特变电工股份有限公司 证券代码：600089 证券简称：特变电工 编号：临 2025-044 特变电工股份有限公司 关于部分股票期权注销完成的公告 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。 特变电工股份有限公司于 2025 年 6 月 18 日召开了公司 2025 年第六次临时 董事会会议、2025 年第三次临时监事会会议，审议通过了《关于公司 2022 年股 票期权激励计划首次授予的股票期权第三个行权期、授予的预留股票期权第二个 行权期行权条件未成就及注销相应股票期权的议案》，公司董事会决定注销已授 予尚未行权的股票期权合计 87,684,520 份。具体内容详见 2025 年 6 月 19 日公 司披露于《上海证券报》《中国证券报》《证券时报》和上海证券交易所网站 （www.sse.com.cn）的《特变电工股份有限公司关于 2022 年股票期权激励计划 首次授予的股票期权第三个行权期、授予的预留股票期权第二个行权期行权条件 未成就及注销相应股票期权的公告》（公告编号：临 2025-041）。 公司已向中国证券登记结 ...

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。 特变电工股份有限公司于 2025 年 6 月 18 日召开了公司 2025 年第六次临时 董事会会议、2025 年第三次临时监事会会议，审议通过了《关于公司 2022 年股 票期权激励计划首次授予的股票期权第三个行权期、授予的预留股票期权第二个 行权期行权条件未成就及注销相应股票期权的议案》，公司董事会决定注销已授 予尚未行权的股票期权合计 87,684,520 份。具体内容详见 2025 年 6 月 19 日公 司披露于《上海证券报》《中国证券报》《证券时报》和上海证券交易所网站 （www.sse.com.cn）的《特变电工股份有限公司关于 2022 年股票期权激励计划 首次授予的股票期权第三个行权期、授予的预留股票期权第二个行权期行权条件 未成就及注销相应股票期权的公告》（公告编号：临 2025-041）。 公司已向中国证券登记结算有限责任公司上海分公司提交了注销上述股票 期权的申请，经中国证券登记结算有限责任公司上海分公司审核确认，上述股票 期权注销事宜已于 2025 年 ...

特变电工股份有限公司 截至 2025 年 6 月 27 日，"特变电工应收账款 1 期碳中和资产支持专项计划 （科技创新）"（以下简称"本次专项计划"）的优先级资产支持证券和次级资产 支持证券已得到全额认购。本次专项计划实际收到的认购金额为人民币 28,970.00 万元，已经达到约定的专项计划募集资金规模，本次专项计划于 2025 年 6 月 27 日正式成立。基本情况如下： | 资产支持证 发行规模 | 面值 | 预期收 | 期限 | 还本付息方式 | 评级 | | --- | --- | --- | --- | --- | --- | | 券 （亿元） | （元） | 益率 | | | | | 优先级证券 2.7800 | 100 | 2.10% | 自专项计划设立日 (含该日)起至 2028 年 6 月 20 日止(不 | 在每个兑付日付 息并过手摊还本 金 | AAAsf | | | | | 含该日) 自专项计划设立日 | 在优先级证券本 | | | 次级证券 0.1170 | 100 | - | (含该日)起至 2028 年 6 月 20 日止(不 含该日) | 息支付完毕后享 有剩余收益 | - ...

Core Viewpoint - The renewable energy sector is experiencing positive momentum, with significant stock price increases and favorable market conditions, particularly in the context of the Chinese and U.S. markets [1][4]. Group 1: Market Performance - As of June 27, 2025, the CSI New Energy Index rose by 0.93%, with notable stock performances including Xingyuan Material up 9.70% and Tianqi Lithium up 4.68% [1]. - The New Energy ETF (159875) increased by 0.68%, with a cumulative rise of 4.02% over the past week [1]. - The trading volume for the New Energy ETF reached 16.97 million yuan, with a turnover rate of 1.93% [1]. Group 2: Fund and Investment Insights - The New Energy ETF saw a significant scale increase of 7.09 million yuan over the past week, indicating strong investor interest [1]. - The latest financing buy-in for the New Energy ETF was 1.11 million yuan, with a financing balance of 30.07 million yuan [1]. - The CSI New Energy Index is currently valued at a historical low, with a price-to-book ratio (PB) of 2.05, which is below 86.91% of the time over the past five years, highlighting attractive valuation [1]. Group 3: Industry Developments - The Ministry of Industry and Information Technology in China has released a plan to advance green and low-carbon standards in various sectors, including microgrids and clean hydrogen applications [3]. - Recent amendments to U.S. legislation extending energy storage ITC subsidies are expected to benefit the U.S. large-scale storage market, which remains a high-margin sector [4]. - In Europe, offshore wind investments have exceeded 5.6 GW this year, with a 107% year-on-year increase in final investment decisions, indicating a robust growth outlook for the offshore wind sector [4].

Investment Strategy - The report emphasizes that Xinjiang is benefiting from two major strategic shifts: the transition from coastal economies to the Belt and Road Initiative, positioning Xinjiang as a frontier hub with geographical advantages. The balance is shifting towards energy security and dual carbon environmental goals, making coal chemical industry a focal point for Xinjiang's resource advantages [7][8][10] - The report highlights the importance of coal chemical development in Xinjiang, noting that external conditions are now favorable for this sector. Factors include rising coal prices, alignment with China's resource endowments, and supportive industrial policies [7][8][9] - The report suggests focusing on two main investment lines: coal chemical investments and state-owned enterprise reforms. Key companies to watch include Tebian Electric Apparatus, Baofeng Energy, and Guanghui Energy, among others [11][12] Xinjiang Index Situation - The Xinjiang index stands at 104.9, down 0.46% week-on-week, while the coal chemical investment index is at 99.7, down 2.77%. The state-owned enterprise reform index is at 110.8, up 0.86% [14] - The top three gainers this week include: - Zhun Oil Co., Ltd. (002207.SZ) up 40.23% - Beiken Energy (002828.SZ) up 20.22% - International Industry (000159.SZ) up 13.34% - The top three decliners include: - Beixin Road and Bridge (002307.SZ) down 6.73% - Fosda (603173.SH) down 7.58% - Huijia Times (603101.SH) down 11.07% [14] Key Data Tracking - Key prices in Xinjiang include: - Q5000 mixed coal at 100 CNY/ton, unchanged week-on-week - Q5200 mixed coal at 197 CNY/ton, unchanged week-on-week - Main焦煤 at 780 CNY/ton - Methanol price at 1605 CNY/ton, with a price difference of -1180 CNY/ton compared to East China - Urea price at 1681 CNY/ton, with a price difference of -139 CNY/ton compared to Shandong [19] - In May 2025, coal railway shipments from key state-owned coal mines reached 3.308 million tons, a year-on-year increase of 16.6%. The raw coal production in Xinjiang was 46.651 million tons, a year-on-year increase of 23.44% [19] Key News and Company Announcements - On June 13, the National Development and Reform Commission approved the 2 billion cubic meters/year coal-to-natural gas project by Xinjiang Tianchi Energy Co., Ltd. The total investment for this project is 17.04 billion CNY [37][39] - Recent updates on key coal chemical projects include: - Tebian Electric's coal-to-gas project approved with a capacity of 20 billion cubic meters/year - National Energy Group's coal-to-gas project with a capacity of 40 billion cubic meters/year is progressing with equipment tenders [41]

Core Viewpoint - The demand for shunt reactors is increasing due to the growing electricity demand and the rapid development of renewable energy generation, supported by national policies promoting grid construction. The market size of China's shunt reactor industry is projected to reach 2 billion yuan in 2024, a year-on-year increase of 33% [1][12]. Industry Overview - Shunt reactors, also known as parallel compensation reactors, are essential for reactive power compensation in power transmission and transformation, improving power factor and reducing current losses [3]. - The technology of shunt reactors is continuously evolving to better meet the needs of power systems, with two main types: shell-type and core-type reactors, each with distinct advantages and disadvantages [5][6]. Industry Chain - The upstream of the shunt reactor industry includes metal material suppliers, insulation material suppliers, and electrical equipment manufacturers. The midstream involves the production and manufacturing of shunt reactors, while the downstream applications span various sectors, including high-voltage direct current (HVDC) systems and renewable energy integration [6][8]. Market Demand and Investment - The expansion of grid construction, particularly in ultra-high voltage (UHV) projects, is closely linked to the demand for shunt reactors. In 2023, the total investment in national grid construction reached 527.7 billion yuan, with projections of 600 billion yuan for 2024 [10][12]. Competitive Landscape - The shunt reactor market is competitive, with numerous small and medium-sized enterprises alongside a few large companies. Key players include China XD Electric, TBEA, and Sifang Electric, which leverage core technologies and patents for competitive advantage [14][16]. Future Trends - The demand for shunt reactors is expected to grow in the renewable energy sector due to the need for reactive power support in wind and solar power integration [20]. - The industry is transitioning towards smart and digital solutions, enhancing operational efficiency and product reliability through technologies like IoT and big data [21]. - Stricter environmental regulations are driving the development of more eco-friendly and low-loss products, such as dry-type reactors, which are gradually replacing traditional oil-immersed reactors [22].

特变电工股份有限公司 证券代码：600089 证券简称：特变电工 公告编号：临 2025-042 特变电工股份有限公司 收到资产支持证券挂牌转让无异议函的公告 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。 公司十一届二次董事会会议、2024 年年度股东大会会议审议通过了《关于 开展应收账款资产证券化的议案》，同意公司全资子公司天津三阳丝路商业保理 有限公司（以下简称"保理公司"）开展应收账款资产证券化业务，资产支持证 券规模不超过 50 亿元人民币，一次注册，分期发行。具体内容详见公司分别于 2025 年 4 月 22 日、2025 年 5 月 13 日披露的《特变电工股份有限公司关于开展 应收账款资产证券化的公告》（公告编号：临 2025-033）、《特变电工股份有限公 司 2024 年年度股东大会决议公告》（公告编号：临 2025-036）。 三、国信资管应当在每期资产支持证券完成发行后，按照上交所相关规定及 时办理挂牌转让手续。 1 特变电工股份有限公司 公司将按照有关法律法规和《无异议函》的相关要求，及时办理本次资产 ...

Core Viewpoint - The Chinese photovoltaic (PV) industry is facing a critical supply-side reform, with expectations of production cuts and stricter policies to curb below-cost sales, aiming to improve industry profitability and stability [3][4][5]. Industry Summary - A significant decline was observed in the A-share market on June 19, with a total trading volume of 1.28 trillion yuan and over 4,600 stocks falling [1]. - The photovoltaic sector, particularly low-fee ETFs, experienced a downturn, with the leading ETF (516290) dropping by 1.49% [1][6]. - Major companies in the PV sector, such as 阳光电源 (Sungrow Power), 德业股份 (Deye), and 晶澳科技 (JA Solar), reported declines exceeding 3% in their stock prices [6]. Production and Policy Changes - The China Photovoltaic Industry Association held a meeting focusing on "production limits to maintain prices," indicating a projected reduction in operating rates by 10%-15% in Q3 [2][3]. - A third-party audit group will conduct comprehensive audits to identify evidence of below-cost sales, with various measures planned against non-compliant companies [2][3]. Technological Advancements - The industry is witnessing a push for supply-side reform, with leading companies advocating for market-driven consolidation and technological upgrades to phase out outdated capacities [4][5]. - New technologies, such as TOPCon and perovskite, are gaining attention, with several companies showcasing advancements in efficiency and production capabilities at the SNEC conference [5]. Market Outlook - The PV sector is expected to experience a fundamental recovery, with signs of a potential turning point in market sentiment as production cuts and technological advancements take effect [7]. - The low-fee photovoltaic ETF (516290) is highlighted as a favorable investment option, with management fees significantly lower than the market average [7].

Core Viewpoint - The China Securities New Energy Index has experienced a decline in recent months, reflecting the overall performance of listed companies in the renewable energy sector [2]. Group 1: Index Performance - The China Securities New Energy Index fell by 1.29% to 1768.83 points, with a trading volume of 36.878 billion yuan [1]. - Over the past month, the index has decreased by 1.69%, by 10.68% over the last three months, and by 9.32% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in renewable energy production, application, storage, and related equipment, with a base date of December 31, 2011, set at 1000.0 points [2]. - The top ten weighted companies in the index are: CATL (9.99%), Sungrow Power (5.53%), LONGi Green Energy (5.26%), China Nuclear Power (4.73%), Three Gorges Energy (3.69%), TBEA (3.52%), EVE Energy (3.15%), Huayou Cobalt (2.96%), Tongwei Co. (2.45%), and Ganfeng Lithium (2.13%) [2]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shenzhen Stock Exchange (58.70%), followed by the Shanghai Stock Exchange (40.87%) and the Beijing Stock Exchange (0.43%) [2]. - In terms of industry composition, the index is comprised of 73.71% in industrials, 14.26% in utilities, and 12.02% in materials [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3].

特变电工股份有限公司于 2025 年 6 月 14 日以电子邮件、送达方式发出召开 公司 2025 年第三次临时监事会会议的通知，2025 年 6 月 18 日以通讯表决方式 召开了公司 2025 年第三次临时监事会会议，应当参会监事 5 人，实际收到有效 表决票 5 份。会议召开程序符合有关法律法规和《公司章程》的规定，会议所做 决议合法有效。 会议审议通过了关于公司 2022 年股票期权激励计划首次授予的股票期权第 三个行权期、授予的预留股票期权第二个行权期行权条件未成就及注销相应股 票期权的议案。 特变电工股份有限公司 《特变电工股份有限公司 2022 年股票期权激 励计划》等文件的相关规定，公司董事会审议相关事项时，有利益关系的董事均 回避表决，决策程序合法合规；本次注销不会对公司的财务状况和经营成果产生 实质性影响，不存在损害公司及全体股东利益的情形。 证券代码：600089 证券简称：特变电工 公告编号：临 2025-039 特变电工股份有限公司 详见临 2025-041 号《特变电工股份有限公司关于 2022 年股票期权激励计划 首次授予的股票期权第三个行权期、授予的预留股票期权第二个行权期行权 ...