Core Viewpoint - YN Holdings (001896.SZ) has announced a significant investment in the Internet Data Center (IDC) sector, which is characterized by infrastructure construction and operation services for various clients, including internet companies and government institutions [1] Group 1: Company Overview - The main business of YN Holdings remains thermal power generation, and its daily production and operational activities are normal [1] Group 2: Industry Insights - IDC is defined as a combination of infrastructure construction, operation, and services, providing hosting and operational services for servers [1] - The profitability of IDC projects is relatively stable once operational, but the profit margins are lower compared to sectors like chip manufacturing and cloud services [1]

Core Viewpoint - The company, YN Holdings, announced that its stock experienced abnormal trading fluctuations, with a cumulative price deviation exceeding 20% over two consecutive trading days due to a planned investment in the Internet Data Center (IDC) sector, which remains uncertain [1] Group 1: Stock Performance - YN Holdings' stock price increased significantly, with a cumulative deviation of over 20% on February 11 and 12, 2026 [1] - The company confirmed that there were no undisclosed significant matters that could have impacted the stock price [1] Group 2: Investment and Business Operations - The company is planning to invest in the IDC sector, but the details regarding the investment amount, proportion, and agreements are not yet finalized and are subject to board and shareholder approvals [1] - The company's main business remains thermal power generation, and its daily operations are normal, with no significant changes in market conditions or industry policies [1] Group 3: Disclosure and Compliance - The company conducted a self-examination and inquired with its controlling shareholder, confirming that there were no undisclosed significant matters apart from what has been disclosed [1] - During the period of abnormal stock fluctuations, the actual controller, controlling shareholder, directors, and senior management did not engage in buying or selling the company's stock [1]

Core Viewpoint - The establishment of a unified national electricity market is crucial for the development of a new type of power system in China, with significant progress expected by 2025 and a target for 2030 to have 70% of electricity consumption from market transactions [1][2]. Group 1: National Electricity Market Development - The State Council issued an implementation opinion on February 11, aiming to build a unified national electricity market by 2030, where all types of power sources and non-essential users will participate directly in the market [1]. - By 2030, it is projected that the market-based transaction volume will account for approximately 70% of total electricity consumption, with a further increase expected by 2035 [1]. - The National Development and Reform Commission highlighted the need for reform to address challenges posed by changes in electricity production, consumption patterns, and the rising share of renewable energy [1]. Group 2: Capacity Market and Compensation Mechanisms - The opinion proposes exploring the establishment of a capacity market to ensure the profitability of supportive resources like coal power and new energy storage, which are essential for accommodating high proportions of renewable energy [3]. - A reliable capacity compensation mechanism will be gradually established, with market-based methods to guide the orderly development of supportive power sources [3]. - The recent notification from the National Development and Reform Commission and the National Energy Administration aims to improve the capacity pricing mechanism for various power generation sources, including natural gas and new energy storage [3]. Group 3: Participation of Private Enterprises - The opinion encourages greater participation of private enterprises in the electricity market, particularly in new energy storage, virtual power plants, and smart microgrids [4]. - Measures will be introduced to facilitate the flexible participation of new entities in market transactions, promoting rational investment and healthy development [4]. - The opinion aims to enable all electricity users, except for essential users, to participate directly in the electricity market, fostering a diverse and competitive market environment [4].

一、股票交易异常波动的情况介绍 河南豫能控股股份有限公司（以下简称"公司"）股票（证券简称：豫能 控股，证券代码：001896）于 2026 年 2 月 11 日、2 月 12 日连续两个交易日收 盘价格涨幅偏离值累计超过 20%，根据《深圳证券交易所交易规则》等有关规定， 属于股票交易异常波动。 二、公司自查、核实情况 针对公司股票交易异常波动的情形，公司依照规定开展了自查，并致函公 司控股股东河南投资集团有限公司函询，现将有关情况说明如下： （一）公司于 2026 年 2 月 11 日披露了《关于筹划参股投资暨关联交易事项 的提示性公告》（公告编号：临 2026-07），2026 年 2 月 12 日披露了《关于筹 划参股投资暨关联交易事项的提示性公告的补充暨风险提示公告》（公告编号： 临 2026-08）。本次增资涉及的审计、评估工作尚未完成，公司增资金额、增资 比例等尚未确定，增资的相关协议尚未签署；本次增资构成关联交易，尚需履行 公司董事会、股东会等程序；公司最终能否参与本次交易存在较大不确定性。标 的所属行业为互联网数据中心 IDC（Internet Data Center），是一种基础设施建设、 ...

Core Viewpoint - The A-share market shows positive momentum with significant gains in various sectors, particularly in the small metals, electric grid equipment, and semiconductor industries, while the film and gaming sectors are experiencing declines [3]. Market Performance - The Shanghai Composite Index rose by 0.12% to 4137.06, while the Shenzhen Component Index increased by 0.8% to 14274.93. The ChiNext Index saw a rise of 1.18% to 3323.56, and the STAR Market Index gained 0.93% to 1804.89 [4][12]. - Over 2700 stocks in the market experienced an increase by midday [3]. Sector Highlights - The electric grid equipment sector showed strong performance, with companies like Hailianxun rising over 18% and others reaching their daily limit [4]. - The shipping sector also performed well, with China Merchants Energy hitting its daily limit and achieving a historical high [5]. - The computing power leasing sector saw significant gains, with Yuke Technology hitting its daily limit and other companies like Dazhi Technology and Capital Online also rising [5]. Trading Volume - The total trading volume in the Shanghai and Shenzhen markets exceeded 1 trillion yuan [6]. Currency Movement - The offshore RMB against the US dollar broke the 6.9 yuan mark, indicating a strengthening of the currency [8]. Stock Movements - The film and cinema sector continued to adjust, with companies like Hengdian Film and Bona Film hitting their daily limit down [9]. - AI application stocks in the Hong Kong market showed strength, with Zhiyuan rising over 11% [10].

Core Viewpoint - The A-share market opened higher on February 12, with the Shanghai Composite Index up 0.12%, the Shenzhen Component Index up 0.12%, and the ChiNext Index up 0.30% [1] Group 1: Sector Performance - The power sector opened strong, with notable stocks such as Yunnan Energy Holdings and Jin Kong Power both experiencing significant gains [2][3] - The computing power leasing concept continued its strong performance, with Dawei Technology achieving a four-day consecutive rise and Youke De increasing by over 10% [4][5] Group 2: Market Sentiment and Outlook - Dongguan Securities noted that as the Spring Festival approaches, investor sentiment is becoming more cautious, leading to a potential reduction in trading volume and a phase of consolidation in the A-share market [6] - Caixin Securities indicated that despite a decrease in market activity, there are still structural opportunities available, particularly in sectors with concentrated favorable events [7] - CITIC Securities projected that commodities will remain a preferred investment direction in 2026, driven by factors such as risk aversion and fundamental improvements [8]

Core Viewpoint - Company is planning to invest in Henan Investment Group's subsidiary, Xiantian Computing (Henan) Technology Co., Ltd., and will use Xiantian Computing as the acquisition entity to acquire Zhengzhou Heying Data Co., Ltd. [1] Group 1 - The investment amount is expected to not exceed 1.4 billion yuan, with an investment ratio of up to 49% [1] - The company will not consolidate Xiantian Computing's financial statements [1] - The investment is currently in the planning stage, and the acquisition of the target company has not been completed [1] Group 2 - The company does not have plans to acquire related targets within the next 36 months [1] - During the investment period in Xiantian Computing, the company will not participate in the specific operations of the target company [1]

Core Viewpoint - The company is planning to invest in Henan Investment Group Co., Ltd. through its subsidiary, Xiantian Computing (Henan) Technology Co., Ltd., which will serve as the acquisition entity for Zhengzhou Heying Data Co., Ltd. [1] Group 1 - The company intends to make a minority investment in Xiantian Computing, with an expected capital increase not exceeding 1.4 billion yuan and a stake of up to 49% [1] - The investment is currently in the planning stage, and the acquisition of the target company has not yet been completed [1] - The company does not have plans to acquire related targets within the next 36 months and will not participate in the specific operations of the target company during the investment period [1]

Core Viewpoint - Henan YN Holdings Co., Ltd. is planning to invest in a subsidiary of its controlling shareholder, Henan Investment Group, to acquire a controlling stake in Zhengzhou Heying Data Co., Ltd. through its subsidiary Xiantian Computing (Henan) Technology Co., Ltd. This investment is still in the planning stage and carries significant uncertainty [2][3]. Group 1: Transaction Overview - The transaction aims to respond to national strategies for developing new infrastructure and enhancing the digital economy, particularly in the data center industry, which is seen as a core infrastructure for innovation in the digital age [4]. - The company intends to leverage its resources to extend its business into the data center sector, specifically through an indirect investment in Zhengzhou Heying, which operates large-scale data centers [5]. Group 2: Investment Details - The specific equity stake and investment amount for the acquisition of Zhengzhou Heying by Xiantian Computing have not yet been determined, pending the completion of auditing and evaluation processes [3][6]. - The transaction is expected not to constitute a major asset restructuring as defined by relevant regulations, and it will not involve the issuance of new shares or changes in the controlling shareholder [6]. Group 3: Impact on the Company - The data center sector is experiencing rapid growth, driven by the digital economy, and the target assets hold a competitive advantage with a robust operational system and valuable client resources [10]. - The transaction is anticipated to create synergies between the company and Henan Investment Group, particularly in green power supply and regional development, facilitating a low-carbon transition and seizing industry opportunities [10].

证券代码：001896 证券简称：豫能控股 公告编号：临 2026-08 河南豫能控股股份有限公司 关于筹划参股投资暨关联交易事项的提示性公告的 补充暨风险提示公告 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。 一、风险提示 1.先天算力已与相关交易对方签署了附生效条件的《股权转让协议》，尚需 履行国有资产监督管理部门审批程序（如需）以及经营者集中审查等程序，相关 生效、交割条件是否以及何时达成存在一定不确定性，存在因市场环境、政策调 整、交易方未能达成一致等情形调整或终止的可能，本次交易最终能否实施存在 一定不确定性，敬请投资者注意投资风险。 2.公司本次仅参股投资先天算力，增资金额预计不超过 14 亿元，增资比例 预计不超过 49%，不会合并先天算力财务报表。本次增资涉及的先天算力审计、 评估工作尚未完成，公司增资金额、增资比例等尚未确定，增资的相关协议尚未 签署；本次增资构成关联交易，尚需履行公司董事会、股东会等程序；公司最终 能否参与本次交易存在较大不确定性，敬请投资者注意投资风险。 3.截至本公告披露日，公司本次参股投资尚处于筹划阶段，先天算力对标 ...