Core Points - The article discusses the completion of the southern crossing tower of the 500 kV transmission project over the Huaihe River, which is part of the Guodian Investment Binhai Power Plant to Sheyang Heqi 500 kV substation line project [5] - This project is a significant component of the second transmission channel along the Jiangsu coast, enhancing the region's power transmission capacity [5] Summary by Sections - **Project Details** - The project spans a total length of 2.961 kilometers, with a distance of 1,760 meters between the two crossing towers [5] - The southern crossing tower is located in the vicinity of Liuduo Village, Lianhai Town, Sheyang County [5] - Both crossing towers stand approximately 223 meters tall, making them the tallest towers crossing the Huaihe River in Jiangsu [5] - Each tower, including its attachments, weighs over 1,150 tons [5] - **Construction Progress** - The northern tower was completed by the end of September, while the line work in other sections is currently underway [5]

Group 1 - The third extraordinary general meeting of shareholders was held on November 13, 2025, at the company's conference room in Beijing [2][4] - All 8 current directors attended the meeting, along with the board secretary and other senior executives [3] - The proposal to register a shelf company bond of 20 billion yuan was approved during the meeting [3] Group 2 - The meeting was convened in accordance with the Company Law and other relevant regulations, ensuring the legality of the procedures and qualifications of attendees [4]

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 证券代码：600795 证券简称：国电电力 公告编号：临2025-36 国电电力发展股份有限公司 2025年第三次临时股东会决议公告 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。 (一) 股东会召开的时间：2025 年 11 月 13 日 (二) 股东会召开的地点：北京市朝阳区安慧北里安园 19 号楼公 司会议室 (三) 出席会议的普通股股东及其持有股份情况： | 1.出席会议的股东和代理人人数 | 1,790 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 9,396,745,487 | | 3.出席会议的股东所持有表决权股份数占公司有 | | | 表决权股份总数的比例（%） | 52.6852 | (四) 本次会议由公司董事会召集，会议采取现场投票与网络投 票相结合的方式，会议的召开符合《公司法》及其他有关法律法规和 《公司章程》的规定。 (五) 公司董事和董事会秘书的出席情况： 1.公司在任董事8人，出席8人 ...

北京办公室通讯地址：北京市朝阳区北辰东路八号汇宾大厦 A 座六层 Add：F6/A, North Star Huibin Plaza, No.8 Beichen East Road, Chaoyang District, Beijing 100101 , China 电话 T：+8610 6184 8000 传真 F：+8610 6184 8008 网址 www.tiantailaw.com 北京天驰君泰律师事务所 关于国电电力发展股份有限公司 2025 年第三次临时股东会的法律意见书 致：国电电力发展股份有限公司 北京天驰君泰律师事务所（以下简称"本所"）接受国电电力发 展股份有限公司（以下简称"公司"）委托，指派本所律师对公司 2025 年第三次临时股东会（以下简称"本次股东会"）的合法性进 行见证并出具法律意见书（以下简称"本法律意见"）。 本法律意见根据《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》"）、 《上市公司股东会规则（2025 年修订）》（以下简称"《股东会规 则》"）等现行有效的法律、法规、规范性文件及《国电电力发展股 份有限公司章程》 ...

Core Viewpoint - The National Power Investment Group has made significant achievements in high-quality development during the "14th Five-Year Plan" period, focusing on green and low-carbon transformation while ensuring national energy security [2][3]. Group 1: Green and Low-Carbon Development - The clean energy installed capacity of the National Power Investment Group reached 199 million kilowatts, accounting for 73.16% of the total installed capacity by the end of September 2025 [4]. - Wind power installed capacity increased by 2.4 times, and solar power installed capacity grew by 3.1 times during this period [5]. Group 2: Technological Innovation - The company has doubled its R&D investment, achieving significant advancements in technology and innovation, including the successful grid connection of the "Guohe No. 1" third-generation nuclear power project [6]. - The first prototype of a 300 MW F-class heavy-duty gas turbine was successfully ignited, marking a major milestone in its development [6]. Group 3: New Energy System Integration - The company is actively participating in the construction of a new energy system and has initiated rural energy revolution pilot projects, contributing to the establishment of the first rural energy revolution pilot in Lankao, Henan [7]. - The company has also explored the commercial application of nuclear heating, achieving a heating area of 5.6 million square meters in Shandong [7]. Group 4: International Expansion - The National Power Investment Group has enhanced its international competitiveness, becoming the largest Chinese enterprise in Turkey and the largest foreign renewable energy power generation company in Kazakhstan [8][9]. - The company has successfully entered developed markets such as Malta and Japan, establishing a solid foundation for international operations [9].

Core Viewpoint - Recently, Wanhua Green Energy (Dongming) Clean Energy Co., Ltd. was established with a registered capital of 720 million yuan, focusing on wind power generation technology services and emerging energy technology research and development [1] Company Summary - Wanhua Green Energy (Dongming) Clean Energy Co., Ltd. is jointly owned by Wanhua Chemical and State Power Investment Corporation, each holding 50% of the shares [1] - The company aims to engage in wind power generation technology services and research in emerging energy technologies [1] Industry Summary - The establishment of Wanhua Green Energy indicates a growing interest in clean energy solutions, particularly in wind power, aligning with global trends towards sustainable energy [1]

Core Viewpoint - Recently, Wanhua Green Energy (Dongming) Clean Energy Co., Ltd. was established, focusing on various clean energy services and technologies [1] Company Summary - The legal representative of the newly established company is Sun Wei [1] - The registered capital of the company is 720 million RMB [1] - The business scope includes power generation, transmission, distribution, wind power technology services, solar power technology services, energy storage technology services, energy management contracts, centralized fast charging stations, and research and development of emerging energy technologies [1] Shareholder Information - The company is jointly owned by Wanhua Chemical (600309) and State Power Investment Corporation Shandong Electric Power Co., Ltd., each holding 50% of the shares [1]

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly highlighting opportunities in hydropower, green energy, nuclear power, thermal power, and gas sectors [10][30]. Core Insights - The electricity market in the State Grid operating area has achieved near-complete coverage of the electricity spot market, with significant developments in provinces such as Shanxi, which has seen a 128.75% increase in new energy and clean energy installed capacity since the 14th Five-Year Plan [4][9]. - Natural gas prices have shown a divergent trend globally, with increases in Europe and the US, while prices in Asia remain stable due to ample supply [11][30]. Summary by Sections 1. Electricity - The State Grid has implemented a continuous settlement trial for the electricity spot market in Sichuan and Chongqing, marking a significant step towards full coverage [4][7]. - Shanxi's electricity spot market has recorded a total clearing volume of 156.23 billion kWh in the first half of 2025, with real-time average prices reflecting a "two peaks and one valley" pattern [9][10]. 2. Natural Gas - As of November 7, 2025, the Henry Hub spot price in the US reached $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European prices also saw upward trends [11][12]. - The report notes that the LNG national ex-factory price in China is 4382 yuan/ton, with a slight weekly decrease of 0.57% [28][30]. 3. Investment Recommendations - Hydropower: Favorable conditions for winter and spring generation, recommending companies like Guotou Power and Chuan Investment Energy [10]. - Green Energy: Increased stability in returns for existing projects, suggesting attention to companies like New Energy and Longyuan Power [10]. - Nuclear Power: Long-term growth potential remains strong, with recommendations for China Nuclear Power and China General Nuclear Power [10]. - Thermal Power: Improved profitability due to lower fuel costs, recommending companies like Guodian Power and Huaneng International [10]. - Gas Sector: Favorable conditions for city gas companies, recommending Kunlun Energy and New Energy [30]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, accounting for over 40% of the global total [39]. - The report highlights the steady growth in electricity market transactions, with a total of 4.92 trillion kWh traded by September 2025, marking a 7.2% year-on-year increase [39].

Investment Rating - The report maintains a "Positive" outlook on the power and gas sectors, highlighting the full coverage of the electricity spot market in the State Grid operating area and the seasonal rise in gas prices in Europe and the US [1]. Core Insights - The electricity spot market in the State Grid operating area has achieved near-complete coverage, with 18 provincial-level markets in continuous settlement trial operation as of November 1, 2025. This includes the formal operation of inter-provincial markets and five provincial-level markets [4][8]. - In the gas sector, US Henry Hub spot prices rose to $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European gas prices also saw increases due to seasonal demand [13][19]. Summary by Sections 1. Electricity - The State Grid operating area has nearly achieved full coverage of the electricity spot market, with significant developments in various provinces. As of November 1, 2025, the market has transitioned to continuous settlement trials in Sichuan and Chongqing [4][8]. - In Shanxi, the first province to fully implement the electricity spot market, the average spot price for electricity was recorded at 0.283 yuan/kWh, with a total of 156.23 billion kWh cleared in the first half of 2025 [10]. - The growth of renewable energy capacity in Shanxi has been substantial, with an increase of 128.75% since the 14th Five-Year Plan, leading to a significant impact on electricity pricing and market dynamics [10]. 2. Gas - The report notes a divergence in global gas prices, with US prices rising while Asian LNG prices remain stable due to ample supply. As of November 7, 2025, the Northeast Asia LNG spot price was $11.10/mmBtu, unchanged from the previous week [13][27]. - The report highlights the increase in US natural gas production and demand, with the Henry Hub futures price reaching $4.32/mmBtu, marking a 4.63% increase [14][19]. - Recommendations for investment in gas-related companies include those with integrated natural gas trading capabilities, such as Kunlun Energy and New Hope Energy, as well as city gas companies benefiting from cost reductions [31]. 3. Weekly Market Review - The report indicates that the electricity equipment, public utilities, environmental protection, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the week of November 2 to November 9, 2025 [35]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, representing over 40% of the global total, with significant contributions from various regions [41]. - The report also notes that the National Energy Administration is actively promoting the construction of a unified national electricity market, with trading volumes and participants steadily increasing [41].

Core Insights - Wanhu Green Energy (Dongming) Clean Energy Co., Ltd. has been established with a registered capital of 720 million yuan [1] - The company's business scope includes wind power generation technology services, solar power generation technology services, energy storage technology services, and contract energy management [1] - Wanhu Chemical and State Power Investment Corporation's wholly-owned subsidiary, National Energy Group Shandong Electric Power Co., Ltd., jointly hold shares in the new company [1]