Group 1: Coal Procurement and Pricing Strategy - In 2025, the company's long-term coal contract signing coverage rate exceeds 80% [2] - The main sources for coal procurement are Shanxi, Shaanxi, Inner Mongolia, and local Hebei [2] - The company will continue to implement the national development and reform commission's policies, focusing on long-term coal procurement while monitoring market coal price changes to reduce costs [2] Group 2: Electricity Pricing and Revenue - The capacity electricity price in Hebei province is currently set at 100 RMB per kilowatt annually, with monthly settlements based on maximum output [4] - The company has received capacity electricity fees monthly for 2024 [4] Group 3: Market Trading and Heat Recovery - The national pilot for spot trading has been initiated with two batches, and Hebei's spot trading is progressing rapidly [5] - The company is actively preparing for new trading models and has conducted three trial runs for spot settlement in 2024 [5] - Heat fee recovery is generally timely, and the company is advocating for an increase in heating prices to alleviate operational pressure [6] Group 4: Future Project Development - The company is developing several power projects, including the 2×66 MW project at Xibaipo Power Plant and the 2×35 MW project at Renqiu Thermal Power, both expected to be operational by 2026 [7] - The company is also increasing investment in offshore wind projects, including two 250 MW projects in Tangshan [8] Group 5: Dividend Policy - The company has a stable profit distribution policy, ensuring that cash dividends are no less than 30% of the distributable profits each year [8] - Future efforts will focus on enhancing investor returns while balancing short-term and long-term interests [8]

Summary of Conference Call Records Company and Industry Involved - The discussion primarily revolves around the electricity and coal industry in China, specifically focusing on the electricity pricing and coal procurement strategies of a power generation company operating in the Hebei region. Key Points and Arguments Electricity Pricing - The market's primary concern is the electricity pricing, particularly in Hebei, with expectations for the 2025 electricity price being a focal point of discussion [1][2][3] - The electricity price in Guangdong has seen a significant drop, with a decrease of approximately 13% from a baseline of 0.45 yuan to 0.31 yuan [2][3] - Jiangsu's electricity price has increased slightly by about 5%, indicating a more stable pricing environment compared to Guangdong [2][3] - The overall trading volume for long-term electricity contracts in Hebei is expected to remain stable, around 600 billion yuan, similar to the previous year [2][3] Coal Procurement Strategies - The company emphasizes the importance of long-term coal contracts, aiming for a procurement strategy that adheres to national policies, with a target of 80% long-term coal contracts [12][13] - Current coal prices have dropped significantly, with reports indicating that prices have fallen below the long-term contract price of 770 yuan per ton [12][13] - The company is strategically positioned to benefit from its partnerships with major energy groups, which provide a stable supply of coal and enhance its competitive edge in the market [13][14] Market Dynamics and Challenges - There is a notable difference in performance between northern and southern power plants, with northern plants generally faring better despite high utilization hours [4][5] - The southern market, particularly Guangdong, is experiencing severe price fluctuations and instability, leading to concerns about irrational pricing behaviors among power generation companies [10][11] - The company acknowledges the challenges posed by fluctuating coal prices and the need for careful management of procurement strategies to mitigate risks associated with market volatility [12][13] Future Outlook - The company plans to expand its capacity with the addition of new power generation units, which are expected to come online by the end of 2026, contributing to its overall growth strategy [13][14] - The focus on renewable energy sources is also highlighted, with ongoing projects in offshore wind energy expected to contribute positively to the company's profitability [13][14] Other Important but Overlooked Content - The discussion reflects a broader concern about the sustainability of pricing strategies in the electricity market, with calls for regulatory oversight to prevent irrational pricing behaviors that could jeopardize the stability of the power generation sector [10][11] - The company’s commitment to environmental standards and near-zero emissions is emphasized, showcasing its alignment with national energy policies and sustainability goals [12][13] This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the company's strategies, market conditions, and future outlook within the electricity and coal industry in China.

河北建投能源投资股份有限公司 董 事 会 2024 年 12 月 26 日 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。 河北建投能源投资股份有限公司（以下简称"公司"）第十届董事会 第十四次临时会议和 2024 年第三次临时股东大会审议通过了关于向控 股股东河北建设投资集团有限责任公司（以下简称"河北建投集团"）购 买其持有的秦皇岛发电有限责任公司（以下简称"秦电公司"）50%股权 事项。本次交易事项具体情况详见公司于 2024 年 9 月 28 日披露的《关 于向控股股东购买秦皇岛发电有限责任公司 50%股权暨关联交易的公 告》。公司与河北建投集团已于 2024 年 10 月 21 日签署了《股权转让协 议》，12 月 23 日支付了本次股权转让价款。近日，本次股权转让事项的 工商变更登记手续已完成，秦电公司成为公司的参股公司。 特此公告。 1 | 证券代码：000600 | 证券简称：建投能源 | 公告编号：2024-88 | | --- | --- | --- | | 证券代码：149516 | 证券简称：21建能01 | | | 证券代码：14974 ...

| 证券代码：000600 | 证券简称：建投能源 | 公告编号：2024-86 | | --- | --- | --- | | 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 第十届董事会第十六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 （二）以 9 票同意、0 票反对、0 票弃权的表决结果，通过《关于 2024 年度工资总额预算方案的议案》。 三、备查文件 河北建投能源投资股份有限公司第十届董事会第十六次临时会议决 议。 1 河北建投能源投资股份有限公司 河北建投能源投资股份有限公司董事会于 2024 年 12 月 17 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十六次临 时会议的通知。本次会议于 2024 年 12 月 20 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。 ...

| 证券代码：000600 | 证券简称：建投能源 | 公告编号：2024-87 | | --- | --- | --- | | 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 关于资产支持专项计划（类 REITs）项目完成的公告 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、资产支持专项计划（类 REITs）项目概述 河北建投能源投资股份有限公司（简称"本公司"或"建投能源"） 于 2024 年 9 月 27 日以通讯方式召开第十届董事会第十四次临时会议， 并于 2024 年 10 月 14 日召开 2024 年第三次临时股东大会，审议通过了 《关于发行并表类 REITs 项目的议案》，同意本公司以下属建投承德热电 有限责任公司和河北建投任丘热电有限责任公司持有并运营的两处热电 项目作为底层资产，开展交易所并表类 REITs 项目（简称"类 REITs 项 目"）的申报发行工作。 二、资产支持专项计划（类 REITs）项目的完成情况 （一）发行情况 ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 6.41 [1][4][7] Core Views - The company is expected to benefit from peak demand for thermal power, with its controlled and joint-venture power plants in Hebei set to expand their operational capacity [1][3] - Hebei's electricity consumption from January to October 2024 increased by 5.79% year-on-year, indicating a growing demand for power generation [3] - The company is projected to see a continuous increase in power generation due to its significant share in the Hebei power grid, which is crucial for meeting regional electricity needs [3][4] Summary by Sections Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at RMB 6.41, reflecting a positive outlook based on projected earnings growth [1][4][7] Operational Expansion - The company has sufficient incremental capacity in thermal power, with a coal-fired installed capacity of 10.45 million kilowatts as of June 2024 [2] - Several projects, including the second phase of Renqiu Thermal Power and the fourth phase of Xibaipo Power Plant, are under construction and expected to be operational by 2026 [2] Demand and Generation Growth - The peak demand for thermal power is expected to be pronounced, with the maximum load demand for Hebei's southern grid projected to increase by 2.2% to 4.3% year-on-year in winter 2024 [3] - The company's thermal power generation from January to October 2024 increased by 2.21% year-on-year, with average utilization hours also rising by 1.87% [3] - The company holds a significant share of 24.35% and 24.55% in the southern and northern Hebei grids, respectively, which supports its growth in power generation [3] Financial Projections - The company’s net profit attributable to shareholders is forecasted to grow significantly, with expected figures of RMB 556.82 million, RMB 715.05 million, and RMB 815.48 million for 2024, 2025, and 2026, respectively [4][10] - The projected growth rates for net profit are +233%, +28%, and +14% for the respective years [4][10]

Group 1: Bond Issuance Overview - The issuer, Hebei Construction Investment Energy Co., Ltd., is authorized to issue bonds up to 2.5 billion RMB [5] - The bond name is "21 Jian Neng 02" with a code of 149743.SZ, and the issuance scale is 1 billion RMB [5] - The bond has a fixed annual interest rate of 3.17% and a maturity period of 5 years [6] Group 2: Bond Redemption and Resale - Bondholders registered a total of 445 million RMB for redemption from November 18 to November 22, 2024 [8] - The issuer plans to resell the redeemed bonds from December 17, 2024, to January 14, 2025, with a maximum of 4.45 million bonds available for resale [9] Group 3: Risk Management and Compliance - The bond redemption and resale arrangements comply with relevant regulations and the bond prospectus [10] - The trustee, Ping An Securities, will monitor the repayment of principal and interest and adhere to the trustee management guidelines [10]

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。 根据《河北建投能源投资股份有限公司 2021 年面向专业投资者公开 发行公司债券(第二期)募集说明书》的约定,"21 建能 02"的债券持 有人在回售登记期内(2024年11月18日至2024年11月22日)选择 将其所持有的"21 建能 02"全部或部分回售给河北建投能源投资股份有 限公司(以下简称"公司"或"发行人"),回售价格为100元/张〈不 含利息），回售资金兑付日为 2024 年 12 月 16 日（因 2024 年 12 月 15 日为休息日,故顺延至其后的第1个交易日),本次回售资金已足额划 转至中国证券登记结算有限责任公司深圳分公司(以下简称"登记公司")。 河北建投能源投资股份有限公司 关于"21建能02"债券持有人回售结果的公告 | 证券代码:000600 | 证券简称:建投能源 | | --- | --- | | 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 | 根据登记公司提供的数据,"21 建能 02"本次回售登记期有效 ...

Group 1: Market and Trading Insights - The national pilot for spot trading has been launched in two batches, with the first batch consisting of 8 pilots and the second batch of 6 pilots [1] - As of October 12, 2023, the Hebei southern grid has made significant progress, having conducted three trial runs for spot settlement in 2024 [1] - The company is currently in the调电试运行 phase and is preparing for new trading models [1] Group 2: Coal Supply and Pricing - The company's main sources for coal procurement are Shanxi, Shaanxi, Inner Mongolia, and local Hebei, with no use of port coal [1] - In 2024, the company's long-term contract coal coverage is expected to exceed 80% [1] - The demand in northern regions has increased due to the heating season, leading to a seasonal rise in civil demand and a corresponding increase in coal consumption by power enterprises [4] Group 3: Power Project Development - The company is developing several power projects, including the Xibaipo Power Plant Phase IV (2 × 66 MW) and Renqiu Thermal Power Phase II (2 × 35 MW), both expected to be operational by 2026 [4] - The company has operational photovoltaic projects with a capacity of 30.6 MW, ongoing projects of 90 MW, and reserved projects totaling 216 MW [4] - The company is also increasing investment in offshore wind projects, specifically the Tangshan Jianfeng Island (250 MW) and Shunhuan (250 MW) projects [4] Group 4: Nuclear Power and Dividend Policy - The company is involved in the Cangzhou Haixing Nuclear Power Project, which plans to construct 6 units of 1 million kW nuclear power generators, currently in the early stages of development [4] - The company has a stable profit distribution policy, with a commitment to distribute at least 30% of the distributable profits as cash dividends each year [4] - For the 2023 fiscal year, the proposed cash dividend is 0.80 yuan per share, totaling a profit distribution of 145 million yuan, which represents 86.67% of the net profit [6]

2、投资者回售选择权：根据《募集说明书》设定的投资者回售选择 权，投资者有权选择在投资者回售登记期内进行登记，将持有的本期债 券按面值全部或部分回售给发行人，或选择继续持有本期债券。 3、投资者选择将持有的本期债券全部或部分回售给发行人的，须于 回售登记期内登记；若投资者未作登记，则视为继续持有债券。 4、回售价格：人民币 100 元/张（不含利息）。投资者选择回售等同 于以人民币 100 元/张（不含利息）卖出持有的本期债券。投资者选择回 售可能会带来损失，敬请投资者注意风险。 5、回售登记期：2024 年 11 月 18 日至 2024 年 11 月 22 日（仅限交 易日）。 6、回售资金到账日：2024 年 12 月 16 日（因 2024 年 12 月 15 日为 休息日，故顺延至其后的第 1 个交易日）。 | 证券代码：000600 | 证券简称：建投能源 | | | 公告编号：2024-81 | | --- | --- | --- | --- | --- | | 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 | ...