Core Viewpoint - Haitong International issued a report on August 13, giving China Minmetals Energy (600163.SH) an outperform rating, citing factors such as weak wind power resources in Fujian for Q2 and the focus on quality project expansion [2] Summary by Categories Company Performance - The report highlights that Fujian's wind power resources were weak in Q2 [2] - The company is focusing on project development to explore quality incremental opportunities [2] Market Conditions - The report indicates potential risks including downward pressure on electricity prices and fluctuations in wind resources [2] - There is also a risk that project progress may not meet expectations [2]

维持"优于大市"评级。我们预计公司2025-27年EPS为0.39/0.42/0.45元(盈利预测未包含承诺的资产注入)。 参考可比公司，给予公司2025年估值15.5x PE，对应目标价6.05元，维持"优于大市"评级。 Q2福建风电资源偏弱。(1)公司25Q2实现发电量5.1亿度，YOY-18%，其中：福建风电4.5亿度，YOY- 19%，主要系Q2风资源偏弱影响；黑龙江风电YOY-20%、新疆光伏YOY-53%，主要系该两地区风光限电 率上升；黑龙江生物质YOY+58%，主要系生物质项目停机技改，基数较低波动大。(2)公司25H1实现发电 量14亿度，YOY-0.9%。其中：福建风电12.8亿度，YOY+2.6%；黑龙江风电YOY-29%；黑龙江生物质 YOY-15%；新疆光伏YOY-35%。 公司福建风电资产优质，且福建电力供需格局佳，新能源仍有消纳空间。公司当前估值具备较强安全边 际，且存在资产注入预期，值得长期看好。 投资要点： 中闽能源 本报告导读： 海通国际证券集团有限公司Oscar Wang,Kai Wang,Jie Wu近期对中闽能源（600163）进行研究并发布了研 究报告《Q2风电偏弱 ...

统计范围： 相关报告：智研咨询发布的《2025-2031年中国能源行业市场研究分析及投资前景评估报告》 2025年6月，福建省发电269.2亿千瓦时，同比增长1.3%。2025年上半年，福建省发电725.6亿千瓦时， 同比增长0.3%。分品种看，2025年上半年，福建省火力发电量838.3亿千瓦时，占总发电量的53.3%，同 比下滑1.8%；福建省水力发电量111.8亿千瓦时，占总发电量的7.1%，同比下滑32.5%；福建省核能发电 量495亿千瓦时，占总发电量的31.5%，同比增长28.9%；福建省风力发电量118.9亿千瓦时，占总发电量 的7.6%，同比增长5.7%；福建省太阳能发电量9.73亿千瓦时占总发电量的0.6%，同比增长100.3%。 报告中的产量数据统计口径均为规模以上工业，其统计范围为年主营业务收入2000万元及以上的工业企 业。 上市企业：闽东电力（000993）、科华数据（002335）、雪人股份（002639）、中能电气（300062）、 *ST红相（300427）、宁德时代（300750）、中闽能源（600163） 由于规模以上工业企业范围每年发生变化，为保证本年数据与上年可比，计算 ...

Investment Rating - The report maintains an "Outperform" rating for the power and utilities sector, indicating expectations for the sector to perform better than the market in the next six months [6]. Core Views - The report highlights the recent implementation of supporting details for Document No. 136 in Shandong Province, which is expected to stabilize the industry outlook. Additionally, coal prices are on the rise, which may impact profitability positively [1][3]. - The report notes that the public utilities sector index has shown a slight increase in valuation, with a PE ratio of 17.51x as of August 8, 2025, compared to 17.35x the previous week [1][22]. - The report emphasizes the growth in photovoltaic capacity, with an addition of 211.61 GW in the first half of 2025, indicating a strong trend in renewable energy development [34]. Summary by Sections 1. Market Performance - The public utilities sector index increased by 1.61% during the week of August 4-10, 2025, ranking 22nd among 31 sectors [2][10]. - The performance of sub-sectors varied, with thermal power generation up by 2.88% and hydropower down by 0.56% [2][10]. 2. Industry Dynamics - The National Energy Administration reported that the top five provinces for new photovoltaic installations in the first half of 2025 were Jiangsu (22.07 GW), Xinjiang (19.6 GW), Guangdong (15.59 GW), Shandong (15.05 GW), and Yunnan (13.61 GW) [34]. - Shandong's new energy pricing mechanism has set a bidding upper limit of 0.35 CNY/kWh for both wind and solar power, with lower limits established as well [35]. 3. Key Data Tracking - As of August 8, 2025, the price of Shanxi mixed coal (5500) was 678 CNY/ton, reflecting a week-on-week increase of 3.51% [39]. - The report tracked green certificate trading, with a total of 15.38 and 13.68 thousand transactions for wind and solar power respectively during the week of August 4-10, 2025 [43].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [7] Core Insights - The implementation of the market-oriented pricing mechanism for renewable energy in Shandong Province marks the beginning of a new development cycle for the sector. The total scale of mechanism electricity for 2025 is set at 9.467 billion kilowatt-hours, with wind power accounting for 8.173 billion kilowatt-hours and solar power for 1.294 billion kilowatt-hours. The bidding price range for wind power is between 0.094 and 0.35 yuan per kilowatt-hour, while for solar power it is between 0.123 and 0.35 yuan per kilowatt-hour, both below the benchmark price for coal-fired power [2][6] Summary by Sections Mechanism Pricing Implementation - Shandong Province has officially launched the market-oriented pricing mechanism for renewable energy, with the total mechanism electricity for 2025 set at 9.467 billion kilowatt-hours, including 8.173 billion kilowatt-hours from wind and 1.294 billion kilowatt-hours from solar [2][6] - The bidding limits for wind and solar projects are established at 0.35 yuan per kilowatt-hour, which is lower than the coal-fired benchmark price of 0.3949 yuan per kilowatt-hour [6] Project Capacity and Bidding Details - The mechanism electricity for individual projects is calculated based on installed capacity, annual utilization hours, and other factors. The annual utilization hours for land wind, offshore wind, and solar are set at 2417, 2860, and 1253 hours respectively [6] - The expected installed capacity for wind and solar projects eligible for the mechanism is approximately 5 GW and 1.3 GW respectively, reflecting a policy direction favoring wind power development over solar [6] Investment Recommendations - The report suggests that the "carbon neutrality" initiative and electricity market reforms will reshape the value of electricity operators throughout the 14th Five-Year Plan period. It recommends focusing on quality coal-fired operators and major hydropower companies, as well as leading renewable energy firms [6][12][13][14][15][17]

Investment Rating - The report maintains an "Overweight" rating for the electricity and public utilities sector [3]. Core Views - The Zhejiang electricity spot market has officially transitioned to operation, and the foundational rules for the national unified electricity market, referred to as "1+6," have been initially established [3][10]. - The energy transition is accelerating, with a recommendation to focus on flexible thermal power companies and undervalued green electricity operators [3][10]. Summary by Sections Industry Overview - The Zhejiang electricity spot market has officially commenced operations, with seven regions already in formal operation as of August 8. The market began trial operations in May 2024 and is part of a broader initiative to establish a national unified electricity market by 2029 [6][10]. - The foundational "1+6" rule system for the national unified electricity market has been preliminarily constructed, with significant growth in market transactions and participants [10][13]. Market Performance - During the week of August 4-8, the Shanghai Composite Index closed at 3635.13 points, up 2.11%, while the CSI 300 Index rose 1.23%. The CITIC Electricity and Public Utilities Index increased by 1.61%, outperforming the CSI 300 by 0.38 percentage points [3][54]. Investment Recommendations - The report suggests focusing on the following companies: Huaneng International, Huadian International, Baoneng New Energy, Sheneng Co., Jingtou Energy, and Zhejiang Energy for their resilient quarterly performance in the thermal power sector. It also highlights Qingda Environmental Protection as a leader in thermal power flexibility transformation [3][10]. - It recommends prioritizing undervalued green electricity operators, particularly in the Hong Kong market, and suggests companies like Xintian Green Energy (H), Zhongmin Energy, and Funiu Co. for investment [3][10]. Key Metrics - In 2024, the market-based electricity trading volume is projected to reach 6.18 trillion kilowatt-hours, accounting for approximately 63% of total electricity consumption. The trading volume of green certificates has surged by 364% year-on-year, with green electricity trading volume increasing by 235.2% [10][13].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expectations for the sector to perform better than the market in the next six months [4][61]. Core Insights - The report highlights that the public utility sector index has decreased by 1.84%, underperforming compared to major indices such as the Shanghai Composite and CSI 300 [2][13]. - Key developments include the release of the "136 Document" in Ningxia, which outlines pricing mechanisms for renewable energy, and adjustments to coal power capacity pricing in Guangdong [3][38]. - The report suggests that the long-term demand for thermal power remains stable, with coal prices expected to stabilize or decline, supporting profit margins for thermal power companies [7]. Summary by Sections Market Performance - The public utility sector index's PE (TTM) is reported at 18.42, down from 18.77 the previous week, while the PB is at 1.51, down from 1.54 [1][22][26]. - The sector's performance ranks 13th among 31 sectors, with specific declines noted in various sub-sectors such as thermal and hydropower [2][13]. Industry Dynamics - Recent regulatory changes in Shandong and Ningxia are expected to impact pricing and market participation for renewable energy projects [3][35][38]. - The report tracks coal prices, noting a slight increase in the price of Shanxi mixed coal to 649 RMB/ton, with other regional prices also rising [3][40]. Key Data Tracking - The report provides data on green certificate trading, with a total of 4.31 and 11.39 thousand transactions for wind and solar power respectively during the week [6][44]. - CEA trading volumes for the week were reported at 31.02, 65.80, 33.33, 66.70, and 52.27 thousand tons, with average prices fluctuating around 71.89 to 74.78 RMB/ton [6][46].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 6.05 based on a 15.5x PE for 2025 [5][9]. Core Insights - The company's wind power assets in Fujian are of high quality, and the power supply-demand situation in Fujian is favorable, indicating potential for renewable energy absorption [11]. - The current valuation shows a strong safety margin with a PB of 1.4x and a PE of 13x for 2025E, alongside expectations for asset injections, making it a long-term investment opportunity [11]. - The company experienced a decline in power generation in Q2 2025, with a total of 0.51 billion kWh generated, down 18% year-over-year, primarily due to weak wind resources [10][11]. Financial Summary - The projected financials indicate total revenue of RMB 1,732 million for 2023, with a slight increase to RMB 1,741 million in 2024, and expected growth to RMB 2,144 million by 2027 [4]. - Net profit attributable to the parent company is forecasted to decrease from RMB 678 million in 2023 to RMB 651 million in 2024, before rising to RMB 851 million by 2027 [4]. - The estimated EPS for 2025 is RMB 0.39, increasing to RMB 0.45 by 2027 [5][9]. Project Developments - The company has several projects in the pipeline, including the Chang Le offshore project with a total investment of RMB 7.3 billion, expected to contribute approximately RMB 0.5 million to annual net profit [12]. - Another project, the Chang Le B area offshore wind project, has an estimated annual net profit contribution of RMB 0.2 million [12]. - A total of 480,000 kW fishery-PV projects have been filed, with an expected annual net profit contribution of RMB 0.4 million [12].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expectations for the industry to perform better than the market in the next six months [4]. Core Insights - The report highlights a turning point in the growth of new energy installations, with a significant increase in installed capacity in the first half of 2025, totaling 293 million kilowatts, a year-on-year increase of 140.5 million kilowatts. Wind and solar power installations saw year-on-year growth of 98.9% and 107.1%, respectively, accounting for 64.4% and 76.6% of the total new installations in 2024 [1][9][10]. - The development of energy storage is becoming clearer, with 2025 identified as a year of value reconstruction for the storage industry, driven by both policy and market changes. The introduction of differentiated capacity pricing mechanisms in Gansu and Guangdong emphasizes the value of regulatory power sources [2][17][18]. Summary by Sections New Energy Installation Growth - The report notes that the new energy installation growth is at a critical juncture, with policies transitioning from reliance on government support to market-driven mechanisms. The "430" and "531" policies are pivotal in this shift, promoting a more mature electricity market and enhancing the capacity for energy consumption [1][13][14]. Energy Storage Development - The energy storage sector is projected to see a significant increase in installed capacity, reaching 73.76 million kilowatts by the end of 2024, a 130% increase from 2023. By mid-2025, this is expected to rise to 94.91 million kilowatts. The average utilization hours for energy storage are also expected to improve significantly, indicating a shift towards market competitiveness [2][20][24]. Regulatory Changes and Market Dynamics - The introduction of capacity pricing mechanisms in Gansu and Guangdong is a key development, allowing coal and gas power plants to have a more significant role in the energy market. This change is expected to enhance the operational flexibility of traditional power sources and support the integration of renewable energy [17][19][18]. - The report emphasizes that the energy sector is moving towards a collaborative model where new energy and regulatory power sources work together to meet the increasing demand for system flexibility as renewable energy penetration rises [25][27].

Macroeconomic Insights - The US GDP growth rate for Q2 2025 increased significantly to 3% due to a rebound in personal consumption income and expenditure, with disposable income rising by 4.3% year-on-year and expenditure by 4.75%[8] - The core PCE price index showed a year-on-year increase of 2.79% in June, indicating persistent inflationary pressures[8] - The US non-farm payrolls added only 73,000 jobs in July, with significant downward revisions to previous months' data, raising concerns about the labor market's strength[23] Market Trends - Major global stock indices experienced declines, with the Shanghai Composite Index down 0.9%, Nikkei 225 down 1.6%, S&P 500 down 2.4%, and Hang Seng Index down 3.5%[7] - Commodity prices showed mixed results, with IPE Brent crude oil futures up 1.7% and COMEX copper down 20.2% due to policy impacts[7] - The dollar index rose by 1% over the week, reflecting a recovery after a rapid decline[7] Investment Strategies - The report emphasizes a focus on long-term investment opportunities in low-inflation environments, particularly in bond assets and high-dividend equities[20] - The ongoing transformation of the Chinese economy is expected to create new investment opportunities, especially in technology and new consumption sectors[42] - The report suggests that the decline in risk-free rates, with long-term government bond yields falling below 2%, will further enhance the attractiveness of equities over fixed-income products[44]