Group 1 - The Wuhan University summer practice team visited key enterprises and research institutions in Hunan and Guangdong, focusing on strategic emerging industries such as "intelligent manufacturing," "technology for a strong military," and "green energy" [1][3][5] - The team observed advanced technologies at SANY Heavy Industry in Changsha, including digital production lines and industrial robots, highlighting the transition from "Made in China" to "Intelligent Manufacturing in China" [3][5] - At CRRC Zhuzhou Institute, the team learned about breakthroughs in key technologies for high-speed trains and the importance of independent innovation for national scientific advancement [3][5] Group 2 - The team visited an intelligent science college in Changsha, focusing on artificial intelligence and unmanned systems, emphasizing the dual transformation of technological achievements and national manufacturing [5][7] - At Guangzhou Development Group, the team explored the company's extensive involvement in clean energy and carbon asset management, discussing the opportunities and challenges in the context of the "dual carbon" strategy [5][7] - The practice highlighted the importance of understanding the real implications of "technological self-reliance" through hands-on experiences and dialogues with industry leaders [8]

股票简称：广州发展 股票代码：600098 公告编号：临 2025-044 号 公司债券简称：21 穗发 01、21 穗发 02、22 穗发 01、22 穗发 02 公司债券代码：188103、188281、185829、137727 广州发展集团股份有限公司 关于新能源项目框架协议进展情况的公告 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）广东省韶关市武江区光伏项目 2020 年 12 月，新能源集团全资子公司韶关广发光伏发 电有限公司与韶关市武江区人民政府签署《战略合作框架协 议》，计划在武江区辖区范围内投资开发地面光伏项目、屋 顶分布式光伏项目及充电桩项目等，包括：武江龙归镇二期 300MW、重阳镇 80MW、江湾镇 200MW 等复合型地面光伏 1 项目及武江区政府工业园区屋顶和管辖区内其他屋顶分布式 光伏发电项目（总装机容量约 600MW，投资额约人民币 24 亿元），在武江区政府管辖区内因地制宜投资开发充电桩项 目。 广州发展集团股份有限公司（以下简称"公司"）围绕 "建设成为国内领先的绿色低碳综合智慧 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The report highlights a continued performance divergence within the power sector, with thermal power companies showing improved performance in regions like Beijing-Tianjin-Hebei, Guangdong, and Shanghai, while new energy companies exhibit significant individual performance differences [5][6] - Hydropower and nuclear power maintain stable performance, with hydropower's unique business model and resource scarcity being emphasized as key investment considerations [5] - The report suggests focusing on companies with resilient business models that can navigate annual cycles and have higher certainty with lower downside risks [5] Summary by Sections Performance Analysis - The report anticipates that thermal power companies will see improved performance in regions with smaller declines in electricity prices, particularly in Beijing-Tianjin-Hebei and Central China [5] - New energy performance is expected to vary significantly based on regional wind conditions, electricity price declines, and installed capacity growth [5] - Hydropower's pricing impact is expected to be controllable in the short term, with a focus on low-valuation and growth-oriented companies [5] Investment Recommendations - The report provides three stock selection strategies: prioritize resilient hydropower assets, continue to monitor low-valuation or growth-oriented wind power operators, and focus on quality thermal power assets and power equipment manufacturers [5] - Key recommended companies include: 1. Quality Hydropower: Chuan Investment Energy, Yangtze Power, Huaneng Hydropower, State Power Investment [5] 2. Hong Kong Wind Power: Longyuan Power (H), Datang New Energy, CGN New Energy, New天绿色能源 [5] 3. Quality Thermal Power: China Resources Power, Anhui Energy, Sheneng Co., Guangzhou Development [5] 4. Traditional Power Equipment Manufacturers: Dongfang Electric [5]

股票简称：广州发展 股票代码：600098 公告编号：临 2025-043 号 公司债券简称：21 穗发 01、21 穗发 02、22 穗发 01、22 穗发 02 公司债券代码：188103、188281、185829、137727 广州发展集团股份有限公司 2025 年上半年主要生产经营数据公告 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。 截至 2025 年 6 月 30 日，公司主要生产经营数据如下： 一、电力业务 2025 年 4-6 月，公司合并口径发电企业累计完成发电量 66.10 亿千瓦时，上网电量（含光伏发电售电量）63.43 亿千 瓦时，与去年同期相比分别增长 6.64%和 7.15%。2025 年 1-6 月，公司合并口径发电企业累计完成发电量 118.47 亿千瓦 时，上网电量（含光伏发电售电量）113.72 亿千瓦时，与去 年同期相比分别下降 1.88%和 1.49%。 公司合并口径发电企业电量（以亿千瓦时计）具体情况 如下： 1 控股电厂 4-6 月 1-6 月 发电量 同比 （%） 上网电 量 ...

Core Viewpoint - The company reported a decrease in both total power generation and grid-connected power sales for the first half of 2025 compared to the same period last year [1] Group 1: Power Generation Performance - The company achieved a cumulative power generation of 11.847 billion kilowatt-hours in the first half of 2025 [1] - The grid-connected power sales, including photovoltaic power sales, totaled 11.372 billion kilowatt-hours [1] - Both figures represent a year-on-year decline of 1.88% and 1.49% respectively [1]

Core Viewpoint - Guangzhou Development (600098) reported a decline in overall power generation and grid-connected electricity in the first half of 2025, with notable increases in renewable energy sources such as wind and solar power [1] Group 1: Power Generation Performance - The company achieved a cumulative power generation of 11.847 billion kilowatt-hours, representing a year-on-year decrease of 1.88% [1] - The cumulative grid-connected electricity reached 11.372 billion kilowatt-hours, down 1.49% year-on-year [1] - Thermal power generation saw a year-on-year decline of 5.45% [1] Group 2: Renewable Energy Growth - Wind power generation increased by 23.37% year-on-year [1] - Solar power generation experienced a significant growth of 68.35% year-on-year [1] Group 3: Natural Gas and Coal Performance - The total natural gas supply amounted to 1.813 billion cubic meters, reflecting a year-on-year decrease of 3.67% [1] - Coal sales volume reached 22.24 million tons, showing an increase of 13.29% year-on-year [1]

Core Viewpoint - The company announces a dynamic adjustment to the non-residential pipeline gas sales price in Guangzhou, effective from July 20, 2025, reflecting changes in the natural gas market and aiming to balance supply and demand [1][2]. Group 1: Price Adjustment Details - The maximum sales price for non-residential pipeline gas in Guangzhou will increase from 4.38 yuan per cubic meter to 4.47 yuan per cubic meter starting July 20, 2025 [1]. - The adjustment is part of a mechanism that links gas source prices with sales prices, ensuring that gas operating companies cannot raise prices independently, while there is no limit on price reductions [1][2]. Group 2: Implementation Period - The implementation period for this price adjustment is from July 20, 2025, to January 19, 2026 [2]. - This adjustment is characterized as a phased response to market changes, aimed at promoting the healthy development of the company's gas business [2].

Group 1 - The company announced the issuance of its 2024 fourth phase medium-term notes (MTN) with the abbreviation "24 Guangzhou Development MTN004" [1] - The bond payment and redemption process involves the issuer transferring funds to the designated account of the China Interbank Market Clearing House before the payment date [1] - If the payment date falls on a public holiday, the payment will be postponed to the next working day without additional interest [1] Group 2 - The issuer is Guangzhou Development Group Co., Ltd., with contact person Guo Xiaochuan and phone number 020-37850365 [1] - The management institution for the bond's duration is China Merchants Bank Co., Ltd., with contact person Hu Qianyu and phone number 0755-88026130 [1] - The registration and custody institution is the China Interbank Market Clearing House, with operational department contacts including Xie Chenyuan and Chen Gongrong, phone numbers 021-23198888 and 021-23198682 respectively [1]

股票简称：广州发展 股票代码：600098 公告编号：临 2025-041 号 公司债券简称：21 穗发 01、21 穗发 02、22 穗发 01、22 穗发 02 公司债券代码：188103、188281、185829、137727 广州发展集团股份有限公司关于 2024年度第四期中期票据2025年付息公告 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。 为保证广州发展集团股份有限公司 2024 年度第四期中期 票据（债券简称：24 广州发展 MTN004，债券代码： 102483163.IB）付息工作的顺利进行，方便投资者及时领取付 息资金，现将有关事宜公告如下： 一、本期债券基本情况 1.发行人名称：广州发展集团股份有限公司 2.债项名称：广州发展集团股份有限公司 2024 年度第四 期中期票据 3.债项简称：24 广州发展 MTN004 4.债项代码：102483163.IB 5.发行金额：人民币 5 亿元 8.债项余额：人民币 5 亿元 9.最新评级情况：AAA 10.偿还类别：利息兑付 11.本计息期债项利率：2 ...

股票简称：广州发展 股票代码：600098 公告编号：临 2025-042 号 公司债券简称：21 穗发 01、21 穗发 02、22 穗发 01、22 穗发 02 公司债券代码：188103、188281、185829、137727 广州发展集团股份有限公司 关于全资子公司广州燃气集团有限公司 动态调整非居民管道燃气销售价格的公告 1 较合理地平衡了供需关系，有利于公司燃气业务的健康发展。 特此公告。 备查文件：《广州市发展和改革委员会关于 2025 年第二 次动态调整广州市非居民管道燃气销售价格及有关问题的通 知》（穗发改〔2025〕58 号） 广州发展集团股份有限公司 2025 年 7 月 16 日 2 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。 公司近日收到《广州市发展和改革委员会关于 2025 年第 二次动态调整广州市非居民管道燃气销售价格及有关问题的 通知》（穗发改〔2025〕58 号），为切实做好 2025 年天然气 保供工作，根据《中华人民共和国价格法》《广东省定价目 录（2022 年版）》，经广州市人民 ...