（一）会议召开情况 1、会议召集人：公司董事会。 证券代码：002039 证券简称：黔源电力 公告编号：2025-027 贵州黔源电力股份有限公司 2025 年第一次临时股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 2、会议方式：本次股东大会采取现场投票与网络投票相结合的方式。公司 通过深圳证券交易所交易系统和互联网投票系统向公司股东提供网络形式的投 票平台，公司股东可以在上述网络投票时间内通过深圳证券交易所的交易系统或 互联网投票系统行使表决权。 3、会议时间： 现场会议时间：2025年6月19日（星期四）15:30； 网络投票时间为：2025 年 6 月 19 日。其中通过深圳证券交易所系统进行网 络投票的具体时间为: 2025 年 6 月 19 日 9:15—9:25,9:30—11:30 和 13:00— 15:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 6 月 19 日 9:1 ...

证券代码：002039 证券简称：黔源电力 公告编号：2025-028 贵州黔源电力股份有限公司 二、董事会会议审议情况 第十届董事会第二十四次会议决议公告 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。 一、董事会会议召开情况 贵州黔源电力股份有限公司（以下简称公司）第十届董事会第二十四次会议 于 2025 年 6 月 19 日在公司 23 楼 1 号会议室以现场结合通讯（视频）的方式召 开，本次会议通知于 2025 年 6 月 13 日以书面形式送达各位董事，应出席董事 10 名，实际出席董事 10 名（其中董事赵刚先生、黄成节先生、苏春辉女士、祝 韻女士、王冠先生、程亭女士、汤世飞先生以通讯（视频）表决方式进行了表决）。 本公司监事及高管列席了本次会议。 本次会议由公司半数以上董事推举董事杨焱先生主持。会议召集、召开程序 符合《公司法》和《公司章程》的有关规定。 三、备查文件 经与会董事签字并加盖董事会印章的董事会决议。 特此公告。 贵州黔源电力股份有限公司董事会 2025 年 6 月 20 日 会议以记名投票方式审议并通过了以下议案： （一）以 10 ...

一、股东大会审议通过的权益分派方案情况 1.公司2024年年度权益分派实施方案已获2025年5月9日召开的2024年度股 东大会审议通过，分配方案为：以2024年12月31日总股本427,558,126股为基数， 向 全 体股 东每 10股派 发 现金 红利 0.60元 （ 含税 ）， 共计派 发 现金 红 利 25,653,487.56元（含税），不送红股，不以资本公积金转增股本。 如权益分派股权登记日前公司股本发生变动的，将按照分配总额不变的原则 对分配比例进行调整。 2.自2024年12月31日起至实施期间，公司总股本未发生变化。 贵州黔源电力股份有限公司 2024 年年度权益分派实施公告 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）2024年年度权益分派方案已获 2025年5月9日召开的2024年度股东大会审议通过，现将权益分派事宜公告如下： 证券代码：002039 证券简称：黔源电力 公告编号：2025-026 3.本次实施的利润分配方案与股东大会审议通过的分配方案及其调整原则 一致。 4.本次实施权益分派 ...

Core Insights - The report highlights the growth in electricity generation in Guizhou Province, with a total generation of 215.6 billion kWh in March 2025, representing a year-on-year increase of 7.5% [1] - In the first quarter of 2025, Guizhou's electricity generation reached 641.7 billion kWh, showing a year-on-year growth of 8.2% [1] Generation Breakdown - Thermal power generation accounted for 487.1 billion kWh, making up 75.9% of the total generation, with a year-on-year increase of 9.8% [1] - Hydropower generation was 97.6 billion kWh, representing 15.2% of the total, with a significant year-on-year increase of 24.5% [1] - Nuclear power generation remained at 0 billion kWh, unchanged from the previous year [1] - Wind power generation decreased to 28.5 billion kWh, constituting 4.4% of the total, with a year-on-year decline of 24.7% [1] - Solar power generation was 28.46 billion kWh, also 4.4% of the total, experiencing a year-on-year decrease of 14.6% [1]

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The National Energy Administration has initiated the first batch of pilot projects for the construction of a new power system, focusing on seven key directions to enhance the integration and consumption capacity of renewable energy [3][19][20] - Zhejiang Province has released a demand-side management plan for summer peak electricity demand in 2025, aiming to reduce peak load by over 1GW through various measures including time-of-use pricing and encouraging user-side energy storage participation [4][27][28] Summary by Sections Market Review - From June 3 to June 6, the gas and water sectors increased by 1.15% and 0.64% respectively, while the environmental and power sectors decreased by 0.07% and 0.60%, with the Shanghai and Shenzhen 300 Index rising by 0.88% during the same period [12][10] Industry Perspectives - The pilot projects for the new power system will explore new technologies and models, addressing bottlenecks in renewable energy development and enhancing the reliability of power supply [3][19][20] - The pilot focuses on seven areas: grid-structured technology, system-friendly renewable power plants, smart microgrids, collaboration between computing power and electricity, virtual power plants, large-scale high-proportion renewable energy delivery, and new-generation coal power [19][20][24] Investment Recommendations - The report recommends specific companies within various sectors: - For thermal power: Jiangsu Guoxin is recommended, while Sheneng Co. and Zhejiang Energy Power are given cautious recommendations [4] - For nuclear power: China National Nuclear Power and China General Nuclear Power are cautiously recommended [4] - For hydropower: Changjiang Power is recommended, with cautious recommendations for Huaneng Hydropower and Qianyuan Power [4] - For green energy: Attention is suggested for Three Gorges Energy and Jiangsu New Energy, with cautious recommendations for Longyuan Power and Zhejiang New Energy [4] - For environmental protection: Yongxing Co., Huaguang Huaneng, and Xuedilong are recommended, with cautious recommendations for United Water and attention for Fuzhi Environmental Protection and Dayu Water Saving [4]

Core Insights - The report suggests that spot electricity prices may have bottomed out, leading to potential improvements in valuation and performance for the sector [1] - The analysis indicates that the electricity market is undergoing significant changes, particularly in the context of coal-fired power generation and renewable energy integration [3] Group 1: Coal Power - In northern regions, the proportion of renewable energy is higher, making coal power more scarce during peak times, which could lead to price increases [3] - The report anticipates that after three years of decline, the spot electricity price in Gansu will rise for the first time in 2025, surpassing long-term contracts [3] - In Q1 2025, coal power generation in China decreased by 4.7% year-on-year, with major state-owned enterprises experiencing significant drops in electricity output [21][22] Group 2: Hydropower - The report highlights that large hydropower resources are becoming increasingly scarce as most potential sites have been developed, particularly outside Tibet [35] - It is projected that hydropower prices will see a moderate increase during the 14th Five-Year Plan period, driven by further marketization [42] - Major hydropower companies are expected to show stable profit growth, with significant revenue from electricity sales [45] Group 3: Renewable Energy - The report notes that by 2024, the installed capacity of renewable energy in China reached 1.41 billion kilowatts, accounting for 42% of total installed capacity, with a compound annual growth rate (CAGR) of 27.4% from 2020 to 2024 [10][57] - The analysis indicates that the new energy policy aims to stabilize electricity prices and control the growth rate of installed capacity, suggesting a potential slowdown in future capacity additions [3] - The report also points out that the profitability of renewable energy is under pressure due to market dynamics, with significant declines in electricity prices observed in Guangdong [61][62]

Group 1: Bond ETF Market - The bond ETF market has seen significant growth, with over 40 billion yuan in net inflows in May alone, reaching a new high in total scale [1] - On May 30, 10 out of the top 12 ETF products by trading volume were bond ETFs, indicating strong market participation [1] - Nine bond ETFs have been approved for use as collateral in general pledge-style repurchase agreements, which may accelerate the expansion of the bond ETF market [1] Group 2: Public Fund Issuance - In May, bond funds dominated the public fund issuance market with a 55.07% issuance ratio, while equity products faced uneven demand [1] - The issuance of ETFs has declined for four consecutive months, raising only 11.068 billion units in May [1] - The market reflects a struggle between stability and change, with bond funds providing a safety net while equity products seek growth in niche segments [1] Group 3: Private Equity and ETF Investment - Private equity firms have shown strong interest in newly listed ETFs, with 104 firms holding a total of 1.783 billion shares in 97 ETFs [2] - The preferred themes for private equity investments are technology innovation and free cash flow [2] Group 4: Insurance Companies' Stock Purchases - As of the end of May, seven insurance companies have made 15 stock purchases this year, surpassing the total for 2023 and the first nine months of 2024 [2] - The majority of these purchases have been in bank stocks, with additional investments in public utilities, energy, and transportation sectors [2] Group 5: Corporate Developments - 28 companies have successfully removed their ST (Special Treatment) status this year, primarily through financial improvements, internal control repairs, and bankruptcy restructuring [3] - The airline industry is expected to see improved profitability due to falling oil prices and recovering demand, with a projected net profit margin of 3.7% for 2025 [3] - Domestic new energy vehicle manufacturers reported significant sales growth in May, with several companies achieving monthly sales exceeding 40,000 units, driven by extended-range vehicles [4] Group 6: Tesla's Sales Decline - Tesla's sales in France plummeted by 67% in May, marking the lowest sales level in nearly three years, despite the launch of a new version of its Model Y [6]

证券代码：002039 证券简称：黔源电力 公告编号：2025-024 贵州黔源电力股份有限公司 关于公司董事长辞职及补选董事的公告 特此公告。 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。 一、关于公司董事长辞去职务的情况 贵州黔源电力股份有限公司（以下简称"公司"）董事会于近日收到公司董 事长罗涛先生的书面辞职报告。罗涛先生因工作原因申请辞去公司第十届董事会 董事长、董事、董事会战略委员会召集人及委员职务。辞职后，罗涛先生将不在 公司及控股子公司担任任何职务。 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，罗涛先生的辞职报告自送达公司 董事会之日起生效，其辞职不会影响公司的正常生产经营，公司将按照法定程序 尽快完成新任董事、董事长、董事会战略委员会召集人及委员的补选工作。截至 本公告披露日，罗涛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。 罗涛先生在任职期间恪尽职守，勤勉尽责，公司董事会对其在任职期间为公 司的经营发展作出的贡献表示衷心感谢。 二、关于补选公司董事的情况 公 ...

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）第十届董事会第二十三次会议 审议通过了《关于召开 2025 年第一次临时股东大会的议案》，公司定于 2025 年 6 月 19 日召开 2025 年第一次临时股东大会。现将会议的有关事项公告如下： 证券代码：002039 证券简称：黔源电力 公告编号：2025-025 贵州黔源电力股份有限公司 关于召开 2025 年第一次临时股东大会的通知 一、召开会议基本情况 1、股东大会届次：2025 年第一次临时股东大会 2、股东大会召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会的召开符合有关法律、行政法 规、部门规章、规范性文件、深圳证券交易所业务规则和《公司章程》等的规定。 4、会议召开的日期、时间： 现场会议时间：2025 年 6 月 19 日（星期四）15:30； 网络投票时间为：2025 年 6 月 19 日。其中通过深圳证券交易所系统进行网 络投票的具体时间为: 2025 年 6 月 19 日 9:15—9:25,9:30—11:30 和 13:00—15: ...

证券代码：002039 证券简称：黔源电力 公告编号：2025-023 一、董事会会议召开情况 贵州黔源电力股份有限公司（以下简称公司）第十届董事会第二十三次会议 于 2025 年 5 月 30 日在公司 25 楼 3 号会议室以现场结合通讯（视频）的方式召 开，本次会议通知于 2025 年 5 月 23 日以书面形式送达各位董事，应出席董事 9 名，实际出席董事 9 名（其中董事赵刚先生、黄成节先生、苏春辉女士、李晓冬 先生、王冠先生、祝韻女士、程亭女士以通讯（视频）表决方式进行了表决）。 本公司监事及高管列席了本次会议。 本次会议由公司半数以上董事推举董事冯荣先生主持。会议召集、召开程序 符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 会议以记名投票方式审议并通过了以下议案： （一）以 9 票同意、0 票反对、0 票弃权通过了《关于选举董事的议案》。 （请详见 2025 年 6 月 3 日刊登于巨潮资讯网上的《关于公司董事长辞职及补选 董事的公告》。） 贵州黔源电力股份有限公司 第十届董事会第二十三次会议决议公告 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、 ...