Core Viewpoint - As of July 21, the total market financing balance reached 1.90 trillion yuan, reflecting an increase of 15.398 billion yuan from the previous trading day, indicating a growing interest in margin trading [1]. Financing Balances - The financing balance for the Shanghai Stock Exchange was 959.609 billion yuan, up by 7.417 billion yuan; for the Shenzhen Stock Exchange, it was 938.876 billion yuan, increasing by 7.824 billion yuan; and for the Beijing Stock Exchange, it was 6.081 billion yuan, rising by 158 million yuan [1]. Individual Stock Performance - On July 21, a total of 2,131 stocks received net financing purchases, with 646 stocks having net purchases exceeding 10 million yuan. Notably, 33 stocks had net purchases over 100 million yuan [1]. - C Huaxin led with a net purchase of 504.835 million yuan, followed by Zhongji Xuchuang and Feilihua with net purchases of 453.477 million yuan and 387.185 million yuan, respectively [2]. Industry Analysis - The industries with the highest concentration of stocks receiving net purchases over 100 million yuan included non-bank financials, electronics, and power equipment, with 5, 5, and 3 stocks respectively [1]. - In terms of board distribution, 25 stocks were from the main board, 6 from the ChiNext board, and 2 from the Sci-Tech Innovation board [1]. Financing Balance to Market Value Ratio - The average ratio of financing balance to circulating market value for stocks with significant net purchases was 2.75%. The stock with the highest ratio was Dongfang Caifu, with a financing balance of 23.316 billion yuan, accounting for 7.47% of its market value [2]. - Other notable stocks with high financing balance ratios included C Huaxin (6.22%), Shenghe Resources (5.74%), and Zhongxing Communications (5.18%) [2].

Core Insights - The insurance asset management industry is undergoing a significant transformation, shifting from traditional debt financing to equity financing to meet the demands of the new economy [1] - Insurance funds, characterized by long duration, large scale, and stable sources, are well-positioned to become patient capital [1] Group 1: Shift to Equity Investment - Insurance asset management institutions are accelerating their transition to equity investment, with a notable decline in debt investment plans while equity investment plans and private equity funds have seen substantial growth [3] - The successful IPO of Huadian New Energy exemplifies the effectiveness of insurance capital in equity investment, with major shareholders like China Life and Ping An Life witnessing a stock price increase of over 125% on the first day of trading, nearly doubling the valuation of their holdings [3] - Insurance asset management's equity investments tend to favor mature and later-stage projects, with a preference for targets that provide stable cash flow and periodic returns, focusing on sectors aligned with national strategies such as hard technology, green energy, and health care [3] Group 2: Need for Capability Building - The insurance asset management sector is still in the early stages of capability building and experience accumulation in equity investment, facing challenges such as a cooling market and increased exit difficulties [4] - The entry of foreign institutions, like Dutch Global Life, introduces new development ideas, focusing on long-tail asset investment opportunities in infrastructure and renewable energy [4] - Insurance asset management is actively exploring cross-border investment capabilities, with the Hainan Free Trade Port pilot program opening new avenues for foreign investors to access domestic insurance asset management products, initially capped at 10 billion RMB [4]

Meeting Details - The first session of the Supervisory Board's 11th meeting was held in the company's conference room, with a notification sent to all supervisors on July 16, 2025 [1] - Three supervisors were present, and the meeting was chaired by Shao Fusheng, complying with relevant laws and regulations [1] Resolutions Passed - The Supervisory Board approved the proposal regarding the use of raised funds to replace self-raised funds for investment projects, adjustment of project implementation entities, and confirmation of fund allocation amounts [1] - The board believes that the adjustments align with the actual situation and management requirements of the raised funds, enhancing the efficiency of fund usage and benefiting all shareholders [1] - The resolutions were passed with a unanimous vote of 3 in favor, with no opposition or abstentions [1]

华电新能源集团股份有限公司 关于签订募集资金专户存储三方监管协议 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。 一、募集资金的基本情况 证券代码：600930 证券简称：华电新能 公告编号：2025-004 根据中国证券监督管理委员会2025年5月16日核发的《关于同意华电新能源 集团股份有限公司首次公开发行股票注册的批复》 （证监许可〔2025〕1035号文）， 公司向社会公众首次公开发行人民币普通股（A股）4,968,944,214股（超额配售 选择权行使前），并于2025年7月16日在上海证券交易所上市（以下简称"本次 发 行 " ） 。 本 次 发 行 的 发 行 价 格 为 3.18 元 / 股 ， 本 次 发 行 募 集 资 金 总 额 含印花税）人民币209,369,531.47元后，本次发行股票募集资金净额为人民币 月11日到位，安永华明会计师事务所（特殊普通合伙）对公司本次公开发行新股 的资金到位情况进行了审验，并于2025年7月11日出具了安永华明（2025）验字 第70069628_A02号《验 ...

华泰联合证券有限责任公司 关于华电新能源集团股份有限公司 使用募集资金置换预先投入募投项目自筹资金、募投项目 实施主体调整及募投金额分配额度确认的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机 构"）作为华电新能源集团股份有限公司（以下简称"华电新能"、"公司" 或"发行人"）首次公开发行股票并在主板上市的联席保荐机构，根据《证券 发行上市保荐业务管理办法》《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》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》等法律法规的规定，对华电新能使用募集资金置换预先投入募投项目自筹 资金、募投项目实施主体调整及募投金额分配额度确认的事项进行审慎核查， 具体核查情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会 2025 年 5 月 16 日核发的《关于同意华电新 能源集团股份有限公司首次公开发行股票注册的批复》（证监许可〔2025〕 券交易所上市（以下简称"本次发行"）。本次发行的发行价格为 3.18 元/股， 本次发行募集资金总额 15,801,242,600.52 元（超额配售选择权行使前），扣减 发行费用（不含 ...

Core Viewpoint - The report provides an independent verification of Huadian New Energy Group Co., Ltd.'s pre-investment of self-raised funds into fundraising projects, ensuring compliance with regulatory standards and reflecting the company's commitment to transparency and accountability [2][4][5]. Summary by Sections 1. Report Basis - The report is prepared in accordance with the regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange, ensuring that the pre-investment report is accurate and compliant with relevant guidelines [5]. 2. Fundraising Amount and Receipt Status - The company successfully issued 4,968,944,214 shares at a price of RMB 3.18 per share, raising a total of RMB 15,801,242,600.52. After deducting issuance costs, the actual amount received was RMB 15,688,233,691.30 [5][6]. 3. Planned Investment Projects - The fundraising will be allocated to four main project categories: "Wind and Solar Base Projects," "Local Load Center Projects," "New Power System Collaborative Development Projects," and "Green Ecological Civilization Collaborative Development Projects," with an estimated total investment of approximately RMB 18 billion [6][7]. 4. Pre-Investment of Self-Raised Funds - As of July 17, 2025, the company has pre-invested a total of RMB 1,559,187.31 million in various projects using self-raised funds before the actual fundraising was completed [9][10]. 5. Fund Replacement for Pre-Invested Projects - The company plans to use the raised funds to replace the self-raised funds previously invested in projects, with a total amount of RMB 1,559,187.31 million designated for this purpose [10][11]. 6. Other Matters - Additional costs incurred from the issuance, totaling RMB 209,369,531.47 (excluding VAT), will also be covered by the raised funds, ensuring that all financial obligations are met [14].

中国国际金融股份有限公司 实施主体调整及募投金额分配额度确认的核查意见 中国国际金融股份有限公司(以下简称"中金公司"或"保荐机构")作 为华电新能源集团股份有限公司(以下简称"华电新能"、"公司"或"发行 人"）首次公开发行股票并在主板上市的联席保荐机构，根据《证券发行上市 保荐业务管理办法》《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》《上海证券交易所上市公司自律监管指引第 1 号 -- 规范运作》等法 律法规的规定,对华电新能使用募集资金置换预先投入募投项目自筹资金、募 投项目实施主体调整及募投金额分配额度确认的事项进行审慎核查,具体核查 情况如下: 一、募集资金基本情况 根据中国证券监督管理委员会 2025 年 5 月 16 日核发的《关于同意华电新 能源集团股份有限公司首次公开发行股票注册的批复》（证监许可（2025） 1035 号 文 ） ， 公 司 向 社 会 公 众 首 次 公 开 发 行 人 民 币 普 通 股 （ A 股 ） 4.968.944.214 股(超额配售选择权行使前),并于 2025年 7 月 16 日在上海证 券交易所上市(以下简称"本次发行"）。本次发行的发行 ...

华电新能源集团股份有限公司 目 录 | | | 页 | | 次 | | --- | --- | --- | --- | --- | | 一、 | 以自筹资金预先投入募集资金投资项目情况鉴证报告 | 1 | - | 2 | | 二、 | 以自筹资金预先投入募集资金投资项目情况的报告 | 3 | - | 9 | 以自筹资金预先投入募集资金投资项目情况鉴证报告 安永华明（2025）专字第70069628_A08号 华电新能源集团股份有限公司 以自筹资金预先投入募集资金投资项目 情况鉴证报告 2025年7月18日 华电新能源集团股份有限公司 华电新能源集团股份有限公司董事会： 我们接受委托，对后附的华电新能源集团股份有限公司2025年7月17日以自筹资 金预先投入募集资金投资项目情况的报告（"自筹资金预先投入募投项目报告"）进 行了鉴证。按照《上市公司募集资金监管规则》、《上海证券交易所上市公司自律监 管指引第1号——规范运作》及相关格式指南编制自筹资金预先投入募投项目报告，并 保证其内容真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏是华电新能 源集团股份有限公司管理层的责任。我们的责任是在执行鉴证工作的基础 ...

第 1 页 二、募集资金投资项目分配额度确认、部分实施主体调整 华泰联合证券有限责任公司 关于华电新能源集团股份有限公司 使用募集资金置换预先投入募投项目自筹资金、募投项目 实施主体调整及募投金额分配额度确认的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机 构"）作为华电新能源集团股份有限公司（以下简称"华电新能"、"公司" 或"发行人"）首次公开发行股票并在主板上市的联席保荐机构，根据《证券 发行上市保荐业务管理办法》《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》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》等法律法规的规定，对华电新能使用募集资金置换预先投入募投项目自筹 资金、募投项目实施主体调整及募投金额分配额度确认的事项进行审慎核查， 具体核查情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会 2025 年 5 月 16 日核发的《关于同意华电新 能源集团股份有限公司首次公开发行股票注册的批复》（证监许可〔2025〕 1035 号 文 ） ， 公 司 向 社 会 公 众 首 次 公 开 发 行 人 民 币 普 通 股 （ A 股 ） 4, ...

华电新能源集团股份有限公司（以下简称"公司"）于 2025 年 7 月 18 日召 开第二届董事会第二次会议、第一届监事会第十一次会议，审议通过了《关于使 用募集资金置换预先投入募投项目自筹资金、募投项目实施主体调整及募投金额 分配额度确认的议案》，同意公司募投项目实施主体调整及募投金额分配额度的 方案，同意公司使用募集资金 15,591,873,069.05 元（超额配售选择权行使前） 置换预先投入募投项目的自筹资金。本次募集资金置换时间距离募集资金到账时 间未超过 6 个月，符合相关法律法规的要求。 一、募集资金基本情况 根据中国证券监督管理委员会 2025 年 5 月 16 日核发的《关于同意华电新能 源集团股份有限公司首次公开发行股票注册的批复》（证监许可〔2025〕1035 号 文），公司向社会公众首次公开发行人民币普通股（A 股）4,968,944,214 股（超 额配售选择权行使前），并于 2025 年 7 月 16 日在上海证券交易所上市（以下简 称"本次发行"）。本次发行的发行价格为 3.18 元/股，本次发行募集资金总额 15,801,242,600.52 元（超额配售选择权行使前），扣减 ...