证券代码：600027 证券简称：华电国际 公告编号：2025-045 华电国际电力股份有限公司 关于发行股份及支付现金购买资产并募集配套 资金暨关联交易事项获得中国证券监督管理 委员会同意注册批复的公告 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。 华电国际电力股份有限公司（以下简称"本公司"）拟通过发行普通股（A 股）及 支付现金的方式购买中国华电集团有限公司持有的华电江苏能源有限公司 80%股权，福 建华电福瑞能源发展有限公司持有的上海华电福新能源有限公司 51%股权、上海华电闵 行能源有限公司 100%股权、广州大学城华电新能源有限公司 55.0007%股权、华电福新 广州能源有限公司 55%股权、华电福新江门能源有限公司 70%股权、华电福新清远能源 有限公司 100%股权，以及中国华电集团北京能源有限公司持有的中国华电集团贵港发 电有限公司 100%股权等，并募集配套资金（以下简称"本次交易"）。 七、你公司在实施过程中，如发生法律、法规要求披露的重大事项或遇重大问题， 应当及时报告上海证券交易所并按有关规定处理 ...

Core Viewpoint - The green power sector is experiencing significant growth, driven by increasing demand for renewable energy and supportive government policies, with the National Green Power Index showing positive performance and the Green Power ETF gaining traction in the market [1][3][4]. Group 1: Market Performance - As of May 9, 2025, the National Green Power Index increased by 0.49%, with key stocks such as Jingyuntong up by 4.58% and Jiazhe New Energy up by 4.55% [1]. - The Green Power ETF (159625) has seen a 0.44% increase, marking its fourth consecutive rise [1]. - The trading volume for the Green Power ETF was 3.5%, with a total transaction value of 13.7257 million yuan [3]. Group 2: Fund Growth - Over the past two weeks, the Green Power ETF's scale has grown by 6.029 million yuan, leading among comparable funds [3]. - The ETF's shares increased by 6.8 million units in the same period, also ranking first among comparable funds [3]. - In the last 19 trading days, the Green Power ETF attracted a total of 22.647 million yuan in inflows [3]. Group 3: Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the Green Power ETF is 18.55, which is in the 13.64% percentile over the past three years, indicating a valuation lower than 86.36% of the time in the same period [3]. Group 4: Industry Trends - 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 players like Changjiang Electric and China Nuclear Power [3]. - With the summer peak electricity demand approaching, the power industry is entering a traditional high season, coupled with an accelerated energy revolution and strong demand for green electricity [3]. - In the first quarter of 2025, the total installed capacity of wind and solar power in China reached 1.482 billion kilowatts, surpassing traditional thermal power capacity of 1.451 billion kilowatts for the first time [3]. Group 5: Government Policy - The 2025 government work report maintains a strong commitment to "green transformation," with a focus on the power sector and expectations for increased green electricity demand due to improved supply pressures and policy direction [4].

Core Viewpoint - The performance issues of a certain computing cluster in Northwest China have led to financial strain for Hongxin Electronics, which had partnered with a well-known chip company to build the cluster. The focus on upfront construction profits rather than operational revenue has created challenges for the company [1][3]. Group 1: Financial Strain and Revenue Models - Hongxin Electronics is relying on local procurement of its self-developed software products as a significant revenue source [2]. - The increasing rationality of local support policies has made it more difficult and risky to rely on subsidies for profit [3]. - Company A's significant revenue from "guaranteed sales commitments" has become a hindrance to its IPO process due to incomplete payments from local governments [4]. Group 2: Green Energy and Profitability - In a key computing hub in Northwest China, green energy indicators are viewed as a crucial profit mechanism for some computing center builders [5]. - The construction of computing centers aligns with national policies promoting green energy and new infrastructure, allowing builders to potentially profit from green energy integration [5]. Group 3: Utilization Rates and Market Dynamics - The actual utilization rates of computing centers are becoming less critical, as cloud giants are consolidating their computing resources to comply with local energy consumption indicators [7][8]. - A computing center in Changsha saw its utilization rate drop from 85% to around 50% after passing inspection, leading to dissatisfaction from local authorities [9][10]. - Some leading model startups have pressured computing centers to lower rental prices and provide financing, which has disrupted normal business logic [12][13]. Group 4: Challenges in Construction and Demand - A computing center in Chengdu faced a near financial collapse due to over-purchasing equipment without sufficient demand, but was revived by the success of a model startup [14]. - The demand for certain computing resources has surged following the popularity of specific models, leading to increased utilization rates for previously underused equipment [15]. - A major manufacturer faced issues with a procurement order due to excessive price pressure, resulting in no suppliers willing to fulfill the order [17]. Group 5: Policy and Project Viability - A computing cluster project in Inner Mongolia was halted due to new regulatory guidelines limiting large computing projects to designated national hubs [19]. - The rapid proliferation of computing center projects in Northwest China, without clear policies or planning, may lead to chaotic outcomes [18]. - Corruption issues within a cloud company have hindered the effective deployment of computing resources, further complicating the procurement process [20].

Group 1 - The liquidity of the green power ETF showed a turnover of 2.76% with a transaction volume of 10.0083 million yuan [2] - The green power ETF experienced a significant growth in scale, increasing by 165 million yuan over the past three months [2] - In terms of shares, the green power ETF saw an increase of 18.4 million shares in the last month, indicating substantial growth [2] Group 2 - The latest net inflow of funds into the green power ETF was 9.3737 million yuan, with a total of 19.8745 million yuan accumulated over the last 18 trading days [2] - The price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is currently at 18.37, which is in the 12.08% percentile over the past three years, indicating a historical low valuation [2] - As of April 30, 2025, the top ten weighted stocks in the National Green Power Index account for 58.04% of the index, including major companies like Yangtze Power and China Nuclear Power [2] Group 3 - The domestic public bidding market for wind power in Q1 2025 saw a new bidding volume of 28.6 GW, representing a year-on-year increase of 22.7% [3] - Wind turbine exports from China reached 14.6 million USD in March, with a month-on-month increase of 86.81% and a year-on-year increase of 50.54% [3] - The international bidding volume for Chinese wind turbine manufacturers is projected to reach 27.63 GW in 2024, showing a nearly 200% year-on-year growth [3]

Group 1 - The National Green Power Index has decreased by 0.61% as of April 30, 2025, with mixed performance among constituent stocks, where Shenzhen Energy led with a rise of 3.21% [1] - The Green Power ETF (159625) has seen a significant increase in scale, growing by 23.4 million yuan this month, and its shares have increased by 21.2 million [3] - The latest price-to-earnings ratio (PE-TTM) for the Green Power ETF is 18.26, indicating it is at a historical low, being below 88.82% of the time over the past three years [3] Group 2 - The National Energy Administration reported a rapid growth in non-fossil energy generation capacity in the first quarter, with wind and solar power capacity increasing by 17.2% and 43.4% year-on-year, respectively [3] - Coal prices have dropped to around 665 yuan per ton, which is expected to improve profitability for thermal power generation [4] - Companies are advised to focus on investment opportunities in the power sector, particularly in undervalued green energy stocks and thermal power [4]

Group 1 - The article highlights the importance of monitoring electricity usage to support government economic policies and assist companies in optimizing production strategies [1] - State Grid Zhejiang Electric Power has implemented daily electricity data monitoring, which has led to proactive measures for companies facing declining electricity consumption [1] - The company has developed a smart model to identify operational anomalies in industries and enterprises, allowing for timely interventions [1] Group 2 - Changhong International Shipbuilding Company has secured orders for 18 LNG dual-fuel container ships valued over 10 billion, with orders extending to 2029 [2] - The carbon emissions of LNG dual-fuel ships are over 20% lower than traditional vessels, positioning the company advantageously in the green shipping sector [2] - State Grid Zhoushan Electric Power is upgrading power distribution networks to support increased manufacturing capacity and electricity demand from shipbuilding [2] Group 3 - Green electricity and green certificates are becoming essential tools for companies to penetrate international markets [2] - The process for obtaining green certificates has been expedited from 15 working days to 4 days, enhancing companies' competitiveness in securing international orders [2] - State Grid Zhejiang Electric Power is providing comprehensive services to companies, including financial incentives to increase the use of green electricity [2] Group 4 - The domestic circulation pattern is accelerating, with State Grid Zhejiang Electric Power engaging nearly 3,000 suppliers for procurement, highlighting the shift towards domestic products [3] - The procurement includes a significant investment in domestic Beidou equipment, promoting the development of the Beidou industry [3] - The article emphasizes the resilience and innovative spirit of Zhejiang merchants as they adapt to global market opportunities [3]

盘面上，PEEK材料概念股早盘走高，新瀚新材（301076）、肯特股份（301591）大涨超10%。银行股盘中震荡拉升，重庆银行（601963）一度涨超7%，工 商银行创历史新高。算力板块盘初亦表现活跃，鸿博股份（002229）2连板，大位科技（600589）、德生科技（002908）、新锦动力（300157）纷纷大涨。 房地产板块早盘表现低迷，我爱我家（000560）、渝开发（000514）、世联行（002285）、天保基建（000965）盘中跌停。零售、食品饮料、旅游酒店等泛 消费板块亦表现落后，有友食品（603697）、通程控股（000419）跌停，金字火腿（002515）、君亭酒店（301073）、大连圣亚（600593）跌幅居前。 板块分析： 同花顺热股榜： A股三大指数早盘集体下跌，截至午盘，沪指跌0.03%，深成指跌0.43%，创业板指跌0.55%，北证50指数跌0.22%。全市场半日成交额7286亿元，较上日缩 量45亿元。全市场超3900只个股下跌。 板块题材上，PEEK材料、IP经济、银行、钢铁、算力板块涨幅居前；房地产、食品饮料、旅游酒店、零售板块跌幅居前。 涨停天梯榜： 【4连板】 东 ...

Group 1 - The core viewpoint highlights the significant growth in the Green Power ETF, with a trading volume of 5.68% and a transaction value of 21.79 million yuan, indicating strong liquidity [3] - The Green Power ETF has seen a scale increase of 38.63 million yuan and a share increase of 30.40 million shares since the beginning of the month, reflecting substantial growth [3] - Over the past 18 trading days, the Green Power ETF has attracted a total of 36.26 million yuan in inflows, showcasing its appeal to investors [3] Group 2 - The valuation of the Green Power ETF, tracking the National Green Power Index, has a latest price-to-earnings ratio (PE-TTM) of 18.28, which is at a historical low, being below 88.56% of the time over the past three years [3] - As of March 31, 2025, the top ten weighted stocks in the National Green Power Index include major companies such as Yangtze Power, China Nuclear Power, and Three Gorges Energy, collectively accounting for 57.21% of the index [3] Group 3 - The State Council's recent meeting approved several nuclear power projects, including the Zhejiang Sanmen Phase III and others, totaling five projects and ten new units, indicating a strong governmental push for nuclear energy [3] - Huafu Securities emphasizes the unmatched advantages of nuclear power in addressing global climate change and energy security, expressing optimism for companies with leading positions or key component production capabilities in the nuclear sector [4]

投资者： 贵公司是否受益于国内内循环政策？ 董秘最新回复 董秘： 感谢您对公司的关注。近期，国家出台一系列刺激消费的政策，旨在推动经济增长和提升内 需，也为公司业务发展创造了有利的外部环境。公司将持续关注相关政策后续的落地情况，根据下游市 场需求变化相应调整经营策略与目标。 投资者： 贵公司业绩是否受益于内循环和内需政策？ 截至2025年4月11日收盘，南山控股(002314)报收于2.21元，上涨0.0%，换手率1.73%，成交量23.17万 手，成交额5128.11万元。 董秘： 感谢您对公司的关注。近期，国家出台一系列刺激消费的政策，旨在推动经济增长和提升内 需，也为公司业务发展创造了有利的外部环境。公司将持续关注相关政策后续的落地情况，根据下游市 场需求变化相应调整经营策略与目标。 投资者： 贵公司开展零碳园区建设，能否降本增效？能减少多少成本？ 董秘： 感谢您对公司的关注。公司持续推进绿色低碳转型，旗下宝湾物流持续打造"绿色、低碳、环 保、高效"智慧型物流园，多个智慧物流园区先后获得中国仓储与配送协会颁发的"一级绿色仓库"（最 高级）评定，首个零碳园区上海快仓项目获国际认证。此外，公司产城综合开发业 ...

Core Viewpoint - The green electricity market is experiencing increased momentum due to a combination of policies aimed at promoting renewable energy and the green power certificate market, leading to significant inflows into the green electricity ETF [1][4]. Group 1: Market Performance - As of March 26, 2025, the National Green Power Index has decreased by 0.21%, with mixed performance among constituent stocks [1]. - The green electricity ETF (159625) has seen a trading volume of 9.8558 million yuan, indicating a state of market tension between bulls and bears [1]. - The latest scale of the green electricity ETF has reached 307 million yuan, marking a one-year high, with the number of shares also hitting a one-year high at 273 million [4]. Group 2: Fund Inflows - The green electricity ETF has experienced continuous net inflows over the past six days, with a maximum single-day net inflow of 7.1112 million yuan, totaling 25.7241 million yuan [4]. - The ETF's price-to-earnings ratio (PE-TTM) is currently at 18.42, which is in the 9.14th percentile over the past three years, indicating that the valuation is lower than 90.86% of the time in the last three years, suggesting a historical low [4]. Group 3: Policy Impact - The National Development and Reform Commission and other departments have issued opinions to promote the high-quality development of the renewable energy green power certificate market, including mandatory consumption requirements for green certificates [4]. - The combination of policies is expected to activate market dynamics, with improvements in the green certificate system and the scaling up of rural photovoltaic projects driving new momentum in the industry [4].