中国北京市朝阳区建国路77号华贸中心3号写字楼34层 邮政编码100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 北京市竞天公诚律师事务所 关于华电科工股份有限公司控股股东增持股份的 法律意见书 致：中国华电科工集团有限公司 北京市竞天公诚律师事务所（以下称"本所"）接受中国华电科工集团有限 公司（以下称"贵公司"或"华电科工集团"）委托，根据《中华人民共和国公 司法》《中华人民共和国证券法》（以下称"《证券法》"）、《上市公司收购 管理办法》（以下称"《收购管理办法》"）、《上海证券交易所上市公司自律 监管指引第8号——股份变动管理》（上证发[2025]61号）等法律、法规和规范 性文件的规定，就贵公司增持华电科工股份有限公司（以下称"华电科工"）股 份事项（以下称"本次增持"）出具本法律意见书。 为出具本法律意见书，本所律师特作如下声明： 1、本所根据本法律意见书出具日以前已经发生或存在的事实并依据我国现 行法律、法规和规范性文件的规定发表法律意见。本所律师对某事项的认定是否 合法有效，是以该事项发生时所适用的法律法规为依据。 2、本所假设贵公司向本所提供 ...

Core Viewpoint - Huadian Technology (601226.SH) announced the completion of its share buyback plan, with Huadian Group increasing its stake in the company by 3.8873 million shares, representing 0.33% of the total share capital, with a total investment of RMB 24.5199 million excluding transaction fees [1] Summary by Sections - **Share Buyback Details** - The buyback period was from April 16, 2025, to October 15, 2025 [1] - Huadian Group executed the buyback through centralized bidding [1] - **Financial Impact** - The total amount spent on the buyback was RMB 24.5199 million [1] - The increase in shares represents a 0.33% increase in the total share capital of Huadian Technology [1]

Core Viewpoint - The controlling shareholder of Huadian Technology announced a share buyback plan, successfully increasing its stake in the company from 62.55% to 62.88% through the purchase of 3.8873 million shares at a cost of 24.5199 million yuan [1] Group 1 - The share buyback occurred between April 16, 2025, and October 15, 2025 [1] - The total shares acquired represent 0.33% of the company's total share capital [1] - The total expenditure for the buyback was 24.5199 million yuan [1]

Market Overview - The professional engineering sector experienced a decline of 1.61% on October 16, with Huadian Technology leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - Notable gainers in the professional engineering sector included: - China Aluminum International (601068) with a closing price of 5.26, up 1.35% [1] - Southeast Network Framework (002135) at 4.71, up 1.29% [1] - China National Materials International (600970) at 9.42, up 0.96% [1] - Significant decliners included: - Huadian Technology (601226) at 7.44, down 4.25% [2] - Zhongyan Dadi (003001) at 23.62, down 3.83% [2] - Jinggong Steel Structure (600496) at 4.08, down 3.32% [2] Capital Flow - The professional engineering sector saw a net outflow of 541 million yuan from institutional investors, while retail investors contributed a net inflow of 411 million yuan [2][3] - The capital flow for specific stocks indicated: - Roman Co. (605289) had a net inflow of 28.30 million yuan from institutional investors [3] - Jinggong Steel Structure (600496) saw a net inflow of 61.01 million yuan from retail investors [3] - ST Tianlong (300029) had a net inflow of 1.50 million yuan from retail investors [3]

Key Recommendations - The report highlights the social services industry, particularly focusing on the chain restaurant sector, recommending leading brands that offer good value for money in the dining and tea beverage segments [7] - The construction industry report emphasizes the necessity of cleanroom engineering as a critical component of AI infrastructure, with global demand for construction rapidly increasing [11] Industry and Company Insights - In the restaurant sector, the report notes that in September 2025, the stock prices of major restaurant brands faced pressure, with notable increases for brands like Xiaobai Xiaobai (+33%) and Yum Brands (+4%) [7] - The mid-year financial summary indicates that the tracked chain restaurant leaders saw a 29% increase in net profit attributable to shareholders in the first half of 2025, with a 16% revenue growth, outperforming the overall retail dining market growth of 4% [7] - The cleanroom engineering market is driven by the need for controlled environments in precision product manufacturing, with investments in cleanroom engineering typically accounting for 10-20% of total project costs [11] - The global cleanroom market is expected to grow due to increasing demands for semiconductor manufacturing and data center construction, particularly in North America, which is identified as a market with significant potential [11] Market Dynamics - The report indicates that in September 2025, the domestic restaurant revenue showed a slight year-on-year increase of 1%, recovering from previous months' declines [7] - The cleanroom engineering demand is expected to rise as companies like TSMC ramp up investments in the U.S., with TSMC planning an additional $100 billion investment, indicating a robust growth trajectory for the cleanroom sector [11] Investment Recommendations - The report suggests focusing on leading companies in the cleanroom engineering space, such as Shenghui Integration and Yaxiang Integration, which are expected to benefit from the global semiconductor supply chain restructuring [12] - In the restaurant sector, it recommends investing in brands like Xiaobai Xiaobai, Gu Ming, and Mi Xue Group, which are positioned to capitalize on the recovery and growth in the dining market [9]

Core Viewpoint - The green hydrogen and ammonia industry is entering a significant strategic opportunity period due to national policies promoting the increase of renewable energy non-electric consumption and the development of the green hydrogen and ammonia industry [1][2] Group 1: Policy Developments - The National Development and Reform Commission released a draft implementation plan for the minimum proportion target of renewable energy consumption and the responsibility weight system for renewable energy power consumption [1] - The plan includes mandatory assessments for renewable energy non-electric consumption, marking a shift in energy management focus from solely electricity to a multi-energy collaborative consumption model [2] Group 2: Market Implications - The inclusion of green hydrogen and ammonia as a compliant path in the policy creates unprecedented access for the industry, enhancing market demand and expectations [2] - The establishment of minimum non-electric consumption targets for provincial regions and key energy-consuming enterprises, along with punitive measures, creates a systematic market demand for green hydrogen and ammonia [2] Group 3: Investment Opportunities - Companies to watch in the green hydrogen and ammonia sector include Jin Feng Technology (002202.SZ), Yunda Co., Ltd. (300772.SZ), Sany Renewable Energy (688349.SH), Hewei Electric (603063.SH), and Huadian Technology (601226.SH) [1]

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2][3] Core Viewpoints - The National Development and Reform Commission (NDRC) has introduced a policy that includes minimum consumption targets for renewable energy, marking a significant shift towards a multi-energy consumption model that includes green hydrogen and methanol [3][6][8] - The policy creates a mandatory assessment framework for renewable energy consumption, expanding the focus from solely electricity to include non-electric consumption, thereby enhancing market demand for green hydrogen and methanol [5][7] - The introduction of punitive measures for failing to meet renewable energy consumption targets significantly strengthens the policy's enforcement and provides a clear long-term signal to the market [7][8] Summary by Sections Policy Overview - On October 13, the NDRC released a draft policy outlining minimum consumption targets for renewable energy, which can be achieved through various methods for both electric and non-electric consumption [3][5] - The policy emphasizes the inclusion of green hydrogen and methanol as compliant pathways, indicating a strategic focus on these sectors [3][8] Market Implications - The new policy is expected to create a substantial institutional market demand for green hydrogen and methanol, enhancing the certainty and market expectations for the industry [3][9] - The strategic opportunity for the green hydrogen and methanol industry is highlighted, with recommendations to focus on companies such as Goldwind Technology, Yunda Co., SANY Heavy Energy, Hewei Electric, and Huadian Technology [3][9] Financial Projections - Financial forecasts for related companies indicate growth in net profits, with Goldwind Technology projected to achieve a net profit of 1.86 billion RMB in 2024, increasing to 3.67 billion RMB by 2026 [11]

Market Performance - The professional engineering sector increased by 1.15% on September 29, with Donghua Technology leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Donghua Technology (002140) closed at 13.50, up 10.02% with a trading volume of 193,700 shares and a turnover of 257 million yuan [1] - Roman Shares (605289) closed at 68.79, up 9.99% with a trading volume of 71,800 shares and a turnover of 471 million yuan [1] - Huadian Technology (601226) closed at 7.23, up 4.18% with a trading volume of 250,200 shares and a turnover of 180 million yuan [1] - Baili Technology (603959) closed at 6.40, up 4.07% with a trading volume of 596,700 shares and a turnover of 381 million yuan [1] Capital Flow - The professional engineering sector saw a net inflow of 45.12 million yuan from institutional investors, while retail investors experienced a net outflow of 1.32 million yuan [1] - Major stocks like China Metallurgical Group (601618) had a net inflow of 53.86 million yuan from institutional investors, but a net outflow of 1.43 million yuan from retail investors [2] - Roman Shares (605289) also experienced a net inflow of 31.73 million yuan from institutional investors, with a net outflow of 284.87 thousand yuan from retail investors [2]

Market Overview - On September 26, the professional engineering sector rose by 0.32% compared to the previous trading day, with Donghua Technology leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Top Performers - Donghua Technology (002140) closed at 12.27, up 10.04%, with a trading volume of 549,800 shares and a transaction value of 656 million [1] - Shenghui Integration (603163) closed at 47.91, up 10.01%, with a trading volume of 54,300 shares and a transaction value of 251 million [1] - Yaxiang Integration (603929) closed at 44.78, up 6.29%, with a trading volume of 64,100 shares and a transaction value of 282 million [1] Market Capital Flow - The professional engineering sector saw a net inflow of 126 million from institutional investors, while retail investors experienced a net outflow of 12.29 million [2] - Major stocks in the sector showed varying levels of net inflow and outflow from different investor types [3] Individual Stock Performance - Donghua Technology had a net inflow of 14.21 million from institutional investors, while retail investors had a net outflow of 10 million [3] - Shenghui Integration experienced a net inflow of 62.13 million from institutional investors, with a net outflow of 39.47 million from retail investors [3] - Other notable stocks include Huasheng Huayuan (601096) with a net inflow of 21.90 million from institutional investors and a net outflow of 26.81 million from retail investors [3]

Core Viewpoint - The company has approved the purchase of two high-performance multifunctional wind power operation and maintenance vessels to enhance its operational capabilities in offshore wind power business [1][2]. Group 1 - The fifth meeting of the board of directors was held on September 25, 2025, with all nine directors participating in the voting process [1]. - The resolution to purchase the vessels was passed unanimously with 9 votes in favor, 0 against, and 0 abstentions [1]. - The total investment for the purchase of the two vessels and associated maintenance equipment is 55 million yuan [1]. Group 2 - The strategic committee of the board convened an early meeting to review and approve the proposal for the vessel purchase [2]. Group 3 - The announcement was officially made by the board of directors of the company on September 26, 2025 [4].