7-2-1 7-2-2 大华核字[2025]0011014154 号问询函的回复 请保荐机构及申报会计师根据《监管规则适用指引—发行类第 7 号》第 5 条、《证券期货法律适用意见第 18 号》第 5 条对问题（4） 进行核查并发表明确意见。 （一）发行人说明 1、建筑工程费、设备购置及安装费等具体内容、测算依据及过 程，本次募投项目非资本性支出情况如下： （1）申能新疆塔城托里县 135 万千瓦风电项目 申能新疆塔城托里县 135 万千瓦风电项目总投资 553,282.39 万 元，投资总体情况如下： 单位：万元 | 工程或费用名称 | 投资合计 | 占投资比例 | 募集资金使用金额 | | --- | --- | --- | --- | | 一、建筑工程 | 60,035.98 | 10.85% | 110,000.00 | | 二、设备及安装 | 357,664.07 | 64.64% | | | 三、施工及辅助 | 10,847.39 | 1.96% | - | | 四、其他费用 | 22,558.53 | 4.08% | - | | 五、基本预备费 | 10,014.55 | 1.81% | - | ...

上市保荐书 华泰联合证券有限责任公司 关于申能股份有限公司 向不特定对象发行可转换公司债券并在主板上市之 上市保荐书 上海证券交易所： 现将有关情况报告如下： 一、发行人基本情况 （一）发行人概况 发行人名称：申能股份有限公司 注册地址：上海市闵行区虹井路 159 号 5 楼 成立日期：1993 年 2 月 22 日 联系方式：021-63900642、33570888 （二）发行人的主营业务 公司主要从事电力、石油天然气的开发建设和经营管理，主要提供电力、石 油、天然气项目的勘探开发、投资建设、运营维护，同时提供城市天然气管网运 输、燃料贸易以及节能环保技术开发等多种服务。 公司业务立足上海市及长三角地区、面向全国，积极响应国家碳达峰碳中和 政策号召，积极推动能源结构绿色低碳转型发展，在上海市内及全国其他地区例 作为申能股份有限公司（以下简称"发行人"、"公司"、"申能股份"） 申请向不特定对象发行可转换公司债券并在主板上市的保荐人，华泰联合证券有 限责任公司及其保荐代表人已根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）等法律法规 和中国证券监督 ...

证券代码：600642 证券简称：申能股份 公告编号：2026-001 公司收到《审核问询函》后，按照要求会同相关中介机构就《问询函》所 列问题进行了逐项说明和回复，并对募集说明书等文件进行了补充修订，具体内 容详见同日在上交所网站(www.sse.com.cn)披露的相关公告文件。 公司本次向不特定对象发行可转换公司债券事项尚需通过上交所审核，并 获得中国证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定 后方可实施，最终能否通过上交所审核，并获得中国证监会同意注册的决定及其 时间存在不确定性。公司将根据该事项的进展情况，按照有关法律法规的规定和 要求及时履行信息披露义务。敬请广大投资者注意投资风险，理性投资。 特此公告。 申能股份有限公司董事会 2026 年 1 月 9 日 1 申能股份有限公司 关于向不特定对象发行可转换公司债券审核问询函回复及募集 说明书等申请文件更新的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 申能股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日收到 ...

资金流向名词解释：指通过价格变化反推资金流向。股价处于上升状态时主动性买单形成的成交额是推 动股价上涨的力量，这部分成交额被定义为资金流入，股价处于下跌状态时主动性卖单产生的的成交额 是推动股价下跌的力量，这部分成交额被定义为资金流出。当天两者的差额即是当天两种力量相抵之后 剩下的推动股价上升的净力。通过逐笔交易单成交金额计算主力资金流向、游资资金流向和散户资金流 向。 注：主力资金为特大单成交，游资为大单成交，散户为中小单成交 证券之星消息，截至2026年1月8日收盘，申能股份(600642)报收于7.88元，下跌0.25%，换手率0.35%， 成交量16.94万手，成交额1.34亿元。 申能股份2025年三季报显示，前三季度公司主营收入209.32亿元，同比下降6.44%；归母净利润33.15亿 元，同比上升1.04%；扣非净利润31.69亿元，同比上升7.85%；其中2025年第三季度，公司单季度主营 收入79.74亿元，同比下降8.27%；单季度归母净利润12.38亿元，同比上升13.64%；单季度扣非净利润 12.85亿元，同比上升17.37%；负债率54.23%，投资收益15.18亿元，财务费用7 ...

申能股份公告称，公司于2025年收到上交所出具的《问询函》。公司会同中介机构就《问询函》所列问 题进行回复，并对募集说明书等文件进行补充修订，相关内容已在上交所网站披露。本次向不特定对象 发行可转换公司债券事项尚需通过上交所审核，并获中国证监会同意注册后方可实施，最终结果及时间 存在不确定性，公司将及时披露进展。 ...

Group 1 - The article presents the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 7, 2026 [1][5] - The top performer is Tuke Mining (600188.SH) with a daily increase of 3.61% and a year-to-date increase of 6.84%, along with a dividend yield of 5.31% [1][5] - Nanshan Aluminum (600219.SH) ranks second with a daily increase of 2.82% and a year-to-date increase of 8.36%, offering a dividend yield of 6.87% [1][5] Group 2 - Other notable stocks include Daimay Co. (603730.SH) with a daily increase of 1.72% and a year-to-date increase of 1.48%, and Tianshan Aluminum (002532.SZ) with a daily increase of 1.70% and a year-to-date increase of 14.52% [1][5] - The list also features companies like Midea Group (000333.SZ) and China Shenhua (601088.SH), which have year-to-date increases of 1.56% and 1.88%, respectively, with dividend yields of 5.09% and 7.95% [1][5] - The data is sourced from the Shanghai Stock Exchange and reflects the closing prices as of January 7, 2026, with dividend yields calculated up to January 6, 2026 [1][5]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The annual long-term contract electricity prices are reaching a bottom, with a focus on the dividend value of the sector. The electricity price in Guangdong is 0.372 CNY/kWh, down 0.02 CNY/kWh year-on-year, reflecting a 20% decrease from the benchmark. In Jiangsu, the price is 0.344 CNY/kWh, down 0.07 CNY/kWh year-on-year, a 12% drop from the benchmark. The market has reacted negatively to these price drops, but the long-term outlook suggests limited further declines as supply and demand improve [6][17][24]. Summary by Sections 1. Annual Long-term Contract Electricity Results - The annual electricity trading results for 2026 show significant price reductions in Guangdong and Jiangsu, with declines of 20% and 12% respectively. The transition from annual to monthly contracts is noted, with a high proportion of medium to long-term market electricity remaining stable [17][24]. 2. Weekly Review - The report highlights the recent implementation of local electricity pricing mechanisms, with a focus on the impact of coal prices and the stability of natural gas prices compared to previous years [10][18]. 3. Industry High-frequency Data Tracking - The report tracks the rapid decline in spot coal prices and the decrease in coal inventories at northern ports. The domestic natural gas prices are lower than the previous year, while overseas prices are fluctuating upwards [10][18]. 4. Key Company Announcements and Sector Performance Tracking - The report emphasizes the acquisition by Guiguan Electric Power of assets from its parent group, which is expected to enhance its growth potential. The company plans to lead the development of hydropower and new energy in Tibet, which could significantly boost profits in the coming quarters [6][10][18]. 5. Focus on Investment Opportunities - The report identifies several companies with strong dividend yields and market management strategies, including Huaneng International, Huadian International, and Guiguan Electric Power. The focus is on high dividend stocks and companies with robust market management practices, which are expected to enhance their valuation [6][10][18]. 6. Valuation and Financial Analysis of Key Companies - The report provides a detailed valuation analysis of key companies in the sector, indicating potential upside in their stock prices based on projected earnings and dividend increases. For instance, Guiguan Electric Power's acquisition is valued at 2.025 billion CNY, with a price-to-book ratio of 1.06 [7][10]. 7. Market Positioning and Future Outlook - The report concludes with a positive outlook for the public utility sector, suggesting that the current valuation levels are attractive for new investments, especially as the market begins to stabilize and recover from recent price declines [6][10][18].

Core Viewpoint - The Shanghai green methanol project, which began construction on January 2, 2025, and was completed and put into operation within 361 days, aims to provide green fuel for international shipping vessels at Shanghai Port and enhance Shanghai's pricing power in the global green shipping fuel market [1][4]. Group 1 - The project is significant for China's early achievement of its "dual carbon" goals, as green methanol serves as a crucial alternative to traditional energy sources [2]. - The project addresses the lack of local green methanol refueling capabilities at Shanghai Port, which previously relied on transporting green methanol from other regions [2][4]. - The project integrates waste management and resource recycling, creating a full-cycle green supply chain from waste to raw materials to production and refueling [2][3]. Group 2 - The proximity of the project to Shanghai Port allows for local production and refueling of green methanol, significantly reducing carbon emissions and logistics costs associated with transportation [3]. - The project has received ISCC EU and PLUS certifications, granting it access to the European market, and aims to fill the local refueling gap at Shanghai Port [4]. - With an annual production capacity of 100,000 tons, the project is positioned as a stabilizing force for the supply of green methanol, which is critical for meeting the fuel demands of international shipping vessels [4].

该项目由上海华谊集团所属上海华谊能化公司负责建设运营。上海华谊能化公司党委书记、董事长郑必 军表示，将全力以赴保障绿色甲醇装置稳定高效运行，持续助力上海国际航运中心建设，为实现国 家"双碳"目标贡献力量。 该项目由上海华谊集团、申能集团、上海城投、上港集团联手打造，于今年1月开工。项目创新性地将 城市废弃物转化为国际航运领域急需的绿色甲醇燃料，真正实现"变废为宝"。项目投产后将为上海港提 供重要的绿色燃料保障。 上海市发展和改革委员会四级调研员关雪飞指出，要合理运营好绿色甲醇装置，打造航运燃料绿色转型 的样本工程；要整合好上下游产业资源，夯实绿电—燃料产业链关键节点；要建设绿色燃料认证服务的 交流平台，打造国际可持续发展和碳认证集聚新高地。 中化新网讯 12月29日，上海首套10万吨/年绿色甲醇项目投产仪式在上海华谊工业气体有限公司举行。 图为10万吨/年绿色甲醇项目现场。 (企业供图) ...

"2025地方国资上市公司并购重组与高质量发展论坛暨第42期国资大讲坛（特别专场）"12月29日在上海 交通大学上海高级金融学院举办。来自全国地方国资监管部门、国有资本投资运营公司、地方国资上市 公司高管及部分专业机构代表、专家等近200名嘉宾齐聚会议现场，就持续提高地方国资上市公司发展 质量和效益，实现高质量发展等话题进行了深入研讨交流。 上海国有资本运营研究院院长罗新宇表示，国资上市公司存在"重并购，轻整合"、科技含量与产业契合 度有待提升、区域发展不均衡以及市值管理与并购后的价值兑现衔接不够紧密的挑战。并购重组是资源 优化配置的市场工具，更是国资国企深化改革的重要路径，要让并购重组成为地方国资上市公司高质量 发展的"金钥匙"。 上实资本执行董事、上海生物医药基金总裁刘大伟认为，国资并购基金是地方发展战略新兴产业的重要 抓手，是龙头链主企业转型升级的资本纽带，是链接政策导向和产业需求的有机载体。上实资本将继续 聚焦两大核心赛道，秉持"市场化、国际化、专业化"运作原则，探索融产结合、创新发展的上海方案。 申能股份（600642）副总裁兼董秘杨波说，面对全球气候治理和人工智能革命，能源行业迎来了史诗级 的投资 ...