Core Viewpoint - New天绿色能源 has appointed Ernst & Young Hua Ming as the auditing firm for its 2025 financial report and internal control audit, with changes in the signing accountants due to personnel adjustments [2] Group 1: Audit Firm and Personnel Changes - Ernst & Young Hua Ming will conduct the audit for the 2025 financial report and internal control [2] - Wang Ning is designated as the first signing accountant, while Zhao Siqi replaces Qi Lina as the second signing accountant [2] - The change in signing accountants is aimed at ensuring timely completion of the 2025 audit and better coordination for information disclosure [2]

Core Viewpoint - New天绿色能源 has appointed Ernst & Young Hua Ming as the auditing firm for its 2025 financial report and internal control audit, with changes in the signing accountants due to personnel adjustments [1] Group 1 - Ernst & Young Hua Ming will conduct the audit for the 2025 financial report and internal control [1] - Wang Ning is designated as the first signing accountant, while Zhao Siqi replaces Qi Lina as the second signing accountant [1] - The change in signing accountants is aimed at ensuring timely completion of the 2025 audit and better coordination for information disclosure [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 本公告乃由新天綠色能源股份有限公司（「本公司」）根據《香港聯合交易所有限公司證券上市規則》第 13.10B條作出。 茲載列本公司於上海證券交易所網站刊發之《新天綠色能源股份有限公司關於變更簽字註冊會計師的 公告》，僅供參閱。 承董事會命 新天綠色能源股份有限公司 譚建鑫 CHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED* 新天綠色能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 海外監管公告 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。 新天绿色能源股份有限公司（以下简称"公司"或"本公司"）于 2025 年 3 月 25 日召开第五届董事会第十二次会议、于 2025 年 6 月 27 日召开 2024 年年度股 东大会，审议通过了《关于 ...

Core Viewpoint - The company, Xintian Green Energy, has approved the acquisition of 49% equity stakes in Chongli Jiantou Huashi Wind Power Co., Ltd. and Zhangbei Jiantou Huashi Wind Power Co., Ltd. from a minority shareholder, which will result in full ownership of these companies [1] Group 1: Acquisition Details - The acquisition will be executed by the company's wholly-owned subsidiary, Hebei Jiantou New Energy Co., Ltd., through a public bidding process [1] - The purchase price for the 49% stake in Chongli Wind Power is RMB 67.6505 million, while the stake in Zhangbei Wind Power is RMB 56.58765 million [1] - The transaction has been formalized with a signed property transaction contract, and the payment will be completed within five working days after the contract takes effect [1] Group 2: Impact on Company - Following the acquisition, Hebei Jiantou New Energy will hold 100% equity in both Chongli Wind Power and Zhangbei Wind Power, which will become wholly-owned subsidiaries of the company [1] - The acquisition is not expected to have a significant impact on the company's financial status or operational results, nor will it harm the interests of the company and its shareholders [1]

证券代码：600956 证券简称：新天绿能 公告编号：2025-066 新天绿色能源股份有限公司 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、交易概述 新天绿色能源股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开 第六届董事会第一次会议，审议通过了《关于收购崇礼建投华实风能有限公司、 张北建投华实风能有限公司股权的议案》，同意公司全资子公司河北建投新能源 有限公司（以下简称"建投新能源"）通过公开竞价摘牌方式参与收购崇礼建投 华实风能有限公司（以下简称"崇礼风能公司"）、张北建投华实风能有限公司 （以下简称"张北风能公司"，与"崇礼风能公司"合称"标的公司"）少数股 东鲁能新能源（集团）有限公司持有的 49%股权。详细内容见公司于 2025 年 8 月 27 日披露的《关于下属子公司拟通过公开摘牌方式参与收购合营公司股权的 公告》（公告编号 2025-049）。 二、公开竞拍结果 建投新能源作为唯一竞标方被确认为标的公司的受让方，崇礼风能公司 49% 股权受让价格为人民币 6,765.0527 万 ...

Core Viewpoint - The company has approved the acquisition of 49% equity stakes in Chongli Jiantou Huashi Wind Power Co., Ltd. and Zhangbei Jiantou Huashi Wind Power Co., Ltd. from a minority shareholder, which will result in full ownership of these companies [1] Group 1: Acquisition Details - The acquisition will be executed by the company's wholly-owned subsidiary, Hebei Jiantou New Energy Co., Ltd., through a public bidding process [1] - The purchase price for the 49% stake in Chongli Wind Power Company is RMB 67.6505 million, while the stake in Zhangbei Wind Power Company is RMB 56.58765 million [1] - The transaction has been formalized with a signed property transaction contract, and the payment will be completed within five working days after the contract takes effect [1] Group 2: Impact on Company Structure - Following the completion of the acquisition, the company will hold 100% equity in both Chongli Wind Power Company and Zhangbei Wind Power Company, which will become wholly-owned subsidiaries [1] - The financial status and operational results of the company will not be significantly impacted by this acquisition, and it will not harm the interests of the company or its shareholders [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 CHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED* 新天綠色能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 海外監管公告 本公告乃由新天綠色能源股份有限公司（「本公司」）根據《香港聯合交易所有限公司證券上市規則》第 13.10B條作出。 茲載列本公司於上海證券交易所網站刊發之《新天綠色能源股份有限公司關於下屬子公司擬通過公 摘牌方式參與收購合 公司股 的進展公告》，僅供參閱。 承董事會命 新天綠色能源股份有限公司 譚建鑫 執行董事及總裁 中國河北省石家莊市，2025年11月25日 於本公告日期，本公司非執行董事為曹欣博士、李連平博士、秦剛先生、張旭蕾博士、盧榮先生及 趙士毅先生；本公司執行董事為譚建鑫先生；以及本公司獨立非執行董事為周文港博士、楊晶磊博 士、陳奕斌先生及劉斌先生。 * 僅供識別 证券代码：600956 证 ...

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - Guangdong has proposed a mechanism for sharing excess profits among electricity sales companies, which is expected to rationalize pricing behavior and reduce speculative pricing in the market [2][11] - The new policies aim to guide electricity sales companies to shift from a speculative pricing model to a service-oriented model, thereby stabilizing electricity prices and ensuring reasonable returns [11] - The report highlights that the profitability of independent electricity sales companies in Guangdong has increased, leading to a significant rise in the number of companies participating in the electricity market [11] Summary by Sections Electricity Sales Companies - Guangdong's new policy will share excess profits from electricity sales companies with retail users, compressing the arbitrage space and promoting rational pricing [2][11] - The shift in business model from arbitrage to providing value-added services is expected to stabilize market pricing and reduce irrational competition [11] Market Trends - The report notes that the average profit per kilowatt-hour for independent electricity sales companies in Guangdong reached 3.22 cents in the first half of 2025, an increase from 3.1 cents in 2024 [11] - The number of electricity sales companies in Guangdong rose from 257 in 2024 to 350 in 2025, a 36% increase, indicating strong market interest [11] Investment Recommendations - The report recommends focusing on quality coal-fired power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment [11] - It also suggests investing in renewable energy companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes [11]

Investment Rating - The report maintains an "Accumulate" rating for the electricity sector [5] Core Insights - In October, the national electricity consumption increased by 10.4% year-on-year, with a cumulative electricity consumption of 86,246 billion kWh from January to October, representing a 5.1% year-on-year growth [1][10] - The first industry saw a significant increase in electricity demand, with a monthly growth rate of 13.2% in October, while the second industry improved to a 6.2% year-on-year growth in the same month [2][16] - The third industry experienced a notable increase in electricity consumption, with a monthly growth rate of 17.1% in October, driven by rapid growth in the charging and information technology service sectors [2][12] - Residential electricity consumption surged to a monthly growth rate of 23.9% in October, influenced by cold weather [2][12] Summary by Sections Electricity Consumption - In October, the total electricity consumption reached 8,572 billion kWh, marking a 10.4% increase year-on-year [1][10] - From January to October, the cumulative electricity consumption was 86,246 billion kWh, with the industrial electricity generation amounting to 80,625 billion kWh [1][10] Electricity Generation - In October, the industrial electricity generation was 8,002 billion kWh, reflecting a year-on-year growth of 7.9% [2][27] - The report highlights a shift in electricity generation types, with industrial thermal power increasing by 7.3% in October, while hydroelectric and solar power growth rates slowed down [3][32] Investment Recommendations - The report emphasizes the importance of developing renewable energy and suggests focusing on green electricity operators with advantageous resource locations and low financing costs [4][50] - Specific companies recommended for investment include Huaneng International, Huadian International, and China Nuclear Power, among others [4][50]

Core Viewpoint - The 2025 China Securities Industry Asset Management Summit highlighted the evolving landscape of the asset management industry, emphasizing the need for innovation and adaptation in response to market changes and new demands [2][3]. Group 1: Industry Trends - The asset management industry in China is experiencing a transformation with a more rational business structure and enhanced operational standards, leading to increased competitiveness [2]. - Three major trends are reshaping the securities asset management ecosystem: digital empowerment through AI and large model technologies, upgraded demand for innovative products like retirement and green investments, and a shift from traditional investment management to comprehensive solution providers [2][3]. Group 2: Challenges and Strategies - The asset management sector faces significant challenges, including asset scarcity, low interest rates, and high volatility, necessitating a transition from a single high-yield asset model to a multi-strategy approach [3]. - Firms must focus on brand cultivation and long-term development while enhancing active management capabilities and customer service to meet market demands effectively [3]. Group 3: Forum Highlights - The forum featured two roundtable discussions addressing opportunities and challenges in the post-public offering era and strategies for product layout in a low-interest-rate environment [4]. - The "2025 China Securities Industry Asset Management Jun Ding Award" was announced, recognizing outstanding contributions in the asset management field [4][6].