Core Viewpoint - The company, YN Holdings, has indicated that investors should pay attention to its announcements regarding project construction and external cooperation [2] Summary by Relevant Categories - **Company Announcements** - YN Holdings responded to investor inquiries on November 11, emphasizing the importance of monitoring the company's official announcements for updates on project construction and external collaborations [2]

Core Viewpoint - Company is currently developing two key hydropower projects in Henan, which have received necessary approvals and funding [1] Group 1: Project Details - The ongoing projects include the Lu Shan Pumped Storage Project with a capacity of 1300MW and the Lin Zhou Gong Shang Pumped Storage Project with a capacity of 1200MW, both classified as national key projects [1] - Both projects have been approved for policy financial tool quotas by the National Development and Reform Commission [1] - The projects have also secured syndicate loans, indicating strong financial backing [1] Group 2: Future Plans - The company stated that it will fulfill dividend distribution obligations if it meets the necessary conditions, adhering to the required review procedures and information disclosure obligations [1]

Core Viewpoint - The company is actively advancing its hydropower and energy storage projects, indicating a strong commitment to renewable energy development [1] Group 1: Project Developments - The company has two major hydropower projects under construction: the Henan Lushan Pumped Storage Project with a capacity of 1300MW and the Linzhou Gongshang Pumped Storage Project with a capacity of 1200MW [1] - The company has successfully launched the Hebi 100MW/200MWh energy storage project, which is now operational [1]

Core Viewpoint - YN Holdings experienced a stock price decline of 2.08% on November 11, trading at 6.11 CNY per share, with a market capitalization of 9.32 billion CNY [1] Financial Performance - For the period from January to September 2025, YN Holdings reported revenue of 8.67 billion CNY, a year-on-year decrease of 7.71%, while net profit attributable to shareholders increased by 422.12% to 288 million CNY [2] - Year-to-date, YN Holdings' stock price has increased by 47.23%, with a 2.17% rise over the last five trading days, 3.38% over the last twenty days, and 8.53% over the last sixty days [1] Shareholder Information - As of September 30, 2025, YN Holdings had 66,400 shareholders, an increase of 9.70% from the previous period, with an average of 22,968 circulating shares per shareholder, down by 8.84% [2] - The company has distributed a total of 447 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 8.94 million shares, an increase of 743,100 shares from the previous period [3] - The seventh-largest circulating shareholder is GF CSI Power ETF, holding 2.72 million shares, an increase of 174,900 shares from the previous period [3] Business Overview - YN Holdings is primarily engaged in power generation, with its revenue composition being 90.26% from thermal power generation and heating, 3.60% from coal sales and transportation, 2.51% from wind power generation, 1.19% from photovoltaic power generation, and 2.43% from other sources [1]

Core Points - YN Holdings announced the receipt of registration notices for short-term financing bonds and medium-term notes, with a total registered amount of RMB 30 billion [2] Group 1 - The company received a registration notice for a super short-term financing bond with a registered amount of RMB 15 billion [2] - The company also received a registration notice for a medium-term note with a registered amount of RMB 15 billion [2] - The registration quotas are valid for two years from the date of the notice [2]

Core Points - The company received registration notices for short-term financing bonds and medium-term notes from the trading association, allowing for a total registered amount of RMB 1.5 billion for each type of bond [1] Group 1 - The company has been granted a registration amount of RMB 1.5 billion for ultra-short-term financing bonds [1] - The company has also been granted a registration amount of RMB 1.5 billion for medium-term notes [1] - The registration validity period for both types of bonds is two years from the date of the notice [1]

证券代码：001896 证券简称：豫能控股 公告编号：临 2025-61 河南豫能控股股份有限公司 关于收到超短期融资券、中期票据《接受注册通知书》 的公告 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。 2025 年 11 月 7 日，公司收到交易商协会核发的中市协注〔2025〕SCP327 号 《接受注册通知书》、中市协注〔2025〕MTN1068 号《接受注册通知书》，协 会接受公司超短期融资券注册金额为人民币 15 亿元、中期票据注册金额为人民 币 15 亿元，注册额度自通知书落款之日起 2 年内有效。由上海浦东发展银行股 份有限公司、招商银行股份有限公司、兴业银行股份有限公司、中国光大银行股 份有限公司、中信证券股份有限公司、国泰海通证券股份有限公司、中信建投证 券股份有限公司、中国民生银行股份有限公司、光大证券股份有限公司、中信银 行股份有限公司、中国国际金融股份有限公司、郑州银行股份有限公司、中国建 设银行股份有限公司、中国银河证券股份有限公司、交通银行股份有限公司、浙 商银行股份有限公司、华夏银行股份有限公司、国家开发银行和中原银行股份有 限公 ...

Core Viewpoint - YN Holdings experienced a 5.18% increase in stock price, reaching 6.29 CNY per share, with a trading volume of 196 million CNY and a turnover rate of 2.11%, resulting in a total market capitalization of 9.597 billion CNY [1] Company Overview - YN Holdings, established on November 25, 1997, and listed on January 22, 1998, is located in Zhengzhou, Henan Province, China [1] - The company's main business involves power generation, with revenue composition as follows: thermal power and heating 90.26%, coal sales and transportation 3.60%, wind power 2.51%, other sources 2.43%, and solar power 1.19% [1] Shareholder Information - Among the top ten circulating shareholders of YN Holdings, a fund under GF Fund ranks first, specifically the GF CSI All Share Power ETF (159611), which increased its holdings by 174,900 shares in the third quarter, totaling 2.7207 million shares, representing 0.18% of circulating shares [2] - The GF CSI All Share Power ETF was established on December 29, 2021, with a current scale of 3.627 billion CNY and has achieved a year-to-date return of 8.03%, ranking 3722 out of 4216 in its category [2] Fund Management - The fund manager of GF CSI All Share Power ETF is Lu Zhiming, who has a cumulative tenure of 14 years and 160 days, managing total assets of 24.063 billion CNY [3] - During his tenure, the best fund return was 119.61%, while the worst was -63.28% [3]

Market Performance - The Henan state-owned enterprise reform sector rose by 3.16% compared to the previous trading day, with Rongke Technology leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Individual Stock Performance - Rongke Technology (300290) closed at 29.69, with a significant increase of 12.04%, trading volume of 709,800 shares, and a transaction value of 2.072 billion [1] - Other notable performers included: - Biaojian Co. (002431) with a closing price of 2.76, up 9.96% [1] - Ankai High-Tech (600207) at 6.07, up 5.75% [1] - Shenhuo Co. (000933) at 26.14, up 5.70% [1] Capital Flow Analysis - The Henan state-owned enterprise reform sector experienced a net outflow of 104 million from institutional investors, while retail investors saw a net inflow of 87.89 million [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Detailed Capital Flow for Selected Stocks - Biaojian Co. (002431) had a net inflow of 86.30 million from institutional investors, but a net outflow of 45.69 million from speculative funds [3] - Sichuan Jinding (600678) saw a net inflow of 41.59 million from institutional investors, with a net outflow of 8.52 million from speculative funds [3] - Other stocks like New乡化纤 (000949) and 合众思壮 (002383) also showed varied capital flows, indicating differing investor confidence [3]

Core Insights - The launch of the container service by YN Energy Holdings marks the official opening of the "Yulu Convenient Sea Passage" intermodal logistics project, enhancing logistics connectivity between Henan and the eastern coastal regions [1][2] - The project is expected to significantly improve the logistics landscape in the region, reducing overall logistics costs and transportation time for exports [2] Group 1: Logistics Development - A container train carrying 3,100 tons of chemical coal has departed from the Henan Coal Storage and Distribution Trading Center, establishing a new logistics link [1] - The intermodal operation at Shandong Port has seen a 53.3% year-on-year increase, with 114,000 TEUs handled in the first three quarters of 2025 [1] - The logistics channel focuses on iron ore transportation between Rizhao Port and Hebi Shifeng Station, with an expected annual shipment volume of 360,000 tons [1] Group 2: Infrastructure and Capacity - The Henan Coal Storage and Distribution Trading Center has established two coal storage bases with a static storage capacity of 2.25 million tons and an annual dispatch capacity of 20 million tons [1] - The integration of the Wazhi Railway and Jingguang Railway enhances the logistics capabilities, creating a new "inland storage—railway direct—port export" logistics channel [2] - The container business will focus on heavy goods such as premium coal, minerals, steel, cement clinker, and high-value-added chemical products, promoting versatile logistics solutions [2]