Investment Rating - The report maintains a "Positive" investment rating for the utility industry [1] Core Insights - The first mechanism electricity price bidding results for renewable energy in Shandong have been released, indicating a significant market-oriented shift in policy [3][17] - Wind power mechanism electricity price is set at 319 CNY/MWh, which is a 20% premium over the 2024 average spot trading price, while solar power is at 225 CNY/MWh, a 33% premium [3][24] - The report emphasizes the importance of management and operational capabilities for renewable energy operators in a market-driven environment [4][30] Summary by Sections Electricity Sector - The Shandong province has become the first to implement a market-oriented mechanism for renewable energy pricing, with significant participation from over 3000 projects [18][21] - The mechanism electricity volume for wind power is 59.67 billion kWh, while for solar power it is only 12.48 billion kWh, reflecting a stronger policy support for wind energy [3][23] - The report suggests that the future of solar power installations in Shandong may see reduced investment enthusiasm due to current pricing pressures and non-technical cost reductions [4][29] Grid Sector - New pricing mechanisms for nearby consumption of green electricity have been established, which will protect grid interests and promote cost reductions for users [6][35] - The system operation costs will be charged based on the electricity delivered, allowing for potential savings in electricity costs for high-load enterprises [7][37] - The report highlights that the new pricing structure will benefit wind power and energy storage development, making them key components in the green electricity landscape [8][42] Renewable Energy Assets - The report discusses the acceleration of Real World Assets (RWA) in the distributed solar sector, with significant investments from companies like JinkoSolar and GCL-Poly [10][44] - The RWA framework is expected to enhance liquidity and value reassessment of quality distributed solar assets, benefiting original equity holders [11][47] - The collaboration between LinYuan Energy and Ant Group aims to digitize energy assets, further supporting the RWA initiative [12][48] Green Methanol - A major project for green methanol production has been announced by Goldwind, with a total investment of approximately 18.92 billion CNY, aiming to produce 600,000 tons of green methanol annually [13][49] - The report anticipates a surge in demand for green methanol as multiple projects are set to commence production in the coming years [13][49] - Key suppliers and equipment manufacturers in the green methanol sector are expected to see performance improvements as the market expands [13][49]

Core Viewpoint - Aerospace Engineering has shown significant stock performance with a year-to-date increase of 30.21% and a recent 5-day increase of 17.45% [1] Financial Performance - For the first half of 2025, Aerospace Engineering reported revenue of 1.988 billion yuan, representing a year-on-year growth of 80.04% [2] - The net profit attributable to shareholders for the same period was 96.87 million yuan, reflecting a year-on-year increase of 6.70% [2] Stock and Market Activity - As of September 15, the stock price was 20.12 yuan per share, with a market capitalization of 10.784 billion yuan [1] - The trading volume on September 15 was 271 million yuan, with a turnover rate of 2.59% [1] - The stock experienced a net outflow of 13.76 million yuan from main funds, with large orders showing a buy of 47.61 million yuan and a sell of 63.91 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 3.48% to 22,900, while the average circulating shares per person increased by 3.61% to 23,454 shares [2] - The company has distributed a total of 567 million yuan in dividends since its A-share listing, with 196 million yuan distributed in the last three years [3] Business Overview - Aerospace Engineering specializes in coal gasification technology and related equipment, with its main business segments being industrial gas operations (49.87%), clean and efficient coal utilization (46.17%), and high-end equipment manufacturing (3.91%) [1] - The company is categorized under the machinery and equipment sector, specifically in specialized equipment for energy and heavy machinery [1]

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and chemical sectors, particularly focusing on those benefiting from infrastructure development in Xinjiang and coal chemical projects [10][21]. Core Insights - The year 2025 marks the 70th anniversary of the Xinjiang Uyghur Autonomous Region, with expectations for increased central government support and policies that could significantly boost the performance and valuation of companies in the region [1][2][10]. - Key investment opportunities are identified in two main areas: transportation infrastructure and coal chemical projects, with specific recommendations for companies such as China Communications Construction, North New Road Bridge, and China Chemical [2][10][21]. - The report highlights the potential for substantial investment in coal chemical projects in Xinjiang, estimating annual investments of approximately 997 billion, 2077 billion, and 2326 billion from 2025 to 2027 [2][21]. Summary by Sections Transportation Infrastructure - The report emphasizes the importance of enhancing transportation infrastructure in Xinjiang, with ongoing railway projects and expected progress on the China-Kyrgyzstan-Uzbekistan railway, which has a total investment of 8 billion USD [2][21]. - Recommended companies benefiting from this sector include Xinjiang Communications Construction, North New Road Bridge, and major players in cement and steel production [1][2][10]. Coal Chemical Projects - The report notes that Xinjiang has significant potential for coal chemical development, with over 800 billion in investments planned for ongoing and proposed projects by mid-2025 [2][21]. - Key companies in this sector include China Chemical, Donghua Technology, and Sanwei Chemical, which are expected to benefit from the acceleration of project launches and the rising demand for green methanol [2][10][21]. Valuation Reassessment - The report suggests that companies rich in mineral resources, such as China Metallurgical Group and China Railway Group, are due for a valuation reassessment due to rising prices of gold and copper amid a recovering economy [7][30]. - China Metallurgical Group's estimated value is 732 billion, with a potential upside of 64%, while China Railway Group's estimated value is 1490 billion, with a potential upside of 69% [7][30]. High Dividend Recommendations - The report highlights Sichuan Road and Bridge as a high-dividend stock, projecting a dividend yield of 6.4% for 2025, benefiting from the strategic importance of Sichuan in national infrastructure plans [8][10][21]. - Other companies recommended for their high dividend yields include China Construction and China Railway Group, with respective yields of 5% and 4.6% [6][10].

Core Viewpoint - The successful operation of the 2000-ton semi-waste gasification furnace developed by Aerospace Changzheng Chemical Engineering Co., Ltd. has set a new world record for continuous operation, achieving over two years of stable performance, significantly enhancing the competitiveness of ammonia products in the market [2][3][5]. Technology and Innovation - The semi-waste gasification technology has been recognized as a core technology in the coal gasification field, supported by national policies aimed at promoting energy efficiency and carbon reduction [3][11]. - The gasification unit has successfully expanded the range of coal feedstock to over 20 types, maintaining stable operation despite variations in coal quality [3][11]. - Innovative technologies developed include slag cold wall technology, vibration ash cleaning technology, and a new slag water treatment process, resulting in 13 authorized patents, including 4 invention patents [7][9]. Operational Efficiency - The gasification furnace operates at a pressure of 4.0 MPa, with an effective gas output of 130,000 standard cubic meters per hour, and produces high-pressure saturated steam at a stable rate of 45 tons per hour without decline [9][10]. - The comprehensive energy consumption for liquid ammonia production is controlled at 1130 kg standard coal per ton, significantly improving market competitiveness and profitability [9][10]. Environmental Impact - The operation of the semi-waste gasification furnace allows for the recovery of high-quality thermal energy equivalent to 50,000 tons of standard coal annually, reducing carbon dioxide emissions by 130,000 tons [10][11]. - The technology exemplifies successful energy recovery and utilization, contributing to cleaner, efficient, and low-carbon coal utilization [10][11]. Industry Significance - The successful operation of the semi-waste gasification furnace serves as a valuable practical example for the promotion of semi-waste gasification technology in the coal chemical industry, supporting the transformation and upgrading of the sector [11]. - The technology has been applied in 11 engineering projects, totaling 47 gasification furnaces, providing solid technical support for energy security and carbon reduction in the modern coal chemical industry [11].

Core Viewpoint - The successful operation of the 2000-ton semi-waste boiler gasification unit by Aerospace Changzheng Chemical Engineering Co., Ltd. has set a new world record for continuous operation, achieving over two years of stable performance, which significantly enhances the competitiveness of synthetic ammonia products in the market [1][5][11] Group 1: Technological Achievements - The semi-waste boiler gasification unit operates at a gasification pressure of 4.0 MPa and has achieved a continuous operation time of over 730 days, surpassing the previous record of 489 days [2][5] - The unit has maintained stable steam output at 45 tons per hour without any decline, addressing a long-standing industry challenge related to steam decay [6][10] - The technology has led to the development of 13 authorized patents, including 4 invention patents, showcasing significant innovation in the field [7][10] Group 2: Economic and Environmental Impact - The comprehensive energy consumption for liquid ammonia production has been reduced to 1130 kg standard coal per ton, resulting in substantial economic benefits [1][10] - The gasification unit is expected to recover high-quality thermal energy equivalent to 50,000 tons of standard coal annually and reduce carbon dioxide emissions by 130,000 tons, promoting cleaner and more efficient coal utilization [1][10][11] - The successful operation of the semi-waste boiler technology serves as a valuable model for the promotion of advanced coal gasification technologies in the chemical industry, contributing to energy security and carbon emission reduction [11]

Market Overview - The Shanghai Composite Index closed at 3855.10 points, above the six-month moving average, with an increase of 1.12% [1] - The total trading volume of A-shares reached 14961.95 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 118 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Xinxiangwei (688593) with a deviation rate of 18.44% and a price increase of 20.00% [1] - Fabon Information (300925) with a deviation rate of 11.71% and a price increase of 13.31% [1] - Aerospace Engineering (603698) with a deviation rate of 8.55% and a price increase of 10.01% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Huatushan (300492) with a deviation rate of 8.31% and a price increase of 10.82% [1] - Leidi Technology (300652) with a deviation rate of 6.06% and a price increase of 8.27% [1] - Tianshan Electric (301379) with a deviation rate of 4.05% and a price increase of 4.14% [1]

Group 1 - The company held a half-year performance briefing on September 10, 2025, via the Shanghai Stock Exchange's online platform [1][2] - Key executives, including the chairman and general manager, participated in the briefing to discuss the company's performance and financial status with investors [2] Group 2 - The company reported a revenue of 1.988 billion yuan for the first half of 2025, representing an increase of 80.04% compared to the same period last year [4] - The net profit attributable to shareholders was 97 million yuan, reflecting a growth of 6.70% year-on-year [4] Group 3 - The company’s gasification technology has independent intellectual property rights and has been recognized as internationally leading in safety, stability, adaptability, economic operation, and environmental friendliness [3] - The company’s advanced gasification technology achieved international leading status and received a first-class scientific and technological award from the China Fertilizer Association [5] Group 4 - The company is actively working on coal chemical projects in the Xinjiang region, with financial accounting based on specific project progress [6]

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。 航天长征化学工程股份有限公司（以下简称公司）于 2025 年 9 月 10 日上午 11:00-12:00 通过上海证券交易所上证路演中心（网址：https://roadshow.sse info.com/）以网络互动形式举行 2025 年半年度业绩说明会，现将有关事项公告 如下： 一、 业绩说明会召开情况 2025 年 8 月 30 日，公司在上海证券交易所网站（www.sse.com.cn）及指定 信息披露媒体披露了《航天长征化学工程股份有限公司关于召开 2025 年半年度 业绩说明会的公告》。 2025 年 9 月 10 日，公司董事长姜从斌，董事、总经理孙庆君，独立董事杨 鹃，副总经理（财务负责人）、董事会秘书王光辉出席了本次说明会。参会人员 就公司 2025 年半年度经营成果及财务状况与投资者进行沟通和交流，在信息披 露允许的范围内就投资者普遍关注的问题进行了回复。 证券代码：603698 证券简称：航天工程 公告编号：2025-024 航天长征化学工程股份有限公司 关 ...

Core Points - The company announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 0.055 yuan per share (tax included) for A-shares [1] - The record date for the dividend is set for September 17, 2025, and the ex-dividend date is September 18, 2025 [1]

航天长征化学工程股份有限公司 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。 证券代码：603698 证券简称：航天工程 公告编号：2025-023 重要内容提示： 每股分配比例 A 股每股现金红利0.055元 1. 发放年度：2025年半年度 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 | 2025/9/17 | － | 2025/9/18 | 2025/9/18 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经航天长征化学工程股份有限公司（以下简称公司）2025 年 4 月 25 日 的2024年年度股东大会审议通过，授权董事会根据公司实际情况，在符合利润分配条件、分 红上限的前提下制定并实施具体的 2025 年度中期分红方案，并经 2025 年 8 月 28 日召开的第 五届董事会第五次会议审议通过。 二、 分配方案 2. 分 ...