一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制评价结果推测未来内部控制的有效性具有一定的风险。 二. 内部控制评价结论 1. 公司于内部控制评价报告基准日，是否存在财务报告内部控制重大缺陷 公司代码：600642 公司简称：申能股份 申能股份有限公司 2024年度内部控制评价报告 申能股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内 ...

申能股份有限公司2024 年年度报告 公司代码：600642 公司简称：申能股份 申能股份有限公司 2024 年年度报告 1 / 264 申能股份有限公司2024 年年度报告 重要提示 公司拟以实施权益分派股权登记日登记的总股本为基数扣除实施权益分派股权登记日公司回 购专用账户中的股份数量后，每 10 股派发现金红利 4.50 元（含税），剩余未分配利润结转至以 后年度。截至 2024 年 12 月 31 日，公司总股本 4,894,094,676 股，公司回购专用账户中的股份数 量为 0，以此计算合计拟分配现金红利 2,202,342,604.20 元（含税）。 如即日起至实施权益分派股权登记日期间，因股权激励的股份回购、注销等导致公司总股本 或公司回购专用账户中的股份数量发生变动的，公司拟维持每股分配比例不变（即每 10 股派发现 金红利 4.50 元），相应调整分配总额。如后续总股本发生变化，将另行公告具体调整情况。 以上利润分配方案需经公司股东大会批准后实施。 六、前瞻性陈述的风险声明 □适用 √不适用 七、是否存在被控股股东及其他关联方非经营性占用资金情况 一、本公司董事会、监事会及董事、监事、高级 ...

申能股份（600642）公告，2025年第一季度营收为73.37亿元，同比下降9.09%；净利润为10.11亿元， 同比下降12.82%。 ...

Group 1 - The core viewpoint of the news is that the 中证500质量成长指数 has shown a slight decline, with mixed performance among its constituent stocks, indicating a volatile market environment [1][2] - The 500 Quality Growth ETF has experienced a significant increase in shares, with a growth of 5 million shares this month, ranking it in the top third among comparable funds [1][2] - The top ten weighted stocks in the 中证500质量成长指数 account for 24.26% of the index, highlighting the concentration of investment in a few key companies [2] Group 2 - The short-term international economic outlook remains uncertain, but domestic policies and resilient internal demand are expected to support the A-share market's relative advantage over overseas markets [2] - The mid-term focus is on the AI technology revolution and self-sufficiency, with recommendations to pay attention to domestic technology and consumption sectors benefiting from policy support [2] - The 500 Quality Growth ETF closely tracks the 中证500质量成长指数, which selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the 中证500 index [2]

东吴证券近日发布公用事业行业跟踪周报：2025M1-3全社会用电量2.38万亿千瓦时（同 比+2.5%），其中，第一产业、第二产业、第三产业、居民城乡用电分别同比+8.7%、 +1.9%、+5.2%、+1.5%。发电量：2025M1-3年累计发电量2.27万亿千瓦时（同比1.5%），其 中火电、水电、核电、风电、光伏分别-4.4%、+6.3%、+13.0%、+16.8%、+45.3%。 以下为研究报告摘要： 【责任编辑：杨梓安 】 投资建议：迎峰度夏关注水电、火电投资机会。1）水电：量价齐升、低成本受益市场 化。度电成本所有电源中最低，省内水电市场电价持续提升，外输可享当地电价。现金流优 异分红能力强，折旧期满盈利持续释放。重点推荐【长江电力】。2）火电：迎峰度夏建议 关注区域火电投资机会。建议关注【建投能源】【华电国际】【华能国际】【国电电力】 【申能股份】【皖能电力】。3）核电：成长确定、远期盈利&分红提升。22/23年连续两年 核准10台，24年再获11台核准，成长再提速。在建机组投运+资本开支逐步见顶。公司ROE 看齐成熟项目有望翻倍，分红同步提升。重点推荐【中国核电】【中国广核】，建议关注 【中广核 ...

Investment Highlights - The agricultural sector is recognized as a fundamental industry with significant resilience, characterized by domestic supply shortages, historical price declines, and low asset prices, leading to increased investment value in the sector [10][12] - The current phase of agricultural stock price increases is believed to be in the early stage of the second phase, transitioning from emotional stimulation to industrial logic development [10] - The report highlights the importance of maintaining grain security and farmer income resilience, with a target grain production of 1.4 trillion jin for 2025 [10] Agriculture Sector - The pig price is expected to remain stable in the short term, with recent data showing a price of 14.78 yuan/kg and a slight increase in breeding stock [11][12] - The chicken market is experiencing a rebound, with prices for live chickens and chicks showing signs of recovery, indicating a shift in the industry towards upstream breeding sources [13] - The feed sector is recommended to focus on companies like Hai Da Group, which is expected to benefit from improved cash flow and overseas growth [14][15] Energy Sector - Wind and solar power installations have surpassed thermal power for the first time, with a total installed capacity of 1.482 billion kW for wind and solar combined [24][25] - The report emphasizes the acceleration of offshore wind projects and the potential for domestic cable manufacturers to benefit from European market demand [27][29] - The introduction of new policies is expected to enhance the market entry of renewable energy sources, with significant growth anticipated in the offshore wind sector [26][30] Pharmaceutical Sector - The demand for new drugs for depression and epilepsy is highlighted, with a focus on companies like Warner Pharmaceuticals and Hainan Haiyao, which are developing innovative treatments [32][35] - The report notes the significant unmet need in the epilepsy market, with an estimated market size exceeding 50 billion yuan in China [35] - Warner Pharmaceuticals' ZG001, a derivative of ketamine, is in clinical trials and has the potential to revolutionize depression treatment [36] Consumer Sector - The pet food market is experiencing steady growth, with a compound annual growth rate of approximately 10% from 2020 to 2024, particularly in the cat food segment [4][21] - The report indicates that exports of pet food have increased significantly, with a total export volume of 30,000 tons in March, reflecting a 24.6% year-on-year growth [17][20] - Companies like Lu Si Co. are identified as key players in the pet food industry, focusing on quality control and product development [4][21] Construction Materials Sector - The report emphasizes the importance of domestic demand and cyclical investment opportunities in the construction materials sector, particularly in light of recent political meetings that prioritize internal circulation [5][6] - Companies like San Ke Shu are noted for their competitive advantages in the paint sector, with expectations for improved performance as the market stabilizes [8][9] Transportation Sector - The logistics company Debang is experiencing short-term pressure on earnings but is expected to improve profitability through operational enhancements [8][9] - The report highlights the company's revenue growth driven by strategic adjustments and network integration [8][9]

2、 《 煤价跌倒，火电吃饱 》摘要 ■ 今年4月21日，国务院新闻办公室举行的发布会再度提到"游戏"行业，这标志着游戏行业再次被纳 ■ 经济增速不如预期，但用电增速已在3月得到改善，表明用电量进入底部区域，市场对用电量的负 面预期已大幅钝化。 ■ 发改委和能源局发布了煤电升级专项行动方案，推动煤电机组改造升级，增强灵活调节能力，预计 煤电在现货市场中的表现将大幅提升。 ■ 煤价下跌对火电企业构成明显利好，尽管电价有所下调，但电价下跌幅度远小于煤价带来的成本降 低，火电企业的盈利能力因此得到提升。 ■ 预计到2027年，AI产业链的用电量将达到三峡水电站全年的发电量，这为电力需求提供了强劲的增 长动力。 ■ 随着煤价下跌，火电企业的成本降低，股息率有望提升，特别是对于一些高股息的火电企业（如华 电国际、华能国际等），将吸引更多的长线资金。 ■ 尽管绿电板块普遍回调，但部分优质绿电PE仍具备较好的底部价值，A股和港股的部分绿电公司如 龙源电力H、中闽能源具有不错的投资潜力。 ■ 由于煤价下跌，火电企业股息率有望提升，投资者可以关注股息率较高的火电公司，如华电国际 （H股25E股息率6.5%）、华能国际（H股股息 ...

Investment Rating - The report maintains an "Accumulate" rating for the public utility sector [1]. Core Insights - The State Council approved 10 new nuclear power units for 2025, enhancing the growth potential of nuclear energy [3]. - As of Q1 2025, China's installed capacity for wind and solar power reached 1.482 billion kilowatts, surpassing thermal power for the first time [3]. - The report suggests focusing on regional thermal power companies, particularly JianTou Energy, due to its strategic location near coal-producing areas [3]. Industry Data Tracking Electricity Price - In April 2025, the average grid purchase price was 393 RMB/MWh, a year-on-year decrease of 5% and a slight month-on-month decrease of 0.5% [40]. Coal Price - As of April 25, 2025, the price of thermal coal at Qinhuangdao port was 655 RMB/ton, down 19.33% year-on-year and 1.2% week-on-week [48]. Hydrology - As of April 25, 2025, the water level at the Three Gorges Reservoir was 157 meters, with inflow and outflow rates showing a year-on-year decrease of 15% and 42%, respectively [56]. Electricity Consumption - From January to March 2025, total electricity consumption was 2.38 trillion kWh, a year-on-year increase of 2.5% [14]. Power Generation - Cumulative power generation from January to March 2025 was 2.27 trillion kWh, reflecting a year-on-year increase of 1.5% [22]. Installed Capacity - As of March 31, 2025, China's thermal power installed capacity reached 1.45 billion kW, with a year-on-year increase of 3.9% [50]. Investment Recommendations - The report recommends focusing on hydropower and thermal power investment opportunities, particularly in JianTou Energy and Changjiang Power [3]. - For nuclear power, companies like China National Nuclear Power and China General Nuclear Power are highlighted for their growth potential [3]. - In the green energy sector, Longjing Environmental Protection is recommended, with attention to Longyuan Power and other related companies [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since the beginning of the year, banks have faced certain pressure on their liabilities. The central bank has a strong desire to maintain a tight balance of liquidity in the short - term, with the capital interest rate running higher than the policy rate. The market has re - priced the previously optimistic liquidity expectations. Currently, the yield of credit bonds is at a relatively low percentile since 2022, while the credit spread is relatively high. After the Politburo meeting on April 25, it can be inferred that interest rate cuts and reserve requirement ratio cuts may not be urgent for the time being. The economic fundamentals are in a relatively good state, and the capital market may maintain a tight balance in the short - term. Investors should pay attention to the possible impact of tariffs in the second quarter, domestic demand policies, monetary policies, stock market trends, and changes in the risk appetite of the bond market. The allocation value of credit bonds has become prominent after the valuation recovery. It is recommended to strengthen the flexibility of the portfolio and seize trading opportunities based on the expected timing of capital loosening [3][16]. 3. Summary According to the Directory 3.1 Credit Bond Market Adjustment - Last week (April 18 - 25), the bond market adjusted. The 2 - 5 - year Treasury bonds had relatively large adjustment amplitudes, such as a 3.7BP adjustment for the 3 - year Treasury bond. Credit bonds also adjusted with a relatively larger amplitude. For example, among medium - term notes, the 3 - year AAA medium - term note had the largest valuation increase of 5.5BP, the 10 - year AA + medium - term note had the largest valuation increase of 6BP, and the 2 - year AA medium - term note had the largest valuation increase of 6.3BP. Since April 7, 2025, the 30 - year Treasury bond has had the largest adjustment amplitude, while medium - term notes generally show that the longer the term, the larger the adjustment amplitude, and the valuations of many varieties within one - year have even slightly narrowed [2][10][12]. - As of April 25, the yields of 1 - year, 3 - year, and 5 - year AAA - rated medium - term notes were 1.82%, 1.94%, and 2.04% respectively; the yields of 1 - year, 3 - year, and 5 - year AA + - rated medium - term notes were 1.9%, 2.1%, and 2.2% respectively. From April 7 to April 25, the credit spreads of credit bonds also slightly widened [11]. 3.2 Credit Bond Trading Characteristics - Recently, the trading proportion of credit bonds within one - year has significantly increased, while the trading proportion of long - term credit bonds has significantly decreased, especially for those over 5 - year. The trading proportion of 3 - 5 - year credit bonds has been relatively volatile and slightly decreased compared to March 2025. The reason may be that investors' credit bonds over 5 - year are generally issued by high - credit - rated and high - quality entities with relatively good liquidity, which are more likely to be sold during the adjustment period. The 3 - 5 - year period combines relatively short duration and many high - yield entities, making it the main range for market band trading [2][12]. 3.3 Individual Bond Analysis - The valuations of entities such as AVIC Industry Finance Holdings Co., Ltd., Zunyi Tourism Investment (Group) Co., Ltd., Guangxi Liuzhou Investment Holding Group Co., Ltd., and Zoucheng City Assets Holding Group Co., Ltd. are mostly high, with large adjustment amplitudes. The valuations of many bonds of entities such as Jiangsu Hanrui Investment Holding Co., Ltd., China Resources Power Investment Co., Ltd., and Chongqing Longfor Enterprise Development Co., Ltd. have narrowed [2][13]. 3.4 Investment Recommendations - Investors can choose secondary perpetual bonds with better liquidity, urban investment bonds with good liquidity, central and state - owned enterprise real estate, central and state - owned enterprise energy materials, central and state - owned enterprise cultural and tourism bonds, and individual bonds with large previous adjustment amplitudes, and seize trading opportunities based on the expected timing of capital loosening [3][16]. - For institutions with high return requirements, they can focus on high - quality entities at the provincial level in Yunnan, the municipal level in Kunming, the provincial level in Shandong, and the municipal level in Weifang, as well as central and state - owned enterprise real estate and steel within three - year. Some entities have large previous adjustment amplitudes and can be appropriately deployed on the left side. They can also consider district and county entities in regions with strong debt - resolution efforts, such as districts and counties in Tianjin and Guangxi. In the cultural and tourism sector, some central and state - owned enterprise entities can be selected based on the support from shareholders [4][17].

行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 2025 年 04 月 28 日 新能源装机首超煤电 欧美气价降至 近期新低 看好 ——申万公用环保周报(25/04/21~25/04/25) 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 电力：新能源装机历史性超越火电，清洁能源占比稳步提升。1-3 月我国新增发电装机容量达 8572 万千瓦，其中水电、火电、核电、风电、光伏装机新增容量分别为 213、925、0、1462、 5971 万千瓦，新能源新增装机贡献率达 86.7%。截至 ...