Core Viewpoint - Xizi Clean Energy announced that its subsidiary Hangzhou Boiler Group is relocating part of its land and buildings in Liangzhu Street, Hangzhou, with a compensation amount of 274 million yuan [1] Group 1 - The relocation has been completed, and the property rights transfer procedures for the relocated land have been finalized [1] - The company has received the second installment of compensation amounting to 55 million yuan, bringing the total compensation received to 219 million yuan, which accounts for 80.07% of the total compensation amount [1] - The company expects an increase in net profit attributable to shareholders of approximately 130 million yuan for the fiscal year 2025, subject to audit results [1]

Core Viewpoint - Xizi Clean Energy experienced a decline of 3.20% in stock price on December 29, with a trading volume of 245 million yuan, indicating potential market volatility and investor sentiment concerns [1] Financing Summary - On December 29, Xizi Clean Energy had a financing buy-in amount of 27.48 million yuan and a financing repayment of 27.31 million yuan, resulting in a net financing buy of 168,600 yuan [1] - The total financing and securities balance for Xizi Clean Energy reached 271 million yuan, with the financing balance accounting for 1.88% of the circulating market value, indicating a high level compared to the past year [1] - The company had a securities lending repayment of 1,700 shares and a securities lending sell of 1,000 shares, with a sell amount of 17,200 yuan, and a securities lending balance of 520,300 yuan, also indicating a high level compared to the past year [1] Business Performance - As of December 20, Xizi Clean Energy had 30,500 shareholders, a decrease of 5.02% from the previous period, while the average circulating shares per person increased by 5.29% to 26,999 shares [2] - For the period from January to September 2025, Xizi Clean Energy reported an operating income of 4.333 billion yuan, a year-on-year decrease of 11.20%, and a net profit attributable to shareholders of 177 million yuan, down 58.31% year-on-year [2] Dividend and Shareholding Information - Since its A-share listing, Xizi Clean Energy has distributed a total of 1.923 billion yuan in dividends, with 295 million yuan distributed over the past three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 18.2984 million shares, an increase of 5.8906 million shares from the previous period [3] - Notably, Southern CSI 1000 ETF, Huaxia CSI 1000 ETF, and GF CSI 1000 ETF have exited the list of the top ten circulating shareholders [3]

Investment Rating - The report maintains an "Outperform" rating for the utility sector [3]. Core Viewpoints - The acceleration of solar thermal power construction, supported by scale enhancement and policy backing, is expected to secure returns [19]. - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the large-scale development of solar thermal power, aiming for a total installed capacity of approximately 15 million kilowatts by 2030, with investment expected to reach around 170 billion yuan [19][20]. Summary by Sections 1. Weekly Overview - From December 22 to December 26, the Shanghai Composite Index rose by 1.88%, the ChiNext Index increased by 3.9%, the utility index gained 0.83%, and the environmental index rose by 1.92% [27]. - In the utility sector, the thermal power segment increased by 2.45%, while the hydropower segment decreased by 0.77% [29]. 2. Utility Sector Dynamics 2.1. Electricity Tracking - In November 2025, the average transaction price in Jiangsu's centralized bidding was 355.95 yuan/MWh, up 4.45% month-on-month but down 13.60% year-on-year [39]. - The total electricity generation in November 2025 was approximately 779.2 billion kWh, a year-on-year increase of 3.96% but a month-on-month decrease of 2.62% [42]. 2.2. Water Conditions - As of December 26, the water level at the Three Gorges Reservoir was 170.95 meters, which is normal compared to 167.82 meters in the same period last year [55]. 2.3. Coal Price and Inventory Tracking - The CCI index for thermal coal was reported at 693 yuan/ton as of December 24, 2025, a decrease of 39 yuan/ton from December 17 [59]. - The inventory of thermal coal at Qinhuangdao Port was 7.02 million tons as of December 25, 2025, down by 110,000 tons from December 18 [65]. 2.4. Natural Gas Price Tracking - The LNG ex-factory price index in China was reported at 3937 yuan/ton as of December 25, 2025, a decrease of 3.39% from December 17 [70]. 3. Configuration Suggestions - Short-term recommendations include focusing on environmentally friendly public utility sectors that cater to residential demand, such as heating services and waste-to-energy projects [14]. - Long-term suggestions emphasize the importance of stable performance and attractive dividend yields in the current low-interest-rate environment, particularly for quality hydropower companies [14].

Core Viewpoint - Xizi Clean Energy emphasizes its competitive advantage in molten salt energy storage technology, which is crucial for various energy applications [1] Group 1: Technology and Applications - Molten salt energy storage is a key technology for the company, applied in concentrated solar power, user-side energy storage, and flexible transformation of thermal power [1] - Demonstration projects include the 50MW molten salt concentrated solar power project in Delingha, Qinghai, the user-side molten salt energy storage project in Shaoxing, and the "steam extraction energy storage" molten salt peak-shaving technology demonstration project at Guoneng Hebei Longshan thermal power unit [1] Group 2: Products and Services - The company offers a range of products and services, including molten salt energy storage equipment, thermal storage system design, specialized technical consulting, engineering installation, and solution design [1] Group 3: Research and Development - The company focuses on cutting-edge technologies and processes in the molten salt energy storage field, including supercritical CO2 waste heat power generation technology, leveraging its long-term experience in high-energy-consuming industries to promote the implementation of demonstration projects [1]

证券日报网讯12月29日，西子洁能（002534）在互动平台回答投资者提问时表示，截至2025年12月20日 股东人数为30546户。 ...

（编辑 任世碧） 证券日报网讯 12月29日，西子洁能在互动平台回答投资者提问时表示，公司作为我国最早从事光热发 电技术研发与工程推广应用的单位之一，自2010年开始进入光热太阳能发电领域，2018年参建了中国首 座、全球第三座商业化投运的塔式熔盐光热储能电站——青海德令哈50MW塔式熔盐储能光热项目。公 司在"十四五"期间成功参与大批量光热发电示范项目的供货与建设，如金塔中光100MW、中能建哈密 150MW光热、中广核德令哈200MW光热项目等，具备较强的市场和技术先发优势。根据近期国家发布 的相关政策，"十五五"期间光热发电项目机会较大，公司将充分发挥在光热发电的项目经验和市场技术 先发优势，积极落地光热领域订单机会。 ...

Market Overview - The other power equipment sector experienced a decline of 0.57% compared to the previous trading day, with Haibosi leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Notable gainers in the other power equipment sector included: - Xinfeng Energy (300593) with a closing price of 31.15, up 3.83%, and a trading volume of 622,600 shares, totaling 1.893 billion yuan [1] - ST Yishite (300376) closed at 6.45, up 3.20%, with a trading volume of 346,900 shares, totaling 224 million yuan [1] - Oulu Tong (300870) closed at 232.90, up 2.68%, with a trading volume of 166,400 shares, totaling 1.540 billion yuan [1] - Decliners included: - Haidao Feitan (688411) closed at 259.79, down 5.03%, with a trading volume of 31,500 shares, totaling 818 million yuan [2] - Xizi Clean Energy (002534) closed at 17.23, down 3.20%, with a trading volume of 140,600 shares, totaling 245 million yuan [2] - ST Huaxi (002630) closed at 2.58, down 3.01%, with a trading volume of 251,200 shares, totaling 65.3 million yuan [2] Capital Flow - The other power equipment sector saw a net outflow of 800.3 million yuan from institutional investors, while retail investors experienced a net inflow of 490 million yuan [2] - The capital flow for specific stocks showed: - Oulu Tong (300870) had a net inflow of 13.5 million yuan from institutional investors, but a net outflow of 139 million yuan from retail investors [3] - Xinfeng Energy (300593) had a net inflow of 54.67 million yuan from institutional investors, with a net outflow of 112 million yuan from retail investors [3] - Keda (002518) had a net inflow of 23.04 million yuan from institutional investors, but a net outflow of 26.74 million yuan from retail investors [3]

融资融券数据显示，该股最新（12月26日）两融余额为2.71亿元，其中，融资余额为2.70亿元，本期筹 码集中以来融资余额合计增加1959.63万元，增幅为7.83%。 公司发布的三季报数据显示，前三季公司共实现营业收入43.33亿元，同比下降11.20%，实现净利润 1.77亿元，同比下降58.31%，基本每股收益为0.2400元，加权平均净资产收益率4.14%。（数据宝） （文章来源：证券时报网） 西子洁能12月29日披露，截至12月20日公司股东户数为30546户，较上期（12月10日）减少1616户，环 比降幅为5.02%。 证券时报·数据宝统计，截至发稿，西子洁能最新股价为17.25元，下跌3.09%，本期筹码集中以来股价 累计上涨7.88%。具体到各交易日，8次上涨，5次下跌。 ...

Core Insights - The boiler manufacturing industry in China is transitioning towards energy efficiency, environmental protection, and user-friendliness, as highlighted in the "13th Five-Year Plan" which emphasizes energy-saving actions across various sectors [1] Policy Overview - The Chinese government has introduced several key policies aimed at enhancing the safety and efficiency of boiler manufacturing, including the "Boiler Safety Improvement Action Plan" set for implementation by April 2025, which targets the elimination of safety hazards in small boilers [3] - The "2024-2025 Energy Saving and Carbon Reduction Action Plan" mandates specific energy-saving and carbon reduction targets for key industries, promoting the adoption of high-efficiency boiler technologies [3] - The "Guidelines for Accelerating the Construction of Waste Resource Utilization Systems" encourage the utilization of industrial waste heat and resources, further supporting the boiler industry's transition to greener practices [3] Industry Development Goals - The industry aims to continuously improve the energy efficiency of equipment systems, focusing on the application of high-efficiency energy equipment and the renovation of existing energy-consuming devices [15] - There is a push for the development of integrated services for high-efficiency and energy-saving boilers, including design, production, installation, and operation [15] - The promotion of low-carbon transformation in industrial energy use is emphasized, particularly in sectors such as copper, iron, petrochemicals, and building materials, advocating for the use of electric heating technologies [15] Provincial Policies - Various provinces are implementing their own policies to support the boiler manufacturing industry, such as Beijing's initiative to enhance the efficiency of gas boilers and promote electric heating systems [16] - In Hebei, a plan has been established to encourage the replacement of old equipment with energy-efficient models, aligning with national energy-saving goals [16] - Inner Mongolia's policy aims for over 80% of steel production capacity to achieve ultra-low emissions by 2025, which includes the comprehensive implementation of low-emission standards for coal-fired boilers [16]

Core Viewpoint - Xizi Energy's aviation segment, Xizi Aviation, is a significant business unit under its major shareholder Xizi Elevator, focusing on aircraft component manufacturing and has established itself as a key supplier in the aerospace industry [1] Group 1: Company Overview - Xizi Aviation specializes in manufacturing aircraft components, including structural parts, composite materials, sheet metal parts, and new types of fasteners [1] - The company possesses advanced capabilities in CNC machining, composite structure forming, sheet metal forming, heat treatment, surface treatment, component assembly, digital measurement, and non-destructive testing [1] Group 2: Clientele and Certifications - Xizi Aviation provides high-quality products and services to renowned aircraft manufacturers such as Airbus, Boeing, Bombardier, COMAC, and AVIC [1] - The company has obtained 344 special process certifications from major global aerospace manufacturers, including Airbus and Boeing [1] Group 3: Unique Supply Position - Xizi Aviation is the sole global supplier of the small rib for the Airbus A320 wing and the only supplier for the large rib on the A320 assembly line in China [1] - It is also the exclusive global supplier for the front landing gear compartment components of the Airbus A220 and the cockpit interior parts for the Boeing 737 [1] Group 4: Strategic Developments - Xizi Aviation has been selected as a first-tier supplier for the C919 large passenger aircraft's fuselage structure [1] - The company won the bid for the C919 mid-fuselage section project, which is a critical and complex part of the aircraft structure, linking the front and rear fuselage with the wings [1] - This project will enhance Xizi Aviation's capability to manufacture large aircraft fuselage structures and signifies the growing importance of private enterprises in the aerospace manufacturing sector [1]