证券研究报告 公用事业 行业定期报告 山东机制电价竞价及绿电就近消纳解读 关注绿 色甲醇和能源 RWA 机遇 ——大能源行业 2025 年第 37 周周报（20250913） hyzqdatemark 2025 年 09 月 15 日 投资评级： 看好（维持） 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 联系人 投资要点： 电力：全国首个（山东）新能源机制电价竞价结果出炉 关注风向标意义 9 月 11 日，国网山东省电力公司向社会公示山东 2025 年新能源机制电价竞价结果。 1）机制电量看，风电机制电量 59.67 亿千瓦时，光伏仅 12.4 ...

Group 1 - JinkoSolar (601778) experienced a trading halt today with a daily turnover rate of 12.38% and a transaction amount of 1.899 billion yuan, showing a fluctuation of 8.25% [2] - The stock was listed on the Shanghai Stock Exchange due to a daily decline deviation of -9.86%, with a net sell-off of 161 million yuan from the Shanghai-Hong Kong Stock Connect [2] - The top five trading departments accounted for a total transaction of 507 million yuan, with a buying amount of 108 million yuan and a selling amount of 399 million yuan, resulting in a net sell-off of 291 million yuan [2][3] Group 2 - The stock saw a net outflow of 380 million yuan from major funds today, with a significant outflow of 293 million yuan from large orders and 8.661 million yuan from medium orders [2] - The latest margin trading data as of September 11 shows a total margin balance of 696 million yuan, with a financing balance of 693 million yuan and a securities lending balance of 2.156 million yuan [2] - Over the past five days, the financing balance has decreased by 2.0328 million yuan, a decline of 0.29%, while the securities lending balance has decreased by 313,500 yuan, a decline of 12.69% [2] Group 3 - For the first half of the year, JinkoSolar reported a total operating income of 2.124 billion yuan, representing a year-on-year growth of 10.47%, and a net profit of 123 million yuan, reflecting a year-on-year increase of 39.76% [3]

晶科科技 601778 2025 年第四次临时股东大会会议资料 晶科电力科技股份有限公司 2025 年第四次临时股东大会 会议资料 二〇二五年九月 1 / 58 | | | | | | 晶科科技 601778 2025 年第四次临时股东大会会议资料 会议须知 （包括股东代理人）所持表决权的过半数通过；议案 9 为关联股东回避表决事项， 关联股东需回避表决；议案 9 对中小投资者单独计票。 八、本公司聘请君合律师事务所律师出席见证本次会议，并出具法律意见书。 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，以及 股东在股东大会期间依法行使权利，根据有关法律法规及《晶科电力科技股份有 限公司章程》（以下简称"《公司章程》"）、《晶科电力科技股份有限公司股东大 会议事规则》的有关规定，特制定本须知。 一、股东大会设会务组，由公司董事会秘书负责会议的程序安排和会务工作。 二、股东大会以现场会议的形式召开，并采取现场、网络相结合的方式投票。 三、为保证股东大会的严肃性和正常秩序，切实维护与会股东及股东代理人 的合法权益，除出席会议的股东及股东代理人、公司董事、监事、高级管理人员、 见证律师及董事会邀请的人 ...

Group 1 - Jinko Technology (601778.SH) experienced a significant stock price drop, closing at 4.24 yuan with a decline of 9.98% [1] - A research report by Yang Shuai Bo from Zhongyou Securities predicts Jinko's revenue for 2025-2027 to be 5.49 billion, 5.53 billion, and 5.41 billion yuan respectively, with corresponding net profits of 510 million, 530 million, and 560 million yuan [1] - The report suggests a price-to-earnings (PE) ratio of 32, 31, and 29 times for the years 2025-2027, indicating a potential revaluation of green energy assets as the market continues to evolve [1] Group 2 - The report highlights that the implementation of local regulations following Document No. 136 may impact the operation and transfer of power stations, emphasizing the need for improved operational capabilities in electricity trading [1] - Due to these factors, the rating for Jinko Technology has been adjusted to "Accumulate" [1]

Key Points - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets on September 11, 2025 [3] Group 1: Major Events - Taihe Intelligent announced that Sunshine New Energy will acquire 5.79% of its shares from shareholder Xu Dahong at a price of 22.35 yuan per share, totaling 237 million yuan [4] - Chengdi Xiangjiang received a warning letter from the Shanghai Securities Regulatory Commission due to inaccuracies in financial data disclosure in its annual and quarterly reports [5][6] - Sike Rui terminated its capital increase agreement with Changying Hengrong due to external factors, which will not impact its financial status [7] - Jinko Technology plans to invest 30 million USD in an overseas private equity fund to explore applications of new technologies [8] - Western Gold's subsidiary will undergo equipment maintenance until the end of the year, affecting its production capacity [9] Group 2: Share Transfers - Daye Intelligent's actual controller plans to transfer 8% of the company's shares to a private equity fund at a price of 6.75 yuan per share, totaling 171 million yuan [10] - Jimin Health's stock has seen significant fluctuations, with a recent increase of 33.78% over a few days, raising concerns about potential rapid declines [14] Group 3: Acquisitions and Investments - Yangjie Technology intends to acquire 100% of Better Electronics for 2.218 billion yuan, which will become a wholly-owned subsidiary [15] - *ST Jinke's stock will resume trading on September 12, 2025, following a capital increase plan [16] Group 4: Contracts and Projects - Haixia Environmental plans to sign a contract for a photovoltaic microgrid energy management project with its controlling shareholder, with expected transactions not exceeding 21 million yuan [18] - Jilin Expressway's subsidiary won a construction project worth 9.592 billion yuan [19] - *ST Songfa's subsidiary signed contracts for the construction of four container ships, with a total value between 300 million and 500 million USD [20] Group 5: Shareholder Actions - Baicheng Pharmaceutical's controlling shareholder raised the share buyback price to no more than 80 yuan per share [21] - Mountain Outside Mountain's shareholders plan to reduce their holdings by up to 4.08% [22] - Jinpu Garden's shareholders plan to reduce their holdings by up to 4.58% [24] - Suqian Liansheng's shareholder plans to reduce their holdings by up to 3% [25] Group 6: Financing and Debt - CITIC Securities received approval to publicly issue bonds totaling up to 60 billion yuan [34]

Core Insights - On September 11, 2023, the Shanghai-Hong Kong Stock Connect saw participation in 11 stocks on the daily trading leaderboard, indicating significant trading activity in these stocks [1][2] Group 1: Net Buying Stocks - Shanghai Electric (600021) had a net buying amount of 248.95 million yuan, with a daily increase of 5.87% and a turnover rate of 10.40% [2] - Dongyangguang (600673) recorded a net buying of 66.49 million yuan, with a daily increase of 4.66% and a turnover rate of 7.69% [2] - Oriental Communication (600776) saw a net buying of 58.43 million yuan, with a daily increase of 10.02% and a turnover rate of 11.07% [2] - Jinko Technology (601778) had a net buying of 49.29 million yuan, with a daily increase of 10.05% and a turnover rate of 8.29% [2] - New Silicon Micro (688593) experienced a net buying of 36.52 million yuan, with a daily increase of 20.00% and a turnover rate of 9.86% [2] - Juguang Technology (688167) had a net buying of 27.59 million yuan, with a daily increase of 20.00% and a turnover rate of 10.77% [2] - Sanjiang Shopping (601116) recorded a net buying of 8.78 million yuan, with a daily increase of 10.03% and a turnover rate of 10.18% [2] Group 2: Net Selling Stocks - Tengjing Technology (688195) had a net selling of 0.31 million yuan, with a daily increase of 20.00% and a turnover rate of 15.04% [2] - Haiguang Information (688041) saw a net selling of 10.34 million yuan, with a daily increase of 20.00% and a turnover rate of 3.34% [2] - Huaguang Environmental Energy (600475) recorded a net selling of 18.07 million yuan, with a daily decrease of 10.01% and a turnover rate of 0.75% [2] - Qingshan Paper (600103) had a net selling of 18.12 million yuan, with a daily increase of 10.14% and a turnover rate of 11.50% [2]

Group 1 - JinkoSolar (601778) experienced a trading halt today with a daily turnover rate of 8.29% and a transaction amount of 1.313 billion yuan, showing a price fluctuation of 14.88% [1] - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of 8.39%, with a net purchase of 49.2899 million yuan from the Shanghai-Hong Kong Stock Connect [1] - The top five trading departments accounted for a total transaction of 399 million yuan, with a net purchase of 20.2491 million yuan [1] Group 2 - For the first half of the year, the company reported a revenue of 2.124 billion yuan, representing a year-on-year growth of 10.47%, and a net profit of 123 million yuan, reflecting a year-on-year increase of 39.76% [2] - The top buying and selling departments included the Shanghai Stock Connect, which was both the largest buyer (buying 126.9043 million yuan) and seller (selling 77.6144 million yuan) [2]

Group 1 - The company Jinko Technology (601778.SH) announced its exploration of new application models and scenarios combining renewable energy and IoT blockchain technologies [1] - The company's wholly-owned subsidiary, HongKong Crystal Energy Power Limited, signed a partnership agreement with PUHMERCHANTS LTD. and GaiaDTGuardians Investment Management Limited to invest in a fund [1] - The fund aims to raise up to $300 million, with HongKong Crystal Energy committing to invest $30 million as a limited partner [1] Group 2 - The fund will primarily focus on the renewable energy sector, leveraging blockchain technology to efficiently connect physical assets in renewable energy with global capital [2] - The company, as a long-standing clean energy supplier and service provider, aims to strategically explore the investment value of digitalized renewable energy assets while ensuring stable development of its main business [2] - This investment aligns with the company's light asset development strategy and seeks to explore investment opportunities in the global digitalization process of renewable energy [2]

Group 1 - The company, Jinko Technology (601778.SH), announced its exploration of new applications combining renewable energy and IoT blockchain technologies through its wholly-owned subsidiary, HongKong Crystal Energy Power Limited [1] - HongKong Crystal Energy Power Limited signed a partnership agreement with PUHMERCHANTS LTD. and GaiaDTGuardians Investment Management Limited to invest in a fund targeting a maximum fundraising scale of $300 million, with the company committing $30 million as a limited partner [1][2] - The fund will primarily focus on renewable energy, leveraging blockchain technology to efficiently connect physical assets in the renewable energy sector with global capital [2] Group 2 - The investment aligns with the company's strategy of exploring the digital investment value of renewable energy assets while ensuring stable development of its core business [2] - This investment is consistent with the company's light asset development strategy, aiming to explore investment opportunities in the global digitalization process of renewable energy [2]

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: 一、对外投资概述 证券代码：601778 证券简称：晶科科技 公告编号：2025-105 为进一步探索新能源和物联网区块链等新技术相结合的应用模式和场景，晶 科电力科技股份有限公司（以下简称"公司"）的境外全资下属公司Hong Kong Crystal Energy Power Limited（以下简称"香港晶能"）近日与PUH MERCHANTS LTD（. 以下简称"投资普通合伙人"）、Gaia DT Guardians Investment Management Limited（以下简称"技术普通合伙人"）签署了《AMENDED AND RESTATED EXEMPTED LIMITED PARTNERSHIP AGREEMENT》（以下简称"合伙协议"） 及相关认购协议，香港晶能拟以自筹资金参与投资基金。 晶科电力科技股份有限公司 关于参与认购境外私募股权基金份额的公告 根据《上海证券交易所股票上市规则》《公司章程》及公司《对外投资管理 制度》等相关规定， ...