湖 南 金 州 律 师 事 务 所 ------HUNAN JIN ZHOU LAW FIRM------ 全国优秀律师事务所 司法部部级文明所 地址：湖南省长沙市岳麓区潇湘南路一段 208 号柏宁地王广场北栋 7-10、19 层 电话：0731-85012988 传真：0731-85231168 网址：www.hnjzlaw.net 湖南金州律师事务所 关于大唐华银电力股份有限公司 法律意见书 2025金律非字第 237 号 致：大唐华银电力股份有限公司 根据《中华人民共和国公司法》 （以下简称" 《公司法》 "）、 《中华 人民共和国证券法》 （以下简称" 《证券法》 "）、 《中华人民共和国律师 法》和中国证券监督管理委员会（以下简称"证监会"）关于《上市 公司股东会规则》 （以下简称"《股东会规则》 "）等相关法律、法规、 规章、规范性文件以及大唐华银电力股份有限公司章程（以下简称 " 《公司章程》 "）的规定，湖南金州律师事务所（以下简称"本所" ） 接受大唐华银电力股份有限公司（证券简称：华银电力；证券代码： ）的委托，指派律师出席公司 2024 年年度 股东大会（以下简称"本次股东大会" ）并出 ...

Group 1: Event Overview - The 2025 Shanghai International Carbon Neutral Technology, Products and Achievements Expo (referred to as "Shanghai Carbon Expo") will be held from June 5 to 7, focusing on six core areas including key technologies for energy transition, low-carbon transportation technologies, efficient resource utilization models in the circular economy, innovative applications for energy conservation and efficiency, green finance and certification services, and green consumption transformation for sustainable development [1] - This year's expo features a higher "low-carbon content," with low-carbon technologies and products increasing by 50% compared to last year, totaling over 1,200, and over 300 companies from 15 countries and regions are invited to participate [1] Group 2: Key Exhibitors and Technologies - State Grid, as the largest exhibitor and participating for three consecutive years, showcased five thematic exhibition areas focusing on high-quality development, new power system construction, new production capacity development, green low-carbon transformation, and active service for the Belt and Road Initiative [4] - The "All-Network Power Balance Lean Management System" presented by State Grid enables precise and intuitive grasp of resource information across various sectors, addressing issues such as resource gaps and optimization paths [4] - The system has supported 33 provincial grid companies in conducting over 10,000 intelligent decision-making simulations, achieving a maximum daily power support of 14 million kilowatts and reducing carbon emissions by 14.9 million tons through renewable energy consumption [8] Group 3: Innovations in Chemical Industry - BASF, the world's largest chemical company, presented innovations in three major areas: new energy, new raw materials, and new technologies, including the Limus® urease inhibitor that can reduce ammonia volatilization losses by 70% and enhance nitrogen fertilizer utilization [11] - In 2024, BASF's production bases in China are expected to reduce greenhouse gas emissions by 375,000 tons due to the use of renewable energy [13] Group 4: Environmental Equipment Innovations - Shanghai Pinggao Electric Co., a subsidiary of Pinggao Electric, introduced a 24 kV environmentally friendly gas-insulated switchgear that uses nitrogen as an insulating gas, offering higher reliability and environmental friendliness compared to traditional air-insulated switchgear [11] - The demand for gas-insulated switchgear in China is currently less than 10%, significantly lower than the approximately 80% in developed countries, indicating a potential growth opportunity in the market [18]

零一之间——Agent 眼中的市场 20250603 摘要 强化学习模型通过评估当前购买行为及未来卖出时机优化转债收益，样 本外数据显示，2020 年后多数时间建议为 0，仅少数时段建议购买，表 明市场多数时候不建议购买，需更高激励促使模型改变决策。 市场观点鲜明时可强调具体投资建议，市场模糊时应关注结构性机会， 寻找特定领域或行业投资机会，而非依赖整体市场趋势。 模型通过引入更多因子或采用退火算法等随机探索策略，并使用缓存池 记录训练数据，以避免局部最优化问题，提升模型泛化能力。 转债个券应用中，模型可降低最大回撤约 9.4%，提高年化回报 2%，但 不适用于电力、银行等超级大盘转债，因其规律与其他转债不同，且数 据量大，日常办公设备难以满足要求。 历史数据显示，模型能有效规避趋势性风险，如成功避开 2024 年 1 月 和 2025 年 3 月期间的市场下跌，并在趋势上升时重新进入，但对小盘 流动性问题等特殊情况难以分辨。 仓位管理可根据市场状态动态调整，长期来看，平均仓位为 46%，适合 与二级债基或半仓转债结合使用，极端情况下可完全退出市场规避风险， 近期保持中性观点灵活调整。 当前适合购买长期上涨且 ...

Group 1: Policy Impact - The policy measures implemented in May, including the issuance of long-term special government bonds and significant real estate reforms, are expected to show effects in June, but the market's recovery may be gradual [4] - Key factors to watch in June include the speed of the special government bond projects and the volume of second-hand housing transactions in core cities, which will determine the effectiveness of the policy measures [4] Group 2: Capital Market Dynamics - Northbound capital saw a significant inflow of nearly 30 billion in May, primarily driven by technical adjustments related to MSCI, but the strong dollar limits further foreign capital inflow [5] - Domestic stock funds have reached a high position of 87.2%, indicating limited room for further investment, while private equity positions have also risen to 76% [5] - Margin trading remains low at 1.53 trillion, and retail investor sentiment is cautious, leading to a market characterized by stock rotation rather than new capital inflow [5] Group 3: Technical Analysis - The Shanghai Composite Index is currently in a critical range between 3050 and 3150, with 3050 acting as strong support and 3150 as significant resistance [6] - A breakout above 3150 could open up upward potential, while failure to do so may lead to a retreat back to 3050, with trading volume being a crucial factor [6] Group 4: External Variables - The upcoming FOMC meeting on June 12 is critical, as any indication of limited interest rate cuts could pressure global risk assets, including the A-share market [7] - Geopolitical tensions, particularly regarding new tariffs on electric vehicles, may also impact the performance of the new energy sector [7] Group 5: Investment Strategy - A defensive approach is recommended for June, with a suggested position of around 50%, gradually taking profits above 3150 and buying near 3050 [8] - High-dividend sectors such as electricity (Yangtze Power), coal (China Shenhua), and banking (China Merchants Bank) are seen as safe havens in a volatile market [10] - Growth sectors supported by policy, such as new energy vehicles (CATL, BYD) and semiconductor equipment (SMIC), are also highlighted as areas of potential investment [10]

Market Overview - The FTSE China A50 Index component stocks showed mixed performance with the oil and coal sectors gaining throughout the day, while the banking and automotive sectors fluctuated in the afternoon [1]. Sector Performance Insurance - China Pacific Insurance, China Ping An, and China Life Insurance had market capitalizations of 329.02 billion, 363.08 billion, and 970.42 billion respectively, with trading volumes of 1.145 billion, 1.396 billion, and 0.510 billion [3]. Alcohol Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,930.78 billion, 229.35 billion, and 492.65 billion respectively, with trading volumes of 2.505 billion, 0.941 billion, and 2.291 billion [3]. Semiconductor - Northern Huachuang and Cambrian had market capitalizations of 222.93 billion and 254.64 billion respectively, with trading volumes of 1.757 billion and 2.779 billion [3]. Automotive - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of 1,102.81 billion, 288.75 billion, and 196.18 billion respectively, with trading volumes of 6.513 billion, 0.296 billion, and 0.232 billion [3]. Oil Industry - COSCO Shipping, Sinopec, and China National Offshore Oil Corporation had market capitalizations of 702.22 billion, 1,526.39 billion, and 254.36 billion respectively, with trading volumes of 0.958 billion, 1.212 billion, and 1.193 billion [3]. Coal Industry - Shaanxi Coal and Ningde Times had market capitalizations of 201.56 billion and 790.97 billion respectively, with trading volumes of 0.591 billion and 0.634 billion [3]. Power Industry - Yangtze Power and China Nuclear Power had market capitalizations of 198.28 billion and 747.01 billion respectively, with trading volumes of 1.637 billion and 0.555 billion [4]. Food and Beverage - Citic Securities, Guotai Junan, and Haitian Flavoring had market capitalizations of 303.76 billion, 376.74 billion, and 252.40 billion respectively, with trading volumes of 0.903 billion, 0.313 billion, and 0.616 billion [4]. Consumer Electronics - Industrial Fulian, Luxshare Precision, and Kairui Pharmaceutical had market capitalizations of 368.98 billion, 220.25 billion, and 358.24 billion respectively, with trading volumes of 2.024 billion, 0.616 billion, and 1.944 billion [4]. Home Appliances - Gree Electric, Haier Smart Home, and Muyuan Foods had market capitalizations of 261.47 billion, 209.77 billion, and 235.61 billion respectively, with trading volumes of 1.075 billion, 0.625 billion, and 0.761 billion [4]. Medical Devices - Mindray Medical, Wanhua Chemical, and SF Holding had market capitalizations of 172.40 billion, 232.84 billion, and 279.48 billion respectively, with trading volumes of 0.988 billion, 0.530 billion, and 0.844 billion [4]. Communication Services - Zijin Mining, China State Construction, and China Unicom had market capitalizations of 232.63 billion, 166.64 billion, and 477.87 billion respectively, with trading volumes of 1.782 billion, 0.509 billion, and 1.271 billion [4].

Market Overview - The FTSE China A50 Index showed a mixed performance with the banking sector seeing gains while the semiconductor and automotive sectors experienced declines [1] Banking Sector - Major banks such as China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 363.08 billion, 323.34 billion, and 971.52 billion respectively, with trading volumes of 246 million, 819 million, and 326 million [3] Semiconductor Sector - North China Innovation and Cambricon Technologies had market capitalizations of 229.69 billion and 262.17 billion respectively, with trading volumes of 1.706 billion and 674 million, showing declines of 1.58 (-0.37%) and 22.99 (-3.53%) [3] Automotive Sector - Great Wall Motors and BYD reported market capitalizations of 193.36 billion and 289.24 billion respectively, with trading volumes of 6.002 billion and 1.8 billion, both showing declines of 11.95 (-3.14%) and 0.20 (-0.88%) [3] Oil and Gas Sector - China Shipping and Sinopec had market capitalizations of 688.88 billion and 252.95 billion respectively, with trading volumes of 1.145 billion and 187 million, showing no significant change [3] Coal Sector - China Shenhua and Shaanxi Coal and Chemical Industry reported market capitalizations of 200.01 billion and 787.59 billion respectively, with trading volumes of 417 million and 260 million, with slight changes in stock prices [3] Power Sector - Yangtze Power and China Nuclear Power had market capitalizations of 199.30 billion and 743.83 billion respectively, with trading volumes of 1.022 billion and 601 million, showing minor fluctuations [4] Food and Beverage Sector - China Citic Securities and Haitai Flavoring reported market capitalizations of 377.18 billion and 246.00 billion respectively, with trading volumes of 198 million and 610 million, both showing slight declines [4] Consumer Electronics Sector - Industrial Fulian and Luxshare Precision reported market capitalizations of 367.39 billion and 221.56 billion respectively, with trading volumes of 1.782 billion and 1.135 billion, both showing declines [4] Logistics Sector - Mindray Medical and Wanhua Chemical reported market capitalizations of 172.47 billion and 226.01 billion respectively, with trading volumes of 340 million and 340 million, both showing slight declines [4] Construction Sector - China State Construction and Zijin Mining reported market capitalizations of 478.93 billion and 233.05 billion respectively, with trading volumes of 1.613 billion and 493 million, showing minor fluctuations [4][5]

Market Overview - The Hong Kong stock market has been on an upward trend since April 9, but showed signs of fatigue by the end of the month, with the Hang Seng Index dropping by 1.35% [1] - The U.S. is pushing for trade agreements with the EU and Japan, with Trump suggesting a 50% tariff on EU goods starting June 1, later postponed to July 9 to allow for further negotiations [1][2] - Japan's shipbuilding industry is facing a downturn, with new ship orders expected to decline significantly in 2024, making negotiations with the U.S. challenging [2] Industry Insights - The Chinese shipbuilding industry remains dominant, with China Shipbuilding Industry Group showing strong order volumes and profitability, leading to a stock price increase of over 6% [2] - Trump's tariffs on non-U.S. manufactured electronics, including a 25% tariff on Apple and Samsung, are expected to negatively impact the consumer electronics sector [2] - The automotive sector is experiencing intense price competition, particularly with BYD's aggressive discounting strategy, raising concerns about profit margins across the industry [3] Energy Sector Developments - The U.S. plans to initiate the construction of 10 large nuclear power plants by 2030, aiming to quadruple nuclear capacity by 2050, which has positively impacted related stocks in Hong Kong [4] - Domestic coal prices have decreased, benefiting thermal power companies, with major players like Datang Power and Huadian International seeing stock price increases of nearly 3% [4] Aviation Industry Performance - Major airlines in China reported increased passenger turnover and capacity in April, with the Civil Aviation Administration noting significant year-on-year growth in transport metrics [6] - The decline in international oil prices is improving the cost structure for airlines, enhancing profit margins [6][7] Company-Specific Highlights - China Resources Power reported a 7.9% increase in electricity sales in April 2025, with significant growth in renewable energy sales, although its renewable energy core profit saw a slight decline [9] - The company aims to add 10 GW of wind and solar capacity by 2025, with ongoing projects expected to contribute to future growth [10]

Group 1 - The electric power sector continues to show strength, with a notable performance from Yida, which has reached its limit up again, indicating a strong market trend [1][2] - Chengfei's low opening and subsequent decline were anticipated, reflecting a shift in market sentiment and capital allocation [1][2] - The market is currently focused on whether it will pursue high-low or high-high strategies, with many low-position sectors showing potential for gradual heightening [3] Group 2 - The military industry, represented by Lijun, has shown strong performance, but Chengfei's lack of response suggests a withdrawal of capital from high-profile stocks [2] - The overall market in May has seen funds concentrated on low-position sectors, with significant movements in technology, military, and port-related stocks [3] - Current market indices are showing a lack of strong momentum, with the 5-day moving average bending downwards, indicating potential for further pullbacks if the market remains stagnant [3]

Market Overview - The FTSE China A50 index components showed mixed performance with semiconductor, consumer electronics, and home appliance sectors experiencing declines, while precious metals sector saw significant gains [1] - Banking and insurance sectors recorded slight increases [1] Sector Performance Semiconductor Sector - Notable companies include: - Northern Huachuang with a market cap of 229.05 billion and a trading volume of 848 million, down 1.12% - Cambrian with a market cap of 279.49 billion, down 0.52% - Haiguang Information with a market cap of 324.01 billion, up 0.32% [3] Consumer Electronics Sector - Key players: - Industrial Fulian with a market cap of 377.32 billion, down 1.20% - Luxshare Precision with a market cap of 233.44 billion, up 2.08% [4] Home Appliance Sector - Major companies: - Gree Electric with a market cap of 262.82 billion, up 1.34% - Haier Smart Home with a market cap of 218.95 billion, down 0.17% [4] Precious Metals Sector - The sector showed strong performance, indicating a potential shift in investor interest towards safe-haven assets [1] Banking and Insurance Sector - Companies like China Pacific Insurance, Ping An Insurance, and China Life Insurance saw slight increases in their market caps, indicating stability in the sector [3] Food and Beverage Sector - Notable companies include: - Kweichow Moutai with a market cap of 503.10 billion, up 0.25% - Wuliangye Yibin with a market cap of 240.65 billion, down 0.62% [3] Energy Sector - Key players: - China Shenhua Energy with a market cap of 203.98 billion, up 2.96% - Shaanxi Coal and Chemical Industry with a market cap of 124.60 billion, up 5.31% [3] Transportation Sector - Companies like China Railway and GWM saw slight increases in their market caps, reflecting a stable outlook in the transportation industry [3]

重要的消息有哪些 潘功胜主持召开金融支持实体经济座谈会 5月19日，中国人民银行行长潘功胜主持召开金融支持实体经济座谈会并讲话。金融监管总局副局长周 亮出席会议并讲话。中国人民银行副行长宣昌能、邹澜出席会议。 会议强调，要实施好适度宽松的货币政策，满足实体经济有效融资需求，保持金融总量合理增长。加力 支持科技创新、提振消费、民营小微、稳定外贸等重点领域，用好用足存量和增量政策，提高金融支持 实体经济质效，支持经济结构调整、转型升级和新旧动能转换。强化货币政策执行和传导，维护市场竞 争公平秩序，推动金融服务实体经济和银行自身可持续发展的有机统一。有序推进人民币国际使用，提 高贸易和投融资便利化水平。统筹发展和安全，坚决维护国家金融安全。 前4个月公共财政收入累计降幅继续收窄 中央收入月度增幅由负转正 财政部5月20日公布的数据显示，1—4月全国一般公共预算收入80616亿元，同比下降0.4%，降幅比一 季度收窄0.7个百分点。分中央和地方看，中央一般公共预算收入下降3.8%，降幅比一季度收窄1.9个百 分点，其中4月中央收入增长1.6%，今年以来首月实现正增长；地方一般公共预算收入增长2.2%，增幅 与一季度持 ...