证券代码：600744 证券简称：华银电力 公告编号：2026-005 大唐华银电力股份有限公司 大唐华银电力股份有限公司（以下简称"华银电力"或"公司"）于 2026 年 2 月 4 日收到上海证券交易所（以下简称"上交所"）出具的《关于大唐华银 电力股份有限公司向特定对象发行股票申请文件的审核问询函》（上证上审（再 融资）〔2026〕46 号）（以下简称《审核问询函》）。 公司收到《审核问询函》后，会同相关中介机构对《审核问询函》所列问题 进行了认真研究和逐项落实，现根据相关要求对《审核问询函》回复进行公开披 露，具体内容详见公司同日披露的《关于大唐华银电力股份有限公司向特定对象 发行股票申请文件的审核问询函的回复》等相关文件。 公司本次向特定对象发行 A 股股票事项尚需上交所审核通过，并获得中国 证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可实 施。最终能否通过上交所审核，并获得中国证监会同意注册的决定尚存在不确定 性。公司将根据该事项的进展情况，按照有关法律法规的规定和要求及时履行信 息披露义务。敬请广大投资者注意投资风险。 特此公告。 大唐华银电力股份有限公司董事会 2026 ...

华银电力公告称，公司于2026年2月4日收到上交所出具的《审核问询函》，会同中介机构落实所列问题 后，现公开披露《审核问询函》的回复。本次向特定对象发行A股股票尚需上交所审核通过及中国证监 会同意注册，能否成功存在不确定性，公司将及时披露进展。 ...

Core Viewpoint - The A-share market opened higher on February 12, with the Shanghai Composite Index up 0.12%, the Shenzhen Component Index up 0.12%, and the ChiNext Index up 0.30% [1] Group 1: Sector Performance - The power sector opened strong, with notable stocks such as Yunnan Energy Holdings and Jin Kong Power both experiencing significant gains [2][3] - The computing power leasing concept continued its strong performance, with Dawei Technology achieving a four-day consecutive rise and Youke De increasing by over 10% [4][5] Group 2: Market Sentiment and Outlook - Dongguan Securities noted that as the Spring Festival approaches, investor sentiment is becoming more cautious, leading to a potential reduction in trading volume and a phase of consolidation in the A-share market [6] - Caixin Securities indicated that despite a decrease in market activity, there are still structural opportunities available, particularly in sectors with concentrated favorable events [7] - CITIC Securities projected that commodities will remain a preferred investment direction in 2026, driven by factors such as risk aversion and fundamental improvements [8]

绿证是可再生能源电力消费的凭证。根据国家能源局数据，2025年共计核发绿证29.47亿个，其中可交 易绿证18.93亿个；全国共计交易绿证9.30亿个，其中绿色电力交易绿证2.50亿个。相比2024年全国交易 绿证4.46亿个，2025年的交易数量翻倍。 ● 本报记者郑萃颖 国家能源局最新数据显示，2025年我国可再生能源绿色电力证书交易活跃，交易量较2024年翻倍，不同 核发年份的绿证交易价格呈现分化趋势。随着绿色电力消费机制不断完善，绿证交易一方面为新能源企 业带来收益，另一方面推动高能耗企业加快绿色转型。专家表示，2026年绿证交易市场需求有望保持旺 盛，企业应避免陷入依赖绿证来抵消碳排放的误区。 交易活跃价格分化 国家能源局数据显示，在2025年交易的不同核发年份绿证，其价格呈现差异。其中，核发年份为2025年 的绿证，在4月的平均交易价格为每个4.12元，8月涨至每个8.10元，到12月回落至每个5.15元。而核发 年份为2024年的绿证，其价格在2025年4月后维持在每个2元以上，至12月回落至每个1.12元。 中国节能协会副秘书长兼碳中和委员会秘书长张军涛表示，这种价格分化现象，反映了市场对不同 ...

国家能源局最新数据显示，2025年我国可再生能源绿色电力证书交易活跃，交易量较2024年翻倍，不同 核发年份的绿证交易价格呈现分化趋势。随着绿色电力消费机制不断完善，绿证交易一方面为新能源企 业带来收益，另一方面推动高能耗企业加快绿色转型。专家表示，2026年绿证交易市场需求有望保持旺 盛，企业应避免陷入依赖绿证来抵消碳排放的误区。 ● 本报记者 郑萃颖 国泰君安期货高级分析师唐惠珽预计，2026年，绿证市场将迎来供需双增，存在阶段性供需错配机会。 需求方面，绿色电力消费比例目标覆盖行业将扩围，绿证需求将增长；供应方面，可再生能源发电将继 续保持高速增长，其对应的绿证核发数量也将增加；一、四季度为需求方集中采购时段，价格将走强。 张军涛表示，对于高耗能企业，绿证价格上涨将带来绿证采购成本上升，短期虽带来压力，长期则会倒 逼企业绿色转型，促进绿色投资。企业应避免陷入依赖绿证来抵消碳排放的误区。"绿证不是万能解 药，不是购买了就可实现碳中和。企业应把自身能源结构优化和能效提升放在第一位，在应减则减的基 础上购买绿证。"他说。 张军涛认为，绿证市场持续活跃、交易进一步规范，将为我国可再生能源发展提供稳定的市场需求与 ...

本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或重大遗漏，并对公告内容的真 实性、准确性、完整性承担法律责任。 重要内容提示： 1.大唐华银电力股份有限公司（以下简称"公司"）2025年度预计实现归属于上市公司股东的净利润为 7500万元到10500万元。 2.扣除非经常性损益事项后，公司2025年度实现归属于上市公司股东的净利润预计为12500万元到15500 万元。 3.本次业绩预告数据未经注册会计师审计。 二、上年同期业绩情况 （一）归属于上市公司股东的净利润：-11271.15万元，归属于上市公司股东的扣除非经常性损益后的 净利润：-21100.65万元。 （二）每股收益：-0.056元/股。 三、本期业绩预盈的主要原因 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1.经财务部门初步测算，预计2025年度实现归属于上市公司股东的净利润为7500万元到10500万元，与 上年同期相比实现扭亏为盈。 2.预计2025年度实现归属于上市公司股东的扣除非经常性损益后的净利润为12500万元到15500万元。 大唐华银电力股份有限公 ...

Core Viewpoint - Huayin Power (600744.SH) is expected to achieve a net profit attributable to shareholders of the listed company ranging from 75 million to 105 million yuan in 2025, marking a turnaround from loss to profit compared to the previous year [1] Financial Performance - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses for 2025 is projected to be between 125 million and 155 million yuan [1] - The company’s main business is thermal power generation, which has benefited from a significant reduction in coal prices, leading to a substantial decrease in operating costs year-on-year [1] Business Outlook - The operational performance of the thermal power generation business is improving positively due to favorable market conditions [1]

Profit Forecast - The company expects a net profit attributable to shareholders for 2025 to be between 75 million and 105 million RMB, marking a turnaround from a loss in the previous year[2]. - The projected net profit after deducting non-recurring gains and losses is estimated to be between 125 million and 155 million RMB for 2025[3]. - In the previous year, the net profit attributable to shareholders was a loss of 112.71 million RMB, and the net profit after deducting non-recurring items was a loss of 211 million RMB[5]. Factors Influencing Profitability - The improvement in profitability is primarily due to a significant reduction in operating costs driven by lower coal prices and better operational performance in thermal power generation[6]. - The company has increased its clean energy capacity significantly during the "14th Five-Year Plan" period, enhancing its profit growth potential[6]. Earnings Forecast Validity - The earnings forecast is based on preliminary calculations by the finance department and has not yet been audited by registered accountants[4]. - There are no major uncertainties affecting the accuracy of the earnings forecast[7]. - Investors are advised to consider the preliminary nature of the earnings data and the associated investment risks[8]. - The financial data will be finalized in the official 2025 annual report[8]. - The earnings forecast period is from January 1, 2025, to December 31, 2025[3].

Group 1: Report Overview - Report Type: Coke and Coking Coal Daily Review [1] - Date: January 29, 2026 [2] - Research Team: Black Metal Research Team, including researchers Zhai Hepan, Nie Jiayi, and Feng Zeren [3] Group 2: Market Performance - On January 28, the main contracts 2605 of coke and coking coal futures rebounded after a decline, recovering part of the previous day's losses. The closing price of J2605 was 1684 yuan/ton with a decline of 0.12%, and the trading volume was 13,284 lots. The closing price of JM2605 was 1134.5 yuan/ton with an increase of 0.44%, and the trading volume was 714,203 lots [5]. - The KDJ indicators of the daily line of coke 2605 contract continued to decline, but the J - value was significantly dull. The KDJ indicators of the daily line of coking coal 2605 contract showed a differentiated trend, with the J - value and K - value turning up and the D - value continuing to decline. The green columns of the MACD of the daily line of coke and coking coal 2605 contracts enlarged for the second consecutive trading day [8]. Group 3: Spot Market - On January 28, the flat - price index of quasi - first - class metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port was 1470 yuan/ton, with no change. The summary price of low - sulfur main coking coal in Tangshan was 1455 yuan/ton, in Lvliang was 1483 yuan/ton, in Linfen was 1640 yuan/ton, in Handan was 1420 yuan/ton, in Heze was 1430 yuan/ton, and in Pingdingshan was 1660 yuan/ton, all with no change [8]. Group 4: Market Outlook - News: The regulatory policy tightening led to the decline of metal prices with poor fundamentals. The international energy prices rose due to the tense situation in the Middle East, and the coal - coke prices rebounded after reaching a low [10]. - Fundamentals: Independent coking enterprises have been in continuous losses for 5 weeks, and the loss amplitude has been expanding for 3 weeks. The coke production has decreased slightly for 2 consecutive weeks after increasing in the first 2 weeks of the year. The port coke inventory has increased for 5 consecutive weeks, and the steel mill coke inventory has increased for 5 consecutive weeks and reached a new high since early October last year, while the coking enterprise coke inventory has increased after decreasing for 4 consecutive weeks. The Mongolian coal customs clearance volume has rebounded since January 12, and the customs clearance volume at the Ganqimaodu Port has basically remained above 190,000 tons recently. The coking coal inventory of 230 independent coking plants has increased significantly for 5 consecutive weeks and reached a new high since the end of January last year, while the coking coal inventory of steel enterprises and ports has been relatively stable [10]. - Forecast: The news has a dual impact on the coal - coke futures prices, but the fundamentals change little, resulting in the relative stability of coal - coke futures. It is expected that the market may first decline and then rise. It is advisable to try the strategy of buying for hedging or investment at low prices after the callback stabilizes [11]. Group 5: Industry News - As of the end of 2025, the total assets of central enterprises exceeded 95 trillion yuan, with a total profit of 2.5 trillion yuan, fixed - asset investment of 5.1 trillion yuan, and tax payment of 2.5 trillion yuan in 2025. The investment in strategic emerging industries was 2.5 trillion yuan, accounting for 41.8% of the total investment [12]. - During the "14th Five - Year Plan" period, 940 million tons of crude steel production capacity, 470 million tons of cement clinker production capacity, 360 million tons of coking production capacity, and 170 million kilowatts of coal - fired power units have completed ultra - low emission transformation [12]. - The number and production capacity of open - pit coal mines in China will continue to increase, and their position in the energy supply system will become more important [12]. - By January 25, Wuhai Energy Company completed 1.2284 million tons of raw coal production and 1.0239 million tons of commercial coal sales, achieving a good start [13]. - Haohua Energy expects its net profit in 2025 to be between 419 million yuan and 569 million yuan, a year - on - year decrease of 45.08% - 59.55% [13]. - Baofeng Energy expects its net profit in 2025 to be between 11 billion yuan and 12 billion yuan, a year - on - year increase of 73.57% - 89.34% [13]. - In 2025, the raw coal production of large - scale industrial enterprises in Ningxia was 10.28106 million tons, a year - on - year decrease of 1.1% [13]. - In 2025, Shaanxi added 30.95 million tons/year of coal production capacity, and 10.04 million kilowatts of renewable energy installed capacity [13]. - The iron ore "water - rail intermodal transport" business of Hubei Energy Jingzhou Coal Port was officially launched [13]. - Shanxi is promoting economic development and "major project construction year" work [13]. - Hudong - Zhonghua Shipbuilding signed a contract to build 4 + 2 LNG carriers [14]. - Huaibei Mining expects its net profit in 2025 to be about 1.495 billion yuan, a year - on - year decrease of about 69.21% [14]. - China National Energy Group opened a new coal supply channel to the central - China region [14]. - Northeast Power Grid's power consumption load reached a record high in late December 2025 [14]. - The daily power generation of Datang Huayin Electric Power's thermal power units reached a record high [14]. - Shanxi Coking expects to be profitable in 2025, but its net profit will decline by more than 50% year - on - year [14]. - In 2025, China's effective supply of coking coal was close to 480 million tons, a year - on - year increase of 1.4%. The net import volume of coking coal decreased for the first time since 2021, a year - on - year decrease of 3.4% [14]. - In 2025, the freight volume of the Ganqimaodu Port reached 42.433 million tons, a year - on - year increase of 3.7%, a record high [14]. - The anti - dumping measures for stainless steel welded pipes originating from China in the Eurasian Economic Union will be extended to November 12, 2026 [14]. - Mongolia plans to produce 90 million tons of coal, 1.9 million tons of copper, and 9.4 million tons of iron ore in 2026 [14]. - India and the EU reached a free - trade agreement on January 27 [14]. - India's coal production target for the 2026 - 27 fiscal year is 1.31 billion tons [15]. - A barge collision accident in Indonesia may affect coal barge transportation [15]. - In 2025, Brazil's Vale's iron ore production reached 336 million tons, a new high since 2018 [15]. - The EU plans to ban the import of Russian natural gas and oil [15]. - In 2025, South Africa's Richards Bay Coal Terminal's coal export volume increased by 11% year - on - year to 57.66 million tons, a four - year high [15]. - India Oil Corporation plans to purchase at least 24 million barrels of Brazilian crude oil in the next two years [15].

Core Viewpoint - The company has received notification from the Shanghai Stock Exchange regarding the acceptance of its application for issuing securities on the Shanghai main board, indicating a step forward in its capital raising efforts [1]. Group 1: Company Actions - The company submitted a prospectus and related application documents for the issuance of A-shares to specific investors, which have been deemed complete and in compliance with legal requirements by the Shanghai Stock Exchange [1]. - The issuance of A-shares is subject to approval by the Shanghai Stock Exchange and registration by the China Securities Regulatory Commission (CSRC), introducing uncertainty regarding the timeline and approval process [1]. Group 2: Regulatory Compliance - The company commits to fulfilling its information disclosure obligations in accordance with relevant laws and regulations as the process progresses, emphasizing the importance of transparency for investors [1].