Investment Rating - The report maintains a "Recommended" rating for several companies including China Nuclear Power, Funiu Co., and Huaneng Hydropower, while providing a "Cautious Recommendation" for others like China General Nuclear Power and Longyuan Power [21][4]. Core Insights - The new power system pilot projects have been initiated by the National Energy Administration, focusing on seven key areas including grid technology and virtual power plants [3][37]. - Gansu's new energy installed capacity has surpassed 70 million kilowatts, with a year-on-year growth of 25.25%, solidifying its position in the energy sector [2][26]. - The electricity market is entering a peak usage season in June, with expectations for improved performance in thermal power due to low coal prices [19][3]. Summary by Sections Weekly Market Review - The electricity sector underperformed compared to the broader market, with the public utility sector index closing at 2376.19 points, down 0.14%, and the electricity sub-sector at 3165.47 points, down 0.34% [1][7]. - Among sub-sectors, photovoltaic power increased by 1.39%, while thermal and hydropower saw declines of 0.57% and 1.85%, respectively [13][1]. Gansu New Energy Update - As of the end of May 2025, Gansu's total installed capacity reached 70.62 million kilowatts, with wind and solar power each contributing over 32% to the total installed capacity [2][26]. - Gansu aims to reach 80 million kilowatts of installed capacity by the end of 2025, with a target of 160 million kilowatts by 2030 [2][26]. National Energy Administration Initiatives - The National Energy Administration has launched pilot projects focusing on innovative power system technologies, including smart microgrids and high-proportion renewable energy dispatch [3][37]. - The pilot projects aim to enhance grid stability and improve the integration of renewable energy sources [3][37]. Investment Recommendations - Companies to focus on include Huadian International, Jingtou Energy, and Funiu Co. for thermal power, and Changjiang Power and Chuan Investment Energy for hydropower [19][3]. - The report suggests monitoring companies involved in green electricity projects, as their returns are expected to be safeguarded under new regulations [19][3].

Investment Rating - The report maintains a "Recommended" rating for several companies including China Nuclear Power, Funiu Co., and Huaneng Water Power, while providing a "Cautious Recommendation" for others like China General Nuclear Power and Longyuan Power [21][19]. Core Insights - The new energy installed capacity in Gansu has surpassed 70 million kilowatts, solidifying its dominant position in the province's energy mix, with a year-on-year growth of 25.25% [2][26]. - The National Energy Administration has initiated the first batch of pilot projects for the new power system, focusing on seven key areas including grid technology and virtual power plants [3][37]. - The report suggests that with the onset of the peak electricity consumption season in June and low coal prices, the performance of thermal power companies is expected to improve [3][19]. Summary by Sections Weekly Market Review - The electricity sector underperformed compared to the broader market, with the public utility sector index closing at 2376.19 points, down 0.14%, and the electricity sub-sector at 3165.47 points, down 0.34% [1][7]. - Among the electricity sub-sectors, photovoltaic power increased by 1.39%, while thermal and hydropower decreased by 0.57% and 1.85% respectively [13][19]. Gansu New Energy Capacity - As of the end of May 2025, Gansu's cumulative installed capacity reached 70.6246 million kilowatts, with wind and solar power each contributing over 32% to the total installed capacity [2][26]. - Gansu aims to reach 80 million kilowatts of installed renewable energy capacity by the end of 2025, with a target of 160 million kilowatts by 2030 [2][26]. National Energy Administration Initiatives - The pilot projects will explore new technologies and models for the new power system, focusing on areas such as intelligent microgrids and high-proportion renewable energy delivery [3][37]. - The report emphasizes the importance of these initiatives in enhancing the stability and efficiency of the power supply [3][37]. Investment Recommendations - The report highlights specific companies to watch, including Huadian International, Jingtou Energy, and Funiu Co. for thermal power, and Changjiang Electric Power and Chuan Investment Energy for hydropower [3][19]. - It also notes the potential for growth in companies involved in green electricity projects, particularly those benefiting from the implementation of the 136 document [3][19].

平安证券股份有限公司 债券受托管理人 河北建投能源投资股份有限公司 改聘会计师事务所临时受托管理事务报告 发行人 河北建投能源投资股份有限公司 (住所：石家庄市裕华西路9号) 债券代码：149516.SZ 债券简称：21 建能 01 149743.SZ 21 建能 02 平安证券股份有限公司 (深圳市福田区福田街道益田路 5023 号平安金融中心 B 座第 22-25 层) 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办 法》）、《河北建投能源投资股份有限公司2020年面向专业投资者公开发行公 司债券受托管理协议》、《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（第一期）募集说明书》、《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》等相 关文件以及河北建投能源投资股份有限公司（以下简称"发行人"或"公司"）出 具的相关说明文件等，由公司债券受托管理人平安证券股份有限公司（以下简 称"平安证券"）编制。平安证券编制本报告的内容及信息均来源于发行人提供 的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见， ...

Summary of Conference Call Records Industry Overview - The conference call discusses the electricity market in China, particularly focusing on the implementation of the New Energy 136 Document and the acceleration of the spot market, which signifies a shift towards market-oriented electricity pricing [1][1]. Key Points and Arguments - The New Energy 136 Document, effective from June 1, marks a significant step in the marketization of the electricity sector, particularly for new energy sources, which now account for the second-largest share of electricity generation [1][1]. - Over ten provinces have begun long-cycle trial operations of the electricity spot market this year, enhancing the supply-demand relationship in electricity pricing [1][1]. - The introduction of the spot market has led to increased price volatility, with some pilot provinces like Shandong and Shanxi experiencing intraday price fluctuations exceeding 50% [2][2]. - As renewable energy capacity continues to grow, it is expected that more trading cycles will be dominated by renewable sources, which will lower overall price levels. However, traditional thermal power will still play a crucial role during periods of insufficient renewable output, maintaining higher prices during those times [3][3]. - The volatility in price curves is leading to a compression of trading cycles, pushing for weekly, multi-day, and even daily trading to become mainstream [4][4]. - The comprehensive electricity price for thermal power has risen during periods of declining coal prices, indicating a shift towards a model where thermal power is not just about generation but also about price regulation [4][4]. Recommendations - The report recommends focusing on national comprehensive power companies and northern thermal power companies with performance elasticity, such as: - Jintou Energy - Datang Power (H) - Huaneng International (H+A) - Huadian International (H+A) - Continued recommendations for Waneng Power, Sheneng Co., Huaneng Hydropower, and Guodian Power [4][4]. - For green energy, companies like Xintian Green Energy, Datang New Energy, and Longyuan Power (H) are highlighted. - In the hydropower sector, recommended companies include Yangtze Power, Chuan Investment Energy, Guotou Power, and Huaneng Hydropower [4][4]. Risks - The report outlines several risks associated with the marketization of electricity trading, including: - Price volatility risks due to market fluctuations - Risks from variations in wind and water resources - Significant increases in thermal coal prices - Delays in resource approval for new energy projects - Risks from macroeconomic downturns affecting electricity demand [4][4].

Core Viewpoint - Jingtou Energy has experienced a decline in stock price over three consecutive trading days, with a cumulative drop of -2.11% [1] Company Overview - Hebei Jingtou Energy Investment Co., Ltd. was established on January 18, 1994, and serves as a significant domestic capital operation platform under Hebei Construction Investment Group Co., Ltd. [1] - The company is a key energy investment entity in Hebei Province, primarily engaged in the investment, construction, and operation management of energy projects, focusing on power generation [1] - Jingtou Energy's main business includes coal-fired power generation and heating, with investments also in nuclear, wind, and hydropower projects [1] Shareholder Information - Two funds under China International Fund Management Co., Ltd. have entered the top ten shareholders of Jingtou Energy, including the Jiyin Trend Mixed A Fund, which increased its holdings in the first quarter of this year, and the Jiyin Regular Payment Dual Income Balanced Mixed Fund, which made a new entry [1] - The Jiyin Trend Mixed A Fund has a year-to-date return of 5.63%, ranking 1267 out of 4538 in its category, while the Jiyin Regular Payment Dual Income Balanced Mixed Fund has a year-to-date return of 0.13%, ranking 31 out of 59 [1] Fund Manager Profiles - Yang Jinjing, the fund manager of Jiyin Trend Mixed A, has been with the company since 2017 and has a background as a senior analyst at Changjiang Securities and a researcher at Huatai-PB Fund Management Co., Ltd. [4][5] - Huang Ding, the fund manager of Jiyin Regular Payment Dual Income Balanced Mixed Fund, joined the company in 2015 after working as a researcher at Bosera Asset Management Co., Ltd. [6] Fund Performance - The Jiyin Trend Mixed A Fund has a total asset size of 84.48 billion yuan, with a return of 165% since its inception [5] - The Jiyin Regular Payment Dual Income Balanced Mixed Fund has a total asset size of 31.52 billion yuan, with a return of -0.89% [6]

2．网络投票时间： | 证券代码：000600 | 证券简称：建投能源 | | | 公告编号：2025-32 | | --- | --- | --- | --- | --- | | 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 年第二次临时股东大会通知 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第十届董事会第十九次临时会议决 定于 2025 年 6 月 13 日召开公司 2025 年第二次临时股东大会，现将有关 事项通知如下： 一、召开会议基本情况 （一）会议召集人：公司董事会。本次股东大会的召集符合有关法 律、行政法规、部门规章、规范性文件和公司章程的规定。 （二）会议时间： 1．现场会议召开时间：2025 年 6 月 13 日 14:30，会期半天。 通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 6 月 13 日的交易时间，即 9:15-9:25,9:30-11:30 ...

| 证券代码：000600 | 证券简称：建投能源 | 公告编号：2025-31 | | --- | --- | --- | | 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 关于将前次股东大会未通过议案 再次提交股东大会审议的说明公告 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。 公司与河北建投集团财务有限公司进行存贷款等金融业务，可优化 公司资金管理，提高资金使用效率，降低资金成本，进一步拓宽融资渠 道，为公司发展提供长期稳定的资金支持。公司为此建立了风险评估机 制，并制订了有关风险处置预案，可有效保证公司资金安全，经营风险 可控。财务公司为公司提供的金融服务定价公允，不存在财务公司利用 关联交易占用公司资金以及其他损害公司利益的情形。 一、前次股东大会未获通过议案的情况 公司第十届董事会于 2025 年 4 月 23 日召开第五次会议，审议通过 《关于与河北建投集团财务有限公司重新签订〈金融服务协议〉的议案》， 并将此议案提交公司 2024 年度股 ...

| 证券代码：000600 | 证券简称：建投能源 | 公告编号：2025-30 | | --- | --- | --- | | 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 第十届董事会第十九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 5 月 23 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十九次临时 会议的通知。本次会议于 2025 年 5 月 26 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 会议审议并经通讯表决，通过以下决议： （一）以 4 票同意、0 票反对、0 票弃权的表决结果，通过《关于将 〈关于与河北建投集团财务有限公司重新签订《金融服务协议》的议案〉 再次提交股东大会审议的议案》 ...

Group 1: Financial Performance - In 2024, the company achieved a total electricity generation of 50.366 billion kWh, an increase of 27.79% [1] - The average on-grid settlement price was 437.37 RMB/MWh, a decrease of 2.82% year-on-year [1] - The company completed a total heat sales volume of 71.666 million GJ, a year-on-year increase of 12.83% [1] - In Q1 2025, the company generated 12.958 billion kWh, a decrease of 7.23% year-on-year [2] - The main business revenue for Q1 2025 was 6.575 billion RMB, a decrease of 5.84% year-on-year [2] - The net profit attributable to the parent company for Q1 2025 was 443 million RMB, an increase of 75.94% [2] Group 2: Operational Insights - The average utilization hours of generating units in Q1 2025 were 1,059 hours, a decrease of 101 hours year-on-year [2] - The average comprehensive standard coal price was 775.12 RMB/ton, a decrease of 11.43% year-on-year [2] - The company expects a decrease in electricity generation in Q2 2025 due to maintenance after the heating season [3] Group 3: Future Development Plans - The company completed the acquisition of shares in Qin Electric Company and Jingtou Zhuneng Company, adding 1.32 million kW of controlled installed capacity in 2025 [4] - Ongoing projects include the construction of the Xibaipo Power Plant Phase IV (2×66 MW) and Renqiu Thermal Power Phase II (2×35 MW), expected to be operational by 2026 [4] - The company is also increasing investment in offshore wind projects, including two 250 MW projects [4] Group 4: Market and Pricing Strategy - The company has signed long-term coal contracts covering over 80% of its needs for 2025 [6] - The company is closely monitoring coal market trends to optimize procurement strategies and reduce costs [6] - Predictions indicate a loosening supply-demand balance for thermal coal in 2025, with prices expected to decline further [6] Group 5: Shareholder Returns - The company plans to increase the cash dividend payout ratio from 30% to 50% of distributable profits in the upcoming three years [6]

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [1]. Core Viewpoints - In April, the national electricity consumption increased by 4.7%, with a cumulative growth of 3.1% from January to April [8][14]. - The electricity demand from the first and third industries shows resilience, while the second industry experiences weakness [14]. - The supply side saw a 0.9% year-on-year increase in electricity generation in April, with significant growth in renewable energy sources [30][33]. Summary by Sections Demand Side - From January to April, the total electricity consumption reached 31,566 billion kWh, with April alone accounting for 7,721 billion kWh [8]. - The first industry saw a 10.0% increase in electricity consumption, the second industry grew by 2.3%, and the third industry increased by 6.0% [14][13]. - In April, the first, second, and third industries' electricity consumption growth rates were 13.8%, 3.0%, and 9.0%, respectively, while residential electricity consumption grew by 7.0% [14]. Supply Side - In April, the total electricity generation was 7,111 billion kWh, marking a 0.9% year-on-year increase [30]. - The growth rates for different energy sources in April were as follows: wind power increased by 12.7%, solar power by 16.7%, nuclear power by 12.4%, while hydropower decreased by 6.5% and thermal power fell by 2.3% [33]. Investment Recommendations - The report suggests increasing allocation to the electricity sector due to favorable fundamentals and market catalysts as summer approaches [53]. - For thermal power, the report highlights the potential for improved profitability due to falling coal prices, recommending companies like Huadian International and Huaneng International [55]. - In the green energy sector, the report recommends focusing on wind power operators and undervalued green energy stocks, such as Xintian Green Energy and Longyuan Power [55]. - For hydropower and nuclear power, the report suggests monitoring companies like China National Nuclear Power and China General Nuclear Power [55].