式体制造微计公 KING&WODL 北京市朝阳区东三环中路1号 环球金融中心办公楼东楼18层 邮编: 100020 18th Floor, East Tower, World Financial Center 1 Dongsanhuan Zhonglu Chaovang District Beijing, 100020 P R. China 北京市金杜律师事务所 致:中国三峡新能源(集团)股份有限公司 北京市金杜律师事务所（以下简称本所）接受中国三峡新能源(集团）股份有限 公司(以下简称公司)委托,根据《中华人民共和国证券法》(以下简称《证券 法》）、《中华人民共和国公司法》(以下简称《公司法》)、中国证券监督管理委 员会《上市公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内 (以下简称中国境内,为本法律意见书之目的,不包括中国香港特别行政区、中国澳 门特别行政区和中国台湾地区）现行有效的法律、行政法规、规章和规范性文件和现 行有效的公司章程有关规定，指派律师出席了公司于 2025年 4 月 24日召开的 2025 年 第一次临时股东大会（以下简称本次股东大会）,并就本次股东大会相关事项出具本 ...

国家电投独占鳌头 国家电投作为国内新能源领域的佼佼者，其新能源装机规模一直位居行业前列。然而，随着新能源市场 的竞争加剧和自身战略调整的需要，国家电投开始逐步优化其新能源布局。 近期，国家电投宣布转让其旗下部分新能源公司的股权，旨在通过引入社会资本和战略投资者，实现资 源的优化配置和风险的有效分散。4月11日，北京产权交易所网站上的一则披露信息显示，国家电投旗 华夏时报（www.chinatimes.net.cn）记者 刘昱汝 徐芸茜 北京报道 在近年来全球能源转型的大潮中，央企着手调整战略布局，以适应新能源时代的挑战。 近日，国家电投、国家电网、三峡集团等央企近期再度"出手"，抛售超14家新能源公司。自2025年起 始，国家电投在这场股权转让的"浪潮"中表现得格外引人注目。 据《华夏时报》记者不完全统计，2025年至今，国家电投、国家电网、三峡集团、南方电网、中石油五 家能源央企就已经有超14条转让动态，其中国家电投独占鳌头，占据了50%，共有7家能源公司股权转 让。这一系列动作不仅彰显了央企在新能源领域布局的深度调整，也预示着中国能源行业即将迎来一场 新的变革。 "近期央企在新能源领域的股权转让，并非标志 ...

Group 1 - The A-share market's three major indices closed mixed, with the CSI 300 Utilities (secondary industry) index at 2610.44 points [1] - The CSI 300 Utilities index has increased by 3.88% over the past month, 2.74% over the past three months, and has decreased by 3.55% year-to-date [1] - The CSI 300 index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Utilities index are: Changjiang Electric Power (48.15%), China Nuclear Power (10.39%), Three Gorges Energy (8.2%), Guodian Power (5.46%), State Power Investment (4.72%), Chuanwei Energy (4.36%), Huaneng International (4.2%), China General Nuclear Power (3.8%), Zhejiang Energy (3.06%), and Huadian International (2.62%) [1] - The market share of the CSI 300 Utilities index is 95.84% from the Shanghai Stock Exchange and 4.16% from the Shenzhen Stock Exchange [2] - The industry composition of the CSI 300 Utilities index includes hydropower (59.47%), thermal power (15.34%), nuclear power (14.19%), wind power (8.56%), and gas (2.43%) [2] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 index samples are modified [2] - Special events affecting sample companies may lead to changes in industry classification, and companies that are delisted will be removed from the index sample [2]

截至2025年4月24日 14:04，中证绿色电力指数(931897)强势上涨1.23%，成分股华银电力(600744)上涨10.00%，广西能源(600310)上涨9.98%，银星能源 (000862)上涨5.99%，建投能源(000600)，长源电力(000966)等个股跟涨。绿电ETF(562550)上涨1.06%，最新价报1.05元。拉长时间看，截至2025年4月23日， 绿电ETF近2周累计上涨1.07%，涨幅排名可比基金1/3。 流动性方面，绿电ETF盘中换手3.98%，成交898.07万元。拉长时间看，截至4月23日，绿电ETF近1周日均成交1404.47万元，排名可比基金第一。 规模方面，绿电ETF最新规模达2.24亿元，创近1年新高，位居可比基金1/3。 份额方面，绿电ETF最新份额达2.15亿份，创近1年新高，位居可比基金1/3。 从资金净流入方面来看，绿电ETF近9天获得连续资金净流入，最高单日获得2335.28万元净流入，合计"吸金"9367.46万元，日均净流入达1040.83万元。 从估值层面来看，绿电ETF跟踪的中证绿色电力指数最新市盈率（PE-TTM）仅16.75倍，处于近1年 ...

Economic Growth - In 2024, Yangjiang achieved a GDP of 162.96 billion yuan, with a growth rate of 3.5% [1] - Fixed asset investment grew by 10.7%, ranking first in Guangdong province [1] - The total foreign trade import and export volume increased by 17.7%, ranking third in the province [1] Financial Support - By the end of 2024, the total loan balance of financial institutions in Yangjiang reached 210.55 billion yuan, a year-on-year increase of 10.5%, ranking second in the province [1] - Loans to enterprises, medium to long-term loans for manufacturing, and agricultural loans grew by 20.6%, 61.4%, and 15.9% respectively, all ranking first in the province [1] Green Finance - Yangjiang is recognized as Guangdong's first electric power energy city, with a total installed capacity of over 21 million kilowatts, and over 70% of this from clean energy [2] - By 2024, the balance of green loans reached 54.33 billion yuan, a year-on-year increase of 10.9%, with 80% directed towards clean energy [2] Technology Finance - In 2024, the balance of technology loans in Yangjiang exceeded 50 billion yuan, with intellectual property pledge financing reaching 3.66 billion yuan, a significant increase of 62.6% [3] - The establishment of a technology financial service center and various financial product innovations have supported over 600 technology enterprises [3] Industrial Innovation - Yangjiang has established several funds, including a mother fund for high-quality industrial development and a venture capital fund for the region, which has attracted over 4 billion yuan in total capital investment [4] - The cross-border e-commerce business volume increased fourfold in 2024, with significant contributions from cross-border financial services [4]

除此之外，华润新能源自身也充满了特殊性。 本次IPO构成"H拆A"，华润新能源母公司是H股上市公司华润电力控股有限公司（下称"华润电力"，0836.HK）。 华润新能源注册地为中国香港， 是深交所自注册制以来受理的唯一一家注册于中国香港的拟上市企业、第二家红筹企业。 公司本次IPO由中金公司、中信证券担任保荐机构。 星标 ★ IPO日报 精彩文章第一时间推送 近期，华润新能源控股有限公司（下称"华润新能源"）在深交所的主板IPO申请状态变更为"已问询"。华润新能源不仅是开年以来深交所受理和A股 主板IPO受理的第一单，还以245亿元的计划募资额刷新了注册制以来，深交所受理上市募资额的最高记录。 制图：佘诗婕 "巨无霸" 首先，公司的IPO募资额巨大。 华润新能源计划募资245亿元，不仅是目前排队企业中募资额最高的，还是实行注册制以来，深交所的IPO公司中募资额最高的，有望刷新记录成为 深市新一任"募资王"。 公司的主营业务为投资、开发、运营和管理风力、太阳能发电站，主营业务收入以电力销售为主。 目前，公司业务已覆盖国内30个省(自治区、直辖市、特别行政区)，发电站遍布风光资源丰沛区域及消纳优势区域，是国内最大 ...

从估值层面来看，绿电ETF跟踪的中证绿色电力指数最新市盈率（PE-TTM）仅16.76倍，处于近1年 7.42%的分位，即估值低于近1年92.58%以上的时间，处于历史低位。 截至2025年4月22日，A股三大指数涨跌不一。其中上证指数收涨0.25%，报3299.76点；深证成指收跌 0.36%，报9870.05点；创业板指收跌0.82%，报1928.43点。两市总成交额1.09万亿元。 行业热度看，多元金融、物流、一般零售包揽涨幅榜前三，分别上涨2.60%、2.53%、2.18%。 ETF方面，截至收盘，绿电ETF(562550)下跌0.38%，最新报价1.04元，收盘成交额已达608.55万元，换 手率2.76%。 从资金净流入方面来看，绿电ETF近7天获得连续资金净流入，最高单日获得2335.28万元净流入，合 计"吸金"8897.25万元，日均净流入达1271.04万元。 规模方面，绿电ETF最新规模达2.20亿元，创近2年新高，位居可比基金1/3。 绿电ETF（562550）及其场外联接(018734/018735)跟踪中证绿色电力指数，不仅包括以水电、风电及光 伏发电为代表的清洁能源企业，同时也纳 ...

Group 1 - The meeting on April 15, 2025, in Wuhan summarized the achievements in geological disaster prevention in the Three Gorges Reservoir area for 2024 and discussed trends and countermeasures for 2025 [1][2] - The China Geological Survey has established a regular consultation mechanism with provinces and cities in the Three Gorges Reservoir area, achieving "zero casualties" from geological disasters for 22 consecutive years [1] - In 2024, various management departments and technical units actively monitored geological disaster risk points and implemented comprehensive prevention measures, successfully responding to extreme weather events such as heavy rainfall in Zigui [1] Group 2 - The meeting highlighted new challenges in geological disaster prevention due to global climate change and enhanced navigation capacity in the Three Gorges Reservoir area [2] - There is a focus on developing core technologies for monitoring and early warning of geological disasters, aiming to establish a multi-source integrated observation system [2] - The meeting emphasized the need for risk assessment, orderly relocation of communities in high-risk areas, and the formulation of a geological disaster prevention plan for 2026-2035 [2]

会议要求，要建构水库安全度汛责任体系，落细落实水库管理和巡查防守各层级、各环节、各岗位责 任，及时组织开展水库安全责任人培训，让责任人明责、守责、尽责。要及时消除水库大坝安全风险隐 患，加快实施病险水库除险加固，病险水库主汛期原则上一律空库运行，严禁水库违规超汛限水位运 行。要全面强化水库防洪库容管理，加强侵占水库库容突出问题整治，及时开展水库库容曲线复核，优 化流域控制性水库功能定位和运用方式，着力增加防洪库容。要科学实施流域水库群联合调度，加快完 善雨水情监测预报"三道防线"，科学制定并迭代优化流域水库联合调度方案，实施"一个流量、一方库 容、一厘米水位"科学调度、统一调度、联合调度、精准调度。要着力提升洪水应对和险情处置能力， 充分利用先进技术装备，提升高洪和超标准洪水监测能力及极端条件下测验和通讯保障能力，严格落实 重大水旱灾害事件调度指挥机制，健全预警发布机制，预置抢险力量、料物、设备，迅速、有序、高效 应对水库重大险情。 交通运输部、水利部、农业农村部、应急管理部、国家能源局有关司局负责同志，国家电网、中国华 能、中国大唐、中国华电、国家电投、国家能源集团等单位有关负责同志在主会场参加会议；各省、 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [4][6]. 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 [3][6]. - Continuous government policies supporting renewable energy development are anticipated to stabilize profitability in the renewable energy sector. Recommended companies include Longyuan Power, Three Gorges Energy, and regional offshore wind power companies like Guangxi Energy and Funiu Co [3][6]. - The growth in installed capacity and power generation is expected to offset the downward pressure on electricity prices, with nuclear power companies like China Nuclear Power and China General Nuclear Power projected to maintain stable profitability [3][6]. - High-dividend hydropower stocks are highlighted for their defensive attributes in a global interest rate decline context, with recommendations for Changjiang Electric Power [3][6]. - The environmental sector, particularly water and waste incineration industries, is entering a mature phase with significant improvements in free cash flow. Recommended companies include China Everbright Environment and Zhongshan Public Utilities [3][6]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.59%, while the public utility index increased by 1.77%. The environmental index saw a slight increase of 0.04% [12][19]. - In March, the total electricity consumption reached 828.2 billion kWh, marking a year-on-year growth of 4.8% [13][49]. Important Policies and Events - The report notes that in March, the first industry electricity consumption was 10.6 billion kWh (up 9.9%), the second industry was 557.8 billion kWh (up 3.8%), and the third industry was 148.4 billion kWh (up 8.4%) [13][52]. Key Company Profit Forecasts and Investment Ratings - Huadian International, Jin Kai New Energy, Shanghai Electric, Longyuan Power, and others are rated as "Outperform" with specific EPS and PE forecasts provided [6]. Industry Dynamics - The report discusses the decline in the import of mass spectrometers from the US, with a significant drop in both import value and quantity from 2020 to 2024 [15][17]. Sector Performance - The report indicates that the public utility and environmental sectors ranked 7th and 23rd respectively among 31 industry classifications in terms of performance [12][19]. Electricity Industry Data - The report provides detailed statistics on electricity generation, noting a 1.8% year-on-year increase in industrial electricity production in March, with specific growth rates for different energy sources [42][49]. Carbon Market Overview - The report includes insights into the domestic carbon market, highlighting recent price trends and trading volumes [86][87]. Coal Price Trends - The report notes that the price of thermal coal remained stable, with the price at the port reported at 678 RMB/ton [99].