Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - The report highlights a recovery in electricity consumption in June, driven by the tertiary sector and residential usage, with a total electricity consumption of 8,670 billion kWh, representing a year-on-year growth of 5.4% [15][17]. - Natural gas consumption showed a slight increase in June, with a total apparent consumption of 35.05 billion m³, up 1.4% year-on-year, indicating a recovery in industry sentiment [21][48]. - The report emphasizes the ongoing optimization of energy structure in China, with significant contributions from renewable energy sources, particularly solar and nuclear power [2][8]. Summary by Sections 1. Electricity: June Consumption Growth Accelerates - In June, the industrial electricity generation reached 7,963 billion kWh, a year-on-year increase of 1.7% [7][9]. - The breakdown of electricity generation types shows a decline in hydropower by 4.0%, while nuclear power grew by 10.3%, and solar power surged by 18.3% [9][15]. - The report notes that the second industry contributed significantly to the electricity increment, accounting for 38% of the total increase [16][17]. 2. Natural Gas: Global Price Decline and June Consumption Growth - The report states that the apparent consumption of natural gas in June was 35.05 billion m³, marking a 1.4% increase year-on-year [21][48]. - The average price of LNG in Northeast Asia decreased to $11.90/mmBtu, reflecting a broader trend of declining global gas prices [22][41]. - The report anticipates that the long-term outlook for natural gas will improve due to rising LNG export capacities from the US and the Middle East [48]. 3. Weekly Market Review - The public utilities and environmental sectors underperformed compared to the CSI 300 index, while the electrical equipment sector outperformed [50]. 4. Company and Industry Dynamics - The report mentions the increase in installed capacity for solar and wind energy, with solar capacity growing by 54.2% year-on-year [53]. - It highlights the ongoing construction of large seawater desalination projects in coastal provinces to support high water-consuming industries [53]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utilities and environmental sectors, indicating potential investment opportunities [60].

Investment Rating - The report assigns a "Buy" rating for the company, with a recommendation for investment based on its growth potential and profitability improvements [4]. Core Insights - The company is positioned as a key player in the thermal power sector in Hebei, with a significant market share and a robust growth trajectory in revenue and profit margins [6][8]. - The company has shown a strong recovery in profitability due to declining coal prices and an increase in installed capacity, with expectations for continued growth in net profit over the next few years [6][19]. - The company is actively transitioning towards renewable energy, with substantial investments in solar power and other green initiatives, aiming to enhance its low-carbon footprint [46][52]. Financial Performance Summary - Revenue is projected to grow from 23.52 billion yuan in 2024 to 23.50 billion yuan in 2027, with a compound annual growth rate of 11.22% from 2020 to 2024 [2][15]. - Net profit attributable to shareholders is expected to rise significantly, reaching 1.33 billion yuan in 2025 and 1.58 billion yuan in 2027, reflecting a growth rate of 149.62% and 8.41% respectively [2][6]. - The gross margin is forecasted to improve from 15.35% in 2024 to 24.45% in 2027, indicating enhanced operational efficiency [2][19]. Business Operations Summary - The company operates primarily in thermal power generation, with a dominant market share of approximately 25% in Hebei province, and plans to increase its installed capacity significantly by 2026 [6][11]. - The company has a strong focus on coal-fired power generation, which constitutes over 90% of its revenue, while also expanding its renewable energy portfolio [6][13]. - The company has several ongoing projects, with a total of 16.02 GW of equity-installed capacity expected by 2026, marking a 32% increase from current levels [41][46]. Future Outlook Summary - The company anticipates a continued upward trend in profitability, driven by lower coal prices and increased efficiency in power generation [6][41]. - The transition to renewable energy is expected to accelerate, with significant investments in solar and storage technologies, positioning the company favorably in the evolving energy landscape [46][52]. - The projected net profit for 2025 is 13.26 billion yuan, with a corresponding price-to-earnings ratio of 10.6x, indicating attractive valuation metrics for potential investors [2][6].

证券简称：建投能源 证券代码: 000600 广发证券股份有限公司 关于 | 第一章 释 义. | | --- | | 第二章 声 明. | | 第三章 基本假设 . | | 第四章 本激励计划的授权和批准. | | 第五章 独立财务顾问意见 | | 一、本次调整限制性股票回购价格的说明 | | 二、本次回购注销部分限制性股票相关事项的说明 . | | (一) 本次回购注销的原因 . | | (二) 本次回购注销限制性股票的数量 . | | (三) 本次回购价格和资金来源 . | | 三、结论性意见 . | | 第六章 备查文件 . | l 广发证券股份有限公司 独立财务顾问报告 河北建投能源投资股份有限公司 回购注销 2023 年限制性股票激励计划部分限制性股 票及调整回购价格相关事项 之 独立财务顾问报告 独立财务顾问: 卷股份有限公司 二零二五年七月 | | | 第一章 释 义 | 建投能源、上市公 | 指 | 河北建投能源投资股份有限公司 | | --- | --- | --- | | 司、公司 | | | | 独立财务顾问、广发 | 指 | 广发证券股份有限公司 | | 证券 | | | | 本计划 ...

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 2023 年限制性股票激励计划 回购注销部分限制性股票及调整回购价格 之 法律意见书 國浩律師(石家莊)事務所 GRANDALL LAW FIRM (SHIJIAZHUANG) 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: 050051 18/F, Block B, China Resources Mixc, 108 Zhongshan West Road, Shijiazhuang, Hebei 050051, China 电话/Tel: + 86 0311 85288350 传真/Fax: + 86 0311 85288321 网址/Website:http://www.grandall.com.cn 二〇二五年七月 国浩律师(石家庄)事务所 法律意见书 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 2023 年限制性股票激励计划回购注销部分限制性股票及调 整回购价格之 法律意见书 致:河北建投能源投资股份有限公司 国浩律师(石家庄)事务所(以下简称"本所")接受河北建投能源投资股 份有限公司(以下 ...

Investment Rating - The report assigns a "Buy" rating for the company, 建投能源 (000600.SZ) [4] Core Views - The company has a solid foundation in thermal power generation, with significant potential for profit improvement due to declining coal prices and ongoing capacity expansion [6][41] - The company is actively transitioning towards renewable energy, with substantial growth in solar power capacity and ongoing projects aimed at reducing carbon emissions [46][52] Financial Performance Summary - Revenue is projected to grow from 23.52 billion yuan in 2024 to 23.50 billion yuan in 2027, with a compound annual growth rate of 11.22% from 2020 to 2024 [2][15] - Net profit attributable to shareholders is expected to increase significantly, reaching 1.33 billion yuan in 2025 and 1.46 billion yuan in 2026, reflecting a growth rate of 149.62% and 10.14% respectively [2][6] - The gross profit margin is forecasted to improve from 15.35% in 2024 to 24.45% in 2027, indicating enhanced profitability [2][21] Business Overview - The company is a key player in the thermal power sector in Hebei, holding a 25% market share in installed capacity [6][8] - The revenue structure is heavily reliant on thermal power, which accounts for over 90% of total revenue [13][15] - The company has a total installed thermal power capacity of 11.77 GW, with plans to increase this to 16.02 GW by 2026 through ongoing projects [6][41] Growth Potential - The company is expected to benefit from a significant increase in installed capacity, with ongoing projects projected to add 3.90 GW of thermal power capacity by 2026 [41][46] - The renewable energy segment is also expanding, with a current solar capacity of 457,100 kW and additional projects in the pipeline [46][52] Investment Recommendations - The report forecasts net profits of 1.33 billion yuan, 1.46 billion yuan, and 1.58 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 10.6x, 9.6x, and 8.9x [6][27]

Meeting Overview - The third extraordinary general meeting of shareholders for Hebei Jiantou Energy Investment Co., Ltd. was convened, with a total of 356 shareholders and authorized representatives present, representing 1,219,957,979 shares, which accounts for 67.4271% of the total voting shares [1][2] - The meeting was chaired by Vice Chairman Wang Jianfeng and complied with relevant laws and regulations [1][2] Voting Results - The election of Qin Gang as a non-independent director of the tenth board of directors was approved, with 99.2373% of the voting shares in favor [2] - Among the shareholders holding less than 5% of the company's shares, 228,000 shares were opposed, representing 0.5176% of their voting rights [2] Legal Opinion - The legal representatives from Guohao Law Firm confirmed that the meeting's procedures were in accordance with the Company Law and the company's articles of association, validating the legitimacy of the meeting and its resolutions [2]

Group 1 - The company held the fifth temporary meeting of the tenth Supervisory Board on July 21, 2025, with all five supervisors participating in the voting process [1] - The Supervisory Board approved the proposal to repurchase and cancel part of the restricted stock and adjust the repurchase price, with a unanimous vote of 5 in favor [1][2] - The company will repurchase and cancel 6.065 million shares of restricted stock due to the departure of six incentive targets who no longer qualify for the incentive plan [2] Group 2 - The adjustment of the repurchase price for the restricted stock complies with relevant laws and regulations, and the procedures followed are legal and compliant [2] - The Supervisory Board believes that the repurchase and cancellation of restricted stock and the adjustment of the repurchase price will not materially affect the company's financial status or operating results [2]

Core Viewpoint - The company has announced the repurchase and cancellation of a portion of restricted stock options as part of its 2023 incentive plan, along with an adjustment to the repurchase price [1][2][12]. Group 1: Repurchase Details - The repurchase will involve a total of 6,065,000 shares, which accounts for approximately 0.34% of the company's total share capital prior to the repurchase [8][11]. - The repurchase price for the restricted stocks is set at 2.86 yuan per share, which is applicable to both the stocks of employees who left voluntarily and those who were reassigned [10][11]. - The funding for this repurchase will come entirely from the company's own funds [2][11]. Group 2: Reasons for Repurchase - The repurchase is necessitated by the departure of six incentive plan participants, who no longer meet the eligibility criteria, and the failure to meet the performance targets required for the first unlock period of the restricted stocks [6][12]. - The performance targets for the first unlock period included a return on equity of no less than 3.5% and a profit growth rate of at least 240.31% compared to 2022 [7]. Group 3: Impact on Share Capital Structure - Following the repurchase, the company's total share capital will decrease from 1,809,299,376 shares to 1,803,234,376 shares [11]. - The structure of the share capital will change, with the proportion of restricted shares decreasing from 39.75% to 39.55% [11]. Group 4: Compliance and Approval - The repurchase and adjustment of the repurchase price have been approved by the company's board and supervisory committee, ensuring compliance with relevant laws and regulations [12][13]. - Independent financial and legal advisors have confirmed that the necessary approvals and procedures have been followed for this repurchase [12][13].

| 证券代码：000600 | 证券简称：建投能源 | 公告编号：2025-45 | | --- | --- | --- | | 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 关于回购注销部分限制性股票 及调整限制性股票回购价格的公告 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。 特别提示： 1、本次拟回购注销的限制性股票数量为 606.50 万股，约占回购注 销前公司股本总额的 0.34%。 2、本次拟回购注销的限制性股票回购价格为 2.86 元/股（调整后）， 回购资金来源为公司自有资金。 3、本次注销完成后，公司总股本由 1,809,299,376 股减少至 1,803,234,376 股。 河北建投能源投资股份有限公司（以下简称"公司"）于 2025 年 7 月 21 日召开第十届董事会第二十二次临时会议、第十届监事会第五次临 时会议，审议通过了《关于回购注销部分限制性股票及调整限制性股票 回购价格的议案》。根据《河北建投能源投资股份有限公司 2 ...

| 证券代码：000600 | 证券简称：建投能源 | | | 公告编号：2025-46 | | --- | --- | --- | --- | --- | | 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 关于回购注销部分限制性股票减少注册资本 通知债权人的公告 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、通知债权人的理由 河北建投能源投资股份有限公司（以下简称"公司"）于 2025 年 7 月 21 日召开第十届董事会第二十二次临时会议、第十届监事会第五次临 时会议，审议通过了《关于回购注销部分限制性股票及调整限制性股票 回购价格的议案》，根据《河北建投能源投资股份有限公司 2023 年限制 性股票激励计划》（以下简称"《激励计划》"）的相关规定，鉴于 6 名激 励对象已离职不再具备激励资格以及公司第一个解除限售期的解除限售 条件未成就，董事会决定回购注销部分限制性股票共计 606.50 万股，并 调整限制性股票回购价格 ...