Core Viewpoint - Guangzhou Development's stock has shown a modest increase of 3.36% year-to-date, with fluctuations in trading volume and net capital flow indicating mixed investor sentiment [1][2]. Group 1: Stock Performance - On January 9, Guangzhou Development's stock rose by 2.11%, reaching a price of 6.76 CNY per share, with a trading volume of 77.60 million CNY and a turnover rate of 0.33%, resulting in a total market capitalization of 23.70 billion CNY [1]. - Year-to-date, the stock price has increased by 3.36%, with a 3.36% rise over the last five trading days, a 0.90% increase over the last 20 days, and a decline of 1.31% over the last 60 days [1]. Group 2: Company Overview - Guangzhou Development Group Co., Ltd. was established on November 13, 1992, and listed on July 18, 1997. The company is based in Tianhe District, Guangzhou, Guangdong Province, and is involved in investments, construction, production management, and operations in energy, infrastructure, and logistics [2]. - The company's main business revenue sources include coal (44.24%), natural gas (21.41%), oil products (11.76%), coal power (7.92%), gas power (5.35%), wind power (5.26%), and solar power (1.79%), among others [2]. Group 3: Financial Performance - For the period from January to September 2025, Guangzhou Development reported a revenue of 37.93 billion CNY, reflecting a year-on-year growth of 5.46%, while the net profit attributable to shareholders reached 2.16 billion CNY, marking a significant increase of 36.05% [2]. - The company has distributed a total of 10.69 billion CNY in dividends since its A-share listing, with 2.88 billion CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders for Guangzhou Development was 50,300, a decrease of 2.49% from the previous period, with an average of 69,639 circulating shares per shareholder, an increase of 2.77% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 25.96 million shares, an increase of 2.33 million shares compared to the previous period, while the Southern CSI 500 ETF holds 15.24 million shares, a decrease of 383,700 shares [3].

Core Viewpoint - The development of the hydrogen energy industry is a key pathway for the country to achieve its "dual carbon" goals and build a new energy system, with Guangzhou focusing on creating a complete hydrogen energy industry chain [1] Group 1: Hydrogen Production and Storage - Guangzhou Development is actively implementing multiple routes for hydrogen production and storage, including water electrolysis and methanol reforming [2] - The company has established projects such as the Pearl River Power Plant's valley electricity hydrogen production and the Taishan photovoltaic power plant's green electricity hydrogen production, successfully validating the feasibility of these technologies [2] Group 2: Hydrogen Refueling Station Construction - The company is advancing the construction of hydrogen refueling stations, planning to establish two stations in locations such as Nansha Industrial Park and Longxue Island [3] - A pilot refueling station is expected to be completed next year to address the immediate hydrogen refueling needs of fuel cell vehicles [3] Group 3: Promotion of Hydrogen Fuel Cell Vehicles - The company collaborates with fuel cell vehicle manufacturers and logistics companies to promote the use of hydrogen fuel cell vehicles, including a plan to provide 200 vehicles to Guangzhou Zhika Logistics Technology Co., Ltd. [4] - Financing leasing services are offered to support the development of the hydrogen energy industry [4] Group 4: Application Scenario Demonstration - The company is promoting the blending of hydrogen into natural gas pipelines as part of its low-carbon transformation strategy, with feasibility studies and equipment procurement already underway [5] - Efforts are being made to integrate hydrogen into gas-fired power generation, collaborating with equipment manufacturers to advance hydrogen combustion in gas power plants [5] Group 5: Collaboration and Demonstration Projects - The company is deepening strategic cooperation with research institutes and universities to conduct joint research in key areas such as hydrogen production and storage [6] - A focus on establishing a hydrogen energy laboratory and innovation center in Nansha aims to enhance research and testing capabilities across the hydrogen energy industry chain [6]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].

Group 1 - The core point of the article is that Guangzhou Development announced the approval of the resolution regarding the supplementary election of members of the specialized committee of the ninth board of directors during its 21st meeting [2] Group 2 - The announcement was made on December 30, indicating the company's ongoing governance activities [2] - The decision reflects the company's commitment to maintaining an effective board structure [2] - The supplementary election aims to enhance the operational efficiency of the board's specialized committees [2]

广州金鹏律师事务所 关于广州发展集团股份有限公司 2025 年第二次临时股东大会的 律师见证法律意见书 法律意见书 广州金鹏律师事务所 广州金鹏律师事务所 关于广州发展集团股份有限公司 2025 年第二次临时股东大会的律师见证法律意见书 (2025) 穗金鹏股法字第 371 号 致:广州发展集团股份有限公司 广州金鹏律师事务所(以下简称"金鹏")接受贵司委托,委派 律师(以下简称"金鹏律师")出席贵司于 2025年 12月30日在位于 广州市天河区临江大道 3 号发展中心六楼举行的 2025年第二次临时 股东大会(以下简称"本次临时股东大会"),并根据《中华人民共和 国公司法》(以下简称"公司法")及《上市公司股东会规则》等法律 法规及规范性文件和《广州发展集团股份有限公司章程》(以下简称 "《公司章程》"）的规定,就本次临时股东大会相关事项出具法律意 见书。 为出具本法律意见书,金鹏律师审查了贵司提供的以下文件,包 括: 1、《公司章程》; 2、贵司于 2025年 12月 15 日召开的第九届董事会第二十次会议 决议: 3、贵司于 2025年12月 15 日刊载于上海证券交易所网站 http://www.s ...

证券代码：600098 证券简称：广州发展 公告编号：2025-086 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 2025年第二次临时股东大会决议公告 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。 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 （一）股东大会召开的时间：2025 年 12 月 30 日 （二）股东大会召开的地点：广州市天河区临江大道 3 号发 展中心大厦 6 楼会议室。 （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 | 282 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,634,664,016 | | 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 | 75.1502 | | 份总数的比例（%） | | （四）表决方式是否符合《公司法》及《公司章程》的规定 ...

广州发展集团股份有限公司 第九届董事会第二十一次会议决议公告 股票简称：广州发展 股票代码：600098 公告编号：临 2025-087 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（简称"公司"）于 2025 年 12 月 25 日向全体董事发出召开董事会会议的书面通知，并于 2025 年 12 月 30 日以现场结合视频会议方式召开第九届董事会第二 十一次会议，应到会董事 7 名，实际到会董事 7 名，符合《公 司法》和公司《章程》的有关规定。会议由董事长蔡瑞雄先生 主持，形成以下决议： 一、《关于补选公司第九届董事会专门委员会委员的决议》 （应到会董事 7 名，实际参与表决董事 7 名，7 票通过）。 为完善公司治理结构，根据《上市公司治理准则》、公司 《章程》和《董事会议事规则》等规定，结合各专门委员会的 人员组成资格及现任独立董事职业、专业等情况以及公司经营 决策需要，公司全体董事一致同意补选谭有超独立董事为第九 届董事会审计委员会委员及召集人、薪酬与考核委员会 ...

广州发展集团股份有限公司 董事会审计委员会工作规程 （2025 年 12 月修订） 第一章 总则 第一条 为充分发挥董事会审计委员会对公司财务信息、内部控制、内外 部审计等工作的监督作用，进一步完善公司治理结构，健全公司内部监督机制， 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》 《上市公司独立董事管理办法》《上市公司审计委员会工作指引》等法律法规和 规范性文件，及公司《章程》的有关规定，公司董事会设审计委员会，并制定本 工作规程。 第二条 审计委员会是董事会的专门工作机构，对董事会负责，向董事会 报告工作。 第三条 公司相关部门应积极配合审计委员会工作，投资者关系部负责审 计委员会日常联络和会议组织等工作。 第二章 人员组成 第四条 审计委员会成员由三名董事组成，其中两名为独立董事，并由独 立董事中会计专业人士担任召集人。 审计委员会的成员应当为不在公司担任高级管理人员的董事。 审计委员会成员应当具备胜任工作职责的专业知识、工作经验和良好的职业 操守，保证足够的时间和精力履行委员会的工作职责，勤勉尽责，切实有效地监 督、评估公司内外部审计工作，促进公司建立有效的内部控制并提供真实 ...

广州发展集团股份有限公司募集资金管理制度 （2025 年 12 月修订） 第一章 总则 第一条 为进一步规范广州发展集团股份有限公司（以下简称"公司"） 募集资金的管理和使用，根据《中华人民共和国证券法》《上市公司证券发行注 册管理办法》《上市公司信息披露管理办法》《上海证券交易所股票上市规则》 及《上市公司募集资金监管规则》（证监会公告〔2025〕10 号）等有关法律、 法规和规范性文件，结合公司实际情况，制定本制度。 第二条 本制度所称募集资金，是指公司通过发行股票或者其他具有股权 性质的证券，向投资者募集并用于特定用途的资金监管，但不包括公司为实施股 权激励计划募集的资金监管。 第三条 募集资金应当专款专用。公司使用募集资金应当符合国家产业政 策和相关法律法规，践行可持续发展理念，履行社会责任，原则上应当用于主营 业务，有利于增强公司竞争能力和创新能力。 第四条 本制度适用于公司总部及属下涉及募集资金管理或使用的各级单 位。 第二章 募集资金的存放 第五条 募集资金到位后，公司应及时办理验资手续，由符合《证券法》 规定的会计师事务所出具验资报告。 第六条 公司对募集资金实行专户存储，并确保募集资金存放安 ...

第一章 总则 广州发展集团股份有限公司 董事会战略管理与可持续发展委员会工作规程 （2025 年 12 月修订） 第一条 为适应公司战略发展需要，增强公司核心竞争力，确定公司发展 规划，健全投资决策程序，加强决策科学性，完善公司治理结构，提升公司可持 续发展与社会责任管理，根据《中华人民共和国公司法》《上市公司治理准则》 《上海证券交易所上市公司监管指引第1号——规范运作》《上市公司独立董事 管理办法》等法律法规和规范性文件，及公司《章程》及其他有关规定，公司特 设立董事会战略管理与可持续发展委员会，并制定本工作规程。 第二条 战略管理与可持续发展委员会是董事会设立的专门工作机构，对 董事会负责。 第三条 投资者关系部为战略管理与可持续发展委员会日常办事机构，负 责日常工作联络和会议组织等工作。 第二章 人员组成 第四条 战略管理与可持续发展委员会由三名董事组成，其中至少包括一 名独立董事。 第五条 战略管理与可持续发展委员会委员由董事会选举产生。 第六条 战略管理与可持续发展委员会设召集人一名，负责召集并主持委 员会工作。 第七条 战略管理与可持续发展委员会委员任期与本届董事任期一致，委 员任期届满，连选可 ...