证券代码：600483 证券简称：福能股份 公告编号：2025-066 福建福能股份有限公司 关于使用募集资金置换预先投入的自筹资金公告 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、准确性和完整性承担法律责任。 重要内容提示： ●福建福能股份有限公司（以下简称公司）本次使用公开发行可转换公司债券募集 资金置换预先投入募集资金投资项目的自筹资金97,274.88万元以及预先支付的发行费 用212.65万元，合计使用募集资金置换预先投入的自筹资金金额为97,487.53万元，符 合募集资金到账后6个月内进行置换的规定。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意福建福能股份有限公司向不特定对象发行可 转换公司债券注册的批复》（证监许可﹝2025﹞1973号）文核准，公司公开发行可转换 公司债券380.2万手（3,802万张），每张面值为人民币100元，按面值发行，募集资金 总额为人民币3,802,000,000.00元，扣除发行费用人民币3,527,452.82元，实际募集资 金净额为人民币3,798,472,547.18元。 致同会计师事务 ...

一、董事会会议召开情况 （一）本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司《章 程》的相关规定。 福建福能股份有限公司 第十一届董事会第三次临时会议决议公告 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、准确性和完整性承担法律责任。 证券代码：600483 证券简称：福能股份 公告编号：2025-065 详见同日刊登于上海证券交易所网站的《福能股份关于使用募集资金置换预先投入 的自筹资金公告》（公告号：2025-066）。 （二）以 7 票同意、0 票反对、0 票弃权的表决结果，审议通过了《关于修订〈福 建福能股份有限公司在福建省能源石化集团财务有限公司存款资金风险控制制度〉的议 案》，关联董事叶道正先生和郑建诚先生回避表决。 （二）本次会议的通知和材料已于2025年12月14日，由董事会办公室以电子邮件和 短信的方式提交全体董事。 （三）本次会议于2025年12月19日10:00以通讯表决方式召开。 （四）本次会议应参与表决董事9人，实际参与表决董事9人。 （五）本次会议由董事长桂思玉先生召集并主持，公司高级管理人员列席了会议。 二 ...

每经AI快讯，福能股份（SH 600483，收盘价：9.94元）12月19日晚间发布公告称，公司第十一届第三 次董事会会议于2025年12月19日以通讯表决方式召开。会议审议了《关于修订〈福建福能股份有限公司 在福建省能源石化集团财务有限公司存款资金风险控制制度〉的议案》等文件。 截至发稿，福能股份市值为276亿元。 （记者 王晓波） 2024年1至12月份，福能股份的营业收入构成为：电力行业占比94.72%，纺织行业占比4.43%，其他业 务占比0.85%。 每经头条（nbdtoutiao）——海南封关首日直击：为中国探路，全球最大自贸港如何重塑开放边界？ ...

Group 1: Core Insights - The future narrative for thermal power is expected to shift towards enhanced profitability stability and increased dividends due to rising capacity prices and deeper assessments by the State-owned Assets Supervision and Administration Commission (SASAC) [2][60] - In the short term, integrated coal power companies are likely to have a comparative advantage as coal prices rise, with a consensus forming around an increase in the coal price baseline for next year [2][6] - Renewable energy companies, despite facing challenges such as supply-demand imbalance and subsidy delays, have shown considerable absolute returns, supported by improving policies for green energy development [6][8] Group 2: Thermal Power Analysis - Historical performance of thermal power shows a certain "counter-cyclical" nature, with earnings often moving inversely to coal prices, which are now market-driven [19][26] - The current policy framework limits the duration of profitability expectations for thermal power, leading to a "high first, low second" characteristic in the market for 2023 and 2024 [6][45] - The expected increase in capacity prices across provinces by 2026 will enhance the fixed cost recovery ability of coal power plants, significantly improving profitability stability [60][64] Group 3: Renewable Energy Insights - The renewable energy sector is currently facing multiple issues, including market price pressure and subsidy delays, but the gradual improvement in policy support is expected to create investment opportunities [6][8] - Companies with low valuations, high wind power ratios, and strong regional price certainty are still worth considering for investment despite the uncertain timing of policy impacts [2][6] Group 4: Hydropower and Nuclear Power - Leading hydropower companies exhibit high earnings certainty and dividend ratios, making them attractive for long-term investment [7] - Nuclear power is anticipated to see significant capacity growth during the 14th Five-Year Plan, with stable long-term price expectations despite some market price fluctuations [8][60] Group 5: Investment Recommendations - Recommended companies include quality thermal power operators such as Huaneng International, Datang Power, and China Power, as well as leading hydropower firms like Yangtze Power and Guotou Power [9] - In the renewable sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities [9]

该跨越工程位于淮河入海水道南北两侧，分别在盐城射阳县和滨海县境内，为国电投滨海电厂-射阳鹤栖500千伏变电站线路工程的一部分，也是江苏沿海 第二输电通道的重要组成部分。 12月12日，江苏盐城境内跨越淮河的500千伏输电工程正紧张进行放线施工。 T =177 == t == 6 ** 新闻 17 in the t == **新闻 跨越工程全长为2.961千米，其中，跨河两塔间距达1760米，两座跨越塔全高约223米，是江苏境内跨淮河最高塔，单塔本体及附件重约1150余吨。 gg 新闻 86 . . Har T t the artistic with and clines of the many of the state of the state of the state of the states of the seems of III the first and and that 通讯员顾锋明 校对盛媛媛 ...

证券日报网讯12月15日，福能股份（600483）在互动平台回答投资者提问时表示，公司股价受宏观经 济、行业周期、市场情绪等多重复杂因素影响。目前公司经营正常，无应披露而未披露的重大信息，公 司正通过深耕主营业务、优化经营管理、加强市值管理等方式，努力提升公司价值与投资者回报。 ...

Investment Rating - The report maintains a positive outlook on the power sector, particularly following the increase in coal power capacity pricing in Yunnan, which is expected to stabilize revenue for coal power companies [6][8]. Core Insights - Yunnan has announced an increase in the coal power capacity price recovery of fixed costs to 100%, effective from 2026, which will enhance the stability of coal power revenues and support the integration of renewable energy sources [6][7]. - The report highlights a significant drop in natural gas prices in the U.S. and Northeast Asia, with the latter reaching a 20-month low, indicating a favorable environment for gas companies [10][24]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity, capacity, and ancillary service revenues [8]. Summary by Sections 1. Power Sector - Yunnan's new policy sets the coal power capacity price at 330 RMB per kilowatt per year, allowing full recovery of fixed costs, which is expected to improve the profitability of coal power plants [6][7]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% being green energy, necessitating coal power for peak load support [7]. - The report recommends several companies, including Guodian Power and Inner Mongolia Huadian, for their integrated coal power operations [8]. 2. Natural Gas Sector - U.S. Henry Hub spot prices fell to $4.07/mmBtu, a decrease of 21.56% week-on-week, while Northeast Asia LNG prices dropped to $10/mmBtu, down 6.19% [10][11]. - The report notes that strong supply and high inventory levels in Northeast Asia are contributing to the price decline, with expectations of further price sensitivity from buyers as prices approach $10/mmBtu [24][26]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower costs and improved margins [31][32]. 3. Market Performance - The report indicates that the power and equipment sectors outperformed the Shanghai Composite Index during the review period, while the gas and environmental sectors lagged [34]. - It provides a detailed valuation table for key utility companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios [46]. 4. Company and Industry Dynamics - Recent government policies emphasize the development of a clean, low-carbon energy system, with a target of 25% non-fossil energy consumption by 2030 [40][41]. - The report discusses the ongoing transition in the energy sector towards market-driven growth, particularly in new energy storage solutions [41].

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power Investment Corporation, Inner Mongolia Huadian, and China Resources Power [48]. Core Insights - Yunnan Province has increased the coal power capacity price recovery of fixed costs to 100%, which is expected to stabilize revenue for coal power companies and enhance their role in supporting renewable energy integration [7][8]. - The report highlights a significant drop in natural gas prices, with Northeast Asia LNG prices reaching a 20-month low, driven by strong supply and mild weather conditions [12][26]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity revenue, capacity income, and ancillary service income [9]. Summary by Sections 1. Power: Yunnan Increases Coal Power Capacity Price - Yunnan has announced a new mechanism for coal power capacity pricing, allowing for full recovery of fixed costs starting in 2026, set at 330 RMB per kilowatt per year [7][8]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% from green energy sources, necessitating coal power for peak load support [8]. 2. Gas: Global Gas Price Trends - As of December 12, the Henry Hub spot price in the U.S. was $4.07/mmBtu, down 21.56% week-on-week, while Northeast Asia LNG prices fell to $10/mmBtu, a decrease of 6.19% [12][13]. - The report notes that the overall supply of natural gas remains robust, contributing to lower prices in Northeast Asia [26][28]. 3. Weekly Market Review - The power and power equipment sectors outperformed the CSI 300 index, while the public utility, gas, and environmental protection sectors lagged behind [36]. 4. Company and Industry Dynamics - Recent government meetings and policy announcements emphasize the importance of a clean, low-carbon energy system and the development of a new energy system by 2030 [40][43]. - The report includes updates on major companies, such as China Resources Power and Longyuan Power, highlighting their financial activities and operational performance [44][46].

Core Viewpoint - The market review indicates that the CSI 300 index increased by 1.28% this week, while the public utility index rose by 0.12% and the environmental index fell by 0.15%, with relative weekly returns of -1.16% and -1.43% respectively [2] Market Performance - The public utility and environmental sectors ranked 17th and 19th among the 31 primary industry categories in terms of growth [2] - Within the electricity sector, thermal power decreased by 0.20%, hydropower increased by 0.66%, and renewable energy generation rose by 1.09% [2] - The water sector saw an increase of 0.59%, while the gas sector experienced a decline of 1.66% [2] Important Events - Guangdong's electricity market is set to conduct annual trading for 2026, with a market scale of approximately 680 billion kilowatt-hours and a trading cap of 420 billion kilowatt-hours [3] - The annual trading will be conducted in phases from December 5 to December 22, with various trading methods including bilateral negotiations and centralized competitive trading [3] Special Research - The major asset swap and issuance of shares for asset purchase by Electric Power Investment Corporation has been approved by the Shenzhen Stock Exchange, with a transaction value of 55.39 billion yuan for acquiring 100% of Electric Power Investment Nuclear [4] - The performance commitment for the acquired assets includes a net profit of no less than 3.37 billion yuan for 2025, 3 billion yuan for 2026, and 3.59 billion yuan for 2027 [4] Investment Strategy - In the public utility sector, coal and electricity prices are declining, which may maintain reasonable profitability for thermal power, recommending major thermal power companies [5] - Continuous government support for renewable energy development is expected to stabilize profitability, with recommendations for leading renewable energy firms [5] - The nuclear power sector is anticipated to maintain stable profitability, with recommendations for nuclear operation companies [5] - High-dividend hydropower stocks are highlighted for their defensive attributes in a global interest rate decline environment [5] - In the environmental sector, the water and waste incineration industries are entering a mature phase, with improved free cash flow [5]

Group 1: Macro Insights - The core viewpoint indicates that the November CPI year-on-year growth has expanded, primarily due to a base effect and an unusual seasonal increase in fresh vegetable prices, with core CPI maintaining over 1% growth for three consecutive months [2] - The PPI has shown a month-on-month increase for the second consecutive month, driven by "anti-involution," the non-ferrous industry, and downstream consumer goods sectors [2] - The report highlights several bright spots in optional consumption, influenced by policies such as trade-in programs, leading to significant price increases in household appliances and transportation tools, with household appliance prices maintaining a year-on-year growth of over 4% since August [2] Group 2: Fixed Income Insights - The November inflation data shows an increase in CPI, which rose by 0.5 percentage points to 0.7% year-on-year, marking the highest level since March 2024, while PPI's year-on-year decline slightly widened to -2.2% [3] - The rise in prices is significantly influenced by seasonal factors, particularly the prices of food items, especially vegetables, which have been impacted by extreme weather and seasonal shifts [3] - The report notes that gold prices continue to provide strong support for overall price increases, contributing to an unexpected rise in inflation [3] Group 3: Energy Sector Insights - The report discusses the results of the 2026 renewable energy bidding across 19 provinces, highlighting a significant regional disparity, with East and North China showing better electricity prices compared to the West and South [4] - Wind power prices are noted to be superior to solar power prices, and the market-oriented bidding for renewable energy is expected to guide the expansion pace in oversupplied regions while stabilizing benefits in areas with good consumption [4] - The report recommends focusing on green power operators with advantageous resource locations, high project development efficiency, and low financing costs, particularly in wind power, suggesting companies like Xintian Green Energy and Longyuan Power [4]