Core Viewpoint - The report from Tianfeng Securities highlights a significant divergence in the profitability of coal-fired power plants in Guangdong Province due to low electricity prices, with high-capacity coal power units performing better. The long-term electricity price for coal power plants is expected to stabilize by 2026, with limited downside potential in the near term [1][2][3]. Group 1: Current Situation - The profitability of thermal power assets is showing clear differentiation under low electricity price conditions [1]. - There are significant regional differences in electricity demand within Guangdong, leading to variations in spot electricity prices based on local consumption capabilities [1]. - The spot electricity prices in the Pearl River Delta region are notably higher compared to other areas, with the western region facing more pricing pressure [1]. Group 2: Asset Differentiation - High-efficiency coal power units, particularly those with a capacity of 1 million kilowatts, exhibit the best profitability, with net profits exceeding 0.01 yuan/KWh [2]. - Smaller coal power units (30,000 kilowatts and below) are generally operating at a loss, indicating greater profitability pressure [2]. - Gas-fired power units face higher fuel costs and lower average utilization hours, contributing to their profitability challenges compared to coal units [2]. Group 3: Outlook - The annual long-term electricity price in Guangdong is nearing its bottom, with limited room for further decline [3]. - The average transaction price for electricity in Guangdong is 0.392 yuan/KWh, with a downward adjustment of 15.67%, indicating proximity to the price floor [3]. - Starting in 2026, the capacity price for coal power units is set to increase to 165 yuan per kilowatt per year, which is expected to support stable profitability for coal power plants in the long term [3].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Viewpoints - The profitability of thermal power assets in Guangdong is differentiated under low electricity prices, with significant regional disparities in electricity demand affecting node prices [1][10] - High-efficiency coal power units are expected to perform better in profitability compared to lower capacity units, with 1 million kW units showing net profits above 0.01 yuan/KWh [2][30] - The average electricity price in Guangdong is expected to remain stable, with limited downward potential, while capacity prices are anticipated to increase, enhancing profitability for coal power units [3][51] Summary by Sections Current Situation: Profitability Differentiation of Thermal Power Assets - Regional differences in electricity demand lead to varying node prices across Guangdong, with the Pearl River Delta region experiencing higher prices compared to other areas [1][15] - Different capacity levels of coal power units exhibit significant differences in profitability, with 1 million kW units showing the best performance [2][30] - Gas power units face greater profitability pressure due to higher fuel costs and lower utilization hours compared to coal units [2][32] Outlook: Stable Electricity Price Expectations - The annual long-term electricity price in Guangdong is nearing its bottom, with limited room for decline, as the average transaction price for 2025 is projected at 0.392 yuan/KWh [3][51] - Capacity price adjustments are expected to positively impact the profitability of coal power units starting in 2026 [3][51] Investment Recommendations - Focus on high-capacity coal power units in Guangdong, as they are expected to maintain better profitability under the current low electricity price environment [4][30] - Recommended stocks include Baoneng New Energy, China Resources Power (H shares), Guangdong Power A, Guangzhou Development, Shenzhen Energy, and Suihengyun A [4]

Market Performance - The utility sector declined by 0.5% as of August 15, underperforming the broader market, while the Shanghai-Shenzhen 300 index rose by 2.4% to 4202.35 [2][4] - The electricity sector fell by 0.78%, while the gas sector increased by 1.75% [2][4] Electricity Industry Data Tracking - As of August 15, the price of Qinhuangdao port thermal coal (Q5500) was 695 CNY/ton, up 17 CNY/ton week-on-week [2][3] - Thermal coal inventory at Qinhuangdao port increased by 200,000 tons week-on-week to 5.67 million tons as of August 15 [3][6] - Daily coal consumption at inland power plants decreased by 12.61% week-on-week to 3.576 million tons as of August 14 [6] - The outflow from the Three Gorges Reservoir decreased by 12.26% year-on-year and 0.73% week-on-week to 13,600 cubic meters per second as of August 15 [6] - The average price in the Guangdong electricity market increased by 29.40% week-on-week to 274.24 CNY/MWh as of August 9 [6] Natural Gas Industry Data Tracking - As of August 15, the national index for LNG ex-factory prices was 4,172 CNY/ton, down 15.60% year-on-year and 1.14% week-on-week [6] - The EU natural gas supply for week 29 of 2025 was 6.08 billion cubic meters, up 4.2% year-on-year but down 2.8% week-on-week [6][7] - Domestic natural gas consumption in June 2025 was 35.05 billion cubic meters, up 1.9% year-on-year [7] Industry News - In July, the national industrial power generation was 926.7 billion kWh, a year-on-year increase of 3.1%, with a daily average of 29.89 billion kWh [7] - The Gansu Development and Reform Commission issued a document regarding the market-oriented reform of renewable energy pricing [7] Investment Recommendations - The electricity sector is expected to see profit improvement and value reassessment following multiple rounds of supply-demand tensions [6] - The gas sector may benefit from stable margins and high sales volume due to the recovery of domestic natural gas consumption [6]

证券日报网讯深圳能源（000027）8月15日在互动平台回答投资者提问时表示，截至2025年8月8日，公 司股东人数为112469户。 ...

Group 1 - The establishment of Shenneng Yudong Environment (Longchuan) Co., Ltd. has been officially registered with a capital of 10 million yuan, focusing on kitchen waste treatment, power generation, and environmental protection services [1][2]. - The company is co-owned by Shenneng International Environment (Shenzhen) Co., Ltd. and Shenzhen Energy Environmental Protection Co., Ltd., among others [1][3]. - The legal representative of the new company is Li Jinxiang, and it is located in Longchuan County, Heyuan City, Guangdong Province [2][3]. Group 2 - The company is classified under solid waste management (N7723) in the national industry standards [2]. - The shareholding structure indicates that Shenneng International Environment holds 51% of the shares, while Longchuan Kending Environmental Technology Co., Ltd. holds 43%, and Shenzhen Energy Environmental Protection Co., Ltd. holds 6% [3].

Group 1 - The establishment of Sheneng Yudong Environment (Longchuan) Co., Ltd. has been reported, with a registered capital of 10 million yuan [1] - The legal representative of the new company is Li Jinxiang, and its business scope includes kitchen waste treatment, power generation, transmission, and supply [1] - The company is jointly held by Sheneng International Environment (Shenzhen) Co., Ltd. and Shenzhen Energy Environmental Protection Co., Ltd., a subsidiary of Shenzhen Energy [1]

Core Insights - Shenzhen Energy reported a closing price of 6.73 yuan as of August 13, 2025, with a 1.05% increase and a trading volume of 292,500 hands, amounting to 196 million yuan in transaction value [1] Financial Performance - For Q1 2025, Shenzhen Energy's total operating revenue reached 9.78 billion yuan, reflecting a year-on-year growth of 1.78% - The net profit attributable to shareholders was 1.35 billion yuan, showing a year-on-year increase of 22.31% - The non-recurring net profit was 1.27 billion yuan, up 16.07% year-on-year - The current ratio stood at 1.253, the quick ratio at 1.225, and the debt-to-asset ratio at 62.52% [1] Capital Flow - On the day of reporting, the net inflow of main funds was 13.62 million yuan, accounting for 6.93% of the transaction value - Large orders saw a net inflow of 9.08 million yuan, representing 4.63% of the transaction value, while small orders experienced a net outflow of 8.71 million yuan, or 4.43% of the transaction value [1] Company Overview - Shenzhen Energy Group Co., Ltd. was established in 1993 and is based in Shenzhen, primarily engaged in business services - The company has a registered capital of approximately 47.57 billion yuan, with the same amount in paid-in capital - The legal representative of the company is Li Yingfeng [1][2] Investment and Intellectual Property - Shenzhen Energy has made investments in 69 companies and participated in 5,000 bidding projects - The company holds 171 trademark registrations and 22 patents, along with 68 administrative licenses [2]

Core Insights - The project in Ordos City, Inner Mongolia, marks a significant advancement in hydrogen energy, featuring a 30 MW hydrogen turbine integrated into a renewable energy storage and generation system [3][4] - This initiative is part of a larger effort to establish Inner Mongolia as a global hydrogen energy benchmark, with a total upstream wind power capacity of 500 MW [4][5] Group 1: Project Details - The 30 MW hydrogen turbine will operate entirely on hydrogen, distinguishing it as the first of its kind at this scale [3][4] - The project includes a 500 MW wind power capacity, a 5 MW off-grid photovoltaic array, and 240 MW of electrolyzers capable of producing 48,000 Nm³ of hydrogen per hour (approximately 4.3 tons/hour) [4] - The facility will also feature twelve spherical hydrogen storage tanks with a capacity of 1,875 cubic meters each and a plant for producing 150,000 tons of green ammonia annually [4] Group 2: System Objectives - The ultimate goal is to create a "power-hydrogen-power" closed-loop system that converts green electricity into hydrogen for storage and later use in power generation during low renewable energy output periods [5] - This system aims to stabilize power supply and address intermittency issues in the grid, contributing to China's ambition of becoming a global leader in clean energy [5] Group 3: Broader Implications - The project is crucial for Inner Mongolia's goal of establishing a national hydrogen energy demonstration hub and serves as a model for integrating hydrogen into high-renewable energy grids globally [5] - China has made significant strides in renewable energy, adding 198 GW of solar and 46 GW of wind capacity from January to May this year, equivalent to the total generation capacity of Indonesia or Turkey [5] - The country aims to peak carbon emissions by 2030 and achieve carbon neutrality by 2060, with plans to increase total wind and solar capacity to 1,200 GW by 2030 [5]

Core Insights - The project marks a significant breakthrough in hydrogen power generation and long-term energy storage in China, being the world's first 30MW pure hydrogen gas turbine hydrogen storage demonstration project [1] Group 1: Project Overview - The project is located in the Ordos High-tech Industrial Development Zone in Inner Mongolia and is a collaboration between Mingyang Smart Energy and Shenzhen Energy [1] - It utilizes a hydrogen production scale of 48,000 Nm3/h and includes 12 hydrogen storage tanks of 1,875 cubic meters each [1] - The project is supported by a 500MW wind power project and a 5MW photovoltaic off-grid hydrogen production project, with downstream facilities for an annual production of 150,000 tons of synthetic ammonia [1] Group 2: Technological Significance - The project aims to validate the long-term operational capabilities of Mingyang Hydrogen's independently developed 30MW pure hydrogen gas turbine under various operating conditions [1] - It establishes a system integration model of "green electricity to green hydrogen, green hydrogen to power generation," facilitating large-scale hydrogen energy applications [1] Group 3: Strategic Goals - The project aligns with the company's commitment to achieving carbon neutrality and expanding its hydrogen energy industry footprint [2] - Mingyang plans to leverage this demonstration project to continue advancing the technology and cost optimization of pure hydrogen gas turbines, aiming for the largest capacity pure hydrogen gas turbine testing demonstration by the end of 2025 [2]

Meeting Overview - The company will hold its second extraordinary general meeting of shareholders in 2025 on August 28, 2025, from 9:15 AM to 3:00 PM [2] - The meeting will be convened by the company's board of directors, in compliance with relevant laws and regulations [2] - Shareholders registered by the close of trading on August 21, 2025, are entitled to attend and vote [2][3] Voting Procedures - The meeting will utilize a combination of on-site voting and online voting, with shareholders required to choose one method to avoid duplicate voting [2][3] - Registration for the meeting can be done through on-site, written, or email methods, with specific documentation required for different types of shareholders [5][6] - The voting will be non-cumulative, and proposals affecting minority shareholders will be counted separately [4][5] Proposals and Voting Requirements - Proposals submitted for the meeting have been approved by the board and supervisory committee, with details published in various financial news outlets [4][7] - A two-thirds majority of the voting rights held by attending shareholders is required for the approval of proposals [5][6] Additional Information - The meeting will take place at the Energy Building, located at 2026 Jintian Road, Futian District, Shenzhen [3] - Shareholders can participate in online voting through the Shenzhen Stock Exchange's systems, with specific instructions provided [8]