证券简称：上海电力 证券代码：600021 编号：临 2025- 106 上海电力股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 会议召开时间：2025年11月21日 （星期五） 14:00-15:00 会议召开方式：上证路演中心网络互动 网 络 地 址 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 投资者可于2025年11月14日（星期五）至11月20日（星期四）16:00前登录上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 shanghaipower@spic.com.cn进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 二、 说明会召开的时间、地点 本次业绩说明会以网络互动形式召开，公司将针对 2025 年第三季度的经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露 ...

Market Overview - The A-share market experienced an overall increase on November 13, with the Shanghai Composite Index closing at 4029.5 points, up 0.73%, the Shenzhen Component Index at 13476.52 points, up 1.78%, and the ChiNext Index at 3201.75 points, up 2.55% [1] - The total trading volume in the A-share market reached 20658.28 billion yuan, an increase of 1008.79 billion yuan compared to the previous trading day [1] Capital Flow - The net inflow of main funds in the A-share market for the day was 124.7 billion yuan, with an opening net outflow of 31.11 billion yuan and a closing net inflow of 43.73 billion yuan [2] - The CSI 300 index saw a net inflow of 75.6 billion yuan, while the ChiNext index had a net inflow of 54.5 billion yuan, and the STAR Market experienced a net outflow of 17.09 billion yuan [4] Sector Performance - The power equipment sector led the net inflow of funds with 192.33 billion yuan, followed by non-ferrous metals with 171.62 billion yuan and basic chemicals with 106.27 billion yuan [6][7] - The top five sectors with net inflows included: - Power Equipment: 192.33 billion yuan, with a rise of 2.61% - Non-ferrous Metals: 171.62 billion yuan, with a rise of 3.10% - Basic Chemicals: 106.27 billion yuan, with a rise of 1.94% - Non-bank Financials: 30.29 billion yuan, with a rise of 1.05% - Pharmaceuticals: 21.68 billion yuan, with a rise of 0.95% [7] Stock Highlights - Ningde Times saw the highest net inflow of main funds at 26.47 billion yuan [8] - Institutional buying was noted in several stocks, including Haibo Sichuang, which had a net buying amount of 38158.95 thousand yuan, and Tianqi Materials with 23784.26 thousand yuan [10][11]

沪指11月13日上涨0.73%，申万所属行业中，今日上涨的有27个，涨幅居前的行业为电力设备、有色金 属，涨幅分别为4.31%、4.01%。跌幅居前的行业为公用事业、通信，跌幅分别为0.27%、0.21%。公用 事业行业位居今日跌幅榜首位。 资金面上看，两市主力资金全天净流入244.71亿元，今日有16个行业主力资金净流入，电力设备行业主 力资金净流入规模居首，该行业今日上涨4.31%，全天净流入资金114.78亿元，其次是有色金属行业， 日涨幅为4.01%，净流入资金为91.99亿元。 主力资金净流出的行业有15个，公用事业行业主力资金净流出规模居首，全天净流出资金15.34亿元， 其次是建筑装饰行业，净流出资金为9.93亿元，净流出资金较多的还有家用电器、医药生物、石油石化 等行业。 公用事业行业今日下跌0.27%，全天主力资金净流出15.34亿元，该行业所属的个股共131只，今日上涨 的有69只，涨停的有1只；下跌的有52只。以资金流向数据进行统计，该行业资金净流入的个股有47 只，其中，净流入资金超3000万元的有6只，净流入资金居首的是亨通股份，今日净流入资金6955.39万 元，紧随其后的是大众公 ...

Market Overview - On November 13, the Shanghai Composite Index rose by 0.73%, the Shenzhen Component Index increased by 1.78%, the ChiNext Index climbed by 2.55%, and the CSI 300 Index gained 1.21% [1] - Among the tradable A-shares, 3,953 stocks rose, accounting for 72.67%, while 1,338 stocks declined [1] Capital Flow - The net inflow of main funds reached 24.471 billion yuan for the day [1] - The ChiNext saw a net inflow of 5.669 billion yuan, while the STAR Market experienced a net outflow of 0.782 billion yuan [1] - The CSI 300 constituent stocks had a net inflow of 11.198 billion yuan [1] Industry Performance - Out of the 27 first-level industries classified by Shenwan, the top-performing sectors were Electric Equipment and Nonferrous Metals, with increases of 4.31% and 4.01%, respectively [1] - The sectors with the largest declines were Utilities and Communication, with decreases of 0.27% and 0.21% [1] Industry Capital Flow - The Electric Equipment industry led with a net inflow of 11.478 billion yuan and a daily increase of 4.31% [1] - The Nonferrous Metals industry followed with a net inflow of 9.199 billion yuan and a daily increase of 4.01% [1] - The Utilities sector had the largest net outflow, totaling 1.534 billion yuan, with a daily decline of 0.27% [1] Individual Stock Performance - A total of 2,116 stocks experienced net inflows, with 908 stocks having inflows exceeding 10 million yuan [2] - The stock with the highest net inflow was CATL, which rose by 7.56% with a net inflow of 2.622 billion yuan [2] - Other notable stocks with significant inflows included Zhaoyi Innovation and InvoTech, with net inflows of 2.245 billion yuan and 1.788 billion yuan, respectively [2] - Conversely, 85 stocks saw net outflows exceeding 100 million yuan, with the largest outflows from Shannon Chip, Shanghai Electric, and Canadian Solar, totaling 799 million yuan, 516 million yuan, and 454 million yuan, respectively [2]

Core Insights - The electricity sector experienced a decline of 0.53% on the trading day, with Shanghai Electric leading the drop [1][2] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - Notable gainers in the electricity sector included: - Hengtong Optic-Electric (Code: 600226) with a closing price of 4.50, up 5.88% [1] - Zhaoxin Co., Ltd. (Code: 002256) with a closing price of 4.20, up 5.79% [1] - Chuaneng Power (Code: 000155) with a closing price of 12.96, up 5.62% [1] - Major decliners included: - Shanghai Electric (Code: 600021) with a closing price of 28.58, down 3.71% [2] - Hengsheng Energy (Code: 605580) with a closing price of 39.78, down 3.28% [2] - State Power Investment Corporation (Code: 600886) with a closing price of 14.16, down 3.01% [2] Capital Flow - The electricity sector saw a net outflow of 1.282 billion yuan from institutional investors, while retail investors contributed a net inflow of 987 million yuan [2][3] - Key stocks with significant capital flow included: - Chuaneng Power with a net inflow of 65.39 million yuan from institutional investors [3] - Hengtong Optic-Electric with a net inflow of 45.81 million yuan from institutional investors [3] - Zhaoxin Co., Ltd. experienced a net outflow of 87.30 million yuan from speculative investors [3]

Market Overview - The A-share market experienced a strong upward trend, with the Shanghai Composite Index rising by 0.73%, reaching a ten-year high, while the Shenzhen Component Index increased by 1.78% and the ChiNext Index rose by 2.55% [3][4]. Sector Performance - The lithium battery sector saw a collective surge, with companies like Ningde Times rising over 7%, and nearly 30 stocks, including Kangpeng Technology, Tianci Materials, and Enjie Co., hitting the daily limit [4][5]. - The photovoltaic inverter concept also rebounded strongly, alongside significant gains in the chemical, non-ferrous metals, and electrical grid sectors [4]. Regional Performance - The Fujian sector continued to rise, with over ten stocks, including Longzhou Co., XGMA Co., and China Wuyi, reaching the daily limit [6]. Capital Flow - Main capital flows showed a net inflow into the battery, non-ferrous metals, and semiconductor sectors, while there was a net outflow from electronic components, securities, and electric power sectors. Notably, Ningde Times, Zhaoyi Innovation, and Yingwei Technology saw net inflows of 2.655 billion, 1.808 billion, and 1.686 billion respectively [9]. - Conversely, companies like Xiangshan Chip, Shanghai Electric, and Canadian Solar experienced net outflows of 849 million, 485 million, and 469 million respectively [9]. Institutional Insights - Dongguan Securities noted that the market is at a critical point of style switching, with policy support and liquidity easing providing backing for the market [11]. - Galaxy Securities highlighted that the mid-term dividend strength of banks remains robust, emphasizing the ongoing value of the banking sector [12].

Market Performance - The A-share market experienced a strong upward trend on November 13, with the Shanghai Composite Index rising by 0.73%, reaching a ten-year high, while the Shenzhen Component Index increased by 1.78% and the ChiNext Index rose by 2.55% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 2.04 trillion yuan, an increase of 969 billion yuan compared to the previous trading day, with nearly 4,000 stocks rising across the market [1][2] Sector Performance - The lithium battery industry chain saw a significant surge, with CATL (Contemporary Amperex Technology Co., Limited) rising over 7%. Other sectors such as photovoltaic inverters, chemicals, non-ferrous metals, and electrical grid also showed strong gains [2] - Specific stocks in the lithium battery sector, including Kangpeng Technology, Tianci Materials, and Enjie Co., saw nearly 30 stocks hitting the daily limit up [2] Capital Flow - Main capital inflows were observed in the battery, non-ferrous metals, and semiconductor sectors, while there were net outflows from electronic components, securities, and electric power sectors [4] - Notable net inflows included 2.655 billion yuan into CATL, 1.808 billion yuan into Zhaoyi Innovation, and 1.686 billion yuan into InvoTech [4] Institutional Insights - Dongguan Securities indicated that the market is at a critical point of style switching, with policy support and liquidity easing providing backing for the market trend [5] - Galaxy Securities noted that the mid-term dividend strength of banks remains strong, highlighting the ongoing value of the banking sector [5]

Market Overview - The electricity sector experienced a decline of 0.41% on the previous trading day, with Hengsheng Energy leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Notable gainers in the electricity sector included: - Zhaoxin Co., Ltd. (002256) with a closing price of 3.97, up 9.97% and a trading volume of 2.3962 million shares, totaling 914 million yuan [1] - Shanghai Electric (600021) closed at 29.68, up 5.02% with a trading volume of 1.2096 million shares, totaling 3.468 billion yuan [1] - Major decliners included: - Hengsheng Energy (605580) with a closing price of 41.13, down 8.03% and a trading volume of 139,900 shares, totaling 575 million yuan [2] - Jinyun Tong (601908) closed at 4.36, down 3.96% with a trading volume of 1.2084 million shares, totaling 529 million yuan [2] Capital Flow - The electricity sector saw a net outflow of 1.056 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.007 billion yuan [2] - The table of capital flow indicates that Zhaoxin Co., Ltd. had a net inflow of 250 million yuan from institutional investors, representing 27.34% of its total trading volume [3] - Shanghai Electric experienced a net inflow of 149 million yuan from institutional investors, accounting for 4.28% of its trading volume [3]

Group 1 - Shanghai Electric's stock increased by 6.02%, reaching 29.96 CNY per share, with a trading volume of 2.775 billion CNY and a turnover rate of 3.46%, resulting in a total market capitalization of 84.523 billion CNY [1] - Shanghai Electric Co., Ltd. is located at No. 1, Gaoke West Road, Pudong New District, Shanghai, established on June 4, 1998, and listed on October 29, 2003. The company's main business includes power generation, heating, and electricity services [1] - The revenue composition of Shanghai Electric is as follows: electricity accounts for 92.90%, heating for 5.49%, and others for 1.61% [1] Group 2 - Penghua Fund has one fund heavily invested in Shanghai Electric, specifically the Penghua CSI All-Share Public Utilities ETF (560190), which held 62,400 shares in the third quarter, representing 3.46% of the fund's net value, making it the eighth largest holding [2] - The Penghua CSI All-Share Public Utilities ETF (560190) was established on December 25, 2024, with a latest scale of 38.2027 million CNY and has achieved a year-to-date return of 7.23%, ranking 3956 out of 4216 in its category [2] - The fund manager of Penghua CSI All-Share Public Utilities ETF is Yan Dong, who has a tenure of 6 years and 241 days, managing total assets of 22.118 billion CNY, with the best fund return during his tenure being 456.3% and the worst being -38.04% [2]

Core Viewpoint - Shanghai Electric's stock price increased by 6.02% to 29.96 CNY per share, with a trading volume of 2.775 billion CNY and a turnover rate of 3.46%, resulting in a total market capitalization of 84.523 billion CNY [1] Company Overview - Shanghai Electric Power Co., Ltd. is located at No. 1, Gaoke West Road, Pudong New District, Shanghai, established on June 4, 1998, and listed on October 29, 2003 [1] - The company's main business includes power generation, heating, and electricity services, with revenue composition as follows: electricity 92.90%, heating 5.49%, and others 1.61% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under GF Fund has a significant position in Shanghai Electric [2] - The GF CSI All-Share Electric ETF (159611) held 6.2798 million shares in the third quarter, accounting for 3.66% of the fund's net value, ranking as the eighth largest holding [2] - The ETF was established on December 29, 2021, with a current scale of 3.627 billion CNY, yielding 9.59% year-to-date and 7.12% over the past year [2] - The fund manager, Lu Zhiming, has a tenure of 14 years and 167 days, with total assets under management of 24.063 billion CNY [2]