Core Points - The major shareholder, Heilongjiang Dazheng Investment Group Co., Ltd., has completed its share reduction plan, decreasing its stake in Hato Co., Ltd. from 197 million shares (9.45%) to 185 million shares (8.90%) [1] - The initial plan was to reduce up to 20.81 million shares (1%), but the actual reduction was 11.40 million shares (0.548%) [1] - The shares were sold between a price range of 7.23 to 8.31 yuan per share, resulting in a total cash inflow of approximately 88.49 million yuan [1]

一、说明会类型 证券代码：600864 证券简称：哈投股份 公告编号：临2025-041 哈尔滨哈投投资股份有限公司 关于召开2025年第三季度业绩说明会的预告公告 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。 重要内容提示： 预征集投资者提问的相关安排：投资者可于 2025 年 11 月 14 日 12:00 前访 问 https://ir.p5w.net/zj/，进入本公司问题征集专题页面进行提问。公司将在说 明会上对投资者普遍关注的问题进行回答。 本次说明会为公司 2025 年第三季度业绩说明会。公司将针对 2025 年第三季度 经营成果及财务指标等情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 二、会议召开时间、地点 （一）会议召开时间：2025 年 11 月 14 日（周五）15:00-16:00 （二）会议召开地点：全景网"投资者关系互动平台"（https://ir.p5w.net） 三、参会人员 公司总经理（代行总会计师职责）、独立董事、董事会秘书及公司相关部门人 员。 ...

Core Points - The company announced a daily related transaction involving the sale of heating services to several subsidiaries, with an estimated total transaction amount of 201.9768 million yuan [4][20] - The transaction does not require shareholder meeting approval as it does not exceed 5% of the company's latest audited net assets [2][5] - The company maintains its independence, with no reliance on this transaction for its main revenue and profit sources [3][20] Summary of Daily Related Transactions - The company plans to sell heating services to Harbin Jinshanbao Heating Co., Ltd., Harbin Taiping Property Management Co., Ltd., and Harbin Residential New District Heating Property Co., Ltd. during the 2025-2026 heating period, with an estimated transaction amount of 168.9768 million yuan [4] - Additionally, the company will charge 5.84 million yuan for pipeline transportation fees to the Residential New District [4] - The company will purchase heating from China Huadian Group Harbin Power Co., Ltd. for an estimated amount of 27.16 million yuan [4] Approval Process - The company's board of directors approved the related transaction at a meeting on November 6, 2025, with all eight participating directors voting in favor [5] - The independent directors also approved the transaction in a separate meeting, confirming compliance with regulations [5] Related Parties and Financial Data - Harbin Jinshanbao, Harbin Taiping Property, and Harbin Residential New District are wholly-owned subsidiaries of Harbin Property Heating Group, which is controlled by the company's major shareholder [17] - China Huadian Group Harbin Power Co., Ltd. is a joint venture with a board member from the company, establishing a related party relationship [17] - Financial data for the related parties indicates sufficient cash flow and capacity to fulfill obligations [19] Pricing and Impact - The pricing for the heating services is based on government guidance and considers current coal and gas prices, ensuring fairness and reasonableness [19][20] - The transactions are aimed at utilizing capacity and increasing revenue, positively impacting the company's financial status and operational results [20]

Market Performance - On November 6, the securities sector rose by 1.29%, with Northeast Securities leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Individual Stock Performance - Northeast Securities (000686) closed at 9.60, with a gain of 6.79% and a trading volume of 1.5123 million shares [1] - Huatai Securities (601688) closed at 22.46, up 5.64%, with a trading volume of 1.7308 million shares and a transaction value of 3.839 billion [1] - Other notable performers include: - GF Securities (000776) at 23.15, up 4.19% [1] - Guosen Securities (002736) at 14.26, up 3.78% [1] - Changjiang Securities (000783) at 8.97, up 3.10% [1] Capital Flow - The securities sector saw a net inflow of 1.499 billion in institutional funds, while retail investors experienced a net outflow of 0.526 billion [2] - Speculative funds had a net outflow of 0.973 billion [2]

证券代码：600864 证券简称：哈投股份 编号：临 2025-040 哈尔滨哈投投资股份有限公司 日常关联交易公告 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。 重要内容提示： 本次预计日常关联交易金额未达公司最近一期经审计净资产5%，不需要 提交股东大会审议。 本次日常关联交易事项对公司独立性无影响，公司主业收入及利润来源 对该项关联交易无依赖。 一、日常关联交易基本情况 （一）日常关联交易基本情况及审议程序 公司拟于2025—2026年供热期向哈尔滨金山堡供热有限公司（以下简称金山 堡）、哈尔滨市太平房产物业经营有限责任公司（以下简称太平房产）、哈尔滨住 宅新区供热物业有限责任公司（以下简称住宅新区）出售热力，预计交易金额 16,897.68万元（以实际供热量进行结算）。另外，公司向住宅新区代收取使用公 司全资子公司哈尔滨正业热电有限责任公司热网管道输送费4元/吉焦（含税）， 估算交易金额584万元。 2025—2026年供热期，公司拟向中国华电集团哈尔滨发电有限公司（以下简 称华电哈发）购买热力，预计交易金额2,71 ...

Investment Rating - The report maintains a "Positive" investment rating for the heating industry, consistent with previous assessments [2]. Core Insights - The heating industry is undergoing continuous reform, with a focus on market-oriented pricing and improved cost control, leading to enhanced profitability for well-managed companies [3][4]. - The report highlights significant disparities in profitability among residential heating companies, influenced by pricing policies and cost management strategies [3][4]. - The cash flow situation for heating companies is generally strong due to pre-collection of heating fees, which contributes to positive free cash flow [3][4]. Summary by Sections 1. Residential Heating: A Typical Public Utility Industry - The area of centralized heating in China has steadily increased, with a compound annual growth rate (CAGR) of 7.8% from 2010 to 2023, where residential heating accounts for 76% of the total area [3][4]. - Coal remains the dominant source of heating, constituting over 70% of the supply, primarily through coal-fired combined heat and power (CHP) systems [3][4]. - The government has been actively reforming heating pricing mechanisms, with recent policies aimed at enhancing market-driven pricing and accelerating metering reforms [3][4]. 2. Profitability Disparities Among Residential Heating Companies - Profitability varies significantly among heating companies, with factors such as pricing and cost control playing crucial roles [3][4]. - The report notes that fuel costs account for approximately 60% of total heating costs, making effective fuel cost management essential for profitability [3][4]. - Companies like Lianmei Holdings have demonstrated strong cost control, achieving a gross margin of 24% in 2024, while others like Huitian Thermal Power have faced losses [3][4]. 3. Related Investment Targets - Lianmei Holdings is highlighted for its high level of management efficiency and consistent gross margins above 20%, with a significant portion of its assets in cash [3][4]. - Jingneng Thermal Power benefits from its backing by the Beijing State-owned Assets Supervision and Administration Commission, with a gross margin between 15% and 20% [3][4]. - Jin Fang Energy, operating in Beijing, maintains stable profitability in its core heating business, while Hatou Holdings is expected to improve profitability alongside pricing reforms [3][4].

Report Industry Investment Rating - The document does not provide the report industry investment rating [1][2] Core Views - With the improvement of the China-Europe Railway Express control system, the completion of the capacity expansion and upgrading of cross-border railway lines in Heilongjiang, and the stabilization of the overseas political situation, Heilongjiang's import and export trade will be further enhanced, supporting the long-term stable development of the provincial economy [3][9] - In the A-share market sentiment continues to warm up and the domestic economic improvement trend is more clear, listed companies in Heilongjiang Province are expected to maintain good performance [3][20] - As China's economic structure transformation deepens, the consumer market demand is expected to continue to improve [34] Summary by Directory 1. Heilongjiang Current News Tracking - As of October 24, 2025, the import volume of Tongjiang Railway Port reached 517 million tons, setting a new high for the same period. The port has taken measures to improve customs clearance and transportation efficiency, and the ongoing upgrade projects are expected to increase the cargo throughput by 40% and enrich the categories of imported and exported goods [3][9] - The 27th Harbin Ice and Snow World is upcoming, with the largest area in history, more ice and snow sculptures, diverse technological elements, and expanded entertainment and performance projects. The standard adult ticket price remains at 328 yuan, and the pre-sale tickets are on sale [10] - Since the 14th Five-Year Plan, Heilongjiang Province has made breakthroughs in scientific and technological research, with 16 billion yuan invested in key R & D programs. In the future, it will strengthen organized scientific research to support the construction of a modern industrial system [11][12] 2. Financial Market Data Tracking - Since October, the Korea Composite Index and the Nikkei 225 have led in returns, while the ChiNext Index and the Hang Seng Index in China have declined. Among industries, coal, banking, and power equipment have performed well, while media, automotive, and computer sectors have adjusted [13][14] - From October 20 to 24, the Shanghai Composite Index stood above 3900 points again, with most sectors rising. The communication and electronics sectors were the most prominent [17] - Since October, the Heilongjiang sector index has risen by 3.81%, with 29 listed companies achieving positive returns and 10 declining in the statistical period. Some companies like Baotailong had significant increases [3][18][20] 3. Domestic Macroeconomic Data Operation - In September, China's industrial added value above designated size increased by 6.5% year-on-year and 0.64% month-on-month. Different industries and economic types showed varying degrees of growth, indicating an overall improvement in business conditions [22][23] - In the first three quarters of 2025, the national fixed - asset investment (excluding rural households) decreased by 0.5% year-on-year, with different trends in different industries [29] - In September, the total retail sales of consumer goods were 4.1971 trillion yuan, a year-on-year increase of 3.0%. From January to September, the cumulative total was 36.5877 trillion yuan, with a year-on-year increase of 4.5%, showing the activation of market vitality and the release of consumption potential [32]

证券代码：600864 证券简称：哈投股份 公告编号：2025-039 哈尔滨哈投投资股份有限公司 关于为控股子公司提供担保的进展公告 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。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 本次担保金额 | 黑龙江岁宝热电有限公司 5,000.00 | 万元 | | --- | --- | --- | --- | | 担保对象一 | | | | | | 实际为其提供的担保余额 | 69,200.00 | 万元 | | | 是否在前期预计额度内 | 是 □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 ☑否 | □不适用：_________ | 累计担保情况 对外担保逾期的累计金额（万元） 0 截至本公告日上市公司及其控股子 公司对外担保总额（万元） 102,100.00 对外担保总额占上市公司最近一期 经审计净资产的比例（%） 7.93 特别风险提示（如有请勾选） □对外担保总额超过最近一期经审计净资产 100% □担保金额超过上市公司最近 ...

证券代码：600864 证券简称：哈投股份 公告编号：2025-038 哈投股份：关于持股 5%以上股东权益变动 触及 1%刻度的提示性公告 黑龙江省大正投资集团有限责任公司保证向本公司提供的信息真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少☑ | | --- | --- | --- | --- | | 权益变动前合计比例 | 9.68% | | | | 权益变动后合计比例 | 8.99% | | | | 本次变动是否违反已作出的承诺、 意向、计划 | 是□ | 否☑ | | | 是否触发强制要约收购义务 | 是□ | 否☑ | | 公司于 2025 年 10 月 29 日收到股东黑龙江省大正投资集团有限责任公司 （以下简称大正集团）有关权益变动的通知，现公告如下： 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | ☑其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用于无 ...

证券代码：600864 证券简称：哈投股份 公告编号：2025-038 哈投股份：关于持股 5%以上股东权益变动 触及 1%刻度的提示性公告 黑龙江省大正投资集团有限责任公司保证向本公司提供的信息真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 公司于 2025 年 10 月 29 日收到股东黑龙江省大正投资集团有限责任公司 （以下简称大正集团）有关权益变动的通知，现公告如下： 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 ☑其他 5%以上大股东及其一致行动人 | | --- | --- | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用于无控 | | | 股股东、实际控制人） | | | □其他______________（请注明） | 2.信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | | □ | 控股股东/实控人 | | | 黑龙江省大正投资集团 | □ | 控股股东/实控人的一致行 | 9123010070 ...