Group 1 - The core viewpoint of the article highlights the significant growth and favorable valuation of the New Energy ETF, which has seen a notable increase in trading volume and fund size, indicating strong investor interest [3] - The New Energy ETF has a turnover rate of 2.42% during trading, with a transaction volume of 22.09 million yuan, and an average daily transaction volume of 36.57 million yuan over the past year, ranking it among the top two comparable funds [3] - The fund's size has increased by 42.11 million yuan in the past month, and its shares have grown by 51 million in the last six months, demonstrating substantial growth [3] Group 2 - The underlying index tracked by the New Energy ETF, the CSI New Energy Index, is currently valued at a historical low with a price-to-book ratio (PB) of 1.99, which is below 87.04% of the time over the past three years, indicating attractive valuation [3] - In the first quarter, China's newly installed photovoltaic capacity reached 59.71 GW, representing a year-on-year growth of 30.5%, with March alone seeing an installation of 20.24 GW, a remarkable increase of 124.39% year-on-year [3] - Analysts suggest that the photovoltaic sector is poised for a recovery in fundamentals, driven by a gradual rebound in demand and supply-side constraints, alongside potential benefits from upcoming reform policies [3] Group 3 - As of April 30, 2025, the top ten weighted stocks in the CSI New Energy Index include CATL, LONGi Green Energy, Sungrow Power Supply, China National Nuclear Power, Three Gorges Energy, TBEA, Eve Energy, Huayou Cobalt, Tongwei Co., and Ganfeng Lithium, collectively accounting for 44.26% of the index [3]

Group 1: Central Bank and Regulatory Support - The People's Bank of China and the China Securities Regulatory Commission announced measures to support the issuance of technology innovation bonds, aiming to enrich the product system and improve the supporting mechanisms for these bonds [1] - Financial institutions, technology enterprises, private equity investment institutions, and venture capital institutions are encouraged to issue technology innovation bonds, which include corporate bonds, enterprise bonds, and non-financial corporate debt financing instruments [1] - Issuers are allowed to flexibly set bond terms and are encouraged to issue long-term bonds to better match the funding needs of the technology innovation sector [1] Group 2: Bond Market Developments - The Trading Association has launched technology innovation bonds to establish a "technology board" in the bond market, promoting early, small, long-term, and hard technology investments [3] - The People's Bank of China reported that nearly 100 market institutions plan to issue over 300 billion yuan in technology innovation bonds, indicating strong market response [6] - The Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange have introduced a "green channel" mechanism for the financing review of technology innovation bonds, allowing for expedited approval [7] Group 3: Fee Waivers and Financial Support - The National Interbank Funding Center announced a full waiver of transaction fees for technology innovation bonds in the interbank bond market from 2025 to 2027 [9] - The Central Government Bond Registration and Settlement Company will also waive registration service fees for technology innovation bonds during the same period [9] Group 4: Recent Issuance Activities - Zhengzhou Development Investment Group successfully issued 2 billion yuan of perpetual bonds with an interest rate of 2.57%, aimed at repaying existing debts [12] - Luoyang Guohong Investment Holding Group issued 1 billion yuan of corporate bonds at a rate of 2.35%, with proceeds intended for debt repayment [13] - China Three Gorges New Energy issued 2 billion yuan of green medium-term notes at a rate of 1.74%, with funds allocated for repaying previous debts [14]

截至2025年5月6日 13:10，国证绿色电力指数上涨0.75%，成分股京运通、华银电力10cm涨停，晓程科技上涨5.83%，乐山电力上涨5.26%，西昌电力上涨 4.10%。绿色电力ETF(159625)上涨0.81%。 从估值层面来看，绿色电力ETF跟踪的国证绿色电力指数最新市盈率（PE-TTM）仅18.37倍，处于近3年12.08%的分位，即估值低于近3年87.92%以上的时 间，处于历史低位。 数据显示，截至2025年4月30日，国证绿色电力指数前十大权重股分别为长江电力、中国核电、三峡能源、国投电力、川投能源、中国广核、华能国际、华 能水电、国电电力、申能股份，前十大权重股合计占比58.04%。 东方证券指出，招中标延续增长趋势，行业景气度有望继续提升。、2025Q1国内公开招标市场新增招标量28.6GW，同比增长22.7%。由于24年国内招标数 据亮眼，市场普遍对于25年国内风电景气度抱有积极预期，但同时也会担忧景气度的持续性，随着25Q1招标数据展现较为稳健的同比增长，一定程度对风 电后续景气度给到支撑。 据国内海关数据统计，我国风机3月出口1.46亿美元，环比+86.81%，同比+50.54 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In 2024, the company is expected to achieve a revenue of 29.717 billion yuan, representing a year-on-year growth of 12.13%, while the net profit attributable to shareholders is projected to decline by 14.81% to 6.111 billion yuan [6][8]. - The first quarter of 2025 shows a revenue of 7.628 billion yuan, a decrease of 3.47% year-on-year, but the net profit attributable to shareholders has increased by 1.16% to 2.447 billion yuan [6][8]. Summary by Sections Revenue and Profitability - The company’s revenue for 2024 is projected at 29.717 billion yuan, with a gross profit of 15.639 billion yuan, reflecting a gross margin of 52.63%, down by 2.49 percentage points year-on-year [6][10]. - The company’s financial expenses for 2024 are expected to reach 4.310 billion yuan, an increase of 8.85% year-on-year, impacting profitability [10]. Operational Performance - In 2024, the company added 7.917 million kilowatts of new installed capacity, with total generation reaching 71.952 billion kilowatt-hours, a year-on-year increase of 30.40% [10]. - The average on-grid electricity price for 2024 is expected to be 0.4195 yuan per kilowatt-hour, a decrease of 14.10% year-on-year, affecting revenue [10]. Future Outlook - The company forecasts earnings per share (EPS) of 0.25 yuan, 0.26 yuan, and 0.28 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 17.31, 16.67, and 15.11 [10].

Group 1: Wind Power Industry - The wind power industry in China is experiencing a recovery in performance from Q4 2024 to Q1 2025, with some companies exceeding expectations [3] - In 2024, 23 A-share wind power companies reported a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan, showing a revenue increase of 4.39% but a net profit decline of 12.70% year-on-year [3] - In Q1 2025, these companies achieved a total revenue of 47.58 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [3] - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a 35.72% increase year-on-year, and a net profit of 568 million yuan, up 70.84% [4] - The recovery in wind turbine prices and expansion into overseas markets have positively impacted the performance of wind power manufacturers [4][6] Group 2: Solar Power Industry - The solar power industry faced significant challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a decrease of 17.96% year-on-year, and a net profit of approximately -363 million yuan, a decline of 100.25% [8] - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 4.74 billion yuan, indicating a significant drop compared to Q1 2024 [8] - Major integrated solar companies like TCL Zhonghuan, Longi Green Energy, and Tongwei reported substantial losses, with net profits of -9.82 billion yuan, -8.62 billion yuan, and -7.04 billion yuan respectively [8] - Despite the overall downturn, companies involved in solar energy storage have shown resilience, with notable performances from companies like Sungrow Power and Canadian Solar [9] Group 3: Energy Storage Industry - The energy storage industry saw a decline in overall performance in 2024, with 21 A-share companies reporting a total revenue of 682.1 billion yuan, a decrease of 3.59%, and a net profit of 74.54 billion yuan, down 21.4% year-on-year [12] - In Q1 2025, these companies reported a total revenue of 158.07 billion yuan, a year-on-year increase of 12.39%, and a net profit of 21.03 billion yuan, up 34% [13] - The profitability in the energy storage sector is increasingly concentrated among leading companies like CATL and Sungrow, which have reported significant profit increases [13] - The energy storage market is undergoing transformation, with a shift in focus from domestic to overseas markets for higher profit margins [14][15]

作 者丨曹恩惠 费心懿 延续这一影响因素，2 0 2 5年第一季度，上述2 3家A股风电公司合计取得4 7 5 . 7 5亿元的营收和 4 2 . 2 1 亿 元 的 归 母 净 利 润 。 与 2 0 2 4 年 一 季 度 相 比 ， 其 营 收 和 净 利 润 整 体 数 据 都 呈 现 增 长 的 局 面。这其中，部分头部整机厂商净利润增速强劲。 编 辑丨张星 大热的风电、光伏、储能等新能源行业，近些年来遭遇产业周期性波动影响，各条赛道呈现 出不同的业绩冷热现象。 2 0 2 4年，A股风电、储能公司整体维持着盈利状态，光伏公司就陷入了困境。而在2 0 2 5年第 一季度，风电、储能公司业绩"回春"，光伏公司则分化加剧。 整体来看，风电、光伏以及储能行业需求前景依然被业内看好，但产业链价格波动、海外市 场需求等因素，正在影响风电、光伏以及储能公司业绩的走势。 风机价格回升厂商整体业绩回暖 从2 0 2 4年第四季度到2 0 2 5年第一季度，国内风电行业整体表现回暖，部分厂商的业绩甚至超 出预期。 根据2 1世纪经济报道记者统计，2 0 2 4年，2 3家A股风电公司合计实现营业收入和归属于母公 司股 ...

Group 1 - The China Power Utility Index has seen a decline of 0.85% as of April 30, 2025, with mixed performance among constituent stocks, including Shenzhen Energy leading with a rise of 2.73% [1] - The Power ETF (159611) has shown a cumulative increase of 0.63% over the past week, with a trading volume of 188 million yuan and a turnover rate of 5.64% on the latest trading day [1] - The Power ETF has experienced significant growth in scale, increasing by 1.641 billion yuan over the past six months, ranking first among comparable funds [1] Group 2 - The top ten weighted stocks in the China Power Utility Index account for 55.94% of the index, with major players including Changjiang Electric Power and China Nuclear Power [2] - The five major power generation groups reported profits in 2024, with Guodian Power distributing cash dividends of 3.567 billion yuan, representing 36.28% of its net profit [2] - The power and utility sector is recognized for its stability and defensive characteristics, with expectations for favorable fiscal and monetary policies in 2025 to support high dividend, low valuation assets [2] Group 3 - The National Energy Administration anticipates a rapid increase in national electricity load during the summer of 2025, with a projected year-on-year increase of approximately 10 million kilowatts [3] - The total electricity consumption in China is expected to reach 10.4 trillion kilowatt-hours in 2025, with a growth rate of around 6% [3] - Recommendations have been made to focus on investment opportunities in the power sector, particularly in light of potential supply pressures during peak periods [3]

中国三峡新能源（集团）股份有限公司 2024 年会计师事务所履职情况评估报告 中国三峡新能源（集团）股份有限公司（以下简称公司） 聘请大华会计师事务所（特殊普通合伙）（以下简称大华所） 为 2024 年度财务决算审计机构、天健会计师事务所（特殊 普通合伙）（以下简称天健所）为 2024 年度内部控制审计 机构。根据财政部、国资委及证监会颁布的《国有企业、上 市公司选聘会计师事务所管理办法》，公司对会计师事务所 2024 年审计过程中的履职情况进行了评估。经评估，公司认 为会计师事务所资质等方面合规有效，履职保持独立性，勤 勉尽责，公允表达审计意见。具体情况如下： 一、会计师事务所基本情况 （一）财务决算审计机构 机构名称：大华会计师事务所（特殊普通合伙） 成立日期：2012 年 2 月 9 日成立（由大华会计师事务所 有限公司转制为特殊普通合伙企业） 注册地址：北京市海淀区西四环中路 16 号院 7 号楼 1101 执业资质：拥有的主要执业资格包括注册会计师法定业 务、证券期货相关业务、H 股企业审计业务、美国公众公司 会计监督委员会（PCAOB）注册事务所、中央企业审计入围 机构、金融相关审计业务、从事特大 ...

证券代码：600905 证券简称：三峡能源 公告编号：2025-022 中国三峡新能源（集团）股份有限公司 第二届监事会第二十次会议决议公告 本公司监事会及全体监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)第二 届监事会第二十次会议于 2025 年 4 月 28 日在北京以现场并结合 通讯方式召开，会议通知已于 2025 年 4 月 18 日以电子邮件方式 发出。出席本次会议的监事应到 3 人，实到 3 人，本次会议的召 集召开符合《公司法》和《公司章程》的有关规定，会议合法有 效。会议由监事会主席林志民主持，以记名投票方式表决，形成 决议如下： 一、审议通过《关于<公司 2024 年度监事会工作报告>的议 案》 本议案尚需提交公司股东大会审议。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 二、审议通过《关于公司 2024 年度财务决算报告的议案》 本议案尚需提交公司股东大会审议。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 三、审议通过《关于公司 2024 年度利润分配预 ...

中国三峡新能源（集团）股份有限公司 第二届董事会独立董事专门会议 第四次会议决议 中国三峡新能源（集团）股份有限公司（以下简称公司） 第二届董事会独立董事专门会议第四次会议于 2025 年 4 月 22 日以现场会议并结合通讯方式在北京召开，会议通知已于 2025 年 4 月 19 日以电子邮件方式发出。本次会议应出席独立董事 3 名，实到独立董事 3 名。本次会议的召集召开符合《公司法》 《公司章程》《独立董事工作制度》等有关规定，会议合法有 效。会议由独立董事专门会议召集人胡裔光主持，形成决议如 下： 一、审议通过《关于向三峡财务有限责任公司申请授信额 度并重新签订<金融服务协议>暨关联交易的议案》 全体独立董事一致认为，本次拟向三峡财务有限责任公司 申请 300 亿元授信额度并签订《金融服务协议》事项符合公平 合理、市场公允的交易原则。本次关联交易有利于保障公司资 金需求，所形成的关联交易是必要、合法的经济行为，符合公 司的长远发展目标和股东的利益。上述关联交易不存在损害公 司及全体股东，尤其是中小股东合法权益的情形，同意将上述 关联交易事项提交公司第二届董事会第三十七次会议审议。 表决结果：同意 3 ...