特变电工股份有限公司 证券代码：600089 证券简称：特变电工 特变电工股份有限公司 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 二零二五年八月 特变电工股份有限公司 一、本次募集资金投资计划 特变电工股份有限公司（以下简称"特变电工"、"公司"）本次公开发行 可转换公司债券（以下简称"可转债"）的募集资金总额不超过人民币 800,000.00 万元（含本数，下同），扣除发行费用后，募集资金将用于以下项目： 单位：万元 序号 项目简称 实施地点 实施主体 投资总金额 募集资金投资金额 准 东 20 亿 新疆准东经济 新疆准能化 工有限公司 天然气项目 军庙产业园 合计 1,703,941.12 800,000.00 项目总投资金额高于本次募集资金使用金额的部分由公司自筹解决；同时， 若本次发行扣除发行费用后的实际募集资金金额低于本次募集资金投资项目使 用金额，不足部分由公司自筹解决。 若公司在本次公开发行可转换公司债券的募集资金到位之前，根据公司经营 状况和发展规划对项目以自筹资金先行投入，则先行投入部分将在本次发行募集 资金到位之后以募集资金予以置换。 二、本次募集资金投资项目的必要性和可 ...

Investment Strategy - The report emphasizes the strategic importance of Xinjiang in the context of national policies, highlighting its transition from a peripheral region to a key player in the Belt and Road Initiative, benefiting from energy security and environmental policies [8][9] - The focus is on two main investment themes: coal chemical investments and state-owned enterprise reforms, with a strong emphasis on the development of coal chemical projects in Xinjiang [12][11] Xinjiang Index Situation - The Xinjiang Index stands at 117.47, down 0.36% week-on-week, while the Xinjiang Coal Chemical Investment Index is at 112.28, down 0.51% [15] - The top three performing companies this week include Xinjiang Jiaojian (+18.03%), Hongtong Gas (+15.80%), and ST Tianshan (+7.02%), driven by significant progress in the Duku Expressway project [15] Key Data Tracking - Key prices in Xinjiang include Q5000 mixed coal at 100 CNY/ton, Q5200 mixed coal at 197 CNY/ton, and main coking coal at 750 CNY/ton [19] - In July 2025, coal railway shipments from state-owned key coal mines reached 3.184 million tons, a year-on-year decrease of 1.24%, while Xinjiang's raw coal production in June 2025 was 53.923 million tons, an increase of 25.53% year-on-year [19] Recent Project Developments - The report highlights the successful trial operation of the 1 million tons per year acetic acid project by Xinjiang Zhonghe Hezhong New Materials, marking it as the largest single-unit acetic acid production base globally [11] - Ongoing projects include the 800,000 tons/year coal-to-olefins project and the 2 billion cubic meters/year coal-to-gas project, with significant investments and expected production capacities [42][41] Economic Advantages of Coal Chemical Development - Xinjiang's coal chemical industry benefits from lower raw material costs compared to other regions, with a cost advantage of approximately 1,900 CNY/ton when compared to other coal sources [10] - The report notes that the development of coal chemical projects in Xinjiang is supported by improved transportation infrastructure and favorable industrial policies [9][11] State-Owned Enterprise Reforms - The report indicates that state-owned enterprises in Xinjiang are undergoing significant reforms, with a focus on business restructuring and management optimization, which is expected to enhance operational efficiency [11][12] - Recent changes in control and acquisitions among local state-owned enterprises signal an acceleration in the reform process [11]

Group 1 - China Shenhua announced a restructuring plan to acquire 13 core asset companies under its controlling shareholder, China Energy Group, through a combination of share issuance and cash payment [1] - The targeted companies operate in various sectors including coal, coal power, coal chemical, and logistics services, with a total asset value of 258.36 billion yuan and a net asset value of 93.89 billion yuan by the end of 2024 [1] - The acquisition aims to enhance China Shenhua's resource reserves and core business capacity, optimizing its entire industry chain layout [1] Group 2 - Following the announcement, China Shenhua's stock opened with a limit increase and closed up approximately 4.45%, with a market capitalization of 777.94 billion yuan [2] - In 2024, China Shenhua's total revenue is projected to be 338.38 billion yuan, a year-on-year decrease of 1.4%, with a net profit of 58.67 billion yuan, also down 1.7% [2] - The company has a strong cash dividend history, with cumulative cash dividends reaching 491.9 billion yuan since its listing, maintaining a payout ratio above 70% in recent years [2]

如今，该项目的产品产量已成功跨越百万吨大关，被中央宣传部等6部委列入建党百年百条精品线 路"走近大国重器、感受中国力量"系列，成为展示中国工业实力和科技创新成就的闪亮名片。 让人难以想象的是，10年前这里还是一片吞噬天际的亘古黄沙。十年光阴流转，这座承载着国家能 源战略梦想的超级工程，如何将深埋地下的乌金转化为驱动时代的"液体黄金"？又如何在我国能源革命 的壮阔画卷上写下浓墨重彩的一笔？ 向梦而行：十年砺剑，铸就大国重器 时值盛夏，陕北高原绿意正浓，处处焕发着盎然生机。在广袤的毛乌素沙漠边缘，一座钢铁高塔巍 然耸立，管线如巨龙般蜿蜒，机器的轰鸣昼夜不息——这里，是由山东能源兖矿能源建设运营的国内首 套百万吨级煤间接液化示范项目。 2015年8月23日，是陕西未来能源化工有限公司煤制油分公司（下称煤制油分公司）最难忘的日 子：百万吨级煤间接液化示范项目全流程打通一次投料成功，并产出合格的柴油、石脑油、液化石油气 等产品。 时针拨回2012年7月。 中国面临着"富煤、缺油、少气"的能源结构性困局。保障国家能源安全、实现供应多元化，成为战 略需求。 肩负着这一崇高使命，山东能源兖矿能源于时代浪潮中审时度势，将目光投 ...

因本次交易尚处于筹划阶段，存在不确定性，为保证公平信息披露，维护投资者利益，避免造成公司股 价异常波动，根据上海证券交易所相关规定，经中国神华申请，公司A股股票（简称：中国神华，股票 代码：601088）自2025年8月4日开市起开始停牌，预计停牌时间不超过10个交易日。 8月15日，中国神华披露，公司于2025年8月15日召开第六届董事会第十二次会议，审议通过了《关于< 中国神华能源股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易预案>及其摘要的 议案》等与本次交易相关的议案。经向上海证券交易所申请，公司A股股票将于2025年8月18日（星期 一）开市起复牌。 登录新浪财经APP 搜索【信披】查看更多考评等级 8月18日，沪指高开0.43%，深成指高开0.48%，上证指数突破3700点整数关口，创业板指高开0.61%。 截至发稿，沪指涨0.69%，深成指涨1.4%，创业板指涨2.01%，报2585.24点，突破2024年10月8日的高 点，为2023年2月15日以来的新高。开盘40分钟，沪深两市成交额连续第58个交易日突破1万亿，较上一 日此时放量超2300亿。全市4180只个股上涨。 其中， ...

Summary of Jineng Technology Conference Call Company Overview - **Company**: Jineng Technology - **Date**: August 16, 2025 Key Points Financial Performance - Jineng Technology plans to partially convert convertible bonds, with 9.65 billion yuan remaining unconverted to avoid excessive dilution of equity, and has reserved funds for potential share buybacks, with current cash reserves around 37-38 billion yuan [2][4][7] - The company reported a loss of approximately 49 million yuan in Q2, primarily due to production halts, high propane prices, and tariffs, although the coke business showed improvement [3][16] - Adjustments in accounting policies extended the depreciation period for specialized equipment from 10 years to 20 years, impacting profits by approximately 224 million yuan in 2025 and 267 million yuan in 2026 [2][10] Tariff Impact - Tariffs are expected to negatively affect Jineng Technology's 2025 performance, with estimated losses nearing 200 million yuan due to increased costs from high-priced Middle Eastern propane and reduced profits from U.S. propane sales [2][11] - The company is increasing exports to mitigate tariff impacts, with export profits per ton exceeding domestic sales by 200-250 yuan [2][11] Export and Market Performance - Jineng Technology anticipates achieving an export volume of around 500,000 tons in 2025, with strong performance in polypropylene and carbon black products in the European and American markets, establishing partnerships with major clients like Continental and Bridgestone [2][20] - The company has made significant progress in developing high-performance polypropylene products, with successful certifications and collaborations with well-known domestic enterprises [19] Strategic Decisions - The company is considering partial conversion of convertible bonds due to favorable cash flow and has prepared for market value management, focusing on core business and potential acquisitions [4][5][6] - There are no major capital expenditure projects planned, with ongoing hydrogen cooperation projects being managed by local government [8] Future Outlook - Achieving the 350 million yuan performance target for 2025 is challenging due to tariff impacts and high costs in fine chemical product adjustments, with the need to observe Q4 performance for a clearer outlook [12] - The coke market has shown signs of recovery, with profits around 80 yuan per ton expected in Q4, while the overall market conditions for 2026 are anticipated to improve due to increased propane supply and favorable international oil market conditions [13][14] M&A Plans - Jineng Technology is exploring M&A opportunities primarily in related upstream and downstream sectors, with announcements expected soon [15] Non-Recurring Gains - Non-recurring gains significantly influenced the half-year performance, including government subsidies and asset sales, with expectations for continued support in the second half [17] Energy Management - The company is addressing surplus energy issues through advanced control technologies and is exploring partnerships with the government to optimize production costs and enhance operational efficiency [22] Conclusion - Jineng Technology is navigating a challenging environment with strategic adjustments in financial management, operational focus, and market positioning to enhance resilience and capitalize on growth opportunities in the coming years [2][4][11][20]

Core Viewpoint - The 12th Industrial Solid Waste Comprehensive Utilization Conference held in Shuozhou focuses on advanced technologies and development trends in industrial solid waste utilization, aiming for low-carbon and green development outcomes [1][2]. Group 1: Industrial Solid Waste Utilization - In 2024, coal-fired power generation is projected to account for approximately 55% of total generation, resulting in over 800 million tons of solid waste such as fly ash and desulfurization gypsum, which face multiple disposal challenges [1]. - The comprehensive utilization rate of industrial solid waste in Shuozhou has increased to 73%, with 170 enterprises involved in the sector, producing over 200 varieties of products, including new technologies for petroleum catalytic cracking precursors and lightweight gypsum boards [1][2]. Group 2: Modern Coal Chemical Industry - Experts emphasize the need for Shuozhou to develop a modern coal chemical industry, leveraging its favorable policies and industrial foundation to create a demonstration base for modern coal chemical processes [2]. - The conference facilitated the signing of cooperation agreements for five projects, including the production of geological polymer cement and thermal insulation materials, with a total investment of nearly 700 million yuan [2].

Group 1 - China Shenhua Energy Co., Ltd. plans to resume trading on August 18, following a significant asset restructuring involving the acquisition of 13 companies [1] - The restructuring involves a total asset value of approximately 258.36 billion yuan and a net asset value of 93.89 billion yuan [1] - The transaction includes the purchase of 100% equity in various companies across coal, power, and chemical sectors, with the controlling shareholder being the State Energy Group [1] Group 2 - The acquisition will be executed through a combination of issuing A-shares and cash payments, although the exact transaction price has not yet been determined [1] - This strategic move is expected to have a profound impact on China Shenhua and the broader energy industry [1]

Core Viewpoint - China Shenhua's acquisition of assets from its controlling shareholder, China Energy Investment Corporation, aims to enhance core competitiveness and achieve strategic synergies through the integration of 13 companies across various sectors including coal, power, and logistics [1][2][3] Group 1: Strategic Objectives - The transaction is designed to resolve industry competition issues, improve resource reserves, optimize industrial layout, and enhance the overall risk resistance and profitability of the company [1][2] - The integration of strategic resource bases and logistics assets will strengthen the company's emergency response capabilities during critical energy supply periods [2][3] - The restructuring aligns with national energy security strategies and capital market reform requirements, aiming to create a benchmark for state-owned enterprise restructuring [2][3] Group 2: Financial Metrics - The total assets of the acquired entities are projected to be 258.36 billion yuan, with a net asset value of 93.89 billion yuan by the end of 2024 [4] - The expected operating revenue for the acquired assets in 2024 is 125.996 billion yuan, with a net profit of 8.005 billion yuan, indicating a weighted average return on net assets of 10.45% [4] - China Shenhua's current return on net assets stands at 13.7%, suggesting that the acquired assets have potential for value appreciation under the company's integrated management [4][5] Group 3: Dividend Policy - China Shenhua has a strong track record of cash dividends, with cumulative distributions reaching 491.9 billion yuan and an average payout ratio exceeding 60% [5] - The company plans to distribute at least 65% of its net profit to shareholders in cash from 2025 to 2027, with an interim distribution of at least 75% of the first half's net profit confirmed for 2025 [5] - The acquisition is not expected to affect the stability of dividends, with commitments to enhance earnings per share (EPS) and ensure investor returns [5]

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - Recently, the bullish sentiment in commodities has faded, and methanol has started to return to its fundamentals. Continuous inventory accumulation at ports has exerted significant pressure on the methanol futures market, causing the futures price to decline sharply. Methanol currently has high profits for upstream producers and low profits for downstream producers. After the sentiment fades and it returns to fundamentals, it is expected to continue to fluctuate weakly. In the long term, methanol is generally weak. After the sentiment fades, it is expected to enter a weakly fluctuating pattern. A weakly fluctuating approach is recommended [3][94]. - For the unilateral strategy, a weakly fluctuating approach is recommended, considering a strategy of selling call options. For the hedging strategy, it is advisable to wait and see [4][95]. Summary by Relevant Catalogs 1. Spot Market - Methanol spot market prices declined this week. On Friday, the basis quote was around 09 - 5 yuan/ton, and the basis quote for paper goods in late September was 09 + 20 yuan/ton [8]. 2. Basis and Spread - Methanol basis quotes fluctuated weakly this week. The basis quote for paper goods in late September was around 09 + 20 yuan/ton [17]. - Methanol's coastal basis fluctuated this week. The inland basis also fluctuated. The inland market prices fluctuated this week, and the market prices in the northwest region also fluctuated [26][37]. - The price difference between East China and inland regions of methanol fluctuated weakly [47]. - The PP - 3MA spread rebounded this week. A strategy of going long on PP and short on MA can be considered and a small amount can be held [61][63]. 3. Industry Chain Profits - There were many new methanol production units under maintenance, and the methanol production capacity utilization rate weakened slightly. Many maintenance units resumed production, and methanol production began to increase [69][73]. - The dimethyl ether production capacity utilization rate fluctuated. The formaldehyde production capacity utilization rate rebounded with fluctuations. The production capacity utilization rate of methanol - to - olefins in the northwest region fluctuated at a high level [78][82]. - This week, the production capacity utilization rate of methanol - to - olefins plants fluctuated, and MTO profits continued to recover [85]. 4. Market Expectations - Recently, the bullish sentiment in commodities has faded, and methanol has started to return to its fundamentals. Continuous inventory accumulation at ports has exerted significant pressure on the methanol futures market, causing the futures price to decline sharply. Methanol currently has high profits for upstream producers and low profits for downstream producers. After the sentiment fades and it returns to fundamentals, it is expected to continue to fluctuate weakly. In the long term, methanol is generally weak. After the sentiment fades, it is expected to enter a weakly fluctuating pattern. A weakly fluctuating approach is recommended [3][94]. - For the unilateral strategy, a weakly fluctuating approach is recommended, considering a strategy of selling call options. For the hedging strategy, it is advisable to wait and see [4][95].