股票简称：广州发展 股票代码：600098 公告编号：临 2026-005 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 2025年度第三期超短期融资券兑付公告 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。 为保证广州发展集团股份有限公司 2025 年度第三期超短 期融资券（债券简称：25 广州发展 SCP003，债券代码： 012581145.IB）兑付工作的顺利进行，方便投资者及时领取 兑付资金，现将有关事宜公告如下： 3.债项简称：25 广州发展 SCP003 4.债项代码：012581145.IB 5.发行金额：人民币 8 亿元 6.发行期限：270 天 7.本计息期债券利率：1.71% 8.本期应兑付本息金额：人民币 810,119,452.05 元 9.到期兑付日：2026 年 2 月 9 日（如遇法定节假日或休 息日，则顺延至其后的第 1 个工作日，顺延期间不另计息） ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

Key Points - SpaceX's procurement orders for calibration testing products from 康斯特 from 2016 to 2024 are relatively small [1] - 法尔胜 does not engage in businesses related to "controlled nuclear fusion," "superconductors," or "commercial aerospace" [1] - 龙旗科技 plans to invest 1.5 billion yuan to build an AI + smart terminal digital benchmark factory project in Nanchang High-tech Zone [1] - 蜀道装备 has won a contract worth 6,486,000 USD for the Rumuji natural gas liquefaction facility project in Nigeria [1] - TCL科技's subsidiary intends to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan [1] - 一品红 plans to repurchase shares worth between 100 million to 200 million yuan [2] - 实丰文化's shareholders plan to reduce their holdings by no more than 3% [2] - 随升科技 intends to raise no more than 470 million yuan through a private placement [1][2] - 太力科技 has signed a strategic cooperation framework agreement with Jinan University [1][2]

Group 1 - The core viewpoint of the report indicates that the fund, AI Fund China Europe Dividend Select Mixed Initiation A, has shown a profit of 1.5113 million yuan in Q4 2025, with a weighted average profit per fund share of 0.032 yuan. The fund's net value growth rate for the reporting period was 2.8%, and the fund size reached 61.4973 million yuan by the end of Q4 [3][15] - The fund is categorized as a mixed equity fund, with a unit net value of 1.29 yuan as of January 22. The fund managers are Liu Yong and Zhang Xue Ming [3] - The fund management expresses optimism about the future of dividend investment in China, suggesting there is still room for further development and deeper exploration. They plan to enhance research in this area and refine existing dividend strategies [3] Group 2 - As of January 22, the fund's three-month cumulative net value growth rate is 4.09%, ranking 514 out of 689 comparable funds. The six-month growth rate is 6.58%, ranking 603 out of 689, and the one-year growth rate is 18.55%, ranking 581 out of 673 [3] - The fund's Sharpe ratio since inception is 1.3735, indicating a favorable risk-adjusted return [8] - The maximum drawdown since inception is 6.78%, occurring in Q2 2025, which is the highest quarterly drawdown recorded [11] Group 3 - The average stock position since inception is 86.6%, compared to the peer average of 84.04%. The fund reached its highest stock position of 92.16% at the end of Q3 2025 and its lowest of 67.43% at the end of Q3 2024 [14] - As of the end of Q4 2025, the fund's top ten holdings include Guangzhou Development, Nanjing High-Tech, Weifu High-Tech, Huadian International, Ordos, Nanjing Steel, Wuxi Bank, Shandong Publishing, Guiyang Bank, and Zhongchuang Zhiling [18]

股票简称：广州发展 股票代码：600098 公告编号：临 2026-004 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 关于新能源项目框架协议进展情况的公告 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。 广州发展集团股份有限公司（以下简称"公司"）围绕 "建设成为国内领先的绿色低碳综合智慧能源企业集团"的 战略目标，加快转型发展步伐，多措并举推动产业布局从清 洁能源向绿色低碳综合智慧能源升级转型。2020 年以来，公 司及属下全资子公司广州发展新能源集团股份有限公司（原 名"广州发展新能源股份有限公司"，以下简称"新能源集 团"）与多地人民政府签署了多项新能源项目框架协议，现 将该类项目框架协议进展情况公告如下： 一、投资概述 （一）广东省韶关市武江区光伏项目 2020 年 12 月，新能源集团全资子公司韶关广发光伏发 电有限公司与韶关市武江区人民政府签署《战略合作框架协 议》，计划 ...

Group 1: Power Generation Business - In Q4 2025, the company's consolidated power generation reached 5.461 billion kWh, with grid electricity sales (including photovoltaic sales) at 5.236 billion kWh, representing year-on-year growth of 3.03% and 2.97% respectively [1] - For the full year 2025, the total power generation was 24.376 billion kWh, and grid electricity sales were 23.389 billion kWh, showing year-on-year increases of 1.99% and 2.26% respectively [1] - The company is in the process of decommissioning two 320MW coal-fired units at the Zhujiang Power Plant and replacing them with two 640MW ultra-supercritical coal-fired units, with the first phase expected to be completed by December 31, 2024 [1] Group 2: Natural Gas Business - As of December 31, 2025, the company reported an increase in LNG sales, attributed to growth in both city gas terminal consumption and wholesale gas volumes [3] Group 3: Fuel Business - The company sold 52.02 million tons of coal by December 31, 2025, marking a year-on-year increase of 20.9% [4] Group 4: Overall Strategy and Development - The year 2025 marks the conclusion of the "14th Five-Year Plan," with the company achieving its strategic goals of tripling investment, installed capacity, and natural gas supply by the end of the year, reaching a total installed capacity of 10.97 million kW [5] - The company is expanding its operations from the Guangdong-Hong Kong-Macao Greater Bay Area to 26 provinces and 11 countries, focusing on a transition from clean energy to a green low-carbon model, with 77% of its installed capacity being green low-carbon [5] - The company is shifting its development model from primarily industrial operations to a capital-linked approach, accelerating the development of energy storage and hydrogen energy, and advancing digital projects such as smart power plants and smart gas platforms [5]

Group 1 - Guangzhou Development announced that it will accept investor research from Huayuan Securities and others until December 2025 [1] - The company’s Vice General Manager Zhu Hua, Secretary of the Board and General Manager of Investor Relations Jiang Yun, and General Manager of the Finance Department Zhang Li participated in the reception and answered questions from investors [1]

根据中电联预测，2025 年全国新增新能源装机容量超过 3 亿千瓦，国 家能源局在 12 月 15 日召开的 2026 年全国能源工作会议中提出 2026 年风、 光新增装机 2 亿千瓦以上，增速放缓，新能源从规模扩张转向高质量发展， 新能源投资竞争愈加激烈。一直以来，公司坚持高质量发展新能源，优先 开发具备接入条件、消纳能力较好地区项目，结合公司在建项目及储备项 目情况，预计公司 2026 年新增新能源装机情况与 2025 年接近。 问题四：储能项目的回报率有多少？如何看待储能业务发展潜力及市场规模？ 证券代码：600098 证券简称：广州发展 广州发展集团股份有限公司投资者关系活动记录表 编号：2026-001 | 投资者关系活  | 特定对象调研 场 分析师会议、路演交流：23 | | --- | --- | | 动类别  | 媒体采访  业绩说明会 | |  | 新闻发布会 机构策略会：7 场 | |  | 场 其他：业绩说明会 现场参观：3  | | 参与单位名称 | 华源证券、长江证券、兴业证券、广发证券、天风证券、国泰海通证券、 | | | 中信证券、华泰证券、华夏久盈、云能基金 ...

Core Viewpoint - Guangzhou Development (600098.SH) reported an increase in power generation and coal sales for the year 2025, indicating positive growth trends in its operations [1] Group 1: Power Generation - In the fourth quarter of 2025 (October to December), the company's consolidated power generation reached 5.461 billion kilowatt-hours, with grid electricity sales (including photovoltaic sales) at 5.236 billion kilowatt-hours, representing year-on-year growth of 3.03% and 2.97% respectively [1] - For the entire year of 2025, the total power generation was 24.376 billion kilowatt-hours, and grid electricity sales (including photovoltaic sales) amounted to 23.389 billion kilowatt-hours, showing year-on-year increases of 1.99% and 2.26% respectively [1] Group 2: Coal Sales - As of December 31, 2025, the company's coal sales reached 52.02 million tons, reflecting a significant year-on-year increase of 20.9% [1]

股票简称：广州发展 股票代码：600098 公告编号：临 2026-003 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 2025 年 10-12 月，公司合并口径发电企业累计完成发电 量 54.61 亿千瓦时，上网电量（含光伏发电售电量）52.36 亿 千瓦时，与去年同期相比分别增长 3.03%和 2.97%。2025 年 1-12 月，公司合并口径发电企业累计完成发电量 243.76 亿千 瓦时，上网电量（含光伏发电售电量）233.89 亿千瓦时，与 去年同期相比分别增长 1.99%和 2.26%。 公司合并口径发电企业电量（以亿千瓦时计）具体情况 如下： 1 控股电厂 10-12 月 1-12 月 发电量 同比 （%） 上网电 量 同比 （%） 发电量 同比 （%） 上网电 量 同比 （%） 珠江电厂 6.66 8.18 6.19 8.70 30.09 -10.10 28.06 -9.59 火力发电 广州发展集团股份有限公司 2025 年主要生产经营数据公告 本公司董事会及全体董事保证本公告 ...