本报记者 陈潇 近期，多家A股新能源企业陆续公告称，收到大额可再生能源补贴资金，金额从数亿元至数十亿元不 等。据《证券日报》记者不完全统计，8月份，新能源上市公司收到相应补贴合计超过60亿元。今年以 来，多家企业累计补贴回款已达到去年全年金额的约1.5倍至3.5倍。 有业内人士认为，补贴资金的密集到账，既反映出财政端加快清理历史欠补、保障新能源行业稳健发展 的导向，也对相关企业改善现金流、增强运营韧性起到积极作用。 多位业内人士认为，补贴资金回款对于新能源企业而言意义重大。金开新能相关人士对《证券日报》记 者表示，虽然过去的补贴电价相对较高，但如果补贴资金迟迟未能到账，就会对公司的现金流形成明显 掣肘。 营口金辰机械股份有限公司CEO祁海珅在接受《证券日报》记者采访时表示，新能源行业是典型的重资 产行业，资产负债率普遍较高，同时技术研发和设备迭代也需要持续投入。补贴资金的密集到账，有助 于企业改善现金流、缓解财务压力。 9月6日，江苏林洋能源股份有限公司发布公告称，今年8月份，公司下属光伏发电项目公司共收到可再 生能源补贴资金2.03亿元。今年前8个月，公司共收到可再生能源补贴资金3.06亿元，同比增长 21 ...

证券研究报告 | 行业周报 gszqdatemark 2025 09 07 年 月 日 电力 可再生能源补贴密集发放，利好绿电运营商 本周行情回顾：本周（9.1-9.5）上证指数报收 3812.51 点，下跌 1.18%， 沪深 300 指数报收 4460.32 点，下跌 0.81%。中信电力及公用事业指数 报收 3050.21 点，上涨 0.51%，跑赢沪深 300 指数 1.33pct，位列 30 个 中信一级板块涨跌幅榜第 6 位。 个股方面，电力及公用事业板块上市公司超半数下跌。 本周行业观点： 我们认为，"136 号文"（《关于深化新能源上网电价市场化改革 促 进新能源高质量发展的通知》）推动新能源全面入市，新能源发电竞 争加剧，在此背景下国家可再生能源补贴回收加快，有望极大程度上 缓解绿电运营商现金流压力，利好运营商纾困反转，有利于行业长期 发展。 投资建议：可再生能源补贴加快回收，有望宽松绿电运营商现金流，缓冲 行业走势 -10% 2% 14% 26% 38% 50% 2024-09 2025-01 2025-05 2025-09 电力 沪深300 作者 邮箱：gaoziming@gszq.co ...

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].

特别申明： 利用小时数提升拉动Q2营收边际改善，上半年投资收益下行压制公司盈利水平 点击注册小程序 查看完整报告 25Q2单季度，公司风电/光伏上网电量分别为11.81/13.37亿千瓦时，同比+17.16%/+8.28%，环比 +26.79%/+23.28%；Q2风电/光伏装机容量同比+17.59%/+27.71%；环比+6.53%/+3.30%；Q2上网电量环比 增速远超装机容量增速，我们判断风光利用小时数环比提升显著。通过我们统计，公司Q2单季度风电/光 伏电价基本维持Q1水平，分别为0.422/0.402元/千瓦时（除税），环比+0.63%/-1.37%。对应公司Q2风电/ 光伏营收分别为4.98/5.37亿元，环比+27.59%/+21.69%。我们认为Q2单季度营收边际改善主要原因是风光 利用小时数改善所致。盈利维度，由于上半年公司投资收益同比减少0.29亿元（其中Q1单季度同比减少 0.21亿元），因此压制上半年公司盈利水平。 新能源装机容量持续扩容，核准项目充沛贡献未来稳定增量 截至2025年上半年，公司风电/光伏装机容量分别为1.63/4.15GW，同比新增0.24/0.90GW。截至202 ...

2025 年 9 月 5 日 风险提示：行业支持政策退坡；税收优惠政策变化；上网电价及补贴变动风险等。 利用小时数提升拉动Q2营收边际改善，上半年投资收益下行压制公司盈利水平。 25Q2 单季度，公司风电/光伏上网电量分别为 11.81/13.37 亿千瓦时，同比 +17.16%/+8.28%，环比+26.79%/+23.28%；Q2 风电/光伏装机容量同比 +17.59%/+27.71%；环比+6.53%/+3.30%；Q2 上网电量环比增速远超装机容 量增速，我们判断风光利用小时数环比提升显著。通过我们统计，公司 Q2 单季 度风电/光伏电价基本维持 Q1 水平，分别为 0.422/0.402 元/千瓦时（除税）， 环比+0.63%/-1.37%。对应公司 Q2 风电/光伏营收分别为 4.98/5.37 亿元，环比 +27.59%/+21.69%。我们认为 Q2 单季度营收边际改善主要原因是风光利用小 时数改善所致。盈利维度，由于上半年公司投资收益同比减少 0.29 亿元（其中 Q1 单季度同比减少 0.21 亿元），因此压制上半年公司盈利水平。 新能源装机容量持续扩容，核准项目充沛贡献未来稳定增量。截至 ...

Group 1: 恒瑞医药 - Company received approval for clinical trials of HRS-7172 tablets, a new anti-tumor small molecule inhibitor [1] - Subsidiary received approval for SHR-A2009, an antibody-drug conjugate targeting HER3 [1] - Company was established in April 1997, focusing on drug research, production, and sales [1] Group 2: 康德莱 - Controlling shareholder plans to transfer 5% of shares to strategic investor at a price of 10.81 yuan per share, totaling 236 million yuan [1] - Post-transfer, controlling shareholder's stake will decrease from 39.58% to 34.58% [1] - Company was established in July 1998, specializing in medical devices [2] Group 3: 中钢洛耐 - Shareholder plans to reduce holdings by up to 1% of total shares due to fund exit needs [3] - Company was established in August 2006, focusing on high-end refractory materials [3] Group 4: 瑞玛精密 - Subsidiary completed acquisition of land in Mexico for production operations, covering 52,300 square meters at a price of 3.4064 million USD [4] - Company was established in March 2012, specializing in precision metal stamping and related products [4] Group 5: 鸿博股份 - Company confirmed normal operations despite stock price fluctuations exceeding 20% over three trading days [5] - Company was established in June 1999, focusing on lottery services and high-end packaging [6] Group 6: 东芯股份 - Company completed stock trading risk investigation and resumed trading [7] - Company was established in November 2014, specializing in storage chip design and sales [7] Group 7: 凯迪股份 - Company stated that its robot products are still in development and will not generate revenue in the short term [8] - Company was established in August 1992, focusing on linear drive systems [8] Group 8: 诺唯赞 - Major shareholder plans to reduce holdings by up to 3% due to funding needs [9] - Company was established in March 2012, focusing on functional proteins and organic materials [9] Group 9: 君实生物 - Company received approval for clinical trials of JT118 injection, a "two-in-one" recombinant protein vaccine for monkeypox [10] - Company was established in December 2012, focusing on new drug research and related services [10] Group 10: 赛力斯 - Company reported August sales of 45,818 vehicles, with a 19.57% increase in new energy vehicle sales [11] - Company was established in September 2012, focusing on automotive research and sales [11] Group 11: 燕东微 - Major shareholder plans to reduce holdings by up to 1% due to management needs [13] - Company was established in October 1987, focusing on semiconductor products and services [13] Group 12: 中百集团 - Company reported cumulative litigation and arbitration amounts of approximately 262 million yuan over the past 12 months [14] - Company was established in January 1990, focusing on retail business [14] Group 13: 金开新能 - Company received 939 million yuan in renewable energy subsidies, with a 341.67% increase year-on-year [15] - Company was established in March 1997, focusing on renewable energy development and operation [15] Group 14: *ST天茂 - Company plans to terminate stock listing and initiate cash option mechanism for shareholders [16] - Company was established in November 1993, focusing on various insurance services [16] Group 15: 宁德时代 - Company repurchased 8.69 million A-shares for a total of 2.131 billion yuan [17] - Company was established in December 2011, focusing on battery research and production [17] Group 16: 山西高速 - Controlling shareholder plans to increase holdings by 30 to 60 million yuan [18] - Company was established in February 1996, focusing on highway management [18] Group 17: 青岛银行 - Major shareholder plans to increase holdings by 233 to 291 million shares [19] - Company was established in November 1996, focusing on banking services [19] Group 18: 格力电器 - Major shareholder completed share increase of 46.38 million shares for 2.099 billion yuan [20] - Company was established in December 1989, focusing on air conditioning production and sales [20] Group 19: 中国石油 - Company plans to transfer 541 million A-shares to China Mobile Group to enhance strategic cooperation [21] - Company was established in November 1999, focusing on oil and gas exploration and production [21] Group 20: 镇洋发展 - Company announced a merger plan with Zhejiang Huhangyong Highway Co., with a share exchange ratio of 1:1.08 [22] - Company was established in December 2004, focusing on chemical products [22]

Group 1 - The company received renewable energy subsidy funds totaling 939 million yuan in August 2025, with a total of 1.214 billion yuan received from January 1 to August 31, 2025, representing a 341.67% increase compared to the same period last year [2] - The national renewable energy subsidy funds amounted to 1.199 billion yuan, which is a 340.47% increase year-on-year, and accounted for 188.78% of the total received in 2024 [2] Group 2 - The recovery of renewable energy subsidy funds will improve the company's cash flow and positively impact the operation of future power plants [3] - The subsidy funds have been recognized as revenue in the corresponding fiscal year upon electricity sales, and this repayment will not have a significant impact on the company's profit and loss for 2025 [3]

Core Points - On the evening of September 2, Jin Kai New Energy announced that its subsidiary power generation project company received a total of 939 million yuan in renewable energy subsidy funds for the year 2025 [2] - The entire amount of 939 million yuan is classified as national renewable energy subsidy funds [2] Company Summary - Jin Kai New Energy's subsidiary has successfully secured significant renewable energy subsidies, indicating strong governmental support for its projects [2] - The announcement highlights the company's ongoing commitment to renewable energy initiatives and its financial backing from national policies [2]

Core Viewpoint - The company, Jin Kai New Energy, reported significant increases in renewable energy subsidy funds received in 2025 compared to the previous year, indicating strong growth in its financial support from the government [1] Summary by Relevant Categories Financial Performance - In August 2025, the company received a total of 939 million yuan in renewable energy subsidy funds, all of which were from national sources [1] - From January 1 to August 31, 2025, the company received a total of 1.214 billion yuan in renewable energy subsidy funds, representing a 341.67% increase compared to the same period last year [1] - The total subsidy received during this period accounted for 190.12% of the total subsidies received in the entire year of 2024 [1] - The national renewable energy subsidy funds amounted to 1.199 billion yuan, which is a 340.47% increase year-on-year, and this also represented 188.78% of the total national subsidies received in 2024 [1]

Group 1 - The company received a total of 939 million yuan in renewable energy subsidy funds, all from the national renewable energy subsidy program [1] - From January 1, 2025, to August 31, 2025, the company received a total of 1.199 billion yuan in renewable energy subsidy funds, representing a 190.12% increase compared to the same period last year [1] - The recovery of these subsidy funds is expected to improve the company's cash flow and positively impact the operation of its power plants in the future [1] Group 2 - The renewable energy subsidy funds have been recognized as revenue in the corresponding year's electricity sales, indicating that the recent payment will not have a significant impact on the company's profit and loss for the fiscal year 2025 [1]