一、双碳要闻 A. 政策发布 1.国家发展改革委就《电力中长期市场基本规则（征求意见稿）》公开征求意见 据国家发展改革委网站9月2日消息，为规范电力中长期市场，维护电力市场秩序和各类经营主体合法权 益，国家发展改革委组织修订了《电力中长期市场基本规则（征求意见稿）》，向社会公开征求意见。 8月29日，国家能源局发布《中国天然气发展报告（2025）》。报告显示2024年国民经济回升向好，能 源转型加快推进，天然气利用管理持续优化，天然气消费呈现较快增长势头。全年天然气消费量同比增 长7.3%；天然气在一次能源消费总量中占比8.8%，较上年提高0.3个百分点。从消费结构看，城市燃气 消费同比增长11.1%，占比34%，居民生活、采暖用气自然增长，公福商业消费提速，LNG重卡销量再 创历史新高，交通物流消费增长显著。工业燃料消费同比增长6.1%，占比41%，主要受大规模设备更新 和消费品以旧换新政策拉动的双重驱动，传统制造业升级改造与战略性新兴产业产能扩张形成协同效 应。 零碳解读：气电对能源转型的支撑作用凸显，在亚洲发展中国家，天然气成为替代煤炭发电的最优能 源。2024年我国发电用气同比增长 9.5%，占比 1 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [4] Core Views - The company reported a revenue of 38.151 billion yuan in the first half of 2025, representing a year-on-year growth of 14.03% [1] - The sales gross margin improved to 15.46%, an increase of 0.1 percentage points year-on-year [1] - The net profit attributable to shareholders reached 1.910 billion yuan, up 12.91% year-on-year, while the net profit excluding non-recurring items was 1.806 billion yuan, reflecting a growth of 10.52% [1] - The company experienced a decline in Q2 profits due to impairment losses, with a net profit of 755.6 million yuan, down 3.79% year-on-year [7] - The company has seen significant growth in wind and hydropower orders, with a total of 65.485 billion yuan in new effective orders in the first half of 2025, a year-on-year increase of 16.78% [7] - The company is positioned as a leader in high-end energy equipment, with a focus on technological innovation and quality improvement in its orders [7] Financial Data and Valuation - The projected total revenue for 2025 is 76.665 billion yuan, with a year-on-year growth of 10% [3] - The expected net profit attributable to shareholders for 2025 is 4.034 billion yuan, representing a year-on-year increase of 38% [3] - The company's price-to-earnings (PE) ratio is projected to be 15.8 for 2025, indicating a favorable valuation compared to historical levels [3][20] - The return on equity (ROE) is expected to be 9.5% in 2025, reflecting a recovery in profitability [20] Order and Revenue Growth - The company has seen a notable increase in revenue from coal power, nuclear power, and hydropower, with coal power revenue reaching 11.3 billion yuan, a 33% increase year-on-year [7] - Wind power revenue grew by 22% year-on-year to 8.14 billion yuan, with significant improvements in gross margin [7] - The company has maintained its leading market share in nuclear power despite a 40% decline in bidding volume [7] Cash Flow and Financial Health - The company reported a net operating cash flow of -556 million yuan in the first half of 2025, indicating challenges in cash generation [8] - The debt ratio increased to 71% in Q2 2025, reflecting a higher leverage position [10] - The company holds cash reserves of 31.259 billion yuan, providing a buffer for operational needs [10]

Core Viewpoint - Dongfang Electric has shown a mixed performance in stock price, with a year-to-date increase of 23.97% but a recent decline over the past five and twenty trading days [1] Group 1: Stock Performance - As of September 5, Dongfang Electric's stock price was 19.20 CNY per share, with a market capitalization of 65.095 billion CNY [1] - The stock experienced a net inflow of 21.0464 million CNY from main funds, with significant buying and selling activities [1] - Year-to-date, the stock has risen by 23.97%, but it has decreased by 2.93% in the last five trading days and 3.45% in the last twenty trading days [1] Group 2: Company Overview - Dongfang Electric, established on December 28, 1993, and listed on October 10, 1995, is based in Chengdu, Sichuan Province [2] - The company specializes in the research, manufacturing, sales, and service of various power generation equipment, including thermal, hydro, wind, nuclear, and gas power [2] - The revenue composition includes clean and efficient energy equipment (40.69%), renewable energy equipment (23.82%), emerging growth industries (16.00%), modern manufacturing services (10.85%), and engineering and supply chain (8.64%) [2] Group 3: Financial Performance - For the first half of 2025, Dongfang Electric reported a revenue of 38.151 billion CNY, reflecting a year-on-year growth of 14.03%, and a net profit attributable to shareholders of 1.910 billion CNY, up 12.91% year-on-year [2] - The company has distributed a total of 8.575 billion CNY in dividends since its A-share listing, with 3.892 billion CNY distributed in the last three years [3] Group 4: Shareholder Information - As of June 30, 2025, the number of shareholders was 92,000, a decrease of 10.68% from the previous period [2] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in their holdings [3]

中金发布研报称，当前东方电气（01072）A、H股股价分别对应2025年及2026年15.8及13.1倍、12.8/10.4倍市盈率。考虑雅下水电站建设、燃煤机组核准加快为公司打开长期发展空间，叠 报告指，东方电气上半年营业总收入381.51亿元人民币（下同），同比增长14.03%；净利润19.1亿元，同比增长12.91%。其中第二季收入216.03亿元，同比增长17.38%；净利润7.56亿元 责任编辑：史丽君 ...

Group 1 - The core viewpoint of the report indicates that China International Capital Corporation (CICC) maintains a "outperform" rating for both A-shares and H-shares of Dongfang Electric (01072), with target prices raised by 30% and 67.2% respectively, to RMB 22.1 and HKD 19.4, corresponding to 18 times and 14.5 times the earnings ratio for this year [1] - The report highlights that Dongfang Electric's total revenue for the first half of the year reached RMB 38.151 billion, representing a year-on-year growth of 14.03%, while net profit was RMB 1.91 billion, up 12.91% year-on-year [2] - In the second quarter, the company reported revenue of RMB 21.603 billion, a year-on-year increase of 17.38%, but net profit decreased by 3.79% to RMB 0.756 billion due to increased impairment losses [2] Group 2 - The report notes that Dongfang Electric's new effective orders in the first half of the year amounted to RMB 65.485 billion, reflecting a year-on-year growth of 16.78% [2] - The clean and efficient energy equipment segment saw a revenue increase of 19.2% year-on-year, with coal power and nuclear power revenues growing by 32.6% and 38.7% respectively [2] - The company achieved a breakthrough with its 50-megawatt heavy-duty gas turbine overseas orders, indicating a positive outlook for its continued expansion in international markets [2]

Group 1 - The core viewpoint of the report is that the stock prices of Dongfang Electric (600875) for A and H shares are projected to correspond to P/E ratios of 15.8 and 13.1 for 2025, and 12.8 and 10.4 for 2026, respectively, with a positive outlook due to ongoing projects and market recovery [1] - The target prices for A and H shares have been raised by 30% and 67.2%, reaching 22.1 RMB and 19.4 HKD, which correspond to P/E ratios of 18 times and 14.5 times for this year [1] Group 2 - Dongfang Electric reported a total revenue of 38.151 billion RMB for the first half of the year, reflecting a year-on-year growth of 14.03%, with a net profit of 1.91 billion RMB, up 12.91% [2] - In the second quarter, revenue was 21.603 billion RMB, showing a year-on-year increase of 17.38%, while net profit decreased by 3.79% to 756 million RMB due to increased impairment losses [2] - The company secured new effective orders amounting to 65.485 billion RMB in the first half, marking a year-on-year growth of 16.78% [2] - The clean and efficient energy equipment segment saw a revenue increase of 19.2% year-on-year, with coal and nuclear power revenues growing by 32.6% and 38.7%, respectively [2] - The gross margin for coal power increased by 2.7 percentage points to 19.1%, while the nuclear power gross margin declined due to product delivery structure impacts [2] - The company achieved its first overseas order for a 50-megawatt heavy-duty gas turbine, indicating potential for continued expansion in international markets [2]

Macro Insights - The report suggests that the stock and bond markets are likely to gradually "decouple," with the market pricing in profit recovery and capital inflow expectations [1][7] - There is a reallocation logic in assets due to anticipated Fed rate cuts, leading to a weaker dollar cycle and global capital reallocation [1][7] - Short-term sentiment has not reached extreme levels, but there is a focus on style rebalancing driven by micro trading congestion, with narratives shifting towards consumption, non-ferrous metals, and innovative industries [1][8] Defense and Aerospace - The report on Xirui (2507.HK) indicates that the company is gradually expanding its production capacity and service network, with expected net profits of $170 million, $210 million, and $260 million for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 14.0, 11.2, and 9.2 [2][10] - The demand for private jets is increasing, driven by a growing high-net-worth population and improved flight infrastructure, benefiting leading companies like Xirui [9] Electronics - Shengke Communication (688702.SZ) is expected to achieve revenues of 1.353 billion, 1.776 billion, and 2.195 billion yuan from 2025 to 2027, with year-on-year growth rates of 25.1%, 31.3%, and 23.6% respectively, maintaining a "buy" rating [3][13] - The company is focusing on high-end switch chip products to meet the demands of large-scale data centers and cloud services [12] Computer Industry - Ruijun Power (301236.SZ) is projected to achieve revenues of 365 billion, 424 billion, and 493 billion yuan from 2025 to 2027, with net profits of 3.84 billion, 5.18 billion, and 7.81 billion yuan respectively, maintaining a "buy" rating [4][16] - The company is deepening its soft-hard integration strategy, with significant growth in revenue from computing products and smart electronics [15][17] Power Equipment - Guoxuan High-Tech (002074.SZ) reported a revenue of 19.394 billion yuan for the first half of 2025, a year-on-year increase of 15.48%, with net profits of 367 million yuan, up 35.22% [22][24] - The company is expanding its international presence and has successfully launched its first experimental line for solid-state batteries, enhancing its competitive edge [24] Automotive - Li Auto (02015.HK) achieved a revenue of 30.25 billion yuan in Q2 2025, with a net profit of 1.1 billion yuan, maintaining a stable gross margin of 20.1% [30][32] - The company is expanding its sales and service network, with plans to increase the number of supercharging stations significantly [31][32] - The report on Seris (601127.SH) indicates a revenue of 62.402 billion yuan for the first half of 2025, with a net profit growth of 81.03%, driven by strong sales of its high-end models [38][39] Tire Manufacturing - Linglong Tire (601966.SH) reported a revenue of 11.812 billion yuan for the first half of 2025, a year-on-year increase of 13.80%, despite a decline in net profit [41][42] - The company is expanding its global footprint with a new production base in Brazil, aiming to enhance its international competitiveness [42][43]

Core Conclusion - The company reported a revenue of 37.624 billion yuan for H1 2025, a year-on-year increase of 14.26%, and a net profit attributable to shareholders of 1.91 billion yuan, up 12.91% year-on-year [1] - The gross profit margin was 15.46%, an increase of 0.1 percentage points year-on-year, while the net profit margin was 5.48%, a slight decrease of 0.01 percentage points year-on-year [1] - R&D expenses for H1 2025 were 1.57 billion yuan, reflecting a 16.45% year-on-year increase due to ongoing investments in technology [1] - Financial expenses decreased by 100.84% year-on-year, and asset impairment losses totaled 667 million yuan, including 210 million yuan in credit impairment [1] Industry Position - The company maintains a leading position in traditional energy equipment, with the highest market shares in nuclear and gas power [2] - Achievements include the first overseas order for a 50 MW heavy-duty gas turbine and improved quality in hydropower orders [2] - In emerging industries, the hydrogen energy sector secured a demonstration project for 30 heavy trucks, and the largest carbon dioxide storage project globally reached structural completion [2] Demand and Orders - As of June 2025, China's total installed power generation capacity reached 3.65 billion kilowatts, a year-on-year increase of 18.7% [3] - The company secured new effective orders worth 65.485 billion yuan in H1 2025, a 16.78% increase year-on-year, with clean and efficient energy equipment accounting for 37.59% of the orders [3] - The company has a robust order backlog, indicating sustained performance growth in the future [3] Investment Outlook - The company's order backlog supports business growth, driven by both core and emerging industries, leading to expected continued performance growth [3] - Forecasted net profits for 2025-2027 are 4.274 billion yuan, 5.078 billion yuan, and 5.578 billion yuan, representing year-on-year growth rates of 46.3%, 18.8%, and 9.8% respectively [3]

Investment Rating - The investment rating for the company is "Buy" [5][10] Core Views - The company has returned to an upward development trajectory, with its energy equipment business flourishing across multiple sectors [1][2] - The demand remains high, supporting future performance growth, with a significant increase in new effective orders [3] - The company is expected to achieve substantial net profit growth over the next few years, driven by both its main business and emerging industries [3][4] Financial Performance - For the first half of 2025, the company reported a revenue of 37.624 billion, a year-on-year increase of 14.26%, and a net profit of 1.91 billion, up 12.91% year-on-year [1] - The gross profit margin was 15.46%, an increase of 0.1 percentage points year-on-year, while the net profit margin was 5.48%, slightly down by 0.01 percentage points [1] - Research and development expenses reached 1.57 billion, reflecting a year-on-year increase of 16.45% [1] Order Growth and Market Position - The company maintains a leading market share in traditional energy equipment, particularly in nuclear and gas power [2] - New effective orders totaled 65.485 billion in the first half of 2025, representing a year-on-year increase of 16.78% [3] - The composition of new orders includes 37.59% from clean and efficient energy equipment and 30.82% from renewable energy equipment [3] Future Projections - The company is projected to achieve net profits of 4.274 billion, 5.078 billion, and 5.578 billion for the years 2025, 2026, and 2027, respectively, indicating growth rates of 46.3%, 18.8%, and 9.8% [3][4]

【深圳商报讯】（首席记者 吴吉）近日，国家电投集团广东电力有限公司与谢和平院士团队（含深圳 大学、四川大学、东方电气（600875）股份有限公司、东方电气〈福建〉创新研究院有限公司）在广东 海洋能源产业科技创新高质量发展研讨会上，签署"海上风电驱动兆瓦级海水原位制氢首台套关键技术 研究项目"合作协议。 2022年12月16日，《自然》论文发表后的第16天，东方电气便专项投入3000万元研发经费，与谢和平院 士团队联盟合作，并共同打造了全球首个海上风电海水无淡化原位直接电解制氢示范工程，于2023年5 月17日至26日在福清市兴化湾海域对接海上风电连续稳定运行了10天，为《自然》前沿成果尽快"走出 实验室，走向产业化"开启了工程探索，相关成果发表在《自然-通讯》上。此次进一步携手国家电投广 东公司，既是技术成果转化的延续，更是面向规模化工程应用的战略升级。 国家电投广东公司将发挥能源央企产业链整合优势，联合谢和平院士团队重点推进兆瓦级海水无淡化直 接电解制氢，并计划落地揭阳开展工程示范，构建"海上风电-海水制氢-氢能应用"一体化产业链，同步 联合上下游企业打造制造基地，推动海洋能源与氢能产业深度融合。此举不仅响 ...