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向特定对象发行股票获得河北建投集团批复的公告 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。 近日河北建投能源投资股份有限公司（以下简称"公司"）收到控股股东河北建设投资集团有限责任公司 （以下简称"河北建投集团"）出具的《关于同意河北建投能源投资股份有限公司向特定对象发行股票预 案的批复》（冀建投资本字〔2025〕1号），按照国务院国资委、财政部、证监会联合发布的《上市公 司国有股权监督管理办法》(国资委、财政部、证监会令第36号)的相关规定，河北建投集团同意公司本 次以竞价方式向不超过35名特定对象发行不超过231,141,279股股票的方案。 证券代码：000600 证券简称：建投能源 公告编号：2025-56 本次向特定对象发行股票相关事项尚需获得公司股东大会审议通过，并经深圳证券交易所审核通过及中 国证券监督管理委员会作出同意注册决定后方可实施。公司将根据该事项的实际进展情况，按照相关规 定及时履行信息披露义务。 证券代码：149516 证券简称：21建能01 特此公告。 ...

Core Viewpoint - Hebei Jiantou Energy Investment Co., Ltd. has received approval from its controlling shareholder, Hebei Construction Investment Group, to issue up to 231,141,279 shares to no more than 35 specific investors through a competitive bidding process [1][2]. Group 1 - The approval is in accordance with the relevant regulations set forth by the State-owned Assets Supervision and Administration Commission, the Ministry of Finance, and the China Securities Regulatory Commission [2]. - The issuance of shares is subject to the approval of the company's shareholders' meeting, as well as review and approval by the Shenzhen Stock Exchange and the China Securities Regulatory Commission [2]. - The company will fulfill its information disclosure obligations in accordance with relevant regulations based on the actual progress of this matter [2].

人民财讯9月4日电，建投能源（000600）9月4日晚间公告，公司收到控股股东河北建投集团出具的批 复，同意公司以竞价方式向不超过35名特定对象发行不超过2.31亿股股票的方案。 ...

| 证券代码：000600 | 证券简称：建投能源 | 公告编号：2025-56 | | --- | --- | --- | | 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 关于向特定对象发行股票 获得河北建投集团批复的公告 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。 近日河北建投能源投资股份有限公司（以下简称"公司"）收到控股 股东河北建设投资集团有限责任公司（以下简称"河北建投集团"）出具 的《关于同意河北建投能源投资股份有限公司向特定对象发行股票预案 的批复》（冀建投资本字〔2025〕1 号），按照国务院国资委、财政部、 证监会联合发布的《上市公司国有股权监督管理办法》(国资委、财政部、 证监会令第 36 号)的相关规定，河北建投集团同意公司本次以竞价方式 向不超过 35 名特定对象发行不超过 231,141,279 股股票的方案。 本次向特定对象发行股票相关事项尚需获得公司股东大会审议通过， 并经深圳证券交易所审核通过及中国证券监督管理委员会 ...

Group 1 - The core viewpoint is that many power generation companies have improved their operating performance due to the continuous decline in coal prices, leading to significant profit growth in the first half of the year [1][2] - The five major power generation groups reported a total net profit of 24.267 billion yuan, surpassing the total net profit of the same period last year, marking the highest net profit since 2016 [1] - Several companies, including Huayin Power and Yunnan Energy, reported net profit growth exceeding 100%, with Huayin Power's net profit reaching 207 million yuan, a year-on-year increase of 4147% [1] Group 2 - The decline in coal prices has effectively offset the decrease in electricity prices, with the average coal price at Caofeidian Port dropping to 618 yuan/ton, a decrease of over 20% year-on-year [2] - The average coal price for major companies like Huadian International and Guodian Power decreased by approximately 12.98% and 9.5% respectively [2] - Despite the profit increase, many companies reported a decline in both the on-grid electricity price and the on-grid electricity volume, indicating a potential long-term impact on future operations [2] Group 3 - Local power companies have experienced similar revenue dynamics, with Anhui Huadian Power's operating costs decreasing by 8.51% while revenue fell by 5.83% due to lower electricity generation and prices [3] - The current trend indicates that thermal power plants are increasingly being used for peak regulation rather than as base-load power sources, leading to a decline in annual utilization hours [3] - The ability to adapt to market dynamics and optimize generation based on electricity prices will be crucial for the future profitability of thermal power plants [3] Group 4 - The competition in the electricity market is intensifying, with new coal power approvals increasing by 152% year-on-year, indicating a potential oversupply in the market [4] - The distribution of new projects is uneven, with a significant concentration in the northern regions of China [4] Group 5 - The impact of the national electricity market construction varies by region, with areas like Zhejiang and Guangdong benefiting from high electricity demand and prices, while western regions face challenges due to high clean energy ratios [5] - Coal power plants need to enhance their flexibility and adjust their operations to accommodate the increasing share of renewable energy [5] Group 6 - The "three reform linkage" refers to the technical upgrades of coal power units, including energy-saving, heating, and flexibility improvements, which are essential for adapting to the evolving electricity market [6] - Many projects for upgrading coal power plants are facing challenges due to high investment costs and unclear economic returns, which may hinder their approval [6] - The future profitability of coal power is expected to be closely tied to its role in ensuring the safety and stability of the electricity system during the transition to cleaner energy sources [6]

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - The weighted average price of electricity in Jiangsu for September 2025 was 319.48 RMB/MWh, which is lower than market expectations. The total electricity traded was 8.111 billion kWh, with various sources contributing different amounts and prices [4]. - The report highlights a continued increase in electricity demand, with a 3.7% year-on-year growth in total electricity consumption for the first half of 2025 [15]. - The report suggests investment opportunities in green energy, photovoltaic assets, charging station assets, thermal power, hydropower, and nuclear power, emphasizing the potential for value reassessment in these areas [4]. Summary by Sections 1. Market Review - The SW utility index decreased by 0.67% from August 25 to August 29, 2025, underperforming compared to the ChiNext index [9]. - The top five gainers included Zhaoxin Co. (+33.6%) and Tianlun Gas (+13.2%), while the top five losers included ST Shengda (-9.5%) and Jiawei New Energy (-7.9%) [13]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption in H1 2025 reached 4.84 trillion kWh, reflecting a 3.7% year-on-year increase [15]. - The growth rates for different sectors were: primary industry (+8.7%), secondary industry (+2.4%), tertiary industry (+7.1%), and urban-rural residential consumption (+4.1%) [15]. 2.2. Power Generation - Total power generation in H1 2025 was 4.54 trillion kWh, with a year-on-year increase of 0.8%. However, thermal and hydropower generation saw declines of 3.1% and 2.9%, respectively [23]. 2.3. Electricity Prices - The average electricity purchase price in August 2025 was 388 RMB/MWh, down 2% year-on-year but up 1.3% month-on-month [41]. 2.4. Thermal Power - The price of thermal coal at Qinhuangdao port was 690 RMB/ton as of August 29, 2025, a decrease of 17.76% year-on-year [46]. - The cumulative installed capacity of thermal power reached 1.47 billion kW, with an increase of 4.7% year-on-year [49]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was 162.19 meters, which is normal compared to previous years. Inflow and outflow rates increased by 35.48% and 47.46% year-on-year, respectively [55]. 2.6. Nuclear Power - In 2024, 11 new nuclear units were approved, indicating a positive trend in the development of nuclear power [67]. 2.7. Green Energy - New installations of wind and solar power in H1 2025 increased by 99% and 107% year-on-year, respectively [4]. 3. Investment Recommendations - The report recommends focusing on companies like Changjiang Electric for high dividend yield assets, and suggests monitoring companies involved in green energy and charging stations for potential value reassessment [4].

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, recommending specific companies for investment based on their performance and market conditions [4][16]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [4][7]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, with significant contributions from the secondary and tertiary industries as well [8][9]. - The report highlights the impact of high temperatures on electricity demand, noting that July was the hottest month since 1961, which significantly boosted residential electricity usage [8][9]. - Natural gas prices in Europe have rebounded due to geopolitical tensions, while prices in Asia and the US have decreased, indicating a mixed market environment [16][20]. - The report emphasizes the potential for improved profitability in the biomass energy sector following the introduction of new methodologies for carbon emissions reduction [4][16]. Summary by Sections Electricity - July's total electricity consumption reached 10,226 billion kWh, marking a historic milestone with an 8.6% year-on-year growth [4][7]. - The first, second, and third industries, along with urban and rural residents, contributed to the overall electricity consumption growth, with the second industry showing a recovery in electricity usage [8][9]. - Recommendations include investing in hydropower, green energy, nuclear power, and thermal power companies such as Guodian Power and Huaneng International [14][15]. Natural Gas - The report notes a stable supply-demand balance in the natural gas market, with US prices dropping to $2.76/mmBtu, while European prices have seen fluctuations due to geopolitical risks [16][20]. - Recommendations for investment include companies in the city gas sector and integrated natural gas traders, highlighting firms like Kunlun Energy and New Hope Energy [41][42]. Environmental Sector - The introduction of new methodologies for biomass energy projects is expected to enhance profitability, with a focus on companies like Evergreen Group and China Everbright [4][16]. Market Performance - The report reviews market performance from August 18 to August 22, indicating that the gas, public utility, electricity, and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 index [43][44].

Investment Rating - The report maintains a positive outlook on the electricity and gas sectors, indicating a favorable investment environment [5]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [10][11]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, while the secondary and tertiary industries contributed 33% and 25%, respectively [11]. - The report highlights the impact of high temperatures in July, which were 1.3°C above the historical average, leading to increased electricity demand from residential sectors [11]. - In the gas sector, European gas prices have rebounded due to geopolitical tensions, while Asian and US gas prices have declined [19][30]. - The report suggests that the gas supply-demand balance remains loose, with US gas production at historical highs, contributing to lower prices [22][23]. Summary by Sections 1. Electricity: July National Electricity Consumption Exceeds 1 Trillion kWh - The national electricity consumption reached 10,226 billion kWh in July, marking a historic milestone [10]. - The first industry saw a 20.2% increase in electricity consumption, while the second and third industries grew by 4.7% and 10.7%, respectively [12]. - Cumulative electricity consumption from January to July was 58,633 billion kWh, a 4.5% year-on-year increase [14]. 2. Gas: Gas Supply-Demand Remains Loose, Geopolitical Tensions Affect European Gas Prices - As of August 22, the Henry Hub spot price in the US was $2.76/mmBtu, a weekly decrease of 7.19% [19]. - The TTF spot price in Europe rose to €33.10/MWh, reflecting an 8.17% increase due to geopolitical tensions [20]. - The report notes that European gas inventories are significantly lower than last year and the five-year average, raising concerns about supply stability [30]. 3. Weekly Market Review - The report indicates that the gas, public utilities, electricity, and environmental sectors underperformed relative to the CSI 300 index during the period from August 18 to August 22 [47]. 4. Company and Industry Dynamics - The report mentions the release of a notice regarding the bidding arrangement for new energy projects in Gansu Province, indicating ongoing developments in the renewable energy sector [54]. - Key announcements from companies such as Guodian Power and Kunlun Energy highlight their financial performance and strategic initiatives [55][58]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility sector, indicating buy ratings for several firms, including China Nuclear Power and Huaneng International [59].

债券代码: 149516.SZ 149743.SZ 债券简称:21 建能 01 21 建能 02 平安证券股份有限公司 发行人 关于河北建投能源投资股份有限公司 2025年度向特定对象发行股票预案的 临时受托管理事务报告 (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 (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) 2025年8月 河北建投能源投资股份有限公司 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 ...

Core Viewpoint - The company reported a significant increase in net profit for the first half of 2025, driven by effective cost control and operational strategies in the coal market, despite a slight decline in overall revenue [1][2]. Financial Performance - The company achieved an operating revenue of 11.113 billion yuan, a year-on-year decrease of 3.28% - The net profit attributable to shareholders was 899 million yuan, a year-on-year increase of 157.96% - The net profit excluding non-recurring items was 880 million yuan, a year-on-year increase of 182.50% - The net cash flow from operating activities was 1.728 billion yuan, a year-on-year increase of 130.57% [1]. Operational Strategies - The company implemented a centralized fuel management system to optimize coal procurement and inventory management - Enhanced market decision-making capabilities through collaboration with authoritative institutions for price trend analysis - Advanced digital transformation in fuel management to achieve precise control and cost reduction [2]. Coal Market Outlook - The coal market showed a balanced supply and demand in the first half of the year, with a downward trend in price levels - A slight rebound in market coal prices was observed during the peak consumption period in July-August, but limited upward potential is expected post-peak [2]. Business Segments - The company operates in efficient and clean coal-fired power generation, urban centralized heating, and is expanding into renewable energy projects such as solar, nuclear, offshore wind, and hydropower - In the first half of 2025, the company generated a total of 22.837 billion kWh of electricity, with coal-fired generation accounting for 22.534 billion kWh [2]. Renewable Energy Development - As of June 2025, the company had a cumulative installed capacity of 686,500 kW for solar power generation, with additional projects under construction and in reserve - The company is advancing its energy storage initiatives, including a pumped storage project and proprietary liquid air energy storage technology [3]. Future Development Plans - The company aims to maintain a primary focus on coal-fired power while integrating energy storage and renewable energy as supplementary components - Plans include optimizing existing projects, pursuing large-capacity units, and developing flexible resources in high-quality areas [3]. Capital Investment - The company announced a 2 billion yuan private placement plan to fund the construction of the Xibaipo Power Plant Phase IV, which will enhance heating capacity and grid flexibility - The project will feature advanced ultra-supercritical technology and environmental facilities, aligning with national clean energy policies [4].