Group 1 - The core viewpoint of the report is that the expectation of asset securitization significantly boosts stock prices, particularly for companies under the State Power Investment Corporation (SPIC) such as Yuanda Environmental Protection, Electric Power Investment and Financing, and Jilin Electric Power, which are anticipated to have substantial market value increases due to potential asset injections or mergers and acquisitions [1][2][4] Group 2 - SPIC plans to restructure assets among its subsidiaries, including listed companies like Shanghai Electric Power and Yuanda Environmental Protection, with a focus on enhancing operational efficiency and market mechanisms [2][3] - As of the end of 2024, SPIC's thermal power installed capacity is 83.53 million kilowatts, and hydropower installed capacity is 26.58 million kilowatts, with a current asset securitization ratio of approximately 51.4% [2] - The group has a broad asset securitization space, with significant water, nuclear, aluminum, and hydrogen assets yet to be listed, indicating long-term potential for asset securitization [4] Group 3 - Recent announcements from Electric Power Investment and Financing and Yuanda Environmental Protection regarding major asset restructurings suggest a strategic shift towards integrating nuclear and hydropower assets, enhancing the group's overall asset value [4] - The group has undergone several strategic mergers and restructurings since its establishment, indicating a clear path towards professional business integration and financial asset listings [3] - The group has developed a comprehensive aluminum industry chain, with plans for further acquisitions and restructuring to enhance the integration of aluminum assets within Electric Power Investment [4] Group 4 - Investment recommendations highlight the potential of Electric Power Investment (stable profitability in coal, power, and aluminum integration), Electric Power Investment and Financing (future nuclear power operation platform), and Yuanda Environmental Protection (domestic hydropower asset integration platform) [5] - Shanghai Electric Power and Jilin Electric Power are positioned to become key platforms for international and renewable energy asset integration, respectively [5]

Group 1 - The core viewpoint of the article is that Jilin Electric Power Co., Ltd. (吉电股份) is focusing on the green hydrogen energy industry as one of its dual-track development strategies [1] Group 2 - The company has expressed its commitment to developing the green hydrogen energy sector [1]

Core Viewpoint - The actual controller of Jidian Co., Ltd. (000875.SZ), State Power Investment Corporation, through its concerted action partner, State Power Investment Group Innovation Investment Co., Ltd., plans to increase its shareholding in the company by acquiring 38,732,657 shares, representing 1.07% of the total share capital, with an investment amount of 200.96 million yuan [1] Group 1 - The share acquisition will occur from April 9, 2025, to September 30, 2025, through centralized bidding [1] - After the completion of the share purchase, the combined shareholding ratio of State Power Investment Group and its concerted action partners will rise from 34.00% to 35.07% [1]

Group 1 - The "2025 Second Hydrogen Industry Conference (CHIF2nd)" was held on October 10 in Shanghai, aiming to gather global experts to discuss the latest trends, technological challenges, and solutions in the hydrogen industry, promoting high-quality development [1] - According to Guotai Junan, hydrogen energy is seen as a key tool for reducing carbon dioxide emissions in the industrial sector and will become crucial for energy transition, attracting capital market attention to the hydrogen sector [1] - The hydrogen industry chain includes upstream hydrogen production, midstream storage and transportation, and downstream applications, with nearly 100 hydrogen-related listed companies in the A-share market [1] Group 2 - Huayuan Securities indicates that with declining electricity prices, rising carbon prices, policy support, and increasing orders for green fuels, the construction rate of green hydrogen projects is expected to gradually increase [2] - The upstream electrolyzer industry is anticipated to move out of the "involution" phase, with a recommendation to focus on companies like Huadian Technology and Huaguang Huaneng [2] - As the cost of green hydrogen decreases, its penetration in transportation and industrial sectors is expected to improve, with recommendations to pay attention to fuel cell-related companies such as Guohong Hydrogen Energy, Guofu Hydrogen Energy, and Reformed Energy [2]

Group 1 - The core point of the article is that Jidian Co., Ltd. announced a share buyback plan, where an investment company will increase its stake in the company by approximately 38.73 million shares, representing 1.07% of the total share capital, with a total investment of about 201 million yuan [1] - For the first half of 2025, Jidian's revenue composition is as follows: electricity products account for 86.62%, heating products account for 10.86%, and operation and maintenance, along with integrated smart energy and others, account for 2.52% [1] - As of the report date, Jidian's market capitalization is 23 billion yuan [1]

证券代码：000875 证券简称：吉电股份 公告编号：2025-081 2.增持计划的实施结果：公司收到国家电投集团《股份增持计划 实施完毕暨增持结果告知函》，自 2025 年 4 月 9 日至 2025 年 9 月 30 日收市，创新投资公司以自有资金通过深圳证券交易所交易系统 以集中竞价方式累计增持公司股份 38,732,657 股，占公司总股本比 1 例为 1.07%，增持金额合计 20,095.56 万元（不含交易费用等），本 次增持计划已实施完毕。 一、增持主体基本情况 1.增持主体：国家电投集团创新投资有限公司。 2.增持主体及一致行动人已持有本公司股份的数量、占公司总股 本的比例：本次增持前，国家电投集团及其一致行动人合计持有公司 股份 1,233,272,014 股，占公司总股本的比例为 34%。其中，创新投 资公司未持有公司股份。 吉林电力股份有限公司 关于实际控制人及一致行动人增持股份计 划实施完成的公告 公司实际控制人国家电力投资集团有限公司保证向本公司提供 的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。本公司及董事会全体成员保证公告内容与信息披露义务人提供的 信息一 ...

国浩律师（北京）事务所 关于 吉林电力股份有限公司 实际控制人之一致行动人增持股份的 法律意见书 北京市朝阳区东三环北路 38 号泰康金融大厦 9 层 邮编：100026 9/F，Taikang Financial Tower，38 North Road East Third Ring，Chaoyang District，Beijing 100026，China 电话/Tel: (+86) (10) 6589 0699 传真/Fax: (+86) (10) 6517 6800 网址/Website: www.grandall.com.cn 2025 年 10 月 国浩律师（北京）事务所 法律意见书 国浩律师（北京）事务所（以下简称"本所"）接受国家电投集团创新投 资有限公司（以下简称"创新投资公司"）的委托，根据《中华人民共和国证 券法》（以下简称《证券法》）、《中华人民共和国公司法》（以下简称《公 司法》）、《上市公司收购管理办法》（以下简称《收购管理办法》）、《深 圳证券交易所上市公司自律监管指引第 10 号——股份变动管理》等相关法律、 法规及规范性文件的规定，按照律师行业公认的业务标准、道德规范和勤勉 ...

Market Overview - The Shanghai Composite Index rose by 1.32% on October 9, with 23 out of the 28 sectors experiencing gains. The top-performing sectors were non-ferrous metals and steel, with increases of 7.60% and 3.38% respectively. The utilities sector also saw a rise of 2.60%. Conversely, the media and real estate sectors faced declines of 1.43% and 1.39% respectively [1] Fund Flow Analysis - Throughout the day, the main funds in the two markets experienced a net outflow of 19.966 billion yuan. However, 12 sectors saw net inflows, with the non-ferrous metals sector leading with a net inflow of 5.361 billion yuan, followed by the construction and decoration sector, which had a daily increase of 2.17% and a net inflow of 1.868 billion yuan [1] Utilities Sector Performance - The utilities sector increased by 2.60% with a total net inflow of 1.349 billion yuan. Out of 131 stocks in this sector, 115 rose, including 2 that hit the daily limit, while 14 fell, with 1 hitting the lower limit. Notably, 69 stocks in this sector experienced net inflows, with 7 stocks seeing inflows exceeding 100 million yuan. Shanghai Electric led with a net inflow of 425 million yuan, followed by Yangtze Power and China Nuclear Power with inflows of 260 million yuan and 225 million yuan respectively [2] Utilities Sector Fund Inflow and Outflow - The top inflow stocks in the utilities sector included: - Shanghai Electric: +10.02%, 6.00% turnover, 425.25 million yuan inflow - Yangtze Power: +1.58%, 0.47% turnover, 260.23 million yuan inflow - China Nuclear Power: +4.59%, 1.63% turnover, 224.55 million yuan inflow [2] - The top outflow stocks in the utilities sector included: - Energy Saving Wind Power: +2.51%, 3.03% turnover, -108.28 million yuan outflow - Jilin Electric Power: +1.93%, 4.99% turnover, -69.70 million yuan outflow - Shenzhen Energy: +3.61%, 1.37% turnover, -65.39 million yuan outflow [4]

Core Viewpoint - Jilin Electric Power Co., Ltd. (吉电股份) has shown a significant stock price increase this year, with a 19.64% rise year-to-date and a 10.62% increase in the last five trading days, indicating strong market interest despite some recent net outflows of funds [1][2]. Company Overview - Jilin Electric Power Co., Ltd. was established on November 20, 1997, and listed on September 26, 2002. The company is based in Changchun, Jilin Province, and its main business includes power generation (wind, solar, hydro, thermal, distributed energy, gas, biomass, nuclear), heating (residential and industrial), comprehensive smart energy supply, clean energy investment and development, power plant maintenance, technology project research and development, and power distribution [1]. - The revenue composition of the company is as follows: coal power products 33.67%, photovoltaic products 29.55%, wind power products 23.40%, heating products 10.86%, and operation and maintenance and others 2.52% [1]. Financial Performance - For the first half of 2025, Jilin Electric Power Co., Ltd. reported a revenue of 6.569 billion yuan, a year-on-year decrease of 4.63%, and a net profit attributable to shareholders of 726 million yuan, down 33.72% year-on-year [2]. - The company has distributed a total of 969 million yuan in dividends since its A-share listing, with 764 million yuan distributed over the past three years [3]. Shareholder Information - As of September 19, 2025, the number of shareholders for Jilin Electric Power Co., Ltd. was 154,300, a decrease of 3.59% from the previous period, with an average of 21,654 circulating shares per shareholder, an increase of 3.73% [2]. - Notable changes in institutional holdings include the exit of several ETFs from the top ten circulating shareholders by June 30, 2025 [3].

Group 1 - The International Maritime Organization (IMO) is set to submit a legally binding net-zero emissions framework for the global shipping industry in October 2023, which is expected to significantly increase the demand for green methanol in the next five years, from tens of thousands of tons annually to 30-40 million tons by 2030, representing a more than 100-fold increase [1][2] - The net-zero framework aims to reduce greenhouse gas emissions from international shipping by over 20% by 2030 compared to 2008 levels, over 70% by 2040, and achieve net-zero emissions by around 2050 [2][3] - The demand for methanol-fueled vessels is projected to grow significantly due to the net-zero framework, with an estimated 300 methanol fuel ships expected to be operational, driving a demand for 6.8 million tons of green methanol [2][3] Group 2 - Current production capacity for green methanol is significantly below projected demand, with domestic capacity under 300,000 tons and global capacity under 500,000 tons, leading to a long-term supply shortage [3] - The shipping industry is anticipated to create a market space worth hundreds of billions for green methanol, benefiting core equipment suppliers and early investors in green methanol projects [3][4] - Several A-share companies, including Goldwind Technology and China Tianying, have proactively engaged in the green methanol industry, with existing orders and expansion plans in place [4][5] Group 3 - Goldwind Technology has announced a significant investment in a wind power hydrogen-methanol integrated project in Inner Mongolia, with a total investment exceeding 18.9 billion yuan, aiming to produce 600,000 tons of green methanol annually [4][5] - China Tianying is developing multiple projects, including a green methanol production facility in Liaoyuan, with plans to achieve a production capacity of 1 million tons by around 2030 [5] - Jilin Electric Power's recent investment in a green methanol innovation demonstration project marks its transition to a new green energy enterprise, with a total investment of 4.92 billion yuan [5]