Core Viewpoint - The green transition in shipping will drive the consumption of green methanol, clarifying downstream scenarios and opening up new capacity application breakthroughs for green hydrogen ammonia methanol projects, directly accelerating the commencement and implementation of green hydrogen projects [1] Green Methanol Consumption - Major global shipyards are purchasing methanol vessels and collaborating with upstream green methanol operators and port enterprises to ensure future green fuel supply. Currently, the operational green methanol capacity is only over 200,000 tons, while the demand from methanol-powered vessels is approximately 930,000 tons, indicating a supply-demand gap and a window for capturing green premiums. The shipbuilding cycle is about two years, with significant actions expected to commence in the second half of 2025, benefiting green methanol operators that first implement projects and collaborate with green methanol shipowners [2] Upstream Hydrogen Production - The construction cycle for various green methanol projects is 1 to 2 years. To align with the operational cycle of green methanol vessels (27 years under the IMO net-zero framework), it is anticipated that the existing approved but unstarted green hydrogen ammonia methanol projects will accelerate construction starting in the second half of 2025, driving demand for upstream hydrogen production equipment. It is estimated that the domestic electrolyzer bidding volume will reach 1.5 GW in 2025, with a preference for state-owned enterprises and related cooperative companies, recommending equipment companies with project experience [3] Fuel Cell Vehicles - Nine provinces and three cities have announced toll fee exemptions for hydrogen vehicles, marking a breakthrough in application scenarios. The year 2025 is the final year for demonstration city cluster policies and the first settlement point for the medium- to long-term hydrogen energy plan. The expansion of city clusters and the issuance of subsidies will accelerate the release of fuel cell vehicle volumes, with a focus on leading companies in fuel cell components [4] Key Recommendations - Recommended companies include Huadian Technology (601226), Huaguang Huaneng (600475), and Jidian Co., Ltd. (000875) [5]

Trade and Policy Updates - The U.S. has extended the tariff exemptions on certain products related to the Section 301 investigation into China's practices regarding technology transfer, intellectual property, and innovation, now set to expire on August 31, 2025, instead of May 31, 2025 [1] Aviation Industry - Starting from June 5, 2025, domestic airlines will adjust the fuel surcharge for passenger transport, with routes under 800 kilometers exempt from the surcharge, while those over 800 kilometers will incur a fee of 10 yuan per passenger per segment [2] Artificial Intelligence Sector - The 2025 Global Artificial Intelligence Technology Conference (GAITC 2025) will be held in Hangzhou on June 7-8, focusing on themes of "crossing, integration, mutual growth, and win-win" [4] - CITIC Securities reports that the process of re-evaluating the value of China's technology industry is ongoing, recommending investors to pay attention to the expansion of the AI ecosystem and the investment opportunities arising from its application in various sectors [4] Nuclear Energy Sector - The Second Tianfu Nuclear Fusion Forum will take place in Chengdu on June 5-6, highlighting the growing global focus on energy security and the increasing demand for electricity [5] - Zhongtai Securities emphasizes the advantages of controlled nuclear fusion over fission, including a more abundant fuel supply, higher energy density, and greater safety [5] - Key projects in China include CFETR, BEST, and HL-3, with ongoing construction of hybrid reactors like "Spark One" and Z-ZFR [5] Stock Market and Share Unlocking - This week, 38 companies will have their locked shares released, totaling 2.276 billion shares with a market value of 26.666 billion yuan, a significant increase of 122.18% compared to the previous week [7] - The largest unlock is from Chip导科技, with a value of 4.259 billion yuan, accounting for 15.97% of the total unlock this week [7][8] New Stock Listings - Only one new stock, Haiyang Technology, is available for subscription this week, with an IPO price of 11.50 yuan and a subscription limit of 14,500 shares [10] Market Outlook - Galaxy Securities suggests that the A-share market may continue to experience fluctuations, with a focus on external tariff changes and domestic policy implementation [14] - The report highlights three main investment themes: high-margin assets, technology sector opportunities, and consumer sectors boosted by policy support [14] - Xingzheng Strategy indicates that the market may see a shift towards technology growth stocks in June, as historical trends suggest a favorable performance for this sector during this period [15]

5月29日20时6分，大安风光制绿氢合成氨一体化示范项目迎来关键里程碑——总降变电所一次受电成 功。此次受电成功标志着项目正式驶入系统联调联试的快车道，由工程建设阶段转入系统调试阶段。总 降变作为整个项目的电力枢纽，承担着将外部电网电能引入并分配至各生产环节的重任。(人民财讯) ...

1993年进入电厂，万余次精准操作创造零差错纪录，成功处置数十起突发险情，荣获"全国劳动模范""全国工人先锋号""吉 林能源工匠""国家电投杰出奋斗者"等30余项殊荣……这是国家电投吉电股份四平第一热电公司（以下简称"四平一热公司"） 发电部技能大师兼培训师张玉忠，用32年职业生涯绘就出的电力工匠"答卷"。 32载，从普通技工成长为国家级"产业导师"，张玉忠将"干一行必精一行"的誓言锻造成金。为什么要长期扎根一线？他有 自己的理解："要不是自己经历过，就没法设身处地发现问题，更别提解决行业难题了。" 破冰攻坚——零下25摄氏度的技术突围 在零下25摄氏度的渣仓铁梯旁，睫毛上结着白色冰霜的张玉忠，正试图摘下和右手虎口的血痂冻在一起的手套。东北的冬 天零下20多度是常态，要完成室外的渣仓料位的手动测量任务，需要爬上20多米高的铁梯子，铁梯经常结冰挂霜，攀爬铁梯 时，手扶栏杆的手套常被粘在栏杆上，极易发生不安全事件。 这个隐患是张玉忠一直以来的"心病"，他憋着一股劲儿，下决心必须解决这个难题。从"三防"角度出发，他扎根实验室， 带领团队成员反复研究，终于研发出一套具有微正压自清洁功能的"气旋"式无触点料位监控装置， ...

Core Viewpoint - Jilin Electric Power Co., Ltd. is transitioning from a traditional coal and electricity enterprise to a focus on renewable energy and green hydrogen, aiming for over 20% year-on-year growth in net profit attributable to shareholders in 2024, with clean energy revenue surpassing 50% of its main business for the first time [2][3]. Group 1: Renewable Energy Development - The company has increased its installed capacity from 850,000 kW in 2002 to over 14 million kW, with nearly 80% from renewable sources, establishing bases in five regions [3]. - Since the 14th Five-Year Plan, Jilin Electric has added over 6 million kW of renewable capacity, nearly doubling its previous figures, and increasing the renewable share by 14 percentage points [3]. - The company plans to enhance its leadership in renewable energy in Jilin Province while expanding its development scale in other regions such as Shandong, Jiangsu, and Xinjiang [3]. Group 2: Smart Operations and Efficiency - Jilin Electric has implemented "smart station" upgrades in 40 renewable energy stations over the past three years, reducing operational staff by 30% and achieving "无人值班" (unmanned operation) in 10 stations [4]. Group 3: Green Hydrogen Energy Initiatives - The company is focusing on green hydrogen energy, leveraging national policies to support the development of zero-carbon industries across various sectors [5]. - Jilin Electric is investing nearly 6 billion yuan in the world's largest green hydrogen production project, expected to produce 32,000 tons of green hydrogen and 180,000 tons of green ammonia annually [6]. - The company is also developing additional projects for green methanol and expanding its footprint in regions like the Middle East and North Africa [6]. Group 4: Research and Development - Over the past three years, Jilin Electric has invested 1.632 billion yuan in R&D, with an average annual intensity exceeding 3% [7]. - In 2024, the company plans to implement 62 research projects with a total R&D investment of 520 million yuan, increasing the R&D intensity to 3.29% [7].

Group 1: Company Performance and Strategy - The company aims to achieve a total installed capacity of 20 GW by 2025, with 90% from clean energy sources. As of the end of 2024, the company has 11 GW of clean energy and 3 GW of coal power [2] - The company plans to add 2 million kW of new installed capacity in 2025 [2] - The company is focused on enhancing its core capabilities in investment, development, construction, technology, innovation, and operation [2] Group 2: Green Hydrogen Project - The Daan green hydrogen project is set to commence production in July 2025, with ongoing negotiations with multiple potential users, particularly in the EU, Japan, and South Korea [1][3] - The price of green ammonia is currently 50% higher than that of synthetic ammonia, and the company is targeting a green premium for its products [1][3] Group 3: Financial Performance and Challenges - As of Q1 2025, the company's accounts receivable stood at 12 billion CNY, accounting for 75% of current assets, primarily due to receivables from green electricity subsidies [4] - The company reported a net profit increase of 110 million CNY, 80 million CNY, and 130 million CNY in the first three quarters of 2024 compared to the same periods in 2023, but faced a loss of 140 million CNY in Q4 2024 due to increased asset impairment [4] Group 4: Market Position and Investor Relations - The company maintains open communication with investors and emphasizes its commitment to ESG (Environmental, Social, and Governance) practices [2] - The company has been recognized for its Daan project as a "clean and low-carbon hydrogen innovation application project" by the National Development and Reform Commission [3]

Group 1: Financial Performance - In Q1 2025, the company's thermal power revenue was 1.271 billion CNY, a year-on-year decrease of 7.40% [1] - The heating revenue reached 647 million CNY, an increase of 8.44% year-on-year [1] - Wind power revenue was 837 million CNY, down 1.17% compared to the previous year [1] - Solar power revenue amounted to 937 million CNY, reflecting a year-on-year increase of 3.08% [1] Group 2: Future Development and Strategy - The company focuses on "New Energy+" and "Green Hydrogen-based Energy" as its key development directions [2] - The company is implementing a "Three-Three-Three" development strategy to establish three product lines: green ammonia, green alcohol, and green aviation fuel [2] - The company aims to create a replicable development model for its first demonstration projects in green ammonia, green alcohol, and green aviation fuel [2] Group 3: Market and Policy Changes - The National Energy Administration issued new auxiliary service market rules on May 20, 2025, which will take effect on June 1, 2025 [2] - The new rules eliminate the tiered pricing for deep peak regulation and align with the provincial new energy grid price [2] - The auxiliary service fees will no longer be generated under the new market operation rules [2] Group 4: Project Updates - The Daan wind-solar hydrogen synthesis ammonia integration project has completed mechanical completion and is in the sub-commissioning phase [2] - The Lishu wind-solar green hydrogen biomass coupling green methanol project is currently in the preliminary work phase [2] - The company is advancing the BaiCheng thermal power supply unit project [2]

吉林电力股份有限公司 关于参加 2025 年吉林辖区上市公司投资者 网上集体接待日活动的公告 证券代码：000875 证券简称：吉电股份 公告编号：2025-041 为进一步加强与投资者的互动交流，吉林电力股份有限公司（以 下简称"公司"）将参加由吉林省证券业协会、深圳市全景网络有限 公司共同举办的"2025 年吉林辖区上市公司投资者网上集体接待日 活动"，现将有关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（http://rs.p5w.net）；或关注微信公众号（名称：全景财经）； 或下载全景路演 APP，参与本次互动交流。活动时间为 2025 年 5 月 27 日（周二）15:00-16:30。 吉林电力股份有限公司董事会 二〇二五年五月二十一日 2 本公司及董事会全体成员保证公告内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 届时公司董事长杨玉峰先生、独立董事潘桂岗先生、总会计师王 胜先生、董事会秘书刘爽先生将在线就公司2024年度业绩、公司治理、 发展战略、经营状况等投资者关心的问题，与投资者进行沟通与交流。 投资者可于2025年5月26日（星期一） ...

证券代码：000875 证券简称：吉电股份 公告编号：2025-040 吉林电力股份有限公司 第九届监事会第二十一次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 1.吉林电力股份有限公司第九届监事会第二十一次会议通知于 2025 年 5 月 14 日以电子邮件、书面送达等方式发出。 2. 2025 年 5 月 21 日，第九届监事会第二十一次会议以通讯方式 召开。 3.公司应参会监事 5 人，实参会监事 5 人。 4.本次会议的召开符合《公司法》及公司《章程》的规定。 二、监事会会议审议情况 关于选举公司第九届监事会主席的议案 会议以 5 票赞同、0 票反对、0 票弃权，审议通过了《关于选举 公司第九届监事会主席的议案》，同意选举胡一栋先生为公司第九届 监事会主席。 三、备查文件 经与会监事签字并加盖监事会印章的监事会决议。 二○二五年五月二十一日 2 附： 附：胡一栋先生简历 1 特此公告。 吉林电力股份有限公司监事会 曾任黄河上游水电开发有限责任公司陇电分公司党委书记、经理， 黄河电力检修工程有限公司党委书记、总经理 ...

证券代码：000875 证券简称：吉电股份 公告编号：2025-039 吉林电力股份有限公司 2024 年度股东会决议公告 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。 特别提示 1.本次临时股东会没有否决提案的情形； 2.本次临时股东会不涉及变更以往股东会决议的情形。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开的时间： 现场会议召开时间为：2025 年 5 月 20 日（星期二）下午 13:40。 网络投票时间为：2025 年 5 月 20 日，其中： （1）通过深交所交易系统投票 2025 年 5 月 20 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00。 （2）通过互联网投票系统投票 2025 年 5 月 20 日 9:15-15:00 的任意时间。 2.现场会议召开地点 吉林电力股份有限公司三楼会议室。 1 3.会议召开方式 本次年度股东会以现场表决和网络投票相结合的方式进行。 4.会议召集人 吉林电力股份有限公司第九届董事会。 5.会议主持人 公司董事长杨玉峰先生因公无法出席本次会议，经过半数董事推 ...