Group 1 - The power sector is experiencing a strong performance, with companies such as Leshan Electric Power and Mindong Electric Power hitting the daily limit up [1] - Datang Power, Huayin Electric Power, and Xichang Electric Power are also seeing gains alongside the leading companies [1]

（文章来源：证券日报） 证券日报网讯 11月5日晚间，乐山电力发布公告称，2025年11月5日，公司收到公司工会委员会《关于 公司第六届职工代表大会第九次会议选举结果及公示情况的通知》，经2025年10月27日召开的公司第六 届职工代表大会第九次会议审议，选举贾海燕为公司第十届董事会职工董事。 ...

乐山电力股份有限公司 关于选举职工董事的公告 证券代码：600644 证券简称：乐山电力 公告编号：2025-070 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 贾海燕未持有本公司股份，与公司持股 5%以上股东、公司其他的董 事、高级管理人员之间不存在关联关系，未受过中国证监会及其他有关 部门的处罚和上海证券交易所惩戒，不存在《公司法》《公司章程》中 规定的不得担任公司董事的情形。贾海燕不属于失信被执行人。 2 2025 年 11 月 6 日 1 附：贾海燕简历 贾海燕，女，汉族，1979 年 8 月生，四川达州人，2000 年 8 月参 加工作，2005 年 12 月加入中国共产党。研究生学历，高级政工师、高 级工程师。曾任国网绵阳供电公司监察部（纪委办公室）主任、国网绵 阳供电公司党委组织部（人力资源部）主任等职务。2021 年 11 月至今 任乐山电力股份有限公司工会主席。2022 年 5 月至 2025 年 10 月任公司 第十届监事会职工监事。 根据《中华人民共和国公司法》、中国证监会《上市公司章程指引》 和《乐 ...

Core Viewpoint - The power sector is experiencing a significant rally, with companies like Mindong Electric and Hengsheng Energy seeing substantial gains, driven by expectations of profit improvement and value reassessment in the wake of ongoing energy supply-demand tensions [1] Industry Summary - The domestic power sector is poised for profitability improvement and value reassessment after multiple rounds of supply-demand conflicts [1] - The rapid growth of new energy installations and ongoing emphasis on energy security in policies are expected to highlight the peak value of coal power [1] - The construction of a new power system under the "dual carbon" goals will likely continue to rely on enhanced system regulation and investment [1] - The introduction of a capacity price mechanism solidifies the foundational role of coal power, while the promotion of electricity spot markets and ancillary service market mechanisms is anticipated [1] - Continued market reforms in the electricity sector are expected to lead to a stable increase in electricity prices [1] Company Summary - The National Development and Reform Commission is increasing efforts to ensure long-term coal supply agreements, which is expected to marginally improve the fulfillment rate of these agreements [1] - Coal power companies are likely to maintain controllable costs, benefiting from self-owned coal or high ratios of long-term coal supply agreements [1] - Integrated coal and power companies are expected to achieve profit stability while also realizing performance growth [1] - Future performance of power operators is anticipated to improve significantly [1]

（文章来源：每日经济新闻） 每经AI快讯，11月5日，水电概念震荡反弹，闽东电力涨停，金盘科技、远达环保、国电南自、豫能控 股、乐山电力、湖南发展等跟涨。 ...

今年以来乐山电力已经9次登上龙虎榜，最近一次登上龙虎榜为5月23日，当日龙虎榜净买入-2122.13万 元；买入总计1.27亿元 ，占总成交额比7.55%；卖出总计1.48亿元 ，占总成交额比8.81%。 资料显示，乐山电力股份有限公司位于四川省乐山市市中区嘉定北路46号，成立日期1988年5月17日， 上市日期1993年4月26日，公司主营业务涉及电力、天然气、自来水、宾馆等。主营业务收入构成为： 电力分部71.45%，燃气分部14.85%，自来水分部4.78%，其他业务分部4.46%，新兴业务分部3.07%，宾 馆分部1.23%，疗休养分部0.17%。 乐山电力所属申万行业为：公用事业-电力-电能综合服务。所属概念板块包括：小盘、节能环保、污水 处理、水电概念、绿色电力等。 11月4日，乐山电力盘中上涨2.06%，截至09:58，报11.38元/股，成交9050.54万元，换手率1.39%，总市 值65.81亿元。 资金流向方面，主力资金净流出193.35万元，特大单买入112.00万元，占比1.24%，卖出369.93万元，占 比4.09%；大单买入1632.38万元，占比18.04%，卖出1567.8 ...

Core Viewpoint - Leshan Electric Power's stock has shown significant volatility, with an 81.70% increase year-to-date, but a recent decline over the past 60 days indicates potential market fluctuations [1][2]. Group 1: Stock Performance - As of November 3, Leshan Electric Power's stock price reached 11.12 CNY per share, with a trading volume of 1.38 billion CNY and a market capitalization of 6.431 billion CNY [1]. - The stock has experienced a net outflow of 3.9477 million CNY from major funds, with large orders showing a buy of 20.1782 million CNY and a sell of 29.6092 million CNY [1]. - The stock has appeared on the "Dragon and Tiger List" nine times this year, with the most recent appearance on May 23, showing a net buy of -21.2213 million CNY [1]. Group 2: Company Overview - Leshan Electric Power, established on May 17, 1988, and listed on April 26, 1993, operates in the utility sector, focusing on electricity, natural gas, and water supply [2]. - The revenue breakdown shows that electricity accounts for 71.45%, gas for 14.85%, water supply for 4.78%, and other segments contribute the remaining [2]. - As of September 30, the number of shareholders decreased by 18.67% to 81,100, while the average circulating shares per person increased by 32.06% to 7,129 shares [2]. Group 3: Financial Performance - For the period from January to September 2025, Leshan Electric Power reported a revenue of 2.399 billion CNY, reflecting a year-on-year growth of 3.27%, and a net profit attributable to shareholders of 72.832 million CNY, up 6.22% [2]. - The company has distributed a total of 216 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3].

Core Insights - The A-share private placement market has shown a significant recovery since 2025, with private equity participation increasing substantially [1] - As of October 30, 2025, private equity institutions have participated in 53 A-share companies' private placements, with a total allocation amounting to 5.524 billion yuan, a 23.17% increase compared to the same period last year [1] - The overall floating profit from private placements has reached 2.438 billion yuan, with a floating profit ratio of 44.13% [1] Group 1: Private Placement Participation - 51 out of 53 stocks involved in private placements are currently in a floating profit state, with 11 stocks having a floating profit ratio within 10% [2] - 24 stocks have a floating profit ratio between 10% and 49.99%, while 8 stocks have a floating profit ratio between 50% and 99.99%, and another 8 stocks exceed a 100% floating profit ratio [2] - The stock with the highest floating profit ratio is Demingli (001309) at 317.76%, with a total allocation of 161 million yuan and a floating profit of nearly 512 million yuan [2] Group 2: Sector Performance - The second and third highest floating profit ratios are from Henghe Precision (300539) at 266.02% and Jinghua New Materials (603683) at 255.65% [2] - Other stocks with floating profit ratios exceeding 100% include Zhongtung High-tech (000657), Northern Copper (000737), Weiteng Electric, Baiwei Storage, and Leshan Electric Power (600644) [2] Group 3: Factors Driving Private Equity Participation - Private equity institutions are actively participating in private placements due to three main considerations: the discount advantage providing a safety margin, favorable market conditions and policy support, and diversified exit channels ensuring liquidity [3] - The issuance price of private placements is typically at a discount to the market price, allowing private equity to acquire shares at a lower cost, thus enhancing potential returns [3] - The overall positive performance of the A-share market since 2025, combined with ongoing policy support for the private placement market, has highlighted structural opportunities [3]

Core Viewpoint - Leshan Electric Power, established in 1988 and listed in 1993, is a significant comprehensive energy supplier in Sichuan, with core businesses including electricity, natural gas, and water supply, showcasing a full industry chain advantage in regional energy supply [1] Financial Performance - For Q3 2025, Leshan Electric Power reported a revenue of 2.399 billion, ranking 10th in the industry, significantly lower than the top player Guangdong Construction's 43.388 billion and second-ranked Hubei Energy's 13.521 billion, and below the industry average of 7.28 billion and median of 2.635 billion [2] - The company's net profit for the same period was 74.0706 million, ranking 13th in the industry, far below Hubei Energy's 2.524 billion and Funi's 2.419 billion, and also lower than the industry average of 693 million and median of 296 million [2] Financial Ratios - As of Q3 2025, Leshan Electric Power's debt-to-asset ratio was 49.02%, a decrease from 49.92% year-on-year, and lower than the industry average of 57.35%, indicating relatively low debt pressure [3] - The company's gross profit margin was 17.09%, up from 16.66% year-on-year, but still below the industry average of 22.95%, suggesting room for improvement in profitability [3] Management Compensation - The chairman of Leshan Electric Power, Liu Jiang, has a salary of 875,000 for 2024, while the general manager, Qiu Yongzhi, also receives the same amount, maintaining the previous year's level [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 18.67% to 81,100, while the average number of circulating A-shares held per account increased by 32.07% to 7,129.64 [5]

证券代码：600644 证券简称：乐山电力 公告编号：2025-068 (二)股东会召集人：董事会 乐山电力股份有限公司 关于召开2025年第二次临时股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 股东会召开日期：2025年11月19日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 2025年10月29日，乐山电力股份有限公司（简称"公司"）第十届董事会第二 十一次临时会议以11 名董事全票审议通过了《关于召开2025年第二次临时股东会 的议案》。现将具体情况公告如下： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 19 日 10 点 00 分 召开地点：乐山市市中区金海棠大酒店会议室 1 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间 ...