福建福能股份有限公司2025年向 不特定对象发行可转换公司债券 信用评级报告 中鹏信评【2025】第 Z【1505】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级 ...

一、董事会会议召开情况 证券代码：600483 证券简称：福能股份 公告编号：2025-053 福建福能股份有限公司 第十一届董事会第一次临时会议决议公告 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。 （一）本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司《章 程》的相关规定。 （二）本次会议的通知和材料已于2025年9月25日，由董事会办公室以电子邮件和 短信的方式提交全体董事。 （三）本次会议于2025年9月30日15:00以通讯表决方式召开。 （四）本次会议应参与表决董事9人，实际参与表决董事9人。 （五）本次会议由董事长桂思玉先生召集并主持，公司高级管理人员列席了会议。 二、董事会会议审议情况 经与会董事认真审议，以记名和书面方式，逐项表决通过了以下议案： （一）逐项审议通过《关于进一步明确公司向不特定对象发行可转换公司债券发行 方案的议案》。 公司已于2025年9月9日收到中国证券监督管理委员会出具的《关于同意福建福能股 份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕19 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - In August, the electricity consumption growth rate in the secondary industry increased, contributing the largest increment to total electricity consumption, accounting for 59% of the total increase [3][7] - The total electricity consumption in August reached 10,154 billion kWh, a year-on-year increase of 5.0% [3][6] - The manufacturing sector saw a record monthly growth rate for the year, with high-tech and equipment manufacturing electricity consumption growing by 9.1%, surpassing the average manufacturing growth rate by approximately 4.6 percentage points [3][7] Summary by Sections 1. Electricity: August Secondary Industry Consumption Growth - The total electricity consumption in August was 10,154 billion kWh, with a year-on-year growth of 5.0% [3][6] - The first industry consumed 164 billion kWh (9.7% growth), the second industry consumed 5,981 billion kWh (5.0% growth), the third industry consumed 2,046 billion kWh (7.2% growth), and residential consumption was 1,963 billion kWh (2.4% growth) [3][8] - The secondary industry contributed the most to the total electricity consumption increase, with a significant growth in manufacturing, particularly in high-tech and equipment manufacturing [6][7] 2. Gas: Supply and Demand Stability - Global gas prices have shown narrow fluctuations, with the Henry Hub spot price at $2.90/mmBtu, a weekly increase of 0.17% [16][19] - The LNG national ex-factory price was 4,016 yuan/ton, with a slight weekly decrease of 0.07% [16][36] - The report suggests a positive outlook for city gas companies due to cost reductions and improved profitability [38] 3. Weekly Market Review - The public utility and environmental protection sectors underperformed compared to the CSI 300 index, while the electric equipment sector outperformed [40][42] 4. Company and Industry Dynamics - The report highlights recent government initiatives aimed at promoting high-quality development in energy equipment, focusing on enhancing the efficiency of energy conversion equipment and advancing renewable energy technologies [49] - Key announcements from companies include significant contract wins and strategic investments aimed at enhancing operational capabilities and market positioning [50]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their performance and market conditions [3][16][18]. Core Insights - The report highlights that in August, the total electricity consumption reached 10,154 billion kWh, marking a year-on-year growth of 5.0%. The second industry contributed the largest increase, accounting for 59% of the total electricity increment [3][8][9]. - The report notes that global gas prices are experiencing slight fluctuations, with the Henry Hub spot price at $2.90/mmBtu and the TTF spot price at €32.15/MWh as of September 26 [18][19]. - The report emphasizes the stable growth in electricity consumption driven by high temperatures and government policies aimed at boosting consumption [8][9]. Summary by Sections 1. Electricity Sector - In August, the second industry saw a significant increase in electricity consumption, with a year-on-year growth of 5.0% and contributing 59% to the total electricity increment [3][9]. - The manufacturing sector achieved a record monthly growth rate, particularly in high-tech and equipment manufacturing, which grew by 9.1% year-on-year [9][10]. - The report recommends investments in hydropower, green energy, nuclear power, and thermal power companies, citing favorable conditions for growth and profitability [16][17]. 2. Gas Sector - The report indicates that the supply-demand dynamics for gas remain stable, with slight fluctuations in global gas prices. The LNG price in Northeast Asia decreased by 2.61% to $11.20/mmBtu [18][19]. - It highlights the steady increase in U.S. natural gas inventories and the impact of mild weather on heating and cooling demands, leading to low price volatility [21][27]. - The report suggests focusing on integrated gas companies and city gas firms that are expected to benefit from cost reductions and improved profitability [41][42]. 3. Market Performance Review - The report notes that the public utility and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 indices, while the power equipment sector outperformed [43][44]. 4. Company and Industry Dynamics - Recent government initiatives aim to enhance the quality of energy equipment and promote the development of renewable energy sources [52]. - The report includes updates on major companies' announcements, including contract wins and strategic investments, which are expected to positively impact their future performance [52][53]. 5. Key Company Valuation Table - The report provides a valuation table for key companies in the public utility and environmental sectors, indicating their market positions and potential for growth [54].

Core Insights - Fujian Province is rapidly developing offshore wind power, leveraging its favorable geographical conditions and aiming to become a national leader in this sector [1][2]. Group 1: Offshore Wind Power Development - The offshore wind farm in Fujian has 59 turbines that have been operational since 2017, generating an annual output of 1.2 billion kilowatt-hours [1]. - By 2025, Fujian's offshore wind power installed capacity is expected to reach 3.818 million kilowatts, accounting for 4.25% of the total installed capacity in the province [2]. - The Fujian offshore wind power industry park has attracted numerous upstream and downstream enterprises, forming a complete industrial chain with an output value of approximately 6 billion yuan [1]. Group 2: Technological and Infrastructure Challenges - The main challenge for offshore wind power development is the technical bottleneck related to the increasing distance from shore, which affects the efficiency and stability of power transmission [3]. - Existing transmission corridors are scarce, and the construction of dense grid frameworks has led to significant short-circuit current issues, limiting large-scale energy delivery and consumption [3]. - The equipment must withstand extreme environmental conditions, such as frequent typhoons and high corrosion levels in marine environments, which poses a significant challenge for durability [3]. Group 3: Future Plans and Innovations - The State Grid Fujian Electric Power Company is actively collaborating with various parties to advance the construction of a gigawatt-level offshore wind power output base [2]. - Plans include the development of a "four-way interconnected" power hub and a new generation of dispatch technology support systems to enhance the smart grid [2]. - An innovative "offshore wind power + marine ranching" model is being explored, which utilizes the space around wind turbine foundations for aquaculture, thereby increasing the economic viability of the project [1].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Views - The report highlights that in August 2025, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with a total industrial power generation of 936.3 billion kilowatt-hours, reflecting a year-on-year growth of 1.6% [4][7][53] - The report emphasizes the continuous improvement in the power generation structure, with significant contributions from clean energy sources such as wind and solar power, amidst ongoing dual carbon policies and the development of a new power system [8][9][12] Summary by Sections 1. Power Generation - In August 2025, the total power generation reached 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [4][7] - The breakdown of power generation types shows that thermal power generation increased by 1.7%, nuclear power by 5.9%, wind power by 20.2%, and solar power by 15.9%, while hydropower decreased by 10.1% [9][12] - Wind power contributed the most to the increase in power generation, adding 12.4 billion kilowatt-hours compared to the same month last year [8][9] 2. Natural Gas - The report indicates a stable supply-demand balance in the natural gas market, with global gas prices experiencing slight fluctuations [18][19] - As of September 19, 2025, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80% [19][21] - The report suggests that the LNG prices in Northeast Asia remained stable at $11.50/mmBtu, with expectations of a further decline in prices as summer heat waves end [18][35] 3. Investment Analysis - Recommendations for investment include: - Hydropower: Favorable financial conditions due to interest rate cuts, with suggested companies being Guotou Power, Chuan Investment Energy, and Yangtze Power [16] - Green Energy: Increased stability in returns for renewable energy operators, with a focus on companies like Xintian Green Energy and Longyuan Power [16] - Nuclear Power: Continued approval of new units, with recommendations for China Nuclear Power and China General Nuclear Power [16] - Thermal Power: Improved profitability due to falling coal prices, with recommendations for Guodian Power and Huaneng International [16] - Gas Utilities: Favorable conditions for city gas companies, with recommendations for Kunlun Energy and New Hope Energy [40]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for these industries [4]. Core Insights - In August, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with total industrial power generation reaching 936.3 billion kilowatt-hours, a year-on-year increase of 1.6% [9][57]. - The report highlights the continued growth of thermal power and the significant contribution of renewable energy sources, particularly wind and solar power, to the overall power generation increase [10][11]. - Global gas prices are experiencing narrow fluctuations, with a stable supply-demand balance in the market, particularly in the U.S. and Europe [20][29]. Summary by Sections 1. Power Generation - In August, the total power generation was 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [9][57]. - The breakdown of power generation types shows thermal power at 6,274 billion kilowatt-hours (up 1.7%), hydropower at 1,479 billion kilowatt-hours (down 10.1%), nuclear power at 645 billion kilowatt-hours (up 5.9%), wind power at 738 billion kilowatt-hours (up 20.2%), and solar power at 538 billion kilowatt-hours (up 15.9%) [11][58]. - The report emphasizes the strong growth of renewable energy, with wind and solar power showing significant year-on-year increases of 20.2% and 15.9%, respectively [10][11]. 2. Natural Gas - As of September 19, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80%, while the TTF spot price in Europe remained stable at €32.00/MWh [20][21]. - The report notes that U.S. natural gas production remains high, contributing to a stable supply-demand balance and low price fluctuations [23][29]. - The LNG ex-factory price in China was 4,019 yuan/ton, with a weekly decrease of 0.84%, indicating a softening market due to weak domestic demand [41][44]. 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Yangtze Power due to stable growth and financial benefits from interest rate cuts [18]. - In the renewable energy sector, companies such as Xintian Green Energy and Funi Co. are highlighted for their stable returns and high profitability [18]. - The report suggests focusing on integrated natural gas traders like New Hope Energy and Shenzhen Gas, as well as city gas companies benefiting from cost reductions [44].

Group 1 - The notice emphasizes the obligation of electricity sales companies to inform retail users accurately about policy rules and market information [1] - It prohibits unfair pricing practices and the signing of contracts that harm user interests, such as shadow contracts with power generation companies [1] - The notice mandates that sales companies provide quality services to users, optimize energy usage plans, and reduce energy costs [1] Group 2 - The notice requires State Grid Shaanxi Electric Power Company to enhance its four-level service system, focusing on small users with low electricity consumption [2] - It highlights the importance of policy promotion and market information dissemination to ensure users receive comprehensive services [2]

Core Viewpoint - The establishment of a microgrid management platform in Jiangsu enhances energy efficiency and supports renewable energy consumption, contributing to the resilience of the power grid during peak loads [1][2]. Group 1: Microgrid Management Platform - The microgrid management platform, launched in April, integrates various energy facilities and provides efficient energy usage strategies for enterprises [1]. - The platform allows real-time monitoring of solar power generation, energy storage status, and electricity load, enabling companies to optimize their energy consumption [1]. - The platform generates monthly energy analysis reports, helping companies understand their energy efficiency levels more intuitively [1]. Group 2: Power Consumption Growth - Jiangsu's electricity consumption has been steadily increasing, with the highest summer load reaching 155 million kilowatts, a year-on-year increase of 5.99% [2]. - The smart microgrid enhances the resilience and emergency response capabilities of the power grid, meeting rising electricity demands while improving green energy consumption [2]. Group 3: Microgrid Project Implementation - As of now, the microgrid platform in Nantong has connected 39 microgrid projects, covering five typical application scenarios including vehicle-grid interaction and smart manufacturing [2]. - The cumulative capacity of various resources connected to the microgrid is 344 megawatts, with a total power generation of approximately 60.12 million kilowatt-hours and a renewable energy consumption rate of 97% [2].

Core Viewpoint - Fujian Energy Group Co., Ltd. has been fined for illegally occupying marine areas without approval, with a penalty amounting to RMB 825,660, which is five times the required marine usage fee during the illegal occupation period [1][2]. Group 1: Company Overview - Fujian Energy Group Co., Ltd. was established in December 2009 through the integration of Fujian Coal Industry Group Co., Ltd. and Fujian Building Materials (Holding) Co., Ltd. [2] - In 2021, the company was restructured into a wholly-owned subsidiary of Fujian Energy and Petrochemical Group Co., Ltd., and is classified as a large state-owned enterprise in Fujian Province [2]. - The group has over 150 wholly-owned and controlled enterprises, employing more than 20,000 staff members [2]. - Fujian Energy Group has a registered capital of RMB 10 billion and has maintained an AAA credit rating for several consecutive years [2]. Group 2: Regulatory Action - The administrative penalty decision was issued on September 5, 2025, by the Agricultural and Rural Affairs Bureau of Fujian Province [2]. - The company is required to return the illegally occupied marine area and restore it to its original state [1][2]. - The penalty is based on Article 412 of the Marine Usage Management Law of the People's Republic of China, which stipulates that unauthorized occupation of marine areas can result in fines ranging from five to fifteen times the marine usage fee [2].