Core Viewpoint - The stock of Jiaozuo Wanfang has shown a significant increase in price this year, with a year-to-date rise of 52.94%, despite recent fluctuations in the short term [1][2]. Group 1: Stock Performance - As of November 24, Jiaozuo Wanfang's stock price reached 9.62 CNY per share, with a trading volume of 2.49 billion CNY and a market capitalization of 11.469 billion CNY [1]. - The stock has experienced a decline of 8.56% over the last five trading days and a slight decrease of 0.93% over the last 20 days, while it has increased by 4.57% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on March 18 [1]. Group 2: Financial Performance - For the period from January to September 2025, Jiaozuo Wanfang reported a revenue of 4.982 billion CNY, reflecting a year-on-year growth of 4.03%, and a net profit attributable to shareholders of 906 million CNY, which is a significant increase of 71.58% year-on-year [2]. - The company has distributed a total of 1.759 billion CNY in dividends since its A-share listing, with 405 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of November 20, the number of shareholders for Jiaozuo Wanfang increased to 67,700, marking a rise of 1.53%, while the average number of circulating shares per shareholder decreased by 1.50% to 17,611 shares [2]. - Notable institutional shareholders include Shenwan Hongyuan Securities Co., Ltd., which holds 24.1652 million shares, and Hong Kong Central Clearing Limited, which is a new shareholder with 18.2101 million shares [3].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3][16] Core Views - The major asset restructuring is beneficial for the company as it helps resolve industry competition issues, increases capacity, and enhances performance. The restructuring is expected to increase revenue by approximately 38%, net profit attributable to shareholders by about 27%, and total assets by around 46% by the first half of 2025 [3][4][16] - The target company's assets are of high quality, with a transaction price of approximately 11.15 billion yuan. The expected price-to-earnings ratio (PE) for the acquisition is between 5.5 and 6, while the company's current PE is around 11. The company maintains its profit forecast, expecting net profits attributable to shareholders to be 5.6 billion, 5.8 billion, and 6 billion yuan for 2025, 2026, and 2027 respectively [3][16] Summary by Sections Transaction Details - The company plans to acquire 100% equity of Baiyinhu Coal Power through issuing shares and cash, with a total transaction price of 1,114.19 million yuan, consisting of 156.09 million yuan in cash and 958.83 million yuan in shares. The share issuance price is set at 15.57 yuan per share, resulting in the issuance of 649,174,342 shares, accounting for 22.46% of the total share capital post-transaction [2][3] Financial Impact - The completion of the transaction is expected to lead to a slight decrease in immediate earnings per share, but it is projected that the acquisition will not dilute the company's earnings per share for the first nine months of 2025. Long-term, the acquisition is expected to enhance the company's earnings per share as the target company's performance improves [5][16] - Key financial indicators post-transaction include total assets increasing from approximately 54.98 billion yuan to 80.08 billion yuan (46% increase), total liabilities rising from about 14.99 billion yuan to 33.32 billion yuan (122% increase), and net profit attributable to shareholders increasing from approximately 2.79 billion yuan to 3.55 billion yuan (27% increase) [7][16] Business Overview - Baiyinhu Coal Power's main businesses include coal, electrolytic aluminum, and electricity production. The company has an annual coal production capacity of 15 million tons and an electrolytic aluminum capacity of 405,300 tons. The coal products are primarily sold to coal-fired enterprises in Inner Mongolia, Jilin, and Liaoning [4][8] - The electrolytic aluminum business contributes significantly to revenue, accounting for 67% of the total revenue in the first half of 2025, with a gross profit margin of 56.5% [8][9] Performance Commitments - The performance commitments for the Baiyinhu Coal Power's mining rights include expected net profits of 554.31 million yuan for 2026, 2027, and 2028, and 575.17 million yuan for 2029. The commitments ensure that the company will achieve a cumulative net profit of no less than 1.66 billion yuan over the specified years [14][15][16]

据悉，白音华煤电主营业务为煤炭、铝及电力产品的生产和销售。公司煤炭产品主要销售给内蒙古、吉 林、辽宁等地区燃煤企业，用于火力发电、地方供热等方面；电力产品主要销售给国家电网及电力用户 等；铝产品主要包括铝液和铝锭，其中铝液主要销售给周边铝加工企业，铝锭主要销往东北等地区。 信达证券认为，公司地处蒙东核心煤炭产区，主要客户集中于东北地区。随着东北区域持续淘汰落后产 能，本地煤炭市场供需结构持续优化，相较于全国市场展现出更强的抗波动能力。截至2025年10月24 日，蒙东地区3200卡褐煤的全年均价为282元/吨，与2024年相比仅小幅回落3.6%，显示出较强的价格韧 性。同时，公司煤炭销售结构中长协占比较高，在高比例长协支撑及区域基本面的共同推动下，公司煤 炭板块的业绩有望延续稳健表现。 11月14日晚间，电投能源(002128.SZ)公告称，公司拟通过发行股份及支付现金的方式购买国家电投集 团内蒙古公司持有的白音华煤电100%股权。同时，上市公司拟向不超过35名符合条件的特定投资者发 行股份募集配套资金，交易价格111.49亿元。 公司称，本次交易构成重大资产重组及关联交易。本次交易前公司主营业务为生产销售煤 ...

Core Viewpoint - The company, Electric Power Investment Energy, plans to acquire 100% equity of Baiyinhu Coal Power from the State Power Investment Corporation's Inner Mongolia branch through a combination of share issuance and cash payment, with a transaction value of 11.149 billion yuan [1] Group 1: Company Overview - Electric Power Investment Energy was established in 2001 and serves as an important investment and development platform for the State Power Investment Corporation in Inner Mongolia [3] - The company has evolved from coal production and sales to a comprehensive clean energy enterprise focusing on coal, coal-electricity-aluminum integration, and clean energy [3] Group 2: Financial Performance - For the third quarter of 2025, the company reported revenue of 22.4 billion yuan, a year-on-year increase of 2.7%, while net profit attributable to shareholders decreased by 6.4% to 4.1 billion yuan [3] - Baiyinhu Coal Power is projected to achieve revenue of 11.402 billion yuan and a net profit of 1.396 billion yuan in 2024 [5] Group 3: Market Position and Strategy - The company is located in a core coal production area in eastern Inner Mongolia, with a strong customer base in Northeast China, benefiting from the ongoing elimination of outdated production capacity in the region [4] - The acquisition of Baiyinhu Coal Power, which has an annual lignite production capacity of 15 million tons and an electrolytic aluminum capacity of 405,000 tons, is expected to enhance the company's capacity in these core business areas and strengthen its market position [4][5] - The company is also advancing the construction of the Zaha Noer 350,000-ton green electricity aluminum project, expected to be operational by the end of 2025, further enhancing its integrated operations in coal, electricity, and aluminum [5]

11月14日晚间，电投能源（002128）(002128.SZ)公告称，公司拟通过发行股份及支付现金的方式购买国家电投集团内蒙古 公司持有的白音华煤电100%股权。同时，上市公司拟向不超过35名符合条件的特定投资者发行股份募集配套资金，交易 价格111.49亿元。 信达证券（601059）认为，公司地处蒙东核心煤炭产区，主要客户集中于东北地区。随着东北区域持续淘汰落后产能，本 地煤炭市场供需结构持续优化，相较于全国市场展现出更强的抗波动能力。截至2025年10月24日，蒙东地区3200卡褐煤的 全年均价为282元/吨，与2024年相比仅小幅回落3.6%，显示出较强的价格韧性。同时，公司煤炭销售结构中长协占比较 高，在高比例长协支撑及区域基本面的共同推动下，公司煤炭板块的业绩有望延续稳健表现。 在信达证券看来，作为国家电投集团在内蒙古地区煤、电、铝产业布局的重要整合平台，公司具备外延式扩张潜力。公司 拟收购白音华煤电公司100%股权，该公司拥有1500万吨/年的褐煤产能以及40.5万吨/年的电解铝产能，体量可观。此次资 产注入有望提升公司在煤炭与电解铝两大核心业务方面的产能规模，不仅有助于强化其在区域内的产业龙 ...

近两年的全球资本市场上，在算力、存储、机器人等AI产业链之外，有色金属板块也是不可忽视的存在。 其中，作为铝产业链代表性企业，中国宏桥股价自2024年初至今涨幅已超6倍。 与此同时，一家位于内蒙古的电解铝企业正在寻求港股上市。 格隆汇获悉，创新实业集团有限公司（简称"创新实业"）于11月9日通过了港交所聆讯，由中金公司、华泰国际担任联 席保荐人。 | 今开:34.04 | | 最高:35.10 | 成交量:3678.19万 | 市盈率:13.76 | 52周最高:34.90 | | | --- | --- | --- | --- | --- | --- | --- | | 昨收:34.04 | | 最低:33.88 | 成交额:12.75亿 | 市值:3323.91亿 | 52周最低:9.86 | | | 分时 | 日K | 圖K 月к | | | | | | 均线 MA5: 5.49 MA10: 5.64 MA30: 6.11 | | | | | | | | | | | 时间: | 2024-02-01 | | | | 40.00 | | | 开盘价: | 5.04 | | | | 35.00 | | | ...

近两年的全球资本市场上，在算力、存储、机器人等AI产业链之外，有色金属板块也是不可忽视的存在。 其中，作为铝产业链代表性企业，中国宏桥股价自2024年初至今涨幅已超6倍。 与此同时，一家位于内蒙古的电解铝企业正在寻求港股上市。 格隆汇获悉，创新实业集团有限公司（简称"创新实业"）于11月9日通过了港交所聆讯，由中金公司、华泰国际担任联 席保荐人。 | 今开 34.04 | | 最高 35.10 | 成交量 3678.19万 | 市盈率:13.76 | 52周最高 34.90 | | --- | --- | --- | --- | --- | --- | | 昨收:34.04 | | 最低 33.88 | 成交额:12.75亿 | 市值:3323.91亿 | 52周最低 9.86 | | 分时 | 日K 目K | 国K | | | | | 均线 MA5: 5.49 MA10: 5.64 MA30: 6.11 | | | | | 前景版 ▼ | | | | | 时间: | 2024-02-01 | | | 40.00 | | | 开盘价: | 5.04 | | | 35.00 | | | 喷高价: | 5.55 ...

01 近两年的全球资本市场上，在算力、存储、机器人等AI产业链之外，有色金属板块也是不可忽视的存在。 其中，作为铝产业链代表性企业，中国宏桥股价自2024年初至今涨幅已超6倍。 与此同时，一家位于内蒙古的电解铝企业正在寻求港股上市。 格隆汇获悉，创新实业集团有限公司（简称"创新实业"）于11月9日通过了港交所聆讯，由中金公司、华泰国际担任联 席保荐人。 总部位于内蒙古霍林郭勒，专注于电解铝领域 创新实业的历史可追溯至2012年，由崔立新创办。2023年7月，控股公司在开曼群岛注册成立，目前总部位于内蒙古 霍林郭勒。 本次发行前，崔立新通过其全资子公司控制创新实业100%的投票权。 崔立新今年56岁，中南大学材料工程硕士，目前任董事长兼非执行董事。此前，他曾在山东创新金属科技有限公司、 山东铝谷大宗商品交易中心有限公司任职。同时，他目前也在创新新材（600361.SH）任董事兼董事长。 创新实业聚焦于铝产业链上游中的氧化铝精炼和电解铝冶炼。 公司主要提供电解铝产品、氧化铝及其他相关产品，其中，电解铝产品主要包括铝液和铝锭。 铝是一种银白色、具有延展性和耐腐蚀性的金属，广泛应用于3C电子产品、汽车轻量化、绿色能源 ...

Core Points - The stock of Jiaozuo Wanfang increased by 5.48%, reaching a price of 11.55 CNY per share, with a trading volume of 464 million CNY and a turnover rate of 3.47%, resulting in a total market capitalization of 13.77 billion CNY [1] Company Overview - Jiaozuo Wanfang Aluminum Co., Ltd. is located in the Ma Village area of Jiaozuo City, Henan Province, and was established on November 27, 1996, with its listing date on September 26, 1996 [1] - The company's main business involves aluminum smelting and processing, as well as the sale of aluminum products and metal materials [1] - The revenue composition of the main business includes: aluminum liquid 79.46%, aluminum ingots 8.64%, aluminum alloys 7.66%, and others 4.24% [1] Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under Western Lide holds a significant position in Jiaozuo Wanfang [2] - The Western Lide CSI 1000 Index Enhanced A (018157) held 434,600 shares in the third quarter, accounting for 0.59% of the fund's net value, making it the largest heavy stock [2] - The fund has achieved a return of 35.35% this year, ranking 1397 out of 4216 in its category, and a return of 27.35% over the past year, ranking 1135 out of 3937 [2]

Core Viewpoint - The stock of Jiaozuo Wanfang has shown significant growth this year, with a year-to-date increase of 74.40%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Jiaozuo Wanfang reported a revenue of 4.982 billion yuan, representing a year-on-year growth of 4.03% [2]. - The net profit attributable to shareholders for the same period was 906 million yuan, reflecting a substantial year-on-year increase of 71.58% [2]. Stock Market Activity - As of November 7, the stock price of Jiaozuo Wanfang was 10.97 yuan per share, with a trading volume of 5.90 billion yuan and a turnover rate of 4.59% [1]. - The company has experienced a net outflow of 9.0238 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of October 31, the number of shareholders for Jiaozuo Wanfang was 64,600, a decrease of 2.16% from the previous period [2]. - The average number of circulating shares per shareholder increased by 2.21% to 18,438 shares [2]. Dividend Distribution - Since its A-share listing, Jiaozuo Wanfang has distributed a total of 1.759 billion yuan in dividends, with 405 million yuan distributed over the past three years [3]. Major Shareholders - As of September 30, 2025, major shareholders include Shenwan Hongyuan Securities Co., Ltd., which increased its holdings by 320,700 shares, and Hong Kong Central Clearing Limited, which is a new shareholder [3].