Group 1 - The core viewpoint of the news is that Xizi Clean Energy experienced a decline in stock price, dropping by 5.04% to 15.45 CNY per share, with a trading volume of 693 million CNY and a turnover rate of 5.03%, resulting in a total market capitalization of 12.915 billion CNY [1] - Xizi Clean Energy Equipment Manufacturing Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on January 10, 2011. The company's main business includes the consulting, research and development, production, sales, installation, and engineering contracting of products such as waste heat boilers, power station boilers, and industrial boilers [1] - The revenue composition of Xizi Clean Energy is as follows: solutions account for 50.21%, waste heat boilers 18.98%, clean and environmentally friendly energy equipment 17.00%, spare parts and services 10.14%, and others 3.67% [1] Group 2 - From the perspective of the top ten circulating shareholders of Xizi Clean Energy, a fund under GF Fund ranks among the top shareholders. The GF CSI 1000 ETF (560010) entered the top ten circulating shareholders in the second quarter, holding 974,700 shares, which represents 0.13% of the circulating shares. The estimated floating loss today is approximately 799,300 CNY [2] - The GF CSI 1000 ETF (560010) was established on July 28, 2022, with a latest scale of 30.718 billion CNY. Year-to-date, it has achieved a return of 25.55%, ranking 1960 out of 4220 in its category; over the past year, it has returned 67.33%, ranking 1300 out of 3814; and since inception, it has returned 7.39% [2]

| 证券代码：002534 | 证券简称：西子洁能 | 编号：2025－100 | | --- | --- | --- | | 债券代码：127052 | 债券简称：西子转债 | | 西子清洁能源装备制造股份有限公司 关于控股股东、实际控制人及一致行动人持股比例被动稀释 触及 1%及 5%整数倍的公告 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： 1、本次权益变动系西子清洁能源装备制造股份有限公司（以下简称"公司"） 可转债转股导致公司总股本发生变化，致使控股股东西子电梯集团有限公司、实 际控制人王水福先生及其一致行动人金润（香港）有限公司合计权益比例由 60.73%被动稀释至55.18%。 2、本次权益变动不涉及要约收购，不会导致公司控股股东、实际控制人及 一致行动人发生变化，不会影响公司的治理结构和持续经营。 1 1．基本情况 信息披露义务人 西子电梯集团有限公司、金润（香港）有限公司、王水福先生 住所 浙江省杭州市上城区庆春东路1-1号西子联合大厦23楼; 浙江省杭州 市余杭区南苑街西子国际金座2号楼35楼; 浙江省杭州市上城区庆 春东路1 ...

西子清洁能源装备制造股份有限公司公告，2025年8月11日至9月19日，因公司可转债转股100,771,147 股，且此前公司回购注销股份4,149,500股，致使持股5%以上股东杭州市实业投资集团有限公司持股比 例由13.67%被动稀释至12.02%，触及1%整数倍，稀释比例为1.65%。本次权益变动不涉及要约收购， 不会导致公司控股股东、实际控制人及一致行动人变化，不影响公司治理结构和持续经营。 ...

| 证券代码：002534 | 证券简称：西子洁能 | 编号：2025－101 | | --- | --- | --- | | 债券代码：127052 | 债券简称：西子转债 | | 西子清洁能源装备制造股份有限公司 1 关于持股 5%以上股东持股比例被动稀释触及 1%整数倍的 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： 1、本次权益变动系西子清洁能源装备制造股份有限公司（以下简称"公司"） 可转债转股导致公司总股本发生变化，致使持股5%以上股东杭州市实业投资集 团有限公司合计权益比例由13.67%被动稀释至12.02%。 2、本次权益变动不涉及要约收购，不会导致公司控股股东、实际控制人及 一致行动人发生变化，不会影响公司的治理结构和持续经营。 | 1．基本情况 | | | --- | --- | | 信息披露义务人 | 杭州市实业投资集团有限公司 | | 住所 | 浙江省杭州市西湖区保俶路宝石山下四弄19号 | | 权益变动时间 | 2025年8月11日——2025年9月19日 | | 权益变动过程 | 1、2025年8月11日，公司披 ...

Market Performance - The other power equipment sector increased by 0.96% on September 22, with Aikesaibo leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Top Gainers - Aikesaibo (688719) closed at 40.40, up 8.84% with a trading volume of 33,700 shares and a turnover of 132 million yuan [1] - Haibosi Chuang (688411) closed at 217.46, up 7.65% with a trading volume of 34,400 shares and a turnover of 711 million yuan [1] - Koweier (688551) closed at 41.86, up 5.10% with a trading volume of 19,600 shares and a turnover of 79.83 million yuan [1] Other Notable Performers - Xizi Clean Energy (002534) closed at 16.37, up 4.87% with a trading volume of 408,900 shares and a turnover of 665 million yuan [1] - Rongfa Nuclear Power (002366) closed at 7.79, up 3.73% with a trading volume of 909,500 shares and a turnover of 701 million yuan [1] - KOTAI Power (300153) closed at 38.75, up 3.64% with a trading volume of 184,900 shares and a turnover of 707 million yuan [1] Market Outflows - The other power equipment sector experienced a net outflow of 106 million yuan from institutional investors, while retail investors saw a net inflow of 76.57 million yuan [2][3] - The sector's overall trading activity indicated a mixed sentiment among different investor types, with retail investors showing more interest compared to institutional investors [2][3] Individual Stock Flows - Zhongheng Electric (002364) had a net inflow of 161 million yuan from institutional investors, representing 8.27% of its trading volume [3] - Xizi Clean Energy (002534) saw a net outflow of 36.74 million yuan from retail investors, indicating a potential shift in investor sentiment [3] - Rongfa Nuclear Power (002366) also experienced a significant net outflow from retail investors, totaling 74.71 million yuan [3]

Investment Rating - The investment rating for the environmental sector is "Positive" [2] Core Viewpoints - The new energy storage action plan has been implemented, with expectations for demand to improve significantly. By 2027, the new energy storage capacity is projected to exceed 180 million kilowatts, driving direct project investments of approximately 250 billion yuan [3][15][21]. - The new energy storage market is experiencing rapid growth, with installed capacity reaching 78.3 GW in 2024, a year-on-year increase of 126.9%. This marks the first time that the cumulative installed capacity of new energy storage has surpassed that of pumped storage [21][24]. - The shift from "policy-driven" to "market-driven" energy storage is underway, with the cancellation of mandatory storage requirements for new energy projects, which is expected to foster long-term market development [16][17]. Summary by Sections Market Performance - As of September 19, the environmental sector has underperformed the broader market, with a decline of 1.42% compared to a 1.30% drop in the Shanghai Composite Index [3][8]. Industry Dynamics - The Ministry of Transport released standards for hydrogen transportation, enhancing safety and promoting the development of the hydrogen transport sector [37]. - A significant milestone was achieved with the delivery of a solid-state hydrogen emergency power supply, marking progress in solid hydrogen storage technology [38]. Investment Recommendations - The report emphasizes the high growth potential in energy conservation, environmental protection, and resource recycling sectors. It recommends focusing on companies like Hanlan Environment, Xingrong Environment, and Hongcheng Environment, while also suggesting attention to companies such as Wangneng Environment and Junxin Co [55].

Market Overview - On September 19, the other power equipment sector rose by 0.09% compared to the previous trading day, with Xizi Clean Energy leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Xizi Clean Energy (002534) closed at 15.61, up 5.76% with a trading volume of 350,100 shares and a turnover of 540 million yuan [1] - Keda Education (002335) closed at 73.69, up 5.29% with a trading volume of 498,900 shares and a turnover of 3.614 billion yuan [1] - Youyou Green Energy (301590) closed at 200.00, up 4.16% with a trading volume of 19,300 shares and a turnover of 388 million yuan [1] - Other notable performers include Power Source (600405) up 4.03% and Zhongheng Electric (002364) up 3.49% [1] Capital Flow - The other power equipment sector experienced a net outflow of 252 million yuan from institutional investors, while retail investors saw a net inflow of 478 million yuan [2][3] - The capital flow for key stocks shows that Keda Education had a net inflow of 263 million yuan from institutional investors, while Xizi Clean Energy had a net inflow of 38.21 million yuan [3]

Group 1: Company Overview - The report highlights Xizi Clean Energy (002534) as a leading enterprise in the waste heat boiler sector, with a domestic market share exceeding 50% and a cumulative supply of over 450 units, adapting to major global brands like GE and Siemens [10] - The company is actively expanding its overseas market presence, with foreign sales accounting for 13.82% of revenue in the first half of 2025, reflecting a year-on-year growth of 48.79% [10] - Xizi Clean Energy is focusing on the research and manufacturing of key nuclear island equipment, aiming to expand into third and fourth generation nuclear power and controlled nuclear fusion fields [10] Group 2: Business Strategy and Growth Potential - The company is leveraging its core technology in molten salt energy storage to explore various application scenarios, positioning itself for growth in solar thermal power generation and flexible transformation of thermal power [10] - Xizi Clean Energy has a robust order backlog of 6.119 billion yuan as of June 30, 2025, providing a solid foundation for future revenue [10] - The report anticipates that the company's net profit attributable to shareholders will reach 443 million yuan, 510 million yuan, and 604 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 28, 24, and 20 times [3][10] Group 3: Industry Insights - The report discusses the tightening of energy consumption standards for polysilicon, with the new standards significantly reducing the allowable energy consumption per unit product, which is expected to lead to the elimination of high-energy-consuming production capacities [9][12] - The new standards are anticipated to maintain high polysilicon prices, as companies may need to increase prices to achieve breakeven in low operating rate scenarios [12] - The report suggests that the implementation of these new standards will accelerate the exit of outdated production capacities, particularly those established before 2020, and highlights the competitive advantage of leading companies in the polysilicon sector [12]

Company Overview - The report highlights Xizi Clean Energy (西子洁能) as a leading company in the waste heat boiler sector, with a domestic market share exceeding 50% and a cumulative supply of over 450 units, adapting to major global turbine brands like GE and Siemens [10] - The company is actively expanding its overseas market presence, with foreign sales accounting for 13.82% of revenue in the first half of 2025, reflecting a year-on-year growth of 48.79% [10] Business Segments - Xizi Clean Energy is focusing on the development of molten salt energy storage technology, having participated in multiple demonstration projects, positioning itself as a pioneer in this field [10] - The company is also advancing in the nuclear power sector, with over 20 years of experience and licenses for manufacturing nuclear equipment, aiming to expand into third and fourth generation nuclear power and controlled nuclear fusion [10] - The report mentions the company's strategic investment in solid oxide fuel cells (SOFC), which have high efficiency and versatility in fuel usage, enhancing its renewable energy ecosystem [10] Financial Projections - The report projects Xizi Clean Energy's net profit attributable to shareholders to be 443 million, 510 million, and 604 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 28, 24, and 20 times [3] - A comparative analysis with similar companies indicates an average PE of 33 times for 2025, leading to an "Outperform" rating for Xizi Clean Energy [3] Industry Insights - The report discusses new national standards for polysilicon energy consumption, tightening the energy consumption limits significantly, which may lead to the forced shutdown or consolidation of high-energy-consuming production capacities [9][12] - The new standards are expected to accelerate the exit of outdated production capacities, with a 12-month transition period for companies to comply [12] - The report suggests that polysilicon prices may remain strong due to the need for companies to achieve breakeven at lower operating rates, and it recommends monitoring companies like GCL-Poly Energy and Tongwei Co., Ltd. [12]

Core Points - Xizi Clean Energy announced that the "Xizi Convertible Bonds" will be forcibly redeemed if not converted by the close of trading on September 19, 2025 [2] - Following the redemption, the "Xizi Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [2] - Investors holding "Xizi Convertible Bonds" that are pledged or frozen are advised to解除质押或冻结 before the conversion deadline to avoid forced redemption [2]