Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The bidding results for wind and solar energy in Shandong for 2025 show a clear differentiation, with wind energy having a selected volume of 5.967 billion kWh and a clearing price of 0.319 CNY/kWh, while solar energy has a selected volume of 1.248 billion kWh and a clearing price of 0.225 CNY/kWh [2][11] - The new pricing mechanism for grid connection capacity is expected to facilitate the consumption of renewable energy, promoting a win-win situation for the grid, power generation companies, and users [2][11] Summary by Sections Bidding Results - The wind energy projects in Shandong are limited in number but have a large allocated bidding volume, with a rational bidding price close to the upper limit, indicating stable profit expectations [2][11] - The solar energy projects face intense competition, leading to a clearing price that is under pressure, reflecting a more challenging market environment [2][11] Pricing Mechanism - Recent regulatory changes propose a shift to a single capacity-based pricing model for grid connection, which is expected to streamline the pricing mechanism for nearby consumption projects [2][11] - The new pricing structure aims to eliminate additional fees for energy delivered to the grid, thus enhancing the economic viability of renewable energy projects [2][11] Investment Recommendations - The report suggests that the ongoing reforms in the electricity market are revitalizing power operators, with a focus on high-quality development in the renewable energy sector [2][11] - Specific companies recommended for investment include Huaneng International, Datang Power, and China Power, among others, due to their strong positions in the transitioning energy landscape [2][11]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment [5][14]. Core Insights - The report highlights the competitive results of the electricity pricing mechanism in Shandong, indicating that wind power is favored over solar power, with wind power pricing at 0.319 CNY/kWh and solar at 0.225 CNY/kWh [9][10]. - A new pricing mechanism for nearby consumption of renewable energy has been established, clarifying economic responsibilities and allowing renewable projects to pay for supply reliability [12][13]. - Global gas prices are showing mixed trends, with European and Asian prices rising while U.S. prices are declining, reflecting varying supply and demand dynamics [15][20]. Summary by Sections 1. Electricity: Shandong Pricing Mechanism and New Renewable Energy Policies - Shandong's first competitive pricing results show wind power projects with a total capacity of 3.5911 GW and a mechanism electricity price of 0.319 CNY/kWh, while solar projects have a capacity of 1.265 GW and a price of 0.225 CNY/kWh [9][11]. - The new pricing mechanism for nearby consumption aims to enhance the utilization of renewable energy and reduce the pressure on the power system [12][13]. 2. Gas: Global Price Variations - As of September 12, U.S. Henry Hub spot prices are at $2.94/mmBtu, down 3.61% week-on-week, while European TTF prices are at €32.00/MWh, up 1.27% [15][16]. - The report notes that U.S. gas production remains high despite a slight decline, while European prices are influenced by supply constraints and increased heating demand due to cooler temperatures [15][20]. 3. Weekly Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utilities, power, and environmental sectors underperformed [36]. 4. Company and Industry Dynamics - Recent announcements include the implementation of market-oriented pricing reforms for renewable energy in Jiangxi province, effective from October 2025 [40]. - The report also discusses various company announcements, including operational updates and financial instruments [43]. 5. Key Company Valuation Tables - The report provides valuation metrics for key companies in the public utility sector, highlighting buy and hold recommendations for several firms based on their earnings and price-to-earnings ratios [45][46].

Group 1: Report Overview - Research Date: September 12, 2025 [1] - Research Industry: Power Industry [2] - Research Object: Zhongmin Energy [17] - Company Representatives: Chairman and General Manager Guo Zheng, Financial Controller Liu Shangying, Board Secretary Chen Hairong, Independent Directors Wen Buying and Xu Ping [17] Group 2: Research Institutions - Types of Institutions: Investor online questions and others [20] Group 3: Main Content Asset Injection - Unmet Conditions: Putian Pinghaiwan Offshore Wind Farm Phase III project hasn't obtained final subsidy verification results; Ningde Xiapu Offshore Wind Farm (Areas A and C) and Xiapu Mindong Offshore Wind Farm (Area B) haven't been put into production [24] - Future Plans: The company is promoting the injection of Mintou Pumped Storage assets [27] Policy Impact - 136 Document: The implementation plan in Fujian hasn't been issued, so the impact on the company's electricity price in the first half of 2025 is small. In the short - term, there may be price fluctuations, but in the long - term, the price will stabilize [26] Business Expansion - Strategy: The company will seek high - quality project acquisition opportunities at home and abroad, aiming for leap - forward and high - quality development [27] Stock Price and Repurchase - Current Plan: The company currently has no plans for shareholding increase or repurchase [28] Profit Growth - Solutions: For projects with subsidy limits, participate in green power trading. In the first half of 2025, three projects continued to participate in green power trading with a trading volume of 15,872.6 million kWh. Also, promote the transformation of old wind farms [30] Future Development - 14th Five - Year Plan: The company is formulating its development plan, aiming to build a diversified, large - scale and efficient new energy industrial pattern [31] - Three - Year Plan: The company will formulate a shareholder return plan from 2026 - 2028 to continue the stable cash dividend policy [32] Subsidy Recovery - Policy Support: The policy in June 2025 requires grid enterprises to pay funds monthly, which will accelerate the subsidy recovery in the short - term. The long - term progress depends on policy continuity and funding sources [34]

Investment Rating - The report maintains a "Positive" investment rating for the green electricity sector [8]. Core Insights - The acceleration of subsidy recovery signals a significant improvement in the financial health of renewable energy operators, enhancing cash flow and potentially allowing for the reversal of previously recognized receivable impairments [2][10]. - The green certificate market is experiencing a recovery, with prices increasing due to improved supply-demand dynamics, which is expected to restore the narrative around the green electricity sector [2][10]. Summary by Sections Subsidy Recovery - In August, several companies received substantial subsidy payments, indicating a faster recovery process for industry-wide subsidies. For instance, Solar Energy, Jinko Technology, and Longyang Energy received subsidies of 1.68 billion, 939 million, and 633 million RMB respectively, accounting for 74.6%, 78.3%, and 74.5% of their annual recovery totals [10]. - The cumulative subsidy recovery from January to August for these companies increased by 258.6%, 340.5%, and 272.0% year-on-year, with total amounts far exceeding the entire recovery for 2024 [10]. Green Certificate Market - The green certificate trading volume reached 68.21 million in July, with a year-on-year increase of 126.08% for the first seven months of 2025. The average price of green certificates rose to 4.61 RMB per unit, a 35.42% increase from the previous month [10]. - The price of green certificates for 2025 has reached 6.88 RMB per unit, reflecting a 6.17% increase, which translates to a compensation of 0.007 RMB per kilowatt-hour for renewable energy generation [10]. Investment Recommendations - The report suggests focusing on quality coal-fired power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment Corporation [10]. - For the renewable energy sector, it recommends companies like Longyuan Power, China Nuclear Power, and Zhongmin Energy, highlighting their potential for growth amid favorable policy changes [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's Q2 performance was negatively impacted by poor wind conditions in Fujian province, leading to a decline in earnings. The report anticipates future approvals for offshore wind projects in Fujian [6][7] - The company is expected to benefit from favorable policies for existing wind power projects, which will help secure return rates [7] - The group has committed to injecting 1.2GW of offshore wind and 1.2GW of pumped storage capacity, which are expected to enhance profitability [7] Financial Summary - For 2023, the company is projected to achieve revenue of 1,732 million RMB, with a year-on-year decline of 3.30%. The revenue is expected to grow to 1,880 million RMB in 2025, reflecting a growth rate of 7.96% [6][8] - The net profit attributable to shareholders is forecasted to be 678 million RMB in 2023, decreasing by 6.94% year-on-year, and is expected to rise to 740 million RMB in 2025, with a growth rate of 13.69% [6][8] - The earnings per share (EPS) is projected to be 0.36 RMB in 2023, increasing to 0.39 RMB in 2025 [6][8] Market Performance - As of September 4, 2025, the closing price of the company's stock is 5.25 RMB, with a yearly high of 6.60 RMB and a low of 4.19 RMB [4] - The total market capitalization is approximately 9,990.73 million RMB [4]

Core Viewpoint - The company plans to hold a half-year performance briefing on September 12, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage and ask questions [3][4][5]. Group 1: Meeting Details - The meeting is scheduled for September 12, 2025, from 9:30 AM to 11:30 AM [5]. - It will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted via video and online interaction [5][6]. - Investors can submit questions from September 5 to September 11, 2025, through the Roadshow Center website or via the company's email [6]. Group 2: Participants - Key participants include the company's Party Secretary, Chairman, and General Manager Guo Zheng, along with the Chief Financial Officer Liu Shangying, Board Secretary Chen Hairong, and independent directors Wen Buming and Xu Ping [5]. Group 3: Investor Participation - Investors can join the performance briefing online on the scheduled date and time [6]. - The company will address commonly asked questions during the briefing [4][6]. Group 4: Contact Information - The contact department for inquiries is the company's Securities Legal Affairs Department, with a provided phone number for further assistance [7].

Group 1 - The company, Zhongmin Energy (600163), announced plans to hold a 2025 semi-annual performance briefing on September 12, 2025 [1]

Core Viewpoint - Zhongmin Energy Co., Ltd. is holding its first extraordinary general meeting of shareholders in 2025 to discuss several key resolutions, including amendments to the company's articles of association and the establishment of a new offshore wind power project [2][4]. Group 1: Meeting Details - The meeting is scheduled for September 19, 2025, at 14:30, located at the International Building, Fuzhou [4][5]. - Shareholders must register to attend, with the record date set for September 15, 2025 [2][3]. - Voting will be conducted through a combination of on-site and online methods, with specific time slots for online voting [5][3]. Group 2: Proposed Resolutions - Resolution 1 involves amending the company's articles of association to eliminate the supervisory board and transfer its responsibilities to the audit committee [6][7]. - Resolution 2 proposes revisions to the company's shareholder meeting rules to align with recent regulatory changes [7][8]. - Resolution 3 focuses on updating the board meeting rules, also reflecting the removal of the supervisory board [8][9]. - Resolution 4 aims to revise the independent director work system in accordance with new legal requirements [9][10]. - Resolution 5 seeks to amend the related party transaction decision-making system to enhance operational standards [10][11]. - Resolution 6 proposes the investment in the Changle B District offshore wind farm project, with an estimated total investment of 1.177 billion yuan and a projected annual power generation of approximately 456.542 GWh [11][12]. Group 3: Project Economic Viability - The offshore wind farm project has a total installed capacity of 114 MW and is expected to yield a capital internal rate of return of 5.03% [12]. - The project aligns with the company's strategic direction and is anticipated to enhance its market competitiveness in the offshore wind sector [12].

Core Viewpoint - The company, Zhongmin Energy, is set to hold a half-year performance briefing on September 12, 2025, to discuss its operational results and financial status for the first half of 2025, addressing investor concerns through an interactive video format [1][2]. Group 1: Meeting Details - The performance briefing will take place on September 12, 2025, from 9:30 AM to 11:30 AM [2][3]. - The meeting will be held at the Shanghai Stock Exchange Roadshow Center and will utilize video and online interaction for communication [2][3]. - Participants will include the company's Chairman and General Manager, Guo Zheng, along with other key executives and independent directors [2]. Group 2: Investor Participation - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [3]. - Questions can be submitted by investors from September 5 to September 11, 2025, through the Roadshow Center's website or via the company's email [3]. - The company will address commonly raised questions during the performance briefing [3]. Group 3: Contact Information - The contact department for inquiries is the company's Securities Legal Affairs Department [3]. - The contact phone number is 0591-87868796, and the email for questions is zmzqb@zmny600163.com [3]. Group 4: Additional Information - After the briefing, investors can view the meeting's proceedings and key content on the Shanghai Stock Exchange Roadshow Center [3].

证券代码：600163 证券简称：中闽能源 公告编号：2025－031 中闽能源股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： ●会议召开时间：2025 年 9 月 12 日(星期五)上午 9:30-11:30 ●会议召开地点：上证路演中心 https://roadshow.sseinfo.com/ ●会议召开方式：上证路演中心视频和网络互动 ●投资者可于 2025 年 9 月 5 日(星期五)至 9 月 11 日(星期四)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 (zmzqb@zmny600163.com)进行提问。公司将在 2025 年半年度业绩说明会上就投 资者普遍关注的问题进行回答。 中闽能源股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日在上海证 券交易所网站（www.sse.com.cn）披露《中闽能源股份有限公司 2025 年半年度 ...