Core Viewpoint - The company, Fuzhou Fenneng Co., Ltd. (福能股份), has received approval from the China Securities Regulatory Commission (CSRC) for the registration of its convertible bonds issuance to unspecified investors [1] Group 1 - The company has announced that it will issue convertible bonds, which allows investors to convert their bonds into shares at a later date [1] - The approval is documented in the CSRC's official notice, indicating regulatory support for the company's financing activities [1] - This move is expected to enhance the company's capital structure and provide additional funding for its operations [1]

Core Viewpoint - Fuzhou Fenneng Co., Ltd. has received approval from the China Securities Regulatory Commission for the registration of its convertible bond issuance to unspecified investors [1] Group 1 - The company has been granted permission to issue convertible bonds, which indicates a strategic move to raise capital [1] - The approval is documented in the official notice numbered 1973, dated 2025 [1]

Core Viewpoint - Fujian Funiu Co., Ltd. announced the progress of its major shareholder and its concerted parties' plan to increase their shareholding in the company, with a total investment amount between RMB 100 million and RMB 200 million [1][2]. Group 1: Shareholding Increase Plan - The major shareholder, Fujian Energy Group Co., Ltd., and its concerted party, Fujian Funiu Xingye Equity Investment Management Co., Ltd., plan to increase their shareholding through the Shanghai Stock Exchange within six months from June 26, 2025 [1]. - The increase will not have a set price range, allowing the shareholders to act based on their valuation of the company's stock and market fluctuations [1]. - As of September 3, 2025, the Energy Group has acquired 5,691,400 shares, representing approximately 0.20% of the company's total share capital, with a transaction amount of RMB 54,454,536 [2][3]. Group 2: Implementation Progress - The total amount of shares acquired under the plan has reached RMB 101,591,634.56, with a cumulative total of 10,663,320 shares purchased [3]. - The Energy Group and its concerted parties will continue to follow the plan and may utilize special loans for further share acquisitions [3]. - The company will monitor the progress of the shareholding increase and fulfill its information disclosure obligations as required [3].

Group 1 - The company, Funiu Co., Ltd. (600483.SH), announced an increase in its shareholding through the Shanghai Stock Exchange from July 30 to September 3, 2025 [1] - The total number of shares acquired by the company was 5,691,400, which represents approximately 0.20% of the company's total share capital [1] - The total transaction amount for the share acquisition was RMB 54,458,026.56, excluding transaction commissions and other fees [1]

重要内容提示： 福建福能股份有限公司（以下简称公司）于 2025 年 6 月 26 日披露了《福建福 能股份有限公司关于控股股东及其一致行动人再次增持公司股份计划的公告》（公告 编号：2025-030），公司控股股东福建省能源集团有限责任公司（以下简称能源集团） 及其一致行动人福建省福能兴业股权投资管理有限公司（以下简称股权公司）拟自上 述公告披露之日起 6 个月内再次通过上海证券交易所交易系统以包括但不限于集中竞 价交易等方式增持公司 A 股股份，增持总金额不低于人民币 1 亿元，不超过人民币 2 亿元。本次增持计划不设定价格区间，增持主体将根据对公司股票价值判断及二级市 场波动情况实施增持计划。 证券代码：600483 证券简称：福能股份 公告编号：2025-051 福建福能股份有限公司 关于控股股东及其一致行动人增持公司股份计划的进展公告 本公司董事会、全体董事及相关股东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。 | 增持主体名称 | 能源集团及其一致行动人 | | --- | --- | | 增持计划首次披露日 | 2025 年 6 月 ...

Investment Rating - The report maintains a strong rating for the power sector and recommends specific companies within the sector [4][7][11]. Core Insights - The first central document in the carbon market sector has been issued, marking a new journey in carbon market construction, with significant implications for green investment and industry growth [3][17][18]. - The report emphasizes the importance of promoting high-quality urban development, particularly in the water and solid waste management sectors, which are expected to benefit from new policies [4][21]. Summary by Sections Market Review - From August 25 to August 29, the electricity sector fell by 0.40%, the environmental sector by 1.47%, the gas sector by 1.65%, and the water sector by 2.15%, while the CSI 300 index rose by 2.71% [11][12]. Carbon Market Development - The central government's recent document outlines plans to accelerate the construction of a national carbon market, aiming for comprehensive coverage of major industrial sectors by 2027 and a robust voluntary reduction market [3][17][18]. - As of July 2025, the national carbon emissions trading market has seen a cumulative transaction volume of 681 million tons and a transaction value of 46.784 billion yuan, indicating a growing influence of carbon pricing [3][18]. Urban Development Initiatives - The recent policy encourages green low-carbon transformation in urban development, promoting energy efficiency and waste management [4][21]. - The report identifies opportunities in waste-to-energy applications, industrial wastewater treatment, and the recycling of construction waste, which are expected to enhance profitability for related companies [4][21]. Investment Recommendations - The report recommends specific companies within various sectors: - For the power sector, it suggests Jiangsu Guoxin and cautiously recommends Sheneng Co. and Zhejiang Energy [4]. - In the nuclear power sector, it cautiously recommends China National Nuclear Power and China General Nuclear Power [4]. - For green energy, it suggests focusing on Three Gorges Energy and Jiangsu New Energy [4]. - In the water sector, it recommends Changjiang Electric Power and cautiously suggests Huaneng Hydropower [4]. - In the environmental sector, it recommends Yongxing Co. and Xuedilong, while suggesting attention to Huaguang Huaneng and China Tianying [4].

Core Viewpoint - The company, Fujian Funiu Co., Ltd., has announced a cash dividend distribution plan based on its total share capital of 2,780,137,800 shares, with a cash dividend of 0.073 RMB per share for eligible shareholders [1][2]. Summary by Sections Dividend Distribution Plan - The company's annual shareholder meeting on May 15, 2025, authorized the board to formulate a specific distribution plan, which was approved in the board meeting on August 20, 2025 [1]. - The cash dividend distribution is based on the total share capital of 2,780,137,800 shares, with a cash dividend of 0.073 RMB per share [2]. Important Dates - The key dates for the dividend distribution are as follows: - Shareholding registration date: September 3, 2025 - Last trading date: September 4, 2025 - Ex-dividend date: September 4, 2025 [2]. Distribution Implementation - Cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the end of the trading day on the shareholding registration date [2]. - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [2]. Taxation on Dividends - Individual shareholders holding shares for over one year will be exempt from personal income tax on dividend income, while those holding for one month or less will have their entire dividend income subject to tax [3]. - Qualified Foreign Institutional Investors (QFIIs) will have a 10% withholding tax applied to their dividend income [4]. - For institutional investors, the tax on dividend income will be self-reported and paid by the investors themselves [5].

证券代码：600483 证券简称：福能股份 公告编号：2025-050 福建福能股份有限公司 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.073元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/3 | － | 2025/9/4 | 2025/9/4 | 差异化分红送转： 否 3. 分配方案： 本次利润分配以方案实施前的公司总股本2,780,137,800股为基数，每股派发现金红利 0.073元（含税），共计派发现金红利202,950,059.40元。 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/3 | － | 2025/9/4 | 2025/9/4 ...

Core Viewpoint - The efficient service provided by the State Grid Shaowu City Power Supply Company is crucial for the successful implementation of the freshwater shrimp breeding and farming project in Wangxikou Village, contributing to rural revitalization efforts in Weimin Town [2]. Group 1: Project Overview - The project involves an investment of 15 million yuan to transform 117 acres of idle land into a vibrant shrimp farming base [2]. - The project officially entered the operational phase with the release of 5 million shrimp seedlings into the farming ponds on August 6 [4]. Group 2: Power Supply Support - The power supply company conducted a thorough assessment of the project's electricity needs, adding a 100 kVA transformer and laying 1.2 kilometers of low-voltage lines to ensure reliable power supply [2]. - The installation and construction were completed in just 10 days, five days ahead of schedule, allowing the project to capitalize on the summer breeding season [2]. Group 3: Ongoing Services - A dedicated customer manager system was established to provide regular inspections and maintenance of critical equipment such as aerators and water pumps, ensuring electrical safety [4]. - The proactive service approach has alleviated concerns about power outages affecting shrimp survival, enhancing the confidence of local farmers [4].

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but an increase in net profit, indicating improved profitability despite lower sales volume [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 6.369 billion yuan, a year-on-year decrease of 4.44%, while net profit attributable to shareholders was 1.337 billion yuan, an increase of 12.48% [1]. - For Q2 2025, the company reported operating revenue of 3.272 billion yuan, down 8.54% year-on-year, and a net profit of 585 million yuan, down 11.65% year-on-year [1]. Operational Highlights - The total electricity generated in H1 2025 was 10.230 billion kWh, a decrease of 3.56% year-on-year, with wind power generation increasing by 8.41% to 2.801 billion kWh, while thermal power generation decreased by 7.59% to 7.388 billion kWh [2]. - In Q2 2025, the total electricity generated was 5.157 billion kWh, down 6.95% year-on-year, with wind power generation at 929 million kWh, down 17.10% due to changes in wind conditions [2]. - The company’s thermal power business benefited from lower coal prices, improving overall gross margins despite reduced electricity sales [2]. Project Development - The company has a rich reserve of projects, including thermal, wind, solar, and nuclear power, with significant projects like the Chang Le offshore project and the Huaqiao thermal power project entering the construction phase [3]. - By the end of 2025, the company plans to have a total installed capacity of 15 million kW, increasing to 20 million kW by 2030, supporting long-term growth [3]. Dividend Announcement - The company announced its first interim dividend plan, proposing a cash dividend of 0.073 yuan per share, totaling 202 million yuan, which is approximately 15.18% of the net profit attributable to shareholders for H1 2025, aimed at boosting market confidence [3]. Profit Forecast and Valuation - The company is expected to achieve operating revenues of 13.987 billion yuan, 14.176 billion yuan, and 15.696 billion yuan for 2025-2027, with year-on-year changes of -3.96%, +1.35%, and +10.72% respectively [4]. - Net profit attributable to shareholders is projected to be 3.073 billion yuan, 3.241 billion yuan, and 3.576 billion yuan for the same period, with year-on-year changes of +10.01%, +5.46%, and +10.34% respectively [4]. - As of August 26, 2025, the stock price corresponds to a PE ratio of 8.90, 8.44, and 7.65 for the years 2025, 2026, and 2027 respectively [4].