Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power enterprises such as Huadian International and Shanghai Electric, which has relatively stable regional electricity prices [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation. Recommended companies include leading national renewable energy firms Longyuan Power and Three Gorges Energy, as well as regional offshore wind power companies [22]. - The report suggests that the growth in installed capacity and electricity generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China National Nuclear Power and China General Nuclear Power [22]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Longjiang Power, which combines stability and growth [22]. - The report identifies investment opportunities in the environmental sector, particularly in water and waste incineration industries, which are entering a mature phase with improved free cash flow [23]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, with the public utility index down 4.33% and the environmental index down 6.02%. The relative performance of public utilities and environmental sectors ranked 10th and 23rd among 31 first-level industry classifications [15][25]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection and restoration projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16]. Investment Strategy - The report recommends various companies across different sectors, including: - Thermal Power: Huadian International and Shanghai Electric - Renewable Energy: Longyuan Power, Three Gorges Energy, and regional offshore wind companies - Nuclear Power: China National Nuclear Power and China General Nuclear Power - Hydropower: Longjiang Power - Environmental: Guangda Environment and Zhongshan Public Utilities, focusing on mature sectors with improved cash flow [3][22][23]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform," including Huadian International, Longyuan Power, and Guangda Environment, among others [7][8].

Summary of XiZi Clean Energy Conference Call Company Overview - **Company**: XiZi Clean Energy - **Industry**: Clean Energy Equipment and Solutions Key Points Financial Performance - Revenue for the first three quarters of 2025 was 4.33 billion RMB, a slight decrease year-on-year due to delays in the Nigeria gas turbine project, impacting revenue by approximately 300 million RMB and gross profit by about 80 million RMB [3][3] - Net profit for the same period was 226 million RMB, with a non-recurring net profit of 180 million RMB, showing significant growth in non-recurring profit compared to the previous year [3][3] - Gross profit margin remained stable at around 19.33%, with a target to exceed 20% for the year [3][3] - Operating cash flow reached 348 million RMB, a year-on-year increase of 129% [4][4] Order Composition and Market Position - New orders totaled 4.054 billion RMB in the first three quarters, with significant contributions from: - Waste heat boilers: 1.2 billion RMB - Clean energy equipment: 1.426 billion RMB - Solutions: 1.94 billion RMB - Spare parts and services: 492 million RMB - Total backlog of orders reached 5.884 billion RMB, expected to exceed 6 billion RMB by year-end [2][5] - The company aims to capture 60-70% of the domestic market share in the gas-fired waste heat boiler sector [5][5] International Market Expansion - XiZi Clean Energy is actively expanding into overseas markets, particularly in Southeast Asia and countries along the Belt and Road Initiative, with overseas orders expected to reach approximately 1.4 billion RMB in 2024, accounting for 23-24% of total orders [2][6] - The company faced challenges during the pandemic but has seen a resurgence in overseas project opportunities since 2023 [6][6] North American Market Dynamics - The development of the North American computing power market has significantly increased equipment demand, with planned gas-fired power project capacity in the U.S. rising from 1.62 GW this year to 3 GW next year [8][8] - XiZi Clean Energy plans to collaborate with major companies like NE and GE, focusing on subcontracting due to increased tariffs from the U.S.-China trade war [9][9][10] - The company can cover 70-80% of the total cost of gas turbine waste heat boiler orders, with core pressure components making up 65-66% of total costs [11][11] Nuclear Power Business Development - Nuclear power has become a key growth area, with plans to achieve 300-500 million RMB in orders in 2026 through partnerships with major players like China National Nuclear Corporation and State Power Investment Corporation [15][16] - The company aims to enhance its supply chain capabilities and expand its market share in the nuclear sector, which has a market size of approximately 5 billion RMB [20][20] Energy Storage Initiatives - XiZi Clean Energy is focusing on molten salt energy storage applications, participating in multiple projects and planning to commercialize new storage technologies in 2026 [22][24] - The company has been involved in various molten salt storage projects since 2018, generating approximately 500 million RMB in new orders annually [22][22] Market Outlook and Strategy - The domestic market for new gas installations is expected to decline, with a cautious outlook for 2026, while overseas markets are projected to grow by over 20% [14][14] - The company is developing new KPIs for the upcoming year to clarify order guidance for 2026 [14][14] Competitive Landscape - In the domestic waste heat boiler market, key competitors include Huaguang Huaneng, Hailu Heavy Industry, and Huagi Energy [7][7] - Globally, Chinese manufacturers are gaining market share, with Chinese waste heat boiler products accounting for about 20% of the global market [7][7] Conclusion - XiZi Clean Energy is strategically positioned to leverage growth opportunities in both domestic and international markets, particularly in the clean energy and nuclear sectors, while navigating challenges posed by trade tariffs and market competition. The focus on innovative energy storage solutions and partnerships will be crucial for future growth.

Core Insights - Xizi Clean Energy (002534.SZ) has achieved record sales and market share in the HRSG sector, solidifying its leading position in the industry by leveraging nearly 50 years of independent development and manufacturing capabilities [1] - The company has supplied over 450 HRSG units, maintaining a domestic market share of over 50%, and is recognized as a pioneer in exporting HRSG products internationally [1] Group 1: Domestic Market Position - Xizi Clean Energy has developed a range of HRSG products, including vertical forced circulation and natural circulation types, filling domestic gaps and optimizing technology for diverse market needs [2] - The company has executed several benchmark projects in China, including those for the Beijing Olympics and major energy projects in Guangdong and Dongguan, demonstrating its technical strength and project execution capabilities [2] Group 2: International Market Expansion - The global demand for natural gas power generation is increasing, and Xizi Clean Energy has gained significant trust from overseas clients due to its brand influence, product quality, and service capabilities [3] - The company has secured a substantial number of overseas project orders, with over 20% of its orders coming from international markets, including landmark projects in Pakistan and Nigeria [3] - Looking ahead, Xizi Clean Energy aims to capitalize on the rising global demand for natural gas power generation and enhance its competitiveness in international markets, particularly in North America [3]

Core Viewpoint - Xizi Clean Energy experienced a decline of 5.01% on November 20, with a stock price of 15.36 CNY per share and a total market capitalization of 12.84 billion CNY [1] Company Overview - Xizi Clean Energy Equipment Manufacturing Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on January 10, 2011. The company specializes in 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 the company includes: Solutions (50.21%), Waste Heat Boilers (18.98%), Clean and Environmental Energy Equipment (17.00%), Spare Parts and Services (10.14%), and Others (3.67%) [1] Fund Holdings - According to data, Guolian Fund has one fund heavily invested in Xizi Clean Energy. Guolian Xin Value Mixed A (004836) held 6,018 shares in the third quarter, accounting for 0.46% of the fund's net value, making it the fourth-largest holding [2] - The fund was established on March 9, 2018, with a latest scale of 10.32 million CNY. Year-to-date return is 4.95%, ranking 6707 out of 8136 in its category; the one-year return is 8.09%, ranking 6021 out of 8055; and since inception, the return is 1.67% [2] - The fund manager, Pan Wei, has been in the position for 7 years and 72 days, with total assets under management of 15.103 billion CNY. The best fund return during his tenure is 22.74%, while the worst is -3.81% [2]

Market Overview - The other power equipment sector experienced a decline of 0.91% on the trading day, with Youyou Green Energy leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - HaLu Heavy Industry (002255) saw a significant increase of 10.04%, closing at 13.92 with a trading volume of 1.48 million shares and a transaction value of 2.02 billion [1] - China Power (600482) increased by 2.11%, closing at 20.82 with a transaction value of 844 million [1] - Youyou Green Energy (301590) led the declines with a drop of 5.84%, closing at 171.88 with a transaction value of 146 million [2] Capital Flow - The other power equipment sector had a net inflow of 206 million from institutional investors, while retail investors experienced a net outflow of approximately 89.9 million [2] - Major stocks like HaLu Heavy Industry and China Power attracted significant institutional investment, while Youyou Green Energy and others saw substantial retail outflows [3]

Market Overview - The other power equipment sector declined by 1.59% on the previous trading day, with Haibosi leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Individual Stock Performance - Keda (002518) saw a closing price of 46.89 with an increase of 3.49% and a trading volume of 175,200 shares, totaling 825 million yuan [1] - Hu塑科技 (301157) closed at 53.10, up 3.27%, with a trading volume of 17,200 shares, amounting to 90.99 million yuan [1] - Other notable performances include Yingjie Electric (300820) at 58.29, up 0.50%, and Youyou Green Energy (301590) at 182.55, up 0.41% [1] - Conversely, Haibosi (688411) experienced a significant drop of 10.86%, closing at 322.00 with a trading volume of 66,700 shares, totaling 2.213 billion yuan [2] - Other stocks like Hailu Chading (002255) and Aotexun (002227) also faced declines of 9.96% and 5.61%, respectively [2] Capital Flow Analysis - The other power equipment sector experienced a net outflow of 1.08 billion yuan from main funds, while retail investors saw a net inflow of 472 million yuan [2][3] - Notable net inflows from retail investors were observed in stocks like Jintai Technology (002951) with 704.14 million yuan, while Keda (002518) saw a net outflow of 732.7 million yuan from retail investors [3] - The main funds showed a net inflow in stocks like Magmet (002851) with 96.64 million yuan, while other stocks like Shenghong Co. (300693) had a net outflow of 68.73 million yuan from main funds [3]

Core Insights - The company has over 20 years of experience in the nuclear power sector and has obtained Class II and III manufacturing licenses for civilian nuclear applications [1] - The company provides pressure vessels and heat exchangers to multiple nuclear power plants across the country [1] - In 2025, the company plans to upgrade and build a dedicated nuclear power workshop at the Chongxian manufacturing base and establish a joint venture, Hangzhou Xizi Nuclear Technology Co., Ltd., to expand its nuclear power business [1] - The company aims to actively engage with domestic controllable nuclear fusion experimental projects to seize opportunities within the related industrial chain [1]

Company Overview - The company was established in 1955 and joined the Xizi Elevator Group in 2002, listed on the Shenzhen Stock Exchange in 2011, and renamed Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [4] - The main business includes the consulting, R&D, production, sales, installation, and engineering contracting of waste heat boilers and clean energy power generation equipment [4] Business Segments - The company operates in four main segments: waste heat boilers, clean energy equipment, solutions, and spare parts & services [4] - Waste heat boilers include products for power generation, steel, cement, and other high-energy-consuming industries [4] - Clean energy equipment encompasses waste incineration boilers, biomass boilers, and nuclear power equipment, primarily serving waste treatment plants and nuclear power stations [4] Nuclear Power Sector - The company has over 20 years of experience in the nuclear power sector, holding licenses for civil nuclear manufacturing [4][5] - It has supplied 186 conventional island pressure vessels and heat exchangers to multiple nuclear power stations [4] - A joint venture, Hangzhou Xizi Nuclear Technology Co., Ltd., was established in August 2025 to expand into the nuclear power market [5] International Expansion - The company focuses on Southeast Asia, South America, and countries along the Belt and Road Initiative for overseas markets [6] - Since 2024, the proportion of new orders from overseas markets has been increasing, contributing significantly to the company's performance [6] Order Status - In the first three quarters of 2025, the company achieved new orders totaling CNY 4.054 billion, with specific segments as follows: - Waste heat boilers: CNY 1.196 billion - Clean energy equipment: CNY 426 million - Solutions: CNY 1.94 billion - Spare parts & services: CNY 492 million [7] - As of September 30, 2025, the total orders on hand amounted to CNY 5.884 billion [7] Product Delivery and Market Position - The delivery cycle for boiler products typically ranges from 6 to 12 months for domestic projects, with longer timelines for overseas projects [8] - The company holds over 50% market share in the domestic gas turbine waste heat boiler sector, recognized as a leader in the industry [9] Collaboration with Kexin Technology - Kexin Technology is a leading provider of tower solar thermal power and molten salt energy storage solutions, with significant market shares in recent projects [10] - The company collaborates closely with Kexin Technology, supplying critical components for solar thermal projects and holding a 3.25% equity stake in Kexin Technology [10]

证券代码：002534 证券简称：西子洁能 编号：2025－121 西子清洁能源装备制造股份有限公司 关于部分募集资金专用账户完成销户的公告 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、募集资金基本情况 1 | 开户主体 | 募集资金专户开户行 | 账号 | 存款方式 | 备注 | | --- | --- | --- | --- | --- | | 西子洁能 | 农行新城支行 | 19015401040031638 | 活期 | 本次注销 | | 西子新能源 | 农行新城支行 | 19015401040031646 | 活期 | 本次注销 | | 西子新能源 | 农行新城支行（1646 子 | 19015401040031646 | 定期 | 本次注销 | | | 账户） | | | | | 西子新能源 | 杭州银行江城支行 | 3301040160019281511 | 活期 | 存续 | | 西子新能源 | 杭州银行江城支行 | 3301041060001571284 | 定期 | 存续 | 三、本次注销的募集资金专户情况 公司于2025年9月26 ...

Group 1: Power Industry - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a comprehensive coverage of the spot market and a market-driven pricing mechanism for renewable energy [1][24][29] - In the first three quarters of 2025, the national industrial power generation reached 72,557 billion kWh, a year-on-year increase of 1.6%, while the total social electricity consumption was 77,675 billion kWh, up 4.6% [20][22] - The electricity supply-demand situation is overall loose, but the peak load is tight, with the maximum electricity load reaching 1.506 billion kW on July 16, 2025, an increase of 0.55 million kW compared to the previous year [20][22] Group 2: Renewable Energy - The green electricity price has reached a bottoming point, with the core uncertainty regarding electricity prices gradually clarified, indicating that the industry's darkest hour is coming to an end [2][30] - The wind and solar installed capacity exceeded 1.7 billion kW in the first three quarters of 2025, accounting for nearly one-quarter of total social electricity consumption [36][40] - The challenges of renewable energy consumption remain, with increasing abandonment rates for wind and solar energy, indicating a mismatch between renewable energy development and consumption capacity [41][43] Group 3: Thermal Power - The transition of thermal power to a regulating power source is accelerating, with coal prices expected to support long-term contract prices, stabilizing thermal power profitability [2][10] - The capacity price for coal power is expected to increase further in 2026, promoting stable profitability for coal power [2][10] Group 4: Hydropower - Hydropower is experiencing a widening interest margin, with ample cash flow and stable performance supporting high dividends [3][10] - The core growth points for hydropower performance include increased installed capacity, rising electricity prices, and reduced financial costs and depreciation [3][10] Group 5: Nuclear Power - The nuclear power market is facing downward pressure on market prices, but there is a rebound in Guangdong's nuclear power pricing, indicating a strong momentum for new nuclear power development [3][10] - The approval of new nuclear units is regularized, with 10 units approved within the year, indicating a steady growth trajectory for the nuclear power sector [3][10] Group 6: Natural Gas - Domestic natural gas supply and demand are relatively loose, with a decline in apparent consumption by 0.2% year-on-year in the first nine months of 2025 [4][10] - The global natural gas market is entering a supply expansion phase, with overseas gas prices expected to decline [4][10] Group 7: Green Methanol - The promotion of green electricity consumption and the replacement of shipping fuels are expected to open up growth space for green methanol [4][9] - As of August 2025, there are 173 signed/registered green methanol projects in China, with a capacity of 53.46 million tons per year, indicating rapid growth in project numbers and capacity [9][10] Group 8: Environmental Protection - The water and waste incineration industries are entering a mature phase, with significant improvements in free cash flow [9][10] - The domestic waste oil resource utilization industry is expected to benefit from the EU's SAF mandatory blending policy, increasing demand for raw materials [9][10]