Fixed Income - Economic pressure is expected to rise in the second half of the year, with a focus on the bond market as a favorable investment opportunity. The current economic recovery is influenced by price adjustments, and the "anti-involution" policy has become a priority. The overall CPI and PPI improvements were below expectations in July, indicating a potential shift in economic growth momentum and income distribution structure [2][7][10] - The 10Y government bond yield is projected to fluctuate between 1.6% and 1.8% in the second half of the year, with current yields around 1.75%, presenting a favorable price-performance ratio. The report suggests a bullish outlook on long-duration municipal and capital bonds, as well as specific bank perpetual bonds [10][14] Nutritional Functional Food Industry - The nutritional functional food market in China is rapidly developing, with a market size projected to grow from CNY 233.1 billion in 2024 to CNY 349.9 billion by 2029, representing a compound annual growth rate (CAGR) of 8.5%. The overall market for nutritional health foods is expected to reach CNY 522.3 billion in 2024 and CNY 720.3 billion by 2029, with a CAGR of 6.6% [16][17] - Key players in the nutritional functional food sector include Kangbiter (brand operator), Wuxi Jinghai (raw material supplier), and Hengmei Health (contract manufacturer), indicating a well-structured industry chain [17] Pharmaceutical Industry - The pharmaceutical index increased by 3.08%, outperforming the CSI 300 index by 0.7%. Companies such as Sino Medical, Innovation Medical, and Guangsheng Tang saw significant stock price increases, indicating a broadening market trend in the pharmaceutical sector [26][27] - The report highlights the potential of tri-antibody therapies in cancer immunotherapy, with specific attention on Shanghai Yizhong's YXC-001 and other combinations, suggesting a promising future for these treatments [28][29] Metals and New Materials - The rare earth market is experiencing price increases, particularly for praseodymium and neodymium oxides, driven by improved export volumes. The price of tungsten concentrate has also surpassed CNY 200,000 per ton due to supply constraints and rising demand [21][22] - The report notes that the controlled nuclear fusion industry is accelerating towards commercialization, with significant opportunities for upstream materials suppliers [24] Public Utilities and Environmental Protection - The demand for Solid Oxide Fuel Cells (SOFC) is expected to rise, particularly in data center applications, presenting opportunities for domestic companies to expand internationally. The report emphasizes the importance of companies that supply upstream equipment and materials for SOFC [20][21] - Shaan Energy's new project in Guangdong aims to integrate power generation and data center operations, which is expected to enhance the company's growth prospects in the context of increasing green energy demand [5][6]

证券之星消息，2025年8月18日韶能股份（000601）发布公告称华源证券研究所蔡思于2025年8月15日调 研我司。 具体内容如下： 以下内容就华源证券研究所的提问而形成。问：公司披露半年报后，目前业务板块经营情况如何？下半 年如何规划重点工作？ 除上述业务外，公司生物质能发电企业在上半年实现营业收入同比增长114.11%的基础上，将继续采取 有效措施，保持良好的发展势头；精密(智能)制造业务方面，公司在保持上半年良好经营局面的基础 上，将主要做好以下工作一是继续开发新业务，提高新能源汽车零部件业务的营收占比；二是抓住与重 点高校、行业企业联合开发机器人减速器的机遇，拓展新业务；三是持续开展降本增效工作，对标行业 先进水平，优化降本。 下半年具体的重点工作请自行查阅公司于2025年8月5日在巨潮资讯网披露的2025年半年度报告全文。总 之，公司将积极主动应对努力做好生产经营工作，采取多项有效措施，促使部分业务经营成果同比改善 或保持良好发展趋势。 问：公司生物质能发电业务应收账款进展如何？ 答：2024年，公司收到以前年度生物质发电业务应收账款的部分款，2024年末与2023年末相比生物质发 电应收账款余 ...

韶能股份发布公告称，2025年8月15日15:00-15:30，韶能股份接受华源证券研究所调研，公司董事会秘 书何俊健参与接待，并回答了投资者提出的问题。 （文章来源：每日经济新闻） ...

Group 1: Business Performance Overview - In the first half of the year, the company's overall performance declined due to reduced rainfall affecting hydropower and changes in foreign trade policies impacting paper tableware sales [2] - From July to mid-August, there was an improvement in business performance, particularly in hydropower and ecological paper tableware sectors, with significant revenue growth compared to June [2][3] - The biomass power generation segment achieved a revenue increase of 114.11% year-on-year in the first half of the year [3] Group 2: Future Plans and Strategies - The company plans to focus on three major initiatives: brand building, market expansion, and internationalization, while also working on cost reduction and efficiency improvement [2] - A new wholly-owned subsidiary, Guangdong Shaoneng Calculation and Electricity Integration Investment Co., Ltd., was established with a registered capital of 300 million yuan to engage in calculation and electricity integration business [5] - The company aims to develop a data center cluster project in Shaoguan, leveraging its experience in clean renewable energy to enhance profitability and support the growth of the computing power industry [5][6] Group 3: Accounts Receivable and Financial Management - By the end of 2024, the balance of accounts receivable from biomass power generation decreased by 31.56% compared to the end of 2023, with over 60 million yuan collected in early August 2025 [4] - The company is actively following up on accounts receivable to improve cash flow [4] Group 4: Project Development and Challenges - The calculation and electricity integration project is set to begin construction in 2026, with the first phase expected to be operational by the end of 2027, although specific timelines remain uncertain [6] - The project requires support from energy regulatory authorities and the power grid company, with some supportive documents already obtained [6]

格隆汇8月18日｜华源证券研报指出，算电融合持续推进，有望打开韶能股份增长空间。韶关作为粤港 澳大湾区唯一枢纽节点，绿电需求激增，数据中心集群源网荷储一体化项目有望快速落地。四大电信运 营商、华韶、鹰硕等算力中心项目已建成12万标准机架，腾讯、万国、中联等在建项目也如火如荼进行 中，预计未来韶关市用电需求快速增长。韶关市规划到2035年光伏装机达到8GW，风电装机4GW，并 计划多以源网荷储一体化的方式开展项目，降低数据中心运营成本，保障供电稳定。公司作为地处韶关 地区的清洁能源上市企业，当前正在积极发展新能源，在韶关地区能源规划和算力规划的大背景下，公 司有望加速推进源网荷储电力一体化项目，迎来持续增长。近日公司同步公告定增预案与分红承诺，定 增完成后实控人将变更为韶关市国资委，这意味着公司治理将得到理顺，有望迈入行业新征程。继续维 持"增持"评级。 ...

Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [6] Core Views - The ongoing integration of computing and electricity is expected to open up growth opportunities for the company [6] - The establishment of a wholly-owned subsidiary for computing and electricity integration is a strategic move to enhance operational capabilities and project acquisition in the region [8] - The company is positioned to benefit from the increasing demand for green electricity in the Guangdong-Hong Kong-Macao Greater Bay Area, particularly with the development of data center clusters [8] Financial Summary - Revenue projections for the company are as follows: - 2023: 4,107 million RMB - 2024: 4,442 million RMB (growth of 8.15%) - 2025E: 4,925 million RMB (growth of 10.87%) - 2026E: 5,155 million RMB (growth of 4.67%) - 2027E: 5,408 million RMB (growth of 4.91%) [7] - Expected net profit for the company is projected to improve significantly: - 2023: -266 million RMB - 2024: 77 million RMB - 2025E: 116 million RMB (growth of 51.07%) - 2026E: 136 million RMB (growth of 17.54%) - 2027E: 170 million RMB (growth of 25.06%) [7] - Earnings per share (EPS) forecast: - 2023: -0.25 RMB - 2024: 0.07 RMB - 2025E: 0.11 RMB - 2026E: 0.13 RMB - 2027E: 0.16 RMB [7] Market Performance - The company is actively developing new energy projects in response to the increasing electricity demand driven by data center developments in the region [8] - The company has announced a plan for a private placement and dividend commitment, which is expected to improve corporate governance and project acquisition capabilities [8] - The company aims for significant growth in net profit over the next three years, with targets set for 2025-2027 [8]

Core Points - Shaoneng Co., Ltd. announced the resignation of non-independent director Ms. Wu Yang, effective from August 12, 2025 [1] - Ms. Wu Yang cited personal development as the reason for her resignation and will no longer hold any positions within the company after her departure [1] - Following her resignation, Ms. Wu will not serve as a member of the board, the audit committee, or the strategic committee [1]

韶能股份（SZ 000601，收盘价：5.35元）8月12日晚间发布公告称，广东韶能集团股份有限公司收到董 事伍阳女士的辞职信，其表示："自2024年4月8日起担任非独立董事，现因个人另有发展，自愿辞去非 独立董事及相关职务，辞任日期自2025年8月12日起生效"。辞职后，伍阳女士将不担任公司董事、董事 会审计委员会委员及战略委员会委员，不在公司担任任何职务。 （文章来源：每日经济新闻） 2025年1至6月份，韶能股份的营业收入构成为：电力占比38.09%，纸及纸制品占比35.81%，机械占比 17.19%，其他占比5.66%，热力（供汽）占比3.24%。 ...

票。 二、会议召开和出席情况 股票简称：韶能股份 股票代码：000601 编号：2025-070 广东韶能集团股份有限公司 本公司及董事会全体成员保证公告内容真实、准确和完整， 并对公告中的任何虚假记载、误导性陈述或者重大遗漏承担责任 一、重要提示 （一）本次会议召开期间无增加、否决或变更提案的情况。 （二）本次会议未涉及变更前次股东会决议。 （三）本次会议审议的议案需要对中小投资者的表决单独计 （一）会议召开情况 其中，出席现场会议的股东及股东代理人共计 4 人，代表股 份 76,608,959 股，占公司有表决权股份总数 7.0898%；通过网 络投票的股东 700 人，代表股份 176,306,230 股，占公司有表决 权股份总数的 16.3163%。 其中出席本次会议持有公司 5%以下股份的股东（即中小投 资者，不含公司董事、高管）及代理 人 700 人，代表股份 （1）现场会议召开时间：2025 年 8 月 11 日下午 14:30 （2）网络投票日期、时间：2025 年 8 月 11 日 通过深圳证券交易所（下称"深交所"）系统进行网络投票 的具体时间为：2025 年 8 月 11 日 9:15— ...

（文章来源：证券日报） 证券日报网讯 8月11日晚间，韶能股份发布公告称，公司2025年第四次临时股东会于2025年8月11日召 开，审议通过了《关于公司符合向特定对象发行股票条件的议案》等。 ...