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 | ...

证券研究报告 公用事业 | 电力 港股|公司点评报告 hyzqdatemark 2025 年 08 月 29 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 秦雨茁 qinyuzhuo@huayuanstock.com 市场表现： 投资评级： 买入（维持） ——天然气业务短期承压 风电装机成长可期 投资要点： 证券分析师 事件：1）发布半年报，公司 2025H1 实现营业收入 109.04 亿元（同比-10.16%）、归母净利润 14.12 亿元（同比-1.23%）、扣非归母净利润 13.97 亿元（同比-1.28%）；2025Q2 实现营业收入 39.93 亿元 （同比-5.61%）、归母净利润 4.58 亿元（同比-23.43%）、扣非归母净利润 4.45 亿元（ ...

机构：申万宏源研究 研究员：王璐/朱赫 事件：公司发布2025 年上半年业绩，实现营业收入109.04 亿元，同比下降10.16%；归属母公司股东的 净利润14.12 亿元，同比下降1.23%；基本每股收益0.34 元。公司业绩表现略低于预期。 风光利用小时回升，新能源板块盈利增长。上半年公司完成发电量82.50 亿千瓦时、上网电量80.60亿千 瓦时，同比分别提升9.55%及9.58%。在1H25 全国风电平均利用小时数同比降低 47h 的情况下，公司控 股风电场平均利用小时数分别为1235h，同比提升23h 并高于全国平均148h。弃风率同比提升9.04pct 至 16.85%。1H24 公司风电、光伏分别实现上网电量78.81 亿千瓦时及1.80 亿千瓦时，同比提升8.38%及 111.92%。分地区来看，上半年公司经营核心区域河北省风电上网电量提升9.88%。电价方面，1H25 公 司平均上网电价（不含税）较去年小幅下降，为0.42 元/千瓦时，主要系电力市场化交易比例提升等因 素影响。1H25 风电及光伏板块实现收入34.11 亿元，同比增长4.75%；净利润12.47亿元，同比增长 7.42%。上 ...

智通财经APP获悉，香港联交所最新资料显示，8月27日，河北建设投资集团有限责任公司增持新天绿 色能源(00956)3.07亿股，每股作价4.93港元，总金额约为15.14亿港元。增持后最新持股数目为3.07亿 股，最新持股比例为16.69%。 ...

来风改善带动风电业绩提升，风电项目储备充足，装机增长引领成长。电量方面，2025 年上半年公司 控股风电场实现80发.6电5量亿千瓦时，同比+8.34%；控股风电场平均利用小时数为 1235 小时，较上+2 年3同小期时，高于中电联公布的全国平均利用小时数148 小时，来风改善发电量提升，带动风电业绩 增长。电价方面，25H1 公司平均上网电价（不含税）为0.42 元/千瓦时，同比-4.49%，降幅相对有限。 装机方面，2025 年上半年，公司旗下阿城项目、哈德门项目、蔚县西水泉、青崖子项目、巨鹿老漳河 二期项目并网发电，新增风电控股装机容量287.45兆瓦，新增管理装机容量349.95 兆瓦，累计控股装机 容量为6874.80 兆瓦，累计管理装机容量7435.40 兆瓦。截至2025 年上半年，公司风电在建项目容量总 计1401.95 兆瓦，新增核准风电项目982 兆瓦，累计有效核准未开工项目容量4591.93兆瓦。 费用压降改善明显，股东回报意愿较高，预计延续高分红。费用方面，公司2025年上半年销售、管理与 财务费用分别为171.7/28701.4/53853.2 万元，同比去年分别-37.68%、-4 ...

Core Viewpoint - New Tianjin Green Energy (00956) has entered into a share subscription agreement with Hebei Construction Investment, agreeing to issue 307 million new H-shares at a subscription price of HKD 4.93 per share, totaling HKD 15.14 billion in cash, representing a premium of approximately 16.55% over the closing price on the agreement date [1] Group 1 - The board believes that the issuance of H-shares to Hebei Construction Investment is fair and reasonable, aligning with the overall interests of the company and its shareholders [1] - The proceeds from the share subscription will amount to HKD 15.14 billion, with a net amount of approximately HKD 15 billion after deducting issuance costs [1] - Approximately 80% of the net proceeds will be used for the construction of wind power projects and gas-fired power plants, while about 20% will be allocated for working capital and other general purposes [1]

Core Viewpoint - New Tian Green Energy has entered into a conditional share subscription agreement with Hebei Construction Investment, agreeing to issue 307 million new H-shares at a subscription price of HKD 4.93 per share, raising a total of HKD 1.51 billion, which will help alleviate financial pressure and improve the company's capital structure [1] Group 1: Share Subscription Details - The subscription price of HKD 4.93 represents a premium of approximately 16.55% over the closing price of HKD 4.23 on the last trading day [1] - The new H-shares will account for approximately 7.30% of the existing issued share capital as of the announcement date and about 6.80% after the completion of the subscription [1] Group 2: Financial Impact - As of December 31, 2024, the company's debt-to-asset ratio is at a relatively high level of 67.73% [1] - The issuance of H-shares will effectively supplement capital, reduce the debt-to-asset ratio, optimize the capital structure, and enhance financial stability [1] - This capital raise is aimed at supporting the company's healthy, sustainable, and robust development [1]

证券代码：600956 证券简称：新天绿能 公告编号：2025-050 新天绿色能源股份有限公司 第六届董事会第二次临时会议决议公告 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。 （一）发行股票的种类和面值 本次向特定对象发行的股票种类为境外上市外资股（H 股），每股面值人民 币 1 元。 新天绿色能源股份有限公司（以下简称"公司"或"本公司"）第六届董事会 第二次临时会议于 2025 年 8 月 27 日以通讯方式召开。会议通知于 2025 年 8 月 20 日以电子邮件等方式送达全体董事。本次会议应到董事 11 名，实到董事 11 名。会议由董事长曹欣先生召集并主持。本次会议的召开符合《公司法》和《公 司章程》的有关规定，会议决议合法有效。 经过有效表决，本次会议审议通过了以下议案： 一、审议通过了《关于本公司 2025 年度向特定对象发行 H 股股票方案的议 案》 （二）发行方式及发行时间 本次发行 H 股股票采取向特定对象发行的方式，并在股东大会授权的有效 期内择机发行。 （三）发行对象和认购方式 本次向特定对象发行 ...