Group 1: Clean Energy Development - The gas turbine units of the company's power plants can achieve approximately 5,000 operating hours, benefiting from the gas-electric linkage mechanism in Jiangsu Province, which allows for better profitability despite gas price fluctuations [1] - The annual long-term coal price is calculated based on the benchmark price of key coal power enterprises, with the 2017 and 2018 benchmark set at 535 RMB/ton [3] Group 2: Market Electricity Proportion - In 2018, the planned electricity volume is approximately 45%, while market electricity accounts for around 55%. Of the market electricity, nearly 70% is through bilateral negotiations, about 30% through platform bidding, and a small portion through listing methods [3] Group 3: Impact of New Energy Company - The establishment of Sujin Energy Company is expected to have a short-term impact on existing power plants due to high electricity demand in Jiangsu Province, which saw a growth of 6%-7% in social electricity consumption in 2017 [4] Group 4: Asset Management Regulations - The new asset management regulations have a minimal impact on Jiangsu Trust, as 50% of its business is inherent, and while channel business accounts for 90% of the scale, it only contributes 20% to revenue [4] - Jiangsu Trust is actively adjusting to meet new regulatory requirements, focusing on three main areas: expanding business in other regions, implementing a revenue-cost ratio compensation mechanism, and enhancing risk control capabilities [4] Group 5: Fundraising Allocation - The 4 billion RMB raised will be fully allocated to increase capital for Jiangsu Trust, providing financial support for its development [4] Group 6: Performance Outlook - The energy business is expected to see profit growth due to the commissioning of six gas turbine units in the second half of last year, along with potential cost reductions if coal prices decline [5] - The trust business, despite a reduction in channel business scale, is expected to have limited impact due to improved bargaining power, and the capital increase will benefit Jiangsu Trust's operations and profitability [5]

Group 1: Market Conditions - The current market electricity trading model shows that bilateral negotiations account for approximately 41% of the market electricity volume, with the remainder primarily from monthly platform bidding and sporadic listed trading [2][3] - The market electricity release policy has resolved the dual-track pricing system, allowing coal prices to be reflected in electricity prices more promptly, which enhances the motivation of power generation and electricity sales companies [3] Group 2: Coal Supply and Pricing - The company's long-term coal supply accounts for about 70%, with a ratio of monthly to annual long-term contracts approximately 1:1 [3][4] - The long-term coal prices are aligned with the five major power generation groups [3] Group 3: External Electricity Impact - The influx of external electricity has significantly reduced the utilization hours of local coal-fired power generation in Jiangsu Province, primarily due to the province's coal reduction plan [3] - The company is planning to establish a holding company to acquire coal and power generation projects in Shanxi, aiming to increase its power generation share in Jiangsu [3] Group 4: Future Development and Expansion - The company has successfully obtained approval for a 2×100MW gas-fired cogeneration project in Jingjiang in the first half of 2018 [4] - The company will continue to pursue a dual-driven strategy, integrating finance and energy sectors, leveraging the stable cash flow from power generation to support the development of the thermal power sector [4]

Group 1: Electricity Transmission and Generation - The electricity transmitted from Shanxi to Jiangsu this year is approximately 17.5 billion kWh [2] - The growth rate of electricity consumption in Jiangsu has maintained at 6%-7% in recent years, with a stable forecast for next year's utilization hours [2][3] Group 2: Coal Inventory and Storage - The current coal inventory of the company is about 25 days' worth, with a maximum storage capacity of approximately 2.1 million tons [3] Group 3: Market Electricity Competition - The market electricity share has reached 50% this year, expected to increase to 80% next year, with plans to eliminate scheduled electricity by 2020 [3] - The main sources of market electricity currently include annual bilateral negotiations, monthly platform bidding, and listed trading [3] - The company has essentially reached sales intentions for 2019 with major users and electricity sales companies as competition intensifies [3]

Group 1: Coal Consumption and Supply - The annual coal consumption of power plants in Jiangsu Province is approximately 1,500,000 tons [2] - The long-term coal supply agreements account for about 70% of the coal used, with a fulfillment rate of around 90% [2] - The company’s coal inventory is approximately 12 days, which is lower than in previous years due to high coal prices [3] Group 2: Gas Supply and Pricing - The main gas sources for gas turbine units are PetroChina and Sinopec, with expected seasonal gas prices at 1.97 yuan per cubic meter [3] - Heating prices are approved by local pricing departments, with southern Jiangsu prices being higher than central and northern regions [3] Group 3: Future Development and Carbon Neutrality - The company plans to start construction on a new 1 million kilowatt unit this year, with future additions expected to be more challenging [3] - In the context of carbon neutrality, coal-fired power remains the main source of electricity generation, but there will be a reduction in coal consumption over time [4] - The company’s units are equipped with auxiliary service capabilities, which have generated considerable revenue [4]