2.债券名称：安徽省皖能股份有限公司 2024 年度第二期中期票据 3.债券简称：24 皖能股 MTN002 股票代码：000543 股票简称：皖能电力 公告编号：2025-33 安徽省皖能股份有限公司 关于 2024 年度第二期中期票据付息公告 安徽省皖能股份有限公司（以下简称"公司"或"本公司"）及董事会全 体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或 重大遗漏。 为保证 24 皖能股 MTN002（债券代码：102482899）付息工作的顺利进行， 方便投资者及时领取付息资金，现将有关事宜公告如下： 一、本期债券基本情况 1.发行人：安徽省皖能股份有限公司 4.债券代码：102482899 5.发行总额：5 亿元 6.本计息期债券利率：2.23% 7.付息日：2025 年 7 月 8 日 二、付息办法 托管在银行间市场清算所股份有限公司的债券，其付息资金由银行间市场清 算所股份有限公司划付至债券持有人指定的银行账户。债券付息日或到期付息日 如遇法定节假日，则划付资金的时间相应顺延。债券持有人资金汇划路径变更， 应在付息前将新的资金汇划路径及时通知银行间市场清算所股份有限公司。因债 ...

5 月份全社会用电量同比增长 4.4%，规上工业天然气产量同比增长 9.1% 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 6 月 23 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 公用事业 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 化工行业： 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@c ...

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - In May 2025, the total electricity consumption increased by 4.4% year-on-year, with a total of 809.6 billion kWh consumed [4][6]. - The electricity price in May 2025 saw a year-on-year decrease of 3% but a slight month-on-month increase of 0.4% [40]. - The report highlights significant growth in various sectors, with the first industry showing an 8.4% increase, the second industry at 2.1%, and the third industry at 9.4% [4][13]. Summary by Sections 1. Market Review - The SW utility index decreased by 1.13% during the week of June 16-20, 2025, with notable declines in nuclear, water, and thermal power sectors [9][12]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption from January to April 2025 reached 3.16 trillion kWh, reflecting a year-on-year increase of 3.1% [13]. - The growth rates for different sectors were: first industry +10.0%, second industry +2.3%, third industry +6.0%, and urban-rural residential consumption +2.5% [13][14]. 2.2. Power Generation - Cumulative power generation from January to April 2025 was 2.98 trillion kWh, with a slight year-on-year increase of 0.1% [22]. - The breakdown of generation by source showed thermal power down by 4.1%, water power up by 2.2%, nuclear power up by 12.7%, wind power up by 10.9%, and solar power up by 19.5% [22]. 2.3. Electricity Prices - The average grid purchase price in May 2025 was 394 RMB/MWh, down 3% year-on-year [40]. 2.4. Thermal Power - As of June 20, 2025, the price of thermal coal was 609 RMB/ton, a decrease of 29.84% year-on-year [45]. - The cumulative installed capacity of thermal power reached 1.46 billion kW, with a year-on-year increase of 4.1% [47]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was 149.15 meters, consistent with previous years, and inflow and outflow rates increased by 19.72% and 63.96% respectively [53]. 2.6. Nuclear Power - In 2024, 11 new nuclear units were approved, indicating a positive growth trajectory for the sector [22]. 2.7. Renewable Energy - Wind and solar power saw significant increases in installed capacity, with wind power up by 18.5% and solar power up by 74.6% [22]. 3. Investment Recommendations - The report suggests focusing on investment opportunities in hydropower and thermal power during the peak summer season, recommending specific companies such as China Yangtze Power and Huaneng International [4].

证券研究报告 | 行业周报 gszqdatemark 2025 06 22 年 月 日 电力 火电出力由降转增，1-5 月绿电交易电量增长近 50% 本周行情回顾：本周（6.16-6.20）上证指数报收 3359.90 点，下跌 0.51%，沪深 300 指数 报收 3846.64 点，下跌 0.45%。中信电力及公用事业指数报收 2913.94 点，下跌 1.14%， 跑输沪深 300 指数 0.68pct，位列 30 个中信一级板块涨跌幅榜第 11 位。 本周行业观点： ➢ 5 月火电发电增速由负转正，水电降幅扩大。根据国家统计局发布数据，5 月份全国 规上发电量 7378 亿千瓦时，同比增长 0.5%，增速比 4 月份放缓 0.4pct；日均发电 238.0 亿千瓦时。1—5 月份，工业发电量 37266 亿千瓦时，同比增长 0.3%，扣除天 数原因，日均发电量同比增长 1.0%。 分品种看，5 月单月，规上工业火电由降转增，水电降幅扩大，核电、风电、太阳能 发电增速放缓。其中，规上工业火电同比增长 1.2%，4 月份为下降 2.3%；规上工业 水电下降 14.3%，降幅比 4 月份扩大 7.8 个百分 ...

Group 1 - The core viewpoint of the article highlights how the integration of industrial internet and AI can enhance brand value, exemplified by the Kaos COSMOPlat platform, which has achieved a brand value of 116.335 billion yuan, an increase of 13.558 billion yuan from the previous year [1] - The World Brand Laboratory's report emphasizes that AI is now a central driving force in global brand strategy and digital supply chain management, facilitating a shift from product-centric to consumer-centric approaches [1] - The Kaos COSMOPlat platform has been recognized as a leading case in the development of industrial AI models, supporting over 45 high-value scenarios across nine industries, including home appliances and energy [3] Group 2 - The Kaos COSMOPlat platform has collaborated with Yanchang Petroleum to create an energy and chemical model, resulting in the development of 38 intelligent agents that enhance efficiency by an average of 20% in oil extraction and refining processes [3] - The platform's smart chemical park solutions have been implemented in over 30 chemical parks across more than 10 provinces, serving over 400 chemical enterprises [4] - In the Anhui Changfeng County industrial park, the energy utilization efficiency has improved by 20% and carbon emissions have been reduced by 15%, equivalent to the carbon absorption capacity of an additional 2,000 acres of forest [4]

证券代码：000543 证券简称：皖能电力 公告编号：2025-32 安徽省皖能股份有限公司 2024 年度分红派息实施公告 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。 本公司 2024 年度利润分配方案已获 2025 年 5 月 22 日召开的 2024 年度股 东大会审议通过。现将具体实施事宜公告如下： 一、股东大会审议通过利润分配方案情况 1.具体分配方案为：以公司现有总股本 2,266,863,331 股为基数，向全体股东 每 10 股派 3.19 元人民币现金（含税）；共计派现金红利 723,129,402.59 元；本 年度不送红股，不以资本公积金转增股本。 4.本次实施分配方案距离股东大会审议通过的时间未超过两个月。 2.自分配方案披露至实施期间公司股本总额未发生变化。 3.本次实施的分配方案与股东大会审议通过的分配方案一致。 本公司 2024 年年度权益分派方案为：以公司现有总股本 2,266,863,331 股为 基数，向全体股东每 10 股派 3.19 元人民币现金（含税；扣税后，通过深股通持 有股份的香港市场投资者、境外机构（含 QF ...

Core Viewpoint - The company has approved a profit distribution plan for the year 2024, which includes a cash dividend for shareholders [1] Summary by Relevant Sections - **Profit Distribution Plan**: The company will distribute a cash dividend of 3.19 RMB per 10 shares, totaling 723 million RMB, based on a total share capital of 2.267 billion shares [1] - **Key Dates**: The record date for the dividend distribution is June 24, 2025, and the ex-dividend date is June 25, 2025 [1] - **Eligible Shareholders**: The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited in Shenzhen as of the close of trading on June 24, 2025 [1]

Macro Strategy - Economic resilience is observed in May, with industrial added value increasing by 5.8% year-on-year and service production index rising by 6.2% year-on-year, indicating a slight weakening in industrial supply and a slight strengthening in services [1] - Retail sales grew by 6.4% year-on-year, showing a recovery in domestic demand, while fixed asset investment showed a cumulative year-on-year increase of 3.7%, reflecting a decline in investment growth [1] - The report highlights three distinct economic narratives: (1) sectors supported by policies such as infrastructure and durable goods consumption, (2) new productive forces with strong endogenous momentum, and (3) real estate and non-subsidized consumption sectors showing weaker performance [1] - The overall economic growth target of around 5% for the year is expected to be achieved, but the pace and structure of economic growth will depend on the evolution of these narratives [1] Industry Insights Construction and Decoration Industry - The State Council emphasizes the need to promote the construction of "good houses" and stabilize the real estate market, indicating potential policy support for real estate investment [10] - Infrastructure investment remains stable, with significant growth in water conservancy and transportation sectors, suggesting a focus on major infrastructure projects [10] - The report recommends focusing on state-owned enterprises and local state-owned enterprises with low valuations and stable performance, such as China Communications Construction and China Electric Power [10] Retail Industry - Non-American exports show resilience, with a focus on the strategic position of small commodity cities as export hubs [11] - The automotive sector is expected to perform well, driven by technological innovation and market dynamics, despite some challenges in the supply chain [11] Public Utilities Industry - Investment opportunities in hydropower and thermal power are highlighted, with recommendations for companies like China Power Investment and Huadian International [13] - The report notes the potential for growth in nuclear power and renewable energy sectors, with specific recommendations for companies involved in these areas [13] Renewable Energy and Storage - The report indicates a significant demand for energy storage in emerging markets, with expectations of a 20-30% growth in installations in the US [18] - Companies like CATL and BYD are recommended as leading players in the lithium battery sector, benefiting from the growing demand for energy storage solutions [18] Non-Banking Financial Industry - The insurance sector is expected to benefit from economic recovery and rising interest rates, with a focus on health and pension insurance [19] - The securities industry is poised for growth due to favorable market conditions and policy support, with recommendations for companies like CITIC Securities and China Ping An [19]

Core Viewpoint - Anhui-based listed company Waneng Power (000543.SZ) is set to receive a share buyback from its major shareholder, reflecting confidence in the company's future development prospects [1][5]. Shareholder Actions - Waneng Capital, a wholly-owned subsidiary of the controlling shareholder, plans to increase its stake in Waneng Power with an investment between 75 million and 150 million yuan [1][5]. - The controlling shareholder, Anhui Energy Group, and its affiliates hold a combined 56.74% of Waneng Power's shares, indicating a strong controlling position [1][5]. Financial Performance - Waneng Power's total assets reached 66.602 billion yuan by the end of 2024, nearly doubling from 33.692 billion yuan at the end of 2020 [11]. - The company reported a net profit attributable to shareholders of 2.064 billion yuan in 2024 and 444 million yuan in the first quarter of the same year [3][14]. - Cumulatively, Waneng Power has earned approximately 12.7 billion yuan since its listing [4][15]. Asset Acquisition and Transformation - Since 2019, Waneng Power has invested a total of 6.382 billion yuan to acquire assets from Anhui Energy Group, including renewable and clean energy projects [9][10]. - The company has been actively transforming its business model, focusing on becoming a leading integrated energy service provider [12]. Renewable Energy Initiatives - In 2024, Waneng Power's subsidiaries have successfully launched multiple solar power projects, contributing to its renewable energy portfolio [13]. - The company aims to enhance its development in renewable energy through various strategies, including independent development and external acquisitions [13]. Market Position - Waneng Power holds a leading position in the province's thermal power generation, with a 23.7% share of the operational thermal power capacity [12].

Investment Rating - The report maintains a "Positive" investment rating for the energy sector [3] Core Insights - The energy sector is transitioning from a state of local tightness to a balanced supply-demand situation during the 14th and 15th Five-Year Plans, with coal power utilization hours expected to decline under the dual carbon strategy [5][9] - The growth of coal power generation is closely linked to electricity demand growth and new photovoltaic installations, with projections indicating a significant drop in coal power generation in 2025 due to weak demand and increased solar capacity [13][14] - The hydrogen energy sector is expected to mature as the National Energy Administration initiates pilot projects, promoting the development of hydrogen production, storage, and application [19][22] Summary by Sections 1. Electricity - The electricity supply-demand balance has shifted from tight to balanced, with coal power utilization hours projected to return to 2020 levels under a 4.5% electricity demand growth assumption for 2025 [5][9] - Under a 5% electricity demand growth assumption, coal power utilization hours are expected to decline to over 3,000 hours during the 15th Five-Year Plan [5][9] - The total coal power generation is projected to decline in 2025 but may recover in 2026, with a stable trend expected from 2027 to 2028 [13][14] 2. Hydrogen Energy - The National Energy Administration has launched pilot projects to explore diverse pathways for hydrogen energy development, focusing on the entire hydrogen value chain [19][22] - The pilot projects will cover various aspects, including large-scale hydrogen production, storage, and applications in industries such as refining and power generation [21][22] - The report suggests that the hydrogen industry is likely to accelerate towards maturity, enhancing the economic viability of green hydrogen projects and increasing downstream demand [19][22] 3. Coal - Coal imports have decreased for three consecutive months, with a year-on-year decline of 17.75% in May 2025, indicating a tightening of supply [5][6] - The report highlights that domestic coal prices have significantly dropped, reducing the price advantage of imported low-calorie coal and exacerbating the price inversion for high-calorie coal [5][6] - The supply elasticity of imported coal has improved, suggesting a continued contraction in coal imports for the remainder of the year [5][6] 4. Recommended Companies - Key recommendations include major hydropower companies such as Guotou Power, Huaneng Hydropower, and Changjiang Power, as well as wind power companies listed in Hong Kong [18] - The report also suggests focusing on quality thermal power companies like Anhui Energy and Shanghai Electric, and traditional power equipment manufacturers like Dongfang Electric [18]