杭州 北京 上海 广州 重庆 ac@sunshinelaw.com.cn www.sunshinelawfirm.com 浙江阳光时代律师事务所 关于 上海电力股份有限公司首期股票期权激励计划注销部分股票期 权、调整行权价格以及首次授予部分第二个行权期行权条件成 就相关事项 之 法律意见书 阳光法 2025 年第 089 号 致:上海电力股份有限公司 浙江阳光时代律师事务所（以下简称"本所"）接受上海电力股份有限公司(以下 简称"公司"或"上海电力",证券代码:600021）的委托,就上海电力股份有限公 司首期股票期权激励计划(以下简称"本次股权激励计划")注销部分股票期权(以 下简称"本次注销"）、调整行权价格（以下简称"本次调整"）以及首次授予部分 第二个行权期行权条件成就(以下简称"本次行权条件成就")涉及的相关事项, 出具本法律意见书。 本所依据《中华人民共和国公司法》(以下简称"《公司法》"《中华人民共和国证 券法》(以下简称"《证券法》")以及《上市公司股权激励管理办法》(以下简称"《管 理办法》")、《国有控股上市公司(境内)实施股权激励试行办法》等有关法律、 法规和《上海电力股份有限公司章程》 ...

Group 1 - The core viewpoint of the news highlights the recent performance and potential of the Hang Seng Central State-Owned Enterprises ETF (513170), which has seen a 0.89% increase and an 18.78% rise in net value over the past year [1][2] - The liquidity of the Hang Seng Central State-Owned Enterprises ETF is noted, with a turnover rate of 1.61% and a transaction volume of 8.49 million yuan, alongside an average daily transaction volume of 29.06 million yuan over the past year [1] - The news discusses the acceleration of mergers and acquisitions among central state-owned enterprises, specifically the significant progress in the merger between China Shipbuilding Industry Corporation and China Shipbuilding Heavy Industry Corporation [1] Group 2 - Dongwu Securities points out that the domestic interest rates have been declining, making the dividend yield of Hong Kong stocks, particularly the Hang Seng High Dividend Index at 8.1%, more attractive compared to A-shares with a yield of 5.8% [2] - The Hang Seng Central State-Owned Enterprises ETF closely tracks the Hang Seng China Central State-Owned Enterprises Index, which focuses on blue-chip central enterprises and offers lower valuations and higher dividend yields [2] - The top ten weighted stocks in the Hang Seng China Central State-Owned Enterprises Index account for 62.84% of the index, including major banks and energy companies [2]

Group 1 - The strategic restructuring of central enterprises has garnered significant attention, with Dongfeng Motor Group and China Ordnance Equipment Group not proceeding with expected mergers, raising concerns about restructuring paths and resource integration in the industry [1] - In contrast, the merger between China Shipbuilding Industry Corporation and China Shipbuilding Heavy Industry Company has made substantial progress, with China Shipbuilding absorbing China Shipbuilding Heavy Industry through a share exchange [1] - Since the beginning of the year, several energy state-owned enterprises have initiated major asset restructurings, focusing on consolidating state capital in key areas such as energy security and new energy [1] Group 2 - Huadian International plans to acquire equity in eight energy companies through the issuance of common stock or cash, aligning with the government's push for high-quality state-owned enterprise reforms [2] - The State-owned Assets Supervision and Administration Commission emphasizes accelerating the restructuring of state-owned enterprises to optimize the layout of state capital in critical sectors [2] - The restructuring and resource integration of state-owned enterprises will significantly impact their strategic layout, governance structure, and asset management, posing new challenges for their financial subsidiaries [2] Group 3 - Regulatory bodies have recently approved several high-level appointments and structural changes in financial companies affiliated with state-owned enterprises, reflecting governance adjustments amid resource integration [3] - Shandong Heavy Industry Group's financial subsidiary has completed a capital increase and structural adjustment, marking the first capital increase since its merger with China National Heavy Duty Truck Group [3] - The introduction of new investors into Shandong Heavy Industry's financial company aims to create a broader internal financial ecosystem and facilitate the dissolution of China National Heavy Duty Truck's financial company [4] Group 4 - The restructuring of enterprises is not only about asset integration but also involves the reconfiguration of financial functions and service strategies [5] - Systematic and innovative reforms in capital layout optimization and production-finance collaboration within state-owned enterprises are expected to inject new momentum into high-quality economic development [5]

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 ...

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证券代码：600021 证券简称：上海电力 编号：临 2025-060 ◆本次交易尚未完成交割。 ◆巴基斯坦国家电力监管局（NEPRA）于 2017 年 10 月公布了 KE 公司新多年期 电价机制（MYT）的复议结果，复议结果仍未能达到预期。巴基斯坦政府相关主管部 门就 KE 公司的新 MYT 电价复议结果正式致函 NEPRA，要求其对电价复议结果进行 重新考虑。NEPRA 已公布了"重新考虑"后的 MYT。"重新考虑"后的 MYT 与《股 份买卖协议》中约定的交割先决条件仍有差异，公司正在与交易对方基于"重新考虑" 后的 MYT 开展谈判。本次交易仍存在因电价发生变化而影响标的公司盈利能力的可能， 或将导致本次交易终止的风险。 ◆鉴于本次交易条件一直未能落实，为确认本次交易是否仍具备实施条件，公司 正在组织相关方研究本次交易的相关事宜。 上海电力股份有限公司（以下简称"公司"）于 2016 年 10 月 28 日分别召开 2016 年第十一次临时董事会、2016 年第四次临时监事会，并于 2016 年 12 月 16 日召开 2016 年第一次临时股东大会，审议通过公司以现金方式购买 KES POWER ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][7]. Core Views - The report highlights the ongoing pilot projects for hydrogen energy initiated by the National Energy Administration, focusing on large-scale hydrogen production integrated with renewable energy sources [2][14]. - The waste incineration industry is entering a mature phase, with a significant increase in cash flow for listed companies, indicating a positive trend in financial health [15][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and comprehensive energy management [25][26]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.25%, while the public utility index rose by 0.26%, and the environmental index dropped by 1.19% [1][13]. - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 10th and 22nd in terms of performance [1][27]. Important Events - The National Energy Administration has launched pilot projects in the hydrogen energy sector, focusing on large-scale hydrogen production in areas rich in wind, solar, hydro, nuclear, and biomass resources [2][14]. Specialized Research - The report analyzes the free cash flow of 15 major A-share listed companies in the waste incineration sector, noting that many have achieved positive cash flow by 2024 [15][22]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][25]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydroelectric stocks like Yangtze Power [3][25]. - In the environmental sector, it recommends companies like China Science Instruments and Shandong High Energy Environmental for their growth potential [26]. Company Profit Forecasts and Investment Ratings - A detailed table lists various companies with their investment ratings, market capitalization, earnings per share (EPS), and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [7][23].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][7]. Core Views - The report highlights the ongoing pilot projects for hydrogen energy initiated by the National Energy Administration, focusing on large-scale hydrogen production integrated with renewable energy sources [2][14]. - The waste incineration industry is entering a mature phase, with a significant increase in cash flow for listed companies, indicating a positive trend in financial health [15][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and comprehensive energy management [25][26]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.25%, while the public utility index rose by 0.26%, and the environmental index dropped by 1.19% [1][13]. - Among the 31 first-level industry classifications, public utilities and environmental sectors ranked 10th and 22nd in terms of growth [1][27]. Important Events - The National Energy Administration has launched pilot projects in the hydrogen energy sector, focusing on large-scale hydrogen production in areas rich in wind, solar, hydro, nuclear, and biomass resources [2][14]. Specialized Research - The report analyzes the free cash flow of 15 major A-share listed companies in the waste incineration sector, noting that many have achieved positive cash flow by 2024 [15][22]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][25]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydroelectric stocks like Yangtze Power [3][25]. - In the environmental sector, it recommends companies like China Science Instruments and Shandong High Energy for their growth potential [26]. Company Profit Forecasts and Investment Ratings - A detailed table lists various companies with their investment ratings, market capitalization, earnings per share (EPS), and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [7][23].

Core Viewpoint - The research teams from Shanghai Jiao Tong University and Shanghai University of Electric Power have made significant advancements in quantum direct communication, proposing a scalable architecture for long-distance quantum direct communication and successfully establishing a 300-kilometer quantum direct communication network among four nodes [1][2]. Group 1: Research Achievements - The quantum direct communication theory was first introduced in 2000 by teams from Tsinghua University and Beijing Quantum Information Science Research Institute, with subsequent experimental validations by various institutions [1]. - In 2021, the Shanghai Jiao Tong University team achieved a 40-kilometer quantum direct communication network involving 15 nodes, laying a solid foundation for further advancements [2]. - The recent study utilized a dual-pump optical parametric down-conversion technique to create a quantum entanglement distribution system with high anti-interference capability, maintaining a quantum state fidelity of over 85% after communication [2]. Group 2: Technical Breakthroughs - The research achieved three main technical breakthroughs: overcoming the limitations of traditional star network architecture to enable scalable full connectivity, enhancing transmission distance to 300 kilometers through optimized entangled light source preparation, and establishing an error correction mechanism based on quantum state reconstruction to ensure multi-node communication stability [2]. - After a 300-kilometer transmission, the photon pair count at the receiving node remained at 300-400 Hz, indicating a theoretical communication rate of several bits per second after encoding [2]. Group 3: Future Applications - The successful construction of this quantum communication network system lays a crucial foundation for practical applications in fields requiring high information security, such as military command, government communication, and financial transactions [3].

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]