Investment Rating - The report maintains a "Positive" investment rating for the utility sector [10] Core Insights - In November, the national trading volume of green certificates reached 132.12 million, a year-on-year increase of 143%, marking a historical high for monthly trading scale. From January to November, the trading of green certificates accounted for 41.81% of the issued tradable scale, an increase of 27.65 percentage points compared to the entire year of 2024, indicating a continuous alleviation of the oversupply issue in green certificates [2][12] - The average trading price of green certificates in November was 4.96 yuan per certificate, showing a month-on-month increase of 10.80%. The improvement in both supply and demand sides is expected to provide long-term support for green certificate prices, further catalyzing the recovery of the utility sector's attributes and growth narrative [2][12] - The report highlights a significant increase in new installed capacity for thermal power, with a historical high of 77.52 million kilowatts added from January to November, representing a year-on-year growth of 63.41%. This expansion is expected to enhance the power system's regulation capacity and alleviate the pressure on renewable energy consumption and electricity prices [2][12] Summary by Sections Green Certificate Trading - The trading volume of green certificates in November reached 132.12 million, a 143% increase year-on-year, with the trading scale hitting a historical high. The trading of green certificates from January to November totaled 728 million, a 119% increase year-on-year. The proportion of traded green certificates to the issued tradable scale reached 41.81%, up 27.65 percentage points from 2024 [2][12] - The average trading price for green certificates in November was 4.96 yuan per certificate, reflecting a month-on-month increase of 10.80%. The price stability is supported by the synchronized improvement in supply and demand, with expectations of rational expansion in supply due to policy changes [2][12] Installed Capacity - From January to November, the total new installed capacity was 44.557 million kilowatts, with November alone contributing 4.773 million kilowatts, a year-on-year increase of 27.86%. Wind and solar power installations saw significant growth, with wind power increasing by 59.42% and solar power by 33.25% year-on-year [2][12] - The report emphasizes that the substantial expansion of thermal power capacity will significantly enhance the power system's ability to accommodate fluctuating renewable energy outputs, thereby stabilizing electricity prices [2][12] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, Guodian Power, and Huadian International, as well as hydropower companies like Yangtze Power and State Power Investment Corporation. It also highlights opportunities in the renewable energy sector, suggesting companies like Longyuan Power and New天绿色能源 [2][12]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The annual long-term contract electricity prices are reaching a bottom, with a focus on the dividend value of the sector. The electricity price in Guangdong is 0.372 CNY/kWh, down 0.02 CNY/kWh year-on-year, reflecting a 20% decrease from the benchmark. In Jiangsu, the price is 0.344 CNY/kWh, down 0.07 CNY/kWh year-on-year, a 12% drop from the benchmark. The market has reacted negatively to these price drops, but the long-term outlook suggests limited further declines as supply and demand improve [6][17][24]. Summary by Sections 1. Annual Long-term Contract Electricity Results - The annual electricity trading results for 2026 show significant price reductions in Guangdong and Jiangsu, with declines of 20% and 12% respectively. The transition from annual to monthly contracts is noted, with a high proportion of medium to long-term market electricity remaining stable [17][24]. 2. Weekly Review - The report highlights the recent implementation of local electricity pricing mechanisms, with a focus on the impact of coal prices and the stability of natural gas prices compared to previous years [10][18]. 3. Industry High-frequency Data Tracking - The report tracks the rapid decline in spot coal prices and the decrease in coal inventories at northern ports. The domestic natural gas prices are lower than the previous year, while overseas prices are fluctuating upwards [10][18]. 4. Key Company Announcements and Sector Performance Tracking - The report emphasizes the acquisition by Guiguan Electric Power of assets from its parent group, which is expected to enhance its growth potential. The company plans to lead the development of hydropower and new energy in Tibet, which could significantly boost profits in the coming quarters [6][10][18]. 5. Focus on Investment Opportunities - The report identifies several companies with strong dividend yields and market management strategies, including Huaneng International, Huadian International, and Guiguan Electric Power. The focus is on high dividend stocks and companies with robust market management practices, which are expected to enhance their valuation [6][10][18]. 6. Valuation and Financial Analysis of Key Companies - The report provides a detailed valuation analysis of key companies in the sector, indicating potential upside in their stock prices based on projected earnings and dividend increases. For instance, Guiguan Electric Power's acquisition is valued at 2.025 billion CNY, with a price-to-book ratio of 1.06 [7][10]. 7. Market Positioning and Future Outlook - The report concludes with a positive outlook for the public utility sector, suggesting that the current valuation levels are attractive for new investments, especially as the market begins to stabilize and recover from recent price declines [6][10][18].

兴业证券股份有限公司 关于福能股份有限公司 2025 年度持续督导现场检查报告 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为福建 福能股份有限公司（以下简称"福能股份"、"上市公司"）2025 年向不特定对象 发行可转换公司债券的项目的保荐机构，根据中国证监会《证券发行上市保荐业 务管理办法》（以下简称"《保荐办法》"）以及《上海证券交易所上市公司自律 监管指引第 11 号——持续督导》的相关规定，于 2025 年 12 月 24 日对上市公司 进行了现场检查。现将本次现场检查情况报告如下： 一、本次现场检查的基本情况 福能股份本次发行的可转债于 2025 年 10 月 30 日于上海证券交易所上市， 根据《保荐办法》，保荐机构持续督导期间为 2025 年 10 月 30 日至 2026 年 12 月 31 日。 保荐机构于 2025 年 12 月 24 日对福能股份进行了现场检查。参加人员为戴 劲、陈霁姗。 在现场检查过程中，保荐机构结合福能股份的实际情况，查阅、收集了福能 股份自 2025 年 10 月 30 日至现场检查日的有关文件、资料，与上市公司管理人 员和员工进行了访谈，检查了公 ...

Core Viewpoint - Fuzhou Energy Co., Ltd. (福能股份) stated that its stock price is influenced by multiple factors including macroeconomic environment, industry cycles, and market sentiment, while confirming that its production and operations are normal and there are no undisclosed significant matters [1] Group 1 - The company is currently operating normally and does not have any undisclosed significant events [1] - The stock price is affected by various factors such as macroeconomic conditions and market emotions [1] - The company adheres to information disclosure rules and fulfills its obligations [1]

Core Viewpoint - The article emphasizes the growth potential of Funiu Co., Ltd. in the renewable energy sector, highlighting its strategic positioning in both traditional and green energy sources, and its robust financial performance. Group 1: Company Overview - Funiu Co., Ltd. is primarily engaged in clean energy generation and efficient cogeneration, focusing on the Fujian province, with a total installed capacity of 6.1252 million kilowatts as of mid-2025, including 1.809 million kilowatts of wind power and 1.56 million kilowatts of natural gas generation [4][5]. - The company has a clean energy installed capacity ratio of 56.55% [5]. Group 2: Financial Performance - In the first three quarters of 2025, Funiu Co., Ltd. achieved a net profit of 1.989 billion yuan, a year-on-year increase of 12.17%, despite a 4.29% decline in revenue to 10.035 billion yuan [10]. - The gross profit margin for 2024 is projected to be 26.6%, an increase of 2.7 percentage points year-on-year, while the gross profit margin for the first three quarters of 2025 reached 26.04%, up 4.05 percentage points from the previous year [10]. Group 3: Wind Power Business - The wind power segment, although not the largest in installed capacity, is a major profit contributor, with a projected gross margin of 64.1% in 2024, significantly higher than other energy sources [7]. - Funiu Co., Ltd. holds a 22.5% share of the total wind power capacity in Fujian province, positioning it as a leader in the local market [7]. Group 4: Project Pipeline and Future Growth - The company has a robust project pipeline, with plans to expand its installed capacity to 15 million kilowatts by the end of 2025, representing a 145% increase from current levels, and aims to reach 20 million kilowatts by 2030 [18][19]. - Key projects include a combined heat and power project with a total capacity of 2.64 million kilowatts and offshore wind projects totaling 656,000 kilowatts, with expected completion dates in 2025 and 2026 [15]. Group 5: Dividend Policy - Funiu Co., Ltd. has maintained a dividend payout ratio of 30% historically, with a planned mid-term dividend distribution of 203 million yuan in 2025, marking the first occurrence of such a distribution in the company's history [23].

Group 1 - The core viewpoint of the article is that Funiu Co., Ltd. (600483) clarified its non-market electricity statistics, which include specific electricity volumes from various sources, and stated that there will be no impact on the on-grid electricity price until new policies are introduced [1] Group 2 - The non-market electricity statistics primarily consist of the "West-to-East Power Transmission" electricity from Funiu Guidian, the on-grid electricity from Jinjiang Gas Power, and a portion of photovoltaic electricity [1] - The company indicated that the current situation remains unchanged in the absence of new relevant policies from national or local authorities regarding electricity pricing [1]

Investment Rating - The report maintains a "Buy" rating for Funiu Co., Ltd. and China Nuclear Power [9] Core Insights - The industrial heating market in China is projected to reach a scale of 490.8 billion yuan (~25 million tons of steam) by 2024, with industrial heating demand accounting for 75% of total heat consumption [1][3] - China's per capita heating consumption is significantly lower than the global average, indicating potential for growth in heating intensity as clean energy heating ratios increase [2][20] - The report forecasts that by 2030, power generation units such as coal, nuclear, waste incineration, and biomass will contribute an additional 225.9 billion yuan to the industrial heating market [4] Summary by Sections Heating Market Overview - In 2023, China's residential heating consumption reached 570.3 PJ, ranking first among major economies, but per capita heating is only 4.0 GJ/person, which is 67% lower than the global average of 12.22 GJ/person [2][17][20] - The disparity in heating intensity is attributed to China's vast territory and diverse climate zones, along with a fragmented heating model in southern regions [21] Industrial Heating Demand - Industrial heating accounted for 75% of China's total heat consumption in 2022, with the manufacturing sector being the largest consumer [44] - The report highlights that industrial heating is a continuous demand, primarily using steam, and is less seasonal compared to residential heating [43] Economic Analysis - The report indicates that the economic viability of industrial steam (cogeneration) is significantly better than pure electricity generation, enhancing profitability for power companies [3][44] - The cost of heating is linked to coal prices, with a projected increase in profitability for coal, nuclear, and waste incineration power plants due to additional heating services [3][4] Future Trends - By 2030, it is estimated that coal, nuclear, waste incineration, and biomass will supply 5.4, 0.7, 3.1, and 2.1 million tons of industrial steam respectively, contributing to a total market size of 225.9 billion yuan [4] - The report suggests that future power generation units will increasingly be equipped with heating capabilities, reflecting a shift in market dynamics [4]

Group 1 - The core viewpoint of the article is that Funiu Co., Ltd. has provided updates on its offshore wind power projects, indicating progress and future plans [1] Group 2 - The Zhangpu Liuao Offshore Wind Farm is a project of the company's subsidiary, Haixia Power, and it has already been put into operation [1] - The Changle Offshore J District Wind Farm project is expected to receive investment decision approval by April 2025, but construction has not yet started, with an estimated total construction period of 21 months [1]

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly recommending companies involved in coal power, hydropower, nuclear power, green energy, and gas [1]. Core Insights - The report highlights that in November 2025, the total electricity consumption reached 835.6 billion kWh, marking a year-on-year increase of 6.2%. The growth contributions from the primary, secondary, and tertiary industries, as well as residential consumption, were 2%, 49%, 29%, and 19% respectively [4][6]. - The secondary industry remains the largest contributor to electricity consumption, accounting for over 60% of the total, with significant growth in high-tech and equipment manufacturing sectors [5][6]. - Natural gas prices have shown fluctuations, with the U.S. Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decline of 7.30%. The report notes that the domestic LNG ex-factory price is 3915 yuan/ton, down 2.85% week-on-week [1][16]. Summary by Sections Electricity Sector - In November 2025, the electricity consumption by the first, second, and third industries grew by 7.9%, 4.4%, and 10.3% respectively, while residential consumption increased by 9.8% [4][6]. - The high-tech and equipment manufacturing sectors saw a 6.7% increase in electricity consumption, with automotive manufacturing leading at a 10% growth rate [5][6]. Natural Gas Sector - The report indicates that global gas prices are experiencing slight fluctuations, with the U.S. market showing a significant drop in spot prices. The report anticipates that the demand for natural gas will increase as winter approaches, potentially stabilizing prices [1][16]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and improved profitability due to lower oil prices [39][40]. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their diversified revenue sources [1]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to expected improvements in profit margins from reduced capital expenditures [1]. - Nuclear power firms like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [1]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are recommended for their stable returns and increasing operational value [1]. - The report also suggests investment in gas companies like Shenzhen Energy and Kunlun Energy, which are expected to benefit from cost reductions and improved market conditions [1][39].

Core Viewpoint - The company has not yet initiated investments in electrochemical energy storage stations but has ongoing projects in pumped storage hydropower with specific timelines for decision-making and construction duration [1] Group 1: Project Status - The company is currently developing three pumped storage projects: - The Mulan pumped storage project with a capacity of 1.4 million kilowatts is expected to pass investment decision in February 2024, with a total construction period of 69 months [1] - The Hua'an pumped storage project, also with a capacity of 1.4 million kilowatts, is anticipated to receive investment approval in July 2024, with a similar construction timeline of 69 months [1] - The Nan'an pumped storage project, with a capacity of 1.2 million kilowatts, is projected to have its investment decision made in August 2025, again with a construction period of 69 months [1]