证券代码：000543 证券简称：皖能电力 公告编号：2025-29 （1）现场会议时间：2025 年 5 月 22 日（星期四）14:30。 安徽省皖能股份有限公司 2024 年度股东大会决议公告 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 （一）会议召开情况 1.召开时间： （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2025 年 5 月 22 日上午 9:15 至 9:25，9:30 至 11:30，下午 13:00 至 15:00；通过深圳证券交易所互联网投票的具体时间为 2025 年 5 月 22 日上午 9:15—下午 15:00。 2.现场会议召开地点：安徽省合肥市马鞍山路 76 号能源大厦三楼会议室。 3.召开方式：现场投票与网络投票相结合的方式。 4.召集人：公司董事会。 5.主持人：公司董事长李明先生。 6.会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章 程等规定 ...

Macro Strategy - The central bank's balance sheet is expected to continue shrinking due to the recent reserve requirement ratio cut, which may lead to further "balance sheet reduction" [1][8] - The US-China trade negotiations have boosted market confidence, resulting in a significant rise in US Treasury yields and a drop in gold prices [1][10] - The April US CPI showed an unexpected decline, but concerns about tariff risks remain, leading to cautious inflation outlooks [1][10] Fixed Income - The report analyzes the common characteristics of city investment platforms eligible to issue technology innovation bonds, emphasizing the importance of external ratings and financial independence from local governments [2][12] - City investment platforms with high credit ratings and low dependence on local government support are more likely to successfully issue technology innovation bonds [2][13] Industry - The issuance of the "Ecological Environment Protection Supervision Work Regulations" aims to enhance environmental governance and support high-quality development [3][14] - The solid waste sector is expected to see improved cash flow and dividend payouts due to reduced capital expenditures and enhanced operational efficiency [3][15] - The public utility sector is witnessing regulatory changes in Guangdong, which may impact the pricing mechanisms for renewable energy projects [4][17] Company Recommendations - The report recommends focusing on investment opportunities in hydropower and thermal power as summer approaches, highlighting specific companies such as China Yangtze Power and Huadian International [4][17] - The growth potential of nuclear power is emphasized, with several new approvals expected to enhance profitability and dividends [4][17] - The report suggests that green energy companies may benefit from improved asset quality and government support for historical subsidy issues [4][17] Specific Company Insights - Ruoyu Chen is positioned as a leading digital brand management company, with significant growth expected in its health product segment and an upward revision of profit forecasts for 2025-2027 [5][6] - Chunqiu Electronics is experiencing steady revenue growth driven by the recovery in the PC market and the ramp-up of its magnesium alloy business for automotive applications [6][7]

Macro Strategy - The report highlights that the overlap of population peak and consumption peak from 2025 to 2035 may lead to more optimistic growth in total consumption compared to 2020-2025, as the proportion of the population aged 40-49 is expected to increase from 13.8% to 15.9% [1][9][10] - The analysis indicates that the age structure of consumption in China has shown a U-shaped curve, with the highest consumption occurring between the ages of 30-40, driven by significant expenditures such as marriage, housing, and vehicles [9][10] - The report suggests that the consumption patterns will shift from a younger demographic to a middle-aged demographic, with the potential for increased consumption in categories such as education and entertainment as the population ages [9][10] Fixed Income - The report discusses the characteristics of city investment platforms that are eligible to issue technology innovation bonds, emphasizing that platforms with AAA ratings and located in core provincial cities are more likely to succeed in this market [3][16] - It notes that the participation of city investment entities in the technology bond market is currently low due to their focus on public service and limited engagement in technology innovation projects [3][16] - The report identifies that the primary use of funds raised through technology bonds by city investment platforms is to repay existing debts, indicating a cautious approach to new financing [3][16] Industry - The report outlines the issuance of the "Ecological Environment Protection Supervision Work Regulations" by the central government, which aims to enhance environmental governance and promote high-quality development [5][16] - It emphasizes that the solid waste sector is expected to see improved cash flow and dividend payouts as capital expenditures decrease, with several companies projected to increase their dividends significantly in the coming years [5][16] - The report recommends several companies in the environmental sector, highlighting their strong dividend policies and potential for growth in a maturing market [5][16]

Investment Rating - The report maintains an "Accumulate" rating for the utility sector [1]. Core Insights - The report highlights the ongoing consultation on the detailed rules of Document No. 136 in Guangdong, which sets a cap on the incremental mechanism electricity volume at 90%. Different types of renewable energy will be auctioned separately, with the first auction scheduled for mid-2025 [4]. - China Securities Regulatory Commission has approved Huadian New Energy's IPO application, aiming to raise 18 billion yuan for renewable energy projects [4]. - The report tracks key industry data, including a 3% year-on-year decrease in electricity purchase prices in May 2025, a 2.5% increase in total electricity consumption in the first quarter of 2025, and a 0.3% decrease in total power generation during the same period [4][39][14]. Summary by Sections 1. Market Review - The SW utility index increased by 0.08% from May 12 to May 16, 2025, with notable gains in solar and hydropower sectors [9]. - The top-performing stocks included Jingyuntong (+34.3%) and Hongtong Gas (+22.0%), while the worst performers were Mindong Power (-7.0%) and Huadian Energy (-7.8%) [10]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption in Q1 2025 reached 2.38 trillion kWh, a 2.5% year-on-year increase, with growth in all sectors [14]. 2.2. Power Generation - Total power generation in Q1 2025 was 2.27 trillion kWh, down 0.3% year-on-year, with declines in thermal power and increases in hydropower, nuclear, wind, and solar [22]. 2.3. Electricity Prices - The average electricity purchase price in May 2025 was 394 yuan/MWh, a 3% decrease year-on-year [39]. 2.4. Thermal Power - The price of thermal coal at Qinhuangdao port was 614 yuan/ton, down 28.6% year-on-year [43]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was normal, with inflow and outflow decreasing by 21.3% and 27.6% year-on-year, respectively [51]. 2.6. Nuclear Power - In 2024, 11 nuclear units were approved, indicating a positive growth trajectory for the sector [22]. 2.7. Green Energy - The report emphasizes the recovery of asset quality in green energy, with a focus on companies like Longjing Environmental Protection [4]. 3. Important Announcements - The report includes significant announcements regarding the approval of IPOs and regulatory changes affecting the utility sector [4].

Investment Rating - The report maintains an "Accumulate" rating for the utility sector [1]. Core Insights - The report highlights the ongoing consultation regarding the detailed implementation of Document No. 136 in Guangdong, which includes a bidding mechanism for new energy projects with a maximum electricity scale of 90% [4]. - China Securities Regulatory Commission has approved Huadian New Energy's IPO application, aiming to raise 18 billion yuan for renewable energy projects [4]. - The report tracks key industry data, including a 3% year-on-year decrease in electricity purchase prices and a 2.5% increase in total electricity consumption in the first quarter of 2025 [4][39]. Summary by Sections 1. Market Review - The SW utility index increased by 0.08% from May 12 to May 16, 2025, with notable performances in solar and hydropower sectors [9]. - The top five gainers included Jingyuntong (+34.3%) and Hongtong Gas (+22.0%), while the biggest losers were Mindong Power (-7.0%) and Huadian Energy (-7.8%) [10]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption in Q1 2025 reached 2.38 trillion kWh, a 2.5% year-on-year increase, with growth in all sectors [14]. 2.2. Power Generation - Cumulative power generation in Q1 2025 was 2.27 trillion kWh, down 0.3% year-on-year, with declines in thermal power generation [22]. 2.3. Electricity Prices - The average electricity purchase price in May 2025 was 394 yuan/MWh, down 3% year-on-year [39]. 2.4. Thermal Power - The price of thermal coal at Qinhuangdao port was 614 yuan/ton, down 28.6% year-on-year [43]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was 156.81 meters, with inflow and outflow rates down 21.3% and 27.6% year-on-year, respectively [51]. 2.6. Nuclear Power - In 2024, 11 nuclear units were approved, indicating a positive growth trajectory for the sector [22]. 2.7. Green Energy - Wind and solar power installations saw a year-on-year increase of 30.5% and a decrease of 5.7%, respectively, in Q1 2025 [4]. 3. Investment Recommendations - Focus on investment opportunities in hydropower and thermal power during peak summer demand [4]. - Recommended stocks include Jiangsu Power, Huadian International, and China Nuclear Power [4].

Group 1: Energy Sector Insights - The report highlights the uncertainty surrounding the entry of new energy sources under Document No. 136, but emphasizes that the dual carbon strategy remains a steadfast guiding principle for China's energy development, suggesting a preference for undervalued quality wind power operators [1] - The new regulations from the China Securities Investment Fund Industry Association and the China Securities Regulatory Commission are expected to significantly impact the asset management industry's behavior, particularly favoring public utilities as a major beneficiary [2][4] - The analysis indicates that the four major hydropower companies have consistently ranked in the top 4% of the entire A-share market in terms of risk-return ratio over the past five years, with leading thermal power companies also performing well [3] Group 2: Investment Recommendations - The report recommends focusing on hydropower companies with strong risk resistance and undervalued quality thermal power operators benefiting from declining coal prices, while also suggesting a preference for quality wind power operators [5] - Specific recommendations include: Hydropower: Guotou Power, Changjiang Power, Chuan Investment Energy; Wind Power: Longyuan Power (H), Goldwind Technology (H), Xintian Green Energy, Datang New Energy, China General Nuclear Power; Thermal Power: Waneng Power, Shanghai Electric, China Resources Power, Huadian International, Sheneng Shares [5] - The report also suggests monitoring companies that benefit from the construction of new power systems and those with high risk-return ratios, such as Guodian NARI, Siyi Electric, Pinggao Electric, and Dongfang Electronics [5] Group 3: Energy Storage Developments - The report notes a significant increase in domestic orders for energy storage systems, with a focus on improving the profitability of energy storage stations through various measures, particularly in Shandong province [6] - The overseas demand for energy storage remains strong, with a reported 756.72% year-on-year growth in overseas orders for the first quarter of 2025, approaching a total of 100 GWh [6] - Key suppliers in the energy storage sector, such as Sungrow Power Supply, CATL, and Aters, are expected to benefit from these trends [7]

Core Insights - Environmental risks are increasingly recognized as significant operational risks for listed companies, impacting both their development and public image [2][4] Group 1: Environmental Violations and Penalties - Lu'an Huanneng was fined 450,000 yuan for commencing production without obtaining environmental impact assessment (EIA) approval for its coal mining project [2][4] - Xinji Energy's subsidiary was penalized 334,000 yuan for failing to verify the qualifications and capabilities of a waste disposal contractor [4][5] - China State Construction was fined 400,000 yuan for not preparing a construction waste disposal plan [6] Group 2: Impact on Shareholders - The five listed companies involved in environmental violations are state-controlled and collectively have 645,600 shareholders, indicating potential investment risks for these stakeholders [2] Group 3: Regulatory Framework and Public Disclosure - The increasing emphasis on ESG (Environmental, Social, and Governance) investment principles highlights the need for companies to prioritize sustainable development and disclose environmental data [7] - The legal framework supports public access to environmental information, enhancing transparency and accountability in corporate environmental practices [7]

2025 年 05 月 18 日 公用事业及环保产业行业研究 买入（维持评级） 行业周报 证券研究报告 公共事业与环保组 分析师：李蓉（执业 S1130525040001） lirong＠gjzq.com.cn 分析师：张君昊（执业 S1130524070001） zhangjunhao1＠gjzq.com.cn 分析师：唐执敬（执业 S1130525020002） tangzhijing＠gjzq.com.cn 联系人：汪知瑶 wangzhiyao＠gjzq.com.cn 从 GDP 增长的归因分析看电力消费弹性系数的变化 ◼ 本周（5.12-5.16）上证综指上涨 0.76%，创业板指上涨 1.38%。碳中和板块上涨 0.30%，公用事业板块上涨 0.24%， 环保板块上涨 0.17%,煤炭板块上涨 1.81%。 ◼ 火电板块：我们建议关注发电资产主要布局在电力供需偏紧、发电侧竞争格局较好的龙头火电企业，如华能国际、 华电国际。水电：建议关注水电运营商龙头长江电力。核电：建议关注电价市场化占比提升背景下，核电龙头企 业中国核电。 敬请参阅最后一页特别声明 1 ◼ 历年来 GDP 增长的刺激因子发生结构性变 ...

Investment Rating - The report maintains a "Buy" rating for key stocks in the power sector, including Huadian International, Huaneng International, Datang Power, and Jianou Energy, as well as leading fire power renovation equipment manufacturers like Qingda Environmental Protection [3][8]. Core Viewpoints - The Guangdong government has issued Document No. 136, focusing on incremental projects with a clear mechanism for a 90% electricity volume cap and long execution periods [3][12]. - Compared to Shandong's conservative approach to existing projects, Guangdong's plan emphasizes detailed competition for incremental projects, which is expected to enhance market-driven price formation [12][13]. - The report suggests paying attention to green power operators with a higher proportion of existing projects and short-term revenue certainty, as well as those with long-term cost reduction and efficiency advantages [3][12]. Summary by Sections Industry Overview - The report highlights the recent performance of the power sector, with the Shanghai Composite Index closing at 3367.46 points, up 0.76%, and the CSI 300 Index at 3889.09 points, up 1.12% [58]. - The CITIC Power and Utilities Index closed at 2912.72 points, up 0.29%, underperforming the CSI 300 Index by 0.82 percentage points [58]. Key Developments - The Guangdong Provincial Power Trading Center has released draft rules for the sustainable development price settlement mechanism for new energy incremental projects, emphasizing competitive bidding [3][12]. - The report notes a decline in coal prices to 629 RMB/ton, which may impact fire power profitability [15]. - Water inflow at the Three Gorges Dam has decreased by 26.09% year-on-year, while outflow has dropped by 25.14% [31]. Market Trends - The report indicates a drop in silicon material prices to 37 RMB/KG and a decrease in mainstream silicon wafer prices to 1.12 RMB/PC, suggesting potential improvements in photovoltaic project returns [41]. - The national carbon market saw a price increase of 0.80% this week, with a total trading volume of 3.67 million tons and a total transaction value of 266 million RMB [53]. Recommended Stocks - The report recommends focusing on undervalued green power stocks, particularly those listed in Hong Kong, as well as wind power operators like Xintian Green Energy and Longyuan Power [3][8].

广东出台机制电价，东北辅助服务运行愈发完善 2025 年 05 月 18 日 电力及公用事业行业周报(25WK20) ➢ 本周专题：广东省机制电价出炉，保障比例不超过 90%。文件表示，2025 年中期，广东将组织首次竞价交易，范围为 2025 年 6 月 1 日后投产、核准、备 案的新能源项目，参与首次竞价的项目需在 2025 年 12 月 31 日前投产。竞价电 量规模由广东省发改委、能源局确定，并在竞价前公布，申报信息包括机制电量 比例、机制电价等。机制电量比例申报上限与存量项目机制电量比例衔接，不高 于 90%。 东北电力辅助服务规则的升级主要的两方面：1）增设旋转备用交易品种，实现辅 助服务市场"压低谷、顶尖峰"全覆盖。2） 对原有深度调峰补偿机制进行了完 善。《东北电力辅助服务市场运营规则（暂行）》在东北电网经过半年模拟运行， 于 7 月 1 日正式启动试运行并实际结算。4 月 29 日，国家发改委、国家能源局 正式印发《电力辅助服务市场基本规则》，其中明确，经营主体包括发电企业、 售电企业、电力用户和新型经营主体。截至 2024 年，全国已有 16 个省建立调 峰市场、15 个省建立调频市场、6 ...