Investment Rating - The report indicates a positive outlook for the electricity industry, suggesting it is entering a phase of high prosperity due to policy catalysts and fundamental improvements [2][11]. Core Insights - The implementation of the capacity price mechanism starting in 2024 is expected to restructure the revenue model for coal power companies, reducing reliance on energy sales and stabilizing income expectations [11][21]. - The auxiliary service market mechanism has been officially released, accelerating the construction of the spot market, which will support high-quality development in the electricity sector [12]. - Overall electricity demand is recovering, with a reported increase in national electricity consumption of 4.28% year-on-year as of March 2025, indicating a positive trend for the industry [13]. - Hydropower generation is expected to improve due to favorable water conditions, while coal-fired power plants are experiencing reduced fuel cost pressures, enhancing profitability [15][17]. Summary by Sections 1. Policy Catalysts and Fundamental Resonance - The capacity price mechanism will optimize the profit model for coal power, ensuring sustainable operation [11]. - The auxiliary service market will provide new revenue channels for electricity companies, enhancing income diversity [12]. - Electricity demand is on the rise, supporting industry prosperity [13]. 2. Investment Value Analysis of the CSI All-Share Power Index - The CSI All-Share Power Index consists mainly of stocks from the power utility sector, with 98.92% of its components in power generation and grid industries [3][29]. - As of April 30, 2025, the index's P/E ratio is 16.65 and P/B ratio is 1.69, indicating relatively suitable valuation levels [31]. - The index has shown strong profitability and a high willingness to distribute dividends, with a 12-month dividend yield of 2.80% [35]. 3. Analysis of the GF CSI All-Share Power Utility ETF - The GF CSI All-Share Power Utility ETF was established on December 29, 2021, and aims to closely track the CSI All-Share Power Utility Index [45]. - As of May 14, 2025, the ETF has a scale of 3.489 billion yuan and a daily average trading volume of 193 million yuan, indicating good market liquidity [45]. - The fund is managed by an experienced manager with over 25 years in the securities industry [46].

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].

广东出台机制电价，东北辅助服务运行愈发完善 2025 年 05 月 18 日 电力及公用事业行业周报(25WK20) ➢ 本周专题：广东省机制电价出炉，保障比例不超过 90%。文件表示，2025 年中期，广东将组织首次竞价交易，范围为 2025 年 6 月 1 日后投产、核准、备 案的新能源项目，参与首次竞价的项目需在 2025 年 12 月 31 日前投产。竞价电 量规模由广东省发改委、能源局确定，并在竞价前公布，申报信息包括机制电量 比例、机制电价等。机制电量比例申报上限与存量项目机制电量比例衔接，不高 于 90%。 东北电力辅助服务规则的升级主要的两方面：1）增设旋转备用交易品种，实现辅 助服务市场"压低谷、顶尖峰"全覆盖。2） 对原有深度调峰补偿机制进行了完 善。《东北电力辅助服务市场运营规则（暂行）》在东北电网经过半年模拟运行， 于 7 月 1 日正式启动试运行并实际结算。4 月 29 日，国家发改委、国家能源局 正式印发《电力辅助服务市场基本规则》，其中明确，经营主体包括发电企业、 售电企业、电力用户和新型经营主体。截至 2024 年，全国已有 16 个省建立调 峰市场、15 个省建立调频市场、6 ...

Meeting Overview - The company will hold the 2024 Annual General Meeting, the first A-share class shareholder meeting of 2025, and the first H-share class shareholder meeting of 2025 on May 21, 2025, in Shenzhen, Guangdong Province [1][2] - The meetings will adopt a combination of on-site voting and online voting [2] Meeting Schedule - The 2024 Annual General Meeting will take place from 14:30 to 15:30 on May 21, 2025 [2] - The H-share class shareholder meeting will be held from 15:30 to 16:00 on the same day [2] - The A-share class shareholder meeting will occur from 16:00 to 16:30 [2] - Online voting for the annual general meeting and A-share class meeting will be available on May 21, 2025, from 9:15 to 15:00 [2] Shareholder Eligibility - A-share shareholders must hold shares by the registration date of May 14, 2025, to attend the meeting [3] - H-share shareholders must be registered by the end of trading on April 18, 2025, to participate [3] Agenda Items - The agenda for the 2024 Annual General Meeting includes several proposals, such as: - Proposal for the registration and issuance of multi-variety debt financing instruments [4] - Proposal to extend the validity period of the resolution for issuing A-share convertible bonds [4] - Proposal for the 2025 investment plan and capital expenditure budget totaling RMB 87.08 billion, with RMB 61.86 billion for fixed asset investment and RMB 19.22 billion for equity investment [5][6] Voting Procedures - A-share shareholders can vote either in person or via proxy, with the requirement that the same voting right can only be exercised once [2][3] - The voting results will be disclosed publicly, with separate counting for small investors [6] Additional Information - The company will provide detailed voting procedures and necessary documentation for participation in the meetings [10][11]

证券代码：003816 证券简称：中国广核 公告编号：2025-037 中国广核电力股份有限公司 关于召开 2024 年度股东大会、2025 年第一次 A 股类别股东 大会、2025 年第一次 H 股类别股东大会的提示性公告 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、 误导性陈述或者重大遗漏。 中国广核电力股份有限公司（以下简称"本公司"或"公司"）于 2025 年 4 月 11 日发布了《关于召开 2024 年度股东大会、2025 年第一次 A 股类别股东大会、 2025 年第一次 H 股类别股东大会的通知》（公告编号：2025-030）。公司将于 2025 年 5 月 21 日在广东省深圳市深南大道 2002 号中广核大厦南楼举行公司 2024 年度 股东大会、2025 年第一次 A 股类别股东大会、2025 年第一次 H 股类别股东大会（以 下简称"本次股东大会"）。 公司现就本次股东大会相关事项发布提示性公告，提醒公司股东参加本次股东 大会并行使表决权，相关事项如下： 一、召开会议的基本情况 1. 股东大会届次：2024 年度股东大会、2025 年第一次 A 股类别股东大会 ...

Investment Rating - The report maintains a "Buy" rating for the electricity and public utilities sector, focusing on the recovery of thermal power profitability and the catalytic effects of green energy policies [1]. Core Insights - The report highlights the potential for significant profit recovery in the thermal power sector due to declining coal prices, which are expected to enhance profitability for thermal power companies [4][12]. - Water power companies are experiencing growth driven by improved water inflow, with some companies showing substantial profit increases [24][25]. - Nuclear power is facing short-term performance volatility but has long-term growth potential due to new unit installations [40][41]. - Green energy, particularly offshore wind, is anticipated to enter a new growth cycle, while traditional green energy companies are under pressure but may see a restructuring of market order [4][24]. Summary by Sections Thermal Power - **Performance**: In 2024, companies like Huadian Energy and Datang Power saw significant profit increases of 281.93% and 229.70%, respectively, driven by lower coal costs and increased electricity demand [7][8]. - **Outlook**: Continued decline in coal prices is expected to lead to excess profits for thermal power companies, with coal prices dropping significantly from 855 RMB/ton in 2024 to 721 RMB/ton in Q1 2025 [12][15]. Hydropower - **Performance**: In 2024, companies such as Shaoneng Co. and Guizhou Power reported profit increases of 128.83% and 86.26%, respectively, due to improved water inflow [24][26]. - **Outlook**: The potential for further profit improvement exists if water inflow during the flood season exceeds expectations [35]. Nuclear Power - **Performance**: In 2024, China Nuclear Power reported a revenue increase of 3.09% but a profit decline of 17.38% due to rising tax expenses [40]. - **Outlook**: The long-term growth potential remains strong with new nuclear units expected to come online, enhancing future profitability [41]. Green Energy - **Performance**: Offshore wind companies like Fujian Haifeng showed impressive growth, with some companies reporting a 43% increase in Q1 2025 [4][24]. - **Outlook**: The report suggests focusing on policy catalysts for offshore wind and the potential restructuring of traditional green energy companies due to market pressures [4][24].

Group 1 - The core viewpoint highlights the significant growth and low valuation of the green power ETF, indicating a potential investment opportunity in the renewable energy sector [3] - The green power ETF has seen a trading turnover of 3.91% and a transaction volume of 14.43 million yuan, with an average daily transaction of 24.55 million yuan over the past week [3] - The ETF's scale has increased by 131 million yuan over the past six months, ranking first among comparable funds, while its share count has grown by 10.6 million shares in the last three months, also leading in its category [3] Group 2 - The current price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is 18.81, which is in the 15.99% percentile over the past three years, indicating a valuation lower than 84.01% of the historical period [3] - The top ten weighted stocks in the index account for 58.04% of the total, including major companies such as Yangtze Power, China Nuclear Power, and Three Gorges Energy [3] - The recent recognition of China's green certificate by the global renewable energy consumption initiative (RE100) marks a significant advancement in the country's renewable energy transition [3] Group 3 - The value of green electricity and energy storage is expected to be reassessed, with the intrinsic value of renewable energy adjusted for its volatility and enhanced by its green attributes [4] - Investors can access investment opportunities through the corresponding green power ETF linked fund (017057) [4]

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Viewpoints - The new regulations for public funds are expected to lead to an increased allocation towards the utility sector, which is anticipated to benefit from a shift in investment strategies focusing on the "risk-return ratio" [6][4] - The utility sector, particularly hydropower, is projected to be one of the biggest beneficiaries of the new policies, as they are characterized by low covariance with the market, leading to potential valuation increases [6][4] - Historical data shows that major hydropower companies have consistently ranked in the top percentiles for risk-return ratios, indicating strong performance relative to market volatility [6][7] Summary by Sections Sector Performance - The report highlights the underallocation of public funds in the utility and environmental sectors compared to their index weights, suggesting a significant opportunity for investment [6][7] Investment Recommendations - The report recommends prioritizing investments in resilient hydropower companies and undervalued thermal power companies that benefit from declining coal prices [6] - Specific stock recommendations include: 1. Hydropower: Guotou Power, Changjiang Power, Chuanwei Energy 2. Wind Power: Longyuan Power (H), Xintian Green Energy, Datang Renewable, CGN New Energy 3. Thermal Power: Waneng Power, Shanghai Electric, China Resources Power, Huadian International, Sheneng Co [6]

Investment Rating - The report maintains a "Buy" rating for the power sector, specifically recommending stocks in thermal power, hydropower, nuclear power, and renewable energy [2][8]. Core Insights - The power industry is experiencing growth in thermal and hydropower sectors, while nuclear and renewable energy sectors face performance pressures. The overall net profit for the power industry in 2024 is projected to be 1,797 billion yuan, a year-on-year increase of 8.7% [11][12]. - The introduction of Document No. 136 is expected to facilitate a transition to high-quality development in the renewable energy sector, with a focus on efficiency and profitability rather than rapid expansion [2][8]. Summary by Sections Thermal Power - The thermal power sector achieved a net profit of 625.7 billion yuan in 2024, a year-on-year increase of 37.3%. The first quarter of 2025 saw a net profit of 206.3 billion yuan, up 9.0% year-on-year. This growth is attributed to a significant decline in coal prices, which offset the negative impacts of reduced electricity volume and prices [5][17][29]. - The average market price of coal has dropped to 640 yuan per ton as of May 8, 2025, a decrease of 286 yuan per ton or 31% compared to early 2024, indicating potential for improved profitability in the thermal power sector [5][29]. Hydropower - The hydropower sector reported a net profit of 563.21 billion yuan in 2024, reflecting a year-on-year growth of 17.6%. The first quarter of 2025 continued this trend with a net profit of 113.38 billion yuan, up 28.1% year-on-year. This performance is driven by favorable water conditions and reduced financial costs [32][33]. - The average on-grid electricity price for hydropower has shown resilience, with a slight decline of only 0.62% year-on-year, indicating strong market positioning [5][45]. Nuclear Power - The nuclear power sector's net profit was 195.91 billion yuan in 2024, down 8.2% year-on-year, primarily due to tax liabilities from previous years. However, excluding one-time factors, the performance remains stable. The first quarter of 2025 saw a net profit of 61.63 billion yuan, a decrease of 7.5% year-on-year [5][12]. - Long-term growth potential is highlighted by the expected commissioning of new units in 2025, which may mitigate the impact of declining electricity prices [5][12]. Renewable Energy - The renewable energy sector faced challenges with a net profit of -3.6 billion yuan in 2024, reflecting a significant decline. The first quarter of 2025 also showed a negative trend with a net profit of 4.8 billion yuan, indicating ongoing pressures from unfavorable resource conditions and declining electricity prices [12][8]. - The implementation of Document No. 136 is anticipated to shift the focus towards high-quality development, emphasizing the importance of existing projects and cost management capabilities among leading firms in the sector [2][8].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [6][9]. Core Views - The environmental sector's revenue in 2024 is projected to decline by 0.6% to CNY 364.236 billion, with net profit decreasing by 14.7% to CNY 23.058 billion. However, in Q1 2025, the sector is expected to see a revenue increase of 3.5% to CNY 81.243 billion and a net profit growth of 3.8% to CNY 8.232 billion [3][21]. - The report highlights the impact of the new market-oriented pricing reforms for renewable energy in Shandong, aiming for full market integration by the end of 2025 [2][16]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the new energy industry chain and comprehensive energy management [41][42]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.00%, while the public utility index increased by 2.22%, and the environmental index rose by 2.93% [1][43]. Important Policies and Events - Shandong's new pricing reform aims for full market integration of wind and solar energy by 2025, with differentiated policies for existing and new projects [2][16]. Financial Overview of the Environmental Sector - In 2024, only the solid waste management and water treatment sectors showed positive growth, while the environmental equipment sector saw a decline of over 30% [3][21]. - The atmospheric governance sector reported a loss increase, while the comprehensive environmental governance sector shifted from profit to loss [21][24]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional electricity firms like Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][41]. - The report suggests focusing on "utility-like investment opportunities" within the environmental sector, recommending companies like China Everbright Environment and Zhongshan Public Utilities [42][41]. Key Company Profit Forecasts and Investment Ratings - Several companies, including Huadian International and Longyuan Power, are rated as "Outperform" with projected earnings per share (EPS) growth for 2025 [9][41].