Group 1 - The core viewpoint of the report is to provide an overview of the bond management and financial status of Hebei Construction Investment Energy Co., Ltd. for the year 2024 [1][2][3] - The company has issued two phases of bonds, with the first phase allowing for a total issuance of up to 2.5 billion yuan and the second phase also up to 2.5 billion yuan, both rated AAA by a credit rating agency [2][3][10] - The company’s main business includes investment, construction, and management of energy projects, primarily focusing on coal-fired power generation, with additional involvement in nuclear, wind, and hydroelectric power projects [5][11] Group 2 - As of the end of 2024, the company reported total assets of 471.39 billion yuan, a 9.45% increase from 2023, with total liabilities remaining relatively stable at 295.58 billion yuan [7][11] - The company achieved a revenue of 235.17 billion yuan in 2024, reflecting a 20.09% increase compared to the previous year, and a net profit of 6.96 billion yuan, which is a significant increase of 224.51% [7][11] - The company has established a special account for bond funds, which has been operating normally, and all funds raised from the first phase of bonds have been fully utilized for repaying debts and enhancing liquidity [7][12] Group 3 - The company has maintained a strong cash flow from operating activities, with a net cash flow of 37.71 billion yuan, indicating a 75.25% increase from the previous year [11] - The debt-to-asset ratio improved to 62.70%, down from 68.59% in 2023, indicating a better financial position [11][12] - The company has not encountered any significant legal issues or administrative penalties that could affect its debt repayment capacity during the reporting period [12]

债券代码：149516.SZ 债券简称：21 建能 01 债券代码：149743.SZ 债券简称：21 建能 02 河北建投能源投资股份有限公司 公司债券受托管理事务报告 （2024年度） 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) 债券受托管理人 平安证券股份有限公司 | | 重要声明 | 1 | | --- | --- | --- | | | 目录 | 2 | | 第一节 | 公司债券概况 3 | | | 第二节 | 发行人 年度经营情况和财务状况 2024 | 5 | | 第三节 | 发行人 2024 年度募集资金使用及专项账户运作情况与核查情况 7 | | | 第四节 | 受托管理人履行职责情况 7 | | | 第五节 | 发行人信息披露事务负责人的变动情况 | 10 | | 第六节 | 本期公司债券付息情况 11 | | | 第七节 | 本期公司债券的信用评级情况 12 | | | 第八节 | 偿债能力和意愿分析 13 | | | 第九节 | 偿债保障措施的有效性及执行情况 | 14 | | 第十节 | 其他情况 | 15 | 第一节 公司债券概况 (深圳市福田区福田街道益 ...

Investment Rating - The industry investment rating is maintained as "Increase" [4][3] Core Views - The "136 Document" catalyzes rapid growth in new energy this year, with accelerated electricity market reforms and the southern regional market starting continuous settlement, leading to more flexible electricity pricing reflecting supply and demand changes [3][10] - The cumulative installed capacity of solar power reached 1.08 billion kilowatts by the end of May, with a year-on-year increase of 56.9%, while the share of thermal power generation capacity decreased to approximately 40% [15][67] - The southern regional electricity market officially transitioned to continuous settlement, allowing for daily trading and better reflection of supply-demand dynamics [15][10] Summary by Sections Industry Overview - As of the end of May, the total installed power generation capacity in China reached 3.61 billion kilowatts, a year-on-year increase of 18.8% [15][67] - In the first five months of the year, solar power added 197.85 GW of new capacity, a year-on-year increase of 149.97%, while wind power added 46.28 GW, a year-on-year increase of 134.21% [15][67] Market Dynamics - The average daily trading volume in the southern regional electricity market is expected to reach 3.8 billion kilowatt-hours after the transition to continuous settlement [15][10] - The coal price rebounded to 620 yuan per ton, impacting the thermal power sector [11][3] Key Stocks - Recommended stocks include Huaneng International, Jingtou Energy, Huadian International, Sheneng Co., and Baoneng New Energy, focusing on those with flexible quarterly performance [3][7] - Emphasis on undervalued green electricity operators, particularly in Hong Kong stocks and wind power operators, such as Xintian Green Energy and Zhongmin Energy [3][7] Carbon Market - The national carbon market trading price increased by 4.83% this week, with a total trading volume of 6.68 billion tons and a cumulative trading amount of 458.99 billion yuan [52][69]

| 证券代码：000600 | 证券简称：建投能源 | 公告编号：2025-36 | | --- | --- | --- | | 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 | | 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 6 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次临时 会议的通知。本次会议于 2025 年 6 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 会议审议并经通讯表决，通过以下决议： （一）以 9 票同意、0 票反对、0 票弃权的表决结果，通过《关于落 实经理层成员任期制和契约化管理相关工作的议案》。 河北建投能源投资股份有限公司 第十届董事会第二十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。 三、备查文件 河北建投能源投资股份有限公司第 ...

www.lhratings.com 1 联合〔2025〕4744 号 联合资信评估股份有限公司通过对河北建投能源投资股份有限 公司主体及其相关债券的信用状况进行跟踪分析和评估，确定维持 河北建投能源投资股份有限公司主体长期信用等级为 AAA，维持 "21 建能 01""21 建能 02"和"25 冀能投 MTN001（科创票据）" 信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 河北建投能源投资股份有限公司 2025 年跟踪评级报告 China Lianhe Credit Rating Co.,Ltd. 联 合 资 信 评 估 股 份 有 限 公 司 专 业 | 尽 责 | 真 诚 | 服 务 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面 ...

Investment Rating - The report maintains a recommendation for companies such as Funiu Co., Ltd. and Shenneng Co., Ltd. while cautiously recommending China General Nuclear Power and Anhui Energy [4][21]. Core Viewpoints - In May, the total electricity consumption reached 809.6 billion kWh, showing a year-on-year growth of 4.4%. The first industry saw an increase of 8.4%, the second industry 2.1%, the third industry 9.4%, and urban and rural residents' consumption 9.6% [2][22]. - The report highlights that coal prices are expected to remain low, benefiting thermal power generation, which is anticipated to improve performance in Q2. Companies are actively investing in wind power and cogeneration assets for long-term growth potential [4][19]. Summary by Sections Weekly Market Review - The electricity sector underperformed the broader market, with the public utility sector closing at 2355.40 points, down 1.13%, and the electricity sub-sector at 3131.64 points, down 1.31% [1][8]. - Among the electricity sub-sectors, photovoltaic generation fell by 1.57%, wind power by 1.28%, while thermal services rose by 2.08% [1][13]. Industry Data Tracking - The average price of thermal coal in the Bohai Rim region was 663.00 RMB/ton, with no change week-on-week [48]. - The report notes that the electricity market is experiencing a decline in coal and gas prices, with the average transaction price for coal in Guangdong dropping by 28.43% [69]. Investment Recommendations - The report recommends focusing on companies with stable performance and growth potential, particularly in thermal power and hydropower sectors, such as Changjiang Electric Power and Sichuan Investment Energy [4][20]. - It also suggests monitoring companies involved in asset restructuring and mergers, as these are expected to gain traction this year [20].

| 证券代码：000600 | 证券简称：建投能源 | | | 公告编号：2025-35 | | --- | --- | --- | --- | --- | | 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 2021 年面向专业投资者公开发行 公司债券(第一期)2025 年付息公告 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： 由河北建投能源投资股份有限公司在 2021 年 6 月 18 日发行的河 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）将于 2025 年 6 月 18 日（如遇法定节假日或休息日， 则顺延至其后的第 1 个交易日）支付 2024 年 6 月 18 日到 2025 年 6 月 17 日期间的利息，本次付息的债权登记日为 2025 年 6 月 17 日。 为保证兑付兑息工作的顺利进行，方便投资者及时领取利息，现将有 关事项公告如下： 一、本期债券的基本情况 1 ...

| 证券代码：000600 | 证券简称：建投能源 | | 公告编号：2025-34 | | --- | --- | --- | --- | | 证券代码：149516 | 证券简称：21 01 | 建能 | | | 证券代码：149743 | 证券简称：21 02 | 建能 | | 河北建投能源投资股份有限公司 二○二五年第二次临时股东大会决议公告 出席本次大会的公司董事有：曹欣先生、王剑峰先生、邓彦斌先生、 1 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○二五年第二次临时股东大会于 2025 年 6 月 13 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曹欣先生主持。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493名，代表股份1,315,924,680 股，占公司有表决权股份总数的 72.7312%，其中：出席现场会议的股东 及授权委托代表 1 名，代表股 ...

吉律師(石家莊)事務所 L LAW FIRM (SHIJIAZHUANG 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 二〇二五年第二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 晓丹律师和廖婉婷律师参加了贵公司二〇二五年第二次临时股东大会,并 进行了见证工作。现根据《中华人民共和国公司法》(简称"《公司法》">《上 市公司股东会规则》(简称"《股东会规则》")以及贵公司《公司章程》的规 定,对贵公司二〇二五年第二次临时股东大会（简称"本次股东大会"）的召 集、召开程序、出席会议人员资格、表决程序等事项发表法律意见。 一、关于本次股东大会的召集、召开程序 本次股东大会是由贵公司董事会召集的。2025年5月26日贵公司第 十届董事会第十九次临时会议决定采用现场会议和网络投票相结合的方 式召开二〇二五年第二次临时股东大会。2025年5月27日贵公司董事会 在《中国证券报》、《证券时报》和巨潮资讯网发出了召开二〇二五年第二 次临时股东大会的通知。2025年6月13日本次股东大会现场会议在上述 通知所述公 ...

Group 1 - The core viewpoint is that with the continuous release of domestic thermal coal production capacity, the overall supply and demand for thermal coal is expected to be relatively loose by 2025, leading to a potential further decline in coal prices [1]