| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | | --- | --- | --- | --- | --- | --- | | | 股份數目 | | | 請參閱上述*註 | 有投票權股(日/月/年) 精 | | | | | | | 份百分比 | | CS20250904E00265 | 长城人寿保险股份有限公司 1101(L) | 3,000,000(L) | HKD 4.2399 | 204,400,000(L) | 11.11(L)02/09/2025 | | 股份代號: | 00956 | | --- | --- | | 上市法國名稱: | 新天綠色能源股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 08/08/2025 - 08/09/2025 | 格隆汇9月8日丨根据联交所最新权益披露资料显示，2025年9月2日，新天绿色能源(00956.HK)获长城人寿保险股份有限公司在场内以每股均价4.2399港元增 持300万股，涉资约1271.97万港元。 增持后，长 ...

Group 1 - The core point of the article is that Great Wall Life Insurance Co., Ltd. has increased its stake in New Energy Group (00956) by acquiring 3 million shares at a price of 4.2399 HKD per share, totaling approximately 12.72 million HKD [1] - After the acquisition, Great Wall Life's total shareholding in New Energy Group is approximately 204 million shares, representing an ownership stake of 11.11% [1]

Group 1 - The core point of the article is that Great Wall Life Insurance Co., Ltd. has increased its stake in New Energy Group (00956) by purchasing 3 million shares at a price of HKD 4.2399 per share, totaling HKD 12.7197 million [1] - After the purchase, Great Wall Life's total shareholding in New Energy Group is approximately 204 million shares, representing an ownership stake of 11.11% [1]

Core Viewpoint - The report from Guosheng Securities indicates that the overall performance of the power sector in the first half of 2025 meets expectations, with thermal power experiencing a decline in revenue but an increase in profit, hydropower remaining stable, and green energy facing pressure [1][2]. Summary by Category Performance Overview - In the first half of 2025, the power sector (SW) listed companies achieved total operating revenue of 911.6 billion yuan, a year-on-year decrease of 1.54%, while the net profit attributable to shareholders reached 102.7 billion yuan, an increase of 3.44% [2]. - Thermal power generated operating revenue of 572.6 billion yuan, down 3.70% year-on-year, but net profit increased by 6.31% to 44.1 billion yuan [2]. - Hydropower's operating revenue was 87.9 billion yuan, up 4.69% year-on-year, with net profit rising by 10.70% to 26.2 billion yuan [2]. - New energy generation (including nuclear power) faced challenges, with operating revenue of 153.0 billion yuan, a decline of 2.18%, and net profit down 6.42% to 25.1 billion yuan [2]. Thermal Power Insights - The significant drop in coal prices since the beginning of the year has mitigated the pressure from declining volume and price; however, regional price differentiation remains a challenge [2]. - The upcoming comprehensive adjustment of capacity prices in 2026 is expected to reshape the profitability model of thermal power [2]. - Recommended investment themes include stable performance targets with expected stable electricity prices, and high-dividend quality stocks as capital expenditure peaks [2]. Hydropower and Nuclear Power Potential - Hydropower companies are expected to benefit from decreasing interest expenses and the expiration of depreciation on power station units, which will continue to release profit space [3]. - Nuclear power is seeing a normalization in unit approvals, with accelerated investment and technology in nuclear fusion, indicating potential for commercialization [3]. Green Energy Outlook - The "Document 136" promotes the comprehensive entry of new energy into market trading, with rapid installation in the first half of the year leading to increased consumption challenges in the second half, impacting market prices [3]. - Policies supporting green energy consumption, such as direct connections and green certificate policies, are expected to catalyze growth in this sector [3]. - Recommended focus on undervalued green energy stocks, particularly in the Hong Kong market, and wind power operators with stable electricity price expectations [4]. Investment Recommendations - Key thermal power stocks to watch include Huadian International, Huaneng International, Baoneng New Energy, Guangzhou Development, and Guodian Power [4]. - For green energy, prioritize undervalued stocks in the Hong Kong market and wind power operators, with a focus on Xintian Green Energy and Longyuan Power [4]. - In hydropower and nuclear sectors, recommended stocks include Yangtze Power, State Power Investment Corporation, Sichuan Investment Energy, China National Nuclear Power, and China General Nuclear Power [4].

第 1 頁 共 10 頁 v 1.1.1 本月底法定/註冊股本總額： RMB 4,205,693,073 | 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 股已在上海證券交易所主板上市。 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,366,688,677 | RMB | | 1 RMB | | 2,366,688,677 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,366,688,677 | RMB | | 1 RMB | | 2,366,688,677 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- ...

第 1 頁 共 10 頁 v 1.1.1 本月底法定/註冊股本總額： RMB 4,205,693,073 截至月份: 2025年8月31日 狀態: 新提交 | 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 股已在上海證券交易所主板上市。 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,366,688,677 | RMB | | 1 RMB | | 2,366,688,677 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,366,688,677 | RMB | | 1 RMB | | 2,366,688,677 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | | 是 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The natural gas business is under short-term pressure, while wind power installation growth is promising [4] - The company reported a 10.16% year-on-year decline in revenue for H1 2025, with total revenue of 10.904 billion yuan and a net profit of 1.412 billion yuan, reflecting a 1.23% decrease [5] - The controlling shareholder has agreed to subscribe for 307 million new H shares at a price of 4.93 HKD per share, a 16.55% premium over the closing price on August 27, 2025, with proceeds primarily allocated for wind power and gas power projects [5] Summary by Sections Wind Power - In H1 2025, the company added 287.45 MW of wind power capacity, with a total of 6,874.80 MW of installed capacity and 1,401.95 MW under construction [7] - The average utilization hours for wind farms increased by 23 hours year-on-year to 1,235 hours, with a wind power generation of 8.065 billion kWh, an 8.34% increase [7] - The average on-grid electricity price decreased by 0.02 yuan/kWh to 0.42 yuan/kWh, influenced by an increase in market-based trading volume [7] Natural Gas - The natural gas segment faced challenges with a 14.56% year-on-year decline in sales volume, totaling 2.578 billion cubic meters in H1 2025 [9] - Revenue from the natural gas business fell by 15.63% to 7.488 billion yuan, with net profit down 28.51% to 321 million yuan [9] - The decline in sales volume was attributed to warmer winter temperatures and weak industrial demand [9] Financial Forecast and Valuation - The company is projected to achieve net profits of 2.403 billion yuan, 2.645 billion yuan, and 2.887 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 43.7%, 10.0%, and 9.2% [9] - The current stock price corresponds to a P/E ratio of 6.7 for 2025, indicating significant investment value [9]

Group 1 - The company reported a revenue of 10.904 billion yuan for the first half of 2025, a year-on-year decrease of 10.16% [1] - The net profit attributable to shareholders was 1.412 billion yuan, down 1.23% year-on-year, with basic earnings per share at 0.34 yuan [1] - The performance slightly fell short of expectations [1] Group 2 - The company achieved a power generation of 8.250 billion kWh and grid-connected power of 8.060 billion kWh, representing year-on-year increases of 9.55% and 9.58% respectively [2] - The average utilization hours of the company's wind farms were 1,235 hours, an increase of 23 hours year-on-year, exceeding the national average by 148 hours [2] - The wind and solar segments generated revenues of 3.411 billion yuan, a year-on-year growth of 4.75%, with net profits of 1.247 billion yuan, up 7.42% [2] Group 3 - The company's natural gas sales volume was 2.578 billion cubic meters, a decline of 14.56% year-on-year, attributed to warmer winter weather and weak commercial demand [3] - The natural gas business revenue was 7.488 billion yuan, down 15.63% year-on-year, with net profit at 321 million yuan, a decrease of 28.48% [3] - The company is expanding its business channels and plans to launch four window period products in the second half of 2025 [3] Group 4 - The company's capital expenditure totaled 3.016 billion yuan, a year-on-year increase of 19.18%, with 2.4 billion yuan allocated to renewable energy and 600 million yuan to natural gas [4] - Operating cash flow improved by 47.03% year-on-year to 3.082 billion yuan, supporting stable dividend payouts [4] - The company has a clear dividend return plan, with a minimum payout ratio of 40% during its mature development phase, resulting in a high dividend yield of 6.7% at current stock prices [4]

Core Viewpoint - Hebei Construction Investment Group has increased its stake in Xintian Green Energy, acquiring 307 million shares at a price of HKD 4.93 per share, totaling approximately HKD 1.514 billion, resulting in a new holding of 16.69% [1] Summary by Category - **Share Acquisition** - Hebei Construction Investment Group purchased 307 million shares of Xintian Green Energy [1] - The acquisition price was HKD 4.93 per share [1] - The total investment amounted to approximately HKD 1.514 billion [1] - **Ownership Structure** - Following the acquisition, Hebei Construction Investment Group's total shareholding in Xintian Green Energy reached 307 million shares [1] - The new ownership percentage stands at 16.69% [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to reduced natural gas sales volume and asset impairment [1][2]. Financial Performance - In H1 2025, total operating revenue was 10.904 billion yuan, a year-on-year decrease of 10.16% [1]. - Net profit attributable to shareholders was 1.412 billion yuan, down 1.23% year-on-year, with basic earnings per share remaining flat at 0.34 yuan [1]. - In Q2 2025, operating revenue was 3.993 billion yuan, a decrease of 5.61% year-on-year, while net profit dropped by 23.43% to 458 million yuan [1]. Gas Sales Volume - In Q2 2025, the company completed gas transmission/sales volume of 9.67 billion cubic meters, a year-on-year decline of 16.86% [1]. - The sales volume included 8.93 billion cubic meters, down 13.29% year-on-year, with wholesale and retail sales also experiencing declines [1]. - For H1 2025, cumulative gas transmission/sales volume was 28.1 billion cubic meters, a decrease of 17.07% year-on-year [1]. Wind Power Performance - The company reported an asset impairment of 30.5 million yuan in H1 2025, impacting overall performance [2]. - Wind power generation increased, with controlled wind farms achieving 80.6 million kilowatt-hours, a year-on-year increase of 8.34% [2]. - The average on-grid electricity price (excluding tax) was 0.42 yuan per kilowatt-hour, down 4.49% year-on-year, indicating limited decline [2]. Cost Management and Shareholder Returns - Significant reductions in sales, management, and financial expenses were noted, with decreases of 37.68%, 4.05%, and 12.23% respectively [3]. - The company plans to distribute cash dividends totaling 883 million yuan for the 2024 fiscal year, representing 52.81% of net profit attributable to shareholders [3]. - The company aims to maintain a stable dividend policy in line with its three-year shareholder return plan [3]. Future Outlook - The company is optimistic about the growth in installed capacity and improvement in utilization hours, projecting revenues of 23.977 billion yuan, 27.268 billion yuan, and 30.024 billion yuan for 2025-2027 [3]. - Expected net profits for the same period are 2.33 billion yuan, 2.698 billion yuan, and 3.084 billion yuan, with corresponding EPS of 0.55, 0.64, and 0.73 [3].