Macro Overview - 2025 is characterized as a turning point for China's macroeconomic landscape, with expectations for a brighter macroeconomic outlook in 2026 [2] - The U.S. economy is experiencing a dual-speed growth pattern, with rapid expansion in AI-related investments and slightly below-trend growth in traditional sectors [2][3] Investment Strategy - The profit cycle is expected to rebound due to approaching turning points in capacity and inventory cycles, with positive signals from the real estate cycle and overseas expansion [3] - Relative valuations in the Chinese market still have room for improvement, making Chinese assets attractive [3] - The market style is anticipated to rebalance rather than switch, focusing on seven key investment themes including policy, technology, real estate, and capital market reforms [3][4] Fixed Income Market - The global investment landscape is expected to see a shift with a focus on domestic demand and technology, leading to a potential recovery in nominal GDP growth [6] - The bond market is likely to exhibit characteristics of low interest rates and high volatility, with a projected yield range for ten-year government bonds between 2.0% and 2.1% [6] Equity Market Insights - The insurance sector is shifting towards dividend insurance products, with positive sales trends expected to continue into 2026 [8] - The securities market is undergoing a transformation, with low interest rates enhancing the attractiveness of equity assets and sustainable inflows of new capital [9] Company-Specific Analysis - Xinquan Co., Ltd. reported Q3 revenue of 3.954 billion yuan, a year-on-year increase of 14.91%, but net profit decreased by 27.10% due to competitive pressures [10] - Jifeng Co., Ltd. achieved Q3 revenue of 5.608 billion yuan, with a net profit increase of 116.62% year-on-year, indicating strong order backlog and production ramp-up [11] - Guobo Electronics reported Q3 revenue of 498 million yuan, with a focus on mobile terminal expansion and military product recovery [12] - Icewheel Environment's Q3 revenue grew by 6.88% year-on-year, supported by recovery in commercial cold chain and new applications in data centers [13] - Changfei Optical Fiber's Q3 revenue increased by 16.27% year-on-year, driven by AI data communication demand [14] Sector Performance - The traditional energy sector, represented by Gansu Energy, showed a revenue increase of 1.33% year-on-year in Q3, benefiting from strong profitability in hydropower [26] - The pump manufacturing sector, led by Southern Pump, is expanding into new applications such as liquid cooling and data centers, with Q3 revenue showing a slight decline but net profit growth [27]

Investment Rating - The investment rating for Gansu Energy is "Buy" [1][7] Core Views - Gansu Energy's performance is supported by the stable pricing of traditional energy sources and the commissioning of the Changle power plant, with ongoing construction and potential new energy projects expected to contribute to future growth [2][3][7] - The company reported a revenue of 6.525 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.64%, and a net profit attributable to shareholders of 1.582 billion yuan, up 14.16% year-on-year [1][2] - The average on-grid electricity price for the first three quarters of 2025 was 359.72 yuan per megawatt-hour, reflecting a year-on-year increase of 2.95% [2] Summary by Sections Financial Performance - For Q1-3 2025, Gansu Energy achieved a net profit of 1.582 billion yuan, with a significant increase in net profit after deducting non-recurring gains and losses, which reached 1.572 billion yuan, up 157.90% year-on-year [1][2] - The operating cash flow for the same period was 4.214 billion yuan, an increase of 44.73% year-on-year [1] Power Generation Business - The company’s total electricity generation for Q1-3 2025 was 20.370 billion kilowatt-hours, a decrease of 2.54% year-on-year, with thermal power generation increasing by 2.31% to 14.244 billion kilowatt-hours [2] - The commissioning of the second phase of the Changle power plant is expected to enhance performance, especially with the approaching cold winter in Q4 [2][3] Installed Capacity and Future Prospects - As of September 30, 2025, Gansu Energy's total installed capacity was 8.5397 million kilowatts, with thermal power accounting for 5 million kilowatts [2][5] - The company has approved 5.1 million kilowatts of new energy projects and is expected to see significant growth in its renewable energy capacity, which will contribute to future earnings [5][7] Earnings Forecast - The forecasted net profits for Gansu Energy for 2025, 2026, and 2027 are 2.015 billion yuan, 2.270 billion yuan, and 2.395 billion yuan respectively, with corresponding P/E ratios of 11.52, 10.23, and 9.70 [6][7]

Core Insights - Gansu Electric Power Investment Energy Co., Ltd. reported a revenue of 6.525 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.64% [1] - The net profit attributable to shareholders reached 1.582 billion yuan, reflecting a year-on-year growth of 14.16% [1] - The net profit excluding non-recurring gains and losses saw a significant increase of 157.9%, amounting to 1.572 billion yuan [1] Financial Performance - In Q3 2025, the company achieved a revenue of 2.594 billion yuan, up 1.33% year-on-year [1] - The net profit for Q3 was 757 million yuan, representing an 11.34% increase compared to the same period last year [1] - The net profit excluding non-recurring gains and losses for Q3 was 749 million yuan, showing a substantial growth of 129.67% [1] - The net cash flow from operating activities improved to 4.214 billion yuan, a year-on-year increase of 44.73% [1] Strategic Developments - The acquisition of Changle Company, completed in 2024, contributed to the financial performance as it was included in the consolidated financial statements starting November 2024 [1] - The company has enhanced its power supply stability with the recent commissioning of two 1,000 MW coal-fired units at Changle Company [2] - Gansu Energy's total installed capacity has reached 9.5397 million kilowatts [2] Renewable Energy Initiatives - Gansu Energy is actively expanding its presence in the renewable energy sector, with over 6 million kilowatts of project capacity in reserve [2] - Approved projects include a 3 million kilowatt solar project and a 1 million kilowatt wind project, among others [2] - Ongoing projects include a 1.00025 million kilowatt new energy project in the Gansu Qingyang East Data West Computing Industrial Park [2]

Core Insights - Gansu Energy reported a steady growth in its financial performance for the first three quarters of 2025, with operating revenue reaching 6.525 billion yuan, a year-on-year increase of 0.64%, and net profit attributable to shareholders amounting to 1.582 billion yuan, up 14.16% [1] - The company has shown significant improvement in its profitability, with a net profit excluding non-recurring gains and losses of 1.572 billion yuan, reflecting a substantial year-on-year growth of 157.90% [1] - Gansu Energy's total installed capacity has expanded to 9.5397 million kilowatts, primarily due to the commissioning of the Changle Power Company's 2×1000 MW coal-fired unit expansion project [1] Financial Performance - The weighted average return on equity increased to 11.03%, up 0.40 percentage points from the same period last year, indicating enhanced profitability [1] - The net cash flow from operating activities reached 4.214 billion yuan, a year-on-year increase of 44.73%, providing strong support for future project investments and debt structure optimization [1] - The company's total assets grew by 7.31% and equity increased by 7.54%, reflecting continuous improvement in asset quality [2] Project Development - Gansu Energy is actively advancing integrated wind and solar projects in regions such as Minqin and Tengger Desert, with a total planned installed capacity of over 9 million kilowatts, including 5.1 million kilowatts of approved projects and 1.00025 million kilowatts of projects under construction [2] - Recent project advancements include the commissioning of Changle Company's units 5 and 6, and the approval of significant projects like the 1 million kilowatt wind-solar integration project in Minqin [2] Strategic Positioning - With the ongoing implementation of the national "dual carbon" strategy and the Western Development policy, Gansu Energy is positioned to play a more significant role in energy supply security, leveraging its foundation in traditional coal power and proactive engagement in renewable energy [3] - The company aims to enhance its comprehensive competitiveness and sustainable development capabilities by focusing on high-quality development and strengthening operational management [3]

Core Insights - Gansu Energy (000791.SZ) reported a revenue of 6.525 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 0.64% [1] - The net profit attributable to shareholders of the listed company reached 1.582 billion yuan, showing a year-on-year increase of 14.16% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.572 billion yuan, reflecting a significant year-on-year growth of 157.90% [1]

第一章 总 则 第一条 为规范对甘肃电投能源发展股份有限公司（以下简称"公司"或"本 公司"）董事、高级管理人员所持本公司股份及其变动的管理，根据《中华人民 共和国公司法》《中华人民共和国证券法》《上市公司股东减持股份管理暂行办 法》《上市公司董事和高级管理人员所持本公司股份及其变动管理规则》《深圳 证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第10号—— 股份变动管理》《深圳证券交易所上市公司自律监管指引第18号——股东及董事、 高级管理人员减持股份》等有关法律、法规、规范性文件及《公司章程》的有关 规定，结合公司实际情况，制订本制度。 第二条 本制度适用于公司董事和高级管理人员及相关人员。 第三条 公司董事和高级管理人员所持本公司股份，是指登记在其名下和利 用他人账户持有的所有本公司股份。 第四条 公司董事和高级管理人员应当遵守《中华人民共和国公司法》《中 华人民共和国证券法》和有关法律、行政法规，中国证监会规章、规范性文件以 及证券交易所规则中关于股份变动的限制性规定。 甘肃电投能源发展股份有限公司 董事和高级管理人员所持公司股份及其变动管理制度 （经公司第九届董事会第二次会议审议通过） ...

甘肃电投能源发展股份有限公司 对外担保管理制度 （经公司第九届董事会第二次会议审议通过） 第一章 总 则 第一条 为保护投资者合法权益，规范甘肃电投能源发展股份有限公司（以 下简称"公司"）对外担保行为，有效防范对外担保风险，确保公司资产安全， 提高公司规范运作水平，根据《中华人民共和国公司法》《中华人民共和国证券 法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引 第1号—主板上市公司规范运作》《上市公司监管指引第8号——上市公司资金往 来、对外担保的监管要求》及本公司章程等有关规定，结合公司实际情况，制定 本制度。 第二条 本制度规范的担保行为特指对外担保，即公司为他人提供的担保， 包括公司对控股子公司的担保。 第三条 本制度所称控股子公司，是指公司出资设立的全资子公司、公司持 有股权比例超过百分之五十的子公司和公司拥有实际控制权的子公司。公司控股 子公司的对外担保，视同公司行为，其对外担保应执行本制度所确定的审批程序。 公司及其控股子公司的对外担保总额，是指包括公司对控股子公司担保在内的公 司对外担保总额与公司控股子公司对外担保总额之和。 第四条 公司对外担保应遵循合法、审慎、互利、 ...

甘肃电投能源发展股份有限公司 关联交易管理制度 （经公司第九届董事会第二次会议审议通过） 第一章 总 则 （三）对于必需的关联交易，严格依照国家法律、法规加以规范； （四）在必需的关联交易中，关联股东和关联董事应当执行《公司章程》规 定的回避表决制度； （五）处理公司与关联人之间的关联交易，不得损害股东、特别是中小股东 的合法权益，必要时应聘请独立财务顾问或专业评估机构发表意见和报告。 第二章 关联人和关联关系 第三条 公司的关联人包括关联法人（或者其他组织）和关联自然人。 具有下列情形之一的法人或者其他组织，为公司的关联法人（或者其他组织）： （一）直接或者间接地控制公司的法人（或者其他组织）； 第一条 为规范甘肃电投能源发展股份有限公司（以下简称"公司"）关联 交易，维护公司股东的合法权益，特别是中小股东的合法权益，保证公司与关联 人之间的关联交易符合公平、公正、公开的原则，根据《中华人民共和国公司法》 《中华人民共和国证券法》《深圳证券交易所股票上市规则》《深圳证券交易所上 市公司自律监管指引第 7 号——交易与关联交易》等有关法律、法规、规范性文 件及本公司章程的规定，制订本制度。 第二条 公司与关联 ...

甘肃电投能源发展股份有限公司 关联方资金往来管理制度 （经公司第九届董事会第二次会议审议通过） 第一章 总 则 第一条 为规范甘肃电投能源发展股份有限公司（以下简称"公司"）与控 股股东、实际控制人及其他关联方的资金往来，避免公司控股股东、实际控制人 及其他关联方占用公司资金，最大程度地保障投资者的利益，根据《中华人民共 和国公司法》《中华人民共和国证券法》《深圳证券交易所股票上市规则》《上市 公司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》等有关法律、 行政法规、规范性文件及《公司章程》《关联交易管理制度》和公司实际情况， 制定本制度。 第二条 本制度所称的关联方，依据公司《关联交易管理制度》所指的范围 进行认定。 第三条 公司应规范并尽可能减少关联方资金往来。在办理与控股股东、实 际控制人及其关联方之间的经营性及非经营性资金往来时，应按上市公司监管要 求严格限制占用公司资金。 第四条 本制度适用于公司及控股子公司。 第二章 公司与关联方资金往来规范 第五条 公司与控股股东、实际控制人及其他关联方之间的资金往来，应当 以实际发生的真实交易为基础进行资金收付。 第六条 公司不得以下列方式将资金 ...

甘肃电投能源发展股份有限公司 募集资金使用管理办法 （经公司第九届董事会第二次会议审议通过） 第一章 总 则 第一条 为规范甘肃电投能源发展股份有限公司（以下简称"公司"）募集 资金的管理和运用，提高募集资金使用效率，最大程度地保障投资者的利益，根 据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所股票 上市规则》《深圳证券交易所上市公司自律监管指引第1号—主板上市公司规范 运作》《上市公司募集资金监管规则》等有关法律、法规、规范性文件及本公司 章程的规定，特制订本办法。 第二条 本办法所指募集资金是指公司通过发行股票或者其他具有股权性 质的证券，向投资者募集用于特定用途的资金，但不包括公司为实施股权激励计 划募集的资金。 第七条 公司应当审慎选择商业银行并开设募集资金专项账户（以下简称 "专户"），募集资金应当存放于经董事会批准设立的专户集中管理和使用，专 户不得存放非募集资金或用作其他用途。 公司应当真实、准确、完整地披露募集资金的实际使用情况。出现严重影响 募集资金投资计划正常进行的情形时，应当及时公告。 募集资金投资项目通过公司的子公司或者公司控制的其他企业实施的，公司 应当确保该子公 ...