证券代码：002608 证券简称：江苏国信 公告编号：2025-029 行业竞争、市场变化等因素影响，项目建设进度及投资收益存在不确 定性。请广大投资者理性投资，注意风险。 江苏国信股份有限公司 关于国信扬电三期 2×100 万千瓦扩建项目获得核准的公告 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。 近日，江苏国信股份有限公司子公司江苏国信扬州发电有限责任 公司（以下简称"国信扬电"）收到扬州市发展改革委转发的《省发 展改革委关于同意国信扬电三期 2×100 万千瓦扩建项目核准的批复》 （苏发改能源发〔2025〕594 号）。为满足全省经济社会发展的用电 需求，提升电力供应能力，增加电力系统支撑性、调节性电源配置， 优化电力装机结构，江苏省发展和改革委员会同意建设国信扬电三期 2×100 万千瓦扩建项目。 该项目建设2台100万千瓦超超临界二次再热燃煤发电机组及相 关辅助设施，建设地点位于国信扬电三期工程预留扩建场地。公司将 按照核准文件相关要求统筹推进项目后续工作，严格履行相关决策程 序，积极推进项目建设，及时履行信息披露义务。 国信扬电三期 2×100 ...

科技创新债券发行新规落地满月，市场反响热烈。截至6月7日，全市场147家机构累计发行科技创新债券超3748亿元。其中，39家金融机构发行2239亿元， 108家非金融企业发行1509.98亿元。交易商协会支持73家非金融企业发行977.2亿元，占非金融企业总发行规模的65%。 发行主体呈现多元化格局 科技创新债券期限结构呈现长期化导向。中长期债券只数占比达60%，其中10年期以上共计7只，规模83.6亿元。股权投资机构债券期限全部分布在3年至20 年区间，江苏国信发行20年超长期科技创新债券，助力培育耐心资本。 发行利率保持相对较低水平。3年期科技创新债券价格区间在1.62%至2.90%，5年期价格区间在1.74%至3.30%。投资者覆盖银行、理财、基金、券商等各类 机构，为企业发行中长期科技创新债券提供充足信心。 风险分担机制创新不断完善。交易商协会推动"第二支箭"为应流机电、山东宏桥等科技型企业提供增信支持。西科控股由商业银行创设信用风险缓释凭证助 力发行。"科技创新债券风险分担工具"增信的股权投资机构债券即将落地，进一步降低发行成本。 来源：金融界 科技创新债券发行主体结构日趋多元。金融机构成为发行主力 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The National Energy Administration has initiated the first batch of pilot projects for the construction of a new power system, focusing on seven key directions to enhance the integration and consumption capacity of renewable energy [3][19][20] - Zhejiang Province has released a demand-side management plan for summer peak electricity demand in 2025, aiming to reduce peak load by over 1GW through various measures including time-of-use pricing and encouraging user-side energy storage participation [4][27][28] Summary by Sections Market Review - From June 3 to June 6, the gas and water sectors increased by 1.15% and 0.64% respectively, while the environmental and power sectors decreased by 0.07% and 0.60%, with the Shanghai and Shenzhen 300 Index rising by 0.88% during the same period [12][10] Industry Perspectives - The pilot projects for the new power system will explore new technologies and models, addressing bottlenecks in renewable energy development and enhancing the reliability of power supply [3][19][20] - The pilot focuses on seven areas: grid-structured technology, system-friendly renewable power plants, smart microgrids, collaboration between computing power and electricity, virtual power plants, large-scale high-proportion renewable energy delivery, and new-generation coal power [19][20][24] Investment Recommendations - The report recommends specific companies within various sectors: - For thermal power: Jiangsu Guoxin is recommended, while Sheneng Co. and Zhejiang Energy Power are given cautious recommendations [4] - For nuclear power: China National Nuclear Power and China General Nuclear Power are cautiously recommended [4] - For hydropower: Changjiang Power is recommended, with cautious recommendations for Huaneng Hydropower and Qianyuan Power [4] - For green energy: Attention is suggested for Three Gorges Energy and Jiangsu New Energy, with cautious recommendations for Longyuan Power and Zhejiang New Energy [4] - For environmental protection: Yongxing Co., Huaguang Huaneng, and Xuedilong are recommended, with cautious recommendations for United Water and attention for Fuzhi Environmental Protection and Dayu Water Saving [4]

Group 1 - The National Energy Administration anticipates that the overall power supply during the peak summer period will be secure, although some regions may experience tight supply during peak hours [1] - Power industry listed companies are leveraging their strengths through coal power, green energy development, virtual power plant construction, and energy storage technology to ensure stable power supply [1] - Jiangsu Guoxin has reported sufficient coal reserves and a robust emergency response system, indicating confidence in meeting grid demands during peak electricity usage [1] Group 2 - China Yangtze Power's new solar power project is expected to generate approximately 19.84 million kilowatt-hours of clean energy annually, saving about 59,700 tons of standard coal and reducing CO2 emissions by approximately 163,500 tons [2] - Energy storage technology is increasingly crucial for addressing the mismatch between electricity supply and demand, with GCL-Poly Energy reporting multiple grid-connected energy storage projects [2] - The proactive layout of listed companies in the green energy sector not only supports summer power supply but also contributes to carbon emission reduction goals [2] Group 3 - Virtual power plants are emerging as an innovative solution for optimizing power systems and market transactions by aggregating distributed resources [3] - GCL-Poly Energy is enhancing its virtual power plant management platform through digital technology to ensure stable power supply and reduce energy consumption [3] - Industry experts emphasize the need for continued technological innovation and investment to address challenges and improve power supply capabilities for sustainable energy development [3]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **electric power industry** and its transition towards **high-quality development** influenced by policy document **No. 136** [1][2] - The role of **thermal power** is shifting from being the main power source to a **backup and peak regulation** role, with coal prices significantly impacting profitability [1][2] Core Insights and Arguments - **Coal Price Impact**: The price of coal has dropped significantly, with the northern port 5,500 kcal thermal coal index reaching a low of **620 RMB/ton**. This decline has positively affected the profitability of thermal power plants [1][6] - **Performance of Power Companies**: Major thermal power companies like **Jingneng** and **Huadian** reported strong performance in Q1, with continued growth expected in Q2 despite a slight decrease in thermal power generation [1][4] - **Hydropower Performance**: Hydropower companies have also performed well due to favorable water conditions and stable electricity prices, with notable performance from the **Yalong River** in Q2 [1][4] - **Green Power Transition**: The green power sector is moving towards quality over quantity, with expectations for new installations to slow down. The focus is on improving yield rates and addressing subsidy and pricing pressures [3][5][12][13] Additional Important Content - **Capacity Pricing Mechanism**: The capacity pricing mechanism is expected to enhance revenue stability for thermal power companies, with projections indicating that the recovery of fixed costs will increase from **30%-50%** in 2024-2025 to **50%-70%** by 2026 [9][10] - **Investment Recommendations**: The call suggests focusing on large thermal power companies with high market procurement ratios and strong resilience, such as **Jingneng** and **Huadian**. Additionally, smaller projects with stable returns, like waste-to-energy projects, are also recommended [8][24][26] - **Long-term Outlook**: The long-term outlook for the thermal power sector is positive due to the multi-revenue system that enhances stability and reduces dependence on coal prices. Companies are expected to increase dividend rates as profitability stabilizes [11][24] Regional Contractual Insights - The signing of long-term contracts varies by region, influenced by supply-demand dynamics and coal price levels. For instance, Shanghai has a tight supply situation, while Jiangsu has seen an increase in new energy installations [7] Renewable Energy Challenges - The renewable energy sector faces challenges such as subsidy issues and consumption pressure, particularly in western regions where wind and solar energy utilization rates are low. The government is implementing measures to improve consumption scenarios [15][14] Conclusion - The electric power industry is undergoing significant changes driven by policy shifts and market dynamics. The focus on quality development, coupled with favorable coal prices, presents both opportunities and challenges for investors in the sector.

Group 1 - The Jiangsu Guoxin Binhai Port 2×1000 MW efficient clean coal power generation project has been fully completed and put into operation with a total investment of approximately 8.8 billion yuan [1] - The project is a key energy supply project for the province during the 14th Five-Year Plan, facing complex historical issues regarding sea usage and requiring adjustments to accommodate new projects [1][2] - The Jiangsu Provincial Marine Law Enforcement Supervision Center played a crucial role in facilitating the project by addressing historical illegal sea usage issues and expediting the sea usage change process [2] Group 2 - The center implemented a major project sea usage service guarantee mechanism, coordinating efforts to resolve historical illegal sea usage problems and accelerating the completion of sea usage changes [2] - Over several months, the center conducted multiple site visits and meetings to ensure timely progress, resulting in the successful adjustment of the sea usage range and the project's advancement to the sea usage approval stage [2] - The project achieved a record for the fastest construction of similar units in the country, with the fourth unit completing a 168-hour full-load trial run on April 15 [2]

Group 1 - Jiangsu New Energy has achieved a three-day consecutive rise in stock prices, indicating strong market performance [1] - Other companies in the power sector, such as Guangdong Electric A and Shenzhen Nanshan Electric A, have also reached their daily price limit, reflecting a broader positive trend in the industry [1] - According to the China Electricity Council's forecast, the national electricity consumption is expected to reach 10.4 trillion kilowatt-hours by 2025, representing a year-on-year growth of approximately 6% [1] Group 2 - The annual regulated maximum electricity load is projected to be around 1.55 billion kilowatts, highlighting the increasing demand for electricity in the coming years [1] - Several other power companies, including Jiangsu Guoxin, Three Gorges Water Conservancy, and Fujian Dong Power, have also seen their stock prices rise, indicating a collective upward movement in the sector [1]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [7]. Core Insights - In April, the total electricity consumption in China increased by 4.7%, with hydropower shifting from growth to decline, while the decline in thermal power remained stable [3][20]. - The Inner Mongolia Energy Bureau has solicited opinions on a competitive allocation management method for renewable energy projects, which will allow all grid-connected electricity to enter the power market [4][64]. - Shanghai is accelerating its green fuel transition, focusing on biomass fuel research and the establishment of green methanol production bases [5][71]. Summary by Sections Electricity Consumption and Generation - In April, total electricity consumption reached 772.1 billion kWh, a year-on-year increase of 4.7%, with industrial consumption showing varied growth rates across sectors [3][20]. - The first industry saw a significant increase in electricity consumption by 13.8%, while the second industry grew by 3.0% and the third industry by 9.0% [19][20]. - Hydropower generation decreased by 6.5% year-on-year, while nuclear power and wind power saw increases of 12.4% and 12.7%, respectively [20][40]. Policy Developments - The Inner Mongolia competitive allocation management method aims to standardize the pricing and allocation of renewable energy projects, enhancing market efficiency and encouraging participation from various enterprises [4][64][65]. - Shanghai's initiatives include the development of biomass fuel and the integration of agricultural waste into green methanol production, supported by new technology research guidelines [5][71][74]. Investment Recommendations - The report recommends specific companies within the thermal power sector, such as Jiangsu Guoxin, and suggests cautious investment in others like Sheneng Co. and Zhejiang Energy [5]. - For the hydropower sector, it recommends companies like Yangtze Power and suggests cautious investment in Huaneng Hydropower and Qianyuan Power [5].

Core Viewpoint - Jiangsu Guoxin Co., Ltd. has approved a compensation plan for the relocation of photovoltaic equipment as part of an associated transaction with its subsidiary, Guoxin Yangdian [1][2]. Group 1 - The sixth supervisory board meeting of Jiangsu Guoxin was held on May 23, 2025, with all five supervisors present, and the meeting complied with the Company Law and the Articles of Association [1]. - The board approved the proposal regarding the compensation for the relocation of approximately 15MWp of photovoltaic equipment installed by Haoyang New Energy in the Guoxin Yangdian plant area [1]. - The assessed loss for the removal and relocation of the equipment is approximately CNY 47,020,015.69, and if the relocation of 10MWp is not completed as per the agreement, Guoxin Yangdian will compensate Haoyang New Energy up to CNY 4 million per MWp based on the final assessment [1]. Group 2 - The voting results for the proposal were 3 votes in favor, with no votes against or abstentions, and related supervisors recused themselves from the vote [2].

证券代码：002608 证券简称：江苏国信 公告编号：2025-028 江苏国信股份有限公司 关于子公司国信扬电拟对移建昊扬新能部分光伏设备 进行补偿暨关联交易的公告 名称：江苏新能昊扬新能源发展有限公司 企业性质：有限责任公司 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。 一、关联交易概述 江苏国信股份有限公司（以下简称"公司"）控股子公司江苏国 信扬州发电有限责任公司（以下简称"国信扬电"）2×100 万千瓦 三期扩建项目于2025 年2月被江苏省发展改革委纳入全省"十五五" 中后期保障性调节性煤电项目规划建设实施方案，为推进项目顺利实 施，国信扬电需移除江苏新能昊扬新能源发展有限公司（以下简称"昊 扬新能"）在国信扬电厂区内已投资安装的约 15MWp 光伏设备，并 将其中 10MWp 移建至其他区域，为此，国信扬电拟与昊扬新能签订 《国信扬电厂区光伏项目部分容量移建补偿协议》。本次移除移建损 失以评估结论为依据，金额为 47,020,015.69 元；若无法按照协议约 定完成 10MWp 移建并恢复发电的，国信扬电按照差异容量以最高 400 万元/MW ...