Investment Rating - The report maintains a positive outlook on the public utility and environmental sectors, particularly in electricity and natural gas [3][46]. Core Insights - The "14th Five-Year Plan" emphasizes a dual control system for carbon emissions, focusing on low-carbon development and the promotion of non-fossil energy sources [10][11]. - The ongoing geopolitical tensions in the Middle East have led to a sharp increase in natural gas prices in Europe and Asia, with significant price fluctuations observed [15][24]. - The report identifies several investment opportunities across various energy sectors, including thermal power, hydropower, nuclear power, green energy, and natural gas [13][14][44]. Summary by Sections 1. Electricity: Implementation of Dual Control on Carbon Emissions - The "14th Five-Year Plan" outlines a comprehensive approach to achieving carbon neutrality, emphasizing the need for a robust incentive mechanism and specific tasks related to energy, industry, and lifestyle [10][11][12]. - Key tasks include accelerating the transition to renewable energy, promoting low-carbon technologies, and enhancing resource management [12]. 2. Natural Gas: Impact of Middle Eastern Conflicts on Prices - Natural gas prices have surged due to geopolitical tensions, with the Henry Hub spot price at $2.90/mmBtu and European prices experiencing significant increases [15][24]. - The report notes that the current supply constraints, particularly from Qatar, have led to a more pronounced price increase compared to previous cycles [42][44]. - Investment recommendations include focusing on LNG traders and unconventional gas resource companies that benefit from high price environments [44]. 3. Weekly Market Review - The public utility, electricity, and gas sectors have outperformed the Shanghai Composite Index, while the environmental sector has lagged [46]. 4. Company and Industry Dynamics - Recent regulatory updates include the implementation of new standards for ecological industrial parks and competitive pricing mechanisms for renewable energy projects in Zhejiang [56]. - Notable company announcements include significant investments in waste-to-energy projects and renewable energy initiatives [57].

Core Viewpoint - GCL-Poly Energy Holdings Limited (协鑫能科) experienced a significant stock price increase, reaching a daily limit up with a closing price of 17.18 yuan and a total market capitalization of 27.889 billion yuan on March 9 [1][9]. Trading Activity - On March 9, GCL-Poly's stock was featured on the "龙虎榜" due to a price deviation of over 7% and a cumulative deviation of 20% over three consecutive trading days [1][9]. - The total buy amount on that day was 299 million yuan, while the total sell amount was 335 million yuan, resulting in a net sell of 36.27 million yuan [1][9]. - Major buying activities were recorded from institutions such as Guotai Junan Securities and East Asia Qianhai Securities, with significant sell-offs from Guotai Junan Securities in Jiangyin [1][2][3]. Financial Performance - For the period from January to September 2025, GCL-Poly reported a revenue of 7.935 billion yuan, reflecting a year-on-year growth of 5.07%, and a net profit attributable to shareholders of 762 million yuan, which is a 25.78% increase compared to the previous year [6][14]. - The company's main revenue sources include electricity sales (42.85%), heat sales (17.79%), and energy services (16.60%) [6][14]. Shareholder Structure - As of September 30, 2025, GCL-Poly had 78,000 shareholders, a decrease of 15.41% from the previous period, with an average of 20,802 circulating shares per shareholder, an increase of 18.21% [6][14]. - Notable changes in the top ten shareholders include a decrease in holdings by Hong Kong Central Clearing Limited and the entry of Guangfa Balanced Preferred Mixed Fund as a new shareholder [7][15]. Market Position - GCL-Poly operates in the clean energy sector, focusing on clean energy operations, mobile energy operations, and comprehensive energy services, with its business segments including hydropower, biomass energy, and offshore wind power [6][14].

协鑫能源科技股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 协鑫能源科技股份有限公司（以下简称"公司"、"本公司"）（证券简称：协 鑫能科，证券代码：002015）股票交易价格连续2个交易日内（2026年3月6日、 2026年3月9日）日收盘价格涨幅偏离值累计超过20%。根据《深圳证券交易所交 易规则》的有关规定，属于股票交易异常波动的情形。 二、公司关注及核实情况说明 针对公司股票交易异常波动，公司对有关事项进行了核查，现将核实情况说 明如下： 1、公司前期披露的信息不存在需要更正、补充之处。 证券代码：002015 证券简称：协鑫能科 公告编号：2026-017 5、经查询，公司控股股东、实际控制人在本公司股票交易异常波动期间未 买卖本公司股票。 三、不存在应披露而未披露信息的说明 本公司董事会确认，本公司目前没有任何根据《深圳证券交易所股票上市规 则》等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、 协议等；董事会也未获悉本公司有根据《深圳证券交易所股票上市规则》等有 ...

Group 1 - The main stocks with significant capital inflow include BYD (9.08 billion), Sungrow Power (6.85 billion), and YunSai ZhiLian (6.18 billion) [1] - The top performing stocks by percentage increase are Baofeng Energy (9.99%), YK Technology-W (19.99%), and YunSai ZhiLian (9.98%) [2][3] - The sectors represented in the top inflow stocks include automotive, power equipment, computer, and coal [2][3] Group 2 - BYD leads with a capital inflow of 9.08 billion and a price increase of 2.89% [2] - Sungrow Power has a capital inflow of 6.85 billion with a price increase of 2.56% [2] - The total capital inflow for the top 20 stocks reflects strong investor interest across various sectors [1]

Investment Rating - The report maintains a "Buy" rating for the industry, emphasizing the potential of "算电协同" (computing and electricity collaboration) as a new infrastructure category [9][10]. Core Insights - The concept of "算电协同" has been officially included in the government work report, marking it as a significant direction for new infrastructure development. This indicates a shift from local trials to a national strategic deployment [2][14]. - The report highlights the rapid growth of intelligent computing power in China, projected to reach 725.3 EFLOPS by 2024, a 74.1% increase year-on-year, significantly outpacing general computing power growth [2][14]. - The dual carbon goals are reinforcing the value of green electricity, with a focus on constructing a new power system and promoting the application of renewable energy [5][17]. Summary by Sections Government Work Report - The government work report emphasizes the importance of "算电协同" in building a new type of infrastructure and outlines plans for zero-carbon parks and factories, as well as the development of smart grids and new energy storage [2][14]. - The report sets ambitious carbon reduction targets, aiming for a 17% reduction in carbon emissions per unit of GDP during the 14th Five-Year Plan period [9][17]. Industry Trends - The electricity sector is experiencing structural changes, with increasing demand from data centers for green energy, which is driving upgrades in the power system [4][16]. - The report notes that the pricing and capacity value of electricity are being adjusted, making low-cost and high-green energy parks more attractive for data center electricity needs [4][16]. Policy Developments - Continuous policy support for "算电协同" has been observed, with initiatives aimed at establishing a comprehensive computing infrastructure by the end of 2025 [3][15]. - The report outlines several major projects under the 14th Five-Year Plan, including the development of new energy bases and zero-carbon initiatives [18]. Investment Recommendations - The report suggests focusing on companies involved in "算电协同," recommending specific firms such as 涪陵电力 (Fuling Power) and 金开新能 (JinKai New Energy) for investment [9][10]. - It also highlights the potential of traditional thermal power companies to adapt and benefit from the evolving energy landscape, suggesting firms like 华能国际 (Huaneng International) and 国电电力 (Guodian Power) as key players [9][10].

协鑫能源科技股份有限公司 关于完成经营范围变更登记并换发营业执照的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本次变更的基本情况 证券代码：002015 证券简称：协鑫能科 公告编号：2026-016 协鑫能源科技股份有限公司（以下简称"公司"）分别于 2026 年 1 月 23 日、 2026 年 2 月 9 日召开第九届董事会第六次会议、2026 年第一次临时股东会，审 议通过了《关于变更经营范围及修订<公司章程>的议案》。具体内容详见公司分 别于 2026 年 1 月 24 日、2026 年 2 月 10 日在《中国证券报》《证券时报》及巨 潮资讯网（http://www.cninfo.com.cn）上披露的《公司第九届董事会第六次会议 决议公告》（公告编号：2026-002）、《关于变更经营范围及修订<公司章程>的公 告》（公告编号：2026-003）、《公司 2026 年第一次临时股东会决议公告》（公告 编号：2026-008）。 近日，公司已在登记机关无锡市数据局完成经营范围变更登记及《公司章程》 备案手续，并领取无锡市数据局换发的《 ...

证券代码：002015 证券简称：协鑫能科 公告编号：2026-014 协鑫能源科技股份有限公司 关于向参股公司提供财务资助的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 1、协鑫能源科技股份有限公司（以下简称"公司"）下属全资子公司 Usual Win Limited 常隆有限公司（以下简称"常隆公司"）拟向其间接参股公司 PT Hijaunesia GCL Banyuwangi（以下简称"GCL Banyuwangi"或"被资助对象" 或"项目公司"）和 PT Hijaunesia GCL Gajah Mungkur（以下简称"GCL Gajah Mungkur"或"被资助对象"或"项目公司"）提供次级贷款。主要情况如下： （1）常隆公司拟向 GCL Banyuwangi 提供不超过 1,800 万美元的次级贷款， 期限不超过 15 年，加权平均年利率为 6.887%。 （2）常隆公司拟向 GCL Gajah Mungkur 提供不超过 1,800 万美元的次级贷 款，期限不超过 15 年，加权平均年利率为 6.887%。 2、本次 ...

证券代码：002015 证券简称：协鑫能科 公告编号：2026-013 协鑫能源科技股份有限公司 关于为控股子公司申请银团贷款提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 截至本公告披露日，协鑫能源科技股份有限公司（以下简称"公司"或"协 鑫能科"）及控股子公司对外担保总额（含对合并报表范围内子公司担保）已超 过公司最近一期经审计净资产的 100%，担保余额已超过公司最近一期经审计净 资产的 50%；本次对外担保的被担保对象浙江建德协鑫抽水蓄能有限公司（以下 简称"建德抽蓄"）为公司控股子公司，其资产负债率超过 70%。敬请投资者充 分关注担保风险。 2、审议情况 公司于 2026 年 3 月 4 日召开第九届董事会第七次会议，以 9 票同意，0 票 反对，0 票弃权审议通过了《关于为控股子公司申请银团贷款提供担保的议案》。 根据《深圳证券交易所股票上市规则》等相关法律法规及《公司章程》的有关规 定，该事项尚需提交公司股东会审议。 3、相关说明 根据《深圳证券交易所股票上市规则》及相关规定，本次对外担保事项不构 成关联交易。 二、 ...

重要提示： 1、股东会召开日期：2026年3月20日（周五）14:00 2、股权登记日：2026年3月17日（周二） 协鑫能源科技股份有限公司（以下简称"公司"）第九届董事会第七次会议 决定于2026年3月20日召开公司2026年第二次临时股东会，审议董事会提交的相 关议案，现将本次股东会的有关事项通知如下： 一、召开会议的基本情况 证券代码：002015 证券简称：协鑫能科 公告编号：2026-015 协鑫能源科技股份有限公司 关于召开2026年第二次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 1、股东会届次：2026年第二次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《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》等法律、行政法规、部门规章、规范性文件及《公司章程》的有 关规定。 4、会议时间： （1）现场会议时间：2026年3月20日14:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2026年3月20日 ...

证券代码：002015 证券简称：协鑫能科 公告编号：2026-012 协鑫能源科技股份有限公司 第九届董事会第七次会议决议公告 2、审议通过了《关于向参股公司提供财务资助的议案》； 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 协鑫能源科技股份有限公司（以下简称"公司"）第九届董事会第七次会议 通知于 2026 年 2 月 27 日以书面及电子邮件形式发出，会议于 2026 年 3 月 4 日 上午在公司会议室以现场表决和通讯表决相结合的方式召开。会议应出席董事 9 名，实际出席董事 9 名，全体董事均亲自出席了本次董事会。公司高级管理人员 列席了会议。会议由董事长朱钰峰先生主持，会议符合《公司法》和《公司章程》 的有关规定，会议召开合法有效。 二、董事会会议审议情况 会议经表决形成以下决议： 1、审议通过了《关于为控股子公司申请银团贷款提供担保的议案》，本议案 尚需提交公司股东会审议； 董事会认为：本次对外担保系为满足公司控股子公司浙江建德协鑫抽水蓄能 有限公司（以下简称"建德抽蓄"）电站项目建设及正常经营发展的实际资金需 求，有 ...