来源：上海证券报 证券代码：601016 证券简称：节能风电 公告编号：2025-070 债券代码：242008 债券简称：风电WK02 债券代码：242932 债券简称：25风电K2 中节能风力发电股份有限公司 关于回购股份注销完成暨不调整可转债 转债代码：113051 转债简称：节能转债 债券代码：137801 债券简称：GC风电01 债券代码：115102 债券简称：GC风电K1 债券代码：242007 债券简称：风电WK01 转股价格的公告 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： ● "节能转债"调整前转股价格：3.37元/股 ● "节能转债"调整后转股价格：3.37元/股 ● 因中节能风力发电股份有限公司（以下简称"公司"）本次回购股份注销数量占公司总股本比例较小， 经计算并四舍五入，本次回购股份注销完成后，"节能转债"的转股价格不变。 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准中节能风力发电股份有限公司公开发 行可转换公司债券的批复》（证监许可〔2021〕1770号）核准， ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas, the Fed's interest rate cut was confirmed this week, with the yield curve steepening rapidly. The long - end has high volatility and strong gaming attributes, while the short - end has relatively strong supply and demand. The long - end is expected to fluctuate between 4 - 4.5%, and the short - end is likely to decline and hard to rise. Gold is still favored [2][40]. - In the equity market, AI computing power showed a tendency to spread to other technology sectors. The market is still considered a "slow bull" and short - term is more structural. In the convertible bond market, high valuations are a psychological obstacle. It is recommended to invest in the mid - low - price range for technology diffusion, more left - side cycle directions, or alpha - focused gaming points [2][41]. - The top ten high - rating, mid - low - price convertible bonds with the greatest potential for parity premium rate repair next week are Hope Convertible Bond, Jinneng Convertible Bond, Liqun Convertible Bond, Liuyao Convertible Bond, Industrial Convertible Bond, Energy - saving Convertible Bond, Jiayue Convertible Bond, Energy - chemical Convertible Bond, Qingnong Convertible Bond, and Jiangong Convertible Bond [2][41]. Summary by Directory 1. Week - on - Week Market Review 1.1 Equity Market: Overall Decline with Most Industries Falling - This week (September 15 - 19), the equity market was significantly differentiated and overall declined. The Shanghai Composite Index fell 1.30%, the Shenzhen Component Index rose 1.14%, the ChiNext Index rose 2.34%, and the CSI 300 fell 0.44%. The average daily trading volume of the two markets increased by about 196.154 billion yuan to 2.494834 trillion yuan, a week - on - week increase of 8.53% [7][9]. - Among the 31 Shenwan primary industries, 12 industries rose, with 5 industries rising more than 2%. Coal, power equipment, electronics, automobiles, and machinery had the highest increases [14]. 1.2 Convertible Bond Market: Overall Decline with Most Industries Falling - The CSI Convertible Bond Index fell 1.55%. Among the 29 Shenwan primary industries, 3 industries rose, with 1 industry rising more than 2%. Communication, national defense and military industry, and automobiles had the highest increases [15]. - The average daily trading volume of the convertible bond market was 9.0635 billion yuan, a significant increase of 364.4 million yuan, a week - on - week change of 4.19%. The top ten convertible bonds in terms of trading volume were Jingxing Convertible Bond, Jing 23 Convertible Bond, etc. [15]. - About 18.29% of individual convertible bonds rose, with 6.48% rising between 0 - 1% and 9.26% rising more than 2% [15]. - The overall market conversion premium rate increased. The average daily conversion premium rate this week was 37.17%, up 1.07 pcts from last week. There were different changes in different price and parity intervals [23]. 1.3 Comparison of Stock and Bond Market Sentiments - This week, the weighted average and median weekly returns of convertible bonds and underlying stocks were negative, and the convertible bonds had a larger weekly decline. The trading volume of both markets increased significantly, with the convertible bond trading volume having a larger increase but a lower percentile level [37]. - About 18.88% of convertible bonds rose, and about 31.65% of underlying stocks rose. About 43.85% of convertible bonds had a higher return than the underlying stocks. Overall, the trading sentiment in the underlying stock market was better this week [37]. 2. Outlook and Investment Strategy - Overseas, the Fed's interest rate cut was confirmed. The long - end has high volatility and strong gaming attributes, while the short - end has relatively strong supply and demand. The long - end is expected to fluctuate between 4 - 4.5%, and the short - end is likely to decline and hard to rise. Gold is still favored [2][40]. - In the equity market, AI computing power showed a tendency to spread to other technology sectors. The market is still considered a "slow bull" and short - term is more structural. In the convertible bond market, high valuations are a psychological obstacle. It is recommended to invest in the mid - low - price range for technology diffusion, more left - side cycle directions, or alpha - focused gaming points [2][41]. - The top ten high - rating, mid - low - price convertible bonds with the greatest potential for parity premium rate repair next week are Hope Convertible Bond, Jinneng Convertible Bond, Liqun Convertible Bond, Liuyao Convertible Bond, Industrial Convertible Bond, Energy - saving Convertible Bond, Jiayue Convertible Bond, Energy - chemical Convertible Bond, Qingnong Convertible Bond, and Jiangong Convertible Bond [2][41].

Group 1 - The company announced the public issuance of 3 billion yuan "Energy-saving Convertible Bonds" on June 21, 2021 [1] - The controlling shareholder, China Energy Conservation, and its concerted parties, Zhongjie Energy Capital, collectively subscribed for approximately 47.96% of the total issuance [1] - From July 3, 2023, to September 12, 2025, these parties will reduce their holdings by a total of 3,308,950 bonds, accounting for 11.03% of the total issuance [1] Group 2 - After the reduction, the combined holdings of these parties will represent approximately 36.93% of the total issuance of the "Energy-saving Convertible Bonds" [1]

Core Viewpoint - The stock price of China Energy Wind Power (601016) has increased by 1.73% to 2.94 CNY as of July 4, 2025, with a market capitalization of 19.032 billion CNY, ranking 31st in the power sector and 835th in the A-share market [1]. Company Announcements Summary - As of June 30, 2025, a total of 1,359,000 CNY of "Energy Convertible Bonds" have been converted into the company's A-shares, with a total of 345,077 shares converted, representing 0.006884% of the total A-shares before conversion [4]. - The company plans to use between 100 million CNY and 200 million CNY for share repurchase within the next 12 months, but no repurchase has occurred as of June 30, 2025 [4]. - The total amount of unconverted "Energy Convertible Bonds" is 2,998,641,000 CNY, accounting for 99.9547% of the total issuance [4]. - In the second quarter of 2025, 3,000 CNY of "Energy Convertible Bonds" were converted into A-shares, totaling 870 shares [4]. - The company issued 30 million convertible bonds on June 21, 2021, with a total value of 3 billion CNY, and the bonds can be converted into A-shares from December 27, 2021, to June 20, 2027, with an initial conversion price of 4.05 CNY per share, currently adjusted to 3.37 CNY per share [4]. - The total share capital as of June 30, 2025, is 6,473,390,050 shares [4]. - The share repurchase plan was first disclosed on April 29, 2025, with an implementation period from May 23, 2025, to May 22, 2026, and the maximum repurchase price has been adjusted to 4.37 CNY per share as of June 18, 2025 [4].

Summary of Key Points Core Viewpoint - The announcement provides an update on the conversion of convertible bonds issued by China Energy Conservation Wind Power Co., Ltd., highlighting the low conversion rate and the remaining unconverted bonds. Group 1: Convertible Bond Issuance Overview - The company issued 30 million convertible bonds with a total value of RMB 3 billion, with a maturity of 6 years and a tiered interest rate structure starting from 0.2% in the first year to 2.0% in the sixth year [2][3]. - The convertible bonds, known as "节能转债," began trading on December 27, 2021, with an initial conversion price of RMB 4.05 per share, which has since been adjusted to RMB 3.37 per share [3][4]. Group 2: Conversion Status - As of June 30, 2025, only 0.006884% of the total convertible bonds have been converted into shares, amounting to RMB 1,359,000 and 345,077 shares [1][5]. - The total amount of unconverted "节能转债" as of the same date is RMB 2,998,641,000, representing 99.9547% of the total issuance [1][5]. Group 3: Share Capital Changes - The total share capital increased from 6,473,389,180 shares to 6,473,390,050 shares due to the conversion of 870 shares from the convertible bonds [6]. - The number of shares with unlimited sale conditions increased from 5,966,842,861 to 5,966,843,731 shares following the conversion [6].

Core Viewpoint - The legal opinion provided by Beijing Tianyuan Law Firm confirms that the convening and voting procedures of the bondholders' meeting for China Energy Conservation Wind Power Co., Ltd.'s "Energy Conservation Convertible Bonds" 2025 are in compliance with relevant laws and regulations [1][4][5] Group 1: Meeting Procedures - The bondholders' meeting was convened by the trustee manager, CITIC Securities, in accordance with the simplified procedure, allowing participants to attend without prior registration [2][4] - The meeting was scheduled to take place from June 11, 2025, to June 18, 2025, with a period for objections from June 11 to June 17, 2025 [4][5] - No objections were received during the objection period, validating the meeting's proceedings and decisions [5] Group 2: Voting Process - The agenda for the meeting included a proposal for a share repurchase plan via centralized bidding [4][5] - The voting process adhered to the legal requirements set forth in the Company Law, Securities Law, and relevant management regulations, ensuring the legitimacy of the voting results [5] Group 3: Legal Compliance - The legal opinion asserts that all aspects of the meeting, including the qualifications of the convenor and the voting procedures, comply with the Company Law, Securities Law, and the rules governing bondholders' meetings [3][5] - The opinion emphasizes that the documents and materials provided by the company were accurate and complete, supporting the validity of the legal opinion [2]

Core Viewpoint - The company plans to repurchase its A-shares through a centralized bidding process, which will be used for cancellation and reduction of registered capital, based on confidence in the capital market and the company's future development [1][5]. Group 1: Bond Information - The company issued a total of 3 billion yuan in convertible bonds in 2021, known as "节能转债" [1][3]. - The bond code is 113051.SH, and the bond is set to mature on June 20, 2027 [3][4]. Group 2: Meeting Details - The bondholders' meeting is scheduled from June 11 to June 17, 2025, and will be conducted online [4]. - The voting period for the meeting is from June 11 to June 17, 2025, until 17:00 [4]. - The meeting will discuss the proposal for share repurchase, which has been approved with 100% agreement from the bondholders [5]. Group 3: Legal and Administrative Aspects - The meeting was witnessed by Beijing Tianyuan Law Firm, confirming that the procedures and results are in compliance with relevant laws and regulations [5]. - No objections were received during the objection period, allowing the meeting to be considered valid and concluded [5].

Summary of Key Points Core Viewpoint - The announcement details the interest payment for the "节能转债" (Energy Saving Convertible Bonds) for the year 2025, including important dates and financial specifics related to the bond issuance and interest payment process [1][2]. Group 1: Bond Issuance Overview - The convertible bond, referred to as "节能转债," was issued on June 21, 2021, with a total issuance of 30 million bonds, amounting to a total of 300 million yuan [1]. - The bond has a maturity period of 6 years, with a face value of 100 yuan per bond and a tiered interest rate structure, starting from 0.20% in the first year to 2.00% in the sixth year [1]. - The initial conversion price was set at 4.05 yuan per share, which has been adjusted to 3.37 yuan per share due to multiple equity distribution plans [1]. Group 2: Interest Payment Details - The interest payment period for the current year is from June 21, 2024, to June 20, 2025, with a coupon rate of 1.50%, resulting in an interest payment of 1.50 yuan per bond [1][3]. - The key dates for the interest payment are: - Bondholder registration date: June 20, 2025 - Ex-dividend date: June 23, 2025 - Interest payment date: June 23, 2025 [1]. Group 3: Tax Implications - Individual investors are subject to a 20% personal income tax on the interest income, resulting in a net payment of 1.20 yuan per bond after tax [2][4]. - Non-resident enterprises are exempt from corporate income tax on the interest income from these bonds until December 31, 2025, allowing them to receive the full interest amount of 1.50 yuan per bond [4]. Group 4: Contact Information - The issuer, 中节能风力发电股份有限公司, is located at 42 Xizhimen North Street, Haidian District, Beijing, with a contact number of 010-83052221 [5]. - The sponsor and trustee for the convertible bonds is 中信证券股份有限公司, located at 48 Liangmaqiao Road, Chaoyang District, Beijing, with a contact number of 010-60837212 [5].

Core Points - The stock price of China Energy Wind Power (601016) closed at 2.94 yuan on June 13, 2025, down 0.34% from the previous week [1] - The company has a total market capitalization of 19.032 billion yuan, ranking 29th in the power sector and 815th among all A-shares [1] Company Announcements - China Energy Wind Power will hold the first bondholders meeting for "Energy Convertible Bonds" from June 11 to June 17, 2025, using a simplified online procedure [1] - The company announced a cash dividend of 0.074 yuan per A-share, with a total distribution of approximately 479.03 million yuan based on the total share capital of 6,473,390,050 shares [1][2] - The conversion price for "Energy Convertible Bonds" will be adjusted from 3.44 yuan to 3.37 yuan per share, effective June 18, 2025 [2] - The maximum repurchase price for shares will be adjusted from 4.44 yuan to 4.37 yuan per share, also effective June 18, 2025 [2]

Summary of Key Points Core Viewpoint - The company announced the suspension and subsequent resumption of convertible bond conversion due to the implementation of the 2024 annual profit distribution plan, with adjustments to the conversion price and cash dividend per share [1] Group 1: Convertible Bonds - The convertible bonds will be suspended from June 11 to June 17, 2025, and will resume conversion on June 18, 2025 [1] - The pre-adjustment conversion price was set at 3.44 CNY per share, which will be adjusted to 3.37 CNY per share effective June 18, 2025 [1] Group 2: Profit Distribution - The profit distribution plan for 2024 includes a cash dividend of 0.74 CNY per 10 shares (tax included) [1] - Due to factors such as convertible bond conversion and share repurchase, the total share capital will be reduced to 6.473 billion shares, leading to an adjustment in the per-share distribution ratio [1] - The cash dividend per share will remain unchanged at 0.074 CNY (tax included) despite the adjustments [1]