特变电工股份有限公司 特变电工股份有限公司信息披露管理制度 第一章 总 则 第一条 为规范特变电工股份有限公司（以下简称"公司"）和相关信息披 露义务人的信息披露行为，加强信息披露事务管理，保证公司披露信息的真实、 准确、完整、及时、公平，保护投资者的合法权益，根据《公司法》《证券法》 《上市公司信息披露管理办法》《上海证券交易所股票上市规则》（以下简称《上 市规则》）《上海证券交易所自律监管指引第 2 号-信息披露事务管理》等法律法 规和《公司章程》的有关规定，特制定本制度。 第二条 本制度所称"信息"是指所有对公司股票及其衍生品种的交易价格 可能产生重大影响的信息以及证券监管部门要求披露的信息。 本制度所称"披露"是指公司及相关信息披露义务人在规定的时间内通过规 定的媒体，按规定的程序、以规定的方式向社会公众公布应披露的信息，并按规 定报送证券监管部门。 第三条 本制度所称"信息披露义务人"包括：公司及公司董事、高级管理 人员、股东或者存托凭证持有人、实际控制人，收购人及其他权益变动主体，重 大资产重组、再融资、重大交易、破产事项等有关各方，为前述主体提供服务的 中介机构及其相关人员，以及法律法规规定的对 ...

第三条 公司募集资金应当专款专用，使用募集资金应当符合国家产业政策 和相关法律法规，践行可持续发展理念，履行社会责任，原则上应当用于主营业 务，有利于增强公司竞争能力和创新能力。 特变电工股份有限公司 公司应当按照招股说明书或者其他公开发行募集文件所列用途使用。《监管 规则适用指引——上市类第 1 号》对上市公司发行股份、可转换公司债券购买资 产并募集配套资金用途另有规定的，从其规定。 第四条 募集资金投资项目（以下简称"募投项目"）通过公司的子公司或 公司控制的其他企业实施的，适用本制度。 特变电工股份有限公司募集资金管理制度 第一章 总则 第一条 为规范特变电工股份有限公司（以下简称"公司"）募集资金的使 用和管理，提高募集资金使用效益，保护投资者的合法权益，根据《中华人民共 和国公司法》《中华人民共和国证券法》《上市公司证券发行注册管理办法》《上 市公司募集资金监管规则》《上海证券交易所上市公司自律监管指引第 1 号—规 范运作》等法律、行政法规、规范性文件及《公司章程》的有关规定，特制定本 制度。 第二条 本制度所称募集资金是指公司通过发行股票或者其他具有股权性质 的证券，向投资者募集并用于特定用途的 ...

特变电工股份有限公司 第一条 为加强对公司董事、高级管理人员所持本公司股份及其变动的管理， 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东减持 股份管理暂行办法》《上市公司董事和高级管理人员所持本公司股份及其变动管 理规则》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第 8 号——股份变动管理》《上海证券交易所上市公司自律监管指引第 15 号——股东及董事、高级管理人员减持股份（2025 年 3 月修订）》等法律、行 政法规、部门规章、规范性文件，制定本制度。 第二条 本制度所指的公司董事、高级管理人员所持本公司股份，是指登记 在其名下和利用他人账户持有的所有本公司股份；从事融资融券交易的，还包括 记载在其信用账户内的本公司股份。 第五条 公司董事会秘书负责管理公司董事、高级管理人员的身份及所持本 公司股份的数据和信息，统一为董事、高级管理人员办理个人信息的网上申报， 每季度检查董事、高级管理人员买卖本公司股票的披露情况。发现违法违规的， 应当及时向中国证监会、上海证券交易所报告。 第六条 公司董事、高级管理人员应当在下列时间内委托公司通过上海证券 交易所申报其个人 ...

特变电工股份有限公司 证券代码：600089 证券简称：特变电工 公告编号：临 2026-007 特变电工股份有限公司 关于为控股子公司提供担保的公告 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： 担保对象及基本情况 | 被担保人名称 | 本次担保金额 | 公司及控股公司 实际为其提供的 | 是否在前期预计 | 本次担保 是否有反 | | --- | --- | --- | --- | --- | | | | 担保余额（不含本 次担保金额） | 额度内 | 担保 | | 特变电工杜尚别矿业 | 公司按持股比例为矿业公 | | | | | 有限公司（以下简称 | 司银行贷款提供2.8亿元人 | 无 | 不适用 | 否 | | "矿业公司"） | 民币担保 | | | | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子公司对外担保 | 2,165,845.13 | | 总额（万元） | | | 对外担保总额占上市公司最近一期经审计净资产 ...

特变电工股份有限公司 证券代码：600089 证券简称：特变电工 公告编号：临 2026-006 特变电工股份有限公司 2026 年第二次临时董事会会议决议公告 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。 特变电工股份有限公司于 2026 年 1 月 27 日以电子邮件、送达方式发出召开 公司 2026 年第二次临时董事会会议的通知，2026 年 1 月 30 日以通讯表决方式 召开了公司 2026 年第二次临时董事会会议，应当参会董事 11 人，实际收到有效 表决票 11 份。会议召集召开程序符合有关法律法规和《公司章程》的规定，会 议所做决议合法有效。会议审议通过了以下议案： 一、审议通过了公司为控股子公司特变电工杜尚别矿业有限公司提供担保 的议案。 该项议案同意票 11 票，反对票 0 票，弃权票 0 票。 详见临 2026-007 号《特变电工股份有限公司关于为控股子公司提供担保的 公告》。 详见公司披露于上海证券交易所网站（www.sse.com.cn）的《特变电工股份 有限公司信息披露暂缓与豁免业务管理制度》。 ...

南财智讯1月30日电，特变电工公告，公司于2026年1月30日召开2026年第二次临时董事会会议，审议通 过《公司为特变电工杜尚别矿业有限公司提供担保的议案》，同意公司按持股比例为控股子公司特变电 工杜尚别矿业有限公司向中国银行股份有限公司新疆维吾尔自治区分行申请的4亿元人民币贷款提供2.8 亿元连带责任保证担保，保证期间为主债权清偿期届满之日起三年；被担保人系公司持股70%的控股子 公司，本次担保不涉及反担保，亦未超过公司前期预计担保额度。截至本公告披露日，公司及控股子公 司对外担保总额为2,165,845.13万元，占公司最近一期经审计净资产的32.12%，无逾期担保。 ...

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, with notable declines in share prices across multiple sectors, particularly in the rare metals and non-ferrous metals industries [1][2][3] Group 1: Stock Performance and Fund Outflows - BlueFocus Media experienced a fund outflow of 1.638 billion yuan, with a share price decline of 3.59% [2] - Northern Rare Earth saw a fund outflow of 1.321 billion yuan, with a share price drop of 8.72% [2] - Zijin Mining reported a fund outflow of 1.256 billion yuan, with a decrease in share price of 8.33% [2] - Tongling Nonferrous Metals had a fund outflow of 1.232 billion yuan, with a share price decline of 10.01% [2] - Luoyang Molybdenum experienced a fund outflow of 1.128 billion yuan, with a share price drop of 9.21% [2] Group 2: Sector Analysis - The rare metals sector, represented by Northern Rare Earth and Luoyang Molybdenum, is facing significant fund outflows and price declines [2][3] - The non-ferrous metals sector, including companies like Zijin Mining and Tongling Nonferrous Metals, is also experiencing substantial outflows, indicating potential challenges in this industry [2][3] - The energy metals sector, represented by Tianqi Lithium and Ganfeng Lithium, shows notable fund outflows, with share price declines of 8% and 7.46% respectively [2][3]

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains for Ningde Times, China Railway, and Shanghai Jahwa, reflecting strong market confidence in these sectors [1][2]. Group 2 - On January 29, the companies with the highest target price increases were Ningde Times (75.79%), China Railway (53.99%), and Shanghai Jahwa (52.17%), indicating significant bullish sentiment in the battery, infrastructure, and cosmetics industries respectively [1][2]. - A total of 27 listed companies received broker recommendations on January 29, with Qingdao Bank receiving the most recommendations at 5, followed by Mingyang Smart Energy and Ruoyuchen with 2 each [1][3]. - Three companies had their ratings upgraded on January 29, including TBEA, which was upgraded from "Hold" to "Buy" by Huatai Securities, reflecting improved outlooks for these firms [4][6]. - Five companies received initial coverage on January 29, with Qingdao Bank rated "Recommended" by Guolian Minsheng Securities, indicating new interest from analysts in these stocks [6][7].

Core Insights - The coal industry is undergoing a significant restructuring on the supply side, with policies aimed at controlling coal consumption in power generation and coal-to-gas projects, leading to a tighter supply environment. The emphasis on high-quality and compliant production capacity is expected to increase [4][6][10] - Demand for coal remains stable, driven by resilient electricity consumption and growth in the coal chemical sector, particularly in coal-to-oil and coal-to-olefins projects. Overall coal demand is projected to see slight growth in 2026 [4][6][10] - Investment recommendations include focusing on growth-oriented companies such as TBEA, Jinkong Coal, Huayang Co., Xinjie Energy, Huaihe Energy, and Yancoal Energy, as well as stable dividend-paying companies like China Shenhua, Shaanxi Coal, and China Coal Energy [4][10] - Contrary to common perceptions, the report argues that coal will maintain its strategic importance in energy supply, with a robust demand foundation supporting the industry's fundamentals. The cash-generating nature of the coal sector is expected to strengthen, with coal prices likely to remain at reasonable high levels, enhancing profitability and dividend capacity [4][10] Supply Side Analysis - The domestic coal production growth rate is slowing, with December 2025 coal production at 4.37 million tons, a year-on-year decrease of 1.0%. The overall production for 2025 is projected at 48.32 billion tons, a 1.2% increase year-on-year [22][24] - The report highlights that the supply-demand balance is tightening, with significant policy changes and production adjustments in key coal-producing regions [4][6][10] Demand Side Analysis - Industrial coal demand is showing a steady increase, while thermal power demand is experiencing temporary pressure. The chemical sector is emerging as a new growth driver, with coal consumption in chemical industries growing by 7% year-on-year in December [4][10] - The report indicates that the overall coal consumption is expected to stabilize and achieve slight growth in 2026, supported by ongoing electricity demand [4][10] Key Events and Policy Changes - Recent policy changes include the implementation of stricter safety regulations and the introduction of export tariffs by Indonesia, which are expected to impact global coal supply dynamics [6][10] - The report notes the establishment of a new coal transportation base in Guazhou, which is expected to enhance coal distribution efficiency and support national energy security [6][10] Price Dynamics - The seasonal adjustment of national railway freight rates is expected to influence coal price volatility, with price movements likely to accelerate during periods of freight rate adjustments [10] - The report anticipates that coal prices will rebound, particularly in the peak demand season, driven by improved demand and operational conditions [10]

- The report primarily focuses on the investment value of the "恒生A股电网设备指数" (HSCAUPG.HI), which is a thematic index designed to reflect the performance of China's A-share listed companies in the power grid equipment sector. The index was launched on February 28, 2022, and its methodology includes selecting companies with at least 40% of their revenue derived from energy infrastructure, power equipment, industrial components, and intelligent technologies. The index is weighted by free-float market capitalization, with a cap of 10% per constituent stock[37][38][39] - The index underwent a significant revision in 2025, reducing the number of constituent stocks from 100 to 50, focusing more on downstream power grid equipment manufacturing. This adjustment enhanced the index's purity and representation of the modernization and specialization of China's power grid equipment sector[37][38][39] - The index's sectoral distribution is highly concentrated, with approximately 70% allocated to power grid equipment, 13% to communication equipment, and smaller proportions to automotive components, metal materials, wind power equipment, and other industries. This structure ensures a strong focus on the modernization of power grid infrastructure, automation, and digitalization[39][41][42] - The index's internal structure is dominated by high-tech and high-certainty segments, such as transmission and transformation equipment (31% weight) and power grid automation equipment (21% weight). These segments benefit from China's "十五五" strategic planning, which emphasizes the construction of ultra-high voltage backbone networks, upgrades to main grid systems, and the integration of renewable energy bases[39][41][43] - The index has demonstrated strong performance, with a cumulative return of 335.48% since its base date, significantly outperforming the申万电网设备行业指数 (151.41%) and the上证指数 (64.96%). It exhibits high returns, moderate volatility, and superior risk-adjusted returns, with a Sharpe ratio of 4.42 over the past year and consistently above 1.0 over longer periods[55][56][58]