行业研究 证 券 研 究 报 告 电力及公用事业行业重大事项点评 绿电下游新需求不断涌现，"电力+算力"为 推荐（维持） 绿电打开全新增长空间 事项： 国务院国资委日前提出积极扩大算力有效投资，推进"算力+电力"协同发展。 上市公司层面，近期绿电与算力、储能、绿醇等新型方向融合发展的案例不断， 强调绿电板块的投资机会。 评论： 电力及公用事业 2026 年 02 月 28 日 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：吴晨玥 联系人：刘邢雨 邮箱：liuxingyu@hcyjs.com 行业基本数据 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 证券分析师：李清影 邮箱 ...

本次注销控股子公司及不再参与高邮整市屋顶分布式光伏项目开发建设事项有利于公司进一步优化资源 配置、降低管理成本、提升经营质效。注销完成后，新能昊邮将不再纳入公司合并财务报表范围，不会 对公司财务状况和经营成果产生重大不利影响，不存在损害公司及公司股东、特别是中小股东利益的情 况。 格隆汇2月27日丨江苏新能(603693.SH)公布，公司拟注销控股子公司江苏新能昊邮新能源发展有限公 司。江苏国信高邮热电有限责任公司和博腾国际投资贸易有限公司为公司关联法人，分别持有新能昊邮 28%和20%股权，根据《上海证券交易所股票上市规则》等相关法律法规的规定，本次交易构成关联交 易。 ...

证券代码：603693 证券简称：江苏新能 公告编号：2026-008 江苏省新能源开发股份有限公司 关于拟注销控股子公司暨关联交易的公告 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： 江苏省新能源开发股份有限公司（以下简称"公司"）拟注销控股子公 司江苏新能昊邮新能源发展有限公司（以下简称"新能昊邮"）。 江苏国信高邮热电有限责任公司（以下简称"高邮热电"）和博腾国际 投资贸易有限公司（以下简称"博腾公司"）为公司关联法人，分别持有新能昊 邮 28%和 20%股权，根据《上海证券交易所股票上市规则》等相关法律法规的规 定，本次交易构成关联交易。 本次交易不构成重大资产重组。 前期经公司第三届董事会第二十三次会议审议通过，公司与高邮热电、博腾 公司共同出资成立新能昊邮，其中，公司出资 4,269.2 万元，占注册资本的 52%， 1 高邮热电出资 2,298.8 万元，占注册资本的 28%，博腾公司出资 1,642 万元，占 注册资本的 20%。 基于行业政策、市场环境、项目条件及区域资源等多方面因素影响，公 ...

Group 1 - A well-known private equity mogul has invested approximately 1 billion yuan in a private placement of a certain automotive listed company, causing significant excitement among investors [1] - The article emphasizes that many investors are often swayed by news and market fluctuations, leading to impulsive decisions without understanding the underlying market dynamics [1] - It highlights the importance of analyzing market behavior through quantitative data rather than solely relying on price movements [2][6] Group 2 - The article discusses the challenges investors face in distinguishing between genuine market signals and misleading price movements, such as sudden large declines or recoveries [9][11] - It illustrates how quantitative data can reveal the true intentions behind trading actions, helping investors avoid common pitfalls [14] - The piece advocates for a multi-dimensional approach to market analysis, incorporating factors like funding, behavior, and price to enhance investment decision-making [14]

Market Overview - On February 13, the Jiangsu state-owned enterprise reform sector fell by 1.12% compared to the previous trading day, with Jiang Tian Chemical leading the decline [1] - The Shanghai Composite Index closed at 4082.07, down 1.26%, while the Shenzhen Component Index closed at 14100.19, down 1.28% [1] Stock Performance - Notable gainers in the Jiangsu state-owned enterprise reform sector included: - Shifujian Shen (300528) with a closing price of 24.59, up 3.80% on a trading volume of 530,200 shares and a transaction value of 1.297 billion [1] - Jinling Hotel (601007) closed at 8.27, up 2.48% with a trading volume of 133,600 shares and a transaction value of 110 million [1] - Major decliners included: - Jiang Tian Chemical (300927) which closed at 31.82, down 6.30% with a trading volume of 135,300 shares and a transaction value of 436 million [2] - Xugong Machinery (000425) closed at 11.79, down 3.12% with a trading volume of 836,400 shares and a transaction value of 991 million [2] Capital Flow - The Jiangsu state-owned enterprise reform sector experienced a net outflow of 420 million from main funds, while retail funds saw a net inflow of 130 million [2] - The following stocks had significant capital flows: - Taiji Industry (600667) had a net inflow of 16.97 million from main funds, while retail funds saw a net outflow of 81.12 million [3] - Jinling Hotel (601007) had a net inflow of 11.40 million from main funds, but a net outflow of 13.69 million from retail funds [3]

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。 近日，东台项目的项目公司收到江苏省发展和改革委员会于 2026 年 2 月 12 日出具的《省发展改革委关于江苏国信东台 H4#/H6#海上风电项目核准的批复》 （苏发改能源发〔2026〕148 号），主要内容如下： 江苏省新能源开发股份有限公司 关于控股股东先行投资东台 H4#/H6#海上风电项目获 得核准批复的公告 一、事项概述 为了支持江苏省新能源开发股份有限公司（以下简称"公司"）争取海上风 电资源，公司控股股东江苏省国信集团有限公司（以下简称"国信集团"）牵头 组建联合体参与了江苏省 2024 年度海上风电项目竞争性配置申报，中选并获得 合计约 155 万千瓦海上风电项目的开发权，前述中选项目按开发节奏分段推进。 为了有效避免同业竞争，同时，充分利用控股股东在资金、资源等方面的优 势，控制公司投资风险，最大限度保护公司及全体股东的利益，2025 年 10 月 22 日，公司召开第四届董事会第十四次会议，逐项审议通过《关于大丰 H19#、东 台 H4#/H6#海上风电项目 ...

依据《行政许可法》《江苏省企业投资项目核准和备案管理办法》等有关规定，同意建设东台H4#/H6# 海上风电项目。项目法人为江苏国信润东海上风力发电有限公司。项目建设场址位于盐城市东台市近海 海域，总装机规模30.8万千瓦。项目总投资约为33.5亿元。 格隆汇2月13日丨江苏新能(603693.SH)公布，近日，东台项目的项目公司收到江苏省发展和改革委员会 于2026年2月12日出具的《省发展改革委关于江苏国信东台H4#/H6#海上风电项目核准的批复》（苏发 改能源发〔2026〕148号），主要内容如下： ...

近年来，江苏能源转型步伐加快。江苏2025年全年新增发电量中新能源贡献占比超95%。由于约98%的 风电和超近70%的光伏装机分布在苏中、苏北地区，而近60%的用电负荷集中在苏南，电力资源呈 现"逆向分布"。"为促进新能源高效消纳，我们在现有交流电网中嵌入直流输电通道，构建交直流混联 电网。相较于纯交流电网，交直流混联电网可更灵活、远距离、大容量输送清洁电力，提升输电效率约 20%，有效缓解新能源发电与用电负荷之间的时空不平衡问题。"国网江苏电力建设部副主任刘晓东表 示。 截至目前，江苏已建成特高压"一交四直"、500千伏"七纵七横"主干网架，并投运国内首个"交流改直 流"嵌入式输电工程——扬镇直流一期工程。随着扬镇直流二期工程投运，江苏初步形成省域交直流混 联电网格局，"北电南送"输电能力提升至约2500万千瓦。 2月12日，我国首个交直流混联跨江工程——江苏扬州至镇江±200千伏直流输电二期工程(以下简称"扬 镇直流二期工程")建成投产。这是世界首个多源换相直流输电工程，将原有跨江输电能力提升3倍，为 我国乃至全球能源绿色转型提供经验。 扬镇直流二期工程线路全长约228公里，输电容量达120万千瓦，途经江 ...

Core Viewpoint - The new refinancing policies introduced by the Shanghai, Shenzhen, and Beijing stock exchanges aim to enhance the flexibility and convenience of refinancing for listed companies, leading to a surge in refinancing proposals from these companies [1][2]. Group 1: Refinancing Policy Changes - The new refinancing regulations focus on supporting high-quality listed companies, optimizing review efficiency, adapting to the needs of innovative enterprises, simplifying application processes, and strengthening overall supervision [2]. - The exchanges have clarified that they will optimize refinancing reviews for companies with good governance and information disclosure, thereby improving refinancing efficiency [2]. - A new standard for "light asset, high R&D investment" recognition for main board listed companies is being researched to better accommodate technology innovation enterprises [2]. Group 2: Company Responses and Proposals - From February 10 to February 12, 18 listed companies disclosed refinancing proposals, including four companies planning to issue convertible bonds and 14 companies planning to conduct targeted placements [1]. - Zhongke Shuguang plans to raise up to 8 billion yuan through convertible bonds to invest in AI-related projects [3]. - Jiangsu New Energy plans to raise up to 1.24 billion yuan for a power generation project and working capital [4]. - Xinhang New Materials intends to raise up to 1 billion yuan for various production projects [4]. - Unisplendour plans to raise up to 5.57 billion yuan for acquisitions and R&D equipment [4]. Group 3: Market Sentiment and Future Outlook - The concentration of refinancing proposals indicates a positive market sentiment regarding the optimization of the financing environment, with companies eager to accelerate development through refinancing [4]. - Experts suggest that the new regulations will facilitate targeted funding for high-quality technology innovation enterprises, encouraging a focus on R&D and core business development [4][5].

Core Viewpoint - Jiangsu New Energy (603693.SH) plans to issue convertible bonds to raise up to RMB 124 million for specific projects and working capital [1] Group 1: Convertible Bond Issuance - The company intends to issue convertible bonds convertible into A-shares, with a total amount not exceeding RMB 124 million [1] - The issuance will consist of no more than 12.4 million bonds, with the final amount to be determined by the board of directors [1] - The bonds will be listed on the Shanghai Stock Exchange and have a face value of RMB 100 each, with a term of six years [3] Group 2: Use of Proceeds - The net proceeds after deducting issuance costs will be allocated to the Lianyungang Qingkou Salt Field Integrated Fishing and Power Generation Project and to supplement working capital [1][3] - The total investment for the Lianyungang project is RMB 111.61 million, with RMB 87 million expected to be funded from the bond issuance [3] - The working capital will receive RMB 37 million from the total raised amount [3] Group 3: Financial Background - Jiangsu New Energy was listed on the Shanghai Stock Exchange on July 3, 2018, raising RMB 106.2 million, with a net amount of RMB 99.14 million after costs [4] - The company previously issued shares to acquire a 40% stake in Datang Guoxin Binhai Offshore Wind Power Co., Ltd. for RMB 75 million [5]