电投能源（002128）(002128.SZ)发布公告，公司拟通过发行股份及支付现金的方式购买内蒙古公司持 有的白音华煤电100%股权。同时，上市公司拟向不超过35名符合条件的特定投资者发行股份募集配套 资金，交易价款为人民币111.49亿元。本次交易完成后，上市公司的资产规模、营业收入、归属于母公 司的净利润等主要财务指标预计将得到提升，进一步提高了上市公司的业绩水平。 ...

- The report utilizes a random forest model to predict the impact of index constituent stock adjustments on individual stocks' excess returns. The model is designed to handle complex, multi-dimensional, and non-linear problems effectively[13][17][24] - The random forest model selects features based on the logic that passive index funds adjust stock weights following index constituent changes, impacting related stocks. Key features include changes in passive fund holdings, stock liquidity, company market capitalization, and stock price trends[13][15][17] - The construction process of the random forest model involves training on historical data to predict excess returns for stocks affected by index adjustments. The model uses feature selection to enhance generalization ability and focuses on short-term impacts post-announcement[13][17][24] - The evaluation of the random forest model indicates its effectiveness in distinguishing the impact of index adjustments on stocks, particularly in sample-out tests. It successfully identifies stocks with significant excess returns or reduced negative effects[13][17][24] - The backtesting results show that stocks added to the CSI 300 index achieved an average excess return of 2.53% within 10 days post-announcement, while stocks added to the CSI 500 index achieved an average excess return of 1.01% in the same period[17][23][24] - Detailed group performance for stocks added to the CSI 300 index shows excess returns of 2.11% (group_1) and 1.48% (group_5) within 10 days, with a mean return of 2.53%. For the CSI 500 index, group_1 achieved 2.29%, group_5 achieved 0.88%, and the mean return was 1.01% within 10 days[23] - For stocks removed from the indices, the model shows reduced negative effects. CSI 300 stocks in group_1 achieved 1.44% within 10 days, while group_5 showed -0.80%, with a mean return of -0.25%. CSI 500 stocks in group_1 achieved 0.28%, group_5 achieved 0.48%, and the mean return was -0.11% within 10 days[31]

Group 1 - The core point of the article is that Electric Power Investment Energy (SZ 002128) held its 13th temporary board meeting on November 14, 2025, to discuss the proposal regarding the capital increase from undistributed profits of Inner Mongolia Hohhot Coal Hongjun Aluminum Power Co., Ltd. and related transactions [1] - For the first half of 2025, the revenue composition of Electric Power Investment Energy is as follows: non-ferrous metal smelting accounts for 55.85%, coal industry accounts for 31.02%, new energy power generation accounts for 7.58%, and coal-fired electricity and heat supply accounts for 5.54% [1] - As of the report date, the market capitalization of Electric Power Investment Energy is 64.2 billion yuan [1]

Core Viewpoint - Electric Power Investment (电投能源) plans to acquire 100% equity of Baiyinhua Coal Power (白音华煤电) from State Power Investment Corporation Inner Mongolia Energy for approximately 11.149 billion yuan through a combination of share issuance and cash payment, while also raising supporting funds [1] Group 1: Transaction Details - The transaction constitutes a major asset restructuring and is classified as a related party transaction [1] - Following the completion of the transaction, Electric Power Investment will hold 100% equity of Baiyinhua Coal Power, with no changes to its main business operations [1] Group 2: Financial Performance - Baiyinhua Coal Power's main business includes the production and sales of coal, electrolytic aluminum, and electric power products [1] - Financial data indicates that Baiyinhua Coal Power achieved revenues of approximately 7.316 billion yuan, 11.399 billion yuan, and 5.552 billion yuan for the years 2023, 2024, and the first half of 2025, respectively [1] - Corresponding net profits for the same periods were approximately 485 million yuan, 1.448 billion yuan, and 762 million yuan [1] Group 3: Market Reaction - On November 14, Electric Power Investment's stock rose by 0.81%, closing at 28.63 yuan per share, with a total market capitalization of 64.18 billion yuan [1]

Group 1: Company Announcements - 合富中国's stock price increased by 256.29% over 14 trading days, significantly outperforming the industry and Shanghai Composite Index, leading to a suspension for verification starting November 17 [1] - 工业富联's GB300 achieved mass production in Q3, with improved yield and testing efficiency, positively impacting Q4 gross margin [2] - 天孚通信's controlling shareholder plans to transfer 8.5 million shares, representing 1.09% of total equity, due to personal funding needs [4] - 璞泰来 plans to invest 7.6 billion yuan in a new integrated film coating project, aiming to meet growing demand in the battery and energy storage sectors [5] - 电投能源 intends to acquire 100% of Baiyin Hua Coal Power for 11.149 billion yuan, financing through share issuance and cash [6] - 中微公司 reported that a shareholder completed a reduction of 12.52 million shares, totaling 3.351 billion yuan [7] - 瑞德智能 plans to invest 10 million yuan in a leading company in the power plant robotics sector [8] - 盘古智能 aims to acquire control of a petrochemical company by purchasing 11.97% of its shares for 24.64 million yuan [9] - 泰达股份 signed a memorandum for a waste-to-energy project in Egypt [10] - 杭氧股份 is set to establish a venture capital fund focusing on low-temperature technology and nuclear fusion [11] Group 2: Financial Performance and Regulatory Approvals - 复星医药's subsidiary received FDA approval for a biosimilar drug, with applications pending in China and Europe [21] - 长春高新 received approval for a clinical trial of a new growth hormone drug, with no similar products currently available in China [20] - 海辰药业 obtained a drug registration certificate for a new injection product [22] - 上海机场 reported a 12.46% year-on-year increase in passenger throughput for October [23] Group 3: Shareholder Actions - 深桑达 A plans to publicly transfer 80% of a subsidiary's shares with a minimum price of 1.857 billion yuan [12] - 中电港's major shareholder reduced its stake by 1% between October 31 and November 13 [15] - 康龙化成's major shareholders plan to collectively reduce their holdings by up to 1.5% [16] - 科兴制药's controlling shareholder intends to transfer 5% of its shares [17]

Core Viewpoint - The company, Electric Power Investment (002128.SZ), plans to acquire 100% equity of Baiyinhu Coal Power from a company in Inner Mongolia through a combination of share issuance and cash payment, with a transaction price of 1,114,919.19 thousand yuan, excluding the amount raised from the issuance of shares to specific investors [1]. Group 1 - The company will issue shares to no more than 35 qualified specific investors to raise supporting funds for the acquisition [1]. - The company's main business prior to the transaction includes the production and sale of coal, aluminum, and electricity products [1]. - The main business of the company will remain unchanged after the completion of the transaction [1].

Core Viewpoint - The company plans to acquire 100% equity of Baiyinhu Coal Power from an Inner Mongolia company through a combination of share issuance and cash payment, with a transaction price of 1,114,919.19 thousand yuan, excluding the amount raised from specific investors [1] Group 1: Acquisition Details - The acquisition involves purchasing 100% equity of Baiyinhu Coal Power [1] - The transaction will be financed through issuing shares and cash payments [1] - The total transaction price is set at 1,114,919.19 thousand yuan [1] Group 2: Company Operations - Prior to the transaction, the company's main business includes the production and sale of coal, aluminum, and electricity products [1] - The company's main business operations will remain unchanged after the completion of the transaction [1]

国家电投集团内蒙古白音华煤电有限公司 露天矿采矿权评估报告 天兴矿评字[2025]第 0030 号 育限公司 北京天 中国·北京 二〇二五年十一月三日 地址:北京市西城区月坛北街２号月坛大厦Ａ座23 层 邮编:100045 电话:(010)68083253 传真:(010)68081109 中国矿业权评估师协会 评估报告统一编码回执单 编码:1105420250202062627 非 3、在出具正式报告时，本评估报告统一编码回执单应列装在报告的封面或扉页位置。 国家电投集团内蒙古白音华煤电有限公司露天矿采矿权评估报告 摘要 国家电投集团内蒙古白音华煤电有限公司 露天矿采矿权评估报告 天兴矿评字[2025]第 0030 号 摘 要 . 评估机构:北京天健兴业资产评估有限公司。 | 评估委托方: | 国家电投集团内蒙古能源有限公司、内蒙 | | --- | --- | | | 古电投能源股份有限公司 | | 评估机构名称: | 北京天健兴业资产评估有限公司 | | 评估报告名称: | 国家电投集团内蒙古日音华煤电有限公司 | | | 露天矿米矿权 | | 报告内部编号: | 天兴矿评字(2025) 第0030号 ...

中信证券股份有限公司 关于本次重组信息公布前 内蒙古电投能源股份有限公司 股票价格波动情况的核查意见 内蒙古电投能源股份有限公司（以下简称"电投能源"或"上市公司"）拟 通过发行股份方式购买国家电投集团内蒙古白音华煤电有限公司（以下简称"白 音华煤电"）100%股权，并募集配套资金（以下简称"本次重组"、"本次交 易"或"本次重大资产重组"）。上市公司股票（证券简称：电投能源，证券代 码：002128.SZ）自 2025 年 5 月 6 日开市起开始停牌。中信证券股份有限公司（以 下简称"中信证券"、"独立财务顾问"）作为本次交易的独立财务顾问，对上 市公司股价在本次交易首次公告日前 20 个交易日内剔除大盘因素或同行业板块 因素影响后累计涨跌幅进行了审慎核查，核查情况如下： 一、上市公司首次公告日前 20 个交易日股价波动情况 1 二、独立财务顾问核查意见 经核查，本独立财务顾问认为，上市公司股价在本次交易首次公告日前 20 个交易日内剔除大盘因素或同行业板块因素影响后累计涨跌幅均未超过 20%，未 构成异常波动情况。 （以下无正文） 2 （本页无正文，为《中信证券股份有限公司关于本次重组信息公布前内蒙古电 ...

1、本独立财务顾问与本次交易各方不存在其他重大利益关系，就本次交易 发表有关核查意见是独立进行的； 2、本独立财务顾问核查意见所依据的文件、材料由本次交易各方提供，提 供方已承诺上述有关文件、材料均为真实、准确和完整的，保证所提供文件、材 料不存在虚假记载、误导性陈述或者重大遗漏，并就所提供文件、材料的真实性、 准确性和完整性承担相应的法律责任。本独立财务顾问不承担由此引起的任何风 险和责任； 3、本独立财务顾问已履行了本阶段必要的阶段性尽职调查义务，在此基础 上有理由确信所发表的专业意见与本次交易各方现阶段披露的文件内容不存在 实质性差异； 4、本独立财务顾问已对上市公司本次交易现阶段披露的文件进行必要核查， 确信披露文件的内容与格式符合要求； 中信证券股份有限公司 关于担任内蒙古电投能源股份有限公司 本次交易独立财务顾问的承诺函 内蒙古电投能源股份有限公司（以下简称"电投能源"或"上市公司"）拟 通过发行股份方式购买国家电投集团内蒙古白音华煤电有限公司（以下简称"白 音华煤电"）100%股权，并募集配套资金（以下简称"本次重组"、"本次交易" 或"本次重大资产重组"）。中信证券股份有限公司（以下简称"中信 ...