本议案已经审计委员会审议通过，并同意提交董事会审议。董事会同意聘 请德勤华永会计师事务所（特殊普通合伙）为公司 2026 年度财务报告和内部控 制 审 计 机 构 。 具 体 内 容 详 见 公 司 于 同 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《关于拟变更会计师事务所的公告》（公告编号： 2026-011）。 表决结果：9 票同意、0 票反对、0 票弃权。 本议案尚需提交股东会审议。 证券代码：600821 证券简称：金开新能 公告编号：2026-010 金开新能源股份有限公司 第十一届董事会第十七次会议决议公告 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。 金开新能源股份有限公司（以下简称"公司"）第十一届董事会第十七次 会议通知于 2026 年 1 月 30 日以书面形式发出，会议于 2026 年 2 月 6 日以非现 场形式召开。应出席董事 9 人，实际出席董事 9 人。本次会议由董事长尤明杨 先生主持，公司高级管理人员列席。本次会议的召开符合《中华人民共和国公 司法》《上 ...

Core Viewpoint - The company, Jinkai New Energy Co., Ltd., has announced a share buyback plan approved by its board of directors during the 16th meeting of the 11th board on January 23, 2026, with further details to be disclosed on January 24, 2026 [1]. Shareholder Information - The company will hold a temporary shareholders' meeting on February 2, 2026, to register the top ten shareholders and the top ten unrestricted shareholders, with details to be announced [1]. - The top ten shareholders' holding situation will be disclosed, noting a change in the fund manager for Tianjin Jincheng No. 2 Equity Investment Fund Partnership [1]. - The top ten unrestricted shareholders' holding situation is consistent with that of the top ten shareholders [2].

证券代码：600821 证券简称：金开新能 公告编号：2026-009 关于回购股份事项前十大股东及前十大无限售条件股东持股情况的公告 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。 金开新能源股份有限公司 二、公司前十大无限售条件股东持股情况 公司前十大无限售条件股东持股情况与公司前十大股东持股情况一致。 金开新能源股份有限公司（以下简称"金开新能"或"公司"）于2026年1月23日召开第十一届董事会第十 六次会议，审议通过《关于以集中竞价交易方式回购公司股份的议案》，具体内容详见公司于2026年1 月24日在上海证券交易所网站披露的《关于以集中竞价交易方式回购股份的预案》（公告编号：2026- 004）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号一一回购股份》等相关 规定，现将公司2026年第一次临时股东会股权登记日（即2026年2月2日）登记在册的前十大股东和前十 大无限售条件股东的名称及持股数量、比例情况公告如下： 一、公司前十大股东持股情况 ■ 注: 天津津诚二号股权投资基金合伙企业（有 ...

证券代码：600821 证券简称：金开新能 公告编号：2026-009 金开新能源股份有限公司 | 序号 | 股东名称 | 持股数量（股） | 占公司总股本 比例（%） | | --- | --- | --- | --- | | 1 | 天津金开企业管理有限公司 | 251,902,157 | 12.61 | | 2 | 国开金融有限责任公司 | 134,118,015 | 6.72 | | 3 | 通用技术集团国际控股有限公司 | 100,000,000 | 5.01 | | 4 | 安联保险资管－招商银行－安联远见 16 号资产管理产 品 | 67,889,000 | 3.40 | | 5 | 天津津诚金石私募基金管理有限公司－天津津诚二号股 权投资基金合伙企业（有限合伙） | 66,702,186 | 3.34 | | 6 | 资舟资产管理（深圳）有限公司－资舟睿舟 3 号私募证 券投资基金 | 66,583,480 | 3.33 | 一、公司前十大股东持股情况 | 7 | 天津津融资本运营有限公司 | 54,918,156 | 2.75 | | --- | --- | --- | --- | | 8 ...

Group 1 - The report highlights the establishment of two structural monetary policy tools by the central bank to support the stable development of the capital market, with a total combined quota of 800 billion yuan, which is expected to reshape the A-share ecosystem [4][8] - In January, the total amount applied for stock repurchase and increase loans decreased by 11% month-on-month, primarily due to an 86% decline in the amount applied for increases [9][8] - The A-share repurchase situation in January showed a significant decline, with the total repurchase amount at approximately 14.93 billion yuan, down 33% from December, and the number of repurchase plans also decreased by 42% [11][8] Group 2 - The report indicates that in January, the total amount of repurchases and increases in the A-share market was approximately 149.3 billion yuan, with 77% of the funds being self-owned or raised funds [11][20] - The report identifies three companies with the largest proposed repurchase amounts: Jinkai New Energy (5-6 billion yuan), Century Huatong (3-6 billion yuan), and Jintian Co., Ltd. (2-4 billion yuan) [11][20] - In January, the Hong Kong stock market saw a repurchase amount of approximately 12.83 billion Hong Kong dollars, a decrease of 41% from December, with Tencent Holdings, Xiaomi Group-W, and Sunny Optical Technology being the top three companies by repurchase amount [26][20] Group 3 - The report lists companies that have announced new repurchase and increase plans in January, providing insights into their fundamentals, current valuations, and the proportion of repurchase/increase amounts [31][32] - It also tracks new dividend commitments from listed companies, with a notable commitment from Yanghe Brewery to distribute no less than 100% of the net profit attributable to shareholders as cash dividends for the years 2025-2027 [34][33]

Core Insights - The trading volume of renewable energy green power certificates (green certificates) in China is expected to double in 2025 compared to 2024, driven by improved mechanisms for green power consumption and market demand [1][2] - There is a price differentiation trend among green certificates issued in different years, reflecting varying market expectations [2][3] - The green certificate market is anticipated to remain robust in 2026, with an emphasis on avoiding reliance on certificates to offset carbon emissions [1][4] Trading Activity and Price Differentiation - In 2025, a total of 2.947 billion green certificates were issued, with 1.893 billion being tradable; the total trading volume reached 930 million, a significant increase from 446 million in 2024 [2] - The average trading price for 2025-issued green certificates fluctuated, starting at 4.12 yuan in April, peaking at 8.10 yuan in August, and dropping to 5.15 yuan by December; 2024-issued certificates maintained a price above 2 yuan until December, when it fell to 1.12 yuan [2] - The price differentiation indicates a market preference for newly issued certificates due to declining policy applicability of older certificates [2][3] Benefits to Companies - The active trading of green certificates has become a direct revenue source for renewable energy projects, helping to offset declining electricity prices and enhancing overall project profitability [3] - Inner Mongolia Energy Group reported over 800,000 tradable green certificates issued in 2025, a 330% increase from 2024, generating sales exceeding 16 million yuan [3] - Other companies, such as Huayin Power and Yunnan Energy Investment, have also reported significant revenues from green certificate trading, indicating a growing trend among firms to leverage these certificates for financial gains [3] Market Outlook and Strategic Considerations - The green certificate market is expected to see increased supply and demand in 2026, with a broader range of industries targeted for green power consumption [4] - High energy-consuming companies may face rising procurement costs for green certificates, which could pressure them to accelerate their green transformation efforts [4] - Companies are advised to prioritize optimizing their energy structure and improving energy efficiency rather than relying solely on green certificates for carbon neutrality [4]

Group 1 - The trading volume of renewable energy green power certificates (green certificates) in China is expected to double in 2025 compared to 2024, with a total of 9.30 billion certificates traded [1] - The average trading price of green certificates issued in 2025 showed significant fluctuations, starting at 4.12 yuan in April, peaking at 8.10 yuan in August, and then dropping to 5.15 yuan by December [1] - The price of green certificates issued in 2024 remained above 2 yuan after April 2025, eventually falling to 1.12 yuan by December [1] Group 2 - The increase in green certificate trading activity and the rise in prices are driven by policy support and market supply-demand dynamics, as highlighted by the recent government policies aimed at promoting green electricity consumption [2] - Some companies, such as Inner Mongolia Energy Group, reported significant growth in green certificate issuance and sales, with over 800,000 certificates issued in 2025, representing a growth of over 330% from 2024 [3] - The green certificate market is expected to see increased demand and supply in 2026, with a focus on expanding the coverage of industries required to meet green electricity consumption targets [3] Group 3 - High energy-consuming enterprises are expected to face increased procurement costs for green certificates due to rising prices, which may pressure them in the short term but encourage long-term green transformation [3] - The active green certificate market is anticipated to provide stable market demand and revenue assurance for the development of renewable energy in China, facilitating the transition of high-energy-consuming industries [4] - The synergy between the green electricity consumption mechanism and the national carbon market is expected to create a dual incentive system for carbon pricing and green certificate trading, supporting the achievement of carbon neutrality goals [4]

Investment Rating - The report maintains a "Buy" rating for the public utility sector [6] Core Insights - The commercial model of the power sector is continuously transforming, with a reduced reliance on annual long-term contracts for electricity and prices. The sector is shifting towards mid-to-long-term markets, spot markets, and capacity markets, indicating a comprehensive push for marketization [19][3] - The capacity price mechanism is being refined, with the aim to optimize the electricity market and ensure fair compensation reflecting the contributions of different power plants to peak demand [15][3] - The report highlights the importance of capacity market development, with current subsidies in Gansu and Yunnan reaching 330 RMB/kW·year, which helps offset the decline in electricity prices [19][3] Summary by Sections Market Performance - The SW public utility sector index fell by 1.66% this week, ranking 16th among 31 SW sectors. In comparison, the CSI 300 index rose by 0.08%, while the Shanghai Composite Index and Shenzhen Component Index fell by 0.44% and 1.62%, respectively [33][33] - Within sub-sectors, thermal power decreased by 2.78%, hydropower increased by 0.3%, while solar and wind power fell by 4.53% and 2.49%, respectively [33][33] Price Updates - Domestic and imported thermal coal prices have rebounded slightly, with domestic Qinhuangdao port 5500 kcal thermal coal rising by 4 RMB/ton, remaining below 700 RMB/ton. Imported coal prices also saw a slight increase [12][12] - The average clearing price for electricity in Shanxi and Guangdong has significantly increased due to cold weather, while the monthly agent purchase electricity costs are trending upwards due to rising capacity prices and the entry of renewable energy into the settlement cycle [13][12] Key Events - The National Development and Reform Commission and the National Energy Administration issued a notice to improve the capacity price mechanism for power generation, which includes optimizing compensation for coal and gas power generation [3][15] - Recent policy changes include relaxing the annual long-term contract signing ratio for coal-fired power companies and the cancellation of time-of-use electricity pricing in multiple regions [3][15] Recommendations - The report suggests focusing on national thermal power operators such as Huaneng International and Guodian Power, which are expected to maintain stable cash dividends. The profitability of thermal power is anticipated to gradually detach from coal cost dependency, shifting towards multiple influencing factors [19][3] - For long-term stable investment needs, the report recommends attention to companies like Yangtze Power, State Power Investment Corporation, and China National Nuclear Power [19][3]

Group 1 - The company, Jinkai New Energy Co., Ltd., announced a resolution to repurchase shares through centralized bidding at the 16th meeting of the 11th Board of Directors held on January 23, 2026 [1] - The announcement regarding the share repurchase plan was disclosed on January 24, 2026, on the Shanghai Stock Exchange website [1] - The company provided details about the top ten shareholders and the top ten unrestricted shareholders, excluding the shares held in the repurchase account [1] Group 2 - The top ten unrestricted shareholders' holdings are consistent with the top ten shareholders' holdings [3] - The fund manager of Tianjin Jincheng No. 2 Equity Investment Fund has changed from Tianjin Jincheng Jinshi Private Fund Management Co., Ltd. to Tianjin Jirong Guosheng Equity Investment Fund Management Co., Ltd. [2]

证券代码：600821 证券简称：金开新能 公告编号：2026-008 一、公司前十大股东持股情况 | 8 | 海南共裕私募基金管理合伙企业（有限合伙）－共裕盛世 | 51,387,179 | 2.57 | | --- | --- | --- | --- | | | 私募证券投资基金 | | | | 9 | 北京景星资产管理有限公司－景星富胜私募证券投资基 | 51,384,700 | 2.57 | | | 金 | | | | 10 | 香港中央结算有限公司 | 28,521,226 | 1.43 | 注:为使投资者更加全面了解公司股东信息，公司在披露"前十大股东持股情况"和"前十大无限售 条件股东持股情况"中，剔除了"金开新能源股份有限公司回购专用证券账户（共持有 29,938,500 股）"， 顺延至第 11 名股东"香港中央结算有限公司"。 天津津诚二号股权投资基金合伙企业（有限合伙）的基金管理人已由天津津诚金石私募基金管理有 限公司变更为天津津融国盛股权投资基金管理有限公司。中国证券登记结算有限责任公司记载的股东名 册中，其股东名称与最新营业执照信息存在差异。 二、公司前十大无限售条件股东持股情况 金 ...