Core Viewpoint - Shenzhen Energy's stock has shown mixed performance in recent trading, with a slight increase of 2.15% on September 23, 2023, and a year-to-date increase of 5.06% [1] Company Overview - Shenzhen Energy Group Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on August 21, 1993, with its listing date on September 3, 1993 [1] - The company engages in the development, production, and sales of various conventional and renewable energy sources, as well as urban solid waste treatment, wastewater treatment, and urban gas supply [1] Business Segmentation - The main revenue sources for Shenzhen Energy are as follows: - Power - Gas Turbine: 26.76% - Power - Coal: 21.32% - Ecological Environment: 18.52% - Comprehensive Gas: 13.65% - Power - Wind: 8.70% - Others: 5.64% - Power - Solar: 3.56% - Power - Hydropower: 1.84% [1] Financial Performance - For the first half of 2025, Shenzhen Energy reported a revenue of 21.139 billion yuan, representing a year-on-year growth of 6.77% - The net profit attributable to shareholders was 1.705 billion yuan, showing a year-on-year decrease of 2.80% [2] Shareholder Information - As of September 19, 2023, Shenzhen Energy had 114,200 shareholders, a decrease of 0.48% from the previous period, with an average of 41,657 circulating shares per shareholder, an increase of 0.48% [2] - The company has distributed a total of 12.497 billion yuan in dividends since its A-share listing, with 2.046 billion yuan distributed in the last three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 30.5289 million shares, a decrease of 18.2034 million shares from the previous period - Southern CSI 500 ETF was the seventh-largest circulating shareholder, holding 21.1348 million shares, an increase of 2.87 million shares from the previous period [3]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Views - The report highlights that in August 2025, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with a total industrial power generation of 936.3 billion kilowatt-hours, reflecting a year-on-year growth of 1.6% [4][7][53] - The report emphasizes the continuous improvement in the power generation structure, with significant contributions from clean energy sources such as wind and solar power, amidst ongoing dual carbon policies and the development of a new power system [8][9][12] Summary by Sections 1. Power Generation - In August 2025, the total power generation reached 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [4][7] - The breakdown of power generation types shows that thermal power generation increased by 1.7%, nuclear power by 5.9%, wind power by 20.2%, and solar power by 15.9%, while hydropower decreased by 10.1% [9][12] - Wind power contributed the most to the increase in power generation, adding 12.4 billion kilowatt-hours compared to the same month last year [8][9] 2. Natural Gas - The report indicates a stable supply-demand balance in the natural gas market, with global gas prices experiencing slight fluctuations [18][19] - As of September 19, 2025, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80% [19][21] - The report suggests that the LNG prices in Northeast Asia remained stable at $11.50/mmBtu, with expectations of a further decline in prices as summer heat waves end [18][35] 3. Investment Analysis - Recommendations for investment include: - Hydropower: Favorable financial conditions due to interest rate cuts, with suggested companies being Guotou Power, Chuan Investment Energy, and Yangtze Power [16] - Green Energy: Increased stability in returns for renewable energy operators, with a focus on companies like Xintian Green Energy and Longyuan Power [16] - Nuclear Power: Continued approval of new units, with recommendations for China Nuclear Power and China General Nuclear Power [16] - Thermal Power: Improved profitability due to falling coal prices, with recommendations for Guodian Power and Huaneng International [16] - Gas Utilities: Favorable conditions for city gas companies, with recommendations for Kunlun Energy and New Hope Energy [40]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for these industries [4]. Core Insights - In August, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with total industrial power generation reaching 936.3 billion kilowatt-hours, a year-on-year increase of 1.6% [9][57]. - The report highlights the continued growth of thermal power and the significant contribution of renewable energy sources, particularly wind and solar power, to the overall power generation increase [10][11]. - Global gas prices are experiencing narrow fluctuations, with a stable supply-demand balance in the market, particularly in the U.S. and Europe [20][29]. Summary by Sections 1. Power Generation - In August, the total power generation was 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [9][57]. - The breakdown of power generation types shows thermal power at 6,274 billion kilowatt-hours (up 1.7%), hydropower at 1,479 billion kilowatt-hours (down 10.1%), nuclear power at 645 billion kilowatt-hours (up 5.9%), wind power at 738 billion kilowatt-hours (up 20.2%), and solar power at 538 billion kilowatt-hours (up 15.9%) [11][58]. - The report emphasizes the strong growth of renewable energy, with wind and solar power showing significant year-on-year increases of 20.2% and 15.9%, respectively [10][11]. 2. Natural Gas - As of September 19, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80%, while the TTF spot price in Europe remained stable at €32.00/MWh [20][21]. - The report notes that U.S. natural gas production remains high, contributing to a stable supply-demand balance and low price fluctuations [23][29]. - The LNG ex-factory price in China was 4,019 yuan/ton, with a weekly decrease of 0.84%, indicating a softening market due to weak domestic demand [41][44]. 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Yangtze Power due to stable growth and financial benefits from interest rate cuts [18]. - In the renewable energy sector, companies such as Xintian Green Energy and Funi Co. are highlighted for their stable returns and high profitability [18]. - The report suggests focusing on integrated natural gas traders like New Hope Energy and Shenzhen Gas, as well as city gas companies benefiting from cost reductions [44].

Core Insights - The overall performance of Shenzhen state-owned enterprises' new media accounts has declined in August, with significant drops in both article output and reading volume compared to July [4][20] - The "Shenzhen State-owned Enterprises New Media Information Release Observation List" evaluates the performance of 54 accounts, including 31 state-owned enterprise accounts and 23 listed companies [3] Group 1: New Media Performance - In August, 21 out of 31 state-owned enterprise accounts reduced their article output, with notable decreases from Shenzhen Stock Exchange, Shenzhen Anju, and Shenzhen Innovation Investment Group [4][20] - Reading volume for 21 accounts also fell, with some experiencing declines of over 50%, while the Special Zone Construction Group saw a significant increase of 16,610 in reading volume [4][20] - The top three accounts by article output were Shenzhen Bus Group (71 articles), Shenzhen Energy (64 articles), and Shenzhen Metro (63 articles) [5][20] Group 2: Reading Volume and Engagement - The top three accounts by reading volume were Shenzhen Metro (361,000+), Guoxin Securities (135,000+), and Shenzhen Eastern Bus (133,000+) [6][7] - The lowest reading volumes were recorded by Special Zone Development Group (408) and Shenzhen Capital Group (165) [6][7] - The top three accounts by likes were Shenzhen Metro (4,079), Shenzhen Bus Group (2,881), and Shenzhen Gas (1,957) [8][9] Group 3: Listed Companies Performance - Among the 23 listed company accounts, 14 experienced declines in reading volume, indicating instability in content planning [13][20] - The top three accounts by article output were Deep Special Power (51 articles), Shenzhen Airlines (24 articles), and Yiyaton (21 articles) [14][20] - Reading volume leaders included Shenzhen Airlines (110,000+), CIMC (50,913), and China Ping An (43,212), although many accounts saw significant drops [15][20] Group 4: Recommendations for Improvement - The overall data indicates a need for optimization in content output and engagement strategies, particularly for lower-performing accounts [20] - Recommendations include focusing on data review, strategy adjustment, content quality improvement, and maintaining a consistent output rhythm to enhance account influence [20]

（来源：快查一企业中标了） 快查APP显示，深圳能源、广聚能源相关公司深圳妈湾电力有限公司于2025年9月19日发布一则招标信 息，项目名称为妈湾电厂升级改造煤电环保替代一期工程0048地块临时建筑施工，预算金额为810.07万 元。 快查股权穿透数据显示，该公司由深圳能源、广聚能源持股，出资比例为73.41%、6.42%。 ...

Core Insights - The recent "New Tian Gong Kai Wu - Technology Achievements Release Conference" showcased innovative energy technologies aimed at addressing energy shortages and enhancing the recycling of retired renewable energy components [1] Group 1: Marine Energy Technology - The ocean covers approximately 71% of the Earth's surface and contains abundant renewable blue energy resources, including wave and tidal energy, which are considered ideal low-carbon renewable energy sources [2] - The average wave energy density globally is between 30 to 70 kW per meter, while China's coastal wave energy density is significantly lower, ranging from 5.1 to 7.7 kW per meter, presenting a challenge for utilization [2] - The invention of the Triboelectric Nanogenerator (TENG) technology allows for efficient capture of low-frequency, small-amplitude wave energy, with peak power density output increased from a few watts per cubic meter to 114.8 watts per cubic meter [2] Group 2: Recycling of Retired Components - China's renewable energy industry is experiencing rapid growth, with the installed capacity of wind, solar, and energy storage reaching new heights, leading to an expected retirement volume of over 5 million tons of components by 2030 [3][4] - The developed oxygen-free pyrolysis technology enables the high-value recycling of retired components, converting wind turbine blades into glass fibers and pyrolysis oil, with fiber strength reaching over 90% of the original material and pyrolysis oil having a calorific value of 25 MJ per kilogram [4] - The technology has been successfully implemented across more than ten provinces in China, achieving an annual processing target of tens of thousands of retired components, demonstrating its engineering stability and economic viability [4] Group 3: Power Prediction Systems - The increasing share of renewable energy in the energy structure presents challenges due to the randomness, volatility, and intermittency of renewable power generation [5] - A new power prediction system developed by Shenzhen Energy Group enhances the accuracy of meteorological predictions at the station level by 15% and wind power predictions by 10%, improving grid dispatch decision-making [5][6] - The system employs a three-level downscaling architecture and integrates artificial intelligence, resulting in a 10% reduction in prediction error compared to traditional interpolation methods, with significant economic benefits reported [6][7]

郑建邦在讲话中指出，能源是经济社会发展的重要物质基础和动力源泉。推动人工智能技术与能源产业 深度融合，是建设新型能源体系的时代机遇，也是能源产业绿色低碳转型的必由之路。他表示，要立足 全球视野、聚焦中国实践，紧扣双向赋能，推动能源与人工智能融合发展。要在政策引导、技术创新与 市场机制等方面发力，最大限度发挥人工智能与能源的倍增效能，为"十五五"发展凝聚更多动能。要深 化全球能源治理合作，为全球绿色发展贡献中国智慧。 孟凡利在致辞中表示，深圳将顺应产业和经济向智能、绿色和健康方向发展的基本趋势，全力推进人工 智能产业高质量发展和全域全时全行业高水平应用，加快打造人工智能先锋城市和全球数字能源先锋城 市。期盼与各方深化合作，携手为"人工智能+"能源高质量发展贡献力量。 9月17日，以"能源+AI引领绿色发展"为主题的2025能源绿色发展大会在深圳举行。 全国人大常委会副委员长、民革中央主席郑建邦讲话并宣布大会开幕，中共广东省委副书记、深圳市委 书记孟凡利，国家能源局党组成员、副局长万劲松，中国能源研究会副理事长王禹民致辞，民革中央副 主席陈星莺主持。 开幕式后，中国工程院院士刘吉臻、饶宏、戴琼海，华为公司副总裁周 ...

Core Viewpoint - The performance of Penghua Shenzhen Energy REIT remains stable and positive despite a challenging market environment, with a focus on adapting to new electricity pricing policies and enhancing operational efficiency [2][4][6] Group 1: Operational Performance - The underlying asset of Penghua Shenzhen Energy REIT is the Shenzhen Energy Eastern Power Plant, which aligns with China's carbon neutrality goals [2] - In the first half of 2025, the project company achieved a sales volume of approximately 1.359 billion kWh, with an average on-grid electricity price of approximately 0.5138 yuan/kWh (including tax) [2] - The fund's consolidated revenue for the first half of 2025 was approximately 618 million yuan, primarily from electricity sales, with a net profit of approximately 55 million yuan [2] Group 2: Financial Indicators - The project company reported a sales revenue of 618 million yuan in the first half of 2025, a year-on-year decrease of 10.85%, while the actual LNG cost was approximately 382 million yuan, down 8.11% year-on-year [2] - The average electricity selling price for the first half of 2025 was approximately 0.5138 yuan/kWh (including tax), reflecting a year-on-year increase of 2.63% [2] Group 3: Strategic Management - The operational management team is actively assessing the electricity market landscape and optimizing trading strategies to ensure stable growth [3] - Recent policy changes in Guangdong aim to shift the operational model of gas-fired power generation, potentially stabilizing revenue from capacity fees [4] - The project operates under a market-oriented electricity pricing mechanism, with long-term electricity sales accounting for a significant portion of revenue [5] Group 4: Future Outlook - The management team plans to closely monitor market conditions and adjust operational strategies to enhance project efficiency and maintain long-term stability [6]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment [5][14]. Core Insights - The report highlights the competitive results of the electricity pricing mechanism in Shandong, indicating that wind power is favored over solar power, with wind power pricing at 0.319 CNY/kWh and solar at 0.225 CNY/kWh [9][10]. - A new pricing mechanism for nearby consumption of renewable energy has been established, clarifying economic responsibilities and allowing renewable projects to pay for supply reliability [12][13]. - Global gas prices are showing mixed trends, with European and Asian prices rising while U.S. prices are declining, reflecting varying supply and demand dynamics [15][20]. Summary by Sections 1. Electricity: Shandong Pricing Mechanism and New Renewable Energy Policies - Shandong's first competitive pricing results show wind power projects with a total capacity of 3.5911 GW and a mechanism electricity price of 0.319 CNY/kWh, while solar projects have a capacity of 1.265 GW and a price of 0.225 CNY/kWh [9][11]. - The new pricing mechanism for nearby consumption aims to enhance the utilization of renewable energy and reduce the pressure on the power system [12][13]. 2. Gas: Global Price Variations - As of September 12, U.S. Henry Hub spot prices are at $2.94/mmBtu, down 3.61% week-on-week, while European TTF prices are at €32.00/MWh, up 1.27% [15][16]. - The report notes that U.S. gas production remains high despite a slight decline, while European prices are influenced by supply constraints and increased heating demand due to cooler temperatures [15][20]. 3. Weekly Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utilities, power, and environmental sectors underperformed [36]. 4. Company and Industry Dynamics - Recent announcements include the implementation of market-oriented pricing reforms for renewable energy in Jiangxi province, effective from October 2025 [40]. - The report also discusses various company announcements, including operational updates and financial instruments [43]. 5. Key Company Valuation Tables - The report provides valuation metrics for key companies in the public utility sector, highlighting buy and hold recommendations for several firms based on their earnings and price-to-earnings ratios [45][46].

Core Viewpoint - China Communications Construction Group (CCCC) and Shenzhen Energy Group have signed a strategic cooperation agreement focusing on green energy development, ecological environmental governance, and overseas business expansion [1] Group 1: Strategic Cooperation - The agreement emphasizes comprehensive and in-depth cooperation in infrastructure construction, low-carbon clean energy, ecological environment governance, and overseas collaboration [1] Group 2: Key Participants - The meeting involved key figures including Song Hailiang, the Party Secretary and Chairman of CCCC, and Li Yingfeng, the Party Secretary and Chairman of Shenzhen Energy Group, along with President Ouyang Huiyu [1]