7月11日公司发布上半年业绩预告，预计实现净利润57.60亿元至66.90亿元，同比变动区间 为-7.19%~7.79%。（数据宝） 华电新能(600930)今日下跌2.33%，全天换手率37.14%，成交额70.68亿元，振幅8.76%。龙虎榜数据显 示，营业部席位合计净买入3244.77万元。 上交所公开信息显示，当日该股因日换手率达37.14%上榜，营业部席位合计净买入3244.77万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交7.48亿元，其中，买入成交额为3.90亿 元，卖出成交额为3.58亿元，合计净买入3244.77万元。 具体来看，今日上榜营业部中，第一大买入营业部为国泰海通证券股份有限公司总部，买入金额为1.29 亿元，第一大卖出营业部为东方财富证券股份有限公司拉萨东环路第二证券营业部，卖出金额为 7715.28万元。 资金流向方面，今日该股主力资金净流出3.07亿元，其中，特大单净流出1.13亿元，大单资金净流出 1.94亿元。近5日主力资金净流入7.82亿元。 6月27日公司发布的一季报数据显示，一季度公司共实现营业收入96.28亿元，同比增长16.19%，实现净 利润 ...

Core Viewpoint - Since 2025, insurance companies have triggered 21 investment events involving stock acquisitions, surpassing the total number of such events in the previous year [4]. Group 1: Investment Activities - The A-share market has been experiencing upward fluctuations, and the Hong Kong stock market is recovering, leading to increased activity from insurance funds in the capital markets [2]. - In July 2025, Zhongyou Insurance announced its acquisition of shares in Green Power Environmental (01330.HK), triggering a stock acquisition disclosure [3][8]. - Other insurance companies, such as Xintai Life and Lianan Life, also disclosed stock acquisitions in July 2025 [9] [10]. Group 2: Specific Investment Cases - Zhongyou Insurance purchased 726,000 shares of Green Power Environmental, increasing its holdings to 20.51 million shares, representing 5.0722% of the company's H-share capital [8]. - Xintai Life increased its holdings in Hualing Steel (000932.SZ) to 345 million shares, raising its ownership from 4.99% to 5.00% [10]. - Lianan Life acquired 1.1 million shares of Jiangnan Water (601199.SH), increasing its stake from 4.91% to 5.03% [10]. Group 3: Financial Data and Trends - As of June 30, 2025, Zhongyou Insurance reported a net buy of over 90 billion yuan in public market equity investments [6]. - Xintai Life's equity assets amounted to 565.78 billion yuan, accounting for 19.07% of its total assets as of June 30, 2025 [10]. - Lianan Life's equity assets were reported at 205.6 billion yuan, making up 16.29% of its total assets as of May 31, 2025 [10]. Group 4: Market Dynamics and Regulatory Environment - The current wave of stock acquisitions by insurance companies is driven by a preference for high-dividend stocks, particularly in sectors like banking, public utilities, and pharmaceuticals, with an average dividend yield of 4.6% since 2024 [14]. - The downward trend in interest rates has increased investment pressure on insurance companies, prompting them to seek stable long-term investment returns through frequent stock acquisitions [15]. - Regulatory changes have encouraged insurance funds to engage in long-term equity investments, with new guidelines introduced to assess net asset returns over extended periods [19].

Core Viewpoint - The insurance sector is increasingly active in the capital markets, with a notable rise in shareholding stakes in listed companies, indicating a strategic shift towards long-term equity investments driven by low interest rates and regulatory support [2][7][11]. Group 1: Shareholding Activities - In 2025, insurance companies triggered 21 shareholding events, surpassing the total for the previous year, with notable participation from companies like China Life, Postal Insurance, and Xinhua Life [3][4]. - Postal Insurance acquired 726,000 shares of Green Power Environmental, raising its stake to 5.0722%, and previously triggered a shareholding event in April by acquiring 79.42 million shares of Eastern Airlines Logistics [4][5]. - Xintai Life and Lian Life also reported shareholding increases in July, with Xintai Life raising its stake in Hualing Steel to 5.00% and Lian Life increasing its stake in Jiangnan Water to 5.03% [5]. Group 2: Investment Trends - The average dividend yield of companies targeted for shareholding by insurance funds has reached 4.6%, the highest in recent years, reflecting a preference for high-dividend stocks in sectors like banking and utilities [7][8]. - The shift towards long-term equity investments is partly due to the mismatch in asset and liability durations, with insurance liabilities averaging over 12 years compared to asset durations of about 6 years [9]. Group 3: Regulatory Environment - Recent regulatory changes encourage insurance funds to engage in long-term equity investments, with new assessment criteria introduced that emphasize long-term performance metrics [11]. - The new accounting standards allow for more stable valuation of long-term equity investments, motivating insurance companies to increase their holdings in high-dividend stocks [10].

短期看，沪指站稳3500点，A股多头思维进一步巩固，但需警惕杠杆风险累积。 沪指站稳3500点并实现"5连阳"之际，市场做多情绪持续高涨，融资客加速入市。 7月22日，沪指报收3581.86点，再创年内收盘新高，当日涨幅0.62%。截至收盘，沪指已连续9个交易日站上3500点；两 市全天成交合计1.89万亿元，较上一交易日放量约1930.58亿元。 市场向好，增量资金加速入场。中证数据披露，截至21日，两融余额达1.92万亿元，其中融资余额1.9万亿元。这是继4 月初之后，融资余额时隔3个多月再度站上1.9万亿元规模。 "作为市场情绪的晴雨表，融资余额攀升显示市场风险偏好回升。"南开大学金融发展研究院院长田利辉告诉第一财经， 当前融资客入场，是AI、新能源等板块保持高景气，部分蓝筹股性价比凸显等多因素影响。 大举入市的融资客在买什么？Wind数据显示，申万一级行业中，月内融资买入额最高的三大行业是电子、计算机和电 力设备。7月以来，电子行业融资买入额高达2.55万亿元。新易盛（300502.SZ）、中际旭创（300308.SZ）等个股，7月 以来获融资净买入超10亿元。 当前，市场做多情绪是否依然强烈？若后续 ...

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]

证券代码：600930 证券简称：华电新能 公告编号：2025-002 等法规及规范性文件的有关规定。 二、监事会会议审议情况 本次会议经与会监事充分审议并有效表决，通过了以下议案： 华电新能源集团股份有限公司 第一届监事会第十一次会议决议公告 本公司监事会及全体监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、 监事会会议召开情况 一届监事会第十一次会议在公司会议室以现场方式举行。本次会议通知于 2025 年 7 月 16 日以通讯方式向全体监事发出。本次会议应出席监事 3 名，亲自出席 监事 3 名，会议由邵福生主席主持。本次会议的召开符合《公司法》、 《公司章程》 特此公告。 华电新能源集团股份有限公司监事会 （一）审议通过《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》 公司监事会认为：公司根据本次实际募集资金净额及具体募投项目情况，对 募投项目实施主体调整及募投金额分配额度进行确认，符合公司实际情况和募集 资金管理要求；公司使用募集资金置换预先投入募投项目自筹资金，提高了募集 资金 ...

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].