| 证券代码：000600 | 证券简称：建投能源 | 公告编号：2025-77 | | --- | --- | --- | | 证券代码：149516 | 证券简称：21建能01 | | | 证券代码：149743 | 证券简称：21建能02 | | 河北建投能源投资股份有限公司 2025年前三季度分红派息实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 2、自分配方案披露至实施期间，公司完成对 2023 年限制性股票激 励计划部分限制性股票的回购注销工作，公司总股本由 1,809,299,376 股变更为 1,803,234,376 股。 3、本次实施的分配方案与股东大会审议通过的分配方案是一致的， 每股分配金额不变。 4、本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的利润分配方案 1、发放年度、发放范围 本次分配方案发放年度为 2025 年前第三季度，发放范围为全体股 东。 2、含税及扣税情况 一、股东大会审议通过利润分配方案情况 1、河北建投能源投资股份有限公司（以下简称"公司"）2025 年 前三季度利润分配方案已获 ...

Core Viewpoint - The company, Jiantou Energy, announced the approval of the 2024 annual salary total settlement results during its 24th temporary meeting of the 10th board of directors [2] Group 1 - The board of directors approved the proposal regarding the salary total settlement for the year 2024 [2]

Group 1 - The core point of the article is that JianTou Energy announced the results of its 2024 annual salary total clearance at a board meeting held on December 25, 2025 [1] - JianTou Energy's revenue composition for the first half of 2025 is as follows: thermal power generation accounts for 90.99%, residential heating for 6.11%, hotel industry for 1.33%, photovoltaic power generation for 0.86%, and others for 0.43% [1] - As of the report date, JianTou Energy has a market capitalization of 15.8 billion yuan [1]

| 证券代码：000600 | 证券简称：建投能源 | 公告编号：2025-76 | | --- | --- | --- | | 证券代码：149516 | 证券简称：21建能01 | | | 证券代码：149743 | 证券简称：21建能02 | | 河北建投能源投资股份有限公司 第十届董事会第二十四次临时会议决议公告 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 河北建投能源投资股份有限公司董事会于 2025 年 12 月 22 日分别以 送达和电子邮件的方式向全体董事发出召开第十届董事会第二十四次临 时会议的通知。本次会议于 2025 年 12 月 25 日以通讯方式召开。公司本 届董事会现有董事 9 人，全部参与表决。 本次会议的通知、召开、表决程序符合有关法律、行政法规、部门 规章、规范性文件和公司章程的规定。 二、董事会会议审议情况 （一）以 9 票同意、0 票反对、0 票弃权的表决结果，通过《关于 2024 年度工资总额清算结果的议案》。 （二）以 9 票同意、0 票反对、0 票弃权的表决结果，通过《关于 2025 年度工 ...

Investment Rating - The report maintains a "Positive" outlook for the utility sector [4] Core Views - The growth rate of electricity generation is slowing down, while coal prices continue to decline [2] - The utility sector is seen as a defensive asset with low valuations, making it attractive for investment [7] - The report emphasizes the need for further market-oriented pricing reforms to support the integration of renewable energy [7] Summary by Sections Electricity Generation - In November 2025, the electricity generation of large-scale power plants increased by 2.7% year-on-year, but the growth rate decreased by 5.2 percentage points compared to October 2025 [10] - The growth of renewable energy generation significantly improved, with wind power increasing by 22.0% and solar power by 23.4% year-on-year [10] - The report notes that the growth of hydropower decreased but remained high, while thermal power generation turned negative with a decline of 4.2% [10] Coal Prices - Port coal prices have been declining, with the Qinhuangdao port's Q5500 coal price at 703 RMB/ton, down 5.6% week-on-week [16] - The report indicates that high coal inventories and low demand from downstream power plants are contributing to the price drop [7] - The report anticipates that the decline in spot coal prices may gradually narrow due to improved acceptance from power plants [7] Investment Recommendations - The report suggests focusing on utility stocks, particularly in thermal power, hydropower, and nuclear power sectors, highlighting specific companies such as Huadian International and China General Nuclear Power [7] - It recommends investing in high-quality hydropower companies due to their low cost per kilowatt-hour and stable business models [7] - The report also notes the potential for growth in wind and solar sectors under carbon neutrality expectations [7] Market Performance - The utility sector index fell by 0.6%, underperforming the CSI 300 index by 0.3 percentage points [41] - Among sub-sectors, hydropower, thermal power, and wind power saw declines, while solar power showed a slight increase of 0.9% [43]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4] Core Views - The increase in coal power capacity price compensation in Yunnan province is expected to accelerate the development of provincial capacity pricing policies across various regions [7] - The decline in port coal prices and high inventory levels are influencing market dynamics, with expectations of a gradual narrowing of price declines in the future [7] - The utility sector is viewed as a defensive asset, with low-priced utility assets becoming increasingly attractive for investors [7] - The report emphasizes the need for further market-oriented pricing reforms to support the evolving power system as renewable energy consumption increases [7] Summary by Sections Investment Suggestions and Targets - The report expresses optimism for the utility sector, highlighting the advantages of dividend assets in a low-interest-rate environment [7] - Specific stock recommendations include Huadian International (600027), Guodian Power (600795), Huaneng International (600011), Anhui Energy (000543), and Jiantou Energy (000600) for thermal power [7] - For hydropower, it suggests focusing on quality large hydropower companies such as Yangtze Power (600900) and Sichuan Investment Energy (600674) [7] - Nuclear power is noted for its long-term growth certainty, with China General Nuclear Power (003816) recommended [7] - Wind and solar sectors are expected to see growth, with a focus on companies with high wind power ratios [7] Industry Dynamics - Yunnan province's coal power capacity price compensation has increased to 100% of fixed costs, which is expected to alleviate operational pressures on coal power plants [7] - Port coal prices have continued to decline, with the Qinhuangdao port price for Shanxi Q5500 coal at 745 RMB/ton, reflecting a week-on-week decrease of 5.1% [13] - The report notes that coal inventory levels are high, with Qinhuangdao port coal inventory at 7.22 million tons, a week-on-week increase of 1.5% [21] - The average electricity price in Guangdong has decreased by 13.0% year-on-year, while Shanxi has seen a significant drop of 57.9% [10] Hydrology and Water Levels - The Three Gorges Reservoir's water level is currently at 172 meters, showing a year-on-year increase of 2.7% [29] - The average inflow to the Three Gorges Reservoir has decreased by 2.4% year-on-year, while the outflow has increased by 93% since Q4 2025 [29]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4]. Core Insights - Coal prices are rapidly declining, and the enthusiasm for wind power development is higher than that for photovoltaic (PV) projects [2][7]. - The utility sector is expected to continue to be a valuable dividend asset, with low-priced utility assets worth attention [7]. - The report suggests that the profitability of the thermal power industry is expected to continue to grow, with improved commercial models [7]. Summary by Sections Coal Market - Coal prices have decreased across the board, with the Qinhuangdao port Shanxi Q5500 thermal coal price at 785 RMB/ton as of December 5, 2025, down 31 RMB/ton (3.8%) week-on-week [7][13]. - Coal inventories at ports and power plants are rising, leading to increased pressure on coal traders to lower prices [7][23]. Renewable Energy - The report anticipates a slowdown in new PV installations in 2026, while wind power investment enthusiasm is expected to be stronger due to higher project profitability [7]. - The report highlights that the current stage of wind power projects has higher returns compared to PV, leading to greater investment interest in wind energy [7]. Utility Sector Performance - The utility sector index rose by 0.1% but underperformed compared to the CSI 300 index, which increased by 1.3% [38]. - The report indicates that the utility sector is still a favorable long-term investment option, particularly in a low-interest-rate environment [7]. Investment Recommendations - The report recommends several stocks within the thermal power sector, including Huadian International, Guodian Power, and Huaneng International, among others [7]. - For hydropower, it suggests focusing on high-quality river basin projects, with specific stocks mentioned [7]. - The report also notes the long-term growth certainty in nuclear power and suggests companies like China General Nuclear Power [7].

Core Viewpoint - The company, Hebei Construction Investment Energy Co., Ltd., is in the process of responding to an inquiry from the Shenzhen Stock Exchange regarding its application for a specific stock issuance, which is subject to further regulatory approval [1][2]. Group 1 - The company received an inquiry letter from the Shenzhen Stock Exchange on November 13, 2025, regarding its application for a specific stock issuance [1]. - The company, along with relevant intermediaries, will respond to the questions listed in the inquiry letter and update the application documents accordingly [2]. - The issuance of stocks to specific targets requires approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission before implementation [2].

| 证券代码：000600 | 证券简称：建投能源 | | | 公告编号：2025-74 | | --- | --- | --- | --- | --- | | 证券代码：149516 | 证券简称：21 | 建能 | 01 | | | | | | 02 | | | 证券代码：149743 | 证券简称：21 | 建能 | | | 河北建投能源投资股份有限公司 关于向特定对象发行股票的审核问询函回复 及募集说明书等申请文件修订的提示性公告 注意投资风险。 特此公告 河北建投能源投资股份有限公司 董 事 会 2025 年 12 月 2 日 2 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 河北建投能源投资股份有限公司（以下简称"公司"）于 2025 年 11 月 13 日收到深圳证券交易所（以下简称"深交所"）出具的《关于河北 建投能源投资股份有限公司申请向特定对象发行股票的审核问询函》（审 核函〔2025〕120053 号）（以下简称《审核问询函》），深交所上市审核 中心对公司向特定对象发行股票的申请文件进行了审核，并形成了审核 问询问题。 公司收到《审核问 ...

河北建投能源投资股份有限公司 向特定对象发行股票募集说明书 （修订稿） 保荐人（主承销商） 北京市朝阳区安立路 66 号 4 号楼 二〇二五年十二月 股票代码：000600 股票简称：建投能源 河北建投能源投资股份有限公司 向特定对象发行股票募集说明书（申报稿） 声 明 本公司及全体董事、审计与风险管理委员会成员、高级管理人员承诺募集 说明书及其他信息披露资料不存在任何虚假记载、误导性陈述或重大遗漏，并 对其真实性、准确性及完整性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财 务会计资料真实、准确、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与 之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资 风险。 投资者若对本募集说明 ...