多地发布"136"号文衔接机制，风光抢装潮持续 [Table_Industry] —电力行业 4 月月报 [Table_ReportDate] 2025 年 6 月 6 日 证券研究报告 行业研究 [行业月报 Table_ReportType] 电电力行业 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：011-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用行业联席首席分析师 执业编号：S1500522070001 联系电话：011-83326723 邮 箱： lichunchi@cindasc.com 化工行业： 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 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大 ...

Investment Rating - The investment rating for the electricity industry is "Positive" [2] Core Insights - The report highlights the implementation of the "136" document mechanism in multiple regions, leading to a surge in renewable energy installations. The specific measures vary across regions, impacting the development of new energy projects significantly [3][8] - The report anticipates that the domestic electricity sector may experience profit improvement and value reassessment following several rounds of supply-demand tensions. Despite a gradual easing of supply-demand conflicts, some economically developed areas still face regional supply shortages [4][10] Summary by Sections Monthly Special Topic - The "136" document has been implemented in Shandong, Guangdong, and Inner Mongolia, with varying measures affecting the protection of existing projects and the execution of new projects [9][10] Monthly Sector and Key Listed Company Performance - In May, the electricity and public utilities sector rose by 2.3%, outperforming the broader market, while the Shanghai and Shenzhen 300 index increased by 1.8% [11][14] Monthly Electricity Demand Analysis - In April 2025, total electricity consumption reached 772.1 billion kWh, with a year-on-year growth of 4.7%. The growth rates for different sectors were 13.8% for primary industry, 3.0% for secondary industry, and 9.0% for tertiary industry [16][19] Monthly Electricity Production Analysis - In April 2025, total electricity generation was 711.1 billion kWh, with a year-on-year increase of 0.9%. Notably, wind and solar power generation saw significant growth of 12.7% and 16.7%, respectively [38][39] Monthly Electricity Market Data Analysis - The average purchase price of electricity in June was 385.80 yuan/MWh, showing a decrease of 1.02% month-on-month and 2.78% year-on-year [4] Investment Strategy and Valuation of Major Listed Companies - The report suggests that coal-electricity integrated companies and national coal-electricity leaders are likely to benefit from the current market conditions. Specific companies mentioned include Xinji Energy, Shaanxi Energy, and Huaneng International [4][10]

Group 1 - The core viewpoint emphasizes the importance of state-owned enterprises (SOEs) in driving local economic growth and stability through significant project investments and collaborations [2][3] - The Jianggao Road Phase II renovation project at the Taizhou South Railway Station is a key infrastructure initiative, with a completion target of 30 months, showcasing the active construction environment in Taizhou [1] - A total of 21 projects with a combined investment of approximately 443 billion yuan were signed at the Taizhou Central and Local SOE Collaborative Development Forum, indicating a strong commitment to local economic development [2] Group 2 - The establishment of the Central and Local SOE Party Building Alliance, which includes 64 entities, aims to enhance resource sharing and collaboration across various industries in Taizhou [2] - Taizhou has successfully attracted 72 cooperative projects with central and provincial enterprises, totaling 1,413 billion yuan in investments, highlighting the city's strategic partnerships [2] - The focus on integrating state-owned capital with social capital through high-quality projects is a key strategy for supporting sustainable economic development in Taizhou [3] Group 3 - The city is actively enhancing its transportation infrastructure with the construction of two high-speed rail lines, aiming to leverage its geographical advantages for broader connectivity [4] - Taizhou is fostering innovation by creating industry innovation platforms and a dual pyramid R&D matrix to ensure seamless integration between the innovation chain and the industrial chain [4] - The city is committed to improving its business environment to attract enterprises and talent, promoting Taizhou as a favorable destination for investment [4]

Core Viewpoint - The 2024 Shanghai Stock Exchange main board high dividend return performance briefing highlighted the strong commitment of listed companies to cash dividends and ESG initiatives, showcasing their resilience and growth potential [1] Cash Dividends - Companies continue to show enthusiasm for cash dividends, with Shenneng Co. planning to distribute 4.5 yuan per 10 shares, totaling 2.202 billion yuan, which is 55.84% of its 2024 net profit [2] - Xinhua Wenshu plans to distribute 4.1 yuan per 10 shares, amounting to 506 million yuan, maintaining a stable growth trajectory since its listing [2] - Guangzhou Development will distribute 2.7 yuan per 10 shares, totaling 947 million yuan, with a dividend payout ratio of approximately 54.67% of its net profit [3] - Yanzhou Coal Mining Company plans to distribute 7.7 yuan per 10 shares, totaling 7.731 billion yuan, with a dividend payout ratio increasing from 35% to 60% since its listing [3] ESG Initiatives - Companies are increasingly focusing on ESG standards and sustainable development as a core part of their business strategies [4] - Guangzhou Development is accelerating its low-carbon transition, with nearly 70% of its installed capacity in green low-carbon energy, and plans to integrate into new energy systems by 2025 [5] - Shenneng Co. has made significant strides in renewable energy projects, including successful wind farm integrations and ongoing solar projects [5] - Xinhua Wenshu is investing in technology innovation, with a 52.47% increase in R&D expenses, focusing on AI in content production to maintain its leading position in the book e-commerce sector [5] - Yanzhou Coal Mining Company has prioritized ESG efforts, consistently publishing ESG reports for 16 years and achieving the highest MSCI ESG rating among Chinese coal companies [6]

Core Points - The 2025 Shanghai International Carbon Neutral Technology, Products, and Achievements Expo officially opened on June 5, 2025, focusing on the theme "Towards Carbon Neutrality" [1] - The expo features three main components: thematic exhibitions, a series of forums, and trade matchmaking, covering an exhibition area of 40,000 square meters with over 300 renowned companies from 15 countries and regions participating [4] Group 1: Event Overview - The expo is themed "Towards Carbon Neutrality" and emphasizes "Application-Driven Green Transformation" [4] - The exhibition includes immersive experiences related to sustainable living, showcasing five major themes: clothing, food, housing, transportation, and daily necessities [4] Group 2: Key Exhibitors - Ernst & Young (EY) stands out at the expo, focusing on sustainable innovation, AI empowerment, and international expansion, showcasing its achievements in the green economy [7] - EY introduced the "EY Intelligent Q&A 2.0" solution, which integrates AI technology to enhance decision-making efficiency and redefine professional service interactions [7] Group 3: Shanghai's Role - Shanghai is leveraging institutional innovation and regional collaboration to empower global sustainable development, establishing a "1+1+N" dual-carbon policy system [8] - The city aims to create a replicable and scalable green governance model, enhancing its role as a leader in ESG practices [8] Group 4: Carbon Peak Pilot Projects - The National Carbon Peak Pilot Results Exhibition highlights the development path of carbon peak pilot projects, focusing on policy improvement, governance intelligence, and green low-carbon trials [12] - The exhibition showcases five major actions for pilot construction, including policy innovation, zero-carbon smart buildings, and green low-carbon urban development [12][14] Group 5: Energy Sector Participation - Sheneng Group, a core exhibitor, presents its comprehensive green low-carbon energy solutions, including technologies for producing methanol from livestock waste and municipal solid waste [23] - The group is constructing a 100,000-ton green methanol project in Shanghai to meet the port's demand of 400,000 to 500,000 tons per year [23] Group 6: Innovative Materials - BASF's exhibition features recyclable products made from bamboo carbon fiber, demonstrating the potential for sustainable materials in everyday items [24]

Summary of Key Points Core Viewpoint - The trading volume of non-monetary ETFs reached 200.295 billion yuan on June 5, 2025, with 50 ETFs exceeding 1 billion yuan in trading volume. The market is showing significant activity in various ETF categories, particularly in bond and thematic ETFs [1]. Trading Volume and Performance - The top three ETFs by trading volume are: - Shanghai Company Bond ETF (511070.SH) with 9.303 billion yuan - Credit Bond ETF Fund (511200.SH) with 7.585 billion yuan - Credit Bond ETF (511190.SH) with 6.500 billion yuan [4] - The average daily trading volume for the Shanghai Company Bond ETF over the last five days is 7.184 billion yuan, indicating increased activity [2]. Turnover Rate - The highest turnover rates are observed in: - Benchmark National Bond ETF at 249.89% - 0-4 Local Bond ETF at 163.00% - Saudi ETF at 160.18% [7] - The Shanghai Company Bond ETF has a recent turnover rate of 66.04% over the last five days, showing significant trading activity [2]. Thematic ETFs - Thematic ETFs include: - Hong Kong Innovative Drug ETF - Hong Kong Securities ETF - Hang Seng Technology Index ETF - Hang Seng Technology ETF [1] - The Hong Kong Innovative Drug ETF (520500.SH) has a trading volume increase of 38.70% compared to the previous trading day [3]. ETF Performance Metrics - The Hang Seng Innovative Drug ETF has a recent trading volume of 4.62 billion yuan over the last five days, with a notable increase in trading activity [3]. - The Green Power ETF (159669.SZ) has a recent trading volume of 1.06 billion yuan and is focused on the public utility sector [8]. Market Volatility - The top three ETFs by volatility are: - China Securities 2000 Index ETF with a volatility of 10.50% - Green Power ETF with 10.46% - Yangtze River Protection Theme ETF with 9.29% [11]

申能股份有限公司 第四十六次（2024 年度） 股东大会文件 二〇二五年六月二十日 申能股份第四十六次（2024 年度）股东大会文件 关于续聘大华会计师事务所（特殊普通合伙）为公司 2025 年度财务 关于续聘大华会计师事务所（特殊普通合伙）为公司 2025 年度内部 关于公司向银行间交易商协会申请统一注册发行非金融企业债务融 申能股份第四十六次（2024 年度）股东大会文件 股东大会须知 一、本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式。股东通过上海证券交易所股东大会网络投票系统行使 表决权的，既可以登陆交易系统投票平台（通过指定交易的证券 公司交易终端）进行投票，也可以登陆互联网投票平台（网址： vote.sseinfo.com）进行投票。 二、股东通过上海证券交易所股东大会网络投票系统行使表决权， 如果其拥有多个股东账户，可以使用持有公司股票的任一股东账 户参加网络投票。投票后，视为其全部股东账户下的相同类别普 通股或相同品种优先股均已分别投出同一意见的表决票。 三、同一表决权通过现场、上海证券交易所网络投票平台重复进 行表决的，以第一次投票结果为准。 四、股东对所有议案均表决完毕才能 ...

申能股份有限公司 第四十六次（2024 年度） 股东大会文件 二〇二五年六月二十日 1 申能股份第四十六次（2024 年度）股东大会文件 文件目录 | 申能股份有限公司第四十六次（2024 年度）股东大会议程 5 | | --- | | 申能股份有限公司 2024 年度董事会工作报告 7 | | 申能股份有限公司 年度监事会工作报告 19 2024 | | 申能股份有限公司 2024 年度财务决算报告 26 | | 申能股份有限公司 2024 年度利润分配方案 31 | | 申能股份有限公司 年度财务预算报告 2025 33 | | 关于续聘大华会计师事务所（特殊普通合伙）为公司 2025 年度财务 | | 报告审计机构的报告 35 | | 关于续聘大华会计师事务所（特殊普通合伙）为公司 年度内部 2025 | | 控制审计机构的报告 39 | | 关于公司注册发行可续期公司债券的报告 43 | | 关于公司向银行间交易商协会申请统一注册发行非金融企业债务融 | | 资工具的报告 46 | | 关于修订《公司章程》的议案 48 | | 关于选举公司第十一届董事会董事的议案 129 | | 申能股份有限公司独立 ...

Investment Rating - The report maintains an "Accumulate" rating for the utility sector [1] Core Insights - The implementation plan for Document No. 136 of the Inner Mongolia Electric Power Grid has been officially released, promoting the development of green electricity direct connection [5] - The National Development and Reform Commission and the National Energy Administration are orderly advancing the development of green electricity direct connection [5] - The average purchasing price of electricity from the grid in May 2025 decreased by 3% year-on-year, while it increased by 0.4% month-on-month [42] - The price of thermal coal at Qinhuangdao port was 611 RMB/ton as of May 30, 2025, showing a year-on-year decrease of 28.6% [47] Summary by Sections 1. Industry Overview - The report highlights the official release of the implementation plan for the Inner Mongolia Electric Power Grid, which includes market-oriented reforms for renewable energy pricing [5] - The report notes that the proportion of renewable energy in the Inner Mongolia market reached 91% in 2024 [5] 2. Electricity Consumption - Total electricity consumption from January to April 2025 was 3.16 trillion kWh, reflecting a year-on-year increase of 3.1% [14] - The growth rate of electricity consumption in the primary, secondary, and tertiary industries was 10.0%, 2.3%, and 6.0% respectively [14] 3. Power Generation - Cumulative power generation from January to April 2025 was 2.98 trillion kWh, with a year-on-year increase of 0.1% [25] - The growth rates for different power sources were as follows: thermal power -4.1%, hydropower +2.2%, nuclear power +12.7%, wind power +10.9%, and solar power +19.5% [25] 4. Electricity Prices - The average purchasing price of electricity from the grid in May 2025 was 394 RMB/MWh, down 3% year-on-year [42] 5. Coal Prices - The price of thermal coal at Qinhuangdao port was 611 RMB/ton as of May 30, 2025, with no change week-on-week [47] 6. Hydropower - As of May 31, 2025, the water level at the Three Gorges Reservoir was 154.81 meters, which is normal compared to previous years [55] - The inflow and outflow rates at the Three Gorges Reservoir decreased by 14.1% and 33.1% year-on-year respectively [55] 7. Investment Recommendations - The report suggests focusing on investment opportunities in hydropower and thermal power during the peak summer season [5] - Key recommendations include companies such as China Nuclear Power and Longjiang Power for nuclear and hydropower investments respectively [5]

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 蒙东电网 136 号文实施方案正式出台，国家 有序推进绿电直连发展 增持（维持） [Table_Tag] [投资要点 Table_Summary ] ◼ 风险提示：需求不及预期、电价煤价波动风险、流域来水不及预期等 2025 年 06 月 03 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 任逸轩 执业证书：S0600522030002 renyx@dwzq.com.cn 行业走势 -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 2024/6/3 2024/10/1 2025/1/29 2025/5/29 公用事业 沪深300 相关研究 《需求偏弱国内气价回落，储库推进 欧洲气价回落》 2025-06-03 《库存大幅增长美国气价回落，需求 偏弱国内气价回落，库存偏低欧洲气 价微增》 2025-05-26 东吴证券研究所 1 / 19 请务必阅读正文之后的免责声明部分 ◼ 本周核心观点：1）蒙东电网 136 号文实施方案正式出台 ...