Market Overview - The Shanghai Composite Index closed at 3525.40 points, above the annual line, with a change of 0.43% [1] - The total trading volume of A-shares reached 987.43 billion yuan [1] Stocks Breaking Annual Line - A total of 41 A-shares have surpassed the annual line today, with notable stocks including: - Siyuan Electric (002028) with a deviation rate of 7.62% - Tongyi Co., Ltd. (300538) with a deviation rate of 2.51% - Ruisheng Technology (688090) with a deviation rate of 2.05% [1] Stocks with Significant Deviation Rates - The stocks with the highest deviation rates from the annual line include: - Siyuan Electric: 10.00% increase, trading at 76.99 yuan - Tongyi Co., Ltd.: 2.50% increase, trading at 16.00 yuan - Ruisheng Technology: 3.24% increase, trading at 35.10 yuan [1] Additional Stocks with Minor Deviations - Other stocks that have just crossed the annual line with smaller deviation rates include: - Qianjiang Motorcycle, Jiuquan Technology, and Huadian International, which have just reached the annual line [1]

Core Points - The company held its 11th board meeting on July 10, 2025, with all 9 directors present, and the resolutions made were legal and valid [1] - The board approved the nomination of Zhang Weiyi as a candidate for the 11th board of directors [2] - Zhang Weiyi has a background in engineering and has held various positions within the Anhui Waneng Group [2] - The board also approved the nomination of Peng Song as a candidate for the 11th board of directors [3] - Peng Song has a master's degree in management and has held leadership roles in several companies under Anhui Waneng Group [3] - The board decided to convene the first temporary shareholders' meeting of 2025 and to establish a market value management system [4] Summary by Sections Board Meeting Details - The 11th board meeting was conducted with 9 directors present, and all resolutions were passed unanimously [1] Director Nominations - Zhang Weiyi was nominated for the board, with no stock ownership in the company and no conflicts of interest with other directors [2] - Peng Song was also nominated for the board, similarly having no stock ownership and no conflicts of interest [3] Shareholder Meeting and Management System - The board approved the notification for the first temporary shareholders' meeting of 2025 [4] - A resolution was passed to create a market value management system for the company [4]

Meeting Announcement - Anhui Waneng Co., Ltd. will hold its first extraordinary shareholders' meeting of 2025 on July 31, 2025 [1] - The meeting will take place at 14:50, with online voting available from 9:15 to 15:00 on the same day [1][7] Attendance and Voting Rights - Shareholders or their agents holding shares on the registration date are entitled to attend the meeting and vote [2] - Company directors, senior management, and appointed lawyers are also allowed to attend [2] Voting Procedures - The meeting will utilize cumulative voting for proposals, allowing shareholders to allocate their votes among candidates [9] - Specific voting codes and procedures for online participation are provided [9][7] Registration Details - Registration for attendance can be done in person, by mail, or by fax from July 24 to July 28, 2025 [5] - Required documentation for registration varies for corporate and individual shareholders [5] Contact Information - For inquiries, shareholders can contact Wu Yuhang at 0551-62225811 or via email [6]

Core Viewpoint - The company has established a value management system to enhance its investment value and shareholder returns, ensuring compliance with relevant laws and regulations [1][2]. Group 1: Purpose and Principles of Value Management - The primary goal of value management is to improve company quality, promote sustainable development, and maximize overall benefits for the company and shareholders [1][2]. - The company must adhere to principles of compliance, integrity, overall coordination, scientific approach, proactivity, and sustainability in its value management efforts [2]. Group 2: Organizational Structure and Responsibilities - The board of directors leads the value management efforts, with the chairman as the primary responsible person and the board secretary handling specific responsibilities [3]. - The board should focus on enhancing company quality and consider investor interests in major decision-making processes [3][4]. Group 3: Main Methods of Value Management - The company can enhance investment value through mergers and acquisitions, cash dividends, investor relations management, information disclosure, share buybacks, and other legally permitted methods [5][6][7]. Group 4: Monitoring and Emergency Measures - The company should monitor key indicators such as stock price and market capitalization, establishing reasonable warning thresholds [8]. - In the event of significant stock price declines, the company must analyze causes, communicate with investors, and consider measures such as share buybacks to restore market confidence [8].

安徽省皖能股份有限公司 市值管理制度 第一章 总 则 第一条 为进一步加强安徽省皖能股份有限公司（以下简称 "公司"）市值管理工作，规范市值管理行为，切实提升公司投 资价值，增强投资者回报，维护广大投资者利益，公司根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司监 管指引第10号——市值管理》（证监会公告[2024]14号）等相关 法律法规，结合公司章程以及实际情况，制定本制度。 第二条 本制度所称市值管理，是指以提高公司质量为基础， 为提升公司投资价值和股东回报能力而实施的战略管理行为。 第三条 本制度所称市值管理相关工作，包括但不限于召开 业绩说明会、接待投资者线上或线下调研、组织投资者对公司项 目现场进行考察调研、对投资者进行反向路演、与监管方交流等。 第二章 市值管理目的和基本原则 第四条 公司开展市值管理工作，要以提高公司质量为基础， 通过提升公司经营管理水平，促进公司可持续发展，依法依规并 结合公司实际开展资本运作、权益管理、投资者关系管理等工作， — 1 — 促进公司投资价值合理反映公司质量，从而实现公司整体利益最 大化和股东共享发展成果的目标。 第五条 公司开展市值管理应主要遵 ...

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。 安徽省皖能股份有限公司 关于董事辞职的公告 米成先生、陶国军先生在担任董事期间恪尽职守、勤勉尽责，公司及董事 会对两位在任职期间为公司所做出的贡献表示衷心感谢。 证券代码：000543 证券简称：皖能电力 公告编号：2025-36 公司于近期收到董事米成先生、陶国军先生的辞呈。两位因到龄退休，申 请辞去公司董事及董事会专业委员会职务，将不再担任公司任何职务。 经公司董事会十一届十次会议审议通过，鉴于米成先生、陶国军先生不再 担任董事职务，董事会提名张为义先生、彭松先生为公司第十一届董事会董事 候选人。 米成先生、陶国军先生辞去董事职务后，将导致董事会成员人数低于《公 司章程》规定人数。为保障董事会正常运行，在公司股东会选举产生新任董事 之前，两位将继续履行其董事相关职责，辞职不会影响公司正常的生产经营。 公司将按照法定程序尽快完成新任董事的补选工作。 特此公告。 安徽省皖能股份有限公司董事会 二〇二五年七月十四日 ...

Investment Rating - The report suggests focusing on power generation assets in regions with tight supply-demand balance and favorable competition dynamics, particularly recommending companies like Anhui Energy and Huadian International in the thermal power sector [4]. Core Insights - The report highlights the performance of various sectors, with the carbon neutrality sector rising by 3.52% and the environmental protection sector increasing by 3.07% during the week [12]. - It emphasizes the importance of market dynamics and regulatory changes, such as the approval of the cross-grid electricity trading mechanism by the National Development and Reform Commission and the National Energy Administration [75]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.09% and the ChiNext Index increased by 2.36% during the week [12]. - The thermal power sector is recommended for investment due to its potential for asset value reassessment in regions with tight electricity supply [4]. Industry News - The report discusses the recent regulatory developments aimed at enhancing the electricity market's efficiency and interconnectivity, including the implementation of a market mechanism for cross-grid electricity trading [75]. - It also notes the ongoing reforms in the renewable energy sector, particularly in Hainan Province, to correct market interventions and ensure fair pricing for new energy projects [75]. Investment Recommendations - For thermal power, the report recommends Anhui Energy and Huadian International due to their strategic positioning in competitive markets [4]. - In the hydropower sector, it suggests focusing on Yangtze Power, while for nuclear power, China National Nuclear Power is highlighted as a key player [4]. - In the renewable energy segment, Longyuan Power is identified as a leading wind power operator worth monitoring [4].

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights that the renewable energy power consumption responsibility weights for 2025 have been issued, indicating a focus on increasing the use of green electricity in various industries [5] - The LNG import volume in May 2025 decreased by 26.3% year-on-year, while domestic natural gas consumption showed a slight increase of 2.4% [5] - The report suggests that the power sector is expected to see profit improvement and value reassessment due to previous supply-demand tensions [5] Summary by Sections Market Performance - As of July 11, the utility sector rose by 1.1%, outperforming the broader market, with the electricity sector up by 1.10% and the gas sector up by 1.22% [4][12] - Key companies in the electricity sector showed varied performance, with notable increases for companies like Guikuan Electric and Guangdong Electric A [13] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased by 8 CNY/ton week-on-week, reaching 624 CNY/ton [4][21] - Coal inventory at Qinhuangdao Port decreased to 5.6 million tons, down 100,000 tons week-on-week [26] - Daily coal consumption in inland provinces was reported at 3.55 million tons, a decrease of 95,000 tons/day week-on-week [28] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was reported at 4,460 CNY/ton, a year-on-year decrease of 1.13% but a week-on-week increase of 1.09% [48] - The European TTF spot price increased by 23.0% year-on-year, reaching 11.86 USD/MMBtu [53] - Domestic natural gas apparent consumption in May 2025 was 36.42 billion cubic meters, a year-on-year increase of 2.4% [5] Industry News - The National Development and Reform Commission and the National Energy Administration issued guidelines for renewable energy consumption responsibilities, emphasizing the use of green electricity in high-energy-consuming industries [5] - The largest medium and shallow coalbed methane field in China has surpassed a cumulative gas production of 20 billion cubic meters [5] Investment Recommendations - The report recommends focusing on national coal power leaders such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [5] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company is a leading player in the Anhui thermal power sector, benefiting from the support of its controlling shareholder, with a steady increase in equity installed capacity [2][19]. - The company is strategically expanding its operations in Xinjiang while maintaining a strong foundation in Anhui, with a focus on enhancing profitability through efficient power generation [3][41]. - The company is accelerating its energy transition by actively developing renewable energy, energy storage, and pumped storage projects, which are expected to significantly boost its future growth [4][76]. Summary by Sections 1. Anhui Thermal Power Leader, Dual Control Progress - The company is the core platform of the Anhui Energy Group, with a focus on integrating power assets and developing its power business [13]. - As of Q1 2025, the company has a total installed capacity of 14.66 GW, with a significant portion from coal-fired power [19][41]. - The company holds a 23.7% share of the provincial thermal power capacity in Anhui, leading the market [19]. 2. Solid Foundation in Thermal Power, Strategic Layout in Xinjiang - The company has a total of 14.07 GW of thermal power in operation, primarily in Anhui and Xinjiang [3][41]. - The company is leveraging the "Electricity from Xinjiang to Anhui" initiative to enhance its operational efficiency and profitability [42]. - The expected increase in electricity demand in Anhui supports the utilization hours of the company's power generation units [46]. 3. Green Energy Initiatives and Accelerated Energy Transition - The company plans to increase its renewable energy capacity to 1.25 million kW by 2025, representing a 724% year-on-year growth [4][83]. - The company has established a chemical energy storage project and is actively pursuing pumped storage projects [4][77]. - The controlling shareholder has committed to injecting renewable energy assets into the company, further enhancing its growth potential [76]. 4. Earnings Forecast and Investment Recommendations - The company is projected to achieve revenues of 32.09 billion, 30.72 billion, and 30.29 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.18 billion, 2.34 billion, and 2.44 billion yuan [4][80]. - The report anticipates a steady growth in earnings, with a projected PE ratio of 7.7, 7.2, and 6.9 for the next three years [4][80].

Investment Rating - The investment rating for the power industry is "Positive" [2] Core Insights - The report highlights that the wind and solar installations are reaching a peak, while thermal power generation has turned from negative to positive growth [1][3] - The introduction of connection mechanisms in Inner Mongolia and Xinjiang has put pressure on incremental projects, with varying levels of protection for existing and new projects [3][10] - The report anticipates that the profitability of the power sector is likely to improve and undergo a value reassessment due to the easing of power supply and demand tensions [4][11] Monthly Sector and Key Listed Company Performance - In June, the power and utilities sector declined by 0.5%, underperforming the broader market, while the CSI 300 index rose by 2.5% [12][4] - The top three performing companies in the power sector for June were Guodian Power (5.91%), Inner Mongolia Huadian (1.73%), and Yangtze Power (-0.20%) [14][4] Monthly Power Demand Analysis - In May 2025, total electricity consumption increased by 4.40% year-on-year, with industrial electricity consumption showing a slight decline [17][19] - The electricity consumption growth rates for the primary, secondary, and tertiary industries were 8.40%, 2.10%, and 9.40% respectively [19][27] Monthly Power Supply Analysis - In May 2025, total electricity generation increased by 0.50% year-on-year, with thermal power generation rising by 1.20% [38][39] - The average utilization hours for different power generation types in May were as follows: thermal power 1644 hours, hydro power 1023 hours, nuclear power 3237 hours, wind power 952 hours, and solar power 460 hours [4][39] Monthly Power Market Data - The average purchase price of electricity in July was 367.34 RMB/MWh, a decrease of 4.41% month-on-month and 6.05% year-on-year [4][11] Investment Recommendations - The report suggests that coal-electricity integrated companies and national coal-electric leaders are likely to benefit from the ongoing market reforms and improved profitability [4][11] - Recommended companies include Xinji Energy, Shaanxi Energy, and Huaihe Energy among others [4][11]