证券之星消息，9月4日电力板块较上一交易日上涨0.21%，江苏新能领涨。当日上证指数报收于 3765.88，下跌1.25%。深证成指报收于12118.7，下跌2.83%。电力板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600900 长江电力 | | 4.671Z | 9.48% | -1.02 Z | -2.06% | -3.66 Z | -7.42% | | 600905 | 三峡能源 | 7151.45万 | 10.92% | -4239.60万 | -6.48% | -2911.85万 | -4.45% | | 600795 国电电力 | | 6741.26万 | 6.56% | -5036.31万 | -4.90% | -- 1704.96万 | -1.66% | | 600025 华能水电 | | 4269.36万 | 9.86% | -3461.60万 | -7.99% | -8 ...

Investment Rating - The report maintains a strong rating for the power sector and recommends specific companies within the sector [4][7][11]. Core Insights - The first central document in the carbon market sector has been issued, marking a new journey in carbon market construction, with significant implications for green investment and industry growth [3][17][18]. - The report emphasizes the importance of promoting high-quality urban development, particularly in the water and solid waste management sectors, which are expected to benefit from new policies [4][21]. Summary by Sections Market Review - From August 25 to August 29, the electricity sector fell by 0.40%, the environmental sector by 1.47%, the gas sector by 1.65%, and the water sector by 2.15%, while the CSI 300 index rose by 2.71% [11][12]. Carbon Market Development - The central government's recent document outlines plans to accelerate the construction of a national carbon market, aiming for comprehensive coverage of major industrial sectors by 2027 and a robust voluntary reduction market [3][17][18]. - As of July 2025, the national carbon emissions trading market has seen a cumulative transaction volume of 681 million tons and a transaction value of 46.784 billion yuan, indicating a growing influence of carbon pricing [3][18]. Urban Development Initiatives - The recent policy encourages green low-carbon transformation in urban development, promoting energy efficiency and waste management [4][21]. - The report identifies opportunities in waste-to-energy applications, industrial wastewater treatment, and the recycling of construction waste, which are expected to enhance profitability for related companies [4][21]. Investment Recommendations - The report recommends specific companies within various sectors: - For the power sector, it suggests Jiangsu Guoxin and cautiously recommends Sheneng Co. and Zhejiang Energy [4]. - In the nuclear power sector, it cautiously recommends China National Nuclear Power and China General Nuclear Power [4]. - For green energy, it suggests focusing on Three Gorges Energy and Jiangsu New Energy [4]. - In the water sector, it recommends Changjiang Electric Power and cautiously suggests Huaneng Hydropower [4]. - In the environmental sector, it recommends Yongxing Co. and Xuedilong, while suggesting attention to Huaguang Huaneng and China Tianying [4].

Investment Rating - The report maintains a "Strong Buy" rating for Jiangsu Xineng (603693) with a target price of 15.7 CNY, representing a 15% upside from the current price of 13.68 CNY [1][6]. Core Views - The company's performance in the first half of 2025 was under pressure due to weak wind conditions, but there is optimism regarding its long-term growth potential [1][6]. - The company is expected to benefit from the increasing focus on offshore wind energy and related policies, positioning it as a key player in the sector [6][6]. Financial Summary - **Revenue and Profit Forecasts**: - Total revenue is projected to grow from 2,099 million CNY in 2024 to 3,484 million CNY by 2027, with a CAGR of 22.8% from 2026 to 2027 [2]. - Net profit is expected to increase from 417 million CNY in 2024 to 780 million CNY in 2027, with a notable growth rate of 34.4% in 2025 [2]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 0.47 CNY in 2024 to 0.88 CNY in 2027, reflecting a strong growth trajectory [2]. - **Valuation Metrics**: - The price-to-earnings (P/E) ratio is expected to decrease from 29 in 2024 to 16 in 2027, indicating improving valuation as earnings grow [2]. Operational Insights - **Performance in H1 2025**: - The company reported a net profit of 282 million CNY in H1 2025, a decrease of 3.62% year-on-year, while Q2 2025 saw a significant increase of 181.56% year-on-year [6][7]. - Revenue for H1 2025 was 1,054 million CNY, a slight increase of 0.48% year-on-year, with Q2 revenue growing by 25.47% [6][7]. - **Power Generation**: - Total power generation in H1 2025 was 1,783 million kWh, down 2.67% year-on-year, with on-grid power generation also declining by 2.76% [6][6]. - The company has a total installed capacity of 1.71 million kW, with significant contributions from onshore wind, offshore wind, and photovoltaic projects [6][6]. Strategic Developments - **Project Pipeline**: - The company is advancing several key projects, including a 1.55 million kW offshore wind project and various photovoltaic initiatives, which are expected to enhance future profitability [6][6]. - **Policy Environment**: - Recent government policies favoring deep-sea technology and high-quality development of the marine economy are anticipated to catalyze growth in the offshore wind sector [6][6].

Core Viewpoint - Jiangsu Xinneng (603693) reported mixed financial results for the first half of 2025, with slight revenue growth but a decline in net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 1.054 billion yuan, a year-on-year increase of 0.48% [1] - Net profit attributable to shareholders was 282 million yuan, down 3.62% year-on-year [1] - In Q2 2025, total revenue was 480 million yuan, reflecting a significant year-on-year increase of 25.47% [1] - Q2 2025 net profit attributable to shareholders was 118 million yuan, showing a substantial year-on-year increase of 181.56% [1] Key Financial Metrics - Gross margin stood at 52.17%, a decrease of 2.79% year-on-year [1] - Net margin was 30.8%, down 7.45% year-on-year [1] - Earnings per share (EPS) was 0.32 yuan, a decrease of 3.03% year-on-year [1] - Operating cash flow per share was 0.45 yuan, down 15.15% year-on-year [1] - Book value per share increased to 7.68 yuan, up 4.09% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased to 3.435 billion yuan, a rise of 15.45% year-on-year, with accounts receivable to net profit ratio at 824.06% [1] - Interest-bearing liabilities rose to 7.804 billion yuan, an increase of 3.20% year-on-year [1] - Cash and cash equivalents decreased to 1.393 billion yuan, down 6.96% year-on-year [1] Changes in Financial Items - Prepayments increased by 120.3% due to payments for ongoing projects and equipment [2] - Construction in progress rose by 56.77% due to new energy storage and photovoltaic projects [2] - Deferred tax assets increased by 32.81% due to higher bad debt provisions and unabsorbed losses [2] - Research and development expenses surged by 853.74% due to increased spending by subsidiaries [2] - Net cash flow from investing activities decreased by 51.31% due to higher cash payments for fixed assets and other long-term assets [2] Business Evaluation - The company's return on invested capital (ROIC) was 5.45%, indicating average capital returns [3] - Historical median ROIC since listing is 6.42%, with the lowest ROIC recorded at 3.41% in 2020 [3] - The company has a high debt ratio, with interest-bearing asset liability ratio at 34.36% [3] - The accounts receivable situation is concerning, with a high ratio of accounts receivable to profit [3]

Group 1 - The company reported a revenue of 1.054 billion yuan for the first half of 2025, representing a year-on-year growth of 0.48% [1] - The net profit attributable to shareholders was 282 million yuan, showing a year-on-year decline of 3.62% [1] - The net profit excluding non-recurring items was 267 million yuan, which is a year-on-year decrease of 5.03% [1] - The basic earnings per share stood at 0.32 yuan [1]

每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 （记者 胡玲） 每经AI快讯，江苏新能（SH 603693，收盘价：13.77元）8月26日晚间发布公告称，公司第四届第十二 次董事会会议于2025年8月26日以通讯表决的方式召开。会议审议了《2025年半年度报告》及《2025年 半年度报告摘要》等文件。 2024年1至12月份，江苏新能的营业收入构成为：电力占比99.36%，其他业务占比0.64%。 截至发稿，江苏新能市值为123亿元。 ...

江苏省新能源开发股份有限公司2025 年半年度报告摘要 公司代码：603693 公司简称：江苏新能 江苏省新能源开发股份有限公司 江苏省新能源开发股份有限公司2025 年半年度报告摘要 第一节 重要提示 展规划，投资者应当到 http://www.sse.com.cn 网站仔细阅读半年度报告全文。 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 无。 第二节 公司基本情况 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简 称 A股 上海证券交易所 江苏新能 603693 无 联系人和联系方式 董事会秘书 证券事务代表 姓名 张颖 董一红 电话 025-84736307 025-84736307 办公地址 南京市长江路88号10楼 南京市长江路88号10楼 电子信箱 jsnezqb@163.com jsnezqb@163.com 单位：元 币种：人民币 本报告期末比上年 本报告期末 上年度末 度末增减(%) 总资产 17,635,426,232.00 17,623,746,044.27 0.07 归属于上市公司股东的净资产 6,849,882,520.23 6,699,5 ...

证券代码：603693 证券简称：江苏新能 公告编号：2025-033 江苏省新能源开发股份有限公司 第四届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 议。 （二）审议通过《关于公司与江苏省国信集团财务有限公司关联存贷款业 务的风险持续评估报告》 通过审阅江苏省国信集团财务有限公司（以下简称"国信财务公司"）2025 年半年度财务报表，评估国信财务公司的经营资质、业务和风险状况，公司认为： 国信财务公司持有合法有效的《金融许可证》和《营业执照》，具有经营存、 贷款等金融业务的资质。未发现国信财务公司存在违反《企业集团财务公司管理 办法》规定的情形。国信财务公司严格按《企业集团财务公司管理办法》之规定 经营，经营情况良好，未发现国信财务公司的风险管理存在重大缺陷。公司与国 信财务公司之间发生的关联存贷款等金融业务目前风险可控。 具体内容详见公司同日披露的《江苏省新能源开发股份有限公司关于与江苏 省国信集团财务有限公司关联存贷款业务的风险持续评估报告》。 表决结果：同意 7 ...

国信财务公司成立于 2010 年 12 月 14 日，是经原中国银行业监督管理委员 会批准设立的非银行金融机构，基本情况如下： 公司名称：江苏省国信集团财务有限公司 类型：有限责任公司 江苏省新能源开发股份有限公司 关于与江苏省国信集团财务有限公司关联存贷款业 务的风险持续评估报告 根据《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》 的要求，江苏省新能源开发股份有限公司（以下简称"公司"）查验了江苏省国 信集团财务有限公司（以下简称"国信财务公司"、"财务公司"）的《金融许 可证》、《营业执照》等，取得并审阅了国信财务公司 2025 年半年度财务报表， 对国信财务公司的经营资质、业务和风险状况进行了评估，具体情况报告如下： 一、国信财务公司基本情况 住所：南京市玄武区长江路 88 号 24 楼 法定代表人：张书璟 统一社会信用代码：9132000056685112XE 金融许可证机构编码：L0118H232010001 注册资本：200000 万元人民币 成立日期：2010 年 12 月 14 日 经营范围：许可项目：企业集团财务公司服务（依法须经批准的项目，经相 关部门批准后方可开展经营 ...

Group 1 - The company will hold a half-year performance briefing on September 15, 2025, from 15:00 to 16:00 [1][2] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2] - Investors can submit questions in advance via email or through the Roadshow Center website from September 8 to September 12, 2025 [1][2] Group 2 - Key participants in the briefing will include the company's Chairman and General Manager, Mr. Chen Hua, along with independent director Mr. Wu Qiang and other executives [2] - After the briefing, investors can access the main content and details of the meeting through the Shanghai Stock Exchange Roadshow Center [3]