Core Insights - The Daan Project, a green hydrogen and ammonia integration demonstration project by State Power Investment Corporation, has been launched, marking a historic leap for China in the green hydrogen energy sector [1] - The project features four global firsts: large-scale green ammonia production, mixed hydrogen production, direct current microgrid, and solid-state hydrogen storage [1] - Jilin Electric Power Co., the only green hydrogen energy platform of State Power Investment Corporation, has signed sales agreements with multiple international companies, expanding green ammonia products to the international market [1] Company Developments - The Daan Project commenced production on July 26, showcasing China's advancements in green hydrogen technology [1] - Jilin Electric Power Co. has established partnerships with various domestic and international firms, including EDF China, China National Petroleum Corporation, Itochu Corporation of Japan, and Vopak of the Netherlands [1] - The first batch of green ammonia was officially dispatched to downstream markets on the day of production launch, indicating successful market entry [1]

Core Viewpoint - The launch of the Daan project marks a significant advancement in the green ammonia sector, showcasing a new model for local consumption of renewable energy through large-scale wind and solar projects [1][2]. Group 1: Project Overview - The Daan project is the world's largest single green ammonia project, with an annual production capacity of 180,000 tons of green ammonia and 32,000 tons of green hydrogen [1][3]. - The project utilizes a comprehensive design approach that integrates green hydrogen production, green ammonia synthesis, and renewable energy generation [1][2]. - The project is powered by 800 MW of renewable energy, consisting of 700 MW from wind and 100 MW from solar [4]. Group 2: Technological Innovations - The Daan project features four global firsts, including the largest single production of 180,000 tons/year of green ammonia, and the largest dual technology route for hydrogen production [3]. - It employs a proprietary "electric-hydrogen-chemical" flexible control system to address the challenges of renewable energy volatility and chemical production stability [3]. Group 3: Market and Sales Strategy - Prior to the project's launch, the company signed sales agreements with multiple international firms, including EDF China and Japan's Itochu Corporation, to ensure market absorption of the produced green ammonia [4]. - The project has received a pre-certification report from Bureau Veritas, confirming compliance with EU low-carbon fuel standards, facilitating international market expansion [5]. Group 4: Environmental Impact - The Daan project is expected to reduce carbon emissions by approximately 650,000 tons annually and save about 230,000 tons of standard coal, equivalent to the annual carbon emissions of nearly 500,000 average households [1].

Core Viewpoint - Jilin Electric Power Co., Ltd. (吉电股份) has signed strategic cooperation agreements with EDF (China) and China National Petroleum International Company to enhance collaboration in the green hydrogen energy sector, aiming to leverage each other's strengths for mutual benefits in technology and market expansion [1][2]. Group 1: Cooperation with EDF (China) - Jilin Electric Power Co. is positioned as a key player in China's green hydrogen energy development, responsible for the entire industry chain including R&D, investment, and marketing [1]. - The partnership with EDF (China) is expected to deepen collaboration in technology and global market synergy, establishing a solid foundation for future cooperation [1]. Group 2: Cooperation with China National Petroleum International Company - The company aims to implement a balanced growth strategy in collaboration with China National Petroleum International, focusing on green hydrogen products, carbon reduction, and international market expansion [2]. - The partnership will leverage China National Petroleum's global marketing network to promote green ammonia, green methanol, and green aviation fuel, accelerating the global application of green hydrogen products [2]. - Both companies will integrate their production, sales, and logistics resources to enhance cooperation in green electricity trading and carbon business projects [2].

吉林电力股份有限公司 2025 年面向专业机构投资者公开发 行科技创新公司债券（第一期） 在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，吉林电力股份有限公司 2025 年 面向专业机构投资者公开发行科技创新公司债券（第一期）符合深圳证券交易所 债券上市条件，将于 2025 年 7 月 21 日起在深圳证券交易所上市，并面向专业投 资者中的机构投资者，交易方式包括匹配成交、点击成交、询价成交、竞买成交 和协商成交。债券相关要素如下： | 债券名称 | 吉林电力股份有限公司 2025 年面向专业机构投资者公开发行科技 | | | | | | --- | --- | --- | --- | --- | --- | | | 创新公司债券（第一期） | | | | | | 债券简称 | 25 吉电 K1 | | | | | | 债券代码 | 524366.SZ | | | | | | 信用评级 | 本期债券无评级，发行人有效主体信用等级为 AAA 级 | | | | | | 评级机构 | 中诚信国际信用评级有限责任公司 | | | | | | 发行总额（亿元） | 10 | | | | | | 债券 ...

Group 1: Coal Supply and Pricing - The company's main coal suppliers include State Power Investment Corporation Inner Mongolia, Shenhua Energy Northeast Trading Company, and Huaneng Hohhot Energy Development Company, with long-term contracts accounting for approximately 90% of coal supply [1] - Long-term coal prices are executed according to the National Development and Reform Commission's pricing policy, while market coal prices are determined through bidding or negotiation based on market fluctuations [1] Group 2: Power Generation and Market Mechanisms - All heating units of the company are cogeneration units that participate in market transactions [1] - The cross-provincial electricity market trading mechanism in Jilin Province is smooth, with inter-provincial trading plans organized by the Beijing Trading Center [2] - Currently, bilateral trading accounts for a relatively large proportion of the electricity market in Jilin Province [2] Group 3: Future Plans and Financial Metrics - The company will focus on "new energy+" and "green hydrogen-based energy" as dual tracks to continuously improve operational performance and promote high-quality development [2] - The company's basic requirement for project IRR is 8%, which will be determined based on market changes and project conditions [2] - The company plans to conduct dividends in the second half of 2025 and the third quarter, with cash dividends not exceeding 10% of the net profit attributable to shareholders for the corresponding period, provided that the company maintains profitability and positive undistributed profits [2]

Core Viewpoint - The recent milestones achieved by Jidian Co., Ltd. in its large-scale integrated demonstration project for green hydrogen synthesis from wind and solar energy mark a significant step towards establishing a benchmark for green low-carbon energy in the chemical industry [1][4]. Group 1: Project Milestones - The project has successfully achieved three critical milestones: successful power reception, stable production of high-purity green hydrogen, and consistent output of qualified nitrogen [1][4]. - The successful power reception from the external grid and the project's own renewable energy sources ensures a stable and reliable power supply for subsequent hydrogen production and chemical processes [2][4]. Group 2: Green Hydrogen Production - The first PEM electrolysis hydrogen production unit has successfully started operation, producing hydrogen with a purity of 99.999% at a capacity of 9,600 cubic meters per hour [3]. - This hydrogen production unit demonstrates excellent flexibility, operating efficiently across a load range of 30% to 100%, which aligns well with the intermittent nature of wind and solar energy [3]. Group 3: Nitrogen Production - The air separation unit has successfully produced high-purity liquid nitrogen and gaseous nitrogen, with an output capacity of 20,500 cubic meters per hour [4]. - The successful commissioning of the nitrogen production system is crucial for supplying raw materials for ammonia synthesis and hydrogen production, marking a significant achievement in the project's development [4]. Group 4: Environmental Impact - Upon full operation, the project is expected to produce 32,000 tons of green hydrogen and 180,000 tons of green ammonia annually, reducing carbon emissions by approximately 650,000 tons, equivalent to the annual emissions from 130,000 gasoline vehicles [5].

Group 1 - The former Party Secretary and Chairman of Jilin Electric Power Co., Ltd., Cai Yanfu, is under investigation for serious violations of discipline and law [1][2] - Cai Yanfu has a long career in the energy sector, holding various positions including General Manager and Deputy General Manager at different subsidiaries of State Power Investment Corporation (SPIC) [2] - Jilin Electric Power Co., Ltd. is a publicly listed company controlled by SPIC, involved in power generation, heating, green hydrogen energy, and clean energy investment [2] Group 2 - The anti-corruption campaign within SPIC has intensified this year, with multiple officials being investigated, including the General Manager of Hubei Electric Power Co., Ltd. and other senior executives [3]

Core Viewpoint - The former Party Secretary and Chairman of Jilin Electric Power Co., Ltd., Cai Yanfu, is under investigation for serious violations of discipline and law, indicating ongoing anti-corruption efforts within the State Power Investment Corporation [1][3]. Group 1: Company Background - Cai Yanfu has extensive experience in the energy sector, having held various positions including Chief Engineer and Deputy General Manager at Northeast Electric Power Co., Ltd., and General Manager of Jilin Energy Investment Co., Ltd. [2] - He was appointed General Manager of Jilin Electric Power Co., Ltd. in 2017 and became Chairman in 2019, with plans to retire in May 2024 [2]. Group 2: Industry Context - Jilin Electric Power Co., Ltd. is a publicly listed company controlled by the State Power Investment Corporation, involved in power generation, heating, green hydrogen energy, and clean energy investment [2]. - The ongoing anti-corruption campaign within the State Power Investment Corporation has led to multiple investigations of senior officials, highlighting a broader effort to address misconduct within the organization [3].

Group 1 - The former chairman of Jilin Electric Power Co., Ltd., Cai Yanfu, is under investigation for serious violations of discipline and law [1] - The investigation is being conducted by the Central Commission for Discipline Inspection and the National Supervisory Commission [1] - The announcement was made on July 18, indicating the involvement of both the national and provincial disciplinary bodies [1]

Group 1 - The Chongqing government has proposed a policy to support the promotion and application of hydrogen fuel cell vehicles, which includes subsidies for hydrogen refueling stations starting from January 1, 2025 [1] - Subsidies for hydrogen refueling stations will be 30% of the actual investment (excluding land costs), with a maximum subsidy of 3 million yuan per station [1] - Operational subsidies will also be provided for refueling stations selling hydrogen at or below 25 yuan per kilogram, offering 30 yuan per kilogram based on annual cumulative hydrogen volume, with a cap of 3 million yuan per station [1] Group 2 - The policy support is seen as a strong guarantee for the development of hydrogen refueling stations, with various governments worldwide implementing hydrogen energy development plans and policies [1] - These policies not only provide financial subsidies and tax incentives for the construction of refueling stations but also promote cooperation and win-win situations among upstream and downstream enterprises in the hydrogen energy industry chain [1] - The government is also focusing on establishing hydrogen energy standards and regulations to enhance safety supervision and operational guarantees for hydrogen refueling stations [1] Group 3 - Huabao Securities indicates that with the implementation of relevant policies, the hydrogen energy market is expected to see a dual increase in supply and demand across all segments, leading to an expansion of the market scale [2] - The improvement of hydrogen energy infrastructure is anticipated to enhance the scale of the entire industry chain, with a focus on the commercialization process of hydrogen refueling station construction, hydrogen storage and transportation, and core components of fuel cells [2] - Huayuan Securities suggests that the opening rate of green hydrogen projects is expected to gradually increase due to factors such as declining electricity prices, rising carbon prices, policy support, and growth in green fuel orders [2]