Core Viewpoint - The power sector has shown renewed strength, with Guiguan Electric reaching its daily limit, driven by significant increases in electricity demand in East China during the summer months [1] Group 1: Market Performance - Guiguan Electric has hit the daily limit, indicating strong investor interest and confidence in the stock [1] - Other companies in the sector, such as Huaguang Huaneng and Huayin Electric, have also shown strong performance, with Huaguang Huaneng achieving five consecutive daily limits and Huayin Electric six out of seven days [1] - Jin Kai New Energy has also reached its daily limit, reflecting a broader trend of rising stock prices in the power sector [1] Group 2: Demand Drivers - The electricity grid in East China, particularly in Jiangsu, Anhui, Shandong, Henan, and Hubei, has reached historical highs since the onset of summer [1] - Jiangsu's electricity grid load has surpassed 150 million kilowatts for the first time, with the peak load increasing by nearly 40 million kilowatts compared to the spring average [1] - Approximately 90% of the incremental load is attributed to air conditioning and cooling electricity usage, highlighting the impact of rising temperatures on electricity demand [1]

Market Overview - In June, the CSI 300 index rose by 2.50%, while the public utility index fell by 0.54% and the environmental index increased by 0.81%, with relative returns of -3.04% and -1.42% respectively [1][14] - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 25th and 19th in terms of growth [1][14] - The environmental sector saw a rise of 1.08%, while within the electricity sector, thermal power decreased by 0.94%, hydropower fell by 1.76%, and renewable energy generation increased by 1.98% [1][26] Important Events - The Central Financial Committee's sixth meeting emphasized strengthening and expanding the marine industry, promoting orderly construction of offshore wind power [15] - National electricity load exceeded 1.465 billion kilowatts on July 4, marking a historical high, with a rise of approximately 200 million kilowatts since the end of June and an increase of nearly 150 million kilowatts year-on-year [15] Supply and Demand Analysis - The electricity industry has experienced three cycles of supply and demand changes since 2000, with future supply expected to increase significantly due to new thermal power units coming online and growth in renewable and nuclear power installations [2][22] - The demand side shows a decline in electricity consumption growth, particularly in high-energy-consuming industries, leading to a stabilization of overall electricity demand growth [2][23] Investment Strategy - Public Utilities: Recommendations include large thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][24] - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profitability, with a recommendation for China Power Investment Corporation as a restructuring target [3][24] - In the water and waste incineration sectors, companies like China Everbright Environment and Zhongshan Public Utilities are highlighted for their cash flow improvements [3][24] Key Company Profit Forecasts - Huadian International (600027.SH): Expected EPS of 0.46 in 2024, PE ratio of 12.2 [8] - Longyuan Power (001289.SZ): Expected EPS of 0.75 in 2024, PE ratio of 22.3 [8] - China Nuclear Power (601985.SH): Expected EPS of 0.46 in 2024, PE ratio of 20.5 [8] - China Everbright Environment (0257.HK): Expected EPS of 0.55 in 2024, PE ratio of 7.3 [8]

Group 1 - The Shanghai Composite Index is at 3463.25 points, above the annual line, with a change of 0.06% [1] - A total trading volume of A-shares today is 6235.95 billion yuan [1] - 20 A-shares have broken through the annual line, with notable stocks including Aima Technology, *ST Sunshine, and Qingdao Port, showing divergence rates of 1.97%, 0.84%, and 0.65% respectively [1] Group 2 - The stocks with the highest divergence rates from the annual line include: - Aima Technology (603529) with a price increase of 3.31% and a divergence rate of 1.97% [1] - *ST Sunshine (000608) with a price increase of 1.03% and a divergence rate of 0.84% [1] - Qingdao Port (601298) with a price increase of 0.80% and a divergence rate of 0.65% [1] - Other stocks that have just crossed the annual line include: - Jinghu High-speed Railway (601816) with a price increase of 0.35% and a divergence rate of 0.01% [2] - Tiankang Biological (002100) with a price increase of 0.32% and a divergence rate of 0.10% [2]

Group 1 - The company held its 11th Board of Directors' 9th meeting on June 30, 2025, with all 9 directors present, complying with relevant laws and regulations [1][2] - The board approved a proposal for the internal transfer of equity among subsidiaries to optimize the organizational structure and prepare for future capital operations, which will not significantly impact the financial status or operating results [1][2] - The company revised several internal management systems, including the related party transaction management system and information disclosure management system, in accordance with applicable laws and regulations [2]

Core Points - The document outlines the information disclosure management measures for Jinkai New Energy Co., Ltd. regarding its credit bonds, aiming to standardize disclosure practices and protect investors' rights [1] - The regulations are based on various laws and guidelines, including the Company Law and Securities Law of the People's Republic of China [1] Group 1: Basic Principles and General Provisions - Information disclosure must adhere to principles of truthfulness, accuracy, completeness, timeliness, and fairness, avoiding false records or misleading statements [2] - The company and its executives are obligated to fulfill disclosure duties in a timely and fair manner, ensuring the information is accurate and complete [2][3] - Disclosure must occur no later than the time it is made through other channels, and cannot be substituted by announcements on social media or press conferences [2] Group 2: Disclosure Content - Prior to bond issuance, the company must disclose audited financial reports for the last three years, a fundraising prospectus, and any required credit rating reports [4] - During the bond's duration, the company is required to disclose annual reports within four months after the fiscal year-end and semi-annual reports within two months after the first half of the fiscal year [4][5] Group 3: Major Events Disclosure - The company must promptly disclose significant events that may affect its debt repayment ability or investor rights, including changes in management, financial audits, or substantial losses exceeding 10% of net assets [6][7] - If a subsidiary experiences significant events that could impact the bond issuance, the company must also disclose this information [6] Group 4: Management of Disclosure Affairs - The company’s board secretary is responsible for managing bond information disclosure affairs, ensuring compliance with legal requirements [8] - The board office assists in handling daily disclosure matters and maintaining investor relations [8] Group 5: Disclosure Procedures - The company must follow strict review procedures before releasing bond information, ensuring all relevant departments verify the accuracy of the information [10] - Major events must be reported immediately to the board and the information disclosure officer to ensure timely disclosure [11] Group 6: Confidentiality and Record Keeping - Individuals with access to undisclosed information must maintain confidentiality and are prohibited from leaking information or engaging in insider trading [12][13] - Records related to information disclosure must be archived for ten years [12] Group 7: Exemptions and Responsibilities - The company may apply for exemptions from disclosure under specific circumstances, such as national security concerns or permanent commercial secrets [13] - Failure to comply with disclosure requirements may result in disciplinary actions against responsible individuals, including potential legal consequences [15]

General Provisions - The management system for the holding and trading of company stocks by directors and senior management is established to strengthen oversight and clarify procedures based on relevant laws and regulations [1][2] - This system applies to the management of shares held by directors and senior management, including those held in others' accounts [2] Stock Trading Restrictions - Directors and senior management are prohibited from engaging in margin trading or derivative trading involving the company's stocks [2] - They must comply with laws regarding insider trading, market manipulation, and other prohibited or restricted behaviors when trading company stocks [2][3] Reporting Requirements - Directors and senior management must report their stock holdings and any changes within specified timeframes, including when they assume or leave their positions [5][6] - The company must ensure the accuracy and timeliness of these reports and is responsible for any legal consequences arising from inaccuracies [3][6] Trading Period Restrictions - There are specific periods during which directors and senior management are prohibited from trading company stocks, such as 15 days before annual or semi-annual reports and 5 days before quarterly reports [4][5] - Additional restrictions apply during significant events that may impact stock prices until the information is disclosed [4] Shareholding Change Limitations - Directors and senior management cannot reduce their holdings within one year of the company's stock listing or within six months after leaving their positions [5][6] - They must also adhere to additional restrictions if the company is under investigation for securities violations [5] Disclosure of Shareholding Changes - Any changes in shareholdings must be reported within two trading days, including details such as the number of shares before and after the change, the date, and the reason for the change [6][8] - If directors or senior management are also major shareholders or actual controllers, they must comply with additional regulations regarding share increases or decreases [7] Limitations on Transfer of Shares - Directors and senior management can only transfer a maximum of 25% of their total shareholdings each year during their term and for six months after leaving [9][10] - Special provisions apply for share transfers resulting from divorce or other legal circumstances [10] Compliance and Penalties - Violations of the trading regulations will result in the company retaining any profits made from such trades, and the violators may face legal consequences [12][13] - The company is responsible for educating its directors and senior management about the legal restrictions on trading company stocks [12][13] Final Provisions - The system is subject to amendments based on changes in laws and regulations, and the board of directors is responsible for its interpretation and revision [14][14]

Core Points - The article outlines the management system for related party transactions of Jinkai New Energy Co., Ltd, ensuring fairness, justice, and transparency in transactions with related parties [1][2] - The system is established in accordance with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [1][2] Group 1: Principles of Related Party Transactions - Related party transactions must adhere to principles of equality, voluntariness, equivalence, and compensation [1][2] - Transactions should be fair, just, and open, with related parties abstaining from voting on matters where they have a conflict of interest [1][2][3] - The board of directors must assess whether the transaction is beneficial to the company, potentially seeking independent evaluations [1][2] Group 2: Scope of Related Parties and Transactions - Related parties include both legal entities and natural persons that have control or influence over the company [2][3] - Specific criteria are established to identify related legal entities and natural persons, including those holding more than 5% of shares or serving as directors [2][3] Group 3: Types of Related Party Transactions - Related party transactions encompass various activities such as asset purchases, financial assistance, guarantees, and management services [4][5] - The system specifies that transactions must be legally justified, necessary, and reasonably priced [2][4] Group 4: Pricing and Management of Related Party Transactions - Pricing for related party transactions should follow national pricing, market pricing, or negotiated pricing principles [6][11] - The financial department is responsible for tracking market prices and cost changes related to these transactions [6][11] Group 5: Approval and Disclosure Procedures - Transactions below certain thresholds can be approved by the general manager, while larger transactions require board approval and may need to be submitted to the shareholders' meeting [7][9] - Disclosure requirements are established based on transaction amounts, with specific thresholds for reporting to regulatory bodies [11][12] Group 6: Special Provisions for Daily Transactions - Daily related party transactions must follow specific procedures for approval and disclosure, including annual reporting on their execution [31][32] - The company can estimate annual transaction amounts and must disclose any significant changes during execution [31][32] Group 7: Exemptions from Approval and Disclosure - Certain transactions, such as those providing unilateral benefits without obligations, may be exempt from the usual approval and disclosure requirements [38][39] - The system outlines specific conditions under which transactions can be exempted from standard procedures [38][39] Group 8: Financial Transactions and Fund Management - The company is prohibited from providing financial assistance to related parties, with exceptions for certain conditions [40][41] - The system emphasizes the need for transparency and accountability in financial dealings with related parties [40][41]

Core Points - The document outlines the internal reporting system for significant information at Jinkai New Energy Co., Ltd, aiming to ensure timely, accurate, and complete information disclosure in compliance with relevant laws and regulations [1][2][5] - Significant information is defined as any information that could influence public investors' decisions or affect the trading prices of the company's securities, including major events, transactions, and management information [1][2] - The board of directors is designated as the management body for significant information, responsible for overseeing information management and disclosure [2][3] Group 1 - The reporting obligations apply to actual controllers, major shareholders, board members, senior management, and other key personnel who are aware of significant information [2][3] - Upon becoming aware of significant information, reporting obligations must be fulfilled within one working day, ensuring the accuracy and completeness of the information provided [3][4] - Various forms of internal reporting are permitted, including written documents, emails, faxes, and meetings [4][5] Group 2 - The board secretary is responsible for analyzing reported significant information and must promptly inform the board chairman, who will then report to the board [4][5] - For non-mandatory disclosures that attract investor attention, the board secretary should facilitate timely communication and clarification with investors [4][5] - Unauthorized external disclosures by departments or subsidiaries are prohibited, and failure to report significant information may lead to accountability for the responsible parties [5]

Core Points - The article outlines the visitor reception management system of Jinkai New Energy Co., Ltd, aimed at protecting the rights of the company and investors while enhancing communication and governance [1][2] - The system defines specific objects that have easier access to information and may utilize it for trading or dissemination, including analysts, institutional investors, major shareholders, and media [1][2] - The principles guiding the reception work include fairness, honesty, confidentiality, compliance with disclosure regulations, efficiency, and interactive communication [2][3] Purpose and Principles - The purpose of the system is to standardize the transparency and fairness of information disclosure during external communications, thereby improving corporate governance and market understanding [1][2] - The reception work must adhere to principles such as fairness, honesty, confidentiality, compliance with laws, efficiency, and interactive communication [2][3] Responsibilities and Requirements - The board secretary is the main responsible person for receiving specific objects, with the board office assisting in these activities [3][4] - Company personnel must possess comprehensive knowledge of the company's operations, finance, and relevant legal and market knowledge [4][5] Management and Organization - The company implements an appointment registration system for visits, requiring advance notice and identity verification [5][6] - Reception activities are generally paused before major disclosures to ensure compliance with information disclosure regulations [5][6] Communication and Reporting - Any investment analysis reports or press releases generated from visits must be communicated to the company at least two working days prior to publication for verification [6][7] - The company must maintain records of meetings and communications with specific objects, ensuring proper documentation and storage [7][8] Accountability - Personnel violating the reception management system may face significant consequences, including legal repercussions [7][8]

第一条 为进一步规范金开新能源股份有限公司（以下简称"公 司"）对外信息报送管理事务，确保公平信息披露，杜绝泄露内幕信 息、内幕交易等违法违规行为，根据《中华人民共和国公司法》、《中 华人民共和国证券法》、《上市公司信息披露管理办法》、《上市公司监 管指引第 5 号——上市公司内幕信息知情人登记管理制度》、《上海证 券交易所股票上市规则》、《上海证券交易所上市公司自律监管指引第 2 号——信息披露事务管理》等法律、法规、规范性文件及《金开新 能源股份有限公司章程》（以下简称"《公司章程》"）的相关规定，结 合公司实际情况，制定本制度。 外部信息报送和使用管理制度 第一章 总则 第二条 本制度的适用范围包括公司及其下设的各部门、分公司、 控股子公司、公司能够对其实施重大影响的参股公司（以下统称"下 属公司"）、公司董事、高级管理人员及其他相关人员，公司对外报送 信息涉及的外部单位、组织或者个人。 第三条 本制度所指的信息是指所有对公司证券及其衍生品种 交易价格可能产生影响的尚未公开的信息，包括但不限于定期报告、 临时报告、财务数据、统计数据及正在策划或者需要报批的重大事项 等所涉及的信息。尚未公开是指公司尚未在 ...