证券代码：600642 证券简称：申能股份 申能股份有限公司 向不特定对象发行可转换公司债券 募集资金使用可行性分析报告 二〇二五年八月 释义 本报告中，除文中另有说明外，下列词语具有以下特定含义： 公司、发行人、申 指 申能股份有限公司 能股份 可转债 指 可转换公司债券 本次发行 指 申能股份本次向不特定对象发行可转换公司债券 本次募集资金/本次 指 申能股份本次向不特定对象发行可转换公司债券所募集的资金 可转债募集资金 申能股份向不特定对象发行可转换公司债券募集资金使用可行 本报告 指 性分析报告 预案 指 申能股份向不特定对象发行可转换公司债券预案 董事会 指 申能股份董事会 上交所 指 上海证券交易所 申能集团 指 申能（集团）有限公司 国家发改委 指 中华人民共和国国家发展和改革委员会 本报告主要数值保留两位小数，由于四舍五入原因，总数与各分项数值之和 可能出现尾数不符的情况。 第一节 本次募集资金使用的总体计划 本次可转债募集资金不超过 200,000.00 万元（含本数），扣除相关发行费用后 的募集资金净额将用于投资以下项目： 单位：万元 序号 项目名称 项目投资总额 拟使用募集资金金额 申能 ...

本期专题访谈讲述的是全球卓越工程师大赛·2024年度揭榜攻坚赛银奖获得者，由苏永要、冉启燕、谢东组成的参赛团队，其揭榜项目为"船用甲醇发 动机喷射系统关键零部件材料开发及应用研究"，如今回望参赛历程，冉启燕向记者讲述了项目背后的突破与梦想。 该项目由重庆文理学院苏永要博士任项目负责人，来自中船集团-重庆红江机械有限责任公司技术中心的冉启燕担任项目技术负责人，西南交通大学谢 东博士为主要核心成员。 团队获得全球卓越工程师大赛·2024年度揭榜攻坚赛银奖。主办方供图 冉启燕在理化室对新材料金相组织检测分析。主办方供图 "在'碳达峰、碳中和'这一重大战略决策中，船舶行业是节能减排的重点领域，相应减排法规的出台促使船舶动力向绿色低碳转型，甲醇目前是商业化 速度最快的绿色燃料。"冉启燕介绍，与柴油燃料相比，甲醇的特性导致喷射系统在服役过程中易发生腐蚀、卡滞等现象，使得发动机的故障率显著增 加，威胁行船安全。我们的目的是开发适用于甲醇内燃机关键零部件的材料，为甲醇发动机的研制提供关键技术支撑。 "我们团队提出了关键零部件材料表面'氮化+碳基薄膜'一体化开发的解决方案。从基体材料和表面低摩擦碳基涂层两个方面进行技术攻关，突 ...

Core Viewpoint - Changgao Electric Group Co., Ltd. is planning to issue convertible bonds to raise funds for expanding its production capacity and enhancing its technological capabilities in the electric power industry, aligning with national energy policies and market demands [2][14][16]. Group 1: Issuance Details - The company intends to issue convertible bonds with a total amount not exceeding RMB 855.5782 million, with each bond having a face value of RMB 100 [18][19]. - The funds raised will be allocated to projects including high-voltage switches, closed-type combination electrical appliances, and transformers, among others [19][20]. - The issuance is expected to enhance the company's production capacity and support its strategic development in the electric power sector [16][19]. Group 2: Credit Rating and Risk Factors - The convertible bonds have been rated AA- by China Chengxin International Credit Rating Co., Ltd., indicating a stable outlook [2][7]. - The bonds are unsecured, which may increase repayment risks if the company faces significant operational challenges [3][4]. - The company has highlighted risks related to customer concentration, accounts receivable collection, and market competition, which could impact its financial performance [4][5][6]. Group 3: Industry Context - The electric power industry is experiencing rapid growth driven by national policies promoting energy transition and infrastructure modernization [14][15][17]. - The demand for electric power equipment is expected to rise due to increasing electricity consumption and the need for grid upgrades to accommodate renewable energy sources [14][15]. - The company is positioned to benefit from these trends by focusing on innovative and environmentally friendly products, aligning with the national goals of carbon neutrality [17][18].

Core Viewpoint - The company is actively engaged in research related to green building technologies aimed at achieving carbon peak goals and is involved in the formulation of standards for "green low-carbon technology" [1] Group 1 - The company has conducted multiple research projects focused on key technologies for green buildings [1] - The company is participating in the development of various standards related to green low-carbon technology [1] - The company will continue to explore business opportunities in the western region, although there are uncertainties involved [1]

半年报还显示，通达动力通过对产业结构的优化和转型不断提升科研和工艺创新能力，市场三大板块 中，在新能源汽车和风力发电板块持续发力。公司围绕"碳达峰""碳中和"等政策，重点布局和深耕风 电、新能源汽车电机等板块，关注产业升级，专注技术革新，坚持电机能效的突破与提升。依托电机定 转子铁芯智能制造工程技术研究中心，通过对现有装备技术改进创新，提高工艺技术水平，改变传统的 定转子生产工艺，用现代化手段、方法让定转子冲片生产得更快更好，以达到实现用先进的生产技术引 领行业，成为全国乃至全球定转子生产工艺技术先进的企业。 值得一提的是，公司此前在投资者互动平台表示，人形机器人市场正处于高速发展期，具有广阔的前 景。目前公司生产的伺服电机铁芯可适用于机器人的驱动电机，公司生产的定转子电机铁芯产品品种齐 全，能够应用于不同种类和型号的电机。 近年来，中国风电产业发展迅速。2024年，中国风电累计装机量达514.0GW，全球风电累计装机占比达 1183.2GW。中国风电装机占比达43.4%。 2025年上半年，中国风电产业在装机、发电量、技术突破、国际市场拓展等方面全面爆发，呈现出"产 销两旺、内外并举"的强劲态势。通达动力在 ...

Core Viewpoint - Jiangsu Tongda Power Technology Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, indicating strong business performance and growth potential in the electric motor manufacturing industry [1][3]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 971 million yuan, a 22.07% increase compared to the same period last year [3]. - The net profit attributable to shareholders was approximately 42.64 million yuan, reflecting a 32.49% increase year-on-year [3]. - The company plans not to distribute cash dividends or issue bonus shares [1]. Business Operations - The company specializes in the research, production, and sales of electric motors, generators, and rotor-stator cores, with a production capacity of over 200,000 tons of silicon steel sheets annually [4][5]. - The electric motor industry in China has matured, with the company positioned as a leading player, facing competition from major firms like Shenli and TENGPU [5][6]. - The company maintains a diverse product range, including standard electric motors, new energy vehicle drive motors, and high-efficiency motors, serving various industries such as machinery, steel, and power [6][7]. Market Position and Competitive Advantages - The company is recognized as a leading enterprise in the rotor-stator core stamping sector, with strong relationships with major clients [7][8]. - The company emphasizes high-end positioning and continuous investment in research and development, enhancing operational efficiency and management through digital upgrades [8][10]. - The company has established a solid reputation in the wind power and new energy vehicle sectors, contributing to its growing market share [9][10]. Financial Performance Analysis - The company's operating costs increased by 20.77%, primarily due to rising labor costs [13]. - Sales expenses surged by 77.36%, attributed to increased employee compensation [13]. - The company reported a significant increase in cash flow from operating activities, amounting to approximately 43.77 million yuan, a 29.64% increase from the previous year [3][13]. Asset and Liability Status - Total assets at the end of the reporting period were approximately 2.11 billion yuan, reflecting a 0.89% increase from the previous year [3][15]. - The company's cash and cash equivalents decreased to approximately 336.65 million yuan, down 6.86% from the previous year [15][16]. Investment and Future Outlook - The company has not engaged in securities or derivative investments during the reporting period [16]. - The company continues to focus on technological innovation and quality management, aiming to enhance its competitive edge in the electric motor manufacturing sector [10][11].

Core Insights - The "14th Five-Year Plan" has set 20 key indicators, with 5 being binding ecological indicators, indicating a strong focus on green development [11][20] - The transition from the "14th Five-Year Plan" to the "15th Five-Year Plan" is expected to emphasize qualitative improvements in ecological health and system restoration, moving from quantity to quality [3][20] - The upcoming "15th Five-Year Plan" is anticipated to align with China's carbon peak target by 2030, suggesting that ecological constraints will remain significant [3][19] Summary by Sections 1. Status of Ecological Indicators in Previous Plans - The "13th Five-Year Plan" included 25 indicators, with 10 being binding ecological indicators, while the "14th Five-Year Plan" reduced this to 5 binding ecological indicators [9][11] - The completion of ecological indicators has faced challenges, particularly in the context of transitioning development models and balancing multiple objectives [2][14] 2. Predictions for the "15th Five-Year Plan" - The "15th Five-Year Plan" is expected to focus on ecological health and system restoration, with a shift from single-point governance to collaborative governance [3][19] - Policy tools are anticipated to diversify, with a focus on more precise binding indicators and supporting market incentives [3][20] 3. Investment Recommendations - The current A-share market is positioned for a "slow bull" run, influenced by the overlapping trends of new policies and significant investments [20][22] - Key sectors to watch include long-term capital inflow related to dividend stocks (banks, insurance), technology (AI), and consumption sectors with solid fundamentals [20][22]

Core Insights - The banking wealth management industry in China has shown stable growth, achieving a market size of 29 trillion yuan by the end of 2021, a year-on-year increase of 12.14% [1] - The transition period for regulatory compliance under the new asset management regulations has been largely completed, with the scale of guaranteed wealth management products reduced to zero and net value products accounting for 92.97% of the total [2] - The report indicates a significant increase in the number of investors holding wealth management products, reaching approximately 81.3 million by the end of 2021, with individual investors growing by 94.48% [5][6] Market Overview - The total number of new wealth management products issued in 2021 was 47,600, raising 12.219 trillion yuan, generating nearly 1 trillion yuan in returns for investors [1] - The proportion of bond assets in wealth management products has increased, with bond holdings rising by 4.13 percentage points year-on-year [3] - The report highlights that credit bonds accounted for 48.13% of total investment assets, with AA+ rated and above credit bonds making up 84.05% of the credit bond holdings [3] Regulatory Environment - The regulatory framework for wealth management has been strengthened, with a focus on professional supervision and risk management [7] - The China Banking and Insurance Regulatory Commission (CBIRC) will continue to approve new wealth management companies based on a "mature one, approve one" principle [7] - The report emphasizes the need for ongoing regulatory oversight to ensure compliance and mitigate risks in the wealth management sector [7][8] Future Outlook - The banking wealth management industry is expected to enter a new phase of quality improvement and upgrading in 2022, focusing on differentiated development and increased openness to foreign investment [8] - There will be an emphasis on enhancing asset allocation efficiency and flexibility, directing funds into key areas of the national economy [8][9] - The industry aims to better meet the diverse and high-quality development needs of wealth management, with a focus on social responsibility investments and supporting the real economy [8][9]

Core Viewpoint - The increasing adoption of the Principles for Responsible Investment (PRI) by mainland institutions reflects a growing commitment to ESG (Environmental, Social, and Governance) investment, with 101 institutions having signed the PRI as of the report date, including 20 public fund managers [1][2]. Group 1: Adoption of PRI - The PRI, established in 2006 by UNEP FI and the UN Global Compact, has gained significant influence in China as the concepts of carbon peak and carbon neutrality become more prevalent [2]. - As of June 10, 2022, 101 mainland institutions have signed the PRI, with 74 being investment management institutions, including 20 public fund managers [2]. - Among the 18 social security fund managers in China, 13 have joined the PRI, and 15 out of 21 basic pension investment management institutions have also signed [2]. Group 2: Motivations for Joining PRI - Public fund managers are motivated to join the PRI to meet existing or potential demands from overseas clients, enhance brand and competitive advantage, prepare for future market and regulatory changes, and engage in responsible investment development through the PRI platform [2][3]. - The six principles of PRI guide institutions in integrating ESG issues into investment analysis and decision-making, becoming active owners, and promoting the acceptance and implementation of PRI principles within the investment industry [3]. Group 3: ESG Investment Strategies - Institutions like Southern Fund and GF Fund emphasize the importance of ESG performance in investment portfolios, stating that poor ESG performance can lead to significant risk exposure [4]. - Southern Fund has integrated ESG factors into its investment process since joining PRI in 2018, aiming to align ESG practices with Chinese investment logic [4][6]. - GF Fund has established an ESG investment leadership group and developed a foundational evaluation system and screening criteria for ESG investments, with a total ESG fund scale reaching 29.3 billion yuan by the end of Q1 2022 [7]. Group 4: Product Innovation and Development - The adoption of PRI has led to frequent actions by institutions to enhance their ESG investment systems and processes, resulting in innovative product offerings [6]. - Southern Fund has developed a comprehensive ESG investment system that integrates ESG factors across various asset classes, achieving a total scale of green investments of 232.13 billion yuan by the end of 2021, a 129% increase from the beginning of the year [6]. - GF Fund is actively promoting the integration of ESG investment with various investment strategies, including index-based and active quantitative approaches [7].

在"碳达峰、碳中和"目标的驱动下，我国光伏产业迎来了发展高峰，光伏发电凭借其可开发总量 大、安全可靠性高、环境影响小、应用范围广、运维成本低等优势，逐渐成为推动湖州银行能源结构转 型升级的重要力量。为支持湖州当地光伏产业发展，推动本地区能源利用的低碳化转型，湖州银行创新 推出"绿能贷"专项产品，助力分布式光伏发电产品的运用推广。 "绿能贷"是一款专为分布式光伏定制的贷款产品，主要用于企业支付成套光伏发电设备费用，以项 目投产后产生的电能收益作为主要还款来源，通过金融要素串起"购-建-产-销"全链条，推动光伏上下游 产业链条的畅通和稳定，进一步带动"阳光经济"的良性发展。比如，该行为某企业发放"绿能贷"250万 元，用于建设一个1.2MW的厂房屋顶电站，每年可发电130万度，为企业产生经济效益81万元，同时， 每年可减少1094.75吨二氧化碳排放，最终实现经济效益、社会效益、环境效益的统一。 作为绿色金融的倡导者和践行者，湖州银行近年来主动提升绿色金融综合服务能力，不断加大对绿 色低碳领域的金融支持力度，"绿能贷"的推出，是湖州银行深化绿色金融创新的又一次富有成效的探 索。目前，湖州银行已成功为吴兴区、南浔区 ...