博润律师事务所 黑龙江博润律师事务所 关于华电能源股份有限公司 2025 年第三次临时股东会律师见证 法律意见书 地址:哈尔滨市香坊区红旗大街 227 号四通中心 13 层 电话:0451-82397555 2025 年 12 月 本所律师仅对本次股东会的召集和召开程序、本次股东会召集 人和出席会议人员的资格、本次股东会审议的议案、本次股东会的 表决程序和表决结果发表意见。本法律意见书仅供公司本次股东会 之目的使用。 根据相关法律法规及《公司章程》的有关规定,按照律师行业 公认的业务标准、道德规范及勤勉尽责精神,本所律师出席了本次 股东会,并对本次股东会的相关资料和事实进行了核查和验证,现 F 博润律师事务所 致:华电能源股份有限公司 黑龙江博润律师事务所 关于华电能源股份有限公司 2025 年第三次临时股东会律师见证之 法律意见书 根据华电能源股份有限公司(下称"公司")的委托,并依据《中 华人民共和国公司法》(下称"《公司法》")、《中华人民共和国 证券法》(下称"《证券法》")、《上市公司股东会规则》(下称"《股 东会规则》")等法律、行政法规、规范性文件以及《华电能源股份 有限公司章程》(下称"《公司 ...

Core Viewpoint - On December 22, a total of 18 listed companies will have their restricted shares unlocked, with a total market value of approximately 102.97 billion yuan [1] Group 1: Unlocking Details - Walton Technology (Stock Code: 000920) will unlock 50.62 million shares from a private placement of A-shares [1] - China Hengtian Group (Stock Code: 600252) will unlock 2.36 million shares from equity incentive restrictions [1] - Huadian Energy (Stock Code: 600726) will unlock 4.73 billion shares from a private placement of A-shares [1] - AVIC Heavy Machinery (Stock Code: 600765) will unlock 2.68 million shares from equity incentive restrictions [1] - Nanjing Port (Stock Code: 002040) will unlock 151,800 shares from equity incentive restrictions [1] - Weichai Power (Stock Code: 000338) will unlock 23.48 million shares from equity incentive restrictions [1] - First Capital Securities (Stock Code: 601136) will unlock 2.25 billion shares from pre-issue share restrictions [1] - Anke Technology (Stock Code: 300370) will unlock 237 million shares from other restrictions [1] - Xinya Process (Stock Code: 002388) will unlock 346,550 shares from equity incentive restrictions [1] - Zhaoyi Innovation (Stock Code: 603986) will unlock 64,600 shares from equity incentive restrictions [1] - Ganli Pharmaceutical (Stock Code: 603087) will unlock 164,530 shares from equity incentive restrictions [1] - Yaxiang Co., Ltd. (Stock Code: 301220) will unlock 33.39 million shares with an extended lock-up period [1] - Mousse Co., Ltd. (Stock Code: 001323) will unlock 300 million shares with an extended lock-up period [1] - Sany Heavy Energy (Stock Code: 688349) will unlock 942 million shares [1] - Southern Power Technology (Stock Code: 688248) will unlock 336 million shares [1] - Jingwei Hengrun (Stock Code: 688326) will unlock 118,400 shares [1] - Kangwei Century (Stock Code: 688426) will unlock 434,200 shares [1] - Yuanjie Technology (Stock Code: 688498) will unlock 23.85 million shares [1]

Wind数据显示，周一（12月22日），共有19家公司限售股解禁，合计解禁量为75.4亿股，按最新收盘价 计算，合计解禁市值为785.43亿元。 从解禁市值来看，8家公司解禁市值超亿元。首创证券、源杰科技、华电能源解禁市值居前，解禁市值 分别为423.12亿元、147.17亿元、115.84亿元。 从解禁股数占总股本比例来看，7家公司解禁比例超10%。首创证券、华电能源、拉普拉斯解禁比例居 前，解禁比例分别为82.38%、59.79%、42.69%。 从解禁量来看，8家公司解禁股数超千万股。华电能源、首创证券、安控科技解禁量居前，解禁股数分 别为47.28亿股、22.52亿股、2.37亿股。 ...

Macro and Financial - Hainan Free Trade Port officially launched on December 18, with "zero tariff" items expanded to over 6,600 (accounting for 74% of all product categories), and processing value-added domestic sales exempt from tariffs [2] - Central Economic Work Conference emphasized stabilizing the real estate market from both supply and demand sides, encouraging the acquisition of existing housing for reasonable uses and promoting the transformation of real estate companies [3] - Private equity fund size reached a historical high of 22.09 trillion yuan by the end of November, growing from 19.91 trillion yuan at the beginning of the year, with an increase of over 2 trillion yuan [4] - Significant fluctuations in commodities: gold surpassed $4,310 per ounce, WTI crude oil fell to a low of $56.82 per barrel, and Bitcoin fluctuated between $86,000 and $88,000 [4] Capital Market - A-share listed companies' cash dividends reached 2.61 trillion yuan this year, surpassing the total for 2024 and setting a historical record [8] - Institutional research on North Exchange listed companies has significantly increased, with over 272 companies receiving various institutional surveys, covering more than 95% [8] - A-share market experienced a volume decline with all three major indices falling, while sectors like commercial aerospace and food and beverage saw gains [8] - Hong Kong stock market keywords for the year were "repair" and "differentiation," with liquidity recovery lifting market valuations and structural differentiation creating investment opportunities [9] Business Industry - The MUSA Developer Conference revealed key technological advancements in the domestic computing industry, including a new GPU architecture that enhances performance by 10 times [13] - The Ministry of Commerce announced anti-dumping duties on EU pork products starting December 17, 2025, for five years, prompting mixed reactions within the EU [13] - The first batch of L3-level conditional autonomous driving vehicles received approval for road testing in designated areas, indicating progress in the autonomous driving industry [13] - The retirement of 2G networks is causing functionality issues for early smart electric vehicles, affecting approximately 380 million electric bicycles in China [14]

- The report discusses multiple quantitative timing models for A-shares, including short-term, medium-term, and long-term models. The short-term models include the Volume Model (neutral for all broad-based indices), Feature Institutional Model (bullish), Feature Volume Model (bearish), and Smart Algorithm Models (bullish for CSI 300, bearish for CSI 500)[1][12][77]. Medium-term models include the Limit-Up-Limit-Down Model (neutral) and the Up-Down Return Difference Model (bullish for all broad-based indices)[13][78]. The long-term model, the Long-Term Momentum Model, is bullish[14][79]. Comprehensive models like the A-Share Comprehensive Weapon V3 Model and the A-Share Comprehensive CSI 2000 Model are bearish[15][80] - For Hong Kong stocks, the medium-term models include the Turnover-to-Volatility Model (bullish) and the Hang Seng Index Up-Down Return Difference Model (neutral)[16][81] - The report emphasizes that timing strategies are not achieved through a single model but require a multi-cycle, multi-strategy system. It highlights the use of price-volume, acceleration, trend, momentum, and limit-up-limit-down perspectives to construct eight major models for market timing[9] - Backtesting results for the Double-Bottom Pattern show a weekly return of 0.29%, outperforming the Shanghai Composite Index by 0.27% during the same period. Since December 31, 2020, the cumulative return of the Double-Bottom Pattern portfolio is 11.79%, slightly underperforming the Shanghai Composite Index's cumulative return of 12.02%[44] - Backtesting results for the Cup-and-Handle Pattern show a weekly return of 0.3%, outperforming the Shanghai Composite Index by 0.27% during the same period. Since December 31, 2020, the cumulative return of the Cup-and-Handle Pattern portfolio is 9.27%, underperforming the Shanghai Composite Index's cumulative return of 12.02%[44]

Core Viewpoint - The company has successfully issued medium-term notes and short-term financing bonds to raise funds for debt repayment, indicating a proactive approach to managing its financial obligations [1][2]. Group 1: Issuance Approval - The company’s board approved the application for the registration and issuance of short-term financing bonds up to 1.2 billion yuan and medium-term notes up to 800 million yuan, totaling no more than 2 billion yuan [1]. - The registration notice for the medium-term notes was received from the China Interbank Market Dealers Association, valid for two years starting from November 27, 2025 [1]. Group 2: Bond Issuance Details - The company completed the issuance of the "2025 First Phase Medium-Term Notes," with a total amount of 800 million yuan, a two-year term, and a face value of 100 yuan per unit [2]. - The coupon rate for the issued bonds is set at 1.98%, with the interest commencement date on December 19, 2025 [2]. - The funds raised from this bond issuance will be used entirely for repaying interest-bearing debts [2].

Core Viewpoint - Huadian Energy has successfully issued its first tranche of medium-term notes for 2025, raising funds to repay existing debt [1] Group 1: Bond Issuance Details - The bond, named "25 Huadian Energy MTN001," has a total issuance amount of 800 million RMB [1] - The bond has a maturity period of 2 years and a face value of 100 RMB per unit [1] - The coupon rate for this bond is set at 1.98%, with the interest commencement date on December 19, 2025 [1] Group 2: Underwriting and Distribution - The bond was underwritten by China Merchants Bank and Bank of China [1] - It was issued through a book-building and centralized placement method in the national interbank bond market [1] Group 3: Use of Proceeds - The funds raised from this bond issuance will be used entirely for repaying interest-bearing debts [1]

证券代码：600726 900937 证券简称：华电能源 华电 B 股 公告编号：2025-050 本期债券由招商银行股份有限公司和中国银行股份有限公司主承销，通过簿 记建档、集中配售的方式在全国银行间债券市场公开发行。本期债券募集资金全 部用于偿还有息债务。 本期债券的有关文件已在中国货币网和上海清算所网站上公告，网址分别为 www.chinamoney.com.cn 和 www.shclearing.com.cn。 华电能源股份有限公司 关于中期票据发行结果的公告 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。 华电能源股份有限公司（以下简称"公司"）分别于 2025 年 8 月 28 日召开 的十一届十八次董事会会议和 2025 年 9 月 23 日召开的 2025 年第一次临时股东 大会审议通过了《关于公司 2025 年申请注册并发行超短期融资券和中期票据的 议案》，同意公司向中国银行间市场交易商协会申请注册并发行金额不超过 12 亿元的超短期融资券和不超过 8 亿元的中期票据，合计不超过 20 亿元。 2025 年 ...

Core Viewpoint - Huadian Energy's stock price has shown fluctuations, with a year-to-date increase of 6.99% but a recent decline in the last five trading days by 1.21% [1] Group 1: Stock Performance - As of December 19, Huadian Energy's stock price reached 2.45 CNY per share, with a trading volume of 33.85 million CNY and a turnover rate of 0.51%, resulting in a total market capitalization of 19.373 billion CNY [1] - The stock has experienced a net inflow of 1.4954 million CNY from major funds, with significant buying activity from large orders [1] - The company has appeared on the stock market's "龙虎榜" (top trading list) twice this year, with the most recent occurrence on April 28 [1] Group 2: Financial Performance - For the period from January to September 2025, Huadian Energy reported an operating revenue of 11.775 billion CNY, reflecting a year-on-year decrease of 11.25%, and a net profit attributable to shareholders of 267 million CNY, down 40.99% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 778 million CNY, with no dividends distributed in the past three years [3] Group 3: Shareholder Structure - As of September 30, 2025, the number of Huadian Energy's shareholders decreased by 4.51% to 139,800, while the average number of circulating shares per person increased by 6.74% to 29,989 shares [2] - Among the top ten circulating shareholders, notable changes include an increase in holdings by Guotai Zhenzheng Coal ETF and other funds, while Hong Kong Central Clearing Limited reduced its holdings [3]

证券代码：600726 900937 证券简称：华电能源 华电B股 公告编号：2025-049 华电能源股份有限公司 关于超短期融资券发行结果的公告 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。 华电能源股份有限公司董事会 2025年12月18日 华电能源股份有限公司（以下简称"公司"）分别于2025年8月28日召开的十一届十八次董事会会议和 2025年9月23日召开的2025年第一次临时股东大会审议通过了《关于公司2025年申请注册并发行超短期 融资券和中期票据的议案》，同意公司向中国银行间市场交易商协会申请注册并发行金额不超过12亿元 的超短期融资券和不超过8亿元的中期票据，合计不超过20亿元。 2025年11月27日，公司收到中国银行间市场交易商协会的超短期融资券《接受注册通知书》（中市协注 〔2025〕SCP355号），接受公司债务融资工具注册，注册额度自2025年11月27日起2年内有效。 公司于近日完成了"华电能源股份有限公司2025年度第二期超短期融资券"（以下简称"本期债券"）的发 行。本期债券简称为"25华 ...