Core Points - The Shanghai Composite Index is at 3978.69 points, slightly below the five-day moving average, with a change of 0.05% [1] - The total trading volume of A-shares today is 914.27 billion yuan [1] - A total of 245 A-shares have surpassed the five-day moving average, with notable stocks showing significant deviation rates [1] Stock Performance Summary - The top three stocks with the highest deviation rates from the five-day moving average are: - Yishitong (688733) with a deviation rate of 8.39% and a daily increase of 12.53% [1] - Zhangzhou Development (000753) with a deviation rate of 8.11% and a daily increase of 10.05% [1] - Zhongmin Energy (600163) with a deviation rate of 7.57% and a daily increase of 9.96% [1] - Other notable stocks include: - Unified Holdings (600506) with a deviation rate of 7.28% and a daily increase of 10.00% [1] - Mindong Electric Power (000993) with a deviation rate of 7.24% and a daily increase of 9.99% [1] - The stocks with the smallest deviation rates that just crossed the five-day moving average include: - Longgao Co. (龙高股份) and Hangyang Co. (杭氧股份) [1]

Core Points - The Shanghai Composite Index is at 3977.20 points, slightly above the annual line with a change of 0.02% [1] - A total trading volume of A-shares reached 929.27 billion yuan today [1] - 30 A-shares have surpassed the annual line, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Dahua Intelligent (002512) has the highest deviation rate at 9.08%, with a daily increase of 10.04% and a turnover rate of 16.96% [1] - Zhongmin Energy (600163) follows with a deviation rate of 6.19%, increasing by 9.96% today [1] - Fujian Expressway (600033) shows a 4.40% deviation rate with a daily increase of 5.03% [1] Trading Activity - The total trading volume of A-shares today is 929.27 billion yuan, indicating active market participation [1] - Stocks like Chengdu Bank (601838) and Zhejiang Dingli (603338) have lower deviation rates, just above the annual line [1][2] Notable Stocks - Other stocks with significant performance include Maike Audi (300341) with a 3.58% deviation rate and a daily increase of 5.68% [1] - Stocks with minor deviations include Chongqing Water (601158) and Zhejiang Dingli (603338), both showing minimal changes [2]

Core Viewpoint - The A-share market in China has seen a significant rally in Fujian concept stocks, with multiple companies experiencing substantial price increases, indicating strong investor interest and potential growth in this sector [1][2]. Group 1: Stock Performance - Zhongneng Electric (300062) reached a 20% increase, with a total market value of 4.277 billion [2]. - Bidding Co. (301136) rose by 13.85%, with a market capitalization of 4.004 billion [2]. - Haixia Innovation (300300) saw an 11.01% increase, with a market value of 8.002 billion [2]. - Other notable performers include: - Xiamen Construction (600815) up 10.13% [2]. - Zhangzhou Development (000753) up 10.05% [2]. - Dahua Intelligent (002512) up 10.04% [2]. - Pingtan Development (000592) up 10.01% [2]. - Fujian Cement (600802) up 10% [2]. - Mindong Electric (000993) up 66.6% [2]. - Xiamen Port (000905) up 666% [2]. - Fulongma (603686) up 9.99% [2]. - Zhongmin Energy (600163) up 9.96% [2]. - Minfa Aluminum (002578) up 9.95% [2]. - Lube Information (920748) up 9.42% [2]. - Fujian Jinsen (002679) up 9.01% [2]. Group 2: Policy Impact - The National Immigration Administration of China announced new immigration and exit-entry management policies, including expanding the number of ports issuing valid travel permits for Taiwan residents from 58 to 100, and implementing nationwide processing for mainland residents applying for travel permits to Taiwan [1][2].

Core Viewpoint - Zhongmin Energy's stock increased by 5.36% to 5.50 CNY per share, with a total market capitalization of 10.466 billion CNY, indicating positive market sentiment towards the company [1] Company Overview - Zhongmin Energy Co., Ltd. is located in Fuzhou, Fujian Province, and was established on May 26, 1998, with its listing date on June 2, 1998 [1] - The company's main business involves the development, construction, and operation of onshore wind power projects, with wind power accounting for 96.16% of its revenue [1] - Other revenue sources include supplementary income (1.61%), biomass power generation (1.16%), and photovoltaic power generation (1.06%) [1] Shareholder Insights - ICBC Credit Suisse Fund's fund, ICBC Hongli Youxiang Mixed A (005833), is among the top ten circulating shareholders of Zhongmin Energy, having increased its holdings by 7.6008 million shares in the third quarter [2] - The fund now holds 40.6113 million shares, representing 2.13% of the circulating shares, with an estimated floating profit of approximately 11.3712 million CNY [2] Fund Performance - ICBC Hongli Youxiang Mixed A (005833) has a total scale of 4.923 billion CNY and has achieved a year-to-date return of 12.75%, ranking 5510 out of 8150 in its category [2] - Over the past year, the fund has returned 15.41%, ranking 5035 out of 8043, and since its inception, it has achieved a return of 49.1% [2] - The fund manager, You Hongye, has been in position for 2 years and 251 days, with the best fund return during this period being 41.46% and the worst being 10.57% [2]

Summary of Zhongmin Energy Conference Call Company Overview - **Company**: Zhongmin Energy - **Industry**: Energy, specifically focusing on wind and biomass power generation Key Financial Metrics - **Revenue**: 1.08 billion CNY for the first three quarters of 2025, a decrease of 1.4% year-on-year [2][3] - **Total Profit**: 476 million CNY, down 5.74% year-on-year [2][3] - **Subsidy Recovery**: 1.25 billion CNY recovered by September 2025, significantly higher than 240 million CNY in 2024 [2][7] Core Insights and Arguments - **Operational Performance**: Despite a decline in revenue and profit, the company maintained stable operations with a power generation increase of 1.25% year-on-year [3] - **Impact of Subsidies**: The increase in subsidy recovery is attributed to the inclusion of the Haidian Phase II project in the subsidy directory and the first-time recovery from the Putian Pinghai Bay offshore wind project [2][7] - **Tax Policy Changes**: The cancellation of the 50% VAT refund policy for onshore wind power from November 2025 is expected to impact profits by approximately 5 million CNY for the quarter and over 30 million CNY for the year [2][10] Project-Specific Insights - **Fujin Thermal Power Project**: This project has been operating at a loss since its launch in April 2022, leading to a cumulative impairment loss of over 63 million CNY [4][5] - **Future Asset Impairment**: The book value of fixed and intangible assets for the Fujin project is expected to be around 130 million CNY by the end of 2025, with future impairment decisions dependent on year-end evaluations [5][7] - **Direct Supply Project**: A 900,000 kW direct supply project is expected to be approved by the end of 2025, with pricing anticipated to be slightly below the provincial benchmark price of 393.2 CNY per kWh [3][12] Market Dynamics - **Market Transaction Progress**: The marketization process in Fujian is slow, with only 10 days of pilot trading in 2025. Future pricing will depend on competitive bidding results [3][16] - **Wind Power Generation Trends**: October data on wind conditions is pending, but historically, Q3 is the weakest quarter for wind generation [9] Strategic Planning - **Future Planning**: The company is working on the "15th Five-Year Plan" in collaboration with the provincial government, but specific details are not yet available [11] - **Management Evaluation**: New performance evaluation measures for executives are being developed for the 2025-2027 period, linking assessments to company performance and development metrics [20] Additional Considerations - **Resource Allocation Challenges**: The company faces challenges in resource allocation due to complex factors, including inter-company distribution and central enterprise resource acquisition [21] - **Project Delays**: Several projects are delayed due to military approvals and geographical challenges, impacting overall development progress [21]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved a total on-grid electricity generation of 1.865 billion kWh in the first three quarters of 2025, representing a year-on-year increase of 1.32%. In the third quarter alone, the on-grid electricity generation was 499 million kWh, up 7.30% year-on-year. This stable growth in electricity generation contributed to a revenue of 286 million yuan in the third quarter, a 3.17% increase year-on-year. However, the operating costs rose by 7.82% to 180 million yuan, which limited the company's operational performance, leading to a decrease in gross profit by 4.24 million yuan year-on-year. The net profit attributable to the parent company in the third quarter was 13.55 million yuan, down 79.78% year-on-year [2][6][13]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company reported total revenue of 286 million yuan in Q3, with a year-on-year growth of 3.17%. The operating costs for the same period were 180 million yuan, reflecting a 7.82% increase year-on-year, which constrained the company's main business performance. The gross profit decreased by approximately 3.84% year-on-year, and the net profit attributable to the parent company was 13.55 million yuan, a significant decline of 79.78% year-on-year [2][6][13]. Operational Highlights - The company’s wind power generation in Fujian reached 444 million kWh in Q3, a year-on-year increase of 4.74%. However, the electricity generation in Heilongjiang decreased by 2.19% to 32.98 million kWh. The biomass power generation was 16.83 million kWh, while the photovoltaic generation in Xinjiang dropped by 28.64% to 5.52 million kWh due to adverse regional conditions [13]. Future Growth Potential - The company has significant growth potential through both internal development and external acquisitions. Upcoming asset injections from the group, including projects like Yongtai Pumped Storage, are expected to enhance earnings per share. The company is also actively pursuing new projects, including offshore wind and solar initiatives, which will contribute to sustained growth during the 14th Five-Year Plan period [13]. Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 0.28 yuan, 0.49 yuan, and 0.69 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 19.28x, 10.74x, and 7.70x. The investment recommendation remains "Buy" based on these forecasts [13].

Group 1 - The company held its 23rd temporary meeting of the 9th Board of Directors on October 31, 2025, to discuss the election of the 10th Board of Directors [2][10] - The meeting approved the nomination of six non-independent directors and three independent directors for the 10th Board, with terms starting from the date of approval by the shareholders' meeting [6][30] - The voting results for the nominations were unanimous, with 9 votes in favor and no votes against or abstentions [4][8] Group 2 - The company plans to hold the 2025 second temporary shareholders' meeting on November 18, 2025, at 14:30, combining on-site and online voting methods [10][12] - The network voting system will be provided by the Shanghai Stock Exchange, with specific voting times outlined for both trading and internet platforms [13][14] - Shareholders must register to attend the meeting, with detailed registration procedures provided for both corporate and individual shareholders [22][23]

Core Points - The company announced the composition of its tenth board of directors, which will consist of 9 members, including 6 non-independent directors and 3 independent directors [1] - The board's nomination committee reviewed the qualifications of the candidates for the tenth board, and the resolutions for the election of the new board were approved during the 23rd temporary meeting of the ninth board held on October 31, 2025 [1] - The company has nominated Guo Zheng, Zhang Jun, Wu Ming, Tang Hui, Huang Huimei, and Zhuang Xuyang as candidates for non-independent directors, and Liu Lijun, Lin Lianqing, and Xu Ping as candidates for independent directors [1]

独立董事提名人声明与承诺 提名人中闽能源股份有限公司董事会,现提名许萍为中闽能源股 份有限公司第十届董事会独立董事候选人,并已充分了解被提名人职 业、学历、职称、详细的工作经历、全部兼职、有无重大失信等不良 记录等情况。被提名人已同意出任中闽能源股份有限公司第十届董事 会独立董事候选人(参见该独立董事候选人声明)。提名人认为,被提 名人具备独立董事任职资格,与中闽能源股份有限公司之间不存在任 何影响其独立性的关系,具体声明并承诺如下: 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、行 政法规、规章及其他规范性文件,具有 5年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材 料。 (八)中国证监会《证券基金经营机构董事、监事、高级管理人 员及从业人员监督管理办法》等的相关规定(如适用); (九)《银行业金融机构董事(理事)和高级管理人员任职资格管 理办法》《保险公司董事、监事和高级管理人员任职资格管理规定》《保 险机构独立董事管理办法》等的相关规定（如适用）; 二、被提名人任职资格符合下列法律、行政法规和部门规章的要 ...

独立董事候选人声明与承诺 本人许萍,已充分了解并同意由提名人中闽能源股份有限公司董 事会提名为中闽能源股份有限公司第十届董事会独立董事候选人。本 人公开声明,本人具备独立董事任职资格,保证不存在任何影响本人 担任中闽能源股份有限公司独立董事独立性的关系,具体声明如下: 一、本人具备上市公司运作的基本知识,熟悉相关法律、行政法 规、部门规章及其他规范性文件,具有 5年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材 粒。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司 规章的要求: (一)《中华人民共和国公司法》等关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定(如 适用); (三)中国证监会《上市公司独立董事管理办法》、上海证券交易 所自律监管规则以及公司章程有关独立董事任职资格和条件的相关规 定; (四)中共中央纪委、中共中央组织部《关于规范中管干部辞去 公职或者退(离)休后担任上市公司、基金管理公司独立董事、独立 监事的通知》的规定(如适用): (五)中共中央组织部《关于进一步 ...