Group 1 - The stock price of Inner Mongolia Huadian (600863) closed at 4.58 yuan on January 14, 2026, with no change, a turnover rate of 1.04%, a trading volume of 681,900 shares, and a transaction amount of 312 million yuan [1] - On January 14, 2026, the net inflow of main funds was 16.97 million yuan, accounting for 5.43% of the total transaction amount, while retail investors had a net outflow of 34.52 million yuan, representing 11.05% of the total transaction amount [1][3] Group 2 - Inner Mongolia Mengdian Huaneng Thermal Power Co., Ltd. held its 21st meeting of the 11th Board of Directors on January 13, 2026, where it approved the establishment of a special account for raised funds and authorized the signing of a fund supervision agreement [1] - The company plans to issue shares and pay cash to acquire 70% of the equity of Northern Shangdu Zhenglanqi New Energy Co., Ltd. and 75.51% of the equity of Northern Dolun New Energy Co., Ltd., raising a total of no more than 2.65 billion yuan [1][3]

Group 1: Capital Market Development - Inner Mongolia has achieved continuous IPOs for five consecutive years, with 12 new companies listed, and the total market capitalization of A-shares surpassing 1 trillion yuan [1][7] - The region has established a multi-level market system, enhancing direct financing and supporting the growth of strategic emerging industries [1][7] - The "Tianjun Plan" has been implemented to assist companies in listing, integrating high-quality services and financial resources to boost economic development [6][7] Group 2: Industry Highlights - Inner Mongolia is a significant player in the dairy industry, with leading companies like Yili and Mengniu driving green development and digital transformation [1][2] - The region's unique ecological initiatives have led to the creation of the world's largest organic milk source base, showcasing the integration of ecology and industry [1][2] - The rare earth industry is a cornerstone of Inner Mongolia's economy, with companies like Northern Rare Earth leading in production and market value [3][4] Group 3: Financial Performance - Inner Mongolia's listed companies have seen significant capital operations, with major asset restructurings and a total of approximately 23.77 billion yuan raised through refinancing [8] - Cash dividends from 28 companies reached 93.03 billion yuan, doubling the amount from the previous five-year period, indicating a strong commitment to shareholder returns [8] - The region has maintained a zero-default record on public market bonds for five consecutive years, reinforcing its creditworthiness [9]

Core Viewpoint - Inner Mongolia Mengdian Huaneng Thermal Power Co., Ltd. plans to issue shares and cash to acquire 70% of the equity of Northern Shangdu Zhenglanqi New Energy Co., Ltd. and 75.51% of the equity of Northern Dolun New Energy Co., Ltd. from Northern United Power Co., Ltd. The company aims to raise no more than 2.65 billion yuan in supporting funds through a share issuance to no more than 35 specific investors [1]. Group 1 - The company has received approval from the China Securities Regulatory Commission for the issuance of shares to purchase assets and raise supporting funds, with a maximum amount of 265 million yuan [1]. - The company will establish a special account for the raised funds at the Industrial and Commercial Bank of China, Hohhot Shiyangqiao East Road Branch, for centralized management and use of the raised funds [2]. - The board of directors has authorized the chairman and designated personnel to handle the opening of the special account and sign the fund supervision agreement with independent financial advisors and the commercial bank [2][8]. Group 2 - The board meeting was held in compliance with relevant laws and regulations, with all nine directors present [5][8]. - The board unanimously approved the proposal to establish a special account for raised funds and authorized the necessary actions for its establishment [8][10]. - The board also elected members for the Strategic and ESG Committee and the Compensation and Assessment Committee, with the chairman of the board serving as the head of the Strategic and ESG Committee [11].

（编辑 任世碧） 证券日报网讯 1月13日，内蒙华电发布公告称，公司第十一届董事会第二十一次会议审议通过《关于开 设募集资金专项账户并授权签署募集资金监管协议、办理开户等事宜的议案》《关于选举第十一届董事 会战略与ESG委员会、薪酬与考核委员会成员的议案》。 ...

根据《上市公司募集资金监管规则》《上海证券交易所股票上市规则（2025 年4月修订）》《上海证券交易所上市公司自律监管指引第1号——规范运作（2025 年5月修订）》等有关法律法规和规范性文件的规定，公司应当将募集资金存放 于经董事会批准设立的专项账户集中管理和使用，并在募集资金到位后一个月内 与独立财务顾问、存放募集资金的商业银行签订三方监管协议。经公司第十一届 董事会第二十一次会议审议批准，同意公司在中国工商银行股份有限公司呼和浩 特石羊桥东路支行设立募集资金专项账户，用于募集资金的集中存放、管理和使 用，并与独立财务顾问、存放募集资金的商业银行签订募集资金专户存储监管协 议等相关文件。 同时，公司董事会同意授权公司董事长及其授权人士，全权负责办理本次募 集配套资金涉及的募集资金专用账户开立事宜，包括但不限于办理开户手续、与 独立财务顾问及商业银行签署募集资金监管协议等，并根据实际需要采取一切必 要行动、履行全部法定及约定程序与手续，授权有效期自本次董事会审议通过之 日起至本次募集配套资金事宜完成之日止。 证券代码：600863 证券简称：内蒙华电 公告编号：临 2026-005 债券代码：240364 ...

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）本次董事会的召开符合有关法律、行政法规、部门规章、规范性文件 和公司章程的规定。 （二）召开本次会议的通知及资料于 2026 年 1 月 8 日以电子邮件、书面方 式送达。 （三）本次会议以通讯方式召开，于 2026 年 1 月 13 日形成决议。 证券代码：600863 证券简称：内蒙华电 公告编号：临 2026-004 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 第十一届董事会第二十一次会议决议公告 公司拟设立募集资金专项账户，并拟与独立财务顾问、存放募集资金的商业 银行签订募集资金专户存储监管协议等相关文件。公司董事会同意授权公司董事 长及其授权人士，全权负责办理募集资金专用账户开立事宜，包括但不限于办理 开户手续、与独立财务顾问及商业银行签署募集资金监管协议等。 独立董事专门会议、董事会审计委员会会前审阅了该议案，同意议案内容并 提交董事会审议。 同意：9 票；反对：0 票；弃权：0 票。 《内蒙古蒙 ...

Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]

Investment Rating - The report maintains a positive outlook on the industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The report highlights the release of the "Comprehensive Solid Waste Management Action Plan," which aims to enhance solid waste management and promote a circular economy by 2030, targeting a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recyclable resources annually [2][6][8]. - Global natural gas prices have generally declined, influenced by mild weather conditions, with significant drops in prices across various markets, including a 28.24% decrease in the US Henry Hub spot price [11][12][18]. - The hydrogen energy sector is evolving towards becoming a key regulator in the power grid, with initiatives to integrate clean hydrogen production and utilization into microgrid systems, enhancing energy storage capabilities [35][37]. Summary by Sections 1. Environmental Protection - The "Comprehensive Solid Waste Management Action Plan" aims for significant improvements in solid waste management by 2030, with specific targets for waste recycling and resource utilization [2][6]. - The plan emphasizes the need for a circular economy that does not rely on subsidies, focusing on industrial collaboration and technological innovation to create a sustainable waste management system [7][8]. 2. Natural Gas - Natural gas prices have seen a significant decline, with the US Henry Hub spot price at $2.87/mmBtu, reflecting a 28.24% week-over-week drop [11][12]. - The report notes that the demand for natural gas is expected to remain weak in Northeast Asia, contributing to a slight decrease in LNG prices [11][30]. - Recommendations include focusing on integrated natural gas companies that are expected to benefit from cost reductions and improved profitability [32]. 3. Hydrogen Energy - The report discusses the strategic positioning of hydrogen energy as a flexible load regulator within the power grid, highlighting its potential to enhance energy storage and consumption efficiency [35][37]. - It emphasizes the importance of hydrogen energy in achieving energy security and autonomy, recommending companies involved in hydrogen production [35][37]. 4. Weekly Market Review - The report indicates that the electricity equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the review period [38]. 5. Company and Industry Dynamics - The report outlines significant developments in the renewable energy sector, including the establishment of national zero-carbon parks and the increase in green electricity trading volumes, which are expected to enhance market opportunities for leading companies in the sector [44][48].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The adjustment of coal power capacity prices in Tianjin exceeds expectations, with the fixed cost recovery ratio increasing to 70% from January 1, 2026, which is higher than the previously planned minimum of 50% [2][11] - The January 2026 proxy purchase electricity prices show a general decline across most provinces, with significant regional disparities; northern inland areas exhibit more resilience compared to coastal regions facing greater pressure [2][11] Summary by Sections Capacity Price Adjustment - Tianjin's coal power capacity price will rise from 100 yuan per kilowatt per year to 231 yuan, enhancing the fixed cost recovery ratio to 70% [2][11] - The adjustment is expected to yield an increase of approximately 0.035 yuan per kilowatt-hour in electricity pricing, although actual capacity fees may rise more significantly due to declining coal power utilization hours [11] Proxy Purchase Electricity Prices - January 2026 proxy purchase prices show a decline, with Guangdong and Jiangsu reporting average transaction prices of 372.14 yuan per megawatt-hour and 344.19 yuan per megawatt-hour, respectively, reflecting year-on-year decreases of 19.72 yuan and 68.26 yuan [11] - Northern inland regions, such as Inner Mongolia, show a year-on-year increase in proxy purchase prices, while coastal provinces like Guangdong and Jiangsu face declines exceeding 5 fen per kilowatt-hour [11] Investment Recommendations - The report recommends focusing on quality coal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment Corporation [11][16][17] - It also highlights the potential of new energy companies like Longyuan Power and China Nuclear Power, suggesting a favorable long-term outlook for the sector [11][20]

Investment Rating - The report suggests a "Buy" rating for several companies in the power sector, including Huaneng International, Huadian International, Guodian Power, and Datang Power, among others [9]. Core Insights - The National Energy Administration has released detailed regulations for green certificate management, which is expected to reshape market rules and enhance the trading price of green certificates by 2026 [2][14]. - The new regulations clarify that independent energy storage discharge will no longer be eligible for green certificate issuance, which may lead to a reduction in the overall circulation of green certificates and an increase in their trading prices [2][14]. - The guidelines for industrial microgrid construction require that new renewable energy generation in industrial parks must have a self-consumption ratio of at least 60% annually, promoting local production and consumption of green electricity [6][16]. Summary by Sections Green Certificate Regulations - The new regulations maintain the core measurement standard of issuing one green certificate for every 1,000 kWh of renewable energy generated [2][14]. - Independent energy storage discharge will not receive green certificates, and projects must measure generation and storage separately [2][17]. - From January 1, 2026, the production year of the electricity must match the consumption year for green certificate cancellation, changing the previous practice of purchasing historical certificates [2][17]. Industrial Microgrid Guidelines - The guidelines aim to enhance the capacity for local production and consumption of green electricity in industrial sectors [6][16]. - New renewable energy projects in industrial parks must achieve a minimum self-consumption ratio of 60% [6][16]. - The guidelines introduce a requirement for integrating various systems, including renewable energy generation and energy management technologies [6][16]. Market Performance - The report notes that the Shanghai Composite Index rose by 3.82% during the week of January 5-9, with the power and utilities sector index increasing by 2.4%, underperforming the broader market [66][67]. - The report highlights that most listed companies in the power and utilities sector experienced stock price increases during this period [66].