广东省广州市天河区珠江新城华夏路 10 号富力中心 23 楼整层及 31 楼 01、04 单元 邮编：510623 23/F, Units 01 & 04 of 31/F, R&F Center, 10 Huaxia Road, Zhujiang New Town, Tianhe District Guangzhou, Guangdong 510623, P. R. China 电话/Tel : +86 20 2826 1688 传真/Fax : +86 20 2826 1666 www.zhonglun.com 北京市中伦（广州）律师事务所 关于广州产业投资控股集团有限公司及其一致行动人 增持广州发展集团股份有限公司股份的 专项核查意见 致：广州产业投资控股集团有限公司 北京市中伦（广州）律师事务所（以下简称"本所"）受广州产业投资控股集 团有限公司（以下简称"广州产投集团"）委托，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》"）、 《上市公司收购管理办法》、《上海证券交易所上市公司自律监管指引第 8 号—— 股份变动管理（2025 年 4 月修订 ...

Group 1 - The combustible ice concept sector declined by 1.21%, ranking among the top declines in concept sectors as of July 3 [1] - Major companies within the combustible ice sector that experienced significant declines include Qianeng Huanxin, Haimer Technology, and China International Marine Containers [1] - The top-performing concept sectors for the day included Tonghuashun Fruit Index with a gain of 4.73% and PCB concept with a gain of 3.27% [1] Group 2 - The combustible ice sector saw a net outflow of 483 million yuan from main funds, with 11 stocks experiencing net outflows and 8 stocks seeing outflows exceeding 10 million yuan [1] - The stock with the highest net outflow was ShenKai Co., with a net outflow of 218 million yuan, followed by Sinopec, China International Marine Containers, and Xinjin Power [1] - The detailed outflow data shows that ShenKai Co. had a turnover rate of 47% and a slight increase of 0.40%, while Sinopec had a turnover rate of 0.13% and a decline of 0.53% [1]

Core Viewpoint - The company has successfully completed the land transfer process and received compensation payments, which will positively impact its financial performance [1][2]. Summary by Sections Overview of Land Transfer - The company has agreed to transfer the Guangsheng (Luochongwei Power Plant) land as part of the urban renewal project in Baiyun District, Guangzhou, following the approval of the board [1][2]. - The company signed the compensation agreement with the Baiyun District People's Government, which outlines the terms for land transfer and compensation [1]. Progress of Land Transfer - As of the end of June 2025, all nine conditions for land transfer stipulated in the agreement have been met, and the site has been successfully handed over [2]. - The company has received a total of 1.37 billion yuan in compensation, with an outstanding amount of 457 million yuan to be paid upon the completion of land transfer procedures [2]. Impact on the Company - The land transfer aligns with government initiatives for urban development and resource optimization, and it is not expected to adversely affect the company's operations or shareholder interests [2]. - The transaction is anticipated to have a positive effect on the company's financial performance, with specific accounting treatment to be determined by an auditing firm [2].

股票简称：广州发展 股票代码：600098 公告编号：临 2025-039 号 公司债券简称：21 穗发 01、21 穗发 02、22 穗发 01、22 穗发 02 公司债券代码：188103、188281、185829、137727 广州发展集团股份有限公司 关于公司土地交储的进展公告 本公司董事会、全体董事及相关股东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。 本事项会计处理及对公司业绩的影响以会计师事务所审计后 的结果为准。 一、交储事项概述 为贯彻落实广州市政府决策部署，配合城市建设总体规 划，推进片区更新改造和地块资源优化利用，公司第九届董 事会第六次会议审议通过了《关于公司广盛（罗冲围电厂） 地块交储的议案》，同意公司广盛（罗冲围发电厂）地块（简 称"广盛地块"）交储，并同意公司与广州市白云区人民政 府松洲街道办事处签署《广州市白云区螺涌村、松南村、松 北村城中村改造项目发电厂地块征收补偿协议书》。详见公 1 司于 2024 年 7 月 26 日披露的《广州发展集团股份有限公司 第九届董事会第六次会议决议公告》及《广州发展集团股份 ...

证券研究报告 公用事业 | 电力 非金融|首次覆盖报告 hyzqdatemark 2025 年 07 月 01 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 市场表现： | 基本数据 | 2025 | | 27 | | 年 | 06 | 月 | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 6.26 | | | | 一 年 最 / 最 | | 高 | | 低 | | | | | 内 | | 总股本（百万股） | | | | | | | 3,506.31 | | | | 每股净资产（元/股） | | | | | | | 7.63 | | | | | | | | | | | 7.40/5.40 | | | | （元） | | | ...

Core Viewpoint - Guangzhou Development is positioned as a comprehensive energy platform under the jurisdiction of the Guangzhou municipal government, demonstrating stable performance and a commitment to high dividends, with a buy rating assigned for investment potential [1][2]. Investment Highlights - The company has established a diversified energy industry system, including power generation, energy logistics, gas, new energy, energy storage, and energy finance, which enhances its operational stability [2]. - As of the end of 2024, the total installed power capacity is projected to reach 10.26 GW, comprising 3.14 GW from coal, 2.34 GW from gas, 2.44 GW from wind, and 2.35 GW from solar [2]. - The company has maintained stable growth in net profit since 2017, with a forecasted net profit of 1.732 billion yuan for 2024, reflecting a year-on-year increase of 5.73% [2]. - The company has a consistent dividend policy, with a dividend payout ratio around 50%, and a projected dividend ratio of 54.67% for 2024, resulting in an estimated dividend yield of 4.21% [2]. Sector Analysis - The thermal power segment, primarily located in the Guangdong-Hong Kong-Macao Greater Bay Area, is expected to show performance elasticity due to falling coal prices, despite a decline in utilization hours [3]. - The average spot price of 5500 kcal thermal coal has decreased by 214 yuan per ton since Q2 2025, which is anticipated to positively impact the company's thermal power performance [3]. - The new energy segment is rapidly expanding, with plans to reach an installed capacity of 8 GW by the end of 2025, contributing to increased power generation [3]. - The company’s new energy projects are primarily located in regions with high electricity prices, although the electricity prices for wind and solar are projected to decline in 2024 [3]. Gas Business Performance - The Guangzhou Gas Group, a subsidiary, is the sole entity responsible for high-pressure gas pipeline construction and natural gas procurement in Guangzhou, with stable growth in gas sales volume [4]. - The company is expected to achieve a pipeline gas sales volume of 2.166 billion cubic meters in 2024, marking a year-on-year increase of 26.18% [4]. - The completion of the LNG emergency peak-shaving gas source station in 2023 and the second phase of the Zhujiang LNG power plant are expected to enhance gas supply capacity [4]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 1.849 billion, 2.120 billion, and 2.373 billion yuan, respectively, with year-on-year growth rates of 6.74%, 14.70%, and 11.91% [4]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 12, 10, and 9 times for the years 2025 to 2027 [4].

Group 1 - The core viewpoint of the news is that the combustible ice concept sector has experienced a decline of 1.88%, ranking among the top declines in concept sectors, with companies like Xinjin Power, Qianeng Hengxin, and Shenkai Co. leading the losses [1][2] - The combustible ice concept sector saw a net outflow of 279 million yuan in main funds today, with ten stocks experiencing net outflows, and five stocks seeing outflows exceeding 30 million yuan [2] - The stock with the highest net outflow is Sinopec, with a net outflow of 93.81 million yuan, followed by Shenkai Co., Xinjin Power, and Qianeng Hengxin, with net outflows of 40.08 million yuan, 35.17 million yuan, and 31.84 million yuan respectively [2] Group 2 - The top gainers in today's concept sectors include Copper Cable High-Speed Connection, which rose by 3.22%, and Metal Zinc, which increased by 3.11% [2] - The stocks with the highest net inflow in the concept sector include Nanjing Steel and Guangzhou Development, with net inflows of 7.09 million yuan and 1.50 million yuan respectively [2] - The detailed outflow list for the combustible ice concept includes Sinopec, Shenkai Co., Xinjin Power, and Qianeng Hengxin, all showing significant declines in their stock prices [2]

Group 1 - The combustible ice concept sector experienced a decline of 5.37%, ranking among the top declines in concept sectors, with major stocks like Taishan Petroleum hitting the limit down [1] - Within the combustible ice sector, only two stocks saw price increases, with Guangzhou Development rising by 1.08% and Nanjing Steel gaining 0.49% [1] - The main capital outflow from the combustible ice sector today was 434 million yuan, with ten stocks experiencing net outflows, and six stocks seeing outflows exceeding 30 million yuan [2] Group 2 - The top net capital outflows were led by China Petroleum, which saw a net outflow of 106 million yuan, followed by Taishan Petroleum and New Energy Power with outflows of 76 million yuan and 70 million yuan respectively [2] - The stocks with the highest net outflows in the combustible ice sector included Taishan Petroleum (-10.04%), New Energy Power (-15.12%), and potential Hengxin (-14.06%) [2] - Conversely, the stocks with the highest net capital inflows were Guangzhou Development and Nanjing Steel, with inflows of 9.96 million yuan and 6.31 million yuan respectively [2]

Core Viewpoint - The combustible ice concept sector experienced a decline of 4.14%, ranking among the top declines in concept sectors, with major stocks like Xinjin Power and Haimeike leading the drop [1][2] Market Performance - The top-performing concept sectors today included PET copper foil with a rise of 2.09%, while the combustible ice sector saw a decline of 4.14% [2] - Other declining sectors included brain-machine interface down 3.34% and short drama games down 3.07% [2] Fund Flow Analysis - The combustible ice sector faced a net outflow of 191 million yuan, with 9 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 10 million yuan [2] - Xinjin Power had the highest net outflow at 64.0018 million yuan, followed by Haimeike with 55.4108 million yuan and Taishan Petroleum with 29.4530 million yuan [2] Individual Stock Performance - Key stocks in the combustible ice sector included: - Xinjin Power: down 10.67% with a turnover rate of 23.89% and a net outflow of 64.0018 million yuan [2] - Haimeike: down 9.00% with a turnover rate of 19.54% and a net outflow of 55.4108 million yuan [2] - Taishan Petroleum: down 7.73% with a turnover rate of 24.53% and a net outflow of 29.4530 million yuan [2] - Conversely, stocks like Zhongji Group and Guangzhou Development saw net inflows of 37.5904 million yuan and 1.1178 million yuan, respectively [2]

证券代码：600098 证券简称：广州发展 公告编号：临 2025-038 号 公司债券简称：21 穗发 01、21 穗发 02、22 穗发 01、22 穗发 02 公司债券代码：188103、188281、185829、137727 广州发展集团股份有限公司2024年年度 权益分派实施公告 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 完整性承担个别及连带责任。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.27元（含税） ? 相关日期 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 Ａ股 2025/6/26 － 2025/6/27 2025/6/27 ? 差异化分红送转：否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 30 日的2024年年度 股东大会审议通过。相关内容详见公司于 2025 年 5 月 31 日在 《中国证券报》 、《上海证券报》、 《证券时报》及上海证券交易 所网站（www.sse.com.cn）上发布的相关公告。 二、 分配方案 截至股权登记日下午上海证券 ...