Core Viewpoint - Gansu Electric Power Investment Energy Development Co., Ltd. has decided to terminate its credit rating cooperation with China Chengxin International Credit Rating Co., Ltd., leading to the invalidation of its credit ratings for both the company and its related debt instruments [3]. Group 1 - Gansu Energy's credit rating was maintained at AA with a stable outlook as of June 20, 2024, while its debt instruments "22 Gansu Electric Power GN001" and "23 Gansu Electric Power GN001" were rated AAA [2]. - The credit ratings for "24 Gansu Electric Power MTN001" and "25 Gansu Electric Power MTN001" were also rated AAA, reflecting the unconditional and irrevocable joint liability guarantees provided by Gansu Electric Power Investment Group [2]. - The termination of the credit rating was communicated to China Chengxin International on June 18, 2025, with the company ceasing to provide necessary materials for the rating process [3].

Core Viewpoint - The power sector has experienced a significant rally, with multiple stocks, including YN Holdings, hitting the daily limit up, driven by extreme heat conditions across the country [1] Group 1: Stock Performance - YN Holdings has reached the daily limit up, indicating strong investor interest [1] - Other companies such as Jintou Energy, Huadian Liaoning, and Jin Control Power have seen their stock prices increase by over 5% [1] - Additional stocks like Jiuzhou Group, Shanghai Electric, and Gansu Energy have also shown upward movement [1] Group 2: Weather Impact - The Yangtze River basin has recently experienced a "post-mei" period, leading to widespread high temperatures [1] - The eastern region of China is experiencing temperatures 0.5-1.5°C higher than the historical average [1] - The number of high-temperature days in the Yangtze River basin is expected to increase by 10%-15% [1] Group 3: Power Demand - Local temperatures in Jiangsu and Zhejiang have reportedly exceeded 40°C [1] - The national peak electricity load surged to 14.65 billion kilowatts, marking a historical high and an increase of nearly 1.5 billion kilowatts year-on-year [1]

Group 1: Stock Suspension and Resumption - BlueDai Technology's Zhu Tangfu plans to transfer 18% of the company's shares to Jiangdong Chantuo, leading to the resumption of trading [1] - *ST Yazhen's actual controller's tender offer period has expired, resulting in stock suspension [1] Group 2: Investment Cooperation and Operational Status - Anke Biotechnology has become the exclusive agent for the sales and marketing promotion of follicle-stimulating hormone products in mainland China and Hong Kong, Macau, and Taiwan [2] - Gaoxin Information Technology plans to raise no more than 374 million yuan through a private placement for the expansion of vehicle networking communication products, the Shenzhen R&D and operation center project, and to supplement working capital [2] - Zhongyan Chemical's affiliated company has signed an agreement worth 6.809 billion yuan to acquire mining rights for natural soda ash in the Naimanqi Daqintala area [3] - Jerry Holdings has received a project award letter from Algeria's national oil company for the Hodenus natural gas booster station EPC project, with a total award amount of approximately 850 million USD or 6.126 billion yuan [3] Group 3: Performance Changes - Northern Rare Earth expects a net profit of 900 million to 960 million yuan in the first half of 2025, representing a year-on-year increase of 1882.54% to 2014.71% [4] - Dongfang Precision Engineering anticipates a net profit of 361 million to 426 million yuan in the first half of 2025, with a year-on-year growth of 120% to 160% [4] - Gansu Energy expects a net profit of 800 million to 830 million yuan in the first half of 2025, reflecting a year-on-year increase of 178.95% to 189.41% [5] - Morning Light Biotechnology forecasts a net profit of 202 million to 232 million yuan in the first half of 2025, with a year-on-year growth of 102.33% to 132.38% [6] - Muyuan Foods expects a net profit of 10.5 billion to 11 billion yuan in the first half of 2025, representing a year-on-year increase of 924.60% to 973.39% [6] - Ganli Pharmaceutical anticipates a net profit of 460 million to 500 million yuan in the first half of 2025, with a year-on-year increase of 262.47% to 293.99% [6] - Hongta Securities expects a net profit of 651 million to 696 million yuan in the first half of 2025, reflecting a year-on-year growth of 45% to 55% [7] - Shandong Glass Fiber anticipates a net profit of 8.66 million to 12.99 million yuan in the first half of 2025, recovering from a loss of 97.31 million yuan in the same period last year [7]

[Current Period Performance Forecast](index=1&type=section&id=Item%20I.%20Current%20Period%20Performance%20Forecast) The company anticipates a significant year-on-year increase in net profit attributable to shareholders for the 2025 semi-annual period [Performance Forecast Period](index=1&type=section&id=1.%20Performance%20Forecast%20Period) This performance forecast covers the semi-annual financial performance from January 1, 2025, to June 30, 2025 - The performance forecast period is from January 1, 2025, to June 30, 2025[3](index=3&type=chunk) [Performance Forecast Overview](index=1&type=section&id=2.%20Performance%20Forecast%20Overview) The company anticipates a year-on-year increase in its 2025 semi-annual performance, with a significant rise in net profit attributable to shareholders - The company expects a year-on-year increase in performance for the current reporting period[3](index=3&type=chunk) [Key Financial Indicators Forecast](index=1&type=section&id=Key%20Financial%20Indicators%20Forecast) The company forecasts net profit attributable to shareholders for H1 2025 to be between 800 million and 830 million CNY, representing a 178.95% to 189.41% increase from the prior year's original report, with significant growth also expected in non-recurring net profit and basic EPS 2025 Semi-Annual Key Financial Indicators Forecast and Year-on-Year Changes | Indicator | 2025 Semi-Annual Forecast (10,000 CNY/CNY) | 2024 Semi-Annual Restated (10,000 CNY/CNY) | 2024 Semi-Annual Original Report (10,000 CNY/CNY) | Y-o-Y Growth (vs. 2024 Original Report) | Y-o-Y Growth (vs. 2024 Restated) | | :-------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | :-------------------------------------- | :----------------------------------- | | Net Profit Attributable to Shareholders | 80,000 ~ 83,000 | 70,568.22 | 28,679.30 | 178.95% ~ 189.41% | - | | Net Profit After Non-Recurring Items | 79,800 ~ 82,800 | 28,330.46 | 28,330.46 | - | 181.68% ~ 192.26% | | Basic Earnings Per Share | 0.2466 ~ 0.2559 | 0.2274 | 0.1792 | - | 13.37% ~ 17.62% | [Accounting Treatment Explanation](index=1&type=section&id=Accounting%20Treatment%20Explanation) Prior period 2024 data has been restated due to the acquisition of ChangLe Company under common control, with its net profit or loss from the beginning of the period to the merger date reported as non-recurring - Prior period 2024 data was restated due to the transfer of **66% equity in ChangLe Company** on November 22, 2024, and its inclusion in the consolidated financial statements under the principle of business combination involving entities under common control[4](index=4&type=chunk) - Net profit or loss of the subsidiary from the beginning of the period to the merger date, arising from a business combination under common control, is reported as non-recurring profit or loss[4](index=4&type=chunk) [Communication with Accounting Firm](index=1&type=section&id=Item%20II.%20Communication%20with%20Accounting%20Firm) The company has not yet pre-communicated this performance forecast with its accounting firm, nor has it been pre-audited [Communication Status](index=2&type=section&id=Communication%20Status) This performance forecast has not yet been pre-communicated with the accounting firm nor pre-audited by a certified public accountant - This performance forecast has not been pre-communicated with the accounting firm and has not been pre-audited by a certified public accountant[6](index=6&type=chunk) [Explanation of Performance Changes](index=2&type=section&id=Item%20III.%20Explanation%20of%20Performance%20Changes) Net profit growth is primarily attributed to the consolidation of ChangLe Company in 2024 and a reduction in power generation costs during the reporting period [Primary Reasons for Performance Growth](index=2&type=section&id=Primary%20Reasons%20for%20Performance%20Growth) Net profit growth is primarily attributed to the consolidation of ChangLe Company in 2024 and a reduction in power generation costs during the reporting period - The year-on-year increase in net profit attributable to shareholders (based on original report data) is primarily due to the formal inclusion of ChangLe Company into the company's consolidated financial statements in 2024[7](index=7&type=chunk) - The year-on-year increase in net profit attributable to shareholders (based on restated data) is primarily due to an anticipated decrease in power generation costs during the reporting period compared to the same period last year[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=Item%20IV.%20Risk%20Warning) This performance forecast is based on preliminary estimates, with final financial data subject to the 2025 semi-annual report, urging investors to be aware of investment risks [Risk Statement and Information Disclosure](index=2&type=section&id=Risk%20Statement%20and%20Information%20Disclosure) This performance forecast is based on preliminary estimates, with final financial data subject to the 2025 semi-annual report, urging investors to be aware of investment risks - The data in this performance forecast represents preliminary estimates by the company's finance department, with specific financial data to be fully disclosed in the 2025 semi-annual report[8](index=8&type=chunk) - Investors are advised to make prudent decisions and be aware of investment risks[8](index=8&type=chunk) - The company's designated information disclosure media are Securities Times, Juchao Information Network (www.cninfo.com.cn/), and the Shenzhen Stock Exchange website (http://www.szse.cn/)[8](index=8&type=chunk)

Core Viewpoint - Gansu Energy (000791) expects a net profit attributable to shareholders of 800 million to 830 million yuan for the period from January 1, 2025, to June 30, 2025, representing a year-on-year increase of 178.95% to 189.41% [1] Financial Summary - The projected net profit range is between 800 million yuan and 830 million yuan [1] - The anticipated growth rate compared to the previous year is between 178.95% and 189.41% [1]

Market Overview - The Shanghai Composite Index rose by 0.39% on July 1, with 20 out of 28 sectors experiencing gains. The top-performing sectors were Comprehensive and Pharmaceutical & Biological, with increases of 2.60% and 1.80% respectively [1] - The Utilities sector saw a rise of 1.05%, with a net inflow of 860 million yuan in main funds. Out of 131 stocks in this sector, 93 rose, and 3 hit the daily limit [1] Utilities Sector Performance - In the Utilities sector, 69 stocks experienced net inflows, with 7 stocks receiving over 50 million yuan in net inflows. The top stock for net inflow was Huayin Electric, with 364 million yuan, followed by Huadian Energy and Changjiang Electric with 105 million yuan and 102 million yuan respectively [1] - The stocks with the highest net outflows included Xiexin Energy Technology, Sheneng Co., and Gansu Energy, with net outflows of 219 million yuan, 53 million yuan, and 44 million yuan respectively [2] Top Gainers in Utilities Sector - The top gainers in the Utilities sector included: - Huayin Electric: +9.98%, turnover rate 7.72%, main fund flow 364.48 million yuan - Huadian Energy: +9.83%, turnover rate 5.33%, main fund flow 104.96 million yuan - Changjiang Electric: +0.76%, turnover rate 0.25%, main fund flow 102.34 million yuan [1] Top Losers in Utilities Sector - The top losers in the Utilities sector included: - Xiexin Energy Technology: +2.37%, turnover rate 17.60%, main fund flow -219.26 million yuan - Sheneng Co.: +0.23%, turnover rate 0.56%, main fund flow -53.37 million yuan - Gansu Energy: -1.10%, turnover rate 2.56%, main fund flow -44.23 million yuan [2] Related ETF - The Green Power ETF (Product Code: 562550) tracks the China Securities Green Power Index, with a recent five-day change of +1.42% and a price-to-earnings ratio of 17.18 times. The latest share count is 12 million, a decrease of 500,000 shares, with a net inflow of 816,000 yuan [4]

Core Viewpoint - Gansu Electric Power Investment Energy Development Co., Ltd. has announced the lifting of restrictions on the transfer of shares issued for asset acquisition and fundraising, allowing for the circulation of 335,097,001 shares after a six-month lock-up period [1][5]. Summary by Sections 1. Basic Information on Restricted Shares - The company issued 335,097,001 ordinary shares (A shares) to specific investors as part of an asset acquisition and fundraising initiative, approved by the China Securities Regulatory Commission [1]. - The newly issued shares were listed on the Shenzhen Stock Exchange on December 31, 2024, and are subject to a six-month transfer restriction [1]. 2. Listing and Circulation Arrangement - The announcement details the arrangement for the circulation of the restricted shares, which will now be available for trading following the expiration of the lock-up period [1]. 3. Changes in Share Capital Structure - Prior to the lifting of restrictions, the company had a total share capital of 3,243,839,742 shares, with 1,643,299,207 shares classified as restricted [4]. - After the lifting of restrictions, the number of restricted shares will decrease to 1,308,202,206, resulting in a new percentage of 40.33% of the total share capital [4]. 4. Compliance with Commitments - Shareholders who acquired the restricted shares have adhered to their commitment not to transfer the shares for six months following the listing date, with no violations reported [4]. 5. Verification by Intermediary Institutions - The independent financial advisor, CITIC Securities Co., Ltd., confirmed that the lifting of restrictions complies with relevant regulations and that the information disclosed is accurate and complete [5].

中信建投证券股份有限公司关于甘肃电投能源发展股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易之限售股 份上市流通的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"独立财务顾问"） 作为甘肃电投能源发展股份有限公司（以下简称"甘肃能源"或"公司"）发行 股份及支付现金购买资产并募集配套资金暨关联交易的独立财务顾问，根据《上 市公司重大资产重组管理办法》《深圳证券交易所股票上市规则》《深圳证券交易 所上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关规定，对甘 肃能源本次重组新增股份部分解除限售并上市流通的事项进行了审慎核查，具体 情况如下： 一、本次解除限售的股份取得的基本情况 根据中国证券监督管理委员会《关于同意甘肃电投能源发展股份有限公司发 行股份购买资产并募集配套资金注册的批复》（证监许可〔2024〕1611 号），公司 募集配套资金向特定对象发行人民币普通股（A 股）335,097,001 股，新增股份已 于 2024 年 12 月 31 日在深圳证券交易所上市，自上市之日起 6 个月内不得转让。 本次限售股形成后，公司未发生因利润分配、资本公积金转增股本而引起总 ...

证券代码：000791 证券简称：甘肃能源 公告编号：2025-44 甘肃电投能源发展股份有限公司 1、本次解除限售的股份合计 335,097,001 股，占公司总股本的 10.3303%， 为公司发行股份及支付现金购买资产并募集配套资金暨关联交易之向特定对象 发行股票募集配套资金发行的人民币普通股。 2、本次解除限售股份可上市流通日为 2025 年 7 月 1 日。 一、本次解除限售的股份取得的基本情况 根据中国证券监督管理委员会《关于同意甘肃电投能源发展股份有限公司发 行股份购买资产并募集配套资金注册的批复》（证监许可〔2024〕1611 号），公 司募集配套资金向特定对象发行人民币普通股（A 股）335,097,001 股，新增股 份已于 2024 年 12 月 31 日在深圳证券交易所上市，自上市之日起 6 个月内不得 转让。本次限售股形成后，公司未发生因利润分配、资本公积金转增股本而引起 总股本数量变化的情形，亦不存在相应限售股同比例变化的情况。具体发行情况 如下： | 序号 | 发行对象名称 | 认购股数（股） | 锁定期（月） | | --- | --- | --- | --- | | 1 | ...

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].