Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is a small but efficient wind power operator that is expanding into green fuels, which opens up growth opportunities [6] - The company has received approval for a specific stock issuance and is increasing its stake in its subsidiary, Shanghai Jiayi Rongyuan, which is involved in green methanol, green ethanol, and green aviation fuel [7] - The company plans to raise 1.2 billion yuan through a private placement, which will increase the actual controller's shareholding to 44.3% [7] - The company is collaborating with Ningxia Jiazhe Group to enter the green chemical sector, significantly enhancing growth potential [7] - The company has a robust wind power operation with approximately 2GW of installed capacity and plans for additional capacity, ensuring sustained growth [7] - The potential launch of wind power REITs is expected to contribute to short-term performance and improve cash flow [7] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 2,403 million yuan (2023), 2,422 million yuan (2024), 2,529 million yuan (2025E), 3,003 million yuan (2026E), and 3,853 million yuan (2027E) [9] - The expected growth rates for net profit from 2025 to 2027 are 44.2%, 12.28%, and 19.48% respectively, with corresponding PE ratios of 10, 9, and 8 times [10] - The company’s return on equity (ROE) is projected to improve from 12.25% in 2025 to 14.00% in 2027 [10]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The report highlights a continued performance divergence within the power sector, with thermal power companies showing improved performance in regions like Beijing-Tianjin-Hebei, Guangdong, and Shanghai, while new energy companies exhibit significant individual performance differences [5][6] - Hydropower and nuclear power maintain stable performance, with hydropower's unique business model and resource scarcity being emphasized as key investment considerations [5] - The report suggests focusing on companies with resilient business models that can navigate annual cycles and have higher certainty with lower downside risks [5] Summary by Sections Performance Analysis - The report anticipates that thermal power companies will see improved performance in regions with smaller declines in electricity prices, particularly in Beijing-Tianjin-Hebei and Central China [5] - New energy performance is expected to vary significantly based on regional wind conditions, electricity price declines, and installed capacity growth [5] - Hydropower's pricing impact is expected to be controllable in the short term, with a focus on low-valuation and growth-oriented companies [5] Investment Recommendations - The report provides three stock selection strategies: prioritize resilient hydropower assets, continue to monitor low-valuation or growth-oriented wind power operators, and focus on quality thermal power assets and power equipment manufacturers [5] - Key recommended companies include: 1. Quality Hydropower: Chuan Investment Energy, Yangtze Power, Huaneng Hydropower, State Power Investment [5] 2. Hong Kong Wind Power: Longyuan Power (H), Datang New Energy, CGN New Energy, New天绿色能源 [5] 3. Quality Thermal Power: China Resources Power, Anhui Energy, Sheneng Co., Guangzhou Development [5] 4. Traditional Power Equipment Manufacturers: Dongfang Electric [5]

Core Insights - The company, Jiazhe New Energy, has experienced significant growth since its listing on July 20, 2017, with its market capitalization increasing from 3.499 billion yuan to 9.178 billion yuan, reflecting the broader development of the renewable energy sector [1][3] - Despite the overall growth, the company's operational performance has shown volatility in recent years, with fluctuating profit margins and revenue growth rates [3] Business Overview - Jiazhe New Energy's main business includes the development, investment, construction, operation, and management of renewable energy power [3] - The core products are primarily divided into renewable power station development, construction, operation, and sale, which account for 94.18% of revenue, followed by rooftop distributed photovoltaic systems at 2.72% [3] Financial Performance - In 2017, the company achieved a net profit attributable to shareholders of 165 million yuan, which increased to 630 million yuan by the latest complete fiscal year of 2024, marking a cumulative profit growth of 281.98% [3] - Over the past eight years, the company has not reported any losses, with profit growth occurring in five out of eight years, representing 62.5% of the time [3] - Revenue grew from 1.012 billion yuan in 2020 to 2.422 billion yuan in 2024, indicating a doubling in revenue over five years, although the growth rate has been slowing down [3] - The net profit attributable to shareholders increased from 198 million yuan in 2020 to 630 million yuan in 2024, showing growth despite recent slowdowns [3] Market Capitalization Trends - The peak market capitalization of Jiazhe New Energy reached 26.637 billion yuan on August 29, 2017, with the stock price rising to 13.78 yuan [5] - As of July 18, the stock price was 3.77 yuan, and the market capitalization stood at 9.178 billion yuan, representing a decrease of 17.459 billion yuan or 65.55% from its peak [5]

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Insights - The report emphasizes the importance of core assets in Hong Kong's electric power equipment sector, highlighting the strong approval of coal power installations and the ongoing demand for pumped storage [5][6] - The report indicates that the approval of coal power installations is expected to remain high, with approximately 31 GW approved in the first half of 2025, maintaining levels similar to 2024 [17] - The report notes that the growth in electricity load is expected to outpace overall electricity consumption growth, indicating a long-term trend that will rely heavily on conventional power sources [18] - The wind power sector is experiencing a slowdown in the rapid scaling of turbine sizes, which may lead to improved profitability for wind turbine manufacturers [22][34] Summary by Sections Electric Power Equipment - The report highlights the strong approval of coal power installations, with 90 GW, 83 GW, and 78 GW approved in 2022, 2023, and 2024 respectively, and an expectation to exceed 80 GW in 2025 [17] - The demand for pumped storage is projected to remain high, with significant approvals in recent years, indicating a robust market for this segment [21] - Key companies to focus on include Harbin Electric, Dongfang Electric (H), and Goldwind Technology (H), along with A-share counterparts [6][34] Electricity Production - In June 2025, the industrial electricity production reached 796.3 billion kWh, a year-on-year increase of 1.7%, with a daily average of 26.54 billion kWh [35] - The report notes a narrowing decline in hydropower output and an acceleration in solar power generation, while wind and thermal power growth has slowed [35][38] Coal Industry - In June 2025, coal imports decreased significantly, with a year-on-year decline of 25.9%, attributed to low domestic coal prices [43] - The report indicates that domestic coal production is at a turning point, with a year-on-year increase of 3.0% in June, but with pressures from low prices affecting production levels in key regions [57] - Recommendations include focusing on leading coal companies with high long-term contracts, such as China Coal Energy and China Shenhua Energy [43]

证券代码：601619 证券简称：嘉泽新能 公告编号：2025-061 债券代码：113039 债券简称：嘉泽转债 嘉泽新能源股份有限公司 关于向特定对象发行股票申请 获得上海证券交易所审核通过的公告 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。 嘉泽新能源股份有限公司（以下简称"公司"）于 2025 年 7 月 16 日收到上海证券交易所（以下简称"上交所"）出具的《关于嘉 泽新能源股份有限公司向特定对象发行股票的交易所审核意见》，上 交所审核意见如下： "嘉泽新能源股份有限公司向特定对象发行股票申请符合发行 条件、上市条件和信息披露要求。本所将在收到你公司申请文件后提 交中国证监会注册"。 公司本次向特定对象发行股票事项尚需经中国证券监督管理委 员会（以下简称"中国证监会"）作出同意注册的决定后方可实施， 最终能否获得中国证监会同意注册的决定尚存在不确定性。公司将根 据进展情况，严格按照上市公司向特定对象发行股票相关法律法规的 要求及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 嘉泽新能源股份有限公司 董 ...

Group 1 - The non-public issuance of shares by Jiaze New Energy has been approved, with a total fundraising amount of 1.2 billion yuan, which will be used for replenishing working capital and repaying bank loans [1][2] - The shares will be subscribed by Shanghai Borong Yihong Technology Co., Ltd., a wholly-owned subsidiary of the controlling shareholder, Beijing Jiashilongbo Investment Management Co., Ltd. [1][3] - The issuance price is set at 2.61 yuan per share, which is not less than 80% of the average trading price over the previous 20 trading days [1] Group 2 - The company plans to distribute a cash dividend of 0.10 yuan per share, totaling approximately 243.44 million yuan, with the ex-dividend date set for May 29, 2025 [2] - Following the issuance, the number of shares is expected to be no more than 478,087,649, which does not exceed 30% of the total shares before the issuance [2] - The controlling shareholder will change from Jiashilongbo to Borong Yihong after the issuance, but the actual controller, Chen Bo, will still maintain control over the company [3]

北京市中伦律师事务所关于嘉泽新能源股份有限公司 向特定对象发行股票项目签字律师变更的承诺函 基本情况：嘉泽新能源股份有限公司（以下简称"发行人"）于 2025 年 2 月 13 日向上海证券交易所提交向特定对象发行股票的申请，于 2025 年 2 月 21 日被受理。本次变更前，北京市中伦律师事务所签字律师为张莉、刘攀，现变更 为北京市中伦律师事务所张莉、徐定辉。 张莉律师毕业于南京大学、清华大学，已获得中国律师执业资格，主要从事 资本市场、投融资等方面的业务，先后参与并完成了多家企业的股份制改组、股 票发行与上市、增发等证券法律业务。 徐定辉律师毕业于东北大学、复旦大学，已获得中国律师资格，主要从事资 本市场、投融资等方面的业务，先后参与并完成了多家企业的股份制改组、股票 发行与上市、增发等证券法律业务。 刘攀律师承诺对此前签署材料的真实性、准确性、完整性负责，并将一直承 担相应法律责任。 本所对刘攀律师的承诺进行复核，认为刘攀律师已履行尽职调查义务，并出 具专业意见。本所承诺对刘攀律师签署的相关文件均予以认可并承担相应法律责 任，确保此前出具文件不存在虚假记载、误导性陈述和重大遗漏。 张莉律师、徐定辉律师 ...

嘉泽新能源股份有限公司关于向特定对象发行股票项目 变更签字律师的专项说明 上海证券交易所： 基本情况：嘉泽新能源股份有限公司于 2025 年 2 月 13 日向贵所提交向特定 对象发行股票的申请，于 2025 年 2 月 21 日被受理。 变更事由：本次变更前，北京市中伦律师事务所签字律师为张莉、刘攀，现 变更为北京市中伦律师事务所张莉、徐定辉。变更原因为：原签字律师刘攀因工 作变动，不再继续担任本次发行的签字律师。 7-4-3-2 年 月 日 特此说明。 （以下无正文） 7-4-3-1 （本页无正文，为《嘉泽新能源股份有限公司关于向特定对象发行股票项目变更 签字律师的专项说明》之盖章页） 嘉泽新能源股份有限公司 本公司同意上述变更事项。 ...

特此公告。 嘉泽新能源股份有限公司（以下简称"公司"）于 2025 年 2 月 13 日向上海证券交易所提交向特定对象发行股票的申请，于 2025 年 2 月 21 日被受理。 公司聘请北京市中伦律师事务所为本次向特定对象发行股票项 目的律师事务所。本次变更前，北京市中伦律师事务所签字律师为张 莉、刘攀，现变更为北京市中伦律师事务所张莉、徐定辉。变更原因 为：原签字律师刘攀因工作变动，不再继续担任本次发行的签字律师。 具体内容详见公司于 2025 年 7 月 16 日在上海证券交易所网站披露的 《嘉泽新能源股份有限公司关于向特定对象发行股票项目变更签字 律师的专项说明》《国泰海通证券股份有限公司关于嘉泽新能源股份 有限公司向特定对象发行股票项目变更签字律师的专项说明》《北京 市中伦律师事务所关于嘉泽新能源股份有限公司向特定对象发行股 票项目签字律师变更的承诺函》。 证券代码：601619 证券简称：嘉泽新能 公告编号：2025-060 债券代码：113039 债券简称：嘉泽转债 嘉泽新能源股份有限公司 关于向特定对象发行股票项目变更签字律师的公告 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 ...

国泰海通证券股份有限公司关于嘉泽新能源股份有限公司 向特定对象发行股票项目变更签字律师的专项说明 本公司对张莉律师、徐定辉律师出具的专项报告进行复核，认为张莉律师、 徐定辉律师已履行尽职调查义务，并出具专业意见，且与刘攀律师的结论性意见 一致。 同时，变更过程中相关工作安排已有序交接。上述变更事项不会对发行人本 次发行申请构成不利影响，不会对本次发行申请构成障碍。本公司同意上述变更 事项。 上海证券交易所： 基本情况：嘉泽新能源股份有限公司（以下简称"发行人"）于 2025 年 2 月 13 日向贵所提交向特定对象发行股票的申请，于 2025 年 2 月 21 日被受理。 本公司作为保荐人承担本次发行的保荐工作。本次变更前，北京市中伦律师事务 所签字律师为张莉、刘攀，现变更为北京市中伦律师事务所张莉、徐定辉。 变更事由：原签字律师刘攀因工作变动自北京市中伦律师事务所离职，不再 继续担任本项目的签字律师。经核查，上述变更事由属实。 变更后签字人员的基本情况： 张莉律师毕业于南京大学、清华大学，已获得中国律师执业资格，主要从事 资本市场、投融资等方面的业务，先后参与并完成了多家企业的股份制改组、股 票发行与上市、 ...