Group 1 - The liquidity of the battery ETF managed by Jiashi has a turnover rate of 4.03% with a transaction volume of 49.47 million yuan, and the average daily transaction volume over the past month is 91.82 million yuan [3] - The latest scale of the battery ETF managed by Jiashi has reached 1.18 billion yuan, with a total inflow of 112 million yuan over the last 10 trading days [3] - As of September 22, 2025, the net value of the battery ETF managed by Jiashi has increased by 94.99% over the past year, ranking 543 out of 3021 in the index stock fund category, placing it in the top 17.97% [3] Group 2 - Dongwu Securities indicates that the demand for energy storage batteries continues to exceed expectations, with profitability showing improvement elasticity [4] - The global demand for energy storage batteries is revised upward by 25% to 500-550 GWh for 2025, representing a year-on-year increase of 60%, with a forecasted growth of over 35% for 2026 [4] - The top ten weighted stocks in the China Securities Battery Theme Index include companies such as Sunshine Power, CATL, and EVE Energy, accounting for a total of 53.03% of the index [4]

Core Viewpoint - The stock of Southern Power Grid Energy has experienced fluctuations, with a recent decline of 2.04%, while the company shows a year-to-date increase of 14.79% in stock price [1] Financial Performance - For the first half of 2025, Southern Power Grid Energy reported revenue of 3.301 billion yuan, representing a year-on-year growth of 13.38% [2] - The net profit attributable to shareholders for the same period was 832 million yuan, reflecting a year-on-year increase of 32.93% [2] Shareholder Information - As of June 30, the number of shareholders for Southern Power Grid Energy was 43,000, a decrease of 1.27% from the previous period [2] - The average number of circulating shares per shareholder increased by 1.28% to 25,781 shares [2] Dividend Distribution - Since its A-share listing, Southern Power Grid Energy has distributed a total of 1.622 billion yuan in dividends [3] - Over the past three years, the cumulative dividend payout has reached 930 million yuan [3] Company Overview - Southern Power Grid Energy, established on December 29, 1997, and listed on June 15, 2004, is based in Guangzhou, Guangdong Province [1] - The company's main business includes pumped storage, peak regulation hydropower, and independent energy storage development, investment, construction, and operation [1] - The revenue composition is as follows: pumped storage 66.22%, peak regulation hydropower 26.73%, new energy storage 5.38%, others 1.01%, and technical services 0.66% [1] Market Activity - As of September 22, the stock price was 11.54 yuan per share, with a market capitalization of 36.882 billion yuan [1] - The trading volume was 144 million yuan, with a turnover rate of 0.39% [1] - The net outflow of main funds was 20.7282 million yuan, with significant selling pressure observed [1]

Core Viewpoint - The modern energy sector in China is experiencing significant growth, driven by policy support and technological advancements, with a focus on energy storage and renewable energy solutions [4]. Group 1: Market Performance - As of September 19, 2025, the China Securities National New State-Owned Enterprise Modern Energy Index decreased by 0.03%, with mixed performance among constituent stocks [3]. - China Coal Energy led the gains with an increase of 3.90%, while China Rare Earths saw a decline of 1.82% [3]. - The Central State-Owned Enterprise Modern Energy ETF (561790) rose by 0.18%, closing at 1.15 yuan, and has accumulated a 1.06% increase over the past two weeks [3]. Group 2: Industry Developments - The 2025 World Energy Storage Conference opened in Ningde, Fujian, showcasing significant advancements in the energy storage sector, including the release of the "China Long-term Energy Storage Industry Blue Book" and the signing of 18 project cooperation agreements with a total planned investment of 24.58 billion yuan [3]. - The industry is witnessing a robust development of a comprehensive new energy storage system, with expectations of doubling large-scale storage capacity in the next two and a half years due to favorable policies [4]. Group 3: ETF and Index Insights - The Central State-Owned Enterprise Modern Energy ETF has seen a significant growth in scale, increasing by 2.11 million yuan over the past year, ranking in the top third among comparable funds [4]. - The index tracks 50 listed companies involved in modern energy sectors, with the top ten weighted stocks accounting for 48.28% of the index [4].

Core Points - The company announced a cash dividend of 0.052 CNY per share for the first half of 2025, totaling approximately 166.19 million CNY [4][10][12] Distribution Plan - The distribution plan was approved during the 32nd meeting of the 8th Board of Directors on August 29, 2025 [1][2] - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the dividend record date [3] - The total number of shares used for the dividend calculation is 3,196,005,805 [4] Implementation Details - The cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited, and shareholders can collect their dividends at their designated securities firms on the payment date [6] - For shareholders who have not completed designated trading, the dividends will be held by the China Securities Depository and Clearing Corporation Limited until the trading is completed [6] Taxation Information - Individual shareholders holding shares for over one year will not be subject to personal income tax on the dividends, while those holding for one year or less will have taxes calculated upon the sale of shares [10] - Qualified Foreign Institutional Investors (QFIIs) will have a 10% withholding tax applied, resulting in a net dividend of 0.0468 CNY per share [11] - Hong Kong investors will also face a 10% withholding tax, leading to a net dividend of 0.0468 CNY per share [11]

Core Viewpoint - The company announced a cash dividend distribution plan for the first half of 2025, indicating a commitment to returning value to shareholders [1] Summary by Categories Dividend Announcement - The cash dividend per share for A-shares is set at 0.052 yuan (including tax) [1] - The record date for the dividend is September 24, 2025 [1] - The ex-dividend date and the date of cash dividend distribution are both scheduled for September 25, 2025 [1]

证券代码：600995 证券简称：南网储能 编号：2025-51 南方电网储能股份有限公司 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.052元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/24 | － | 2025/9/25 | 2025/9/25 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 2025 年 8 月 29 日，南方电网储能股份有限公司（以下简称"公 司"）召开第八届董事会第三十二次会议，审议通过本利润分配方案。 本利润分配方案在公司 2024 年年度股东大会授权范围内，无需提 交股东会审议。 二、 分配方案 1. 发放年度：2025年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结 算有限责任公司上海分公司（以下简称"中国结算 ...

Core Viewpoint - The recent notice from the National Development and Reform Commission and the Energy Administration aims to enhance the price mechanism to promote the nearby consumption of renewable energy, requiring that the annual self-consumption of renewable energy should account for no less than 60% of the total available generation capacity and 30% of total electricity consumption, with new projects starting from 2030 required to meet at least 35% [1] Investment Highlights - The notice recommends commercial rooftop photovoltaics and highlights the potential of companies like Ankerui. It emphasizes the need for projects to have metering conditions and for grid companies to install metering devices to accurately measure electricity data at various stages [1] - The bidding for large-scale energy storage in August exceeded expectations, with a recommendation for storage operators like Southern Grid Storage. The combination of AI and the finalized document No. 136 is expected to drive the economic viability of large-scale storage, with domestic demand exceeding expectations [1] - Southern Grid Storage is positioned to benefit significantly as a large-scale storage operator within the Southern Grid, with a projected cumulative installed capacity of 654,200 kW and 1,298,300 kWh by the first half of 2025, alongside 10.28 million kW of pumped storage capacity [1] Industry Core Data Tracking - Electricity prices saw a 2% year-on-year decrease and a 1.3% month-on-month increase in August 2025. The price of thermal coal was reported at 680 RMB/ton as of September 12, 2025, reflecting a week-on-week increase of 1 RMB/ton [2] - The water level at the Three Gorges Reservoir was recorded at 162.88 meters, with inflow and outflow rates showing significant year-on-year increases of 33.59% and 198.15%, respectively [2] - Total electricity consumption from January to July 2025 reached 5.86 trillion kWh, a year-on-year increase of 4.5%, with various sectors showing different growth rates [2] - Cumulative power generation for the same period was 5.47 trillion kWh, with a year-on-year increase of 1.3%, while installed capacity additions in the first half of 2025 showed significant growth in renewable sources like wind and solar [2] Investment Recommendations - Companies within the Southern Grid system, such as Southern Grid Energy, Southern Grid Storage, and Southern Grid Technology, are recommended for investment opportunities [3] - The green electricity sector is expected to see improvements in asset quality and growth potential, with specific companies highlighted for attention [3] - The value of photovoltaic assets and charging station assets is anticipated to be reassessed positively due to regulatory support and market dynamics [3] - Investment opportunities in thermal power, particularly in the Beijing-Tianjin-Hebei region, are also recommended [3] - The hydropower sector is expected to benefit from rising prices and low costs, with strong cash flow and dividend capabilities [3] - The nuclear power sector is projected to grow, with multiple approvals for new units expected to enhance profitability and dividends [3]

Core Viewpoint - The news highlights the performance of the Central State-Owned Enterprises Modern Energy Index and its related ETF, emphasizing the integration of artificial intelligence in the energy sector to enhance operational efficiency and support high-quality development [2][3]. Group 1: Market Performance - As of September 15, 2025, the Central State-Owned Enterprises Modern Energy Index increased by 0.48%, with notable gains from Shanghai Electric (+8.60%), China National Materials Technology (+4.70%), and others [2]. - The Central State-Owned Enterprises Modern Energy ETF (561790) rose by 0.69%, marking its third consecutive increase, with the latest price at 1.18 yuan [2]. - Over the past week, the ETF has accumulated a rise of 1.92%, ranking in the top third among comparable funds [2]. Group 2: Liquidity and Trading Volume - The ETF recorded a turnover rate of 0.88% during the trading session, with a transaction volume of 399,500 yuan [2]. - The average daily trading volume of the ETF over the past year was 6.4154 million yuan [2]. Group 3: Policy and Industry Development - On September 8, the National Development and Reform Commission and the National Energy Administration released implementation opinions to promote "Artificial Intelligence + Energy" for high-quality development, outlining phased goals and 37 key tasks across various energy applications [2]. - In the electric power equipment sector, the policy aims to establish an innovative system by 2027, focusing on intelligent forecasting of power supply and demand, and enhancing the management capabilities of the power grid [3]. Group 4: Index Composition - The Central State-Owned Enterprises Modern Energy Index, customized by Guoxin Investment Co., includes 50 listed companies involved in green energy, fossil energy, and energy transmission and distribution, reflecting the overall performance of state-owned enterprises in the modern energy sector [3]. - As of August 29, 2025, the top ten weighted stocks in the index accounted for 48.28% of the total index weight, including companies like Yangtze Power, China National Power, and China Nuclear Power [3].

Investment Rating - The report maintains an "Overweight" rating for the utility sector, specifically recommending South Network Energy and South Network Storage for investment opportunities [1]. Core Insights - The National Development and Reform Commission and the Energy Administration have issued a notice to improve the pricing mechanism for promoting the nearby consumption of renewable energy, recommending commercial rooftop photovoltaics from South Network Energy and paying attention to Anke Rui [4]. - The large-scale energy storage tender in August exceeded expectations, with South Network Storage being recommended as a storage operator. The economic viability of large-scale storage is expected to improve steadily, driven by AI and the implementation of Document No. 136 [4]. - The report highlights significant growth in electricity consumption and generation, with total electricity consumption from January to July 2025 reaching 5.86 trillion kWh, a year-on-year increase of 4.5% [13]. - The report tracks key industry data, including electricity prices, coal prices, and water conditions, indicating a stable environment for utility investments [4][40][45]. Summary by Sections Industry Trends - The utility sector index increased by 0.80% from September 8 to September 12, 2025, underperforming compared to the ChiNext index [9]. - The report notes that the total electricity consumption for the first seven months of 2025 was 5.86 trillion kWh, with a year-on-year growth of 4.5% [13]. Electricity Consumption - The first industry saw a year-on-year increase of 10.8%, the second industry 2.8%, the third industry 7.8%, and urban and rural residential electricity consumption 4.1% [13]. Electricity Generation - Total electricity generation from January to July 2025 was 5.47 trillion kWh, with a year-on-year increase of 1.3%. Notably, coal and hydropower generation saw declines of 1.3% and 4.5%, respectively [21]. Electricity Prices - The average electricity purchase price from the grid in August 2025 was 388 RMB/MWh, a year-on-year decrease of 2% but a month-on-month increase of 1.3% [40]. Coal Prices - As of September 12, 2025, the price of thermal coal at Qinhuangdao port was 680 RMB/ton, reflecting a year-on-year decrease of 20.65% [45]. Water Conditions - The water level at the Three Gorges Reservoir was 162.88 meters as of September 12, 2025, with inflow and outflow rates showing significant year-on-year increases of 33.59% and 198.15%, respectively [54]. Investment Recommendations - The report suggests focusing on listed companies within the South Network system, including South Network Energy, South Network Storage, and South Network Technology, highlighting opportunities in green electricity, photovoltaic assets, and charging station asset value reassessment [4].

Core Viewpoint - The report from Tianfeng Securities indicates that Nanfang Network Energy achieved a net profit attributable to shareholders of 832 million yuan in the first half of 2025, representing a year-on-year increase of 32.93% [1] Financial Performance - In Q2 2025, the company realized a net profit attributable to shareholders of 458 million yuan, which is a year-on-year increase of 34.3% [1] - The increase in profits is attributed to higher water inflow for peak-shaving hydropower and expected gains from participating in the spot market [1] Industry Overview - As of the first half of 2025, the total installed capacity of pumped storage in the country reached 61.29 million kilowatts, with an addition of 2.83 million kilowatts [1] - The company's total installed capacity for pumped storage reached 10.28 million kilowatts [1] Market Potential - With the gradual improvement of the electricity spot market, the company is expected to enhance the profit from electricity volume and fees for pumped storage power stations through market participation [1] New Energy Storage Developments - As of June 30, 2025, the company's new energy storage installed capacity was 654.2 thousand kilowatts / 1.2983 million kilowatt-hours [1] - In the first half of the year, the company officially put into operation three newly constructed electrochemical energy storage stations: - Yunnan Wenshan Qiubei Storage Project (200MW/400MWh) - Hainan Lingao Storage Project (20MW/40MWh) - Hunan Central South Cement Plant Auxiliary Storage Project (5.1MW/14.7MWh) [1] Outlook - The company has adjusted its profit expectations upward due to favorable water conditions and maintains a "buy" rating [1]