中信证券股份有限公司 关于 华能澜沧江水电股份有限公司 之 发行保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二零二五年五月 声 明 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）接受华能澜沧江水电 股份有限公司（以下简称"华能水电"、"发行人"或"公司"）的委托，担任其向特定 对象发行 A 股股票的保荐人。 中信证券股份有限公司及保荐代表人根据《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》"）、 《上市公司证券发行注册 管理办法》 （以下简称"《注册管理办法》"）等有关法律、法规和中国证券监督管理委员 会（以下简称"中国证监会"）、上海证券交易所（以下简称"上交所"）的有关规定， 诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业规范和道德准则出具发 行保荐书，并保证所出具文件的真实性、准确性和完整性。若因保荐人为发行人本次发 行制作、出具的文件有虚假记载、误导性陈述或者重大遗漏，给投资者造成损失的，保 荐人将依法赔偿投资者损失。 在本发行保荐书中，除上下文另有所指，释义与《华能澜沧江水电 ...

Core Viewpoint - Huaneng Lancang River Hydropower Co., Ltd. has achieved impressive financial results for 2024 and Q1 2025, positioning itself as a leader in the hydropower industry [2][3] Financial Performance - In 2024, the company reported operating revenue of 24.882 billion yuan, a year-on-year increase of 6.05%, and a net profit attributable to shareholders of 8.297 billion yuan, up 8.63% [2] - For Q1 2025, the company continued its strong growth with operating revenue of 5.385 billion yuan, a year-on-year increase of 21.84%, and a net profit of 1.508 billion yuan, up 41.56% [2] - The company plans to distribute a cash dividend of 2 yuan per share for 2024, totaling 3.6 billion yuan, marking an 11.11% increase [2] Operational Highlights - By the end of 2024, the company had a total installed hydropower capacity of 27.3058 million kilowatts, with significant contributions from major hydropower stations [3] - The total hydropower generation for 2024 reached 107.93 billion kilowatt-hours, reflecting a year-on-year growth of 2.53% [3] - The company has embraced digital transformation, significantly shortening construction periods and reducing costs, exemplified by the early commissioning of the TB hydropower station [3] Future Development - Huaneng is accelerating the development of the integrated water-wind-solar base project in the upper reaches of the Lancang River, which has been included in the first batch of national large-scale demonstration bases [4] - The company is actively expanding into renewable energy, with approved capacity for new energy projects reaching 9.69 million kilowatts, and significant growth in installed capacity and generation from wind and solar projects [5][6] - The Nagu Photovoltaic Power Station, located at high altitude, showcases the company's innovative approach and is expected to generate an average annual output of 158 million kilowatt-hours [6]

Investment Rating - The report maintains a "Buy" rating for the power sector, specifically recommending stocks in thermal power, hydropower, nuclear power, and renewable energy [2][8]. Core Insights - The power industry is experiencing growth in thermal and hydropower sectors, while nuclear and renewable energy sectors face performance pressures. The overall net profit for the power industry in 2024 is projected to be 1,797 billion yuan, a year-on-year increase of 8.7% [11][12]. - The introduction of Document No. 136 is expected to facilitate a transition to high-quality development in the renewable energy sector, with a focus on efficiency and profitability rather than rapid expansion [2][8]. Summary by Sections Thermal Power - The thermal power sector achieved a net profit of 625.7 billion yuan in 2024, a year-on-year increase of 37.3%. The first quarter of 2025 saw a net profit of 206.3 billion yuan, up 9.0% year-on-year. This growth is attributed to a significant decline in coal prices, which offset the negative impacts of reduced electricity volume and prices [5][17][29]. - The average market price of coal has dropped to 640 yuan per ton as of May 8, 2025, a decrease of 286 yuan per ton or 31% compared to early 2024, indicating potential for improved profitability in the thermal power sector [5][29]. Hydropower - The hydropower sector reported a net profit of 563.21 billion yuan in 2024, reflecting a year-on-year growth of 17.6%. The first quarter of 2025 continued this trend with a net profit of 113.38 billion yuan, up 28.1% year-on-year. This performance is driven by favorable water conditions and reduced financial costs [32][33]. - The average on-grid electricity price for hydropower has shown resilience, with a slight decline of only 0.62% year-on-year, indicating strong market positioning [5][45]. Nuclear Power - The nuclear power sector's net profit was 195.91 billion yuan in 2024, down 8.2% year-on-year, primarily due to tax liabilities from previous years. However, excluding one-time factors, the performance remains stable. The first quarter of 2025 saw a net profit of 61.63 billion yuan, a decrease of 7.5% year-on-year [5][12]. - Long-term growth potential is highlighted by the expected commissioning of new units in 2025, which may mitigate the impact of declining electricity prices [5][12]. Renewable Energy - The renewable energy sector faced challenges with a net profit of -3.6 billion yuan in 2024, reflecting a significant decline. The first quarter of 2025 also showed a negative trend with a net profit of 4.8 billion yuan, indicating ongoing pressures from unfavorable resource conditions and declining electricity prices [12][8]. - The implementation of Document No. 136 is anticipated to shift the focus towards high-quality development, emphasizing the importance of existing projects and cost management capabilities among leading firms in the sector [2][8].

Investment Rating - The report maintains an "Overweight" rating for the public utility sector [1] Core Insights - The operating profit and profitability of the public utility sector have improved, with Q1 2025 revenue at 551.23 billion yuan, a year-on-year decrease of 4.04%, while net profit attributable to shareholders increased by 6.11% to 54.59 billion yuan [2][21] - The coal-fired power sector benefited from a decline in thermal coal prices, with Q1 2025 revenue at 307.92 billion yuan, down 7.67%, but net profit rose by 8.58% to 23.04 billion yuan [2][45] - The hydropower sector saw revenue increase by 8.66% to 41.80 billion yuan in Q1 2025, with net profit growing by 28.07% to 11.34 billion yuan, driven by increased hydropower generation [2][70] - The nuclear power sector experienced revenue growth of 8.42% to 40.30 billion yuan in Q1 2025, although profit performance varied among companies [2][28] - The investment strategy suggests maintaining an overweight rating for the sector, focusing on companies like Huadian International and Guodian Power in the coal power segment, and Xintian Gas and Xin'ao in the gas sector [2] Summary by Sections 1. Public Utility Sector Performance - The public utility sector includes 133 listed companies, with 102 in the power sector and 31 in the gas sector. In 2024, the sector's revenue was 23,085.51 billion yuan, a decrease of 1.24%, while net profit increased by 5.38% to 1,848.50 billion yuan [10] 2. Subsector Performance 2.1 Coal Power - The coal power sector's revenue in 2024 was 13,060.52 billion yuan, down 1.11%, with net profit rising by 24.06% to 676.91 billion yuan, benefiting from lower coal prices [28][32] 2.2 Hydropower - In 2024, hydropower revenue was 1,947.67 billion yuan, up 8.99%, with net profit increasing by 17.55% to 563.21 billion yuan, attributed to higher hydropower generation [62] 2.3 New Energy - In 2024, solar power generation was 419.08 billion kWh, up 28.2%, while wind power generation was 936.05 billion kWh, up 11.1% [79] 2.4 Nuclear Power - The nuclear power sector's revenue in Q1 2025 was 40.30 billion yuan, an increase of 8.42%, with varying profit performances among companies [2][28] 2.5 Gas - The gas sector's performance was impacted by rising costs, with specific companies recommended for investment [2] 3. Investment Strategy - The report recommends an overweight rating for the public utility sector, highlighting potential growth in coal and gas companies due to favorable market conditions [2]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [6][9]. Core Views - The environmental sector's revenue in 2024 is projected to decline by 0.6% to CNY 364.236 billion, with net profit decreasing by 14.7% to CNY 23.058 billion. However, in Q1 2025, the sector is expected to see a revenue increase of 3.5% to CNY 81.243 billion and a net profit growth of 3.8% to CNY 8.232 billion [3][21]. - The report highlights the impact of the new market-oriented pricing reforms for renewable energy in Shandong, aiming for full market integration by the end of 2025 [2][16]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the new energy industry chain and comprehensive energy management [41][42]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.00%, while the public utility index increased by 2.22%, and the environmental index rose by 2.93% [1][43]. Important Policies and Events - Shandong's new pricing reform aims for full market integration of wind and solar energy by 2025, with differentiated policies for existing and new projects [2][16]. Financial Overview of the Environmental Sector - In 2024, only the solid waste management and water treatment sectors showed positive growth, while the environmental equipment sector saw a decline of over 30% [3][21]. - The atmospheric governance sector reported a loss increase, while the comprehensive environmental governance sector shifted from profit to loss [21][24]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional electricity firms like Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][41]. - The report suggests focusing on "utility-like investment opportunities" within the environmental sector, recommending companies like China Everbright Environment and Zhongshan Public Utilities [42][41]. Key Company Profit Forecasts and Investment Ratings - Several companies, including Huadian International and Longyuan Power, are rated as "Outperform" with projected earnings per share (EPS) growth for 2025 [9][41].

2024年，全市场上市公司实现增加值19.82万亿元，占GDP的14.69%，上市公司全员劳动生产率64.50万 元/人，是全社会数值的3.71倍。同时，全市场上市公司实现营业收入71.98万亿元，近六成公司实现营 收正增长...... 消费方面，各地以旧换新、国家补贴等政策陆续落地，有效激发终端消费活力。 新能源乘用车促进汽车零部件产业需求保持强劲，营收增长6.48%，净利润增长16.83%。家用电器营 收、净利润分别增长5.62%、7.11%，消费电子行业营收、净利润分别增长20.89%、12.78%。出行旅游 需求提振，旅游行业上市公司营收增长15.84%，交通运输、仓储和邮政业营收增长11.11%，净利润增 长21.45%。线上线下（300959）消费热情回升，食品饮料、个护、化妆品等行业营收实现正增长，其 中零食行业营收增长56.06%、净利润增长24.53%。物流行业五大快递公司营收增长11.69%、净利润增 长22.69%。 业绩韧性与行业亮点突出 报告显示，2024年，沪、深、北三家证券交易所5412家上市公司实现营业收入71.98万亿元，第四季度 营收同比增长1.46%，环比增长8.11%， ...

Core Insights - The Yebatan Hydropower Station has set a world record by successfully extracting a 38.10-meter concrete core sample, marking a significant achievement in dam construction technology in high-altitude regions [1][2] Group 1: Project Overview - The Yebatan Hydropower Station is located at an elevation of nearly 3000 meters on the upper reaches of the Jinsha River, with a total installed capacity of 2.24 million kilowatts and a maximum dam height of 217 meters [2] - The total volume of concrete to be poured for the dam is 2.51 million cubic meters, making it a major project under China's 14th Five-Year Plan and a key facility for the "West-East Power Transmission" initiative [2] - The first batch of generating units is expected to commence power generation by the end of this year, with an average annual power generation of 10.205 billion kilowatt-hours upon full completion [2] Group 2: Technological Innovations - The project team has developed various technologies to address the extreme temperature conditions at the site, including intelligent pouring, temperature control, and grouting management platforms [2] - Techniques such as "full dam middle hot cement concrete construction temperature control technology" and "winter pouring insulation comprehensive heat storage method" have been implemented to ensure continuous concrete pouring throughout the year [2] - The successful extraction of the core sample, which spans 12 layers and 80 casting layers, demonstrates the excellent quality of the concrete and the advanced construction techniques employed [1][2]

Group 1: Supply and Demand Dynamics - Two categories of industries are highlighted: "supply clearing" industries with significant inventory and capacity reduction, and "strong expansion" industries with high revenue growth and capacity expansion [2][15]. - Industries exhibiting "supply clearing" characteristics include plastics, general equipment, gaming, agriculture, small metals, optical electronics, and communication services [2][15]. - Industries showing "strong expansion" characteristics include other electronics, leisure food, motorcycles, precious metals, and shipping ports [2][17]. Group 2: Export Chain Analysis - Industries with high overseas revenue ratios are expected to maintain independent growth despite domestic demand pressures, including other home appliances, consumer electronics, shipping ports, small appliances, and engineering machinery [3][20]. - The report notes that industries with high revenue from the U.S. face uncertainties until U.S.-China trade relations improve, with potential valuation recovery for sectors like entertainment products, textile manufacturing, and lighting equipment if tariff issues ease [3][23]. Group 3: High Dividend Yield Industries - High dividend yield industries identified include coal mining, oil and gas extraction, refining and trading, shipping ports, and white goods [4][26]. - Notably, the dividend yield for transportation and consumer sectors has significantly increased compared to the previous year, particularly in shipping ports, logistics, and white goods [4][26]. Group 4: Market Performance and Strategy - The A-share market shows resilience, with a net outflow of ETFs indicating reduced support from protective funds, yet the market remains stable with transaction volumes exceeding 1 trillion [5][29]. - The report suggests a cautious approach to position management due to ongoing uncertainties, with a focus on potential support levels for the index [5][29]. - A balanced allocation strategy is recommended to navigate uncertainties, with a renewed interest in technology sectors, particularly in AI, and a shift towards high-growth industries such as feed, motorcycles, and plastics [5][30].

全国已有700座在国家能源局注册备案！ 大坝数量和整体安全形势不断迈上新台阶 5月8日，随着金沙江上游巴塘水电站大坝完成备案，我国在国家能源局注册（含备案）的运行水电站大坝数量达到700座，总装机规模突破3.34亿千瓦， 总库容超5191亿立方米，分别占到全国水电总装机容量的76%，全国水库总库容的52%。 电力行业的水电站大坝多是高坝大库，是直接关系人民群众生命财产安全、能源安全、流域生态安全和经济社会发展大局的"国之重器"。近年来，面对全 球气候变化加剧、极端天气频发、地质灾害多发等新挑战，在国家能源局党组的坚强领导下，大坝中心与国家能源局各派出机构、地方能源主管部门、电 力企业齐抓共管，水电站大坝注册登记、定期检查、隐患治理、监测监控、应急管理、信息化建设、科技研发、法规与标准化建设等各项工作稳中有进。 抓实管理，大坝运维水平整体提升。近年来，国家能源局先后开展水电站和小散远发电企业安全风险隐患排查整治专项行动、水电站大坝安全提升专项行 动和能源电力领域安全生产治本攻坚三年行动，围绕规模小、分布散、地处偏远、基础薄弱的管理服务对象和输水发电系统、泄洪消能设施等小切口，提 供横向到边、纵向到底的下沉式、穿 ...

Group 1 - Public funds are preparing for the second half of the year, with a significant increase in attention towards dividend assets, which are viewed as stable components in investment portfolios [1][2] - The average returns of active equity funds have shown recovery, with ordinary stock funds and mixed equity funds returning 2.13% and 2.28% respectively year-to-date as of April 30, and a one-year return of 6.95% [1] - The price-performance ratio of dividend assets, such as the CSI Dividend Index, is at the 99th percentile of the past decade, indicating that these assets are currently among the most cost-effective options [2] Group 2 - Certain low-volatility sectors with high dividend yields, such as banking, ports, hydropower, and logistics, are expected to perform steadily due to stable earnings and favorable dividend sustainability [3] - The Hong Kong stock market shows a valuation advantage for high-dividend stocks, supported by a conducive market environment for their performance [3] - Regulatory policies enhancing dividend oversight, combined with a low-interest-rate environment, are likely to accelerate the entry of long-term capital into the market, maintaining the investment value of Hong Kong dividend stocks [3]