Core Viewpoint - The company expects to report a net loss attributable to shareholders of the parent company ranging from 170 million to 220 million yuan for the year 2025, a significant decline from a net profit of 62.98 million yuan in the same period last year [1] Group 1: Performance Factors - The primary reason for the expected loss is a more than 40% year-on-year decrease in water inflow in the Hejiang and Guijiang river basins, leading to reduced electricity generation from the company's hydropower plants in Hezhou and Wuzhou [1] - The company's hydropower segment's net profit attributable to shareholders is expected to decrease year-on-year due to reduced electricity generation and lower revenue from electricity sales [1] Group 2: Market Conditions - The decline in electricity prices in the Guangxi power trading market has resulted in a decrease in the selling price of electricity from the grid, contributing to reduced profit margins [1] - Increased costs from purchasing electricity from outside the grid due to lower hydropower generation have further impacted the company's profitability [1] Group 3: Impairment Provisions - The company anticipates an increase in impairment provisions year-on-year, which will further affect the overall financial performance [1]

转自：北京市市场监管局网站 公示期：2026年1月16日至2026年1月25日 联系邮箱：jyzjz@samr.gov.cn ...

Core Viewpoint - The report highlights the growth of industrial enterprises in Guangxi Zhuang Autonomous Region, indicating a positive trend in the industrial sector with a year-on-year increase in the number of enterprises [1]. Group 1: Industrial Enterprises in Guangxi - As of January-November 2025, the number of industrial enterprises in Guangxi reached 10,535, an increase of 239 enterprises compared to the same period last year, representing a growth rate of 2.32% [1]. - The industrial enterprises accounted for 2% of the national total, reflecting Guangxi's contribution to the overall industrial landscape in China [1]. Group 2: Industry Research and Consulting - Zhiyan Consulting, a leading industry consulting firm in China, has been deeply engaged in industry research for over a decade, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [1]. - The firm emphasizes its professional approach, quality service, and keen market insights to empower investment decisions [1].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][8]. Core Insights - The report emphasizes the importance of the "environment + resource" investment logic, highlighting that many environmental companies possess resource attributes, which can lead to stable profit models through the extraction of valuable materials from waste [2][16][18]. - The report notes a decline in the utilization rates of photovoltaic and wind power generation in 2025, with photovoltaic utilization at 94.8% and wind power at 94.3% for the year-to-date [1][14]. Summary by Sections Investment Strategy - Public Utilities: Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - Environmental Sector: Focus on mature sectors like water and waste incineration, with recommendations for companies like China Everbright Environment and Shanghai Industrial Holdings [3][23]. Market Performance - The report indicates that the Shanghai Composite Index rose by 2.79%, with the public utility index increasing by 2.54% and the environmental index by 3.88% [1][24]. - In the power sector, thermal power saw a 2.40% increase, while renewable energy generation rose by 3.74% [1][25]. Key Data Overview - In November, the national electricity generation reached 779.2 billion kWh, with a year-on-year growth of 2.7% [45]. - The report highlights that the total electricity consumption for the year-to-date is 9,460.2 billion kWh, reflecting a 5.2% increase year-on-year [58]. Company Profit Forecasts and Ratings - Specific companies are highlighted with their respective ratings and financial metrics, such as Huadian International with a PE ratio of 10.2 for 2024 and 8.1 for 2025 [8]. - Other recommended companies include Longyuan Power, Three Gorges Energy, and China Nuclear Power, all rated as "Outperform" [8][22]. Special Research - The report discusses the shift from viewing environmental companies as cost centers to recognizing their potential for value creation through resource recovery and recycling [2][16]. - It also outlines the significant price increases in metals due to geopolitical tensions and supply chain concerns, which could benefit resource-oriented environmental companies [2][21].

Core Viewpoint - The Guangxi Hezhou Pumped Storage Power Station project has successfully passed the evaluation meeting, marking a significant breakthrough in its preliminary work and laying a solid foundation for subsequent approvals and full-scale initiation [1][4]. Group 1: Project Overview - The Hezhou Pumped Storage Power Station is the largest single investment energy project in Hezhou City, serving as a crucial peak-shaving and backup power source for the grid [3]. - The designed installed capacity of the power station is 1.4 million kilowatts, with an estimated annual power generation of approximately 16 billion kilowatt-hours and an energy conversion efficiency of up to 80% [3]. - The project will enhance the capacity for renewable energy consumption and storage in Guangxi, ensuring stable electricity supply for households and supporting the integration of the regional power grid [3]. Group 2: Evaluation and Support - The expert evaluation concluded that the project aligns with relevant development plans, industry policies, and construction conditions, and the technical scheme is deemed reasonable and feasible [4]. - The project has received comprehensive support from various stakeholders, including the Guangxi Development and Reform Commission, Hezhou municipal government, and relevant departments, facilitating effective coordination and policy guidance [4]. - The next steps involve Guangxi Energy Co., Ltd. focusing on creating a "high-quality, green, and clean project," adhering to expert evaluation opinions, and expediting the project approval and land use processes [4].

关于对参股公司逾期担保解除的公告 证券代码：600310 证券简称：广西能源 公告编号：临 2026-001 广西能源股份有限公司 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。 2025 年 12 月 30 日，广西能源股份有限公司（以下简称"公司"）在《上海证券报》《证 券日报》及上海证券交易所网站 www.sse.com.cn 披露了《广西能源股份有限公司关于对参 股公司担保逾期的进展公告》（公告编号：临 2025-066），公司参股公司广西建筑产业化股 份有限公司（以下简称"建筑产业化公司"）与国家开发银行广西壮族自治区分行签订了借 款金额为 15,000 万元的《借款合同》（编号:4512201901100000347），截至 2025 年 12 月 29 日，建筑产业化公司累计拖欠贷款本金 120 万元、贷款利息 92.19 万元，合计逾期金额 212.19 万元。公司按持股比例 20%为前述欠款提供连带责任保证担保，累计应承担担保逾 期金额为 42.44 万元。 近日，公司接到参股公司建筑产业化公司通知，并向银行 ...

Core Viewpoint - During the "14th Five-Year Plan" period, Guangxi Energy Co., Ltd. has transformed from a traditional hydropower company to a multi-energy complementary energy company, focusing on green and low-carbon development, thereby supporting the construction of a national comprehensive energy security guarantee area in Guangxi [1][5]. Group 1: Business Transformation and Growth - Guangxi Energy has significantly developed clean energy, expanded effective investments, and optimized asset structure, achieving remarkable growth in core operating indicators since the beginning of the "14th Five-Year Plan" [2]. - By September 2025, the total installed capacity of Guangxi Energy's power generation reached 2.3571 million kilowatts, a 169% increase from the end of the "13th Five-Year Plan"; cumulative power generation exceeded 350 billion kilowatt-hours, a 206.9% increase [5]. - The proportion of clean energy installed capacity reached approximately 70%, an increase of 89% from the end of the "13th Five-Year Plan" [5]. Group 2: Strategic Investments and Financial Health - Guangxi Energy has invested over 11 billion yuan in 24 major projects during the "14th Five-Year Plan," with a significant increase in the proportion of investments in clean energy and grid upgrades [8]. - The company's credit rating improved to AA+, and it successfully issued short-term financing bonds and medium-term notes for the first time in 23 years, broadening financing channels and reducing financing costs to historical lows [8]. - The debt ratio was optimized from 86.30% to 77%, indicating a more robust financial structure and enhanced profitability [8]. Group 3: Technological Innovation and Digital Transformation - Guangxi Energy has implemented an innovation-driven development strategy, integrating digitalization and intelligence into the entire energy service chain, leading to advancements in smart and green energy [9]. - The annual growth rate of R&D investment reached 116.5%, with approximately 100 intellectual property rights obtained during the "14th Five-Year Plan" [9]. - The company has established an integrated control system for power grid dispatching and remote control of hydropower stations, achieving significant automation and efficiency improvements [12]. Group 4: Infrastructure Development and Service Enhancement - Guangxi Energy has completed key power grid projects, enhancing the structure and reliability of the power supply, with the total length of the grid reaching 7,720 kilometers, an 18.5% increase from the end of the "13th Five-Year Plan" [15]. - The company has served nearly 400,000 users, a 19.65% increase from the end of the "13th Five-Year Plan," directly benefiting a population of 1.32 million [16]. - Guangxi Energy has developed a "digital + electricity" service system, improving online service levels and enabling users to complete transactions without physical visits [19]. Group 5: ESG and Corporate Responsibility - Guangxi Energy has focused on green energy and corporate governance, continuously disclosing social responsibility/ESG reports for 15 years, with ratings improving from BBB+ to A [23]. - The company has received multiple honors, including recognition in the "ESG Pioneer 100 Index" and "Annual Outstanding Brand" awards [23]. - Guangxi Energy aims to continue its transformation from traditional hydropower to a comprehensive energy provider, contributing to the modernization of Guangxi [23].

证券代码：600310 证券简称：广西能源 公告编号：临 2025-068 广西能源股份有限公司 关于为全资子公司桂旭能源公司提供担保的进展公告 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： ●被担保人名称：广西广投桂旭能源发展投资有限公司（以下简称"桂旭能源公司"） 为广西能源股份有限公司（以下简称"公司"）的全资子公司。被担保人不属于公司关联 人。 ●本次担保金额及已实际为其提供的担保余额：本次公司为全资子公司桂旭能源公司 提供的担保金额为 1 亿元；截至本公告披露日，公司已实际为桂旭能源公司提供的担保余 额为 21.16 亿元（含本次担保）。 ●本次担保是否有反担保：无。 ●对外担保逾期的累计数量：无。 ●特别风险提示：本次被担保对象为公司全资子公司桂旭能源公司，其资产负债率超 过 70%，且公司对其提供的担保金额已超过公司最近一期经审计净资产的 50%，敬请投资者 注意相关风险。 一、担保情况概述 （一）本次担保的基本情况 近日，公司全资子公司桂旭能源公司与广西贺州桂东农村合作银行（以下简称"桂东 农 ...

证券代码：600310 证券简称：广西能源 公告编号：临 2025-067 广西能源股份有限公司 关于为全资子公司桂旭能源公司提供担保的进展公告 ●对外担保逾期的累计数量：截至本公告披露日，公司为参股公司广西建筑产业化股 份有限公司提供担保本金余额 2,048 万元，累计应承担担保逾期金额为 42.44 万元。 ●特别风险提示：本次被担保对象为公司全资子公司桂旭能源公司，其资产负债率超 过 70%，且公司对其提供的担保金额已超过公司最近一期经审计净资产的 50%，敬请投资者 注意相关风险。 一、担保情况概述 （一）本次担保的基本情况 近日，公司全资子公司桂旭能源公司与广西北部湾银行股份有限公司贺州分行（以下 简称"北部湾银行贺州分行"）签订《银行承兑协议》，桂旭能源公司签发 1 张银行承兑 汇票，票面总金额合计 1,140 万元。公司与北部湾银行贺州分行签订《保证合同》，为前 述《银行承兑协议》项下的银行承兑汇票提供连带责任保证，因根据《银行承兑协议》桂 1 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： ●被 ...

第一条为规范融资行为，加强规范广西能源股份有限公司（以 下简称"公司"）及各级全资、控股、或实际控制企业（以下简称 "各企业"）融资管理和财务监控，降低融资成本，有效防范融资 风险，维护公司整体利益，依据国家有关法律法规及公司章程，结 合公司实际情况，制定本制度。 第二条本制度所称融资，指从企业外部筹集资金并负有偿还义 务的行为，不包括总分公司周转金、内部借款、基金业务。 第三条公司及各企业融资应遵循以下原则：合理匹配融资规模、 聚焦主业发展、优化债务结构、降低融资成本、防范融资风险。 第四条融资行为涉及担保的，按照《广西能源股份有限公司对 外担保管理制度》相关规定执行。 广西能源股份有限公司融资管理制度 第一章 总则 （一）依法制定融资管理相关规定。 （二）将年度融资计划纳入预算管理。 （三）对各企业的融资管理工作进行监督检查。 （四）国家法律、法规和有关文件规定的其他融资监管职责。 第六条公司各所属企业是本企业融资管理的责任主体，主要职 责包括： —1— （一）制定和完善融资管理制度。融资管理制度要明确本企业 融资事项管理专门机构及工作职责、融资决策事项、企业融资权限 等内容，构建"借、用、管、还"及风险 ...