Report Industry Investment Rating No information provided in the content. Core Viewpoints - The convertible bond market followed the equity market, rising first and then falling in the 4 trading days before and after the holiday. As of October 10, the valuation of convertible bonds in each parity range remained at an absolute high above the 85th percentile since 2023, with poor overall odds for convertible bond assets. The inflow of incremental funds in the convertible bond market slowed down, and the subsequent parity and valuation of convertible bonds depend on the direction of the equity market [3][16]. - The escalation of Sino-US trade frictions due to new US tariff measures may cause short - term disturbances to market sentiment. With the intensive disclosure of the third - quarter reports of listed companies in mid - to late October, market volatility may increase. In terms of allocation, it is not advisable to be overly aggressive [3][16]. Summary by Related Catalogs Market Trends Stock Market - In the 4 trading days from September 29 to October 10, after the holiday, the A - share market continued to rise on the first trading day and then declined. Gold stocks led the rise in the non - ferrous metals sector, and sectors such as steel and building decoration also performed well. The media sector underperformed due to weak box - office data during the National Day holiday [1][8]. - On September 29, the three major A - share indexes rose collectively, with the Shanghai Composite Index up 0.9%, the Shenzhen Component Index up 2.05%, and the ChiNext Index up 2.74%. On September 30, the A - share market continued to rise, with the Shanghai Composite Index up 0.52%, the Shenzhen Component Index up 0.35%, and the ChiNext Index flat. On October 9, the A - share market rose significantly, with the Shanghai Composite Index up 1.32%, the Shenzhen Component Index up 1.47%, and the ChiNext Index up 0.73%. On October 10, the A - share market fell, with the Shanghai Composite Index down 0.94%, the Shenzhen Component Index down 2.7%, and the ChiNext Index down 4.55% [8]. - In the 4 trading days before and after the holiday, most Shenwan first - level industries closed higher, with non - ferrous metals (11.89%), steel (7.89%), basic chemicals (4.62%), building decoration (4.30%), and building materials (4.10%) leading the gains; media (-3.70%), communication (-2.21%), social services (-1.19%), and banks (-0.92%) lagging behind [9]. Bond Market - The funds were relatively stable near the end of the quarter. With the September PMI data still in the contraction range, the bond market strengthened before the holiday. During the National Day holiday, data such as box - office and real - estate transactions were weak, global risk - aversion sentiment increased, and the capital market was generally loose after the quarter, leading to a further decline in bond yields. The 10 - year treasury bond yield closed at 1.85% on Friday, down 3.21bp from September 28 [1][9]. Convertible Bond Market - In the 4 trading days before and after the holiday, most convertible bond issues closed higher. The CSI Convertible Bond Index rose 1.58% for the week, the median price rose 1.39%, the calculated arithmetic average parity fell 0.04% for the week, and the overall market conversion premium rate increased by 0.85% compared with the previous week [2][9]. - In terms of industries, most convertible bond industries closed higher, with beauty care (+4.81%), non - ferrous metals (+4.53%), non - bank finance (+3.84%), and steel (+3.74%) leading the gains; communication (-1.35%), household appliances (-0.24%), textile and apparel (+0.03%), and media (+0.39%) lagging behind [11]. - At the individual bond level, Zhonghuan Zhuan 2 (innovative drugs & change of actual controller), Jingda (controllable nuclear fusion concept), Lingyi (AI terminal hardware), Jingxing (Yushu robot concept), and Shuiyang (skincare products) convertible bonds led the gains; Huicheng (waste catalyst treatment), Tongguang (optical fiber cable), Sheng 24 (robot concept), Yitian (computing power concept), and Mengtai (polypropylene fiber & announced forced redemption) convertible bonds led the losses [2][12]. - The total trading volume of the convertible bond market in the 4 trading days before and after the holiday was 288.445 billion yuan, with an average daily trading volume of 72.111 billion yuan, a decrease compared with the previous week [13]. Valuation Overview - As of October 10, 2025, for equity - biased convertible bonds, the average conversion premium rates for parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 47.91%, 32.17%, 28.71%, 18.69%, 15.24%, and 9.88% respectively, at the 98%/99%, 88%/82%, 95%/98%, 87%/84%, 91%/91%, and 87%/75% percentiles since 2010/2021 [17]. - For bond - biased convertible bonds, the average YTM for parities below 70 yuan was - 4.86%, at the 0%/1% percentile since 2010/2021. The average implied volatility of all convertible bonds was 40.58%, at the 78%/67% percentile since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was - 2.32%, at the 69%/70% percentile since 2010/2021 [17]. Primary Market Tracking - From September 29 to October 10, 2025, Funeng Convertible Bond announced its issuance, and no convertible bonds were listed. The underlying stock is Funeng Co., Ltd., with a market value of 28.302 billion yuan as of October 10. The company focuses on renewable and clean energy and large - scale energy storage projects. The scale of the issued convertible bonds is 3.802 billion yuan, with a credit rating of AA+. After deducting issuance fees, the funds will be invested in the 2×660MW ultra - supercritical cogeneration project in Quanhuixin Petrochemical Industrial Park and the Mulan Pumped - Storage Power Station Project in Xianyou, Fujian [24]. - As of the announcements on October 10, there were no convertible bonds announced for issuance or listing in the coming week (October 13 - 17, 2025). During September 29 - October 10, the exchange accepted the application of one company (Aoshikang), seven companies' plans passed the shareholders' meeting, and one company (Haitian Co., Ltd.) had a board of directors' plan. There were no new companies approved for registration or passed by the listing committee. As of now, there are 90 convertible bonds to be issued, with a total scale of 137.34 billion yuan, including 2 approved for registration with a total scale of 2.68 billion yuan and 8 passed by the listing committee with a total scale of 5.31 billion yuan [25].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The target price of Funeng Convertible Bonds on the first - day of listing is expected to be between 131 - 137 yuan, and investors are advised to actively subscribe. The estimated first - day new - bond subscription winning rate is around 0.0135% - 0.0163%. The bond has high issuance scale, good liquidity, good rating, and good bond floor protection, and there is no objection to primary participation [3][4][19][20] 3. Summary According to Related Catalogs 3.1. Funeng Convertible Bonds New - Bond Analysis and Investment Recommendations 3.1.1. Convertible Bond Basic Terms Analysis - The issuance methods of Funeng Convertible Bonds are priority placement and online issuance. The bond and the issuer's ratings are both AA+. The issuance scale is 3.802 billion yuan, the initial conversion price is 9.84 yuan. As of October 10, 2025, the convertible bond parity is 103.46 yuan, the calculated pure bond value is 94.95 yuan. The game terms (down - revision, redemption, and put - back clauses) are normal. Overall, the bond has high issuance scale, good liquidity, good rating, and good bond floor protection, and it is not difficult for institutions to include it in their portfolios [2][15] 3.1.2. New - Bond Initial Listing Price Analysis - The target price of Funeng Convertible Bonds on the first - day of listing is 131 - 137 yuan. Considering the current market environment and parity level, the conversion premium rate on the first - day of listing is expected to be in the range of [27%, 32%] [3][19] 3.1.3. Convertible Bond New - Bond Subscription Winning Rate Analysis - The estimated first - day new - bond subscription winning rate is around 0.0135% - 0.0163%. Assuming the old shareholders' placement ratio is 65% - 71%, the scale available for the market is 1.095 - 1.326 billion yuan. Assuming the number of effective online subscriptions is 8.13 million households, the winning rate is calculated based on full subscription [4][20] 3.2. Underlying Stock Fundamental Analysis 3.2.1. Company's Main Business and Up - and Down - Stream Industry Situations - The company is mainly engaged in the production and sales of electricity, heat, and industrial textiles, with electricity products as the mainstay. The power generation industry's upstream includes power design, power equipment manufacturing, and engineering construction. The downstream is mainly power grid companies. The raw materials for industrial textiles are market - oriented, and its downstream industries are diverse and expanding [21][22] 3.2.2. Company's Operating Conditions - From 2022 to H1 2025, the company's operating income was 14.318 billion yuan, 14.695 billion yuan, 14.563 billion yuan, and 6.369 billion yuan respectively, with year - on - year growth rates of 17.79%, 2.63%, - 0.90%, and - 4.44%. The comprehensive gross margin increased steadily from 23.93% in 2022 to 28.31% in H1 2025, and the net profit margin also showed an upward trend. The company's period expenses remained stable, and R & D expenses were relatively stable. The accounts receivable increased due to slow subsidy payments, and the accounts receivable turnover rate decreased. The net profit attributable to the parent company increased steadily [25][28][30] 3.2.3. Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, Fujian Energy Group Co., Ltd. was the largest shareholder, holding 1.536 billion shares (55.25% of the total shares). The top two shareholders' combined shareholding ratio was 65.13%, and the top ten shareholders' combined shareholding ratio was 71.19%. The actual controller of the company is the State - owned Assets Supervision and Administration Commission of Fujian Provincial People's Government [43] 3.2.4. Company's Business Characteristics and Advantages - The company has market position and scale advantages, as it is a leading wind - power company in Fujian, with its power generation business installation scale ranking among the top in Fujian. It has unit quality advantages, with a diversified energy structure mainly composed of thermal power, wind power, and photovoltaic power. It also has project reserve advantages, with many under - construction and reserve projects [50] 3.2.5. Allocation of Current Fund - Raising - After deducting issuance fees, 2.5 billion yuan of the raised funds is planned to be used for the 2×660MW ultra - supercritical cogeneration project in Quanhuixin Petrochemical Industrial Zone (total investment: 6.986 billion yuan), and 1.302 billion yuan for the Fujian Xianyou Mulan Pumped - storage Power Station Project (total investment: 8.383 billion yuan) [13][49]

Group 1 - The article discusses the subscription details for the stock of Marco Polo (stock code: 001386), including the issuance price of 13.75 yuan and the maximum subscription limit of 32,000 shares [1] - The article provides the earnings ratios for the issuance and industry, which are 14.27 and 32.2 respectively, indicating the valuation metrics for potential investors [1] - It mentions the convertible bond of Funi Co., with a conversion price of 9.84 yuan and a bond rating of AA+, highlighting the investment quality of the bond [1]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The auction results for mechanism electricity prices in Yunnan show that the clearing prices for photovoltaic projects are 0.33 CNY/kWh and for wind projects are 0.332 CNY/kWh, both very close to the auction ceiling [2][10] - The market expectations for Yunnan's new energy market are relatively stable and rational, with strong auction results reinforcing previous weak profitability expectations for new energy, especially photovoltaic [2][10] - Multiple provinces have initiated auction mechanisms for 2025 electricity prices, indicating a divergence in regional development rhythms, with provinces facing significant consumption pressure or high photovoltaic ratios likely to slow down photovoltaic development [2][10] Summary by Sections Auction Results - Yunnan's first auction for incremental new energy projects had a high bid success rate of 96.22%, with 509 out of 529 projects winning bids [10] - The auction price ranges for photovoltaic and wind projects were 0.22-0.3358 CNY/kWh and 0.18-0.3358 CNY/kWh respectively, with the clearing prices very close to the upper limits [10] Regional Development - Several provinces, including Jiangxi, Shanghai, Heilongjiang, and Xinjiang, have released their 2025 mechanism electricity price auction plans, with varying total scales and auction price ranges [10] - The report suggests that provinces with high photovoltaic ratios may see a slowdown in development through mechanism electricity allocation [10] Investment Recommendations - The report recommends focusing on quality transformation coal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment [10] - In the new energy sector, it suggests investing in companies like Longyuan Power, Xintian Green Energy, China Nuclear Power, and Zhongmin Energy, indicating a potential recovery in the industry [10]

证券代码：600483 证券简称：福能股份 公告编号：2025-056 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提示性公告 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 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。 特别提示 福建福能股份有限公司（以下简称"福能股份"、"发行人"或"公司"）、兴 业证券股份有限公司（以下简称"保荐人（主承销商）"或"兴业证券"）、华福证 券有限责任公司（以下简称"华福证券"）和中信建投证券股份有限公司（以下简称 "中信建投"，与兴业证券、华福证券合称"联席主承销商"）根据《中华人民共和 国证券法》（以下简称"《证券法》"）《上市公司证券发行注册管理办法》（证监 会令〔第 227 号〕）《证券发行与承销管理办法》（证监会令〔第 228 号〕）《上海 证券交易所上市公司证券发行与承销业务实施细则（2025 年修订）》（上证发 〔2025〕47 号）（以下简称"《实施细则》"）《上海证券交易所证券发行与承销业 ...

Core Viewpoint - The report highlights the successful completion of China's first ship-based green methanol refueling operation at Ningbo Zhoushan Port, marking a significant milestone in the development of green fuel capabilities in the region [3]. Market Review - In September, the CSI 300 Index rose by 3.20%, while the public utility index increased by 0.41% and the environmental index by 0.77%. The relative monthly returns for these indices were -2.80% and -2.43% respectively [2]. - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 13th and 11th in terms of growth. The environmental sector saw a 0.77% increase, while the electricity sector's thermal power rose by 2.34%, and hydropower fell by 3.08% [2]. Important Events - The successful refueling of the "COSCO Shipping Libra" with 230 tons of green methanol at Ningbo Zhoushan Port signifies the port's capability to handle LNG, biofuels, and methanol, enhancing its status as an international hub [3]. - This operation involved collaboration between China Ship Fuel, Zhejiang Port Group, and Ningbo Zhoushan Port Group, utilizing seven specialized methanol transport tankers and explosion-proof refueling equipment [3]. Investment Strategy - Public Utilities: Recommendations include Huadian International for thermal power, Longyuan Power and Three Gorges Energy for renewable energy, and China Nuclear Power for stable nuclear power operations [4][5]. - Environmental Sector: Focus on companies like China Everbright Environment and Zhongshan Public Utilities, as well as opportunities in the domestic waste oil recycling industry due to upcoming EU SAF policies [5].

Summary of Key Points from the Conference Call on China's Electricity Market Reform Industry Overview - The conference call focuses on the **electricity industry** in China, specifically discussing the ongoing reforms in the electricity market and their implications for various energy sources and companies involved in the sector [1][4][8]. Core Insights and Arguments - **Market Reform Progress**: Significant advancements have been made in the market-oriented reform of the electricity sector, with thermal power pricing fully entering the market and nuclear power pricing reaching 50% market participation. By 2025, all new energy projects are expected to enter the market [1][4]. - **Electricity Pricing Mechanism**: The reform aims to reflect the true value of each segment in the electricity supply chain, including energy value, green value, transmission and distribution costs, and system operation fees. This is intended to guide high-quality industry development and optimize resource allocation [1][6][7]. - **Future Directions**: The future of electricity reform is expected to focus on ensuring reasonable returns for each segment through a scientifically sound pricing mechanism, promoting the development of a new, efficient, and clean energy system [1][6][14]. - **Investment Opportunities**: The electricity sector presents diverse investment opportunities, particularly in companies with quality wind and solar resources, coal power companies benefiting from declining coal prices, and competitive hydro and nuclear power firms [3][20][21]. Important but Overlooked Content - **Challenges in Reform**: The reform process faces challenges, including rising overall system costs due to the shift towards cleaner energy and the need to balance supply and demand effectively. The current pricing mechanism has not fully adapted to these changes [2][5][14]. - **Historical Context**: The electricity reform in China began in 2002, with significant milestones in 2015 that emphasized market competition in generation and sales while maintaining state control over transmission and distribution [8][9]. - **Regulatory Changes**: Recent policies have aimed to enhance competition in the coal-fired power market, allowing prices to fluctuate based on supply and demand, which is crucial for achieving a more efficient and fair resource allocation [9][10][11]. - **Regional Market Development**: The development of regional and national electricity trading markets is progressing, with the southern region already implementing spot market operations, which will influence overall pricing and system efficiency [17][18]. Conclusion - The ongoing reforms in China's electricity market are set to reshape the industry landscape, creating new investment opportunities while addressing existing challenges. The focus on market-driven pricing and the integration of various energy sources will be critical for the sector's future growth and stability [1][3][20][21].

Investment Rating - The industry investment rating is "Positive" and is maintained [11] Core Viewpoints - The report indicates that while electricity prices and volumes continued to decline in the third quarter, the significant drop in coal prices is expected to lead to positive performance for thermal power operators in northern and parts of eastern and central China [2][6] - Hydropower performance is anticipated to be limited due to weak electricity generation during the main flood season, with a year-on-year decrease of 9.95% in hydropower generation from July to August [7][35] - Nuclear power generation is expected to grow steadily, but performance may vary by province due to differing impacts from declining electricity prices [7][36] - Clean energy utilization hours have decreased nationally, but regions like Fujian, Shanghai, and Guangdong have shown recovery in wind energy utilization hours, leading to strong performance from certain regional new energy operators [8][43] Summary by Sections Thermal Power - The three core factors affecting thermal power profitability are coal prices, electricity prices, and utilization hours. Despite a general decline in electricity prices across provinces, coal prices have significantly decreased, with the average coal price in Qinhuangdao dropping by 175.63 yuan/ton year-on-year [6][20] - The comprehensive coal price drop is expected to reduce thermal power fuel costs by approximately 0.035 yuan/kWh year-on-year, supporting continued improvement in thermal power operations, especially in northern and eastern provinces [6][32] Hydropower - Hydropower generation faced a year-on-year decline of 9.95% due to high base effects and uneven rainfall distribution. However, improved water inflow in September is expected to alleviate some pressure on hydropower performance [7][35] - Major hydropower companies are expected to manage water reservoir operations effectively to mitigate fluctuations in water inflow [35] Nuclear Power - Nuclear power generation is projected to grow by 7.09% year-on-year, supported by increased installed capacity and stable maintenance schedules. However, market price fluctuations may impact performance differently across operators [36][7] Clean Energy - Wind and solar power generation saw significant year-on-year growth of 11.85% and 22.09%, respectively, but utilization hours have decreased. Regional disparities exist, with eastern coastal provinces showing improved wind energy utilization [8][43] - Despite high growth in installed capacity, the overall performance of new energy operators may face pressure due to rising costs and weak electricity prices, although some regional operators are expected to perform well [8][43] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as major hydropower companies like Yangtze Power and State Power Investment Corporation. For new energy, it suggests companies like Longyuan Power and China Nuclear Power [9][54]

股票简称：福能股份 股票代码：600483 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 募集说明书摘要 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 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 重大事项提示 本公司特别提请投资者注意，在作出投资决策之前，务必仔细阅读本募集说 明书正文内容，并特别关注以下重要事项。 一、关于公司本次发行的可转换公司债券符合发行条件的说明 （一）公司现行利润分配政策 公司聘请中证鹏元为本次发行的可转债进行信用评级，根据中证鹏元出具的 信用评级报告，评定公司主体信用 ...

证券代码：600483 证券简称：福能股份 公告编号：2025-054 福建福能股份有限公司（以下简称"福能股份""发行人"或"公司"）、兴业证券 股份有限公司（以下简称"保荐人（主承销商）"或"兴业证券"）、华福证券有限责任 公司（以下简称"华福证券"）和中信建投证券股份有限公司（以下简称"中信建投"， 兴业证券、华福证券与中信建投合称"联席主承销商"）根据《中华人民共和国证券法》 （以下简称"《证券法》"）《上市公司证券发行注册管理办法》（证监会令〔第 227 号〕） 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 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： | | | | 可转债代码 | 110099 | | | | | | 可转债简称 | 福能转债 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...