文 | 中关村储能产业技术联盟 9月11日，三峡新能源关于2025年半年度业绩说明会召开情况的公告发布。2 0 2 5上半年， 公司营业收入1 4 7 . 3 6亿元，同比减少2.19%；利润总额4 7 . 4 5亿元，同比减少1 2% 相关阅读 零碳园区新政引爆储能新赛道 8月储能招标：内蒙古规模领跑全国，大规模项目占据主流 新型储能不计入输配电成本！国家发改委发布《输配电定价成本监审办法（修订征求意见稿）》 ESIE 2026 储能产业发展的风向标 预定展位详情咨询： 曹先生 13 5 5 2 7 1 2 1 8 9 王先生 13 5 8 1 8 8 5 5 2 0 李先生 13 5 8 1 7 4 1 6 8 0 2 0 25 年上半年公司在建装机规模1381.78万千瓦，其中风电和光伏为1001.78万千瓦，陆 上风电、海上风电、光伏占比分别为27%、26%、47%。 其余380万千瓦为光热、抽水蓄 能和储能项目。 2 0 2 5年并网装机规模力争500万千瓦，预计风电与光伏各一半。 公司积极探索多种新型储能技术研究和示范应用， 已建、在建新型储能装机规模超过3 0 0 万千瓦 ，应用场景主要包括独立 ...

截至2025年9月11日 10:48，中证新能源指数上涨0.56%，成分股科华数据10cm涨停，奥特维上涨5.51%，厦钨新能上涨5.35%，恩捷股份上涨5.07%，中材科 技上涨4.82%。新能源ETF(159875)上涨0.51%。拉长时间看，截至2025年9月10日，新能源ETF近1周累计上涨6.52%。 有机构表示，当前新能源板块估值处于历史较低水平，且有产业高景气（国内渗透率高、海外需求回暖）、技术创新（固态电池等技术产业化加速）、政策 持续支持（购置税优惠延续等）支撑，中长期配置价值逐步显现。 数据显示，截至2025年8月29日，中证新能源指数前十大权重股分别为宁德时代、阳光电源、隆基绿能、中国核电、特变电工、亿纬锂能、华友钴业、三峡 能源、通威股份、天齐锂业，前十大权重股合计占比42.78%。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 截至9月10日，新能源ETF近6月净值上涨25.20%，指数股票型基金排名519/3589，居于前14.46%。从收益能力看，截至2025年9月10日，新能源ETF自成立以 来，最高单月回报为25.07%，最长连涨月数为4个月，最长连 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600905 证券简称：三峡能源 公告编号：2025-058 中国三峡新能源（集团）股份有限公司关于2025年半年度业绩说明会召开情况的公告 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。 中国三峡新能源（集团）股份有限公司（以下简称公司）于2025年9月9日通过网络视频直播和现场会议 方式举办2025年半年度业绩说明会，现将召开情况公告如下： 一、基本情况 时间：2025年9月9日10:00-11:00 方式：网络视频直播+现场会议 机构名称（排名不分先后）：泰康基金、中信证券、中金公司、华泰证券、国泰海通证券、中信建投证 券、银河证券、招商证券、国信证券、广发证券、华福证券等。 公司参会人员：董事长、党委书记朱承军，总经理、党委副书记刘姿，独立董事杜至刚，总会计师、党 委委员杨庆华，董事会秘书、总法律顾问兼首席合规官杨丽迎，证券事务代表王蓉及相关部门负责人。 二、交流的主要问题及公司回复概要 1．当前公司新增核准/备案规模是多少？陆风、海风、光伏结构如何？公司目前 ...

证券代码：600905 证券简称：三峡能源 公告编号：2025-058 中国三峡新能源（集团）股份有限公司 关于 2025 年半年度业绩说明会召开情况的 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。 中国三峡新能源（集团）股份有限公司（以下简称公司）于 2025 年 9 月 9 日通过网络视频直播和现场会议方式举办 2025 年 半年度业绩说明会，现将召开情况公告如下： 一、基本情况 时间：2025 年 9 月 9 日 10:00-11:00 方式：网络视频直播+现场会议 机构名称（排名不分先后）：泰康基金、中信证券、中金公 司、华泰证券、国泰海通证券、中信建投证券、银河证券、招商 证券、国信证券、广发证券、华福证券等。 公司参会人员：董事长、党委书记朱承军，总经理、党委副 书记刘姿，独立董事杜至刚，总会计师、党委委员杨庆华，董事 会秘书、总法律顾问兼首席合规官杨丽迎，证券事务代表王蓉及 相关部门负责人。 二、交流的主要问题及公司回复概要 1．当前公司新增核准/备案规模是多少？陆风、海风、光伏 1 结构如何？公司目前投 ...

人民财讯9月10日电，企查查APP显示，近日，北京融能企业管理有限公司成立，法定代表人为冯敏， 注册资本为7000万元，经营范围包含：企业管理；企业管理咨询；市场调查(不含涉外调查)；市场营销 策划；社会经济咨询服务等。企查查股权穿透显示，该公司由中国长江三峡集团有限公司间接全资持 股。 ...

Industry Rating - The report maintains an "Outperform" rating for the public utility sector [1] Core Insights - The data center industry in China is expected to reach a market size of 304.8 billion yuan and over 10 million standard racks by 2024, both achieving a year-on-year growth of over 20% [2][25] - The emergence of AI technologies, particularly large models, is driving significant demand for computing power, which is expected to enhance the growth of data centers [3][65] - The increasing electricity demand from data centers is projected to lead to a transformation towards greener computing solutions [4][111] Summary by Sections 1. Progress of China's Data Center Industry - The development of China's data center industry has evolved through four stages, with computing power becoming the driving force in the digital economy since 2020 [9][18] - The market is characterized by a significant regional distribution, with the "East Data West Computing" initiative promoting a balanced development across eight hubs and ten clusters [32][38] 2. AI's Impact on Data Center Demand - The launch of DeepSeek in January 2025 is expected to significantly increase the rack utilization rate in third-party data centers [3][79] - The average rack utilization rate in China was 56.4% by the end of 2023, indicating a mismatch between supply and demand [56] - The global demand for computing power is projected to grow at a rate exceeding 50% annually, with AI applications driving this growth [65][71] 3. Electricity Demand and Green Transformation - Data centers' electricity costs typically account for over 50% of their total operating costs, with some internet clients seeing this figure rise to 70-80% [95] - The International Energy Agency (IEA) predicts that global data center electricity consumption will double from 415 TWh in 2024 to approximately 945 TWh by 2030, with a compound annual growth rate of about 15% [101] - By 2030, China's data center electricity demand is expected to reach between 300 billion and 700 billion kWh, representing 2.3% to 5.3% of the total electricity consumption [108][109]

Core Viewpoint - The company reported a decline in total operating revenue and net profit for the first half of 2025, attributed to lower electricity prices despite an increase in installed capacity and generation output [1][2]. Financial Performance - Total operating revenue for the first half of 2025 was 14.736 billion yuan, a decrease of 2.19% year-on-year [1][2]. - The net profit attributable to shareholders was 3.815 billion yuan, down 5.48% year-on-year [1][4]. - Operating costs increased by 16.77% year-on-year, leading to a gross profit of 6.934 billion yuan, which represents a decline of 17.30% [4]. Installed Capacity and Generation - The company added 2.1807 million kilowatts of new installed capacity, bringing the total to 49.9366 million kilowatts, a year-on-year increase of 20.7% [2]. - Wind power installed capacity reached 22.9702 million kilowatts, up 17.05% year-on-year, while solar power installed capacity was 25.0955 million kilowatts, an increase of 25.86% [2]. - Despite the increase in capacity, the utilization hours for wind and solar power decreased, with wind utilization hours at 1,146 hours (down 7.80%) and solar utilization hours at 597 hours (down 13.85%) [2]. Generation Output - The company achieved a total generation output of 39.314 billion kilowatt-hours, a year-on-year increase of 8.85% [2]. - Wind power generation was 25.061 billion kilowatt-hours (up 8.69%), and solar power generation was 13.911 billion kilowatt-hours (up 10.25%) [2]. Profitability and Investment Income - The company managed to optimize costs, with management expenses down 10.42% and financial expenses down 2.65% [4]. - Investment income reached 0.915 billion yuan, a significant increase of 167.32% year-on-year, helping to alleviate performance pressure [4]. - The net profit for the second quarter was 1.368 billion yuan, a decrease of 15.41% year-on-year, reflecting the challenges in operational performance [4]. Future Outlook - The company has a substantial pipeline of projects, with 13.8178 million kilowatts still under construction as of the end of the first half of 2025 [5]. - Improved weather conditions for wind and solar resources are expected to lead to a marginal recovery in operational performance [5]. - Earnings per share (EPS) forecasts for 2025-2027 are 0.22 yuan, 0.23 yuan, and 0.24 yuan, with corresponding price-to-earnings (PE) ratios of 19.35, 18.97, and 17.45 [5].

丨证券研究报告丨 公司研究丨点评报告丨三峡能源（600905.SH） [Table_Title] 偏弱电价限制营收，经营业绩有所承压 报告要点 [Table_Summary] 上半年，规模主导电量的增长难以抵消电价的压力，按分电源收入折算风电/光伏平均不含税上 网电价为 0.4101/0.3384 元/千瓦时，同比-9.97%/-9.17%，公司上半年营收同比减少 2.19%， 二季度营收同比减少 0.79%。由于成本随着规模的增长而增长，因此上半年毛利润同比下降 17.30%，但得益于开年处置水电资产的投资收益，因此上半年归母净利润 38.15 亿元，同比下 降 5.48%，但二季度由于无一次性收益的补充，单季度归母净利润为 13.68 亿元，同比下降 15.41%。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 ...

重要内容提示： 增持计划基本情况：中国三峡新能源（集团）股份有限 公司（以下简称公司）于 2025 年 4 月 9 日披露了《中国 三峡新能源（集团）股份有限公司关于控股股东增持计 划的公告》（公告编号：2025-010），公司控股股东中国 长江三峡集团有限公司（以下简称三峡集团）计划在未 来12个月内通过二级市场增持公司股份，包括集中竞价、 大宗交易等交易方式，增持金额不低于人民币 15 亿元、 不高于人民币 30 亿元,本次增持不设置固定价格区间，结 合资本市场行情择机开展股票增持，资金来源为三峡集 团自有资金或金融机构增持股票专项贷款等。 增持计划进展情况：三峡集团近日通过上海证券交易所 交易系统以集中竞价方式增持公司股份 22,691,700 股， 占公司总股本比例约为 0.08%。自本次增持计划披露以 来，截至本公告日，三峡集团已通过上海证券交易所系 统以集中竞价方式累计增持公司股份 112,637,551 股，占 公司总股本比例约为 0.39%，累计增持股份的金额为 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。 ...

Group 1: Market Performance - The liquidity of the New Energy ETF showed an intraday turnover of 11.07%, with a transaction volume of 1.22 billion yuan, indicating active market trading [3] - As of September 4, the New Energy ETF reached a new high in scale at 10.55 billion yuan and a new high in shares at 1.907 billion [3] - The New Energy ETF experienced a net inflow of 52.8143 million yuan, with a total of 1.08 billion yuan net inflow over the last five trading days [3] Group 2: Historical Performance - The net value of the New Energy ETF increased by 17.43% over the past six months [3] - Since its inception, the New Energy ETF recorded a highest monthly return of 25.07%, with the longest consecutive monthly gains being four months and a maximum increase of 31.31% [3] - The average monthly return during the rising months was 8.03%, and the annualized return over the last three months exceeded the benchmark by 8.24% [3] Group 3: Industry Insights - Recent government initiatives aim for an average revenue growth rate of over 5% in lithium battery and related sectors by 2026 [6] - From January to July, China's renewable energy added 283 million kilowatts, accounting for nearly 60% of the total installed capacity [6] - The price of energy storage cells has slightly increased, with production schedules extending to October, benefiting leading storage manufacturers due to tight production [6] Group 4: Key Stocks - The top ten weighted stocks in the China Securities New Energy Index include CATL, Sungrow, Longi Green Energy, China Nuclear Power, and others, collectively accounting for 42.78% of the index [6]