附调研内容：1、问：请介绍公司新能源项目受今年第一季度风资源波动影响，预估二季度以及全年来 风情况？ 答：今年一季度江苏地区风况不佳，公司风力发电累计发电量8.77亿千瓦时，同比下降 17.19%。江苏地区通常春季及冬季的风能资源较为丰富，夏秋季相对较少。但是气候变化具有较大的 不确定性，实际每年风资源的季节性波动情况也会存在差异。 2、问：公司是否参与过绿电交易，交易 规模和价格情况如何？目前行业内绿证交易价格水平如何？ 答：公司所属的部分分布式光伏项目通过 聚合交易的方式参与了绿电交易，2024年度，公司参与绿电交易电量约46万度，交易价格0.43元/kWh， 今年以来，也在陆续参与，交易规模不大。根据国家能源局统计，2025年4月，全国绿证单独交易3,201 万个，交易平均价格为2.31元/个，环比增长63.24%。 3、问：公司分布式光伏项目，自发自用的比例是 多少？余电上网部分是否被限电？ 答：公司整县推进分布式光伏项目主要采用自发自用、余电上网的 模式，每个子项目自发自用的比例都有差异，目前平均比例达到七成以上。截至目前，公司在该模式下 的分布式光伏项目余电上网部分未被限制。 4、问：公司风力发电 ...

Core Viewpoint - The development of biomass power generation in Pingguan County, Shanxi Province, is closely linked to the local ecological restoration efforts, particularly through the utilization of the local plant, Caragana, which has become a key renewable energy resource [1][2]. Group 1: Biomass Power Generation - The Caragana plant, known for its high calorific value, is being used as a renewable biomass energy source in Pingguan County, with the local company Jin Dian Chemical Co., Ltd. launching a biomass cogeneration project in 2022 [2]. - The project utilizes Caragana branches and agricultural waste, which are processed and burned in boilers to generate electricity, providing heating for 1.52 million square meters in the county [2]. - Since 2021, Pingguan County has completed afforestation of 251,700 acres and restored 145,000 acres of degraded forest, achieving over 60% greening rate along the Yellow River [1][2]. Group 2: Green Development Strategy - Pingguan County is implementing a "three greens" development strategy focusing on green organic agriculture, green energy, and green tourism, aiming for a comprehensive high-quality development path [3]. - The county is promoting diverse energy sources, including wind, solar, water, and biomass, to establish a clean energy base, with several new energy projects already in place [3]. - The integration of agriculture, culture, and tourism is being emphasized, with the development of the Yellow River National Cultural Park and various eco-agricultural tourism projects [3][4].

Group 1 - Kanghong Pharmaceutical received a drug registration certificate for Lifisig Eye Drops, approved for treating dry eye symptoms [1] - Kanghong Biotech, a wholly-owned subsidiary, received clinical trial approval for KH813 injection for metastatic non-squamous non-small cell lung cancer [1] - Kanghong Pharmaceutical was established in October 1996, focusing on drug and medical device research, production, and sales [1] Group 2 - Guoyuyuan's subsidiary received a government subsidy of 7.5521 million yuan, accounting for 10.14% of the company's audited net profit for 2024 [2] - Guoyuyuan was founded in November 1996, specializing in drug research, production, and sales [3] Group 3 - Haicheng Bonda's subsidiary signed a lease termination agreement, incurring a termination fee of 3.35 million USD [4] - Haicheng Bonda was established in December 2009, providing comprehensive modern logistics services [4] Group 4 - Hongxin Electronics' subsidiary signed contracts totaling 373 million yuan for computing power business [5] - Hongxin Electronics was founded in September 2003, focusing on FPC research, design, manufacturing, and sales [6] Group 5 - Tianbang Food reached a settlement agreement regarding a 1.214 billion yuan lawsuit, agreeing to repay 410 million yuan over 36 months [8] - Tianbang Food was established in September 1996, specializing in pig farming and pork processing [9] Group 6 - Daoshi Technology's controlling shareholder plans to reduce holdings by up to 1.97% of the company's shares [10] - Daoshi Technology was founded in September 2007, focusing on ceramic color glazes and related products [10] Group 7 - Jinpu Titanium is planning a major asset restructuring, leading to a stock suspension [10] - Jinpu Titanium was established in November 1989, specializing in titanium dioxide production and sales [11] Group 8 - Shenzhen Energy plans to invest 6.332 billion yuan in upgrading the Mawan Power Plant [12] - Shenzhen Energy was founded in August 1993, focusing on conventional and renewable energy development [13] Group 9 - Lihua Co. plans to reduce holdings by up to 3% of the company's shares [14] - Lihua Co. was established in June 1997, specializing in the breeding and sales of poultry [15] Group 10 - China Communications Construction Company plans to repurchase shares worth 500 million to 1 billion yuan [16] - China Communications Construction Company was founded in October 2006, focusing on infrastructure design and construction [17] Group 11 - Huatiankeji's subsidiary received a government subsidy of 80.6569 million yuan, accounting for 13.09% of the company's latest audited net profit [20] - Huatiankeji was established in December 2003, specializing in integrated circuit packaging and testing [21] Group 12 - Luxin Chuangtou plans to acquire shares in Hongke Electronics for a total of 9 million yuan [23] - Luxin Chuangtou was founded in November 1993, focusing on venture capital and industrial development [24] Group 13 - Feilong Co.'s controlling shareholder plans to reduce holdings by up to 563,250 shares [25] - Feilong Co. was established in January 2001, specializing in thermal management components for automotive and civil applications [26] Group 14 - Linglong Tire submitted an application for H-share listing on the Hong Kong Stock Exchange [27] - Linglong Tire was founded in June 1994, focusing on tire design, development, manufacturing, and sales [27] Group 15 - Saiwei Electronics plans to acquire 9.5% of its subsidiary's shares for up to 324 million yuan [28] - Saiwei Electronics was established in May 2008, focusing on MEMS chip development and semiconductor equipment [28] Group 16 - Suzhou Bank's major shareholder plans to increase holdings by no less than 400 million yuan [29] - Suzhou Bank was founded in December 2004, focusing on various banking services [29]

2025年7月1日，A股迎来重磅投资新工具——国内首只*跟踪沪深300自由现金流指数场外基金——华宝 沪深300自由现金流ETF联接基金（A类024367；C类024368）盛大发售。该基金以"真金白银"的自由现 金流为选股核心，深度聚焦沪深300指数中自由现金流最强的50家"现金奶牛"，剔除金融、地产行业， 前五大行业（石油石化、煤炭、通信等）占比达59%，为投资者在波动市场中提供了兼具防御性与收益 潜力的稀缺"现金牛"配置工具。 *注：300现金流ETF及其联接基金是国内首只跟踪沪深300自由现金流指数的场内及场外基金。 一、价值投资大师的"黄金指标"落地A股 "自由现金流是企业真正的生命力。"这一被巴菲特、芒格等投资大师奉为圭臬的核心理念，正成为A股 市场的投资新共识。不同于传统红利策略仅关注股息率，自由现金流指标聚焦企业支付必要开支后可自 由支配的"真金白银"，既能衡量盈利质量，又能评估股东回报潜力。数据显示，2017年以来，沪深300 自由现金流全收益指数年化收益率达14.17%，累计涨幅194.87%，大幅跑赢沪深300指数及传统红利策 略指数，印证了该策略在A股市场的有效性。 数据来源于Wind ...

Core Viewpoint - The launch of China's first trillion-level power generation industry model, "Qingyuan," marks a significant advancement in the energy sector, aiming to lead the industry towards intelligence and digitalization [1][2]. Group 1: Model Overview - "Qingyuan" is developed by the State Power Investment Corporation and encompasses 15 business domains and 75 key application scenarios, integrating various aspects of power generation including construction, operation, maintenance, and fuel management [1]. - The model aims to leverage AI and big data to reshape the energy industry, utilizing the vast data assets of the State Power Investment Corporation, which is the largest power generation company globally [1]. Group 2: Innovations and Features - "Qingyuan" introduces three major innovations, including a multi-energy collaborative dynamic optimization engine that integrates operational monitoring, equipment status, and environmental data [2]. - The model features a full-stack product approach, allowing efficient collaboration among different business intelligent agents, and provides intelligent optimization solutions for the entire power generation process [2]. - It establishes a fully autonomous and controllable intelligent decision-making system based on domestic technology, utilizing reinforcement learning and multi-modal fusion methods [2]. Group 3: Application and Impact - Currently, "Qingyuan" has been successfully applied in various business areas such as safety and environmental protection, power trading, and equipment maintenance, covering 13 scenarios and deploying 41 intelligent agents [2]. - The model addresses long-standing challenges in the power generation industry, including high safety risks, complex multi-energy coordination, and passive equipment maintenance, thereby supporting safe, efficient, green, and intelligent power generation [2].

Core Viewpoint - The waste incineration industry in China is experiencing a shift from an oversupply of waste to a shortage, raising questions about future operations and strategies [1][4]. Group 1: Industry Technology and Innovation - The waste incineration plant in Xi'an has a designed processing capacity of 3,000 tons per day but is currently processing only about 2,000 tons, leading to underutilization of resources [1]. - The technology used in waste incineration has significantly advanced, with a 40% improvement in thermal efficiency over the past decade, and emissions of dioxins at only 10% of EU standards [1][2]. - An automated combustion control system developed by the company adjusts the furnace speed and air volume based on waste composition, maintaining thermal efficiency above 85% and saving 1,220 tons of standard coal annually [2]. Group 2: Global Expansion and Standards - Nearly half of China's waste incineration projects have pollutant emission control levels that are world-leading, with efforts to promote Chinese standards globally [3]. - As of May 2025, Chinese companies are involved in 79 overseas waste incineration projects across multiple continents [3]. Group 3: Supply and Demand Dynamics - The average load rate of waste incineration plants in China is around 60%, indicating that 40% of capacity is underutilized, leading to financial strain on operators [4]. - In some regions, competition for limited waste resources has driven down processing fees to unsustainable levels, with some facilities accepting rates below cost [4]. Group 4: Future Directions and Service Value - The industry is exploring new avenues for waste management, including the co-processing of sludge and green waste, which can significantly increase the proportion of sludge burned [6]. - Waste incineration plants are evolving from being seen as environmental burdens to becoming urban service providers, integrating energy supply and educational initiatives into their operations [7].

Core Insights - Indonesia aims to increase the share of clean energy from 13.09% to 31% by 2050, with significant participation from Chinese companies in developing clean energy projects [1] Geothermal Energy Projects - The Lumutbalai Phase II geothermal project, with a capacity of 55 MW, has successfully connected to the grid, showcasing advanced technology from Chinese enterprises [2] - Indonesia is the second-largest geothermal power producer globally, with over 40% of the world's geothermal resources, and plans to increase its geothermal capacity from 2.6 GW to 7.9 GW by 2035 [1][2] Hydropower Developments - The Batang Hydropower Station, with a total capacity of 510 MW, is set to be completed by the end of this year, expected to generate 2.228 billion kWh annually, significantly alleviating power supply pressure in North Sumatra [4][5] - The project will replace coal and diesel power plants, contributing to Indonesia's green energy transition and creating over 4,000 jobs during construction and operation [5][6] Solar Energy Initiatives - The Karawang 100 MW solar project is the largest land-based solar project in Indonesia, expected to provide over 150 million kWh of clean electricity annually, meeting the needs of approximately 112,000 households [7] - The project incorporates advanced smart technology, enhancing operational efficiency and reducing maintenance costs, while supporting Indonesia's industrial competitiveness [7]

Group 1: Company Overview - Sichuan New Energy Power Company Limited focuses on green energy, primarily engaging in renewable energy generation and lithium battery production [11][12] - The company operates wind power, photovoltaic power, waste incineration power generation, and lithium salt production [11][12] Group 2: Financial Performance - As of the end of 2024, the company reported a total installed capacity of 1.2977 million kW for photovoltaic projects and 1.2738 million kW for wind power projects, achieving a total electricity generation of 4.015 billion kWh, a year-on-year increase of 18.12% [14] - The company’s lithium salt production capacity reached 15,000 tons per year, with a total production of 11,300 tons in 2024 [15] - The company’s financial indicators showed a current ratio of 2.20 and a debt-to-asset ratio of 49.92% as of the end of 2024, indicating improved liquidity and financial stability [22] Group 3: Bond Issuance and Management - The company issued a bond named "24 Sichuan New Energy GCV01" with a total amount of 200 million yuan, which is fully allocated to green projects with carbon reduction benefits [18][20] - The bond has a fixed interest rate of 2.42% and is set to mature on November 4, 2027 [6][5] - The bond management is conducted by CITIC Securities, which has been actively monitoring the issuer's compliance with information disclosure and financial obligations [7][8] Group 4: Industry Outlook - The renewable energy sector, particularly wind and solar power, is expected to grow significantly due to China's commitment to carbon neutrality and the increasing demand for clean energy [12][13] - The lithium battery market is also projected to expand, driven by the global shift towards electric vehicles and renewable energy storage solutions [12][13]

Core Viewpoint - The company, Jinko Power Technology Co., Ltd., has proposed a revised employee stock ownership plan aimed at enhancing employee engagement and aligning their interests with the company's long-term goals. The plan is designed to attract and retain talent while ensuring compliance with relevant laws and regulations [1][2][3]. Summary by Sections General Principles - The employee stock ownership plan is established to create a profit-sharing mechanism between employees and owners, responding to national calls for common prosperity and enhancing company competitiveness [8][9]. - Participation in the plan is voluntary, and the company will not impose mandatory participation on employees [2][10]. Participants and Scope - The plan targets a maximum of 150 participants, including directors, supervisors, senior management, and other key personnel [10][11]. - The funding for the plan will come from employees' legal salaries, self-raised funds, and other legally permitted sources, with no financial assistance provided by the company [3][17]. Stock Source and Pricing - The stocks for the plan will be sourced from shares repurchased by the company, totaling 28.9092 million shares already completed and additional shares planned for repurchase with a total fund not exceeding 200 million yuan and not less than 100 million yuan [3][11][17]. - The average purchase price for the initial allocation of shares is set at 2.40 yuan per share, which is below the market price at the time of the plan's announcement [19][20]. Duration and Lock-up Period - The plan will have a duration of 60 months from the date the last share is transferred to the plan, with a lock-up period of 12 months during which trading is prohibited [5][21]. - The vesting of shares will occur in three phases based on the company's performance and individual assessments [5][31]. Performance Assessment - The performance assessment for the vesting of shares is based on company-level and individual-level metrics, with specific growth targets set for net profit over the assessment periods [31][32]. - The first vesting period requires a net profit growth rate of at least 50% compared to 2022, with subsequent periods having progressively higher targets [31][32]. Management and Governance - A management committee will oversee the plan, representing the interests of the participants and ensuring compliance with regulations [7][28]. - The committee will manage the daily operations of the plan and make decisions regarding the distribution of shares and any necessary adjustments [28][30].

证券简称：百川畅银 证券代码：300614 债券简称：百畅转债 债券代码：123175 中原证券股份有限公司 关于河南百川畅银环保能源股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 （2024年度） 债券受托管理人 （郑州市郑东新区商务外环路10号中原广发金融大厦） 二〇二五年六月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《河 南百川畅银环保能源股份有限公司向不特定对象发行可转换公司债券受托管理 协议》（以下简称"《受托管理协议》"）、《河南百川畅银环保能源股份有限公司 向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）、 河南百川畅银环保能源股份有限公司（以下简称"发行人"、"公司"）对外公布 的《河南百川畅银环保能源股份有限公司2024年年度报告》等相关公开信息披 露文件、第三方中介机构出具的专业意见等，由本期可转换公司债券受托管理 人中原证券股份有限公司（以下简称"中原证券"、"受托管理人"）编制。中原 证券对本报告中所包含的从上述文件中引述内容和信息未进行独立验证，也不 就该等引述内容和信息的真实性、准确性和完整性做出任何保证或 ...