Market Overview - As of 10:29 AM, the Shanghai Composite Index is at 3731.21 points, with a change of 0.09% [1] - The total trading volume of A-shares today is 12,534.99 billion yuan [1] Technical Analysis - 18 A-shares have seen their 5-day moving average cross below the 10-day moving average, indicating potential bearish signals [1] - The stocks with the largest distance between the 5-day and 10-day moving averages include: - Yangzi New Materials: 5-day MA at 3.91 yuan, 10-day MA at 3.95 yuan, difference of -1.11% [1] - Ningbo Fanzheng: 5-day MA at 25.07 yuan, 10-day MA at 25.29 yuan, difference of -0.88% [1] - China Petroleum: 5-day MA at 8.62 yuan, 10-day MA at 8.66 yuan, difference of -0.38% [1] Individual Stock Performance - Yangzi New Materials (002652): Today's change is +0.52%, with a turnover rate of 2.45% [1] - Ningbo Fanzheng (300998): Today's change is -0.99%, with a turnover rate of 1.46% [1] - China Petroleum (601857): Today's change is -0.35%, with a turnover rate of 0.03% [1] - Other notable stocks include: - Guoju Energy (000096): -0.58% change, 0.68% turnover [1] - ST Modern (002656): No change, 0.43% turnover [1] - Cross-Border Communication (002640): +0.38% change, 3.59% turnover [1]

Group 1 - The core point of the article is the resignation of Mr. Sheng Youpeng, the chairman of the supervisory board of Qianyuan Power, due to work reasons [1] - Following his resignation, Mr. Sheng will not hold any positions in the company or its subsidiaries [1]

关于公司监事会主席辞职的公告 本公司及监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。 贵州黔源电力股份有限公司（以下简称"公司"）监事会于近日收到公司监 事会主席盛友鹏先生的书面辞职报告。盛友鹏先生因工作原因申请辞去公司第十 届监事会主席、监事职务。辞职后，盛友鹏先生将不在公司及控股子公司担任任 何职务。 证券代码：002039 证券简称：黔源电力 公告编号：2025-035 贵州黔源电力股份有限公司 盛友鹏先生在任职期间恪尽职守，勤勉尽责，公司监事会对其在任职期间为 公司作出的贡献表示衷心感谢。 特此公告。 贵州黔源电力股份有限公司监事会 2025 年 8 月 19 日 根据《公司法》《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》和《公司章程》等有关规定，盛友鹏先生的辞职不会导致公 司监事会成员低于法定人数，盛友鹏先生的辞职报告自送达公司监事会之日起生 效，其辞职不会影响公司的正常生产经营。截至本公告披露日，盛友鹏先生未持 有公司股份，也不存在应当履行而未履行的承诺事项。 ...

Group 1 - Qianyuan Power announced that Mr. Sheng Youpeng has resigned from the 10th Supervisory Board and his position as supervisor due to work reasons [2] - Following his resignation, Mr. Sheng Youpeng will not hold any positions in the company or its subsidiaries [2]

Core Insights - The hydropower sector is experiencing a surge in project construction, with several large-scale hydropower projects expected to reach peak production in the second half of the year [1] - Companies are focusing on increasing installed capacity and integrating with renewable energy to create a low-carbon comprehensive energy service system [1] Group 1: Power Generation and Revenue Growth - Huaneng Hydropower reported a power generation of 52.752 billion kWh in the first half of the year, a year-on-year increase of 12.97% due to the full capacity operation of the TB hydropower station [2] - China Yangtze Power's six hydropower stations generated approximately 126.656 billion kWh, a year-on-year increase of 5.01% [2] - The average on-grid electricity price for hydropower companies increased by 11.62% to 0.269 yuan per kWh [2] Group 2: Profitability and Cost Structure - The hydropower industry has maintained a gross profit margin of over 30% in recent years, with low generation costs contributing to its competitive edge [3] - As renewable energy generation increases and market reforms continue, hydropower prices are expected to rise, reflecting its environmental value and market supply-demand dynamics [3] Group 3: Project Developments and Investments - Major hydropower projects are nearing completion, including the 1.116 million kW Huaneng Hydropower hard beam package project and the 860,000 kW Dadu River Jinchuan hydropower station, both expected to be operational this year [3][4] - National Energy Investment Group's collaboration with Indonesia's state power company on the 510,000 kW Batang hydropower station is set for completion by the end of the year [4] Group 4: Capital Raising and Restructuring - Several companies are actively raising funds through private placements to enhance stability in energy supply, with Guotou Power raising 7 billion yuan for hydropower projects [5] - Huaneng Hydropower plans to raise 6 billion yuan for the construction of new hydropower stations, including the RM hydropower station [5] Group 5: Integration with Renewable Energy - Hydropower stations are increasingly collaborating with wind and solar projects to provide stable output, compensating for the intermittency of renewable energy sources [6] - National Energy Investment Group is restructuring its hydropower and nuclear assets to create integrated platforms for operational efficiency [6]

Core Viewpoint - The commencement of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly reshape China's energy landscape, positively impacting the hydropower sector in the A-share market [1] ESG Reporting and Ratings - Among the 10 listed companies in the A-share hydropower industry, 7 have disclosed their 2024 ESG reports, resulting in a disclosure rate of 70% [1][2] - 9 out of 10 companies in the hydropower sector have received an A rating (including A and A+), while only 1 company is rated C [2] - Only 3 companies have disclosed Scope 1 and Scope 2 carbon emissions data, with no companies reporting Scope 3 emissions [2][4] Environmental and Social Dimensions - The protection of biodiversity is crucial for sustainable operations in hydropower projects, as highlighted by Guotou Power, which emphasizes ecological restoration and monitoring [5] - Jiangsu Power focuses on community relations and resettlement management to minimize the impact on local residents, ensuring long-term harmony [5] - The assessment of both environmental and social impacts is essential for determining the "green" status of hydropower projects, as improper management can lead to new environmental and social liabilities [6] International Expansion and Compliance - Leading hydropower companies are exploring overseas projects, such as Yangtze Power's clean energy initiatives in Peru and Huaneng Hydropower's first overseas large-scale hydropower BOT project in Myanmar [7][8] - The global shift away from coal has created a strong demand for clean energy, making countries with abundant water resources attractive for investment [8] - Compliance with local laws and regulations is critical for the success of offshore projects, as they face more complex risks compared to domestic projects [8]

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Insights - The report emphasizes the importance of core assets in Hong Kong's electric power equipment sector, highlighting the strong approval of coal power installations and the ongoing demand for pumped storage [5][6] - The report indicates that the approval of coal power installations is expected to remain high, with approximately 31 GW approved in the first half of 2025, maintaining levels similar to 2024 [17] - The report notes that the growth in electricity load is expected to outpace overall electricity consumption growth, indicating a long-term trend that will rely heavily on conventional power sources [18] - The wind power sector is experiencing a slowdown in the rapid scaling of turbine sizes, which may lead to improved profitability for wind turbine manufacturers [22][34] Summary by Sections Electric Power Equipment - The report highlights the strong approval of coal power installations, with 90 GW, 83 GW, and 78 GW approved in 2022, 2023, and 2024 respectively, and an expectation to exceed 80 GW in 2025 [17] - The demand for pumped storage is projected to remain high, with significant approvals in recent years, indicating a robust market for this segment [21] - Key companies to focus on include Harbin Electric, Dongfang Electric (H), and Goldwind Technology (H), along with A-share counterparts [6][34] Electricity Production - In June 2025, the industrial electricity production reached 796.3 billion kWh, a year-on-year increase of 1.7%, with a daily average of 26.54 billion kWh [35] - The report notes a narrowing decline in hydropower output and an acceleration in solar power generation, while wind and thermal power growth has slowed [35][38] Coal Industry - In June 2025, coal imports decreased significantly, with a year-on-year decline of 25.9%, attributed to low domestic coal prices [43] - The report indicates that domestic coal production is at a turning point, with a year-on-year increase of 3.0% in June, but with pressures from low prices affecting production levels in key regions [57] - Recommendations include focusing on leading coal companies with high long-term contracts, such as China Coal Energy and China Shenhua Energy [43]

Group 1 - Senyuan Electric signed a strategic cooperation agreement with Xuchang Digital Supply Chain Management Co., aiming for annual business cooperation not exceeding 500 million yuan over 36 months [1] - CICC's subsidiary, CICC Wealth, reported a net profit of 987 million yuan for the first half of the year, with total assets of 193.37 billion yuan [2] - Shuangjie Electric expects a net profit of 100 million to 120 million yuan for the first half of the year, representing a year-on-year increase of 16.03% to 39.23% [3][4] - Shentong Technology reported a net profit of 64.28 million yuan for the first half of the year, a year-on-year increase of 111.09% [5] - Suqian Nongfa's net profit for the first half of the year decreased by 27.72% to 213 million yuan [6] Group 2 - Fuan Pharmaceutical expects a net profit decline of 39.95% to 53.81% for the first half of the year, estimating between 100 million to 130 million yuan [8] - Xingwang Yuda anticipates a net loss of 11 million to 21 million yuan for the first half of the year [9] - Pulaike received a new veterinary drug registration certificate for a vaccine aimed at preventing chicken diseases [10] - Yuandong Biological's ephedrine injection received a drug registration certificate for treating low blood pressure during anesthesia [11] - Suqian Liansheng's subsidiary obtained two invention patent certificates [12] Group 3 - Oke Technology signed a 176 million yuan equipment order with Jiangxi Tianhong New Materials [13] - Publishing Media announced the resignation of its chief accountant due to work changes [15] - Zhongxin Co. plans to use 40 million yuan of idle funds for cash management [16] - Huiyun Titanium plans to use up to 58 million yuan of idle convertible bond funds for cash management [18] - Haineng Technology intends to apply for a credit facility of up to 200 million yuan from a bank [20] Group 4 - Jiabiou expects a net profit increase of 57.61% for the first half of the year, estimating around 107 million yuan [21] - Nanjing Gaoke reported a 1185% year-on-year increase in contract sales area for the second quarter [22] - Shuguang Co. received approval for a specific stock issuance application [23] - Huadong Pharmaceutical's subsidiary received approval for a clinical trial of a new drug targeting advanced solid tumors [23] - Quicheng Co. plans to invest 900 million yuan in two new projects [25] Group 5 - Shenlian Biological's vaccine for avian adenovirus received a new veterinary drug registration certificate [26] - Rike Chemical signed a strategic cooperation framework agreement with Dongming Petrochemical [28] - Jincheng Pharmaceutical's subsidiary received a renewed tobacco production license [29] - Magmi Te's stock issuance application was accepted by the Shenzhen Stock Exchange [29] - Zhongyin Securities received approval to issue bonds totaling up to 14 billion yuan [29] Group 6 - Hewei Electric's executives plan to reduce their holdings by a total of 2.24% of the company's shares [44] - Guo Wang Xintong reported a net profit of 266 million yuan for the first half of the year, a decrease of 10.82% [45] - Guo Wang Xintong's subsidiary won a 966 million yuan tender from the State Grid [46] - Jicheng Electronics won contracts worth approximately 83.79 million yuan from the State Grid [48] - Helen Piano is planning a change of control, leading to a temporary stock suspension [48]

Group 1 - The board of directors of Guizhou Qianyuan Power Co., Ltd. held its 25th meeting on July 18, 2025, with all 10 directors present, including those who participated via video [1][2] - The meeting was chaired by Chairman Yang Yan and complied with the relevant provisions of the Company Law and the Articles of Association [1] - The board unanimously approved the appointment of Mr. Dai Jianwei as the general manager, effective from the date of the board's approval until the end of the current board's term [1]

经第十届董事会第二十五次会议审议，董事会同意聘任戴建炜先生为公司总 经理，任期自本议案获得公司董事会审议通过之日起至第十届董事会届满之日止。 戴建炜先生简历详见附件。 特此公告。 证券代码：002039 证券简称：黔源电力 公告编号：2025-034 贵州黔源电力股份有限公司 关于聘任总经理的公告 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。 贵州黔源电力股份有限公司（以下简称公司）于 2025 年 7 月 18 日召开第十 届董事会第二十五次会议，审议通过《关于聘任总经理的议案》，现将具体情况 公告如下。 戴建炜先生，1973 年出生，工学学士，历任贵州电力调度通信局调度员， 贵州电力调度通信局方式科专职工程师，贵州乌江水电开发有限责任公司安全生 产处专工，贵州乌江水电开发有限责任公司水电站远程集控中心专工，贵州乌江 水电开发有限责任公司水电站远程集控中心主任工程师、副主任、主任，乌江渡 发电厂厂长、党委委员，乌江渡发电厂党委书记、执行董事，贵州黔源电力股份 有限公司党委委员、副总经理，中国华电集团有限公司生产技术部副主任，现任 贵州黔源电力股份有限公司总 ...