广州发展集团股份有限公司募集资金管理制度 （2025 年 12 月修订） 第一章 总则 第一条 为进一步规范广州发展集团股份有限公司（以下简称"公司"） 募集资金的管理和使用，根据《中华人民共和国证券法》《上市公司证券发行注 册管理办法》《上市公司信息披露管理办法》《上海证券交易所股票上市规则》 及《上市公司募集资金监管规则》（证监会公告〔2025〕10 号）等有关法律、 法规和规范性文件，结合公司实际情况，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资金监管，但不包括公司为实施股 权激励计划募集的资金监管。 第三条 募集资金应当专款专用。公司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。 第四条 本制度适用于公司总部及属下涉及募集资金管理或使用的各级单 位。 第二章 募集资金的存放 第五条 募集资金到位后，公司应及时办理验资手续，由符合《证券法》 规定的会计师事务所出具验资报告。 第六条 公司对募集资金实行专户存储，并确保募集资金存放安 ...

第一章 总则 广州发展集团股份有限公司 董事会战略管理与可持续发展委员会工作规程 （2025 年 12 月修订） 第一条 为适应公司战略发展需要，增强公司核心竞争力，确定公司发展 规划，健全投资决策程序，加强决策科学性，完善公司治理结构，提升公司可持 续发展与社会责任管理，根据《中华人民共和国公司法》《上市公司治理准则》 《上海证券交易所上市公司监管指引第1号——规范运作》《上市公司独立董事 管理办法》等法律法规和规范性文件，及公司《章程》及其他有关规定，公司特 设立董事会战略管理与可持续发展委员会，并制定本工作规程。 第二条 战略管理与可持续发展委员会是董事会设立的专门工作机构，对 董事会负责。 第三条 投资者关系部为战略管理与可持续发展委员会日常办事机构，负 责日常工作联络和会议组织等工作。 第二章 人员组成 第四条 战略管理与可持续发展委员会由三名董事组成，其中至少包括一 名独立董事。 第五条 战略管理与可持续发展委员会委员由董事会选举产生。 第六条 战略管理与可持续发展委员会设召集人一名，负责召集并主持委 员会工作。 第七条 战略管理与可持续发展委员会委员任期与本届董事任期一致，委 员任期届满，连选可 ...

广州发展集团股份有限公司 董事会提名委员会工作规程 （2025 年 12 月修订） 第一章 总则 第一条 为规范公司董事、高级管理人员的产生，优化董事会组成，完善公 司治理结构，根据《中华人民共和国公司法》《上市公司治理准则》《上海证券 交易所上市公司监管指引第1号——规范运作》《上市公司独立董事管理办法》 等法律法规和规范性文件，及公司《章程》的有关规定，公司特设立董事会提名 委员会，并制定本工作规程。 第二条 提名委员会是董事会设立的专门工作机构，对董事会负责。 第三条 投资者关系部为提名委员会日常办事机构，负责日常工作联络和会 议组织等工作。 第二章 人员组成 第四条 提名委员会由三名董事组成，其中独立董事占多数。 第五条 提名委员会委员由董事长、二分之一以上独立董事或者全体董事三 分之一以上提名，由董事会选举产生。 第六条 提名委员会设召集人一名，由独立董事委员担任，负责召集并主持 委员会工作。 第七条 提名委员会委员任期与本届董事任期一致，委员任期届满，连选可 以连任。期间如有委员不再担任公司董事职务，则自动失去委员资格。 第八条 提名委员会委员辞职或免职或其他原因导致委员人数低于规定人数 的三分之 ...

广州发展集团股份有限公司 董事会薪酬与考核委员会工作规程 （2025 年 12 月修订） 第一章 总则 第一条 为进一步建立健全公司董事及高级管理人员的薪酬与考核制度，完 善法人治理结构，提高董事会薪酬与考核委员会议事效率，根据《中华人民共和 国公司法》《上市公司治理准则》《上海证券交易所上市公司监管指引第1号—— 规范运作》《上市公司独立董事管理办法》等法律法规和规范性文件，及公司《章 程》的有关规定,公司特设立董事会薪酬与考核委员会，并制订本工作规程。 第二条 薪酬与考核委员会是董事会按照股东会决议设立的专门工作机构， 对董事会负责。 第三条 投资者关系部为薪酬与考核委员会日常办事机构，负责日常工作联 络和会议组织等工作。 第四条 本规程所称董事是指在本公司领取薪酬的董事长、副董事长、董事， 高级管理人员是指按公司《章程》规定的高级管理人员。 第二章 人员组成 第三章 职责权限 第十条 薪酬与考核委员会负责制定董事、高级管理人员的考核标准并进行 第五条 薪酬与考核委员会由三名董事组成，其中独立董事应占多数。 第六条 薪酬与考核委员会委员由董事长、二分之一以上独立董事或者全体 董事三分之一以上提名，由董事会 ...

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly recommending companies involved in coal power, hydropower, nuclear power, green energy, and gas [1]. Core Insights - The report highlights that in November 2025, the total electricity consumption reached 835.6 billion kWh, marking a year-on-year increase of 6.2%. The growth contributions from the primary, secondary, and tertiary industries, as well as residential consumption, were 2%, 49%, 29%, and 19% respectively [4][6]. - The secondary industry remains the largest contributor to electricity consumption, accounting for over 60% of the total, with significant growth in high-tech and equipment manufacturing sectors [5][6]. - Natural gas prices have shown fluctuations, with the U.S. Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decline of 7.30%. The report notes that the domestic LNG ex-factory price is 3915 yuan/ton, down 2.85% week-on-week [1][16]. Summary by Sections Electricity Sector - In November 2025, the electricity consumption by the first, second, and third industries grew by 7.9%, 4.4%, and 10.3% respectively, while residential consumption increased by 9.8% [4][6]. - The high-tech and equipment manufacturing sectors saw a 6.7% increase in electricity consumption, with automotive manufacturing leading at a 10% growth rate [5][6]. Natural Gas Sector - The report indicates that global gas prices are experiencing slight fluctuations, with the U.S. market showing a significant drop in spot prices. The report anticipates that the demand for natural gas will increase as winter approaches, potentially stabilizing prices [1][16]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and improved profitability due to lower oil prices [39][40]. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their diversified revenue sources [1]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to expected improvements in profit margins from reduced capital expenditures [1]. - Nuclear power firms like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [1]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are recommended for their stable returns and increasing operational value [1]. - The report also suggests investment in gas companies like Shenzhen Energy and Kunlun Energy, which are expected to benefit from cost reductions and improved market conditions [1][39].

Investment Rating - The report maintains a "Positive" outlook on the utility and environmental sectors, indicating potential investment opportunities in these areas [2]. Core Insights - The report highlights that in November, the total electricity consumption in China reached 835.6 billion kWh, representing a year-on-year growth of 6.2%. The contributions from various sectors were: primary industry (7.9%), secondary industry (4.4%), tertiary industry (10.3%), and urban and rural residents (9.8%) [3][8]. - The growth in electricity consumption is primarily driven by the tertiary industry, particularly in sectors related to big data analysis and artificial intelligence services, which saw significant increases in electricity usage [9]. - The report notes that the natural gas market is experiencing slight fluctuations, with LNG prices continuing to decline. As of December 26, the national LNG ex-factory price was 3915 RMB/ton, down 2.85% week-on-week [3][40]. Summary by Sections Electricity Sector - In November, the total electricity consumption was 8356 billion kWh, with a year-on-year increase of 6.2%. The secondary industry contributed 49% to the growth, while the tertiary industry followed with a 29% contribution [10][11]. - The high-tech and equipment manufacturing sectors showed a notable increase in electricity consumption, with a year-on-year growth of 6.7%, surpassing the average growth rate of the manufacturing sector by 2.5 percentage points [9][10]. Natural Gas Sector - The report indicates that global gas prices are experiencing minor fluctuations, with the Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decrease of 7.30%. The TTF spot price in the Netherlands was €27.70/MWh, down 1.42% week-on-week [3][19]. - The report suggests that the LNG ex-factory price in China is under pressure due to high inventory levels and low-cost sea gas resources, leading to a continued downward trend [40][41]. Investment Recommendations - The report recommends several companies based on their performance and market positioning: - For thermal power, companies like Guodian Power, Inner Mongolia Huadian, and Datang Power are highlighted for their integrated coal and power operations [3][17]. - In the hydropower sector, companies such as Yangtze Power and Guotou Power are recommended due to their stable financial performance and reduced capital expenditures [3][17]. - For nuclear power, China National Nuclear Power and China General Nuclear Power are suggested due to their stable cost structures and growth potential [3][17]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are noted for their improved returns from stable project yields [3][17].

广州发展集团股份有限公司 600098 2025 年第二次临时股东大会 | 会议须知 3 | | --- | | 广州发展 2025 年第二次临时股东大会会议议程 5 | | 议案一：关于修订公司《章程》并取消监事会的议案 6 | | 议案二：关于修订公司《股东会议事规则》的议案 8 | | 议案三：关于修订公司《董事会议事规则》的议案 9 | | 议案四：关于修订公司《独立董事工作制度》的议案 10 | | 议案五：关于选举公司第九届董事会独立董事的议案 11 | 2 广州发展集团股份有限公司 2025 年第二次临时股东大会会议文件 会议须知 会议文件 二○二五年十二月三十日 广州发展集团股份有限公司 2025 年第二次临时股东大会会议文件 | | | 为维护投资者合法权益，确保广州发展集团股份有限公 司（简称"公司"）股东大会的正常秩序和顺利召开，根据 《中华人民共和国公司法》《上市公司股东会议事规则》和 公司《章程》的有关规定，制定如下会议须知，望出席本次 会议的全体人员遵照执行。 一、现场会议 1、为保证本次会议的顺利召开，公司投资者关系部负 责本次会议的议程安排和会务工作。 2、除出席会议的股东（或 ...

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it provides specific recommendations for various sectors within the energy industry, indicating a positive outlook for certain companies and sectors [2][3]. Core Insights - The report highlights a slowdown in electricity generation growth in November 2025, with total generation at 779.2 billion kWh, a year-on-year increase of 2.7%. The growth was primarily driven by hydropower and wind power, while thermal power saw a decline [5][6]. - Natural gas prices in the U.S. and Europe have shown slight fluctuations, with U.S. Henry Hub spot prices at $3.58/mmBtu, reflecting a 12.1% weekly decline. Northeast Asia's LNG prices have also decreased, reaching $9.50/mmBtu, marking a 5% drop [18][19]. - The report emphasizes the increasing contribution of renewable energy sources, particularly wind and solar, to the overall electricity generation mix, with significant year-on-year growth rates [6][12]. Summary by Sections 1. Electricity Generation - November 2025 saw total electricity generation of 779.2 billion kWh, up 2.7% year-on-year. Thermal power generation decreased by 4.2% to 497.0 billion kWh, while hydropower increased by 17.1% to 96.7 billion kWh. Wind power grew by 22.0% to 104.6 billion kWh, and solar power rose by 23.4% to 41.2 billion kWh [5][7]. - From January to November 2025, total electricity generation reached 88,567 billion kWh, a 2.4% increase year-on-year, with significant contributions from hydropower, nuclear, wind, and solar energy [12][13]. 2. Natural Gas Market - As of December 19, 2025, U.S. Henry Hub spot prices were $3.58/mmBtu, down 12.1% from the previous week. European gas prices showed slight increases, with the Dutch TTF price at €28.10/MWh, up 2.0% [18][19]. - The report notes that the supply of natural gas remains high, with U.S. production at historical levels, contributing to the downward pressure on prices [18][19]. 3. Investment Recommendations - For thermal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations. For hydropower, companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential in the upcoming winter and spring [16][38]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested as key players due to their stable cost structures and growth potential [16][38]. - Renewable energy operators like Xinneng Green Energy and Longyuan Power are recommended as the market for green certificates and environmental values continues to grow [16][38].

Investment Rating - The report maintains a positive outlook on the power and environmental sectors, indicating a favorable investment environment [1]. Core Insights - The report highlights a slowdown in electricity generation growth in November, with a total generation of 779.2 billion kWh, a year-on-year increase of 2.7%. The contribution from hydropower and wind power is significant, while thermal power shows a decline [7][9]. - Natural gas prices in the US and Europe have shown slight fluctuations, with Northeast Asia's LNG prices continuing to decline, reaching $9.50/mmBtu, the lowest since May 2024 [21][34]. - The report suggests various investment opportunities across different sectors, including thermal power, hydropower, nuclear power, green energy, and gas companies, emphasizing the importance of diversified revenue streams [19][41]. Summary by Sections 1. Electricity: November Generation Growth Slows, Hydropower and Wind Power Contribute Incrementally - November electricity generation totaled 779.2 billion kWh, with thermal power decreasing by 4.2% year-on-year, while hydropower increased by 17.1%, nuclear power by 4.7%, wind power by 22.0%, and solar power by 23.4% [7][9]. - The overall growth rate of electricity generation has slowed compared to the previous month, with hydropower and wind power contributing significantly to the incremental generation [8][9]. 2. Natural Gas: Global Gas Prices Show Minor Fluctuations, Asian and US Prices Continue to Decline - As of December 19, the Henry Hub spot price in the US was $3.58/mmBtu, down 12.10% week-on-week, while the TTF spot price in Europe was €28.10/MWh, up 2.00% [21][22]. - The report notes that the LNG ex-factory price in China was 4030 yuan/ton, a decrease of 3.70% week-on-week, indicating a trend of declining costs in the natural gas sector [39]. 3. Weekly Market Review - The public utility and electricity sectors underperformed compared to the CSI 300 index, while the gas and environmental sectors outperformed [44]. 4. Company and Industry Dynamics - The report discusses various company announcements and industry developments, including stable coal production and increased oil production rates, as well as significant investments in energy projects [46][48].

Core Viewpoint - Guangzhou Development Financing Leasing Company has been awarded the "Annual Star Award" at the 14th China Leasing Forum, recognizing its outstanding performance in the financing leasing industry in 2025 [1][2]. Group 1: Award Announcement - The 14th China Leasing Forum's "Star Cup" award results were announced on December 9, 2025, with Guangzhou Development Financing Leasing Company among the winners [1][2]. - The award aims to promote high-quality development in the financing leasing industry and recognize companies with exceptional performance [1][3]. Group 2: Evaluation Criteria - The evaluation was organized by national leasing industry associations and assessed by a committee of industry experts based on multiple dimensions, including credibility, innovation capability, governance, strategic contribution, and industry demonstration [3][7]. Group 3: Company Performance - In 2025, the financing leasing company achieved its annual business investment target ahead of schedule, with significant growth in total assets [3][7]. - The company focuses on green energy development, particularly in wind and solar energy, while also exploring new fields such as energy storage and hydrogen energy [3][7]. Group 4: Future Strategy - The financing leasing company plans to seize opportunities in energy transition, deepen its business layout in wind, solar, hydrogen, and storage, and actively explore emerging business areas with growth potential [3][7]. - The goal is to build a leading professional green financial service platform to contribute to the high-quality development of the group and the financing leasing industry [3][7].