中信建投证券股份有限公司 关于 保荐人 二〇二五年十二月 保荐人出具的上市保荐书 保荐人及保荐代表人声明 中信建投证券股份有限公司及本项目保荐代表人李祖业、毕厚厚已根据《中 华人民共和国公司法》《中华人民共和国证券法》等法律法规和中国证监会及深 圳证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则 和行业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 3-3-1 河北建投能源投资股份有限公司 向特定对象发行股票 之 上市保荐书 | 释 义 3 | | --- | | 一、发行人基本情况 5 | | 二、发行人本次发行情况 11 | | 三、本次证券发行上市的保荐代表人、协办人及项目组其他成员情况、联系地址、 | | 电话和其他通讯方式 14 | | 四、关于保荐人是否存在可能影响公正履行保荐职责情形的说明 16 | | 五、保荐人按照有关规定应当承诺的事项 17 | | 六、保荐人关于上市公司是否已就本次证券发行上市履行了《公司法》《证券法》 | | 和中国证监会及深圳证券交易所规定的决策程序的说明 18 | | 七、保荐人关于发行人是否符合国家产业政策所作出的专业判断以及相应理 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Views - The National Development and Reform Commission has introduced new pricing regulations for power transmission and distribution, which will promote the development of green electricity. The new regulations focus on local consumption and cross-province transmission, facilitating the utilization of renewable energy and enhancing the efficiency of power grid companies [2][13] - The exploration of a two-part or capacity-based pricing system for cross-province and cross-region projects will stabilize the revenue from clean energy transmission and improve the utilization rate of high-voltage channels [3][14] - Multiple provinces are rolling out market-oriented trading plans for 2026, which will accelerate the transformation of the electricity market by mandating a high proportion of long-term contracts and ensuring that coal-fired power trading prices fluctuate within a specified range [8][10] Summary by Sections Industry Overview - The report highlights the positive impact of new transmission and distribution pricing regulations on renewable energy consumption and the introduction of market-oriented trading plans for 2026 [2][8] Market Performance - The Shanghai Composite Index closed at 3,888.6 points, up 1.4%, while the CSI 300 Index rose 1.64% to 4,526.66 points. The CITIC Power and Utilities Index increased by 0.88%, underperforming the CSI 300 by 0.76 percentage points [63][64] Key Investment Opportunities - The report recommends focusing on flexible resources such as thermal power and investment opportunities in energy storage and virtual power plants. Specific stocks highlighted include Huaneng International, Huadian International, and China Nuclear Power [8][9]

Core Points - The temporary shareholders' meeting of Hebei Construction Investment Energy Co., Ltd. was held on November 25, 2025, with a total of 283 shareholders and representatives present, representing 1,213,665,779 shares, which is 67.3049% of the total voting shares [3] - The meeting approved several key resolutions, including the change of the company's English name, the cancellation of the supervisory board, and the amendment of the company's articles of association [4][5] - The profit distribution plan for the first three quarters of 2025 was also approved, with 99.9909% of the voting rights in favor [5] - The proposal for the issuance of medium-term notes and public bonds received overwhelming support, with approval rates of 99.8997% and 99.9002% respectively [6][7] Meeting Details - The meeting was convened in accordance with relevant laws and regulations, and the presence of legal representatives ensured the legitimacy of the proceedings [3][8] - The voting results showed a strong majority in favor of all proposals, indicating shareholder confidence in the company's direction [4][5][6] Legal Opinions - The legal representatives confirmed that the meeting's procedures complied with the Company Law and the company's articles of association, validating the resolutions passed during the meeting [8]

Core Viewpoint - The National Power Investment Corporation (国家电投) is accelerating capital operations through significant asset restructuring and IPOs of renewable energy assets, reflecting a trend towards asset securitization among state-owned enterprises [1][2][9]. Group 1: Asset Restructuring - Electric Power Investment Energy (电投能源) plans to acquire 100% equity of Baiyinhua Coal Power Co., Ltd. for 11.15 billion yuan, maintaining its core business focus [2]. - Electric Power Investment Capital Integration (电投产融) is revising its asset restructuring plan to acquire 100% equity of Electric Power Investment Nuclear (电投核能) for 55.39 billion yuan, while divesting its stake in the Capital Holding Company [2]. - Far East Environmental (远达环保) has completed acquisitions of 100% equity in Wuling Power Co., Ltd. and 64.93% in Guangxi Changzhou Hydropower Development Co., Ltd., expanding its business into hydropower and integrated renewable energy operations [4]. Group 2: IPOs of Renewable Energy Assets - Huadian New Energy (华电新能) raised 18 billion yuan through its IPO, with a total installed capacity of 82.14 million kilowatts, focusing on wind and solar power [6][7]. - China Resources New Energy (华润新能源) plans to raise 24.5 billion yuan through its IPO, with a focus on wind and solar power generation [6]. - China Electric Power Construction New Energy (电建新能) is also pursuing an IPO, aiming to raise 9 billion yuan, with a total installed capacity of 21.25 million kilowatts [7]. Group 3: Strategic Implications - The restructuring and IPO activities are part of a broader strategy to enhance the quality of state-owned enterprises and optimize asset structures, moving from traditional financing to strategic asset management [5][10]. - Analysts suggest that separating renewable energy assets into independent platforms can improve market valuation and attract investment due to their growth potential and alignment with national policies [8][11]. - The focus on renewable energy aligns with national goals for green transformation and carbon neutrality, making these assets more appealing to investors [8][11].

董事会议事规则 （1998 年 3 月 29 日第二届董事会第二次会议制订，2002 年 6 月 28 日 2002 年第二次临时股东大会第一次修订，2007 年 9 月 19 日 2007 年第一次临时股东大会第二次修订、2008 年 12 月 12 日 2008 年第二 次临时股东大会第三次修订，2022 年 9 月 9 日 2022 年第三次临时股 东大会第四次修订，2023 年 12 月 14 日 2023 年第四次临时股东大会 第五次修订，2025 年 11 月 25 日 2025 年第五次临时股东大会第六次 修订） | | | | | 第一章 总则 . | | --- | --- | | 第二章 | 董事 | | 第三章 | 董事会的组成和职权 | | 第四章 | 董事会工作机构 . | | 第五章 | 董事长 . | | 第六章 | 董事会秘书 | | 第七章 | 议事规则和会议程序 15 | | | 第一节 董事会会议召开程序 | | 第二节 | 董事会会议表决程序 | | 第三节 | 董事会会议记录、信息披露和档案管理 19 | | 第四节 | 董事会其它工作程序 . | | 第八章 | 董 ...

公 司 章 程 （经 2025 年 11 月 25 日召开 2025 年第五次临时股东大会审议通过） | | | | | | 河北建投能源投资股份有限公司章程 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，全面贯彻落实"两个一以贯之"重要要求，坚持和加强党的全面领导，完 善公司法人治理结构，建设中国特色现代企业制度，根据《中华人民共和国公司 法》（以下简称《公司法》）《中华人民共和国证券法》（以下简称《证券法》） 《中华人民共和国企业国有资产法》《企业国有资产监督管理暂行条例》等法律、 行政法规、规章和规范性文件，制定本章程。 第二条 河北建投能源投资股份有限公司（以下简称"公司"）系依照《股 份有限公司规范意见》和其他有关规定成立的股份有限公司。 公司经河北省经济体制改革委员会"冀体改委股字[1993]59 号"文及"冀体 改委股字[1993]61 号"文批准，以定向募集方式设立；在河北省石家庄市工商行 政管理局注册登记，取得法人营业执照。 《公司法》实施后，公司已按照有关规定，对照《公司法》进行了规范，并 依法在河北省工商行政管理局履行了重新登记手续。公司统一社会 ...

（2002 年 6 月 28 日 2002 年第二次临时股东大会制订，2006 年 4 月 18 日 2005 年度股东大会第一次修订、2017 年 7 月 18 日 2017 年第一次临时股东 大会第二次修订、2022 年 9 月 9 日 2022 年第三次临时股东大会第三次修 订、2025 年 11 月 25 日 2025 年第五次临时股东大会第四次修订） | | | 河北建投能源投资股份有限公司股东会议事规则 第一章 总则 第一条 为规范河北建投能源投资股份有限公司（以下简称"公司"） 行为，保证公司股东会依法行使职权，根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、 《上市公司章程指引》、《上市公司股东会规则》等法律、法规、规范性 文件和公司章程的规定，制定本规则。 股东会议事规则 （五）审计与风险管理委员会提议召开时； （六）法律、行政法规、部门规章或公司章程规定的其他情形。 前述第（三）项持股股数按股东提出书面要求日计算。 第二条 公司应当严格按照法律、行政法规、本规则及公司章程的 相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当 ...

| 证券代码：000600 | 证券简称：建投能源 | | | 公告编号：2025-73 | | --- | --- | --- | --- | --- | | 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 二○二五年第五次临时股东大会决议公告 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。 特别提示 一、会议召开和出席情况 河北建投能源投资股份有限公司二○二五年第五次临时股东大会于 2025 年 11 月 25 日以现场会议和网络投票相结合的方式召开。本次股东 大会由公司董事会召集。现场会议由公司董事长秦刚先生主持。本次股 东大会的召集、召开符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的规定。 出席本次股东大会的股东及授权代表283名，代表股份1,213,665,779 股，占公司有表决权股份总数的 67.3049%，其中：出席现场会议的股东 及授权委托代表 1 名，代表股份 1,175,905,950 股，占公 ...

國浩律師(石家莊)事務所 RANDALL LAW FIRM (SHIJIAZHUANG) 1 / 5 杭州 广州 昆明 天津 成都 宁波 福州 两安 南京 南宁 济南 重庆 苏州 长沙 太原 武汉 贵阳 乌鲁木齐 郑州 石家庄 香港 巴黎 马德 中国河北省石家庄市中山西路 108 号华润大厦 B 座 18 层 邮编: 05000 18 Floors, Block B, Huarun Building, 108 Zhongshan West Road, Shijiazhuang City, Hebei Province, China 电话/Tel: + 86 0311 85288350 传真/Fax: + 86 0311 85288321 网址/Website:http://www.grandall.com.cn 国浩律师(石家庄)事务所 关于河北建投能源投资股份有限公司 二〇二五年第五次临时股东大会的法律意见书 致:河北建投能源投资股份有限公司(简称"贵公司") 国浩律师(石家庄)事务所(简称"本所")接受贵公司的委托,指派敬 晓丹律师和王炳鑫律师参加了贵公司二〇二五年第五次临时股东大会,并 进行了见证工作。 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries based on their performance and market conditions [2]. Core Insights - The report highlights a significant increase in electricity consumption in October, with a year-on-year growth of 10.4%, driven primarily by the tertiary sector and residential usage [5][10]. - Natural gas prices exhibit mixed trends globally, with U.S. prices rising while European prices are stabilizing [22][30]. - The report provides specific investment recommendations across various segments, including hydropower, green energy, nuclear power, thermal power, and gas [20][21]. Summary by Sections 1. Electricity Sector - In October, total electricity consumption reached 857.2 billion kWh, marking a 10.4% increase year-on-year. The first, second, and third industries, along with residential consumption, saw growth rates of 13.2%, 6.2%, 17.1%, and 23.9%, respectively [12][10]. - The tertiary sector's electricity consumption grew the fastest, particularly in internet data services related to big data and AI, which surged by 46% [11]. - The report notes that the second industry contributes over 60% of total electricity consumption, with high-tech and equipment manufacturing showing significant growth [11][12]. 2. Gas Sector - As of November 21, U.S. Henry Hub spot prices were $4.13/mmBtu, reflecting an 18.33% weekly increase, while European gas prices showed slight declines [22][30]. - The report indicates that U.S. natural gas supply remains robust, with a notable increase in LNG demand, contributing to rising prices [24][25]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and increased sales, such as Kunlun Energy and New Hope Energy [44]. 3. Weekly Market Review - The report notes that the public utility, gas, and power equipment sectors underperformed compared to the Shanghai and Shenzhen 300 index during the week of November 17 to November 21 [47]. 4. Company and Industry Dynamics - The report discusses the commissioning of China's highest-altitude wind power project in Tibet, which is expected to provide significant clean energy and economic benefits to the local community [50][53]. - It also highlights various local government initiatives aimed at promoting green electricity and renewable energy projects, including direct connections for green electricity [54][55].