FF301 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00956 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,839,004,396 | RMB | | 1 RMB | | 1,839,004,396 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,839,004,396 | RMB | | 1 RMB | | 1,839,004,396 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600956 | 說明 | | A 股已 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power, Huaneng International, and Kunlun Energy, among others [49][51]. Core Insights - The adjustment of capacity prices for coal and gas power plants in Guangdong is expected to improve profitability for gas power plants significantly, with capacity prices increasing by 65% to 296% depending on the type of gas plant [4][10]. - The rapid development of renewable energy installations in Guangdong has increased the reliance on coal power for flexible peak regulation, with renewable energy capacity reaching 59.13 million kW by the end of 2024, accounting for 26.6% of the total installed capacity [9][10]. - The report highlights the geopolitical factors affecting natural gas prices, with European gas prices experiencing a slight increase due to renewed geopolitical tensions, while U.S. gas prices remain stable [13][20]. Summary by Sections 1. Power Sector - Guangdong has raised the capacity price for coal power plants to 165 RMB per kW per year starting January 1, 2026, and for gas power plants, prices will range from 165 to 396 RMB per kW per year starting August 1, 2025 [8][10]. - The increase in capacity prices is expected to provide annual revenue boosts of 1.72 billion RMB for Guangdong Power A and 350 million RMB for Guangzhou Development [11]. 2. Gas Sector - As of August 1, 2025, the Henry Hub spot price is $3.00/mmBtu, while the TTF spot price in Europe is €32.95/MWh, reflecting a week-on-week increase of 2.74% [13][14]. - The report notes that the domestic LNG price is 4388 RMB per ton, showing a week-on-week decrease of 1.06% [32]. 3. Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, power, and environmental sectors lagged behind [39]. 4. Company and Industry Dynamics - The National Energy Administration has released guidelines to enhance the management of natural gas pipeline transportation prices, promoting transparency and optimizing resource allocation [37]. - The report discusses the performance of key companies, including Huaneng International and Inner Mongolia Huadian, with varying revenue and profit trends [44].

Investment Rating - The report maintains a "Buy" rating for several companies in the Guangdong region, particularly those expected to experience performance reversals due to the recent adjustments in electricity capacity pricing [5][12]. Core Insights - Guangdong has raised the capacity price for coal and gas power plants, with coal power capacity price set to increase to 165 RMB per kW per year starting January 1, 2026. Gas power plants will see varied increases based on the type of unit, with adjustments ranging from 165 to 396 RMB per kW per year [2][3][12]. - Nationally, renewable energy installations account for nearly 60% of total capacity, with renewable energy generation making up about 40% of total electricity generation. In the first half of 2025, renewable energy installations increased by 99.3% year-on-year, contributing significantly to the overall power supply [4][12]. Summary by Sections Industry Insights - The adjustment in capacity pricing in Guangdong is expected to alleviate electricity pricing risks and improve profitability for gas power plants, which have faced significant cost pressures [3][12]. - The report highlights that renewable energy generation has surpassed the combined electricity consumption of the tertiary industry and urban residents, indicating a strong shift towards sustainable energy sources [4][12]. Market Performance - The Shanghai Composite Index closed at 3559.95 points, down 0.94%, while the CSI 300 Index fell by 1.75%. The CITIC Power and Utilities Index decreased by 1.88%, underperforming the CSI 300 by 0.13 percentage points [60][61]. - Over half of the listed companies in the power and utilities sector experienced declines in their stock prices during the week [60]. Key Companies - Recommended companies include Huaneng International, Huadian International, and Baoneng New Energy, which are expected to show resilient quarterly performance in the thermal power sector [5][9]. - The report also suggests focusing on leading companies in flexible thermal power modifications, such as Qingda Environmental Protection [5][9].

Group 1: New Energy Generation - The company reported a total power generation of 3,706,030.24 MWh in Q2 2025, representing a year-on-year increase of 8.57% [1] - The total on-grid electricity reached 3,617,415.23 MWh in Q2 2025, showing a year-on-year increase of 8.52% [1] - Cumulative power generation as of June 30, 2025, was 8,250,218.94 MWh, up 9.55% year-on-year [1] - Cumulative on-grid electricity was 8,060,036.72 MWh, reflecting a year-on-year increase of 9.58% [1] - The average on-grid electricity price (excluding tax) for the first half of 2025 was 0.42 CNY/kWh, a decrease of 4.49% compared to the same period last year [1] - Market-based trading volume reached 4,082,220.71 MWh, with a trading volume ratio of 50.65%, an increase of 15.03 percentage points year-on-year [1] Group 2: Gas Transmission and Sales - The company reported a total gas transmission/sales volume of 96,715.22 million cubic meters in Q2 2025, a year-on-year decrease of 16.86% [2] - The sales volume was 89,346.45 million cubic meters, down 13.29% year-on-year [2] - The volume of gas transmitted was 7,368.77 million cubic meters, showing a significant year-on-year decrease of 44.58% [2] - Cumulative gas transmission/sales volume as of June 30, 2025, was 281,413.23 million cubic meters, a decrease of 17.07% year-on-year [2] - Cumulative sales volume was 257,763.49 million cubic meters, down 14.56% year-on-year [2] - Cumulative gas transmission volume was 23,649.73 million cubic meters, reflecting a year-on-year decrease of 37.17% [2]

Company News - China Railway Construction (01186.HK) reported a new contract amount of approximately 1,056.17 billion yuan for the first half of the year, a year-on-year decrease of 4.04% [2] - China Metallurgical Group (01618.HK) announced a new contract amount of 548.2 billion yuan for the first half of the year, down 19.1% year-on-year [2] - Sichuan Chengyu Expressway (00107.HK) won the bid for the G5 Jingkun Expressway Chengdu to Ya'an section expansion project, with a total investment of approximately 28.548 billion yuan [2] - Road King Infrastructure (01098.HK) reported total property sales of 5.232 billion yuan for the first half of the year, a decrease of 28.37% year-on-year [2] - Amax Holdings (00880.HK) plans to acquire a property in Hengqin for 724.2 million yuan to diversify its business portfolio [2] - Chaoyue Eye Hospital (02219.HK) signed a construction contract for the first phase of its comprehensive medical facility project, with a contract value of 223 million yuan [2] - Bay Area Development (00737.HK) reported total toll revenue of 243 million yuan for June, a year-on-year decrease of 4% [2] - Decent Pharmaceuticals-B (06996.HK) received approval for its drug, Hivio®, for the second-line treatment of multiple myeloma in China [2] - Tianchen Holdings (01201.HK) plans to invest 30 million yuan to establish a joint venture in Shenzhen for new energy heavy truck charging stations [2] Performance Summary - WuXi AppTec (02359.HK) reported mid-year revenue of 20.799 billion yuan, a year-on-year increase of 20.64%, and a net profit of 8.561 billion yuan, up 101.92% year-on-year [3] Earnings Announcements - China Nonferrous Mining (01258.HK) issued a profit warning, expecting mid-term net profit of approximately 258 million USD, a year-on-year increase of about 18% [4] - Hualing Pharmaceutical-B (02552.HK) issued a profit warning, expecting mid-term net profit of approximately 1.184 billion yuan, turning from loss to profit [4] - Little Yellow Duck (02250.HK) issued a profit warning, expecting mid-term revenue to increase by over 30% year-on-year [4] - Qingci Games (06633.HK) issued a profit warning, expecting mid-term net profit to increase by approximately 78%-130% year-on-year [4] - Goodbaby International (01086.HK) issued a profit warning, expecting mid-term net profit to decrease by approximately 40%-50% year-on-year [4] - Qianhai Health (00911.HK) issued a profit warning, expecting mid-term net profit to decrease by approximately 60%-70% year-on-year [4] - Tianan Health (00383.HK) issued a profit warning, expecting mid-term net profit to decrease to approximately 7 million to 17 million HKD [4] - Pacific Network (00543.HK) issued a profit warning, expecting mid-term net loss of approximately 5 million to 15 million yuan [4] Buyback and Increase Dynamics - HSBC Holdings (00005.HK) repurchased 348,700 shares for approximately 35.487 million HKD at a price of 101.4-102 HKD [3] - China Eastern Airlines (00670.HK) repurchased 2.5 million shares for approximately 7.4983 million HKD at a price of 2.97-3.03 HKD [3] - Founder Holdings (00418.HK) canceled a total of 17.9962 million shares that had been repurchased [3]

证券代码：600956 证券简称：新天绿能 公告编号：2025-042 －2－ 新天绿色能源股份有限公司 2025 年第二季度主要经营数据公告 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。 根据公司初步统计，2025 年第二季度，本公司及子公司按合并报表口径完 成发电量 3,706,030.24 兆瓦时，同比增加 8.57%；完成上网电量 3,617,415.23 兆 瓦时，同比增加 8.52%。截至 2025 年 6 月 30 日，累计完成发电量 8,250,218.94 兆瓦时，同比增加 9.55%；累计完成上网电量 8,060,036.72 兆瓦时，同比增加 9.58%。2025 年 1-6 月，公司平均上网电价（不含税）为 0.42 元/千瓦时，较去 年同期下降 4.49%；公司市场化交易电量 4,082,220.71 兆瓦时，交易电量占比 50.65%，同比增加 15.03 个百分点。 | 地区 | 发电量 | | | | | --- | --- | --- | --- | --- | | 2025 | 年二季度 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 CHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED* 新天綠色能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 截至2025年6月30日止六個月，本集團發電量詳情如下： | | 發電量 | | | | | --- | --- | --- | --- | --- | | 地區 | 2025年二季度 | 同比變動 | 2025年累計 | 同比變動 | | | （兆瓦時） | （%） | （兆瓦時） | （%） | | 風電業務 | 3,601,703.07 | 7.01 | 8,065,186.72 | 8.34 | | 河北 | 2,533,087.34 | 7.07 | 5,834,169.74 | 9.84 | | 山西 | 109,766.61 | 40.05 | 270,747.21 | 27.48 | | 新疆 | 91,760.48 | - ...

新天绿能（600956）公告，本公司及子公司2025年第二季度完成发电量370.6万兆瓦时，同比增加 8.57%；上网电量361.74万兆瓦时，同比增加8.52%。截至2025年6月30日，累计发电量825.02万兆瓦 时，同比增加9.55%；累计上网电量806万兆瓦时，同比增加9.58%。2025年1-6月平均上网电价0.42元/ 千瓦时，较去年同期下降4.49%；市场化交易电量408.22万兆瓦时，交易电量占比50.65%，同比增加 15.03个百分点。第二季度输/售气量9.67亿立方米，同比减少16.86%。 ...

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - The report highlights a recovery in electricity consumption in June, driven by the tertiary sector and residential usage, with a total electricity consumption of 8,670 billion kWh, representing a year-on-year growth of 5.4% [15][17]. - Natural gas consumption showed a slight increase in June, with a total apparent consumption of 35.05 billion m³, up 1.4% year-on-year, indicating a recovery in industry sentiment [21][48]. - The report emphasizes the ongoing optimization of energy structure in China, with significant contributions from renewable energy sources, particularly solar and nuclear power [2][8]. Summary by Sections 1. Electricity: June Consumption Growth Accelerates - In June, the industrial electricity generation reached 7,963 billion kWh, a year-on-year increase of 1.7% [7][9]. - The breakdown of electricity generation types shows a decline in hydropower by 4.0%, while nuclear power grew by 10.3%, and solar power surged by 18.3% [9][15]. - The report notes that the second industry contributed significantly to the electricity increment, accounting for 38% of the total increase [16][17]. 2. Natural Gas: Global Price Decline and June Consumption Growth - The report states that the apparent consumption of natural gas in June was 35.05 billion m³, marking a 1.4% increase year-on-year [21][48]. - The average price of LNG in Northeast Asia decreased to $11.90/mmBtu, reflecting a broader trend of declining global gas prices [22][41]. - The report anticipates that the long-term outlook for natural gas will improve due to rising LNG export capacities from the US and the Middle East [48]. 3. Weekly Market Review - The public utilities and environmental sectors underperformed compared to the CSI 300 index, while the electrical equipment sector outperformed [50]. 4. Company and Industry Dynamics - The report mentions the increase in installed capacity for solar and wind energy, with solar capacity growing by 54.2% year-on-year [53]. - It highlights the ongoing construction of large seawater desalination projects in coastal provinces to support high water-consuming industries [53]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utilities and environmental sectors, indicating potential investment opportunities [60].

曹欣博士 （董事長） 李連平博士 秦剛先生 張旭蕾博士 盧榮先生 趙士毅先生 CHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED* 新天綠色能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 董事名單與其角色和職能 新天綠色能源股份有限公司董事會（「董事會」）成員載列如下。 非執行董事 執行董事 譚建鑫先生 （總裁） 獨立非執行董事 周文港博士 楊晶磊博士 陳奕斌先生 劉斌先生 1 中國河北省石家莊市，2025年7月25日 * 僅供識別 2 董事會設立四個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 董事 委員會 審計委員會 提名委員會 薪酬與 考核委員會 戰略與 投資委員會 曹欣博士 成員 成員 主任 李連平博士 成員 秦剛先生 成員 成員 張旭蕾博士 成員 成員 盧榮先生 成員 趙士毅先生 成員 譚建鑫先生 成員 周文港博士 成員 主任 楊晶磊博士 成員 主任 陳奕斌先生 主任 成員 成員 劉斌先生 成員 成員 ...