案例3：内蒙华电（600863.SH） 响应政策，购建并举加快向新能源转型 一、交易特色 关键词：优化国资布局、新能源/清洁能源、超长锁定期 本次交易体现了典型的国企特色，相比案例2日播时尚跨界收购来说，更加稳健： 1、国企内部资产整合，同一控制下关联交易 交易双方（内蒙华电和北方公司）最终的实际控制人都是中国华能，符合国资委提出的推动优质资产注入上市公司、提高央企控股上市公司质量的政策方 向。 2、资产评估增值率高，严苛的业绩承诺与超长锁定期 标的资产评估增值率较高（如正蓝旗风电增值106.18%），采用收益法评估，这是能源行业项目收购的常见做法。 出售资产的大股东（北方公司）对其注入资产的未来盈利做出了三年业绩承诺。通过本次交易获得的新股票，锁定期长达60个月（5年），表明控股股东 对公司长期发展充满信心。 二、时间线 2025年2月11日，停牌； 2025年2月21日，交易预案； 2025年7月10日，披露重组草案； 2025年8月4日，上交所受理；紧接着多轮审核问询及回复； 2025年12月11日，上交所并购重组委审核通过； 2025年12月31日，获得证监会批复； 2025年12月31日，资产过户完 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600863 证券简称：内蒙华电公告编号：临2025-079 债券代码：240364债券简称：23蒙电Y2 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。 内蒙古蒙电华能热电股份有限公司（以下简称"内蒙华电"或"公司"）拟通过发行股份及支付现金相结合 的方式向北方联合电力有限责任公司购买其持有的北方上都正蓝旗新能源有限责任公司70%股权与北方 多伦新能源有限责任公司75.51%股权，并募集配套资金（以下简称"本次交易"）。 公司于2025年12月31日收到中国证券监督管理委员会出具的《关于同意内蒙古蒙电华能热电股份有限公 司发行股份购买资产并募集配套资金注册的批复》（证监许可〔2025〕3031号）（以下简称"批复"）。 批复文件的主要内容如下： "一、同意你公司向北方联合电力有限责任公司发行771,864,503股股份购买相关资产的注册申请。 二、同意你公司发行股份募集配套资金不超过265,000万元的注册申请。 三、你公司本次发行股份购买资产并募集配套资金应当严格 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [10] Core Insights - In November, the national trading volume of green certificates reached 132.12 million, a year-on-year increase of 143%, marking a historical high for monthly trading scale. From January to November, the trading of green certificates accounted for 41.81% of the issued tradable scale, an increase of 27.65 percentage points compared to the entire year of 2024, indicating a continuous alleviation of the oversupply issue in green certificates [2][12] - The average trading price of green certificates in November was 4.96 yuan per certificate, showing a month-on-month increase of 10.80%. The improvement in both supply and demand sides is expected to provide long-term support for green certificate prices, further catalyzing the recovery of the utility sector's attributes and growth narrative [2][12] - The report highlights a significant increase in new installed capacity for thermal power, with a historical high of 77.52 million kilowatts added from January to November, representing a year-on-year growth of 63.41%. This expansion is expected to enhance the power system's regulation capacity and alleviate the pressure on renewable energy consumption and electricity prices [2][12] Summary by Sections Green Certificate Trading - The trading volume of green certificates in November reached 132.12 million, a 143% increase year-on-year, with the trading scale hitting a historical high. The trading of green certificates from January to November totaled 728 million, a 119% increase year-on-year. The proportion of traded green certificates to the issued tradable scale reached 41.81%, up 27.65 percentage points from 2024 [2][12] - The average trading price for green certificates in November was 4.96 yuan per certificate, reflecting a month-on-month increase of 10.80%. The price stability is supported by the synchronized improvement in supply and demand, with expectations of rational expansion in supply due to policy changes [2][12] Installed Capacity - From January to November, the total new installed capacity was 44.557 million kilowatts, with November alone contributing 4.773 million kilowatts, a year-on-year increase of 27.86%. Wind and solar power installations saw significant growth, with wind power increasing by 59.42% and solar power by 33.25% year-on-year [2][12] - The report emphasizes that the substantial expansion of thermal power capacity will significantly enhance the power system's ability to accommodate fluctuating renewable energy outputs, thereby stabilizing electricity prices [2][12] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, Guodian Power, and Huadian International, as well as hydropower companies like Yangtze Power and State Power Investment Corporation. It also highlights opportunities in the renewable energy sector, suggesting companies like Longyuan Power and New天绿色能源 [2][12]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The annual long-term contract electricity prices are reaching a bottom, with a focus on the dividend value of the sector. The electricity price in Guangdong is 0.372 CNY/kWh, down 0.02 CNY/kWh year-on-year, reflecting a 20% decrease from the benchmark. In Jiangsu, the price is 0.344 CNY/kWh, down 0.07 CNY/kWh year-on-year, a 12% drop from the benchmark. The market has reacted negatively to these price drops, but the long-term outlook suggests limited further declines as supply and demand improve [6][17][24]. Summary by Sections 1. Annual Long-term Contract Electricity Results - The annual electricity trading results for 2026 show significant price reductions in Guangdong and Jiangsu, with declines of 20% and 12% respectively. The transition from annual to monthly contracts is noted, with a high proportion of medium to long-term market electricity remaining stable [17][24]. 2. Weekly Review - The report highlights the recent implementation of local electricity pricing mechanisms, with a focus on the impact of coal prices and the stability of natural gas prices compared to previous years [10][18]. 3. Industry High-frequency Data Tracking - The report tracks the rapid decline in spot coal prices and the decrease in coal inventories at northern ports. The domestic natural gas prices are lower than the previous year, while overseas prices are fluctuating upwards [10][18]. 4. Key Company Announcements and Sector Performance Tracking - The report emphasizes the acquisition by Guiguan Electric Power of assets from its parent group, which is expected to enhance its growth potential. The company plans to lead the development of hydropower and new energy in Tibet, which could significantly boost profits in the coming quarters [6][10][18]. 5. Focus on Investment Opportunities - The report identifies several companies with strong dividend yields and market management strategies, including Huaneng International, Huadian International, and Guiguan Electric Power. The focus is on high dividend stocks and companies with robust market management practices, which are expected to enhance their valuation [6][10][18]. 6. Valuation and Financial Analysis of Key Companies - The report provides a detailed valuation analysis of key companies in the sector, indicating potential upside in their stock prices based on projected earnings and dividend increases. For instance, Guiguan Electric Power's acquisition is valued at 2.025 billion CNY, with a price-to-book ratio of 1.06 [7][10]. 7. Market Positioning and Future Outlook - The report concludes with a positive outlook for the public utility sector, suggesting that the current valuation levels are attractive for new investments, especially as the market begins to stabilize and recover from recent price declines [6][10][18].

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Insights - The annual negotiated electricity price has been established, leading to a significant drop in trading prices in Jiangsu and Zhejiang for 2026, with a decrease of 16.5% and 16.4% respectively. The new energy price subsidy in January is at a maximum of 6.17 cents per kilowatt-hour [3][13] - The electricity market is undergoing a restructuring with the full entry of new energy sources, which is expected to bring about a new equilibrium in electricity pricing sooner than anticipated [3] - The report highlights the performance of various sectors within the electricity industry, noting a general decline in stock prices for most listed companies in the power and utilities sector [6][63] Summary by Sections Industry Overview - The average trading price for electricity in Jiangsu for 2026 is 344.19 yuan per megawatt-hour, down 16.5% year-on-year, while in Zhejiang it is 344.85 yuan per megawatt-hour, also down 16.4% [13] - The total transaction volume in Jiangsu's electricity market for 2026 is 272.481 billion kilowatt-hours, with a weighted average price of 344.19 yuan per megawatt-hour [13] - The report indicates that the electricity prices in 28 regions have been adjusted downwards, with reductions ranging from 0.65% to 24.68% [3][13] Market Performance - The Shanghai Composite Index closed at 3968.84 points, up 0.13%, while the CSI 300 Index closed at 4629.94 points, down 0.59%. The CITIC Power and Utilities Index closed at 3042.43 points, down 2.35%, underperforming the CSI 300 Index by 1.76 percentage points [6][63] - Most stocks in the power and utilities sector experienced declines, with notable drops in companies such as Guodian Power and Huaneng International [67] Investment Recommendations - The report suggests focusing on high-dividend coal-fired power leaders and companies with stable electricity prices and coal-electric integration, such as Huaneng International, Huadian International, and Guodian Power [3] - It also recommends investing in flexible coal-fired power transformation leaders and companies in the wind and solar sectors, such as Xintian Green Energy and Longyuan Power [3] - For the gas sector, it highlights quality leaders like Chengran and New Hope Energy, which are expected to recover profits while maintaining stable dividends [3]

北京市嘉源律师事务所 关于内蒙古蒙电华能热电股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易 之资产交割情况的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二六年一月 关于内蒙古蒙电华能热电股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易 之资产交割情况的法律意见书 嘉源(2026)-02-001 嘉源律师事务所 IIA YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI' AN 致:内蒙古蒙申华能热电股份有限公司 北京市嘉源律师事务所 敬启者: (二) 募集配套资金 根据内蒙华电的委托,本所担任内蒙华电本次重组的专项法律顾问。本所 已于 2025年 7 月 9 日就本次重组出具了嘉源(2025)-02-071《北京市嘉源律师事 务所关于内蒙古蒙电华能热电股份有限公司发行股份及支付现金购买资产并募 集配套资金暨关联交易的法律意见书》,于 2025年 7 月 25 目就本次重组出具 了 嘉源(2025)-02-080《北京市嘉源律师事务 ...

国泰海通证券股份有限公司 关于 内蒙古蒙电华能热电股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易 之 标的资产过户情况的 （三）本独立财务顾问已按照规定履行尽职调查义务，有充分理由确信所发 表的专业意见与上市公司披露的文件内容不存在实质性差异。对于对本独立财务 顾问核查意见至关重要而又无法得到独立证据支持或需要法律、审计、评估等专 业知识来识别的事实，本独立财务顾问主要依据有关政府部门、律师事务所、会 计师事务所、评估机构及其他有关单位出具的意见、说明及其他文件做出判断。 独立财务顾问核查意见 独立财务顾问 二〇二六年一月 声 明 国泰海通证券股份有限公司（以下简称"国泰海通"、"国泰海通证券"或"本 独立财务顾问"）接受内蒙古蒙电华能热电股份有限公司（以下简称"内蒙华电" 或"上市公司"或"公司"） 的委托，担任其发行股份及支付现金购买资产并募 集配套资金暨关联交易之独立财务顾问，并出具本核查意见。 本核查意见系依照《公司法》《证券法》《上市公司重大资产重组管理办法》 《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资 产重组》《上海证券交易所上市公司自律监管指引第 ...

证券代码：600863 证券简称：内蒙华电 公告编号：临 2026-001 债券代码：240364 债券简称：23 蒙电 Y2 内蒙古蒙电华能热电股份有限公司 关于发行股份及支付现金购买资产并募集配套资金暨 关联交易之标的资产过户完成的公告 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。 内蒙古蒙电华能热电股份有限公司（以下简称"内蒙华电"或"公司"）拟 通过发行股份及支付现金相结合的方式向北方联合电力有限责任公司（以下简称 "北方公司"）购买其持有的北方上都正蓝旗新能源有限责任公司（以下简称"正 蓝旗风电"）70%股权与北方多伦新能源有限责任公司（以下简称"北方多伦"） 75.51%股权，并募集配套资金（以下简称"本次交易"）。 公司于 2025 年 12 月 31 日收到中国证券监督管理委员会（以下简称"中国 证监会"）出具的《关于同意内蒙古蒙电华能热电股份有限公司发行股份购买资 产并募集配套资金注册的批复》（证监许可〔2025〕3031 号）（以下简称"批 复"）， 具体内容详见公司近日披露的《内蒙古蒙电华能热电股份有限 ...

内蒙华电公告称，公司拟发行股份及支付现金，购买北方公司持有的正蓝旗风电70%股权、北方多伦 75.51%股权并募集配套资金。2025年12月31日，正蓝旗风电、北方多伦股权已过户至公司名下。后 续，公司需完成标的资产过渡期损益审计、向交易对方发行股份及支付现金对价、募集配套资金等事 项。独立财务顾问及法律顾问认为，本次交易程序合法合规，后续事项办理无实质性法律障碍。 ...