| | 3.问：江苏省容量电价政策是怎样的？ | | --- | --- | | | 答：江苏省容量电价 2024 年 1 月 1 日至 2025 年 12 | | | 月 31 日，为 100 元/千瓦·年，2026 年 1 月 1 日起，提 | | | 高至 165 元/千瓦·年。 | | | 4.问：江苏省外来电占比多少？ | | | 答：江苏省外来电占比大约在 20%左右。 | | | 5.问：公司在市值管理方面有什么考虑？ | | | 答：国务院国资委已经将市值管理纳入中央企业负 | | | 责人业绩考核，江苏省也下发了加强市值管理的通知， | | | 公司正根据相关要求和公司实际情况制定市值管理方 | | | 案，落实并加强市值管理方面的工作。 | | | 6.问：最近江苏银行股价创新高，公司目前持有江 | | | 苏银行多少股份？ | | | 答：公司持股 81.49%的子公司江苏信托持有江苏银 | | | 行 6.98%股份，是江苏银行的第一大股东，并且委派了 | | | 董事。 | | 附件清单（如有） | | | 日期 | 2025 年 7 月 3 日 | 江苏国信股份有限公司投资者关系活 ...

Group 1 - The core achievement is the successful bid for the corporate property insurance project by Nanjing PIC, covering multiple insurance types such as property insurance, machinery damage insurance, and liability insurance [1][2] - The project is significant as it strengthens Nanjing PIC's leading position in the important client sector and injects strong momentum into the high-quality development of the municipal branch's legal business [2] - The project is part of a national-level energy project operated by Jiangsu Guoxin Group, which is also a key clean and efficient power energy project in Jiangsu Province [2] Group 2 - The project team demonstrated high efficiency and professionalism during the bidding process, effectively coordinating with provincial and municipal institutions and monitoring market competition [1] - The team utilized their extensive past project experience to design a comprehensive risk management service plan tailored to the characteristics of the supercritical reheating unit [1] - Nanjing PIC plans to continuously improve its service offerings and deepen its engagement with important provincial clients to provide higher quality and more professional insurance services [2]

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Longyuan Power, which closed at 16.48 yuan, up 1.85%, with a rolling PE ratio of 23.73, marking a new low in 17 days, and a total market capitalization of 137.77 billion yuan [1] - Longyuan Power's industry average PE ratio is 23.18, with a median of 19.90, placing the company at the 51st position in the industry ranking [1] - As of the first quarter of 2025, 15 institutions hold shares in Longyuan Power, including 10 funds, 4 others, and 1 trust, with a total holding of 4,923.13 million shares valued at 81.77 billion yuan [1] Group 2 - Longyuan Power's main business focuses on wind and solar power generation, with primary products being electricity and heat [1] - The latest performance report for the first quarter of 2025 shows that the company achieved an operating revenue of 8.14 billion yuan, a year-on-year decrease of 19.00%, and a net profit of 1.90 billion yuan, down 22.07%, with a gross profit margin of 42.61% [1] - The PE (TTM) for Longyuan Power is 23.73, while the industry average is 23.18, and the industry median is 19.90 [2]

Investment Rating - The report maintains a "Recommended" rating for the wind power industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [32]. Core Insights - The report highlights that during the week, 7.4GW of onshore wind projects were awarded at an average price of 1485 CNY/kW. Year-to-date, a total of 52.7GW of wind projects have been awarded, with 6.8GW offshore and 45.9GW onshore [10][12]. - The report emphasizes the significant growth in offshore wind projects, with a total of 69GW in various stages including competitive allocation, approval, and construction as of June 29, 2025. Key provinces with substantial projects include Guangdong, Shandong, and Fujian [15][18]. - Investment suggestions focus on three main lines: high reserves of domestic offshore wind projects, robust onshore wind bidding in 2024, and regional growth in overseas installations. Companies to watch include Mingyang Smart Energy, Dongfang Cable, and Zhongtian Technology [16]. Summary by Sections Wind Turbine Data - In the week, 0.6GW of onshore wind was tendered, with a total of 43.8GW tendered year-to-date, split between 3.6GW offshore and 40.2GW onshore [10][12]. Offshore Wind Progress - As of June 29, 2025, the offshore wind project pipeline includes 69GW in competitive allocation, 16GW approved, 7GW tendered, 9GW in cable tendering, and 15GW under construction. The first batch of units from the Jiangsu Guoxin Dafeng 850,000 kW offshore wind project has successfully connected to the grid [15][18]. Investment Recommendations - The report suggests focusing on three investment themes: 1) High reserves of domestic offshore wind projects with supportive policies, 2) Increased bidding for onshore wind in 2024, and 3) Growth in overseas installations for domestic cable and component manufacturers. Recommended companies include Mingyang Smart Energy, Dongfang Cable, and Zhongtian Technology [16].

Group 1 - The company held its 28th meeting of the 6th board of directors on June 23, 2025, with all seven directors present, complying with the Company Law and Articles of Association [1] - The board approved the proposal to adjust the acquisition of 34% equity stake in Guoxin Bindi from State Power Investment Corporation Binhai [2] - The acquisition involves the company and Yancheng Guoneng Investment Co., Ltd. forming a consortium to acquire the stake, with the company acquiring 26.27% and Yancheng Guoneng acquiring 7.73% [2] Group 2 - Following the acquisition, the company's shareholding in Guoxin Bindi will increase to 77.27%, requiring a capital contribution of 630.48 million yuan [2] - The board also approved the signing of performance responsibility agreements for the management team for the year 2025, aiming to clarify annual assessment targets [2]

部分股权方案暨对外投资进展的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 证券代码：002608 证券简称：江苏国信 公告编号：2025-031 江苏国信股份有限公司 关于调整收购国电投滨海持有的国信滨电 1. 2021 年 11 月，江苏国信股份有限公司（以下简称"公司"或 "江苏国信"）与国家电投集团协鑫滨海发电有限公司（以下简称"国 电投滨海"）、盐城市国能投资有限公司（以下简称"盐城国能"） 按照 51%、34%和 15%的持股比例合资成立了江苏国信滨海港发电有 限公司（以下简称"国信滨电"），注册资本 24 亿元。其后国电投 滨海拟转让其所持 34%的股权。公司于 2024 年 5 月 31 日召开第六届 董事会第十六次会议，审议决定以 0 元收购国信滨电 29%股权。具体 内容详见公司于 2024 年 6 月 4 日披露的《关于拟收购国电投滨海持 特别提示： 本次交易根据国有资产产权交易有关规则在产权交易所公开进 行，公司能否摘牌成功以及最终交易价格均存在不确定性。 一、交易概述 3. 本次收购股权事项不构成关联交易，不构成《上市公司重大 ...

江苏国信股份有限公司（以下简称"公司"）第六届董事会第二 十八次会议通知于 2025 年 6 月 12 日，以书面、通讯方式发给公司董 事，会议于 2025 年 6 月 23 日以现场和通讯相结合的方式召开。本次 会议应出席董事七名，实际出席董事七名。公司监事、高级管理人员 列席了会议。本次会议的召开符合《公司法》和《公司章程》的规定。 本次会议由董事长徐文进先生召集，与会董事经过认真审议，做出如 下决议： 一、审议通过《关于调整收购国电投滨海持有的国信滨电部分股 权方案暨对外投资进展的议案》 证券代码：002608 证券简称：江苏国信 公告编号：2025-030 江苏国信股份有限公司 第六届董事会第二十八次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 表决结果：7 票赞成，0 票反对，0 票弃权。 特此公告。 公司与国家电投集团协鑫滨海发电有限公司（以下简称"国电投 滨海"）、盐城市国能投资有限公司（以下简称"盐城国能"）按照 51%、34%和 15%的持股比例合资成立了江苏国信滨海港发电有限公 司（以下简称"国信滨电"），注册资本 24 亿 ...

证券研究报告 | 行业周报 gszqdatemark 2025 06 22 年 月 日 电力 火电出力由降转增，1-5 月绿电交易电量增长近 50% 本周行情回顾：本周（6.16-6.20）上证指数报收 3359.90 点，下跌 0.51%，沪深 300 指数 报收 3846.64 点，下跌 0.45%。中信电力及公用事业指数报收 2913.94 点，下跌 1.14%， 跑输沪深 300 指数 0.68pct，位列 30 个中信一级板块涨跌幅榜第 11 位。 本周行业观点： ➢ 5 月火电发电增速由负转正，水电降幅扩大。根据国家统计局发布数据，5 月份全国 规上发电量 7378 亿千瓦时，同比增长 0.5%，增速比 4 月份放缓 0.4pct；日均发电 238.0 亿千瓦时。1—5 月份，工业发电量 37266 亿千瓦时，同比增长 0.3%，扣除天 数原因，日均发电量同比增长 1.0%。 分品种看，5 月单月，规上工业火电由降转增，水电降幅扩大，核电、风电、太阳能 发电增速放缓。其中，规上工业火电同比增长 1.2%，4 月份为下降 2.3%；规上工业 水电下降 14.3%，降幅比 4 月份扩大 7.8 个百分 ...

Investment Rating - The report gives a "Buy" rating for the offshore wind sector, particularly highlighting the potential for significant growth in European offshore wind projects and the expected increase in orders for related companies [7][6]. Core Insights - The offshore wind sector is experiencing a positive outlook with successful project milestones, such as the Jiangsu Guoxin Dafeng offshore wind project achieving its first power delivery and aiming for grid connection [7]. - The U.S. "Great American Outdoors Act" has introduced more lenient supply chain requirements, which is expected to benefit energy storage projects significantly [8]. - The lithium battery sector is seeing a resurgence in traditional orders and advancements in solid-state battery technology, with major manufacturers receiving large-scale orders [14][11]. Summary by Relevant Sections Offshore Wind - Jiangsu Guoxin Dafeng offshore wind project successfully completed its first power delivery, with expectations for initial grid connection within the month [7]. - The 2025 Offshore Wind Conference in Liaoning set a target of 13.1GW for offshore wind development, indicating strong future demand [7]. - European offshore wind demand is projected to double this year, with significant order growth anticipated [7]. Solar & Energy Storage - The U.S. Senate's version of the "Great American Outdoors Act" has relaxed certain supply chain restrictions, which is favorable for energy storage projects [8]. - After a peak in domestic installations, solar exports have rebounded, with May exports showing a month-on-month increase [8]. - The report highlights the potential for overseas markets to support solar demand in the second half of 2025 [8]. Lithium Batteries - The solid-state battery sector is moving towards industrialization, with major manufacturers receiving MWh scale orders [14]. - The report emphasizes the need for equipment upgrades in solid-state battery production, which is expected to yield higher value compared to traditional equipment [14]. - LG Energy Solution has secured an 8GWh order for cylindrical batteries from Chery, marking a significant contract in the lithium battery market [11]. New Energy Vehicles - The Chinese government has confirmed the continuation of the vehicle trade-in subsidy program, which is expected to stabilize market demand [15]. - The report notes a strong recovery in the overall vehicle market, particularly in the second half of the year, driven by new vehicle launches and subsidy support [15]. - The report anticipates a robust demand for new energy vehicles, with significant sales growth expected in the coming months [15]. Power Grid - The export of major electrical equipment has shown strong growth, with May exports reaching $6.49 billion, a year-on-year increase of 18% [18]. - The report highlights the ongoing demand for power grid equipment, particularly in overseas markets, which is expected to remain high [18]. - The report suggests that leading companies in the power grid sector are well-positioned to capture greater market share due to their comprehensive capabilities [20].

Group 1 - Universities are a major source of technological breakthroughs and have maintained a 70% share of national science and technology awards [1] - Despite improvements in technology transfer rates, many research outcomes remain unutilized in the market [1] - Jiangsu Province's Yixing City has implemented various support plans to facilitate the transformation of scientific research into industrial applications, particularly in synthetic biology [2][3] Group 2 - The Yixing Food and Biotechnology Research Institute, established with the help of Jiangnan University, aims to bridge the gap between laboratory results and market applications [2][3] - The research institute has successfully engaged 14 academicians as scientific advisors and 19 as discipline leaders within three years [2] - The institute's laboratories focus on integrating biotechnology with food technology, enhancing the local food biotechnology industry [2][3] Group 3 - Jiangnan University has collaborated with local enterprises to transition from traditional energy to biotechnology, leading to advancements in biomanufacturing technologies [3] - The research institute has provided over 20 technical services to local companies, generating a total contract value exceeding 16 million yuan [3] - The institute has also facilitated the establishment of eight biotechnology and food technology companies in Yixing [3] Group 4 - The favorable business environment in Yixing has attracted companies like Wuxi Licheng Medical Nutrition Co., which has achieved over 100 million yuan in annual sales [4] - The local government is promoting "alumni economy" and enhancing industry-academia-research collaboration to strengthen high-end talent aggregation [4] - Yixing's life and health industry is rapidly developing, with 50 large-scale enterprises reported in the sector [4]