《通知》明确，支持民营企业提升发展动能。支持投资能源基础设施，支持民营企业参股核电，投资水 电、油气储备设施、油气管网、"沙戈荒"大基地等能源重大项目。支持发展能源新业态新模式，支持民 营企业积极投资新型储能、虚拟电厂、充电基础设施、智能微电网等创新技术和模式。鼓励创新发展， 支持民营企业深度参与能源领域重大科技创新，加强科研协同攻关、成果共享。支持转型升级，鼓励民 营企业加快数字化改造和智能化升级，创新"人工智能+"应用场景，积极培育能源设备循环利用先进技 术和商业模式。 国家能源局日前发布《关于促进能源领域民营经济发展若干举措的通知》（以下简称《通知》）， 提出促进能源领域民营经济加快发展，引导民营经济在推进能源绿色低碳转型和建设新型能源体系 中做大做优做强。 了解更多能源动态，请长按图片识别或扫描右侧二维码，关注国家能源局官方微信公众号。 推动民营企业公平参与市场。健全市场准入制度，推进油气管网运销分离，引导民营企业更便捷进入油 气市场竞争性环节；优化许可条件，支持民营施工企业积极参与电网建设。强化要素保障，将低压办 电"零投资"服务对象拓展至160千瓦及以下民营用电企业；加大电网、油气管网能源公共服务 ...

相 关 阅 读 关于促进能源领域民营经济发展若干举措的通知 首季中国经济观察丨打破准入壁垒，民营企业加速布局能源领域 我国虚拟电厂发展提速 千亿蓝海为民营经济打开发展新空间 新华社丨激发民营经济活力 多重利好政策将出台 人民日报和音：民营企业活力展现中国经济潜力 国家能源局 国家能源局微信公众号是国家能源局新闻宣传、信息公开、服务群众的重要平台。 据中央广播电视总台中国之声《新闻和报纸摘要》报道，《国家能源局关于促进能源领域民营经济 发展若干举措的通知》（以下简称《通知》）28日正式发布。 通知提出，要促进能源领域民营经济 加快发展，引导民营经济在推进能源绿色低碳转型和建设新型能源体系中做大做优做强。 《通知》明确支持民营企业提升发展动能。 支持投资能源基础设施，支持民营企业参股核电，投资 水电、油气储备设施、油气管网、"沙戈荒"大基地等能源重大项目。 支持发展能源新业态新模式， 支持民营企业积极投资新型储能、虚拟电厂、充电基础设施、智能微电网等创新技术和模式。 国家能源局法制和体制改革司副司长徐欣：鼓励创新发展，支持民营企业深度参与能源领域重大科技创 新，加强科研协同攻关、成果共享。支持转型升级，鼓励民营企 ...

促进能源领域民营经济发展十条举措出炉 支持民营企业参股核电，投资水电、油气管网、"沙戈荒"大基地等重大项目 记者4月28日从国家能源局获悉，近日发布的《国家能源局关于促进能源领域民营经济发展若干举措的 通知》（下称《若干举措》）从支持民营企业提升发展动能、推动民营企业公平参与市场、提升能源政 务服务水平等三方面，提出支持投资建设能源基础设施等十条举措，促进能源领域民营经济加快发展， 引导民营经济在推进能源绿色低碳转型和建设新型能源体系中做大做优做强。 分析指出，《若干举措》的出台，将开辟投资新赛道，释放科技创新活力，构建发展新环境，推动民营 经济成为能源低碳转型、能源安全保障、地方经济增长不可或缺的力量。 4月27日召开的国务院常务会议决定核准浙江三门核电三期工程等5个核电项目，引入一批优质民营企业 参股投资，民营企业所持股比均达到10%以上。 核电领域关系国民经济命脉和能源安全，具有很强的专业性，投资运营门槛较高。一直以来，核电项目 主要由中央企业投资和运营。2020年核准的浙江三澳一期工程，是全国首个民营企业参股投资的核电项 目，由吉利集团入股2%。2023年核准的浙江金七门一期工程，万向集团入股2%。而 ...

Group 1 - The celebration of the 100th anniversary of the All-China Federation of Trade Unions took place on April 28, highlighting the recognition of labor models and advanced workers across various sectors in Guangxi [1] - A total of 58 individuals from Guangxi were honored, including 39 national labor models and 19 advanced workers, showcasing a diverse representation from government, enterprises, and various professional fields [1] - The selection process for the awards emphasized transparency, fairness, and public participation, reflecting the importance of recognizing contributions to economic and social development in Guangxi over the past five years [1] Group 2 - The list of national labor models includes professionals from different industries, such as engineering, healthcare, and agriculture, indicating a broad spectrum of expertise and contributions [2][3][4] - Notable awardees include managers and engineers from prominent companies like Guangxi Nannan Aluminum Processing Co., Ltd. and SAIC-GM Wuling Automobile Co., Ltd., highlighting the role of industry leaders in driving innovation and productivity [2][3] - The recognition of advanced workers also features individuals from various sectors, including education, law enforcement, and healthcare, emphasizing the critical roles these professionals play in their communities [4][5]

1Q25 水电电量同比+31%，梯级蓄能调节增发，缓解电价压力。公司1Q25 水电电量显著提升，一方面 来自于年初澜沧江梯级蓄能同比增加释放蓄能，另一方面得益于托巴水电站的电量贡献。拆分来看，澜 上五厂发电量同比+8.6%，小湾/糯扎渡分别同比+12.5%/+76%。此外，我们测得1Q25 综合电价同 比-7%，电量增发缓解电价压力发展趋势 随着西藏项目开工，我们预计公司在2026-2030 年进入资本开支高峰期。我们预计公司在建硬梁包水电 站预计2025 年内完成投产；此外澜沧江上游西藏段的古水、班达、古学、班多等常规水电正在陆续核 准建设，我们预计2026-2030 年资本开支将持续增长，可能在2028 年后超过300 亿元。 盈利预测与估值 我们对于2025 年公司水电电价和汛期来水更加谨慎，因此下调2025E 归母净利润4.8%至93.3 亿元，同 比+12.5%。同时引入2026 年盈利预测，我们预计2026 年营业收入281 亿元，同比+2.8%，归母净利润 94.6 亿元，同比+1.4%。考虑到市场风险偏好变化提升估值，我们维持10.36 元目标价不变，较当前股 价上行空间为10%，维持"跑赢行 ...

Core Insights - The company reported a revenue of 24.882 billion yuan for 2024, representing a year-on-year growth of 6.05%, and a net profit attributable to shareholders of 8.297 billion yuan, up 8.63% year-on-year [1] - In Q1 2025, the company achieved a revenue of 5.385 billion yuan, marking a year-on-year increase of 21.84%, and a net profit of 1.508 billion yuan, which is a 41.56% increase year-on-year [1] Financial Performance - For the full year 2024, the company generated a total electricity output of 112.012 billion kWh, an increase of 4.62% year-on-year, driven by improved water inflow and the commissioning of new power stations [2] - The average settlement price of electricity in Yunnan province reached 0.22257 yuan/kWh in 2024, reflecting a 0.66% increase year-on-year due to tightening supply and demand [2] - The gross profit margin for 2024 was 56.13%, a decrease of 0.23 percentage points year-on-year, attributed to increased depreciation costs from new units [2] - Financial expenses for 2024 decreased to 2.675 billion yuan, down 2.04% year-on-year, due to the replacement of high-interest loans [2] Q1 2025 Performance - In Q1 2025, the company achieved a total electricity output of 21.292 billion kWh, a year-on-year increase of 31.22%, with hydropower generation increasing by 30.47% to 19.733 billion kWh [3][4] - The company’s wind power generation decreased by 10.43% to 1.46 billion kWh, while solar power generation surged by 50.64% to 1.413 billion kWh [4] - The financial expenses for Q1 2025 were 647 million yuan, a reduction of 5.00% year-on-year, reflecting ongoing debt structure optimization [4] Investment Outlook - The company is projected to have an EPS of 0.50 yuan, 0.52 yuan, and 0.54 yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 19.04, 18.27, and 17.62 [5]

Group 1 - Chengdu government has issued policies to enhance the city's power supply capacity, focusing on eight areas including accelerating power grid construction and promoting distributed solar and new energy storage projects [1] - Guohai Securities anticipates a resurgence in photovoltaic supply-side reform, with potential restrictions on silicon material output and encouragement of high-efficiency battery technology to alleviate industry overcapacity [1] - The global commercial storage market is expected to grow, with distributed storage gaining traction due to decreasing costs and increasing demand for backup power [1] Group 2 - Fangzheng Securities notes that thermal power companies may experience a turnaround due to declining coal prices, particularly those located in regions with tight power supply and lower electricity price drops [2] - Hydropower generation is expected to improve steadily, with high dividend yields becoming more attractive as hydropower companies are less affected by market fluctuations [2] - Nuclear power generation has increased, and while the average on-grid price may decline due to market trading and long-term contract price reductions, the increase in generation volume is expected to offset price impacts [2]

Core Insights - The National Energy Administration has issued a notice aimed at promoting the development of the private economy in the energy sector, focusing on financing channels and supporting private enterprises in various aspects such as public offerings, refinancing, mergers and acquisitions, and bond financing [1][3]. Group 1: Support for Private Enterprises - The notice encourages private enterprises to invest in nuclear power projects, hydropower, oil and gas storage facilities, and liquefied natural gas receiving stations [1][2]. - It supports private enterprises in participating in major infrastructure projects, including oil and gas pipeline networks and renewable energy projects like solar thermal power and biomass energy [1][2]. Group 2: Development of New Energy Models - The notice emphasizes the development of new energy business models, including virtual power plants and smart microgrids, and encourages investment in new technologies such as energy storage and charging infrastructure [2][3]. - It promotes innovation in the private sector, urging traditional energy companies to accelerate digital transformation and adopt advanced technologies for energy equipment recycling [2]. Group 3: Market Participation and Fair Competition - The notice aims to improve market access for private enterprises by enhancing the separation of oil and gas pipeline operations and optimizing licensing conditions for construction companies [2][3]. - It seeks to lower electricity connection costs for small private enterprises and improve the overall market environment for fair competition [2][3]. Group 4: Enhancing Government Services - The notice proposes streamlined administrative processes, including online approvals and one-stop services for wind power projects, to improve government services for private enterprises [3]. - It emphasizes the need for better communication between government and enterprises, as well as the protection of private enterprise rights [3][4].

文 | 国家能源局 4月28日，国家能源局举行新闻发布会，发布一季度能源形势、一季度可再生能源并网运行情 况，解读《国家能源局关于促进能源领域民营经济发展若干举措的通知》《中国氢能发展报告 （2025）》，并回答记者提问。 出席发布会的有法制和体制改革司副司长徐欣女士、发展规划司副司长邢翼腾先生、能源节约和 科技装备司副司长徐继林先生、新能源和可再生能源司副司长潘慧敏女士、综合司副司长、新闻 发言人张星。 一季度全国能源形势，新型储能等投资快速增长 今年以来，能源行业深入贯彻落实中央经济工作会议精神和党中央、国务院决策部署，推动我国 能源供给体系不断完善，供应保障能力持续增强，绿色低碳转型取得新进展，能源高质量发展不 断走深走实。总的来看，一季度全国能源供应充足，消费保持增长，供需总体宽松，价格稳中有 降，能源生产和用电增速呈现积极信号，主要有以下四个特点： 一是能源生产稳步增长，3月份煤、油、气、电生产增速加快。一季度规上工业原煤产量12亿 吨，同比增长8.1%；3月份规上工业原煤产量同比增长9.6%，日均产量超过1400万吨。一季度规 上工业原油产量5409万吨，同比增长1.1%，3月份规上工业原油产量同 ...

Core Viewpoint - The Shanghai Composite Index opened lower and fluctuated, with the CSI 300 Utilities Index reported at 2638.18 points, reflecting a 3.14% increase over the past month, a 4.64% increase over the past three months, and a 2.53% decline year-to-date [1] Group 1: Index Performance - The CSI 300 Utilities Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index is based on a sample of 300 stocks from the CSI 300, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2: Index Holdings - The top ten weights in the CSI 300 Utilities Index are: - Changjiang Electric Power (48.17%) - China Nuclear Power (10.24%) - Three Gorges Energy (8.19%) - Guodian Power (5.45%) - State Power Investment (4.79%) - Sichuan Investment Energy (4.38%) - Huaneng International (4.21%) - China General Nuclear Power (3.7%) - Zhejiang Energy Power (3.12%) - Huadian International (2.67%) [1] Group 3: Market Composition - The market composition of the CSI 300 Utilities Index shows that the Shanghai Stock Exchange accounts for 95.94%, while the Shenzhen Stock Exchange accounts for 4.06% [2] - In terms of industry composition, hydropower constitutes 59.60%, thermal power 15.45%, nuclear power 13.94%, wind power 8.55%, and gas power 2.46% [2] Group 4: Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples or special events affecting sample companies [2]