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 ...

证券代码：600930 证券简称：华电新能 公告编号：2025-004 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 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），扣减发行费用（不含增值税， 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 15,591,873,069.05元（超额配售选择权行使前）。上述募集资金已于2025年7 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 ...

证券代码：600930 证券简称：华电新能 公告编号：2025-001 华电新能源集团股份有限公司 第二届董事会第二次会议决议公告 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。 本次会议经与会董事充分审议并有效表决，通过如下议案： （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》 会议同意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的方案。安永华明会计师事务所（特殊普通合伙） 对该事项进行鉴证并出具了鉴证报告，中国国际金融股份有限公司、华泰联合证 券有限责任公司对本事项出具了明确同意的核查意见。 1 具体内容详见公司同日披露的《华电新能源集团股份有限公司关于使用募集 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 度确认的公告》（公告编号：2025-003）。 表决情况：9 票同意、0 票反对、0 票弃权。 特此公告。 华电新能源集团股份有限公司董事会 一、董事会会议召开情况 2025 年 7 ...

Weekly New Stock Performance - One new stock was listed from July 14 to July 18, with a first-day price increase of 125.79%[2] - The stock code 600930.SH (Hua Dian Xin Neng) had an issue price of 3.18 CNY and a closing price on the first day of 15.28 CNY[2] Weekly New Stock Issuance Trends - The number of new stocks listed decreased by 1 compared to the previous week, while the total fundraising amount increased by 12.464 billion CNY[2] - No new stocks experienced a first-day drop, and the average first-day price increase slightly decreased compared to the previous week[3] Monthly New Stock Trends - From July 1 to July 18, 4 new stocks were listed, raising a total of 19.779 billion CNY, with all stocks increasing over 100% on their first day[10] - The average first-day price increase for new stocks in this period was 178.69%[10] Upcoming New Stock Subscriptions - Three new stocks are available for subscription this week, with expected fundraising amounts of 1.073 billion CNY for Han Sang Technology, 0.223 billion CNY for Ding Jia Precision, and 0.527 billion CNY for Han Gao Group[17] - The subscription dates are July 21 for Han Gao Group, July 22 for Ding Jia Precision, and July 25 for Han Sang Technology[17] Risk Considerations - New stock performance may be influenced by market sentiment, and underperformance in earnings could affect future market performance[18]

Investment Rating - The report maintains a "Buy" rating for the power sector, particularly emphasizing the benefits for coal-fired power plants due to the new capacity pricing mechanism in Gansu [10][11]. Core Insights - Gansu has introduced a provincial capacity pricing mechanism for power generation, fully compensating fixed costs for coal power, which is expected to enhance the value of flexible coal power resources [10][11]. - The high penetration of renewable energy in Gansu, with wind and solar power accounting for nearly 40% of total generation, has driven the need for capacity support and system regulation, prompting the new pricing policy [5][10]. - The report suggests that regions with high renewable energy ratios will likely follow Gansu's lead in increasing capacity prices, benefiting coal power's revenue model that includes capacity and ancillary services [5][10]. Summary by Sections Industry Overview - The report highlights the recent performance of the power sector, noting that over half of the listed companies in the electricity and public utilities sector experienced declines [2][6]. - The Shanghai Composite Index rose by 0.69% during the week, while the CSI 300 Index increased by 1.09%, contrasting with a 0.65% drop in the CITIC Power and Utilities Index [6][62]. Capacity Pricing Mechanism - Gansu's new capacity pricing mechanism includes coal power and grid-side new energy storage, with an initial price set at 330 yuan per kilowatt per year for two years [9][10]. - The effective capacity for coal power is determined by the nameplate capacity minus auxiliary power consumption, while new energy storage is calculated based on discharge duration and rated power [4][9]. Market Dynamics - The report notes a rebound in coal prices to 639 yuan per ton, which may impact the operational costs of coal-fired power plants [17]. - The Three Gorges Reservoir's inflow and outflow have significantly decreased, with inflow down 46.15% and outflow down 58.25% year-on-year [39]. Renewable Energy Insights - The report indicates an increase in silicon material prices, with the current price at 37 yuan per kg, and mainstream silicon wafer prices rising to 1.17 yuan per piece [50]. - The carbon market saw a slight decline in trading prices, with a 0.53% decrease noted during the reporting period [57]. Investment Recommendations - The report recommends focusing on coal power companies with flexible earnings, such as Huaneng International and Huadian International, as well as green electricity operators with undervalued stocks [10][11].

Core Viewpoint - Huadian New Energy (华电新能) successfully listed on the Shanghai Stock Exchange, marking the largest IPO in A-shares since the "827" policy in 2023, with a first-day price increase of 125.79% and a market capitalization nearing 300 billion yuan [2][4]. Group 1: IPO Details - Huadian New Energy's IPO price was set at 3.18 yuan per share, with a total of 4.969 billion shares issued, raising approximately 18.171 billion yuan, a record high for IPOs over 100 billion yuan in the past five years [7]. - The company achieved a first-day closing price of 7.18 yuan per share, resulting in a market capitalization of nearly 300 billion yuan, making it the first company under China Huadian to reach a market cap of over 100 billion yuan [2][4]. - As of July 18, the stock price was 6.65 yuan per share, reflecting a 1.99% increase from the previous close [2]. Group 2: Strategic Investors - Major strategic investors in Huadian New Energy include China Life Insurance, Ping An Life Insurance, and the China Insurance Investment Fund, with China Life investing 2 billion yuan and Ping An investing 550 million yuan during the 2021 capital increase [2][5]. - China Life increased its holdings to 1.097 billion shares post-IPO, maintaining its position as the third-largest shareholder, while the China Insurance Investment Fund was the largest participant in the IPO's strategic placement [8][12]. - The strategic placement accounted for 50% of the initial issuance, with China Life and the China Insurance Investment Fund being key players in this allocation [8]. Group 3: Company Background and Growth - Huadian New Energy is the largest renewable energy company in China, with a total installed capacity of 68.61 million kilowatts, including 32.02 million kilowatts from wind power and 36.59 million kilowatts from solar power [4]. - The company was formerly known as Huadian Fuxin New Energy Development Co., Ltd. and underwent a name change in 2022, with plans for an IPO submitted to the CSRC [7]. - The company reported net profits of 8.314 billion yuan, 9.543 billion yuan, and 8.524 billion yuan for 2022, 2023, and 2024 respectively, with revenues of 24.673 billion yuan, 29.580 billion yuan, and 33.968 billion yuan for the same years [7]. Group 4: Insurance Capital Role - The participation of insurance capital in Huadian New Energy's IPO reflects a broader trend of long-term investment strategies among insurance companies, emphasizing the importance of stable returns and support for the real economy [10][12]. - The regulatory environment has been favorable for insurance capital, with recent policy adjustments allowing for increased equity asset allocation, thereby enhancing the capacity for long-term investments [11]. - Insurance companies are increasingly focusing on sectors with growth potential, such as renewable energy, as part of their investment strategies to achieve sustainable returns [13].