证券研究报告 | 2026年03月03日 2026年03月05日 2026年03月06日 公用环保行业 2026 年 3 月投资策略 优于大市 生态环境法典即将提请审议，布局电算一体化上市公司梳理 公用事业 市场回顾：本月沪深 300 指数上涨 0.09%，公用事业指数上涨 4.54%，环 保指数上涨 7.73%，月相对收益率分别为 4.44%和 7.64%。申万 31 个一 级行业分类板块中，公用事业及环保涨幅处于第 10 和第 4 名。电力板 块子板块中，火电上涨 7.57%；水电上涨 0.30%，新能源发电上涨 7.33%； 水务板块上涨 1.79%；燃气板块上涨 3.63%。 重要事件：生态环境法典即将提请审议。2026 年全国两会即将召开，多部 法律草案将提请审议，其中包括生态环境法典草案。该法典作为中国第 二部以"法典"命名的法律，涵盖污染防治、生态保护、绿色低碳发展 等方面。草案三审稿明确了监测机构备案管理、信用修复机制、秸秆焚 烧管理等内容，并加强了司法机关在生态环境保护中的作用。 优于大市·维持 证券分析师：黄秀杰 证券分析师：刘汉轩 021-61761029 010-88005198 hu ...

证券代码：600163 证券简称：中闽能源 公告编号：2026－011 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。 中闽能源股份有限公司 关于聘任副总经理的公告 中闽能源股份有限公司董事会 2026 年 3 月 7 日 附：个人简历 颜少凌：男，1982 年 2 月生，中共党员，大学学历，工程硕士，高级工程 师。2004 年 8 月参加工作，曾任厦门华夏国际电力发展有限公司生产岗位、福 建中闽能源投资有限责任公司战略发展部项目开发主管，2016 年 6 月至 2018 年 10 月任公司战略发展部项目开发主管，2018 年 10 月至 2022 年 6 月任公司战略 发展部副经理，2022 年 6 月至今任公司战略投资部经理，2024 年 11 月起兼任福 建福州闽投海上风电有限公司董事、总经理、法定代表人。 中闽能源股份有限公司（以下简称"公司"）于 2026 年 3 月 6 日召开第十 届董事会第四次临时会议，审议通过了《关于聘任公司副总经理的议案》。根据 《公司法》《公司章程》等相关规定，经公司总经理郭政先生提名、董 ...

Meeting Overview - The first extraordinary general meeting of shareholders was held on February 26, 2026, at the conference room of Hengli City, Fuzhou, Fujian Province [2] - The meeting was convened by the board of directors and chaired by Chairman Guo Zheng, with all directors and the board secretary present [2][3] Voting and Resolutions - All resolutions presented at the meeting were approved, including the acquisition of a 51% stake in Fujian Yongtai Mintou Pumped Storage Co., Ltd. and a loan application from Xiamen International Bank [4][5] - Related shareholders, including Fujian Investment Development Group Co., Ltd., abstained from voting on the related party transactions [5] Legal Verification - The meeting was witnessed by Fujian Junli Law Firm, confirming that the procedures and voting were in compliance with legal and regulatory requirements [6]

福建君立律师事务所 关于中闽能源股份有限公司 2026 年第一次临时股东会的 法律意见书 地址 ADD：福州市鼓楼区工业路 572 号凤凰望郡三楼 邮政编码 ZIP：350002 电话 TEL：+86-591-87563807/87563808/87563809 传真 FAX：+86-591-87530756 2026 年 2 月 福建君立律师事务所 本法律意见书仅供见证公司本次股东会相关事项的合法性之目的使用，不得 用作任何其他目的。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经 发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则， 进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发 表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承 担相应法律责任。 - 1 - 关于中闽能源股份有限公司 2026 年第一次临时股东会的法律意见书 致：中闽能源股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民 共和国公司法》（以下简称"《公司法 ...

证券代码：600163 证券简称：中闽能源 公告编号：2026-010 中闽能源股份有限公司 2026年第一次临时股东会决议公告 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 | 1、出席会议的股东和代理人人数 | 582 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 100,221,226 | | 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 | | | 份总数的比例（%） | 15.4733% | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由公司董事会召集、董事长郭政先生主持，公司全体董事和董事 会秘书出席了会议，部分高级管理人员列席了会议；本次会议采取现场投票和网 (一) 股东会召开的时间：2026 年 2 月 26 日 (二) 股东会召开的地点：福建省福州市五四路 128 号恒力城写字楼 39 层会 议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东 ...

Industry Policy and Environment - Fujian Province's policy support emphasizes the construction of transportation logistics infrastructure and the establishment of cross-strait hub channels, which directly benefits local energy companies like Zhongmin Energy, potentially enhancing regional economic vitality and investment expectations [1] - The "14th Five-Year Plan" clearly supports the development of new energy, indicating a long-term opportunity for Zhongmin Energy in the context of the industry's transition towards clean energy [1] Stock Price and Fund Performance - On December 5, 2025, Zhongmin Energy's stock price increased by 5% with a net inflow of 14.62 million yuan from main funds, reflecting a rise in short-term investor interest [2] - As of December 5, 2025, the company's price-to-earnings ratio (TTM) was 20.33, which is within the reasonable range for the industry [2] Industry and Risk Analysis - Significant fluctuations in global natural gas prices were reported, with the U.S. HH price experiencing a week-on-week decline of 74.4% in January 2026, which may impact the cost and demand for energy companies [3] - Analysts from Everbright Securities and CITIC Construction Investment noted that the Fujian sector is expected to see an overall valuation increase driven by policy dividends and industrial upgrades, but caution is advised regarding the implementation of policies and the operational efficiency of companies [3] Future Development - The realization of regional policy dividends requires specific project implementations; if these do not meet expectations, it may negatively affect stock performance [4] - The energy industry is facing intensified competition during its transition, necessitating companies to adapt to technological iterations and market pressures [4]

Recent Events - Company plans to acquire 51% stake in Fujian Yongtai Mintou Pumped Storage Co., Ltd. from its controlling shareholder, Fujian Investment Development Group, for a cash consideration of 863.93 million yuan, aiming to expand its pumped storage business [2] - The target company has a total installed capacity of 1.2 million kilowatts, with projected net profits of 230 million yuan for 2024 and 158 million yuan for the first eight months of 2025 [2] Management Changes - The company announced the resignation of Deputy General Manager Yan Bo due to work-related changes, effective February 6, 2026 [3] Stock Performance - On February 11, 2026, the company's stock price increased by 2.02%, closing at 6.06 yuan per share, with a net inflow of 907,200 yuan in main funds and a turnover rate of 0.40% [4] - Since the beginning of 2026, the stock price has risen by 11.81%, and there was a 5.00% increase on December 5, 2025, due to favorable policies in Fujian Province [4] Business Developments - The company received approval for three solar power projects totaling 250 MW, which were included in the "Fujian Province Solar Power Station Development and Construction Project List (2025 Edition)" [5] - In 2025, the company generated a total electricity output of 2.875 billion kWh, a year-on-year decrease of 4.41%, with revenue of 1.08 billion yuan and a net profit of 328 million yuan for the first three quarters, showing a decline compared to the previous year [5] Strategic Initiatives - The company approved a proposal to establish a corporate group and amend its articles of association on December 12, 2025, aiming to integrate its subsidiaries under the parent company [6] - The company is also working on upgrading old wind farm equipment to enhance power generation efficiency [6]

Core Viewpoint - The company is acquiring a 51% stake in Fujian Yongtai Mintou Pumped Storage Co., Ltd. using a combination of its own funds and bank acquisition loans, which is aimed at optimizing capital allocation and improving fund utilization efficiency [2]. Group 1 - The funding sources for the acquisition include both self-owned funds and bank loans [2]. - The combination of self-owned funds and bank loans is intended to ensure the smooth implementation of the transaction [2].

Group 1 - The core viewpoint of the article highlights the significant stock price movement of Zhongmin Energy (600163), which increased by 5.00% to close at 6.09 CNY per share, driven by favorable regional policies in Fujian Province and capital inflow [1] - The main factors contributing to the stock price increase include measures supporting cross-strait integration and a net inflow of 14.62 million CNY in principal funds, with a turnover rate of 1.59% on that day [1] Group 2 - At the industry level, the National Energy Administration reports a 24.4% year-on-year growth in the national renewable energy installed capacity for 2024, which now accounts for 56.4% of the total installed power generation capacity, reinforcing expectations for green energy development [2]

中闽能源股份有限公司 ZHONGMIN ENERGY CO.,LTD. 2026 年第一次临时股东会 会 议 资 料 2026 年 2 月 26 日 中闽能源 2026 年第一次临时股东会会议资料 | | | | 2026 年第一次临时股东会会议须知 1 | | --- | | 2026 年第一次临时股东会会议议程 3 | | 议案一：关于公司收购福建永泰闽投抽水蓄能有限公司 51%股权暨关联交易的议案 5 | | 议案二：关于公司向厦门国际银行股份有限公司申请并购贷款暨关联交易的议案 6 | 中闽能源 2026 年第一次临时股东会会议资料 2026 年第一次临时股东会会议须知 为维护股东的合法权益，确保本次股东会的正常秩序及顺利召开，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》及《公 司章程》《公司股东会议事规则》等有关规定，特制定股东会须知如下，望出席 本次股东会的全体人员遵照执行。 一、本次股东会设立会议登记处，具体负责会议组织工作和股东登记等相关 事宜。 二、出席本次股东会的对象为股权登记日在册的股东，本次股东会股权登记 日为 2026 年 2 月 12 日。涉及融资融 ...