 | 6 | 10, 429, 197, 461. 31 | 9, 500, 725, 808. 16 | 应付款项 | 36 | | | | 衍生金融资产 | 7 ...

本公司及董事会全体成员保证公告内容与信息披露义 务人提供的信息一致。 一、自愿性信息披露情况 根据中国外汇交易中心暨全国银行间同业拆借中心 《关于同业拆借市场成员披露2025年半年度财务报表的通 知》（中汇交发〔2025〕230号）的要求，国家电投集团产 融控股股份有限公司所属企业百瑞信托有限责任公司（简 称百瑞信托）将于近日在中国货币网披露2025年半年度财 务报表。 截至2025年6月30日，百瑞信托资产总额121.38亿元， 负债总额1.58亿元，2025年上半年实现净利润-0.25亿元。 具体内容详见公司同日披露于巨潮资讯网的"百瑞信托 2025年半年度财务报表"。 证券代码：000958 证券简称：电投产融 公告编号：2025-044 国家电投集团产融控股股份有限公司 关于百瑞信托2025年半年度财务报表的 自愿性信息披露公告 二、备查文件 "百瑞信托2025年半年度财务报表"未经审计，敬请 广大投资者注意投资风险。 - 1 - 百瑞信托2025年半年度财务报表 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7月15日 - 2 - ...

Core Viewpoint - Yunnan Energy Investment Co., Ltd. (Yunnan Capital), the third-largest shareholder of State Power Investment Corporation Financial Holdings Co., Ltd. (the Company), has pledged part of its shares, totaling 174,200,000 shares, which represents 36.43% of its holdings and 3.24% of the Company's total share capital [1][1][1] Share Pledge Situation - As of the announcement date, Yunnan Capital holds 478,206,986 shares, accounting for 8.88% of the Company [1][1] - The pledged shares are to be held by China Merchants Securities Co., Ltd., with the pledge period from July 2, 2025, to July 1, 2028 [1][1] - The total number of pledged shares is 174,200,000, which is 36.43% of Yunnan Capital's total shares in the Company [1][1] Pledged and Unpledged Shares - Before the pledge, Yunnan Capital had no pledged shares, and after the pledge, it has 174,200,000 pledged shares, which is 3.24% of the Company's total share capital [1][1] - The unpledged shares remain at 478,206,986, which is 8.88% of the Company [1][1]

证券代码：000958 证券简称：电投产融 公告编号：2025-043 国家电投集团产融控股股份有限公司 关于股东云能资本质押股份的公告 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。 国家电投集团产融控股股份有限公司（简称公司）近 日接到股东云南能投资本投资有限公司（简称云能资本） 通知，云能资本将其所持有本公司部分股份进行质押，有 关事项公告如下： | 股东名称 | 是否为控股股东 或第一大股东及 其一致行动人 | | 本次质押数量 | 占其所持 股份比例 | 占公司总 股本比例 | 是否为限售股 （如是，注明 限售类型） | 是否为补 充质押 | 质押起始日 | 质押到期日 | 质权人 | 质押用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 云能资本 | | 否 | 174,200,000 | 36.43% | 3.24% | 否 | 否 | 2025年7月2日 | 2028年7月1日 | 招商证券股份 有限公司 | 归还借款 | | 合计 ...

Group 1 - The shareholder Yuneng Capital has pledged 174 million shares of the company, accounting for 36.43% of Yuneng Capital's holdings and 3.24% of the company's total share capital [1] - The shares are pledged to China Merchants Securities Co., Ltd., with the pledge period from July 2, 2025, to July 1, 2028 [1] - The purpose of the pledge is to repay a loan [1]

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]