证券代码：600483 证券简称：福能股份 公告编号：2025-060 福建福能股份有限公司 （FUJIAN FUNENG CO.,LTD.） （南平市安丰桥） 向不特定对象发行可转换公司债券 上市公告书 保荐人（主承销商） （福州市湖东路 268 号） 联席主承销商 二〇二五年十月 上市公告书 第一节 重要声明与提示 福建福能股份有限公司（以下简称"福能股份"、"发行人"或"公司"） 全体董事和高级管理人员保证上市公告书的真实性、准确性、完整性，承诺上市 公告书不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）等有关法律、法规的规定，本公司 董事、高级管理人员已依法履行诚信和勤勉尽责的义务和责任。 中国证券监督管理委员会（以下简称"中国证监会"）、上海证券交易所（以 下简称"上交所"）、其他政府机关对本公司可转换公司债券上市及有关事项的 意见，均不表明对本公司的任何保证。 本公司提醒广大投资者注意，凡本上市公告书未涉及的有关内容，请投资者 查阅刊载于上交所指定网站（http://ww ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a "Buy" recommendation for several companies within these industries [3][4]. Core Insights - The second industry is the main driver of electricity consumption growth, with a notable increase in electricity demand due to seasonal factors and high temperatures in Q3 [4][9]. - Global gas prices are rebounding, and expectations of a cold winter may enhance gas sales growth [18][19]. - The report highlights various investment opportunities across different energy sectors, including hydropower, green energy, nuclear power, thermal power, and gas [16][40]. Summary by Sections 1. Electricity: Q3 Second Industry Drives National Electricity Consumption - In September, total electricity consumption reached 888.6 billion kWh, a year-on-year increase of 4.5% [10]. - The second industry contributed significantly to this growth, with a 5.1% increase in electricity consumption, accounting for 51% of the total growth [4][9]. - The cumulative electricity consumption from January to September was 7767.5 billion kWh, reflecting a 4.6% year-on-year growth [13]. 2. Gas: Global Gas Price Rebound and Cold Winter Expectations - As of October 24, the Henry Hub spot price was $3.21/mmBtu, showing a weekly increase of 13.96% [19][20]. - The report notes a seasonal demand increase and geopolitical factors supporting gas prices, particularly in Europe [25][37]. - The anticipated La Niña phenomenon may lead to colder winter conditions, potentially boosting gas consumption [37]. 3. Weekly Market Review - The report indicates that the power equipment sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, gas, and environmental protection sectors lagged [42]. 4. Company and Industry Dynamics - The report discusses significant developments in the energy sector, including the launch of innovative products in wind energy and updates on national energy policies [50][51]. - It highlights the performance of major companies, such as Huadian International, which reported a decrease in electricity generation due to increased renewable energy capacity [57].

Investment Rating - The report provides a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance [41]. Core Insights - The report highlights the recent adjustments in the value-added tax (VAT) policies for wind and nuclear power, which may impact profitability for operators in these sectors [9][10]. - It notes the competitive pricing results for electricity in Xinjiang and Gansu, with Xinjiang's prices nearing the upper limit of the bidding range, suggesting a favorable environment for renewable energy operators [8]. - The report discusses the decline in global LNG prices, with China's comprehensive LNG import price reaching a four-year low, which could benefit domestic gas companies [12][27]. Summary by Sections 1. Power Sector - Xinjiang's mechanism electricity bidding results show a scale of 36 billion kWh for solar and 185 billion kWh for wind, with prices at 0.235 CNY/kWh and 0.252 CNY/kWh respectively, indicating a competitive market [5][8]. - The VAT policy changes will eliminate the 50% VAT refund for onshore wind from November 1, 2025, while maintaining it for offshore wind until the end of 2027 [9][10]. - Recommendations include focusing on companies like Guodian Power, China Nuclear Power, and Longyuan Power due to their stable growth prospects [11]. 2. Gas Sector - Global gas prices have shown slight declines, with the US Henry Hub price at $2.82/mmBtu, reflecting a 2.90% weekly drop [12][15]. - China's LNG import price has dropped to 2852 CNY/ton, the lowest since mid-2021, driven by lower oil prices affecting long-term contracts [27][29]. - The report suggests a positive outlook for gas companies like Kunlun Energy and New Hope Energy, as cost reductions and economic recovery may enhance profitability [29]. 3. Environmental Sector - The report emphasizes the benefits of debt-for-equity swaps and the increasing stability of returns for green energy operators, recommending companies like China Everbright Environment and Hongcheng Environment [11]. - It highlights the ongoing rise in SAF (Sustainable Aviation Fuel) prices, suggesting investment opportunities in related companies [11]. 4. Key Company Valuations - The report includes a valuation table for key companies, with several rated as "Buy," indicating strong expected performance in the coming years [41].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, highlighting potential investment opportunities in renewable energy and gas companies [3][12]. Core Insights - The report emphasizes the recent adjustments in value-added tax policies for wind and nuclear power, which may impact profitability in the short to medium term [10][11]. - It notes the significant drop in LNG import prices, reaching a four-year low, which could benefit gas companies and consumers [13][29]. - The report suggests that the competitive bidding results for electricity prices in Xinjiang and Gansu indicate varying strategies among renewable energy operators, which could lead to improved profit margins [9][12]. Summary by Sections 1. Power Sector - Xinjiang's competitive bidding results show a mechanism electricity price of 0.252 CNY/kWh for wind power, close to the upper limit, while Gansu's price is 0.1954 CNY/kWh, near the lower limit [5][9]. - The adjustment of the value-added tax policy for onshore wind power, effective November 1, 2025, will eliminate the 50% refund policy, while offshore wind will retain it until the end of 2027 [10][11]. - Recommendations include focusing on companies like Guodian Power, Sichuan Investment Energy, and China Nuclear Power due to their stable growth prospects [12]. 2. Gas Sector - The report highlights a slight decline in global gas prices, with the US Henry Hub price at $2.82/mmBtu, down 2.90% week-on-week, and LNG import prices in China dropping to 2852 CNY/ton, the lowest since mid-2021 [13][29]. - It suggests that the cost reduction in upstream resources and the recovery of the macro economy will benefit Hong Kong gas companies like Kunlun Energy and New Hope Energy [31]. - The report anticipates that the LNG prices may stabilize as demand increases with the onset of colder weather [29][31]. 3. Weekly Market Review - The public utility, power, gas, and environmental protection sectors outperformed the CSI 300 index during the week of October 13-17, 2025 [35]. - The report notes that the power equipment sector lagged behind the index, indicating potential investment opportunities in other sectors [35]. 4. Company and Industry Dynamics - The report discusses the upcoming competitive bidding for renewable energy projects in Anhui, with a bidding range set between 0.2 CNY/kWh and 0.3844 CNY/kWh [41][42]. - It highlights the performance of major companies, such as China General Nuclear Power and Longyuan Power, which reported varying results in their electricity generation [43][44].

福建福能股份有限公司 向不特定对象发行可转换公司债券发行结果公告 保荐机构（主承销商）：兴业证券股份有限公司 联席主承销商：华福证券有限责任公司 联席主承销商：中信建投证券股份有限公司 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。 重要内容提示： 福建福能股份有限公司（以下简称"发行人"或"公司"）向不特定对象发行可 转换公司债券（以下简称"可转债"）已获得中国证券监督管理委员会证监许可〔2025〕 1973 号文同意注册。本次发行的保荐人（主承销商）为兴业证券股份有限公司（以下 简称"兴业证券"或"保荐人（主承销商）"），联席主承销商为华福证券有限责任公司 （以下简称"华福证券"）、中信建投证券股份有限公司（以下简称"中信建投"，兴业 证券、中信建投与华福证券合称"联席主承销商"）。本次发行的可转债简称为"福能 转债"，债券代码为"110099"。 | 类别 | 认购数量（手） | 放弃认购数量（手） | | --- | --- | --- | | 原股东 | 3,282,748 | 0 | | 网上社会公众投资者 | 5 ...

Group 1 - The core viewpoint of the article highlights the growth of China's nuclear power generation, with a projected output of 411 billion kilowatt-hours in April 2025, representing a year-on-year increase of 12.4% [1] - From January to April 2025, the cumulative nuclear power generation in China reached 1,584.9 billion kilowatt-hours, showing a cumulative growth of 12.7% [1] Group 2 - The article lists several publicly listed companies in the nuclear energy sector, including China General Nuclear Power (003816), China National Nuclear Power (601985), and others [1] - It references a report by Zhiyan Consulting titled "Market Operation Pattern and Investment Strategy Analysis of China's Nuclear Power Generation Industry from 2025 to 2031" [1]

证券代码：600483 证券简称：福能股份 公告编号：2025-058 福建福能股份有限公司 向不特定对象发行可转换公司债券 网上中签结果公告 保荐人（主承销商）：兴业证券股份有限公司 联席主承销商：华福证券有限责任公司 凡参与福能转债网上申购的投资者持有的申购配号尾数与上述号码相同的，则为 1 联席主承销商：中信建投证券股份有限公司 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。 根据《福建福能股份有限公司向不特定对象发行可转换公司债券发行公告》，福 建福能股份有限公司及本次发行的保荐人（主承销商）兴业证券股份有限公司、联席 主承销商华福证券有限责任公司、中信建投证券股份有限公司于 2025 年 10 月 14 日 （T+1 日）主持了福建福能股份有限公司向不特定对象发行可转换公司债券（以下简 称"福能转债"）网上发行中签摇号仪式。摇号仪式按照公开、公平、公正的原则在 有关单位代表的监督下进行，摇号结果经上海市东方公证处公证。 现将中签结果公告如下： | 末尾位数 | 中签号码 | | --- | --- | | 末"5"位 ...

Investment Rating - The report maintains a positive outlook on the public utility sector, particularly highlighting the recovery in hydropower and the continued cost reduction in thermal power [4][6]. Core Insights - The thermal power sector is experiencing improved profitability due to a decrease in coal prices, with the average spot price of 5500 kcal thermal coal in Qinhuangdao at 672 RMB/ton, down 176 RMB/ton year-on-year [4]. - Hydropower generation is expected to recover in Q4 2025, following a significant improvement in autumn rainfall, which is projected to enhance the generation capacity of major hydropower companies [4]. - Nuclear power generation has shown a year-on-year growth of 11.33% in the first three quarters of 2025, with new units expected to come online, further boosting output [4]. - The natural gas sector is witnessing a gradual recovery in consumption, with a total apparent consumption of 2845.6 billion m³ from January to August 2025, reflecting a slight year-on-year decrease of 0.1% [4]. Summary by Sections Thermal Power - In Q3 2025, the average utilization hours for thermal power equipment were 2783 hours, a decrease of 144 hours year-on-year, but profitability is expected to remain positive [4]. - The report anticipates that thermal power companies in northern China will continue to achieve above-average performance due to stable electricity prices [4]. Hydropower - The report notes a decline in hydropower generation in July and August 2025, with a year-on-year decrease of 9.8% and 10.1% respectively, but forecasts a recovery in Q4 due to improved rainfall [4]. - The Yangtze River power generation saw a slight decline of 0.29% year-on-year from January to September 2025, but significant improvements are expected in October [4]. Nuclear Power - The report highlights that new nuclear units are expected to contribute to steady growth in electricity generation, with a strong approval rate for new projects [4]. - The long-term outlook for nuclear power remains positive, with a strong certainty of growth in installed capacity [4]. Natural Gas - The report indicates that the natural gas consumption has been recovering since May 2025, with a notable increase in demand expected due to stable supply and geopolitical factors [4]. - The report projects that the reduction in LNG prices and the adjustment of residential gas prices will benefit city gas companies' profitability [4]. Company Performance Forecast - The report provides a performance forecast for key companies in the public utility sector for the first nine months of 2025, with notable growth expected for companies like Datang Power and Huaneng International [5]. - The report recommends several companies for investment, including Guotou Power, Chuanwei Energy, and Longjiang Power, based on their expected performance recovery [4][6].

Investment Rating - The report rates the public utility industry as "Overweight" indicating an expectation for the industry to outperform the overall market [2][14]. Core Insights - The report highlights improvements in hydropower water inflow and continued cost reductions in thermal power generation, suggesting a positive outlook for the industry [5]. - It notes that the average utilization hours for thermal power equipment in China decreased by 144 hours year-on-year, but the profitability per kilowatt-hour is expected to maintain positive growth [5]. - The report anticipates a recovery in hydropower generation due to improved autumn rainfall, which is expected to enhance the financial performance of hydropower companies [5]. - Nuclear power generation is projected to grow steadily with new units coming online, contributing to overall electricity generation growth [5]. - The natural gas sector is seeing a gradual recovery in consumption, with expectations for continued cost reductions due to falling LNG prices and improved supply conditions [5]. Summary by Sections Thermal Power - In Q3 2025, the average spot price of 5500 kcal thermal coal was 672 RMB/ton, down 176 RMB/ton year-on-year but up 41 RMB/ton quarter-on-quarter [5]. - The report predicts that thermal power companies in northern China will continue to achieve above-average performance due to stable electricity prices [5]. Hydropower - The report indicates a 9.8% and 10.1% year-on-year decline in hydropower generation in July and August 2025, respectively, due to poor rainfall during the main flood season [5]. - However, significant improvements in autumn rainfall are expected to enhance hydropower generation capacity in Q4 2025 [5]. Nuclear Power - Nuclear power generation in China increased by 11.33% year-on-year in the first three quarters of 2025 [5]. - The report mentions that new nuclear units are expected to come online in Q4 2025, further boosting generation capacity [5]. Natural Gas - The apparent consumption of natural gas in China for January to August 2025 was 284.56 billion cubic meters, a slight decrease of 0.1% year-on-year [5]. - The report notes that natural gas prices are expected to decline further due to increased supply from major exporting regions [5]. Company Performance Forecast - The report provides performance forecasts for key companies in the public utility sector, indicating varying growth rates across different segments [6]. - For instance, Datang Power is expected to see a profit growth rate of 20%-50%, while companies like China Nuclear Power and China General Nuclear Power are projected to have negative growth [6]. Investment Recommendations - The report recommends several companies for investment based on their expected performance, including Guodian Power, Huaneng International, and China Nuclear Power, among others [5][7].

证券代码：600483 证券简称：福能股份 公告编号：2025-057 福建福能股份有限公司 向不特定对象发行可转换公司债券 网上中签率及优先配售结果公告 保荐机构（主承销商）：兴业证券股份有限公司 联席主承销商：华福证券有限责任公司 联席主承销商：中信建投证券股份有限公司 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。 重要内容提示： | 类别 | 中签率/配售 | 有效申购数量 | 实际配售数量 | 实际获配金额（元） | | --- | --- | --- | --- | --- | | | 比例（%） | （手） | （手） | | | 原股东 | 100.00 | 3,282,748 | 3,282,748 | 3,282,748,000 | | 网上社会公众投资者 | 0.00603265 | 8,607,364,023 | 519,252 | 519,252,000 | | 网下机构投资者 | - | - | - | - | | 合计 | | 8,610,646,771 | 3,802,000 | 3,802,0 ...