Group 1: Electricity Trading and Market Conditions - In 2025, the bilateral negotiation for electricity direct trading in Hebei South Network was completed, with a transaction volume accounting for approximately 80% [1] - The continuous settlement trial for the electricity spot market in Hebei South Network began on March 1, 2025 [1] - The company's electricity generation in Q1 2025 saw a slight year-on-year decline due to high demand in winter 2024 and slower growth in social electricity consumption in Hebei [1] Group 2: Coal Procurement and Pricing - The company expects a decrease in electricity generation in Q2 2025 due to maintenance after the heating season, but falling coal prices are anticipated to enhance profitability [2] - The main sources of coal procurement are local Hebei, Shanxi, Shaanxi, and Inner Mongolia [2] - The company is optimizing its coal procurement structure to reduce costs, closely monitoring market trends [2] - A general oversupply of domestic thermal coal is expected in 2025, leading to further price declines [2] Group 3: Capacity Expansion and Projects - The company completed the acquisition of 50% stakes in Qin Electric Company and Jiantou Zhuneng Company at the end of 2024, adding 1.32 million kW of controlled capacity and 1.195 million kW of equity capacity in 2025 [2] - Ongoing projects include the construction of the 2×660 MW Phase IV of Xibaipo Power Plant and the 2×35 MW Phase II of Renqiu Thermal Power Plant, with plans for commissioning in 2026 [2] - The company is also increasing investment in offshore wind projects, specifically two projects of 250 MW each in Tangshan [2] Group 4: Dividend Policy - The company has established a stable profit distribution policy, increasing the cash dividend from 30% to 50% of the distributable profits as approved at the annual shareholders' meeting [3]

Group 1 - The company has approved a profit distribution plan for the fiscal year 2024, proposing a cash dividend of 1.30 yuan (including tax) for every 10 shares held [1][2] - The total number of shares for distribution is 1,809,299,376, resulting in a total cash dividend payout of approximately 235.21 million yuan (including tax) [1][2] - No bonus shares or capital reserves will be distributed, and any undistributed profits will be carried forward to the next fiscal year [1] Group 2 - The dividend distribution will be executed on June 18, 2025, directly credited to the shareholders' accounts through their custodial securities companies [3] - Eligible shareholders are those registered with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of the close of trading on June 17, 2025 [2][3] - The company will not withhold individual income tax for certain categories of shareholders, with tax obligations determined based on the holding period of the shares [2]

| 证券代码：000600 | 证券简称：建投能源 | 公告编号：2025-33 | | --- | --- | --- | | 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 2024年度分红派息实施公告 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。 一、股东大会审议通过利润分配方案情况 1、河北建投能源投资股份有限公司2024年度利润分配方案已获 2025年5月20日召开的2024年度股东大会审议通过，方案的具体内容为： 以实施权益分派股权登记日登记的总股本为基数分配利润，向全体股东 每10股派发现金股利1.30元（含税）。截至2024年12月31日，公司总股 本1,809,299,376股，以此计算合计拟派发现金红利235,208,918.88元（含 税）。2024年度，公司不送红股，不以公积金转增股本，剩余未分配利 润结转入下一年度。上述股东大会决议公告刊登于2025年5月21日的 《中国证券报》《证券时报》和巨潮资讯网（www.cninfo.c ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [1]. Core Insights - The company benefits from a tight electricity supply-demand balance in Hebei Province, characterized as a "nuclear-poor" area, which is expected to sustain over the next three years [8][10]. - The report highlights the significant efficiency improvements from the combined heat and power (CHP) model, achieving thermal efficiency rates of 80%-90% [39]. - The company is positioned favorably due to its proximity to major coal-producing provinces, which enhances its cost structure amid declining coal prices [37]. Summary by Sections 1. Supply and Demand Dynamics - In 2024, the conventional power sources in Hebei Province are projected to consist of 63% thermal, 2% hydro, and 0% nuclear, significantly lower than the national averages of 67%, 14%, and 5% respectively [10][15]. - The report anticipates a sustained tight supply of conventional power in Hebei, with thermal power growth slightly exceeding the national average [20][26]. - The demand for electricity is expected to increase due to the "East Data West Computing" initiative, which is projected to release additional demand [27][28]. 2. Pricing and Revenue Projections - The average on-grid electricity price for 2024 is estimated at 438.22 RMB/MWh, reflecting a decrease of 12.57 RMB/MWh year-on-year [32]. - The report forecasts that the company's net profit attributable to shareholders will reach 1.34 billion RMB in 2025, with a year-on-year growth rate of 152.2% [1][10]. 3. Operational Efficiency - The company operates 14 thermal power plants, achieving a total generation of 538.90 billion kWh in 2024, an increase of 116.24 billion kWh from the previous year [32][33]. - The implementation of a stock incentive plan aims for significant growth in operating profit over the next three years, with targets set at 300 million RMB, 520 million RMB, and 630 million RMB for 2024, 2025, and 2026 respectively [10][39]. 4. Market Position and Competitive Advantage - The company is the largest thermal power operator in Hebei, with a total installed capacity of 1,177 MW as of 2025 [39]. - The strategic location near coal-rich provinces allows the company to optimize fuel procurement and manage costs effectively [37][39].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment [1]. Core Insights - The company benefits from a tight electricity supply-demand balance in Hebei Province, characterized as a "nuclear-poor" area, which is expected to continue for the next three years [8][10]. - The report highlights the significant efficiency improvements from the combined heat and power (CHP) model, achieving thermal efficiency rates of 80%-90% [39]. - The company is positioned favorably due to its proximity to major coal-producing provinces, which enhances its cost structure [10][37]. - The report anticipates substantial growth in net profit, projecting a rise from 1.34 billion yuan in 2025 to 1.60 billion yuan in 2027, with corresponding P/E ratios of 10, 8, and 8 [1][10]. Summary by Sections 1. Supply and Demand Dynamics - The current supply in Hebei Province shows a conventional power source composition of 63% thermal, 2% hydro, and 0% nuclear, significantly lower than the national averages of 67%, 14%, and 5% respectively [15][20]. - The expected supply trend indicates a continuation of the "nuclear-poor" status, with thermal power growth slightly above the national average [20][26]. - The demand is bolstered by the "East Data West Computing" initiative, which is expected to release additional demand increments [27][28]. 2. Electricity Pricing - The report estimates that the annual long-term electricity price in Hebei will remain stable in 2025, with a projected decrease in coal prices by 15% [32]. - The average on-grid electricity price for 2024 is projected at 438.22 yuan per megawatt-hour, reflecting a decrease of 12.57 yuan per megawatt-hour year-on-year [32]. 3. Financial Projections - The company is expected to achieve a net profit of 1.34 billion yuan in 2025, with a year-on-year growth rate of 152.2%, followed by 1.56 billion yuan in 2026 and 1.60 billion yuan in 2027 [1][10]. - The report outlines ambitious profit growth targets for the company, with goals set for 3.0 billion yuan, 5.2 billion yuan, and 6.3 billion yuan in the respective years of 2024 to 2026 [10][39]. 4. Operational Efficiency - The company operates 14 thermal power plants, achieving a total generation of 53.89 billion kilowatt-hours in 2024, an increase of 116.24 billion kilowatt-hours year-on-year [32][33]. - The average utilization hours for generating units increased by 103 hours year-on-year, indicating improved operational efficiency [32].

新型电力系统首批试点启动，甘肃新能源装机突破 2025 年 06 月 08 日 ➢ 本周（20250601-20250605）电力板块行情：本周电力板块走势劣于大 盘。截至 2025 年 06 月 06 日，本周公用事业板块收于 2376.19 点，下跌 3.21 点，跌幅 0.14%；电力子板块收于 3165.47 点，下跌 10.64 点，跌幅 0.34%， 劣于沪深 300 本周走势。公用事业（电力）板块走势变化幅度在申万 31 个一 级板块中排第 26 位。从电力子板块来看：本周光伏发电上涨 1.39%，风力发电 上涨 0.14%，热力服务上涨 2.11%，火力发电下跌 0.57%，水力发电下跌 1.85%， 电能综合服务上涨 0.70%。 ➢ 本周专题：甘肃新能源装机突破 7000 万千瓦，新能源主体地位进一步巩 固。截至 2025 年 5 月底，甘肃新能源累计装机容量达到 7062.46 万千瓦，同 比增长 25.25%，占全省电力总装机比重超过 65%。其中风电装机容量为 3494.57 万千瓦，同比增长 21.76%；太阳能装机容量为 3536.89 万千瓦，同 比增长 28.89%，风光装机 ...

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， ...

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]

| 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 ...