福建福能股份有限公司 第十届董事会第三十四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、董事会会议召开情况 （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7月30日，由董事会办公室以电子邮件的 方式提交全体董事。 证券代码：600483 证券简称：福能股份 公告编号：2025-039 上述董事候选人（简历附后）尚需提交公司股东会采用累积投票制选举产生，其中 独立董事候选人相关资料需报备上海证券交易所无异议后，方可提请公司股东会选举。 本议案在提交董事会审议前已经董事会提名委员会审议通过。 （二）以 9 票同意、0 票反对、0 票弃权的表决结果，审议通过了《关于投资建设 福建省南安抽水蓄能电站项目的议案》。 （三）本次会议于2025年8月6日10:00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 ...

Core Points - The company has approved the investment in the Fujian Province Nan'an Pumped Storage Power Station project, which is a key initiative under the "14th Five-Year Plan" for pumped storage development [1][2] - The project has a total installed capacity of 1.2 million kilowatts and is designed for daily regulation, with a total investment of approximately 780.154 million yuan [1] - The project aims to enhance the company's clean energy capacity and optimize its power generation structure, aligning with national industrial policies [2] Financial Aspects - The unit cost of the project is 6,501 yuan per kilowatt, with the capital contribution accounting for 20% of the total investment [1] - The financial internal rate of return on the project's capital is estimated at 6.5%, ensuring economic viability under the two-part electricity pricing policy [1][2] Project Details - The construction period for the Nan'an pumped storage project is expected to be 69 months, involving key components such as upper and lower reservoirs, a water conveyance system, underground powerhouses, and surface switch stations [1] - The project will primarily serve functions such as system peak regulation, valley filling, frequency modulation, phase adjustment, energy storage, and emergency backup [1]

Group 1 - The core viewpoint of the article highlights the meeting between Funiu Co., Ltd. and China Resources Power in Nanjing, focusing on enhancing business cooperation and communication [1] - Both parties agreed to deepen communication and trust in areas such as power asset management and shareholder rights protection [1] - The discussion emphasized leveraging each other's resource advantages to achieve win-win development [1]

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power, Huaneng International, and Kunlun Energy, among others [49][51]. Core Insights - The adjustment of capacity prices for coal and gas power plants in Guangdong is expected to improve profitability for gas power plants significantly, with capacity prices increasing by 65% to 296% depending on the type of gas plant [4][10]. - The rapid development of renewable energy installations in Guangdong has increased the reliance on coal power for flexible peak regulation, with renewable energy capacity reaching 59.13 million kW by the end of 2024, accounting for 26.6% of the total installed capacity [9][10]. - The report highlights the geopolitical factors affecting natural gas prices, with European gas prices experiencing a slight increase due to renewed geopolitical tensions, while U.S. gas prices remain stable [13][20]. Summary by Sections 1. Power Sector - Guangdong has raised the capacity price for coal power plants to 165 RMB per kW per year starting January 1, 2026, and for gas power plants, prices will range from 165 to 396 RMB per kW per year starting August 1, 2025 [8][10]. - The increase in capacity prices is expected to provide annual revenue boosts of 1.72 billion RMB for Guangdong Power A and 350 million RMB for Guangzhou Development [11]. 2. Gas Sector - As of August 1, 2025, the Henry Hub spot price is $3.00/mmBtu, while the TTF spot price in Europe is €32.95/MWh, reflecting a week-on-week increase of 2.74% [13][14]. - The report notes that the domestic LNG price is 4388 RMB per ton, showing a week-on-week decrease of 1.06% [32]. 3. Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, power, and environmental sectors lagged behind [39]. 4. Company and Industry Dynamics - The National Energy Administration has released guidelines to enhance the management of natural gas pipeline transportation prices, promoting transparency and optimizing resource allocation [37]. - The report discusses the performance of key companies, including Huaneng International and Inner Mongolia Huadian, with varying revenue and profit trends [44].

Investment Rating - The report maintains a "Positive" investment rating for the green electricity industry [8] Core Insights - The price of green certificates has shown a significant recovery, with the trading price for 2025 electricity corresponding to green certificates reaching 6.48 yuan per certificate, a month-on-month increase of 31.99% [2][11] - The issuance of green certificates remains high, with 278 million certificates issued in June, a month-on-month increase of 29.33%, indicating a strong supply [6] - The demand for green electricity is expected to increase due to mandatory assessments for high-energy-consuming industries, which will further support the price recovery of green certificates [2][11] Summary by Sections Green Certificate Issuance and Trading - In June, 278 million green certificates were issued, with 196 million being tradable, accounting for 70.64% of the total [6] - The total number of tradable green certificates issued from January to June 2025 reached 958 million [6] - The average trading price of green certificates in June was 3.40 yuan per certificate, reflecting a month-on-month increase of 24.77% [11] Market Dynamics - The report highlights a potential imbalance in supply and demand for green certificates, with expectations of a decrease in supply due to policy changes [2][11] - The green electricity industry is under long-term pressure from market pricing, but the recovery in green certificate prices is seen as a key catalyst for restoring the narrative of public utilities and growth [2][11] Investment Recommendations - The report suggests focusing on quality transformation power operators such as Huaneng International, Huadian International, and China Power, as well as large hydropower companies like Yangtze Power and Guotou Power [11][15][17] - It also recommends investing in renewable energy companies like Longyuan Power and China Nuclear Power, which are expected to benefit from policy changes and market dynamics [11][17][18]

Investment Rating - The report maintains a "Buy" rating for several companies in the Guangdong region, particularly those expected to experience performance reversals due to the recent adjustments in electricity capacity pricing [5][12]. Core Insights - Guangdong has raised the capacity price for coal and gas power plants, with coal power capacity price set to increase to 165 RMB per kW per year starting January 1, 2026. Gas power plants will see varied increases based on the type of unit, with adjustments ranging from 165 to 396 RMB per kW per year [2][3][12]. - Nationally, renewable energy installations account for nearly 60% of total capacity, with renewable energy generation making up about 40% of total electricity generation. In the first half of 2025, renewable energy installations increased by 99.3% year-on-year, contributing significantly to the overall power supply [4][12]. Summary by Sections Industry Insights - The adjustment in capacity pricing in Guangdong is expected to alleviate electricity pricing risks and improve profitability for gas power plants, which have faced significant cost pressures [3][12]. - The report highlights that renewable energy generation has surpassed the combined electricity consumption of the tertiary industry and urban residents, indicating a strong shift towards sustainable energy sources [4][12]. Market Performance - The Shanghai Composite Index closed at 3559.95 points, down 0.94%, while the CSI 300 Index fell by 1.75%. The CITIC Power and Utilities Index decreased by 1.88%, underperforming the CSI 300 by 0.13 percentage points [60][61]. - Over half of the listed companies in the power and utilities sector experienced declines in their stock prices during the week [60]. Key Companies - Recommended companies include Huaneng International, Huadian International, and Baoneng New Energy, which are expected to show resilient quarterly performance in the thermal power sector [5][9]. - The report also suggests focusing on leading companies in flexible thermal power modifications, such as Qingda Environmental Protection [5][9].

中国经济网北京8月3日讯福能股份（600483）(600483.SH)8月1日晚间披露关于向不特定对象发行可转 换公司债券申请获得上海证券交易所上市审核委员会审核通过的公告。 福能股份本次可转债的发行对象为持有中国证券登记结算有限责任公司上海分公司证券账户的自然人、 法人、证券投资基金、符合法律规定的其他投资者等(国家法律、法规禁止者除外)。本次可转债每张面 值为100元人民币，按面值发行。 上海证券交易所上市审核委员会于2025年8月1日召开2025年第28次审议会议，对福能股份向不特定对象 发行可转换公司债券的申请进行了审议。根据会议审议结果，福能股份本次向不特定对象发行可转换公 司债券的申请符合发行条件、上市条件和信息披露要求。 福能股份表示，公司本次向不特定对象发行可转换公司债券事项尚需获得中国证券监督管理委员会(以 下简称证监会)作出同意注册的决定后方可实施。本次发行最终能否获得证监会同意注册的决定及其时 间尚存在不确定性。 根据福能股份于2025年2月28日披露的向不特定对象发行可转换公司债券募集说明书(申报稿)，该公司 本次向不特定对象发行可转债拟募集资金总额不超过人民币380,200.00万元 ...

Core Viewpoint - Fuzhou Energy Co., Ltd. (福能股份) has experienced a slight decline in stock price, with recent shareholder activity indicating increased investment from major stakeholders, while also pursuing a convertible bond issuance to raise capital [1][2][4]. Stock Performance - As of August 1, 2025, Fuzhou Energy's stock closed at 9.45 yuan, down 1.15% from the previous week [1]. - The stock reached a high of 9.62 yuan and a low of 9.42 yuan during the week [1]. - The company's total market capitalization is 26.272 billion yuan, ranking 26th in the electricity sector and 632nd among all A-shares [1]. Shareholder Activity - On July 29, 2025, Fuzhou Energy announced that its shareholders, Fujian Fuzhou Xingye Equity Investment Management Co., Ltd. and Fujian Energy Group Co., Ltd., collectively increased their holdings by 4.4349 million shares, representing 0.1595% of the total share capital [2]. - During the period of shareholding changes, the stock price decreased by 1.76%, closing at 9.47 yuan on July 29 [2]. Company Announcements - Fuzhou Energy reported a change in the equity stake of its controlling shareholder and its concerted parties, increasing from 55.87% to 56.05%, without triggering mandatory tender offer obligations [3]. - The controlling shareholder, Fujian Energy Group Co., Ltd., and its concerted parties plan to increase their A-share holdings by no less than 100 million yuan and no more than 200 million yuan within six months [3]. - As of July 29, 2025, the cumulative increase in shares amounted to 4.97192 million, or 0.18% of the total share capital [3]. Convertible Bond Issuance - Fuzhou Energy's application for issuing convertible bonds to unspecified investors has been approved by the Shanghai Stock Exchange's listing review committee [4]. - The issuance is subject to approval from the China Securities Regulatory Commission, and the timeline for this approval remains uncertain [4].

最近三个交易日，30日-1日，福能股份分别获融资买入0.36亿元、0.27亿元、0.18亿元。 融券方面，当日融券卖出1.16万股，净卖出1.16万股。 8月1日，沪深两融数据显示，福能股份获融资买入额0.18亿元，居两市第808位，当日融资偿还额0.20亿 元，净卖出149.17万元。 ...

Core Points - The Shanghai Stock Exchange Listing Review Committee approved Fujian Funiu Co., Ltd.'s application for issuing convertible bonds to unspecified objects on August 1, 2025 [1] - The issuance is subject to approval from the China Securities Regulatory Commission (CSRC), and the timing of this approval remains uncertain [1] Group 1 - The company’s board of directors guarantees that the announcement contains no false records, misleading statements, or major omissions [1] - The application meets the conditions for issuance, listing, and information disclosure requirements [1] - The company will fulfill its information disclosure obligations in accordance with relevant regulations and requirements as the matter progresses [1]