Investment Rating - The report maintains an "Overweight" rating for the electricity and public utilities sector [3]. Core Views - The Zhejiang electricity spot market has officially transitioned to operation, and the foundational rules for the national unified electricity market, referred to as "1+6," have been initially established [3][10]. - The energy transition is accelerating, with a recommendation to focus on flexible thermal power companies and undervalued green electricity operators [3][10]. Summary by Sections Industry Overview - The Zhejiang electricity spot market has officially commenced operations, with seven regions already in formal operation as of August 8. The market began trial operations in May 2024 and is part of a broader initiative to establish a national unified electricity market by 2029 [6][10]. - The foundational "1+6" rule system for the national unified electricity market has been preliminarily constructed, with significant growth in market transactions and participants [10][13]. Market Performance - During the week of August 4-8, the Shanghai Composite Index closed at 3635.13 points, up 2.11%, while the CSI 300 Index rose 1.23%. The CITIC Electricity and Public Utilities Index increased by 1.61%, outperforming the CSI 300 by 0.38 percentage points [3][54]. Investment Recommendations - The report suggests focusing on the following companies: Huaneng International, Huadian International, Baoneng New Energy, Sheneng Co., Jingtou Energy, and Zhejiang Energy for their resilient quarterly performance in the thermal power sector. It also highlights Qingda Environmental Protection as a leader in thermal power flexibility transformation [3][10]. - It recommends prioritizing undervalued green electricity operators, particularly in the Hong Kong market, and suggests companies like Xintian Green Energy (H), Zhongmin Energy, and Funiu Co. for investment [3][10]. Key Metrics - In 2024, the market-based electricity trading volume is projected to reach 6.18 trillion kilowatt-hours, accounting for approximately 63% of total electricity consumption. The trading volume of green certificates has surged by 364% year-on-year, with green electricity trading volume increasing by 235.2% [10][13].

截至2025年8月1日收盘，宝新能源(000690)报收于4.66元，上涨0.0%，换手率1.58%，成交量34.25万 手，成交额1.61亿元。 董秘最新回复 投资者： 我已经向贵公司提问，公布一下2025年一季度的发电量情况，贵公司给我的答复是让我看 2025年的一季报。你们发的2025年一季报。根本就没有发电量情况，你们不知道吗？ 董秘： 您好，感谢您的关注与支持！公司具体生产经营情况请关注公司公告，以公告为准。谢谢！ 投资者： 您好董秘，请问贵公司最新股东人数多少？最近有无安全风险？ 董秘： 您好，感谢您的关注与支持！公司安全生产形势稳定。截至2025年7月末，公司股东总户数为 80,245户。谢谢！ 投资者： 你好董秘，宝新能源实控人被立案，如果违法成立对公司造成损失么？公司也会受牵连么？ 证监会也会对实控人和公司进行处罚么？ 董秘： 您好，感谢您的关注与支持！公司目前生产经营稳健正常，各项工作有序开展。鉴于立案调查 事宜现处于调查阶段，具体处理以监管部门的调查结果为准。公司将本着对投资者负责的态度，持续关 注相关事项的进展情况，并严格按照规定及监管要求履行信息披露义务，请持续关注公司公告。谢谢！ ...

Investment Rating - The report maintains a "Buy" rating for several companies in the Guangdong region, particularly those expected to experience performance reversals due to the recent adjustments in electricity capacity pricing [5][12]. Core Insights - Guangdong has raised the capacity price for coal and gas power plants, with coal power capacity price set to increase to 165 RMB per kW per year starting January 1, 2026. Gas power plants will see varied increases based on the type of unit, with adjustments ranging from 165 to 396 RMB per kW per year [2][3][12]. - Nationally, renewable energy installations account for nearly 60% of total capacity, with renewable energy generation making up about 40% of total electricity generation. In the first half of 2025, renewable energy installations increased by 99.3% year-on-year, contributing significantly to the overall power supply [4][12]. Summary by Sections Industry Insights - The adjustment in capacity pricing in Guangdong is expected to alleviate electricity pricing risks and improve profitability for gas power plants, which have faced significant cost pressures [3][12]. - The report highlights that renewable energy generation has surpassed the combined electricity consumption of the tertiary industry and urban residents, indicating a strong shift towards sustainable energy sources [4][12]. Market Performance - The Shanghai Composite Index closed at 3559.95 points, down 0.94%, while the CSI 300 Index fell by 1.75%. The CITIC Power and Utilities Index decreased by 1.88%, underperforming the CSI 300 by 0.13 percentage points [60][61]. - Over half of the listed companies in the power and utilities sector experienced declines in their stock prices during the week [60]. Key Companies - Recommended companies include Huaneng International, Huadian International, and Baoneng New Energy, which are expected to show resilient quarterly performance in the thermal power sector [5][9]. - The report also suggests focusing on leading companies in flexible thermal power modifications, such as Qingda Environmental Protection [5][9].

Core Viewpoint - Company is expanding its capital reach into the Hong Kong market by submitting an application for an H-share listing, aiming to leverage its strong position in the lithium battery sector and capitalize on growth opportunities in both consumer and new energy markets [1][6]. Group 1: Financial Performance - In 2024, the company's total revenue is projected to reach 56.021 billion yuan, a year-on-year increase of 17.05%, with a net profit of 1.468 billion yuan, up 36.43% [1]. - The consumer battery business generated 30.405 billion yuan in revenue, accounting for 54.3% of total revenue, with a growth rate of 6.52% [4]. - The new energy business is expected to contribute 17.028 billion yuan in revenue, with a growth rate exceeding 45%, increasing its share of total revenue from 24.9% in 2023 to 30.4% in 2024 [6]. Group 2: Market Position and Competitive Advantage - The company has maintained a leading position in the global mobile battery market with a market share of 34.3%, and ranks second in the notebook and tablet battery market with a share of 21.6% [4]. - The company has established a global production network, enhancing its local production capabilities in Southeast Asia, with overseas revenue expected to account for 41.8% in 2024 [5]. - The company is a core supplier for eight of the top ten global electric vehicle manufacturers, indicating strong market penetration and customer relationships [7]. Group 3: Growth Drivers - The rise of smart wearables, service robots, and electric vehicles is creating structural opportunities for the company, particularly in high energy density battery demand [1][9]. - The company is focusing on a dual-driven model of "consumer battery base + new energy growth" to enhance its market narrative [1]. - The company’s battery output is projected to increase significantly, with a 116.9% rise in electric vehicle battery shipments expected in 2024 [7]. Group 4: Challenges and Future Outlook - The company faces challenges in improving profitability in its new energy business, as indicated by a gross margin of 8.8% in 2024, which is lower than that of consumer batteries [10]. - The transition to solid-state batteries presents both opportunities and challenges, with ongoing technical hurdles that need to be addressed for mass production [9][10]. - The company must balance technological advancements with cost management to unlock further growth potential [11].

金融界消息 截至2025年7月30日收盘，宝新能源（000690）报收于4.71元，下跌0.63%，换手率1.87%， 成交量40.63万手，成交金额1.93亿元。 通过天眼查大数据分析，广东宝丽华新能源股份有限公司共对外投资了18家企业，参与招投标项目82 次，知识产权方面有商标信息4条，专利信息1条，此外企业还拥有行政许可12个。 来源：金融界 宝新能源最新一期业绩显示，截至2025一季报，公司营业总收入19.80亿元、同比减少6.91%，归属净利 润2.99亿元，同比增长46.40%，扣非净利润2.94亿元，同比增长40.83%，流动比率2.223、速动比率 2.165、资产负债率40.95%。 天眼查商业履历信息显示，广东宝丽华新能源股份有限公司，成立于1997年，位于梅州市，是一家以从 事电力、热力生产和供应业为主的企业。企业注册资本217588.7862万人民币，实缴资本217588.7862万 人民币。公司法定代表人为邹锦开。 资金流向方面，今日主力资金净流出3356.93万元，占比成交额17.44%。其中，超大单净流出2149.18万 元、占成交额11.16%，大单净流出1207.76万元、占 ...

Investment Rating - The report maintains a rating of "Buy" for the industry [3]. Core Viewpoints - The report indicates a significant drop in new installations of solar and wind power in June, suggesting that the supply-side pressure is easing, and green electricity is expected to experience a reversal [2][10]. - The increase in the proportion of renewable energy is expected to stimulate the demand for flexible power generation, benefiting coal-fired power plants and aiding in the absorption of renewable energy [2]. - The report emphasizes the importance of focusing on the power sector, particularly coal-fired power companies with resilient quarterly performance and leading firms in flexible coal-fired power transformation [2]. Summary by Sections Industry Overview - As of June 30, the total installed power generation capacity in the country reached 3.65 billion kilowatts, a year-on-year increase of 18.7%. Solar power capacity was 1.1 billion kilowatts, up 54.2%, and wind power capacity was 570 million kilowatts, up 22.7% [7][13]. - In June, new installations of solar and wind power dropped significantly, with solar power adding 14.36 GW and wind power adding 5.11 GW, down 78.56% and 21.21% respectively from May [7][13]. - The average utilization hours of power generation equipment decreased by 162 hours year-on-year to 1504 hours [7][13]. Electricity Demand - In June, the total electricity consumption increased by 5.4%, with the first, second, and third industries, as well as residential electricity consumption, showing growth rates of 8.7%, 2.4%, 7.1%, and 4.9% respectively [7][10]. - The third industry's electricity demand showed resilience, with internet and related services growing by 27.4% year-on-year [7][10]. Investment Recommendations - The report recommends focusing on coal-fired power companies such as Huaneng International, Huadian International, and Baoneng New Energy, as well as leading firms in flexible coal-fired power transformation like Qingda Environmental Protection [2]. - It also suggests prioritizing undervalued green electricity operators, particularly in the Hong Kong market, and companies with high stock project ratios and short-term revenue certainty [2]. Market Performance - The report notes that during the week of July 21-25, the Shanghai Composite Index rose by 1.67%, while the electricity and public utilities sector index fell by 0.03%, underperforming the broader market [55][56].

Core Insights - The national electricity load in China has reached a historic high of 1.506 billion kilowatts, marking a 0.55 million kilowatt increase from the previous year [1] - The surge in electricity demand is primarily driven by extreme high temperatures, with air conditioning accounting for 40% of the load in urban areas [1][4] - The electricity sector has seen significant stock market interest, with the electricity industry index reaching a ten-year high of 17972.52 points [7] Electricity Load Records - As of July 16, 2025, 16 provincial power grids have broken historical load records 36 times since the beginning of summer [2] - Notable cities like Wuxi and Hefei have reported record electricity loads, with Wuxi reaching 1.6515 million kilowatts, a 0.77% increase from the previous record [2] - Hefei's maximum load reached 1.3412 million kilowatts, an 8.14% year-on-year increase [2] Weather Impact - The high temperatures have led to a surge in air conditioning sales, particularly in northeastern cities like Changchun and Harbin, where temperatures have exceeded 30°C [3] - The National Energy Administration attributes the record electricity load to both high temperatures and positive economic growth trends [4] Electricity Supply and Demand - The National Energy Administration has confirmed that the overall electricity supply remains stable, with 162 key projects completed to ensure supply during peak summer [5] - The maximum electricity transmitted by the State Grid has exceeded 2.25 million kilowatts [5] Market Performance - The electricity sector has become a focal point for investors, with significant stock price increases observed in companies like Huayin Power and Xiexin Energy, with some stocks rising over 100% in the past 60 days [7][8] - The decline in coal prices has positively impacted the profitability of thermal power companies, contributing to their strong performance in the stock market [8] - As of mid-July, 22 out of 27 listed electricity companies reported profits, indicating a robust industry outlook [8]

Core Viewpoint - Baoneng New Energy's subsidiary, Guangdong Baoli Electric Power Co., Ltd., has been awarded the 2024 Meizhou Poverty Alleviation and Relief Gold Award, highlighting the company's commitment to social responsibility and sustainable development [1][2]. Group 1: Social Responsibility and Community Engagement - Baoli Electric Power received recognition for its contributions to poverty alleviation and rural revitalization efforts in Meizhou, including a donation of 11 million yuan for disaster relief following the 2024 Meizhou "6.16" flood [2][3]. - The company has committed a total of 15.25 million yuan in donations for various charitable initiatives in 2024, supporting vulnerable groups and environmental initiatives [2]. - Baoneng New Energy emphasizes its social responsibility philosophy, integrating it into its business development strategy to contribute to local economic and social progress [3]. Group 2: Financial Performance and Growth - Baoneng New Energy anticipates a net profit of 520 million to 580 million yuan for the first half of 2025, representing a year-on-year growth of 42.08% to 58.48% [4]. - The company focuses on high-quality development and operational stability, enhancing its core competitiveness in the energy sector while ensuring reliable power supply [4]. - The company is advancing the second phase of the Lufeng Jiahuwan Power Plant expansion, with a planned investment of 200 million yuan in 2024, ensuring adequate funding for the project [4]. Group 3: Environmental Commitment and Innovation - Baoneng New Energy is dedicated to ecological protection and pollution prevention, actively promoting energy conservation and emission reduction [7]. - The company is developing advanced clean combustion technologies and resource utilization techniques to improve resource efficiency in the energy sector [7]. - Baoneng New Energy is exploring new financial investment strategies, with the Meizhou Commercial Bank achieving significant growth in revenue and profit in 2024, supporting local economic development [7]. Group 4: Investor Returns - Baoneng New Energy prioritizes shareholder returns, having distributed over 4.9 billion yuan in cash dividends since its listing [8]. - The company plans to continue its cash dividend policy while enhancing profitability and adhering to regulatory guidelines for dividend distribution [8].

值得关注的是，电力行业正迎来市场化改革驱动的商业模式深刻变革。在136号文与现货电力市场的双 重推动下，下半年新能源投资有望显著降速，同时随着"十四五"建设高峰期渐入尾声，"十五五"期间电 力投资规模也将步入理性调整阶段。除此之外，我国新能源发电量显著增长，2024年我国风电、光伏发 电量约为1.84万亿千瓦时，占全社会用电量的18.5%，已成为国内第二大发电来源。 在此背景下，火电资产的产业地位与资源价值正加速凸显：一方面，在电力供应紧张时段，火电作为最 稳定的保障性电源，在现货市场可获得稀缺性定价；另一方面，随着新能源投资增速放缓，火电利用小 时数有望企稳回升，行业价值重估进程已然开启。业内分析认为，伴随电力市场化改革深化，火电行业 将从传统发电主导模式向"发电+调节"综合服务模式转型，商业模式将实现从"保电量"到"运营电价"的 跨越，"高现货电价+利用小时优化+容量保障收益"有望成为行业发展的主流方向。 7月14日晚间，宝新能源（000690）（000690.SZ）发布2025年上半年业绩预告，报告期内，公司业绩表 现亮眼，预计归属于上市公司股东的净利润达到5.2亿元—5.8亿元，同比增长42.08%— ...

Guangdong Baolihua New Energy Co., Ltd. 2025 Semi-Annual Performance Forecast [Current Period Performance Forecast](index=1&type=section&id=I.%E3%80%81Current%20Period%20Performance%20Forecast) The company forecasts a year-on-year increase in its 2025 first-half performance, with net profit attributable to shareholders expected to grow by 42.08% to 58.48% 2025 Semi-Annual Performance Forecast | Item | Current Period (million yuan) | Prior Year Period (million yuan) | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | **Profit: 520 — 580**<br>Year-on-year growth: 42.08% — 58.48% | Profit: 365.9876 | | **Net Profit Excluding Non-Recurring Items** | **Profit: 510 — 570**<br>Year-on-year growth: 25.39% — 40.14% | Profit: 406.7270 | | **Basic Earnings Per Share (yuan/share)** | **Profit: 0.24 — 0.27** | Profit: 0.17 | [Communication with Accounting Firm](index=1&type=section&id=II.%E3%80%81Communication%20with%20Accounting%20Firm) The company explicitly states that this performance forecast has not been pre-audited by an accounting firm - This performance forecast has not been pre-audited by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=III.%E3%80%81Explanation%20of%20Performance%20Changes) The significant increase in the company's 2025 first-half net profit is primarily due to increased electricity demand in Guangdong Province and a reduction in coal prices, lowering operating costs - The company's power generation and on-grid electricity volume increased due to year-on-year growth in Guangdong Province's total electricity consumption[5](index=5&type=chunk) - Declining coal prices reduced operating costs for the company's core power business, enhancing profitability[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=IV.%E3%80%81Risk%20Warning) The company advises investors that this performance forecast is based on preliminary, unaudited data, carrying inherent uncertainties, with final figures to be disclosed in the 2025 semi-annual report - This performance forecast is unaudited and based on preliminary estimates, carrying inherent uncertainties, thus investors should be aware of investment risks[6](index=6&type=chunk) - Detailed financial data will be fully disclosed in the company's 2025 semi-annual report[6](index=6&type=chunk)