证券代码：600642 证券简称：申能股份 公告编号：2025-020 重要内容提示： 投资者可于 2025 年 5 月 29 日（星期四）至 6 月 4 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投 资者关系邮箱（zhengquan@shenergy.com.cn）进行提问。公司将在说 明会上就投资者普遍关注的问题进行回答。 申能股份有限公司（以下简称"公司"）已于 2025 年 4 月 30 日披 露公司 2024 年度报告，为进一步加强公司与投资者的沟通交流，让 广大投资者能深入了解公司经营情况、未来发展战略等，公司计划于 2025 年 6 月 5 日（星期四）下午 13:30-16:00 参加由上海证券交易所 举办的 2024 年度沪市主板高分红重回报专题集体业绩说明会，就投 资者普遍关注的问题进行交流。 一、 说明会类型 本次投资者说明会以"上证路演中心视频直播和网络互动"形式 会议召开时间：2025 年 6 月 5 日（星期四）下午 13:30-16:00 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.c ...

Group 1 - The 29th World Gas Conference was held in Beijing, marking the first time the event took place in China, with over 3,000 representatives from more than 70 countries and regions attending [1] - Since the integration of major oil and gas pipelines in China in 2020, natural gas transportation has exceeded 1 trillion cubic meters, with a daily peak delivery of over 1.1 billion cubic meters [1] - The National Pipeline Group showcased six core business achievements at the conference, including an open service trading platform that operates similarly to an e-commerce model, enabling quick responses to demand [1] Group 2 - The intelligent customer service system supports voice and text services, providing personalized suggestions based on user interaction history, leading to a 55% increase in downstream users to 1,300 and a nearly tenfold increase in service volume for small and medium-sized shippers [2] - The construction of national main pipelines is accelerating, while urban gas pipeline upgrades and smart enhancements are being systematically advanced [2] - In Shanghai, significant urban renewal and the upgrade of old gas pipelines are underway, utilizing advanced detection technology to improve inspection accuracy [2] Group 3 - The integration of IoT and smart sensing devices enhances the safety and efficiency of gas pipeline upgrades, with companies deploying smart monitoring networks and data-driven operational centers [3] - According to the "Implementation Plan for the Renovation of Aging Urban Gas Pipelines (2022-2025)," the goal is to complete the renovation tasks by the end of 2025 [3] - Industry experts indicate that the continuous introduction of new technologies, such as big data and artificial intelligence, is improving safety levels and operational efficiency in the gas sector [3]

Group 1 - The National Green Power Index decreased by 0.32% as of May 27, 2025, with mixed performance among constituent stocks [1] - Jiangsu New Energy hit the daily limit up, while Leshan Power and Zhejiang New Energy rose by 6.03% and 4.42% respectively [1] - The Green Power ETF (159625) underwent a downward adjustment [1] Group 2 - The Green Power ETF had a turnover rate of 3.19% during the trading session, with a transaction volume of 10.9867 million yuan [3] - Over the past week, the average daily transaction volume of the Green Power ETF was 21.4205 million yuan [3] - The Green Power ETF's scale increased by 80.0735 million yuan over the past three months, ranking first among comparable funds [3] Group 3 - As of April 30, 2025, the top ten weighted stocks in the National Green Power Index accounted for 58.04% of the index, including major companies like China Yangtze Power and China Nuclear Power [3] - The State Council approved the "Manufacturing Industry Green Low-Carbon Development Action Plan (2025-2027)" on May 23, emphasizing the need for green technology innovation and application [3] Group 4 - According to Guojin Securities, the investment value of the power industry is highlighted by market reforms, defensive value, and a tight supply-demand balance [4] - The clean energy generation market has significant growth potential in the context of carbon neutrality, with increasing electricity consumption and a rising share of wind and solar power [4] - The transition to renewable energy generation and deepening market reforms are transforming cost and revenue structures for power plants, enhancing the long-term investment and allocation value of the green power sector [4] Group 5 - Investors can seize opportunities through the corresponding Green Power ETF linked fund (017057) [5]

Group 1 - The core viewpoint highlights the significant growth and investment potential in the green power sector, particularly through the green power ETF, which has seen substantial increases in both trading volume and scale [2][3] - The green power ETF has recorded a trading turnover of 2.21% and a transaction volume of 7.5783 million yuan, with an average daily transaction volume of 21.192 million yuan over the past month [2] - The ETF's scale has increased by 76.5056 million yuan over the past three months, ranking first among comparable funds, with a share increase of 58 million units during the same period [2] Group 2 - The current price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is 18.88, which is below the historical average, indicating a low valuation compared to the past three years [2] - The top ten weighted stocks in the National Green Power Index account for 58.04% of the index, including major companies like China Yangtze Power and China Nuclear Power [2] - The recent approval of five nuclear power projects by the State Council, featuring ten new units, is expected to boost the nuclear power sector, which is anticipated to benefit from the demand for AI and self-controlled technology [2]

Group 1: Automation in Mining - The introduction of China's first fleet of 100 electric unmanned mining trucks at Yimin open-pit mine marks a significant advancement in mining automation, enhancing operational efficiency by 120% compared to manual driving [1] - The unmanned trucks are equipped with a 564 kWh lithium iron phosphate battery, capable of carrying 90 tons over a distance of approximately 60 kilometers, with a battery swap time of less than 6 minutes [1] - This development signifies a shift from experimental to large-scale application of autonomous driving technology in mining, accelerating the construction of smart mines in China [1] Group 2: Robotics in Nuclear Power - China has approved five new nuclear power projects, with a total installed capacity exceeding 120 million kilowatts, highlighting the growing role of nuclear energy in the country's energy transition [2] - The underwater cleaning robot for nuclear power plant intake tunnels can complete the cleaning of approximately 100,000 square meters in 90 hours, removing over 2,000 tons of marine organisms, thus improving efficiency by over 200 times compared to manual methods [2] - This innovation in robotic technology enhances safety and operational stability in nuclear power plants by reducing labor intensity and risks associated with traditional cleaning methods [2] Group 3: Smart Technologies in Gas Sector - The application of high-precision leak detection vehicles in the gas sector has significantly improved the efficiency and accuracy of pipeline inspections, with a sensitivity enhancement of 1,000 times [3] - Since June 2022, the PPB (Part per billion) level detection technology has covered 91,000 kilometers, demonstrating increased inspection efficiency and detection capability [3] - The continued development of PPB vehicles aims to enhance coverage in narrow areas, further improving the safety and precision of gas pipeline inspections [3] Group 4: Overall Industry Impact - The integration of intelligent equipment in the energy sector is leading to substantial improvements in work efficiency, precision, and safety across upstream and downstream industries, while reducing employee workload and risk [3]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [7]. Core Insights - In April, the total electricity consumption in China increased by 4.7%, with hydropower shifting from growth to decline, while the decline in thermal power remained stable [3][20]. - The Inner Mongolia Energy Bureau has solicited opinions on a competitive allocation management method for renewable energy projects, which will allow all grid-connected electricity to enter the power market [4][64]. - Shanghai is accelerating its green fuel transition, focusing on biomass fuel research and the establishment of green methanol production bases [5][71]. Summary by Sections Electricity Consumption and Generation - In April, total electricity consumption reached 772.1 billion kWh, a year-on-year increase of 4.7%, with industrial consumption showing varied growth rates across sectors [3][20]. - The first industry saw a significant increase in electricity consumption by 13.8%, while the second industry grew by 3.0% and the third industry by 9.0% [19][20]. - Hydropower generation decreased by 6.5% year-on-year, while nuclear power and wind power saw increases of 12.4% and 12.7%, respectively [20][40]. Policy Developments - The Inner Mongolia competitive allocation management method aims to standardize the pricing and allocation of renewable energy projects, enhancing market efficiency and encouraging participation from various enterprises [4][64][65]. - Shanghai's initiatives include the development of biomass fuel and the integration of agricultural waste into green methanol production, supported by new technology research guidelines [5][71][74]. Investment Recommendations - The report recommends specific companies within the thermal power sector, such as Jiangsu Guoxin, and suggests cautious investment in others like Sheneng Co. and Zhejiang Energy [5]. - For the hydropower sector, it recommends companies like Yangtze Power and suggests cautious investment in Huaneng Hydropower and Qianyuan Power [5].

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - In April, the total electricity consumption increased by 4.7% year-on-year, reaching 772.1 billion kWh. The industrial natural gas output for large-scale industries grew by 8.1% year-on-year, totaling 21.5 billion cubic meters [4][3] - The utility sector outperformed the market, with a 0.2% increase as of May 23, while the broader market (CSI 300) decreased by 0.2% [3][11] - The report highlights a potential improvement in profitability and value reassessment for the electricity sector due to previous supply-demand tensions [4] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) was 613 CNY/ton, down 5 CNY/ton week-on-week. The inventory at Qinhuangdao Port was 7.48 million tons, a decrease of 130,000 tons week-on-week [3][21][28] - The daily coal consumption for inland provinces was 3.163 million tons, an increase of 60,000 tons/day week-on-week [30] - The average price in the Guangdong electricity market was 307.94 CNY/MWh, down 16.03% week-on-week [48] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,469 CNY/ton, a year-on-year increase of 3.09% but a week-on-week decrease of 0.67% [54] - The average price of LNG imports was 12.54 USD/MMBtu, a year-on-year increase of 9.23% [54] - The EU natural gas supply for week 20 of 2025 was 6.13 billion cubic meters, a year-on-year increase of 3.5% [4] Investment Recommendations - For the electricity sector, it is suggested to focus on leading coal-fired power companies such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [4] - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are recommended, such as Xin'ao Co. and Guanghui Energy [4]

4 月全社会用电量同比增长 4.7%，规上工业天然气产量同比增长 8.1% 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 5 月 24 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@ci ...

Core Viewpoint - The 29th World Gas Conference (WGC2025) held in Beijing from May 20 to 23, 2025, highlighted China's role as the largest importer of natural gas and LNG, showcasing its energy development experience to the international community [3]. Group 1: Conference Overview - The conference, themed "Empowering a Sustainable Future," attracted over 200 energy companies from more than 70 countries, including major international oil and gas firms such as Shell, Total, and ExxonMobil, as well as China's leading gas companies [3]. - The exhibition area covered 50,000 square meters, featuring around 300 exhibitors, marking the largest scale in WGC history [3]. - By the day before the opening ceremony, over 2,700 representatives had registered, with more than 40% being international attendees [3]. Group 2: Technological Innovations - Shenergy Group showcased its three-step plan for producing green methanol using biogas, biomass gasification, and green hydrogen combined with CCUS (Carbon Capture, Utilization, and Storage) [3][4]. - The Japan Gas Association presented e-methane technology, which combines carbon dioxide and hydrogen, emphasizing its lower carbon emissions compared to natural gas and minimal infrastructure investment [6][7]. Group 3: Business Collaborations - China Gas Group aimed to explore international market opportunities for its smart home gas systems, particularly in developing regions like Australia and Southeast Asia, citing favorable socio-economic conditions in Thailand [9][11]. - Petronas, Malaysia's national oil company, emphasized the importance of the conference for strengthening long-term partnerships in the natural gas sector, highlighting its role as China's fourth-largest LNG supplier, providing approximately 8 million tons of LNG annually [13].

Group 1 - The 29th World Gas Conference (WGC2025) was held in Beijing from May 20 to 23, marking the first time the event has taken place in China since its inception in 1931 [1][2] - The conference attracted over 200 energy companies from more than 70 countries, including major international players like Shell, Total, Qatar Energy, BP, and ExxonMobil, as well as domestic leaders such as the "Big Three" oil companies and New Hope Group [2] - The exhibition area covered 50,000 square meters with around 300 exhibitors, making it the largest in WGC history, and over 2,700 representatives attended, with more than 40% from overseas [2] Group 2 - The theme of the conference was "Empowering a Sustainable Future," highlighting China's role as the world's largest importer of natural gas and LNG, which has garnered significant international attention [2] - Shenergy Group showcased its innovative technologies, including a three-step plan for producing green methanol using biogas and green hydrogen combined with CCUS technology [2][3] - A collaboration agreement was signed for a 100,000-ton green methanol project in Shanghai, expected to be completed by the end of 2025 [2] Group 3 - The Japan Gas Association presented e-methane technology, which combines carbon dioxide and hydrogen to produce a cleaner alternative to natural gas, aiming for 90% replacement of urban gas in Japan by 2050 [7] - China Gas Group exhibited its various business segments, including natural gas trading and smart energy solutions, seeking to expand its smart home gas systems into overseas markets like Australia and Southeast Asia [9][11] - Malaysia's Petronas emphasized the importance of the WGC in China, highlighting its long-term partnership with Shenergy Group, which has supplied approximately 5.4 million tons of LNG annually to meet over half of Shanghai's natural gas demand [13]