债券代码： 148936.SZ 债券简称： 24 川新能 GCV01 中信证券股份有限公司 四川省成都市青白江区团结路 311 号 债券受托管理人 关于 四川省新能源动力股份有限公司总经理离任 暨聘任新总经理、提名非独立董事候选人 之 临时受托管理事务报告 发行人 发行人于 2025 年 12 月 5 日召开第九届董事会第十一次会议，审议通过了 《关于聘任总经理的议案》，经公司提名委员会资格审核通过，公司董事会同意 聘任李金生先生为公司总经理，任期自董事会审议通过之日起至第九届董事会届 满之日止；审议通过了《关于提名非独立董事候选人的议案》，经公司提名委员 会资格审核通过，公司董事会同意提名李金生先生为第九届董事会非独立董事候 选人，任期自股东会审议通过之日起至第九届董事会届满之日止，该事项尚须提 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 签署日期：2025 年 12 月 四川省新能源动力股份有限公司（以下简称"发行人""公司"）于 2025 年 12 月 6 日披露《四川省新能源动力股份有限公司关于总经理离任暨聘任新总经 理、提名非独立董事候选人的公告》（公告编号：2025-069 号）， ...

（编辑 丛可心） 证券日报网讯 12月10日晚间，川能动力发布公告称，公司收到中国银行间市场交易商协会出具的《接 受注册通知书》，同意接受公司债务融资工具注册，其中超短期融资券注册金额5亿元、中期票据注册 金额10亿元、永续债注册金额10亿元，注册额度均自通知书落款之日起2年内有效。 ...

I. Market Data Change Analysis 1. Main Contract and Basis On December 10, 2025, the lithium carbonate main contract closed at 95,980 yuan/ton, up 3,180 yuan or 3.43% from 92,800 yuan/ton on December 9 The basis weakened from -500 yuan/ton to -3,680 yuan/ton, a change of -3,180 yuan [1][6][40]. 2. Position and Trading Volume The position of the main contract increased from 575,421 lots on December 9 to 605,453 lots on December 10, an increase of 30,032 lots or 5.22% The trading volume increased from 512,215 lots to 620,935 lots, an increase of 108,720 lots or 21.23%, indicating a significant increase in market activity [1][6][40]. II. Industry Chain Supply, Demand, and Inventory Analysis 1. Supply Side As of December 5, 2025, the lithium carbonate capacity utilization rate remained stable at 75.34%, the same as on November 28 The market prices of spodumene concentrate and lepidolite concentrate were stable at 8,930 yuan/ton and 4,990 yuan/ton respectively Some new production lines are gradually being put into operation, and it is expected that the domestic lithium carbonate production in December will increase by about 3% month-on-month The Chuanneng Power project reached its designed annual production capacity of 180,000 tons of concentrate at the end of August 2025, and the technological transformation project of Qinghai Jintai Lithium Industry aims to improve efficiency and strengthen the elasticity of the supply side [2][32][42]. 2. Demand Side On December 10, 2025, the price of power-type ternary materials slightly increased from 144,700 yuan/ton to 144,850 yuan/ton, while the price of power-type lithium iron phosphate slightly decreased from 39,095 yuan/ton to 39,085 yuan/ton The cell prices, such as the 523 cylindrical ternary cell, remained stable at 4.75 yuan/piece According to the Passenger Car Association, in November, new energy vehicle retail sales were 1.354 million units, a year-on-year increase of 7% and a month-on-month increase of 6%, and wholesale sales were 1.72 million units, a year-on-year increase of 20% and a month-on-month increase of 7% It is expected that the sales volume in December will still be strong However, downstream material manufacturers are taking a cautious wait-and-see attitude and mainly making rigid purchases Although the production schedules of cells and cathode materials are still at a high level, they have slightly declined month-on-month The energy storage market has strong supply and demand, but the supply is tight [2][8][42]. 3. Inventory and Warehouse Receipts As of December 5, 2025, the lithium carbonate inventory was 113,602 physical tons, a decrease of 2,366 tons or 2.04% from 115,968 tons on November 28 It is expected that the inventory reduction trend will continue in December, but the magnitude will be slower than in November, reflecting a marginal improvement in the supply-demand balance [3][33][42]. III. Price Trend Judgment and Summary In the next one to two weeks, the lithium carbonate futures price is expected to maintain a range-bound pattern The supply side is steadily increasing, with new production lines being put into operation and technological transformation projects enhancing production capacity elasticity, which may put pressure on prices The demand side is supported by new energy vehicle sales, but the month-on-month decline in downstream production schedules and cautious purchasing limit the upside space The slowdown in inventory reduction indicates a marginal easing of the tight supply-demand balance Considering that the main contract has recently risen while the spot market price has slightly declined, and the weakening basis and expanding trading volume indicate intensified long-short competition, it is expected that the price will fluctuate in the range of 93,000 - 97,000 yuan/ton, lacking a unilateral trend [4][42][43].

证券代码：000155 证券简称：川能动力 公告编号：2025-070 号 债券代码：148936 债券简称：24 川新能 GCV01 公司收到交易商协会出具的《接受注册通知书》（中市协注 [2025]MTN1170 号），同意接受公司中期票据注册，注册金额为 10 亿元，注册额度自本通知书落款之日起 2 年内有效，由招商银行股份 有限公司、中信银行股份有限公司和中国银行股份有限公司联席主承 销。 公司收到交易商协会出具的《接受注册通知书》（中市协注 [2025]MTN1171 号），同意接受公司中期票据（长期限含权中期票据） (即永续债)注册，注册金额为 10 亿元，注册额度自本通知书落款之 日起 2 年内有效，由中国银行股份有限公司、招商银行股份有限公司 和中信银行股份有限公司联席主承销。 三、其他事项 四川省新能源动力股份有限公司 关于银行间市场债务融资工具获准注册的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 经四川省新能源动力股份有限公司（以下简称"公司"）2025 年 第 1 次临时股东会审议批准，同意公司向中国银行间市场交易商协会 （以下 ...

中经记者 陈家运 北京报道 12月6日，川能动力（000155.SZ）公告人事变动，聘任李金生为总经理，并提名为非独立董事候选人。 原副董事长、总经理万鹏因工作变动辞职，不再担任公司任何职务。 这是川能动力年内第二次核心管理层变动。今年5月，张忠武已接替何连俊担任公司董事长。 川能动力主营业务包括新能源发电和锂电业务。截至12月5日，公司市值214亿元。2025年前三季度，川 能动力实现营业收入20.95亿元，同比下降7.98%；归属于上市公司股东的净利润3.47亿元，同比下滑 44.83%。 （编辑：董曙光 审核：吴可仲 校对：颜京宁） 公告显示，李金生拥有研究生学历及工程师、经济师资质，历任四川省能源投资集团经营管理部副部 长、资产运营管理部副部长，并兼任多家子公司董事，现任四川省新能源动力股份有限公司总经理，四 川能投锂业有限公司党支部委员、董事、总经理。 ...

Group 1 - The core point of the article is that Chuaneng Power (SZ 000155) held its 11th meeting of the 9th Board of Directors on December 5, 2025, to discuss the appointment of a new general manager and other related documents [1] - For the first half of 2025, Chuaneng Power's revenue composition is as follows: wind and solar power generation accounted for 50.68%, waste power generation accounted for 23.48%, lithium battery business accounted for 14.56%, sanitation and cleaning revenue accounted for 9.64%, and others accounted for 1.65% [1] - As of the report date, Chuaneng Power has a market capitalization of 21.4 billion yuan [1] Group 2 - The article also highlights a trend in the banking sector where large-denomination time deposits have become scarce, with products offering interest rates above 2% being difficult to obtain, and some requiring a minimum investment of 10 million yuan [1] - Experts suggest that deposit interest rates may trend downward in the long term [1]

| 证券代码：000155 | 证券简称：川能动力 | | 公告编号：2025-068 | 号 | | --- | --- | --- | --- | --- | | 债券代码：148936 | 债券简称：24 | 川新能 GCV01 | | | 四川省新能源动力股份有限公司 第九届董事会第十一次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 四川省新能源动力股份有限公司（以下简称"公司"）第九届董 事会第十一次会议通知于2025年 12 月4 日通过电话和电子邮件等方 式发出，会议于 2025 年 12 月 5 日以通讯方式召开。会议应到董事 4 人，实到董事 4 人。会议的召集、召开程序符合《公司法》和《公司 章程》的相关规定。 二、董事会会议审议情况 （一）审议通过了《关于聘任总经理的议案》。 该议案须提交公司股东会审议。 候选人资格已经提名委员审查无异议，具体内容详见与本公告同 时刊登的《关于总经理离任暨聘任新总经理、提名非独立董事候选人 1 的公告》。 三、备查文件 （一）董事会决议； （二）提名委员会审查意见。 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、董事、总经理辞职情况 四川省新能源动力股份有限公司（以下简称"公司"）董事会于 近日收到公司副董事长、董事、总经理万鹏先生的书面辞职报告，因 工作变动原因，万鹏先生申请辞去公司副董事长、董事、总经理及董 事会专门委员会等职务，其原定任期至 2027 年 11 月 15 日止。辞职 后，万鹏先生将不在公司及控股子公司担任任何职务。万鹏先生辞职 未导致董事会和审计委员会成员低于法定人数，辞职自送达公司董事 会之日起生效，其辞职不会影响公司的正常运作和生产经营。 截至目前，万鹏先生未直接持有公司股份，亦不存在应履行而未 履行的承诺事项。万鹏先生在任职期间恪尽职守、勤勉尽责，为公司 的规范治理和稳健发展发挥了积极作用。公司董事会对万鹏先生任职 期间做出的贡献表示衷心感谢！ 二、聘任新总经理、提名非独立董事候选人情况 1 | 证券代码：000155 | 证券简称：川能动力 | | 公告编号：2025-069 号 | | --- | --- | --- | --- | | 债券代码：148936 | 债券简称：24 | 川 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report analyzes the lithium carbonate market on December 3, 2025, and predicts that the lithium carbonate futures price will continue to oscillate at a low level in the next one to two weeks. The supply is expanding steadily, the demand is relatively stable, the inventory is being depleted but at a slower pace, and the market is divided, resulting in limited downward space but insufficient upward driving force for the price. The futures price is expected to fluctuate in the range of 90,000 - 96,000 yuan/ton, and investors need to pay attention to the progress of the annual long - term agreement negotiation and inventory changes [3]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary 3.1.1 Carbonate Lithium Futures Market Data Change Analysis - **Main Contract and Basis**: On December 3, 2025, the price of the lithium carbonate main contract dropped slightly to 93,660 yuan/ton, a 3.0% decrease from the previous day, continuing the oscillating downward trend; the basis strengthened significantly to 440 yuan/ton, a 2,900 - yuan increase from the previous day [1]. - **Position and Trading Volume**: The position of the main contract expanded to 562,836 lots, an increase of 10,597 lots from the previous day, indicating increased market participation; the trading volume expanded significantly to 643,323 lots, an increase of 189,033 lots from the previous day, with accelerated capital inflow [1]. 3.1.2 Analysis of Industrial Chain Supply - Demand and Inventory Changes - **Supply Side**: On December 3, 2025, the prices of spodumene concentrate and lepidolite concentrate remained stable at 9,180 yuan/ton and 4,990 yuan/ton respectively. The capacity utilization rate was stable at 75.34%. As of November 28, the Lijiagou lithium mine project of Chuanneng Power had basically reached full production. With the gradual commissioning of new production lines, it is expected that the domestic lithium carbonate output in December will increase by about 3% month - on - month, and the supply side will expand slightly [2]. - **Demand Side**: According to the data of the Passenger Car Association on December 3, 2025, in November, the retail sales of new energy vehicles increased by 7% year - on - year and the wholesale sales increased by 20% year - on - year, with the cumulative sales increasing by 20% - 29% year - on - year, supporting a bright demand expectation in December. The price of lithium hexafluorophosphate increased by 0.59% to 171,000 yuan/ton, the price of ternary materials remained stable, but the price of power - type lithium iron phosphate dropped slightly by 0.04% to 39,485 yuan/ton. The information shows that the cell production schedule is at a high level but slightly declined month - on - month. Downstream material manufacturers are taking a cautious wait - and - see attitude, and the transaction price is concentrated at 93,000 - 94,000 yuan/ton. The annual long - term agreement negotiation focuses on next year's price and procurement volume [2]. - **Inventory and Warehouse Receipts**: On December 3, 2025, the inventory dropped to 115,968 physical tons, a decrease of 2,452 tons from the previous week, continuing the de - stocking trend. It is expected that the de - stocking amplitude in December will slow down, but the overall supply - demand pattern is tight, especially in the energy storage market, which maintains a situation of strong supply and demand [2]. 3.2 Industrial Chain Price Monitoring - On December 3, 2025, the price of the lithium carbonate main contract was 93,660 yuan/ton, a 3.0% decrease from the previous day; the basis was 440 yuan/ton, a 117.89% increase from the previous day; the position of the main contract was 562,836 lots, a 1.92% increase from the previous day; the trading volume of the main contract was 643,323 lots, a 41.61% increase from the previous day. The market price of battery - grade lithium carbonate remained stable at 94,100 yuan/ton, the prices of spodumene concentrate and lepidolite concentrate remained stable, the price of lithium hexafluorophosphate increased by 0.59%, the price of power - type ternary materials remained stable, and the price of power - type lithium iron phosphate dropped slightly by 0.04% [5]. - From November 21 to November 28, 2025, the capacity utilization rate of lithium carbonate remained stable at 75.34%, the inventory of lithium carbonate decreased by 2.07% to 115,968 physical tons, the price of 523 cylindrical ternary cells increased by 2.37%, the price of 523 square ternary cells remained stable, the price of 523 soft - pack ternary cells remained stable, the price of square lithium iron phosphate cells remained stable, and the price of cobalt - acid lithium cells increased by 1.34% [5]. 3.3 Industry Dynamics and Interpretation 3.3.1 Spot Market Quotation - On December 3, 2025, the SMM battery - grade lithium carbonate index price was 94,719 yuan/ton, a 145 - yuan decrease from the previous working day; the price of battery - grade lithium carbonate was 92,500 - 96,200 yuan/ton, with an average price of 94,350 yuan/ton, a 50 - yuan decrease from the previous working day; the price of industrial - grade lithium carbonate was 91,000 - 92,800 yuan/ton, with an average price of 91,900 yuan/ton, a 50 - yuan decrease from the previous working day. The lithium carbonate futures price oscillated downward, with the main contract in the range of 92,500 - 97,600 yuan/ton and a closing price of 93,700 yuan/ton. Affected by the news, the futures price on the disk dropped to 92,500 yuan/ton. Downstream material manufacturers are taking a cautious wait - and - see attitude, and the actual market transaction price is mostly concentrated at 93,000 - 94,000 yuan/ton. The annual long - term agreement negotiation between upstream and downstream enterprises is still ongoing, with the focus of the game on next year's price coefficient and procurement volume. On the supply side, with the gradual commissioning of some new production lines and the pull of downstream demand on production, it is expected that the domestic lithium carbonate output in December will continue to grow, with a month - on - month increase of about 3%. In terms of demand, the sales volume of new energy vehicles in December is expected to be still bright; the energy storage market continues the situation of strong supply and demand, and the supply - tight pattern remains. The production schedules of cells and cathode materials are expected to remain at a high level in December, with a slight month - on - month decline. In general, against the background of steadily increasing supply and relatively stable overall demand, it is expected that lithium carbonate will continue to be de - stocked in December, but the amplitude will be smaller than that in November [6]. 3.3.2 Downstream Consumption Situation - According to the data of the Passenger Car Association on December 3, 2025, from November 1 to 30, the retail sales of new energy vehicles in the national passenger car market were 1.354 million, a 7% year - on - year increase and a 6% month - on - month increase. The cumulative retail sales this year were 11.504 million, a 20% year - on - year increase; from November 1 to 30, the wholesale sales of new energy vehicles by national passenger car manufacturers were 1.72 million, a 20% year - on - year increase and a 7% month - on - month increase. The cumulative wholesale sales this year were 13.777 million, a 29% year - on - year increase [6]. 3.3.3 Industry News - On November 28, 2025, Chuanneng Power (000155) mentioned in an institutional research that in terms of lithium batteries, the company holds the mining right of the Lijiagou lithium mine, with a proven ore resource reserve of 38.812 million tons, an average grade of 1.30%, a production scale of 1.05 million tons of raw ore per year, and an annual output of about 180,000 tons of concentrate. The project basically reached the designed production capacity at the end of August 2025 [8]. 3.4 Industrial Chain Data Charts The report provides multiple data charts, including the main contract and basis of lithium carbonate futures, the prices of battery - grade and industrial - grade lithium carbonate, the price of lithium concentrate, the prices of lithium hexafluorophosphate and electrolyte, the price of ternary precursor, the price of ternary materials, the price of lithium iron phosphate, the capacity utilization rate of lithium carbonate, the inventory of lithium carbonate, and the selling price of cells, with data sources from iFinD, SMM, Shanghai Steel Union, and the R & D Department of Tonghui Futures [9][12][14][16][17][18][21][23].

Core Viewpoint - Chuaneng Power's stock price has experienced fluctuations, with a recent decline of 2.08%, and the company has seen a net outflow of funds, indicating potential investor concerns about its performance [1]. Financial Performance - For the period from January to September 2025, Chuaneng Power reported a revenue of 2.095 billion yuan, a year-on-year decrease of 7.98%, and a net profit attributable to shareholders of 347 million yuan, down 44.83% compared to the previous year [2]. - The company has distributed a total of 1.153 billion yuan in dividends since its A-share listing, with 609 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Chuaneng Power was 111,500, a decrease of 6.34% from the previous period, while the average circulating shares per person increased by 6.77% to 16,554 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the ninth largest shareholder with 18.6421 million shares, marking a new entry, and Southern CSI 500 ETF as the tenth largest shareholder with 16.0806 million shares, which saw a reduction of 356,300 shares from the previous period [3]. Business Overview - Chuaneng Power, established on October 20, 1997, and listed on September 26, 2000, is primarily engaged in renewable energy generation, including wind power (50.70% of revenue), environmental protection (34.63%), and lithium battery storage (14.67%) [1]. - The company operates in the public utility sector, specifically in electricity and wind power generation, and is involved in lithium battery, waste power generation, lithium extraction from salt lakes, and energy conservation and environmental protection sectors [1].