上海电力2026年度日常关联交易详细解读

一、公告要点及背景

上海电力股份有限公司（证券代码：600021）于2026年4月14日发布了《关于2026年度日常关联交易的公告》。本次公告系公司例行披露，与控股股东国家电力投资集团有限公司（下称“国家电投集团”）及其子公司等关联方的关联交易计划，涉及金额巨大，范围广泛，涵盖金融、采购、销售、电力交易等多个领域。
重要提醒：本次日常关联交易需提交股东大会审议，且授权期限自股东会审议通过之日起不超过12个月。

二、董事会审议及独立意见

• 董事会7名关联方董事回避表决，6名非关联董事全票通过。
• 独立董事及审计与风险委员会认为，决策程序合规，交易定价公允，不损害中小股东利益，不影响公司独立性，交易有利于公司经营与发展。

三、前次（2025年度）关联交易执行回顾

公司2025年经审议的日常关联交易预计总额度极高，实际执行金额整体低于预计。其中，金融业务、采购、销售、服务、电力交易等领域均有涉及。部分主要数据如下：

• 国家电投集团财务公司贷款预计不超190亿元，2025年末余额为43.80亿元。
• 国家电投香港财资管理有限公司贷款预计不超180亿元，2025年末余额为77.6亿元。
• 百瑞信托资产证券化、信托等业务预计230亿元，实际余额0.39亿元。
• 供应链金融、票据业务等部分项目实际发生金额为0。
• 物资采购、技术服务、工程服务、燃料采购、航运等实际发生金额均低于年度预计。

四、2026年度日常关联交易预计安排

本次2026年度的关联交易预计金额更为庞大，涵盖四大类，具体如下：

1. 金融业务

• 与国家电投集团及子公司开展存款、贷款、保险、供应链金融、资产证券化、信托、票据等业务，单项最高额度达350亿元。
• 重要合作方及额度包括：国家电投集团财务公司贷款不超190亿元，存款不超150亿元，票据业务40亿元；国家电投香港财资管理有限公司贷款200亿元，存款5亿美元；百瑞信托230亿元；国电投云链科技130亿元；保险业务10亿元；中电投融和融资租赁有限公司融资租赁260亿元。

2. 采购与服务

• 向国家电投集团及子公司采购设备、产品、物资、燃料、接受工程及技术服务等，单项最高50亿元。
• 主要交易对象包括：山东电力工程咨询院（工程服务14亿元）、山东鲁电国际贸易（商品及服务14亿元）、国家电投物资装备分公司（设备和物资14亿元）、电能易购（物资7亿元）、锦州港口（燃料6亿元）、上海发电设备成套设计研究院（工程服务5亿元）。
• 向上海友好航运有限公司委托煤炭运输2亿元。

3. 向关联方销售商品及提供服务

• 提供工程和技术服务、燃料销售、航运等服务，总额度不超过15亿元，其中工程和技术服务7亿元、燃料销售5亿元、航运1亿元、其他2亿元。

4. 电力交易相关

• 碳交易、绿电、绿证等，预计额度12亿元。

五、关联方详解

公告详细列举了所有主要关联方背景，包括其注册资本、业务范围及与上海电力的具体关联关系。所有关联方均为公司控股股东国家电投集团的控股或全资子公司、分公司，或与公司高管存在董事关系的企业。

六、定价政策与交易公允性

• 所有关联交易均以市场价格为基础，参照正常商业条款，经双方协商确定。
• 存款、贷款利率不低于/高于市场同档次标准，保险、供应链金融、采购、销售、电力交易均采用市场定价。

七、对上市公司及投资者的影响

• 关联交易有助于公司优化资金结构，降低融资成本，发挥集团协同及集采优势，提升技术能力和服务水平。
• 交易定价公允，未损害公司及中小股东利益，不影响公司独立性或持续经营能力。
• 潜在影响： 由于本次关联交易额度极大，涉及面广，若相关交易顺利推进，可能带来业绩增长、资金成本下降、业务协同效应提升等利好预期，对公司股价具有一定积极意义；但若因内外部环境变化导致实际发生金额远低于预计额度，则影响有限。

八、需要股东特别关注的事项

• 本次日常关联交易尚需提交股东大会审议，交易额度及执行细则可能根据实际情况有所调整。
• 部分关联方为公司高管兼任董事或持股企业，需关注可能存在的管理决策风险。
• 部分预计额度远超往年实际发生额，投资者应关注实际执行情况及后续信息披露。

九、总结

本公告涉及金额庞大，涵盖公司全部核心业务板块，有利于公司资源整合及效率提升，若相关交易顺利落地，对公司盈利能力和市场表现具有正面影响，值得投资者重点关注。建议投资者密切关注后续股东大会决议及交易执行进展。

免责声明：本报道基于公司公告公开信息整理，不构成任何投资建议。投资者请根据自身状况审慎决策，注意市场风险。

English Version

Shanghai Electric Power 2026 Related Party Transactions Detailed Analysis

1. Key Points and Background

Shanghai Electric Power Co., Ltd. (Stock Code: 600021) announced its 2026 related party transactions on April 14, 2026. The announcement discloses extensive and large-scale transactions with its controlling shareholder State Power Investment Corporation Limited (SPIC) and its subsidiaries, covering finance, procurement, sales, and power trading.
Important: These transactions require shareholder approval, and the authorization is valid for up to 12 months from approval.

2. Board Review and Independent Opinions

• 7 interested directors abstained; all 6 non-interested directors voted in favor.
• Independent directors and the audit committee confirm that procedures are compliant, pricing is fair, minority shareholders’ interests are protected, and the company’s independence is maintained. The transactions benefit the company’s growth and shareholder value.

3. Review of 2025 Related Party Transaction Execution

In 2025, actual transaction amounts were generally below the approved limit, with coverage in finance, procurement, sales, services, and power trading. Notable figures:

• SPIC Finance loan: Capped at RMB 19 billion, end-2025 balance RMB 4.38 billion.
• SPIC HK Treasury loan: Capped at RMB 18 billion, end-2025 balance RMB 7.76 billion.
• Bairui Trust business: Capped at RMB 23 billion, actual RMB 39 million.
• Some business areas (e.g., supply chain finance, bill business) had zero transactions.
• Procurement, technical services, and shipping were all below annual estimates.

4. 2026 Related Party Transaction Proposals

The 2026 transaction estimates are even larger, across four main categories:

1. Financial Businesses

• Cooperation with SPIC and subsidiaries in deposits, loans, insurance, supply chain finance, securitization, trust, and bill business. Individual transaction ceilings as high as RMB 35 billion.
• Main partners and quotas: SPIC Finance loan RMB 19 billion, deposit RMB 15 billion, bill business RMB 4 billion; SPIC HK Treasury loan RMB 20 billion, deposit USD 500 million; Bairui Trust RMB 23 billion; Yunlian Tech RMB 13 billion; insurance RMB 1 billion; Ronghe Leasing RMB 26 billion.

2. Procurement and Services

• Procurement from SPIC and subsidiaries (equipment, materials, fuel), and engineering/technical services, with single items up to RMB 5 billion.
• Main parties: Shandong Power Engineering Consulting (services RMB 1.4 billion), Ludian International Trade (goods/services RMB 1.4 billion), SPIC Equipment (RMB 1.4 billion), Dianeng E-purchase (RMB 700 million), Jinzhou Port (fuel RMB 600 million), Shanghai Equipment Design Institute (services RMB 500 million).
• Shipping services with Shanghai Youhao Shipping RMB 200 million.

3. Sales and Service Provision to Related Parties

• Engineering, technical, fuel sales, and shipping, up to RMB 1.5 billion, including technical services RMB 700 million, fuel sales RMB 500 million, shipping RMB 100 million, and other RMB 200 million.

4. Power Trading Related

• Carbon trading, green power, certificates, up to RMB 1.2 billion.

5. Related Parties Overview

The announcement details the background of each related party, including capital, business scope, and the specific relationship with Shanghai Electric Power. All are subsidiaries, branches, or entities with board representation by company executives.

6. Pricing Policy and Fairness

• All transactions are priced based on market rates and standard commercial terms, determined by negotiation.
• Deposit/loan rates meet or exceed benchmark rates; insurance, supply chain finance, procurement, sales, and power trading are market-based.

7. Impact on the Company and Investors

• The transactions optimize capital structure, lower financing costs, leverage group procurement and technology strengths, and enhance service capabilities.
• Pricing is fair, shareholders’ interests are protected, and company independence is not affected.
• Potential Impact: Due to the very large transaction quota and broad coverage, successful execution could drive earnings growth, cost savings, and business synergies, positively affecting share price. If actual transactions fall short, the impact may be limited.

8. Matters for Shareholders’ Attention

• Shareholder approval is still required; quotas and details may be adjusted.
• Some related parties have company executives as directors or shareholders—potential governance risks.
• Some quotas are much higher than past actuals; investors should watch actual execution and future announcements.

9. Conclusion

This announcement involves very large transaction amounts and covers all core business areas. If successfully executed, it can enhance profitability and market performance. Investors should pay close attention to shareholder meeting outcomes and implementation status.

Disclaimer: This report is based on publicly disclosed information and does not constitute investment advice. Investors should make prudent decisions according to their own circumstances and note market risks.

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