Investment Rating - The report maintains a rating of "Outperform the Market" for the electricity sector [6]. Core Insights - The Ministry of Industry and Information Technology has announced a target for renewable energy to account for 30% of computing power centers by 2026, emphasizing green and low-carbon computing. This is expected to increase the demand for renewable energy consumption in data centers, leading to sustained growth in green electricity and green certificate consumption [1][10]. - The report expresses optimism regarding the transformation of thermal power companies into renewable energy operators, recommending several companies such as Sheneng Co., Shanghai Electric, and Huaneng International [5][10]. Summary by Sections Market Performance - From February 14 to February 21, the electricity sector (882528.WI) declined by 0.12%, underperforming the CSI 300 index, which rose by 1.00%. Year-to-date, the electricity sector has fallen by 5.09%, while the CSI 300 index has increased by 1.11% [2][14]. - The sub-sectors of thermal power, hydropower, and gas power saw changes of -0.93%, -1.25%, and -1.07% respectively during the same period [14][22]. Coal Prices and Inventory - The spot price of thermal coal in Qinhuangdao decreased by 2.67% month-on-month and by 23.64% year-on-year, with a current price of 730 RMB/ton [3][31]. - Coal inventory at Qinhuangdao increased by 3.38% month-on-month and by 40.88% year-on-year, reaching 7.03 million tons as of February 21 [4][36]. Investment Recommendations - The report continues to favor companies transitioning from thermal power to renewable energy operations, including Wanan Electric, Sheneng Co., and Huaneng International. It also recommends stable companies like China Nuclear Power and Three Gorges Energy [5][10]. - Specific recommendations include Longjiang Electric, benefiting from the injection of the Wuhai Power Station, and Huaneng Hydropower, which is expected to benefit from improving provincial market electricity prices [5][10]. Key News and Announcements - Jiangsu Province is encouraging renewable energy hydrogen production projects to participate in the electricity market, aiming for innovative management models [48]. - The Chongqing electricity spot market is set to begin trial operations on March 11, 2025, with a focus on optimizing clearing results based on real-time market conditions [48].

Financial Performance Forecast - The company expects a net profit attributable to shareholders for 2024 to be between 1.835 billion and 2.184 billion CNY, an increase of 242 million to 591 million CNY compared to the previous year, representing a year-on-year growth of 15.19% to 37.10%[2] - The projected net profit attributable to shareholders after deducting non-recurring gains and losses for 2024 is estimated to be between 1.684 billion and 2.004 billion CNY, an increase of 187 million to 507 million CNY compared to the previous year, reflecting a year-on-year increase of 12.49% to 33.87%[2] - The net profit for the same period last year (2023) was 1.593 billion CNY, and the net profit after deducting non-recurring gains and losses was 1.497 billion CNY[4] Profit Increase Drivers - The main reasons for the profit increase include enhanced efficiency in existing assets and effective cost control on fuel, leading to improved project profitability[6] Green Transformation - The company is accelerating its green transformation, resulting in growth in both installed capacity and efficiency of clean energy generation domestically and internationally[6] Profit Forecast Validity - The profit forecast is based on preliminary calculations by the finance department and has not yet been audited by registered accountants[7] - There are no significant uncertainties affecting the accuracy of this profit forecast[7] - The forecast data is preliminary and the final financial data will be disclosed in the official 2024 annual report[8]

根据《上海证券交易所股票上市规则》等有关规定，现将有关事项公告如下： 一、交易概述 公司控股子公司国电投（滨海）发电有限公司拟将国电投滨海 2×100 万千瓦 扩建项目脱硫、脱硝、除尘系统的投资、建设和运维统一交由重庆远达烟气治理 特许经营有限公司特许经营，并拟签订项目烟气治理特许经营合同和相关协议。 1 交易内容：上海电力股份有限公司（以下简称"上海电力"、"公司"）控股 子公司国电投（滨海）发电有限公司（以下简称"滨海项目公司"）拟将国电 投滨海 2×100 万千瓦扩建项目（以下简称"项目"）脱硫、脱硝、除尘系统 的投资、建设和运维统一交由重庆远达烟气治理特许经营有限公司（以下简称 "特许经营公司"）特许经营，并拟签订项目烟气治理特许经营合同和相关协 议。 特许经营公司为公司控股股东国家电力投资集团有限公司（以下简称"国家电 投集团")控股子公司国家电投集团远达环保股份有限公司（以下简称"远达 环保"）所属子公司，故本次交易构成关联交易。 关联人回避事宜：本次关联交易已经公司董事会 2024 年第六次临时会议审议 通过，与该关联交易有利害关系的关联董事已对该项议案的表决进行了回避。 该议案尚需提交股东大会 ...

证券简称：上海电力 证券代码：600021 编号：临 2024-089 重要内容提示： 根据《上海证券交易所股票上市规则》等有关规定，现将有关事项公告如下： 一、交易概述 经公司董事会2024年第六次临时会议审议通过，公司及公司子公司江苏公司、 浙江公司合计认缴出资 16,376 万元，以增资入股方式投资国电投科技孵化有限公 司。 证券简称：上海电力 证券代码：600021 编号：临 2024-089 上海电力股份有限公司 关于与关联方共同投资国家电投科技孵化有 限公司的关联交易公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 鉴于本次投资的其他投资方为公司控股股东国家电投集团所属子公司，故本 次交易构成关联交易。 1 交易内容：上海电力股份有限公司（以下简称"上海电力"、"公司"）及公 司子公司国家电投集团江苏电力有限公司（以下简称"江苏公司"）、国家电 投集团浙江电力有限公司（以下简称"浙江公司"）拟合计出资 16,376 万元， 以增资入股方式 ...

证券简称：上海电力 证券代码：600021 编号：临 2024- 078 上海电力股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度经营情况 与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题 进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2024 年 11 月 27 日 下午 14:00-15:00 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2024年11月27日(星期三) 下午 14:00-15:00 会议召开方式：上证路演中心网络互动 网络直播地址：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 投资者可于2024年11月20日(星期三) 至11月26日(星期二)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 邮 箱 shanghaipower@sp ...

证券代码：600021 证券简称：上海电力 公告编号：2024-077 上海电力股份有限公司 2024 年第三次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 969 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,668,043,179 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 59.2188 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次大会由公司董事会召集，由公司董事长林华先生主持。本次会议采用现 (一) 股东大会召开的时间：2024 年 10 月 31 日 (二) 股东大会召开的地点：上海天诚大酒店 8 楼第二会议室（上海市徐家汇 路 585 号） (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 场表决和网络投票相结合的方式。会议召 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥12,444,651,231.26, an increase of 11.13% compared to ¥11,200,896,591.68 in the same period last year[1] - Net profit attributable to shareholders was ¥1,131,503,599.91, representing a significant increase of 67.57% from ¥681,485,724.09 year-on-year[1] - The net profit after deducting non-recurring gains and losses was ¥1,040,202,500.25, up 49.53% from ¥701,893,848.31 in the previous year[1] - Basic earnings per share for Q3 2024 were ¥0.3744, a 66.10% increase from ¥0.2262 in the same quarter last year[2] - The diluted earnings per share also stood at ¥0.3744, reflecting the same growth rate of 66.10% year-on-year[2] - The weighted average return on equity increased to 5.4239%, up by 1.94 percentage points from 3.5281% in the previous year[2] - Total operating revenue for the first three quarters of 2024 reached CNY 32,565,921,071.98, an increase of 3.42% compared to CNY 31,491,929,002.59 in the same period of 2023[17] - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 2,458,603,444.02, up 66.67% from CNY 1,476,051,377.96 in the previous year[18] - The company reported an operating profit of CNY 5,287,752,702.32, significantly higher than CNY 3,876,808,398.85 in the same period last year, indicating a growth of 36.36%[18] - The total comprehensive income for the first three quarters of 2024 reached CNY 4,345,549,143.77, compared to CNY 3,141,009,490.64 in 2023, indicating an increase of about 38.3%[19] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥7,508,897,251.35, an increase of 82.85% compared to ¥4,111,601,395.12 last year[2] - The cash flow from operating activities totaled ¥3,107,680,013.99, compared to ¥6,451,226,781.66 in the first three quarters of 2023[28] - The cash flow from operating activities for the first three quarters of 2024 was CNY 7,508,897,251.35, significantly higher than CNY 4,106,655,702.52 in the same period of 2023, marking an increase of approximately 83.5%[20] - The net cash flow from financing activities for the first three quarters of 2024 was CNY 1,069,970,205.73, down from CNY 4,617,042,964.23 in the same period of 2023, showing a decrease of approximately 76.8%[21] - The net cash flow from investment activities was ¥-345,554,170.63, an improvement from ¥-472,136,855.78 in the first three quarters of 2023[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥178,838,304,378.82, marking a 6.09% increase from ¥168,572,335,291.72 year-on-year[2] - Total assets increased to CNY 178,838,304,378.82, compared to CNY 168,572,335,291.72 at the end of the previous year, reflecting a growth of 6.73%[16] - Total liabilities rose to CNY 125,248,080,121.31, up from CNY 118,012,279,962.64, marking an increase of 6.43%[16] - The total liabilities to equity ratio improved to 2.34 from 2.33, indicating a stable financial structure[16] - Total liabilities rose to CNY 34,909,556,305.95, an increase of 4.6% from CNY 33,364,963,873.93[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 135,831, with no preferred shareholders having restored voting rights[7] - The largest shareholder, State Power Investment Corporation, holds 1,251,588,074 shares, representing 44.43% of total shares[7] - The top ten shareholders collectively hold a significant portion of the company's shares, with the top two shareholders alone accounting for 57.33%[7] - The company has no preferred shareholders with restored voting rights, indicating a stable ownership structure[7] Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 101,070,831.28, a slight decrease from CNY 109,156,582.96 in the same period of 2023[18] - Research and development expenses for the third quarter were not explicitly stated but management expenses increased to CNY 344,460,880.74 from CNY 278,766,685.05, indicating a focus on operational efficiency[26] Investment Activities - The company reported investment income of CNY 1,907,763,019.94, an increase from CNY 1,693,990,950.52, reflecting improved performance in investment activities[26] - The company’s cash inflow from investment activities was CNY 743,182,119.34, compared to CNY 535,453,907.18 in the previous year, representing an increase of approximately 38.8%[21] Operational Efficiency - The company reported a significant increase in electricity generation and a decrease in coal power costs, contributing to the rise in profit margins[6] - The company’s cash flow management appears stable, with a focus on maintaining liquidity amid operational changes[27]

Financial Performance Forecast - The company expects a net profit attributable to shareholders for the first three quarters of 2024 to be between 2.252 billion and 2.680 billion CNY, an increase of 783 million to 1.211 billion CNY compared to the same period last year, representing a year-on-year increase of 53.30% to 82.44%[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 2.158 billion and 2.568 billion CNY, an increase of 700 million to 1.110 billion CNY compared to the same period last year, representing a year-on-year increase of 48.01% to 76.13%[2] - Compared to the restated financial data from the same period last year, the net profit attributable to shareholders is expected to increase by 776 million to 1.204 billion CNY, representing a year-on-year increase of 52.57% to 81.57%[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to increase by 693 million to 1.103 billion CNY compared to the restated financial data from the same period last year, representing a year-on-year increase of 47.30% to 75.29%[4] Reasons for Profit Increase - The main reasons for the profit increase include improved marginal returns from coal power and enhanced efficiency of coal power enterprises, as well as accelerated green transformation and growth in clean energy generation capacity and efficiency[6] Forecast Validity and Changes - The performance forecast data has not been audited by registered accountants, and the company does not foresee any significant uncertainties affecting the accuracy of this forecast[7] - The preliminary forecast data is subject to change, and the final financial data will be disclosed in the official Q3 2024 report[8]

证券简称：上海电力 证券代码：600021 编号：临 2024- 066 上海电力股份有限公司关于参加 2024 年电力行业集体路演的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 集体路演召开时间：2024年9月24日(星期二) 上午 9:00-12:00 集 体 路 演 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 集体路演召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 9 月 23 日 ( 星 期 一 ) 16:00 前 通 过 公 司 邮 箱 shanghaipower@spic.com.cn进行提问，公司将对投资者普遍关注的问题进行回答。 上海电力股份有限公司已于2024年8月27日发布公司2024年半年度报告，为便于 广大投资者更全面深入地了解公司2024年上半年经营成果、财务状况等，公司将参加 由上海证券交易所主办的2024年电力行业集体路演，此次活动采用视频和网络文字 ...

国家电投集团财务有限公司 2024 年度 上半年风险评估报告 根据《上海证券交易所上市公司自律监管指引第 5 号— 交易与关联交易》的要求，上海电力股份有限公司（以下简 称"本公司"）通过查验国家电投集团财务有限公司（以下 简称"财务公司"）的《营业执照》与《金融许可证》等资 料，并审阅了包括资产负债表、利润表、现金流量表等在内 的财务公司的定期财务报告，对其经营资质、业务和风险状 况进行了评估，形成财务公司 2024 年度半年度风险评估报 告，具体如下： 财务公司从制度控制、机制控制等方面，建立内控保障 体系，形成董事会、监事会、高级管理层、各业务管理部门、 风险合规部及审计稽核部门为依托的组织架构体系。通过部 门自律、绩效考评、内审监督、责任追究等形式确保各部门、 各岗位各司其职，为公司有效防范风险、稳健经营夯实了基 础。 一、财务公司基本情况 国家电投集团财务有限公司（以下简称"财务公司"或 "本公司"）是经中国银行业监督管理委员会深圳监管局深 银监复〔2004〕186 号批准，由原深圳赛格集团财务公司重 组改制设立的非银行金融机构。企业统一社会信用代码 911100001922079532，法定代表人 ...