Investment Rating - The industry rating is "Outperform the Market" [3] Core Insights - The construction of hydrogen pipelines has achieved multiple breakthroughs, and hydrogen fuel cell trucks have seen a resurgence in bulk orders. This week, five new electrolyzer projects were awarded, suggesting a focus on companies with strong bidding capabilities for electrolyzers. The midstream sector is accelerating the construction of hydrogen pipelines, with several projects making progress, indicating a recommendation to pay attention to companies capable of hydrogen transportation. Additionally, bulk orders for hydrogen fuel cell trucks were announced this week, highlighting the potential of related enterprises [2][36]. Industry Performance - As of August 15, 2025, the hydrogen energy index closed at 2386.88 points, with a weekly increase of 2.75% and a year-to-date increase of 34.33%. The hydrogen energy sector ranked 39th among Shenwan's secondary industry rankings, showing a slight decline [8][14]. Stock Performance - The top five companies in the hydrogen energy sector by weekly increase were Dayuan Pump Industry (61.11%), Tenglong Co., Ltd. (35.05%), Kaimete Gas (34.73%), Fuan Energy (28.72%), and Chuanhuan Technology (27.58%). Conversely, the top five companies with the largest weekly declines were Donghua Energy (-11.49%), Xiling Power (-6.65%), Xinxinda (-5.75%), Shandong Molong (-5.59%), and Huadian Liaoning Energy (-5.48%) [14][15]. Hydrogen Industry Data Review - This week, there were a total of six awarded hydrogen projects with a scale of 15MW, and a total hydrogen production capacity of 3000 Nm³/h. Among these, two electrolyzer projects were awarded to Aidemann and Han Hydrogen Technology [16][17]. Industry Dynamics - Domestic developments include Geely's signing of an order for 270 alcohol-hydrogen commercial vehicles, and the planned construction of a 195 km hydrogen pipeline by Huadian, set to begin on September 5, 2025. Additionally, breakthroughs in hydrogen pipeline steel products have been achieved by Shougang Jingtang [31][32]. Policy and Announcements - The Ministry of Finance announced that hydrogen energy can be tax-deductible under certain conditions, which is expected to stimulate the industry. Furthermore, the 398th batch of the "Announcement of Production Enterprises and Products of Road Motor Vehicles" has been released, indicating a resurgence of hydrogen fuel cell passenger vehicles [33][34].

Group 1 - The opening of the Wuhan Kingsoft Software Park marks a significant milestone for Kingsoft Group's commitment to Wuhan, with plans to establish a "10,000-person R&D center" by the end of the year [1] - The new headquarters is located in the Optics Valley New District, covering an area of 118 acres with a total construction area of 280,000 square meters, designed to accommodate 9,000 employees [1] - Kingsoft Group has rapidly developed its Wuhan headquarters since its establishment in 2017, becoming one of the largest R&D centers within the company [1] Group 2 - Kingsoft Office's WPS service has 632 million users across over 220 countries and regions, actively participating in the digitalization of government services in Hubei [2] - Kingsoft Cloud has built a comprehensive cloud computing capability in Wuhan, serving nearly 500 clients with its government and intelligent computing cloud services [2] - The company collaborates with 13 universities, including Wuhan University and Huazhong University of Science and Technology, to train ICT talents, having trained 3,607 individuals over four years [2]

华电辽宁能源发展股份有限公司 2025 年第一次临时股东大会材料汇编 2025 年 8 月 25 日 2025 年第一次临时股东大会 会议议程 一、介绍来宾、通报出席会议股东人数及持股数量并宣 布开会 二、关于与中国华电集团财务有限公司签订《金融服务 协议》暨关联交易的议案 三、关于变更公司部分董事的议案 四、议案表决（由监事负责计票工作，律师和股东代表 负责监票工作） 五、宣布现场表决结果 六、宣布现场会议结束 会议议程 2025 年第一次临时股东大会 股东大会材料之一 关于与中国华电集团财务有限公司签订 《金融服务协议》暨关联交易的议案 各位股东： （一）关联方关系介绍 为满足公司业务发展需要，公司拟与中国华电集团财务 有限公司（以下简称华电财务公司）继续签署《金融服务协 议》，由华电财务公司向公司（代表其自身及控股子公司） 提供一系列金融服务，包括存款服务业务、结算服务业务、 综合授信业务、其他经国家金融监督管理总局（以下简称国 家金融监管总局）批准的金融服务业务。 一、关联方基本情况 公司与华电财务公司实际控制人均为中国华电集团有 限公司（以下简称中国华电集团），根据《上海证券交易所 股票上市规则》规 ...

8月19日，华电辽宁能源发展股份有限公司（以下简称"华电辽能"）发布《关于增资建设一体化联营项目的公告》，宣布拟向全资子公司丹东金山热电有 限公司和华电（丹东）海上风电有限公司增资，建设热电联产与海上风电一体化联营项目。 该项目动态投资228.81亿元，静态投资224.58亿元，项目资本金49.06亿元。其中，热电联产项目动态投资33.01亿元，静态投资32.07亿元，华电辽能将向 丹东热电公司增资9.90亿元；海上风电项目动态投资195.80亿元，静态投资192.51亿元，华电辽能将向丹东海风公司增资39.16亿元。 ● 重要内容提示: 1. 增资标的名称。华电辽宁能源发展股份有限公司(以下简 称公司）拟向全资子公司丹东金山热电有限公司(以下简称丹东 热电公司)和华电(丹东)海上风电有限公司(以下简称丹东海 风公司)增资建设热电联产与海上风电一体化联营项目(以下简 称本项目、项目)。 据公告，热电联产项目位于辽宁省丹东市振安区同兴镇丹东热电公司一期东侧预留场地，将建设1×66万千瓦超超临界热电联产机组，同步建设烟气脱 硫、脱硝、除尘装置，通过新建单塔双回220千伏线路送至丹东北变电站。 海上风电项目位于辽宁 ...

Group 1 - The company plans to conduct financing leasing business through its wholly-owned subsidiaries, with a total amount not exceeding 870,810 million yuan [2][3][4] - The financing leasing includes direct financing leasing and straight leasing factoring, with specific amounts allocated to two subsidiaries: 70,810 million yuan for Dandong Jinshan Thermal Power Co., Ltd. and 800,000 million yuan for Huadian (Dandong) Offshore Wind Power Co., Ltd. [2][3][6] - The financing leasing business has been approved by the company's board and will be submitted for review at the upcoming extraordinary general meeting of shareholders [2][7][19] Group 2 - The financing leasing for the thermal power project involves a six-year lease term, with a maximum financing amount of 70,810 million yuan and an interest rate not exceeding 2.78% [5][6] - The offshore wind power project will have a lease term of 15 years, with a maximum financing amount of 800,000 million yuan and the same interest rate cap [6][7] - The financing leasing aims to ensure the funding needs for project construction, optimize the financing structure, and enhance the company's market competitiveness [7][8] Group 3 - The company will increase its capital for the integrated thermal power and offshore wind power project, with a total dynamic investment of 2,288,051 million yuan, including 330,057 million yuan for the thermal power project and 1,957,994 million yuan for the offshore wind project [30][31] - The capital contribution for the thermal power project is set at 99,017.1 million yuan, while for the offshore wind project, it is 391,598.8 million yuan [34][36] - The project development aligns with national renewable energy strategies and is expected to enhance the company's profitability and competitiveness [42][43]

Meeting Overview - The company will hold its second extraordinary general meeting of 2025 on September 3, 2025, at 15:00 [4] - The meeting will be conducted using a combination of on-site and online voting methods [4] - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, available from 9:15 to 15:00 on the day of the meeting [4][5] Voting Procedures - Shareholders can vote through the trading system or the internet voting platform, with specific time slots for each [5] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [5][6] - Duplicate votes through different methods will be counted based on the first voting result [6] Attendance and Registration - Only shareholders registered by the close of trading on August 27, 2025, are eligible to attend the meeting [6] - Registration for attendance must be completed between August 28 and August 29, 2025, with specific documentation required [7] - Contact information for inquiries regarding the meeting is provided [7] Proxy Voting - A proxy can be appointed to attend the meeting and vote on behalf of the shareholder [8] - The proxy must indicate their voting intention on the provided authorization form [8]

证券代码：600396 证券简称：华电辽能 公告编号：临 2025-024 号 华电辽宁能源发展股份有限公司 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。 一、董事会会议召开情况 华电辽宁能源发展股份有限公司（以下简称公司）于 2025 年 8 月 18 日以现场和通讯方式召开了第八届董事会第二十五次 会议。公司过半数董事共同推举董事田立先生主持会议，会议应 出席董事 11 名，实际参加表决董事 11 名，公司部分监事及高级 管理人员列席了会议。 同意增加公司 2025 年基建投资计划，自热电联产与海上风 电一体化联营项目股东大会决策通过后生效并实施。 （三）同意《关于全资子公司办理融资租赁业务的议案》， 并提交公司 2025 年第二次临时股东大会审议； 同意 11 票；反对 0 票；弃权 0 票。 （一）同意《关于增资建设一体化联营项目的议案》，并提 交公司 2025 年第二次临时股东大会审议； 同意 11 票；反对 0 票；弃权 0 票。 公司董事会战略委员会 2025 年第四次会议同意将本议案提 交公司董事会审议。 详 ...

证券代码：600396 证券简称：华电辽能 公告编号：临 2025-025 号 华电辽宁能源发展股份有限公司 本公司监事会及全体监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。 一、监事会会议召开情况 华电辽宁能源发展股份有限公司（以下简称公司）于 2025 年 8 月 18 日以现场和通讯方式召开第八届监事会第十八次会议。 本次会议由监事会主席蔡国喜先生主持，应出席会议监事 3 名， 实际参加会议表决监事 3 名，荆伟先生委托宋大明先生代为表决； 部分高级管理人员列席了本次会议。本次会议通知于 2025 年 8 月 13 日以短信、邮件等方式向各位监事发出，会议的召开符合 《中华人民共和国公司法》（以下简称《公司法》）等法律法规 及《公司章程》的要求，会议合法有效。 （三）同意《关于全资子公司增加银行融资的议案》； 同意 3 票；反对 0 票；弃权 0 票。 特此公告 二、监事会会议审议情况 华电辽宁能源发展股份有限公司监事会 （一）同意《关于增资建设一体化联营项目的议案》，并提 交公司 2025 年第二次临时股东大会审议； 二〇二五年八月十九 ...

Group 1 - The company plans to increase capital for its wholly-owned subsidiaries, Dandong Jinshan Thermal Power Co., Ltd. and Huadian (Dandong) Offshore Wind Power Co., Ltd., to develop an integrated cogeneration and offshore wind power project [1] - The cogeneration project will be located in Dandong City, Liaoning Province, with a planned construction of a 660,000 kW supercritical cogeneration unit, involving a dynamic investment of 3.301 billion yuan and a static investment of 3.207 billion yuan [1] - The offshore wind power project will have a total installed capacity of 2 million kW, constructed in two phases, with a dynamic investment of 19.58 billion yuan and a static investment of 19.25 billion yuan [1] Group 2 - The company’s wholly-owned subsidiaries will accelerate project development and construction, which is expected to enhance the company's development quality [2]

Core Viewpoint - Company plans to increase capital for integrated heat and power generation and offshore wind power projects, aiming to enhance development quality and operational efficiency [1][2] Group 1: Project Details - The heat and power generation project will be located in Dandong, Liaoning Province, with a planned capacity of 660,000 kilowatts and an investment of 3.301 billion yuan, of which 30% (990 million yuan) will be funded by the company [1] - The offshore wind power project will have a total capacity of 2 million kilowatts, divided into two phases, with a total investment of 19.58 billion yuan, and the company will contribute 20% (3.916 billion yuan) of the capital [1] Group 2: Strategic Implications - Accelerating project development and early production is expected to improve the company's development quality [2]