Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4]. Core Insights - The report emphasizes the high-quality development of the environmental equipment manufacturing industry, aiming to create a trillion-level industry with international competitiveness by 2027 [2][16]. - It highlights the synergy between computing power and electricity, particularly in the context of data centers, which require substantial and reliable electricity supply [18][20]. - The report suggests that the profitability of coal-fired power generation is expected to remain reasonable due to the simultaneous decline in coal and electricity prices [28]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.59%, while the public utility index increased by 2.19% and the environmental index by 2.53% [1][29]. - Among the sub-sectors, coal-fired power saw a 3.39% increase, while renewable energy generation rose by 1.48% [31]. Important Policies and Events - The Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, and the State Administration for Market Regulation jointly issued opinions to promote the high-quality development of the environmental equipment manufacturing industry [2][16]. - By 2030, the report anticipates a complete upgrade of the environmental equipment manufacturing industry towards green, low-carbon, and circular development [2]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies like Shanghai Electric due to stable electricity prices [3][28]. - For renewable energy, leading companies such as Longyuan Power and Three Gorges Energy are recommended, alongside regional offshore wind power companies [3][28]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved free cash flow [3][28]. Industry Dynamics - The report notes that the electricity and heat production and supply industry prices fell by 0.8% year-on-year in February 2025 [17]. - It highlights the increasing importance of green electricity and nuclear power in meeting the energy demands of data centers [24][21]. Company Performance - The report lists several companies with "Outperform" ratings, including Huadian International, Longyuan Power, and China Nuclear Power, among others, indicating their strong market positions and growth potential [6][28].

证券研究报告 | 行业周报 | 公用事业 公用事业 报告日期：2025 年 03 月 16 日 绿电直供凸显环境属性，清洁能源迎来专项资金 ——环保与公用事业行业周报 投资要点 ❑ 行情回顾 本周，公用事业板块指数上涨 2.19%，涨跌幅在 31 个申万一级行业中排名第 11，跑赢沪深 300 指数 0.61%；本周，环保板块指数上涨 2.53%，涨跌幅在 32 个 申万一级行业中排名第 9，跑赢沪深 300 指数 0.94%。截至 2025 年 3 月 7 日，公 用事业（申万）PE（TTM）为 16.87 倍，PB（LF）为 1.48 倍；环保（申万）PE （TTM）为 21.60 倍，PB（LF）为 1.48 倍。 ❑ 行业重要动态 ❑ 核心观点与投资建议 ❑ 公用事业行业，本周重点关注个股组合：佛燃能源+东方电子+中国核电。 A.绿电运营板块。去年以来政策推动典型高耗能行业参与绿证绿电交易，绿电环 境价值有望进一步兑现；此外新能源全面入市有望带动电价下行，叠加电网发债 持续推进下绿电企业国补欠补问题有望改善。考虑到当前绿电估值已处价值洼地， 尤其是港股绿电普遍处于破净状态，后续可进一步关注新能源大基地 ...

证券代码：600821 证券简称：金开新能 公告编号：2025-013 金开新能源股份有限公司 关于控股股东增持计划进展的自愿性披露公告 一、增持主体的基本情况 （一）增持主体 公司控股股东金开企管。 （二）本次增持计划实施前增持主体持股数量及持股比例 本次增持计划实施前，金开企管持有公司股份 189,078,638 股，占公司总股 本的 9.47%；金开企管及其一致行动人天津津融资本运营有限公司、天津津融国 盛股权投资基金管理有限公司-天津津诚二号股权投资基金合伙企业（有限合伙）、 天津津融卓创投资管理有限公司-津融卓创 2 号私募证券投资基金合计持有公司 股份 336,679,073 股，占公司总股本的 16.86%。 （三）本次增持计划披露前 12 个月内增持主体增持情况 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： 增持计划的基本情况：金开新能源股份有限公司（以下简称"公司"）控 股股东天津金开企业管理有限公司（以下简称"金开企管"）计划自 2024 年 11 月 12 日起 12 个月内以自有资金和 ...

金开新能源股份有限公司（以下简称"公司"）2022 年度非公开发行 A 股 股票经中国证券监督管理委员会证监许可[2022]1910 号文核准，已于 2022 年 11 月完成非公开发行股票事宜并在上海证券交易所上市。中信建投证券股份有限公 司（以下简称"中信建投"）、国开证券股份有限公司为公司 2022 年非公开发 行股票项目的保荐机构及持续督导机构，尚在履行持续督导责任。近日，公司收 到中信建投《关于变更金开新能源股份有限公司持续督导保荐代表人的函》，原 保荐代表人元德江先生因工作调整，不再负责公司的持续督导保荐工作，中信建 投委派张顺达先生（简历详见附件）接替担任公司的持续督导保荐代表人，继续 履行持续督导职责。本次变更后，公司 2022 年度非公开发行股票的持续督导保 荐代表人为董克念、张顺达、周涛、马磊。公司董事会对元德江先生担任公司保 荐代表人期间所做的工作表示衷心感谢！ 特此公告。 关于变更持续督导保荐代表人的公告 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。 证券代码：600821 证券简称：金开新能 公告编 ...

北京大成律师事务所 关 于 金开新能源股份有限公司 2025 年 第 一 次临时股东大会的 法律意见书 大成证字[2025]JKXN 第 0224 号 北 京 大成律师事务所 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层（100020） 16-21F, Tower B, ZT International Center, No.10, Chaoyangmen Nandajie Chaoyang District, 100020, Beijing, China Tel: +86 10-58137799 Fax: +86 10-58137788 北京大成律师事务所 关于金开新能源股份有限公司 2025 年第一次临时股东大会的法律意见书 致：金开新能源股份有限公司 2025 年 2 月 7 日和 2025 年 2 月 8 日，公司董事会分别在上海证券交易所网 站及巨潮资讯网等中国证券监督管理委员会指定的信息披露媒体公告了《关于召 开 2025 年第一次临时股东大会的通知》及《2025 年第一次临时股东大会会议资 料》，本次股东大会将审议《关于补选公司非独立董事的议案》。 （二）本次股东大会的 ...

证券代码：600821 证券简称：金开新能 公告编号：2025-011 金开新能源股份有限公司 2025 年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 2 月 24 日 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会采取现场投票与网络投票相结合的表决方式，均符合《公司法》 及《公司章程》的规定。本次股东大会由公司董事会召集，由公司董事长尤明杨 先生主持本次股东大会，符合《公司法》和《公司章程》的有关规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事 9 人，出席 8 人，董事夏璐女士因工作原因未出席会议； 2、公司在任监事 3 人，出席 2 人，监事车轶新女士因个人原因未出席会议； 3、公司董事会秘书范晓波先生出席会议； 4、公司财务负责人、副总经理宋璐璐列席本次会议。 二、议案审议情况 (一)非累积投票议案 1、 议案名称：关于补选 ...

证券代码：600821 证券简称：金开新能 公告编号：2025-010 金开新能源股份有限公司 关于控股股东一致行动人权益变动 完成工商登记变更的公告 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。 类型：有限合伙企业 成立日期：2019 年 4 月 24 日 执行事务合伙人：天津津融国盛股权投资基金管理有限公司（委派代表：苏 鑫） 主要经营场所：天津自贸试验区（中心商务区）金昌道 637 号宝正大厦 12 层 1202B-04 2024 年 12 月 26 日，金开新能源股份有限公司（以下简称"公司"）收到 控股股东天津金开企业管理有限公司（以下简称"金开企管"）一致行动人天津 津诚二号股权投资基金合伙企业（有限合伙）（以下简称"二号基金"）的告知函。 根据告知函，二号基金的合伙人天津津诚金石私募基金管理有限公司和天津津诚 产业转型升级投资基金合伙企业（有限合伙）通过非公开协议转让的方式，分别 将其所持有的二号基金 0.05%和 99.95%的份额转让给天津津融国盛股权投资基 金管理有限公司和天津津融投资服务集团有限公司（以 ...

证券代码：600821 证券简称：金开新能 公告编号：2025-009 金开新能源股份有限公司 类型：有限责任公司 成立日期：2013 年 7 月 26 日 法定代表人：刘智 关于间接控股股东权益变动完成工商登记变更的公告 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。 2024 年 12 月 26 日，金开新能源股份有限公司（以下简称"公司"）收到 间接控股股东天津农垦宏达有限公司（以下简称"农垦宏达"）的告知函。根据 告知函，农垦宏达将其所持有的天津津融投资服务集团有限公司（以下简称"津 融集团"）45.2163%股权无偿划转至天津宏达投资控股有限公司（以下简称"宏 达控股"）。各方已签署《股权无偿划转事项协议书》，具体内容详见公司于 2024 年 12 月 27 日在上海证券交易所披露的《关于间接控股股东权益变动的提示性公 告》（公告编号：2024-115）。 近日，公司获悉上述股权转让的工商变更登记手续已办理完毕，并取得了天 津市和平区市场监督管理局换发的《营业执照》。本次变更登记后，基本登记信 息如下： 企业名称：天 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Insights - The report highlights the steady development of the company's computing power business, which is expected to create a second growth curve for the company [2] - The company is benefiting from the market-oriented reform of renewable energy grid prices, which is anticipated to maintain reasonable returns for renewable energy projects [3] - The company has signed a contract for AI computing power services, marking its first project in the integration of renewable energy and computing centers, which is expected to contribute significantly to future revenue [20] Summary by Relevant Sections Renewable Energy Pricing and Market Reforms - The National Development and Reform Commission and the National Energy Administration have issued a notice to promote market-oriented pricing for renewable energy, allowing all renewable energy projects to participate in market transactions [4][7] - A sustainable pricing settlement mechanism for renewable energy has been established, which will provide price compensation when market prices fall below a set mechanism price, thus stabilizing revenue expectations for renewable energy projects [3][7] Company Capacity and Generation Growth - As of September 2024, the company has a cumulative installed capacity of 4,976 MW, with wind and solar capacities of 1,390 MW and 3,459 MW, respectively [8] - In the first three quarters of 2024, the company added 496 MW of new capacity, with solar energy accounting for the majority of the increase [8] - The total electricity generation for the first three quarters of 2024 was 6.179 billion kWh, representing a year-on-year increase of 12.31% [8] AI Computing Power Contract - The company’s subsidiary signed a contract worth 69.12 million yuan (including tax) to provide computing power and related services, which is expected to generate significant revenue [20] - This project is seen as a critical step in integrating computing power with renewable energy, potentially leading to further growth in the company's operational performance [20] Financial Projections - The company has adjusted its profit forecasts due to declining electricity prices, projecting net profits of 850 million, 940 million, and 1.05 billion yuan for 2024-2026, respectively [3] - The earnings per share (EPS) are expected to be 0.42, 0.47, and 0.53 yuan for the same period, with the current stock price corresponding to price-to-earnings ratios of 13.1, 11.8, and 10.6 [3] Shareholder Returns - The company plans to distribute a cash dividend of 1.00 yuan per share for the first half of 2024, amounting to 197 million yuan, which represents 40.38% of the net profit attributable to shareholders [3]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The reform of market-oriented pricing for renewable energy grid connection is advancing, which is expected to maintain reasonable returns for renewable energy projects [3][4] - The company's installed capacity and power generation are continuously increasing, with a focus on photovoltaic energy [8] - The company has signed a contract for AI computing power services, marking the first project in the integration of renewable energy and computing centers, which is expected to contribute to the company's second growth curve [20] Summary by Relevant Sections Market Environment - The National Development and Reform Commission and the National Energy Administration issued a notice to deepen the market-oriented reform of renewable energy grid connection pricing, promoting the full participation of renewable energy in the market [3][7] - The notice establishes a sustainable pricing settlement mechanism for renewable energy, ensuring stable expectations for power generation enterprises [7] Company Performance - As of September 2024, the company has a cumulative installed capacity of 4976 MW, with wind and photovoltaic capacities of 1390 MW and 3459 MW, respectively [8] - In the first three quarters of 2024, the company added 496 MW of installed capacity, with wind and photovoltaic additions of 133 MW and 363 MW, respectively [8] - The total power generation for the first three quarters of 2024 was 6.179 billion kWh, a year-on-year increase of 12.31% [8] Strategic Developments - The company’s subsidiary signed a contract to provide AI computing power and related services, with a total rental amount of 69.12 million yuan (including tax) for a service period of 12 months [20] - This project is expected to generate an annual revenue of 69.12 million yuan from computing power leasing, contributing positively to the company's future performance [20] Financial Outlook - Due to the impact of declining electricity prices, the profit forecast for the company has been adjusted, with expected net profits of 850 million, 940 million, and 1.05 billion yuan for 2024-2026 [3] - The earnings per share (EPS) are projected to be 0.42, 0.47, and 0.53 yuan for the same period, with the current stock price corresponding to price-to-earnings ratios of 13.1, 11.8, and 10.6 times [3]