Core Viewpoint - The company, Xizi Clean Energy, is poised to capitalize on the rising global demand for natural gas power generation, particularly in traditional industries and AIDC power supply needs, while also aiming to enhance its global presence and competitiveness in the international market [1] Group 1 - The global demand for natural gas power generation is continuously increasing [1] - The company plans to accelerate its global layout and align with international market demands, especially in the context of improving international relations [1] - The focus will be on promoting the globalization of gas turbine heat recovery steam generators (HRSG) and seizing order opportunities in the North American market [1] Group 2 - The company aims to enhance the competitiveness and influence of "Xizi Manufacturing" HRSG in the international market [1]

Group 1: Company Overview - The company was established in 1955 and became part of the Xizi Elevator Group in 2002, listed on the Shenzhen Stock Exchange in 2011, and renamed Xizi Clean Energy Equipment Manufacturing Co., Ltd. [4] - The company specializes in waste heat boilers, clean energy power generation equipment, and provides comprehensive solutions for environmental equipment and energy utilization [4]. Group 2: Business Segments - The company operates in four main business areas: waste heat boilers, clean energy equipment, solutions, and spare parts and services [4]. - Waste heat boilers include products for various industries such as power, steel, and cement, while clean energy equipment focuses on waste incineration, biomass boilers, and nuclear power equipment [4]. Group 3: Market Opportunities - Future growth markets include overseas markets, leveraging core products like gas turbine waste heat boilers to increase international market share [4][5]. - The company aims to expand in the renewable energy and energy storage markets, particularly through molten salt storage technology [4][5]. Group 4: Competitive Advantages - The company holds over 50% market share in the domestic gas turbine waste heat boiler sector, making it a leader in this industry [6]. - It has established a strong international presence, with significant projects in Pakistan and Nigeria, and aims to enhance its global footprint in the gas turbine waste heat boiler market [6]. Group 5: Financial Performance - As of the first half of 2025, the comprehensive gross margin for waste heat boiler products is 29.68%, with plans to improve order quality and increase margin levels [9]. Group 6: Nuclear Power Sector - The company has over 20 years of experience in the nuclear power sector and has obtained manufacturing licenses for civilian nuclear equipment [9]. - It focuses on the research and production of key nuclear island equipment and aims to expand its capabilities in the nuclear fusion project [9].

Group 1 - The world's largest integrated green hydrogen, ammonia, and methanol project, the Zhongnengjian Songyuan Hydrogen Energy Industrial Park, has officially commenced production, with a capacity to generate 450,000 tons of green hydrogen, 200,000 tons of green ammonia, and green methanol annually, significantly reducing crude oil consumption by 460,000 tons and cutting carbon emissions by 300,000 tons per year [1] - The integrated green hydrogen, ammonia, and methanol project model combines multiple processes, including wind and solar power generation, water electrolysis for hydrogen production, and the synthesis of green ammonia and methanol, driven by policy support, technological advancements, and market demand for renewable energy [1] - By the end of 2024, China's planned capacity for green ammonia projects is expected to reach approximately 1,780,000 tons per year, with around 1,900,000 tons per year currently under construction [1] Group 2 - According to Guangfa Securities, the industrial application prospects for green ammonia and green methanol are broad, with green ammonia expected to account for over 70% of domestic production by 2050, driven by dual carbon policies and decreasing green electricity costs [2] - Longjiang Securities emphasizes that the high-quality development of renewable energy during the 14th Five-Year Plan period requires breakthroughs in non-electric utilization, with significant application potential for green hydrogen, ammonia, and methanol in chemical, transportation, and metallurgy sectors [2] - As of December 17, 2023, 17 A-share stocks related to green hydrogen and methanol have been identified, with six stocks experiencing over 50% growth this year, including Fuzhijie Technology, Huaguang Huaneng, and Jinfeng Technology [2] Group 3 - In terms of trading activity, Jinfeng Technology recorded the highest average daily trading volume in December at 2.508 billion yuan, followed by China International Marine Containers and others with varying trading volumes [3] - Six green hydrogen and methanol concept stocks have been subject to over ten institutional surveys this year, with Xizi Clean Energy receiving the most attention, having been surveyed 30 times [3] - Xizi Clean Energy has indicated its involvement in the supply of equipment for the integrated wind-solar hydrogen, ammonia, and methanol model, continuously expanding its applications in the green ammonia and methanol industries [3]

Market Performance - The other power equipment sector increased by 2.97% on December 17, with Oulutong leading the gains [1] - The Shanghai Composite Index closed at 3870.28, up 1.19%, while the Shenzhen Component Index closed at 13224.51, up 2.4% [1] Individual Stock Performance - Oulutong (300870) closed at 219.16, rising by 9.52% with a trading volume of 90,700 shares [1] - Keda (002518) closed at 48.48, up 8.34% with a trading volume of 128,400 shares [1] - Magmeter (002851) closed at 82.79, increasing by 8.22% with a trading volume of 275,800 shares [1] - New Ray Energy (300593) closed at 27.86, up 7.98% with a trading volume of 502,500 shares [1] - Xizi Clean Energy (002534) closed at 16.99, rising by 4.23% with a trading volume of 166,300 shares [1] Capital Flow Analysis - The other power equipment sector saw a net inflow of 434 million yuan from institutional investors, while retail investors experienced a net outflow of 152 million yuan [2] - The main stocks with significant capital inflow included Magmeter (300851) with a net inflow of 261 million yuan [3] - Keda (002518) had a net inflow of 47.2 million yuan from institutional investors, while retail investors saw a net outflow of 63.2 million yuan [3]

Core Viewpoint - The world's largest integrated green hydrogen and ammonia project, the Zhongnengjian Songyuan Hydrogen Energy Industrial Park, has officially commenced production in Songyuan City, Jilin Province, with a planned capacity of 3 million kilowatts of renewable energy generation and 800,000 tons of green synthetic ammonia and green methanol [1]. Group 1: Project Overview - The project integrates multiple processes including wind and solar power generation, water electrolysis for hydrogen production, and the synthesis of green ammonia and green methanol [1]. - The project is part of China's 14th Five-Year Plan, which emphasizes the high-quality development of renewable energy and aims to expand the utilization of non-electric applications [1]. Group 2: Market Insights - According to Changjiang Securities, there is significant investment value in the green hydrogen and ammonia industry chain, particularly in applications across chemical, transportation, and metallurgy sectors [1]. - As of December 17, 2023, there are 17 concept stocks in the A-share market related to green hydrogen and ammonia, with a total market capitalization of 281.51 billion yuan [1]. - Six of these concept stocks have seen an increase of over 50% this year, including Fuzhijie Technology, Huaguang Huaneng, Goldwind Technology, Xizi Clean Energy, Kaishan Shares, and Xinjindongli [1].

（文章来源：证券日报） 证券日报网讯 12月16日，西子洁能在互动平台回答投资者提问时表示，公司始终基于战略匹配及协同 效应开展投资布局。近年来公司聚焦主业，对于核聚变等前沿领域，公司持续关注其技术演进与产业应 用节点。公司将结合技术成熟度与市场方向，适时布局有望形成产业协同的优质标的。 ...

证券日报网讯 12月16日，西子洁能在互动平台回答投资者提问时表示，截至2025年12月10日，公司股 东人数为32162户。 （文章来源：证券日报） ...

西子洁能（002534.SZ）12月16日在投资者互动平台表示，公司已获得美国机械工程师协会（ASME） S、U钢印及授权证书。海外市场，公司凭借品牌效应、设备质量、交付服务多方面优势获得海外客户 的认可，在海外电力需求井喷的背景下，公司将紧抓天然气机组需求爆发的燃气轮机余热锅炉订单机 会。 每经AI快讯，有投资者在投资者互动平台提问：请问公司的HRSG是否已通过美国ASME特种设备资质 认证？公司的HRSG是否获得美国数据中心订单？ （文章来源：每日经济新闻） ...

Core Viewpoint - Xizi Clean Energy (002534.SZ) has obtained ASME S and U stamps and authorization certificates, enhancing its credibility in the overseas market [1] Group 1: Company Achievements - The company has gained recognition from overseas clients due to its brand effect, equipment quality, and delivery services [1] - The acquisition of ASME certifications positions the company favorably in the international market [1] Group 2: Market Opportunities - There is a surge in overseas electricity demand, which the company aims to capitalize on [1] - The company is focusing on the explosive demand for gas turbine waste heat boilers, particularly in the context of natural gas unit requirements [1]

Industry Overview - The boiler manufacturing industry in China has a limited number of publicly listed companies, with key players including Xizi Clean Energy, Huaguang Huaneng, Chuanrun Co., Hailu Heavy Industry, Huaxi Energy, and Dongfang Boiler [1][2][3] - The industry is characterized by a large upstream and downstream supply chain, with significant growth potential in energy efficiency technologies [1] Company Summaries - Xizi Clean Energy, established in 1955, has a registered capital of 835.93 million yuan and focuses on various types of boilers, including waste heat and biomass boilers, with a revenue of 64.37 billion yuan and a boiler business income of 22.28 billion yuan [10][14] - Huaguang Huaneng, founded in 2000, has a registered capital of 955.97 million yuan and specializes in energy and environmental sectors, reporting a total revenue of 91.13 billion yuan and a boiler business income of 17.42 billion yuan [10][14] - Chuanrun Co., established in 1997, has a registered capital of 484.88 million yuan, focusing on boiler manufacturing and related services, with a total revenue of 15.98 billion yuan and a boiler business income of 6.60 billion yuan [10][14] - Hailu Heavy Industry, founded in 2000, has a registered capital of 830.88 million yuan, with a total revenue of 27.89 billion yuan and a boiler business income of 14.76 billion yuan [10][14] - Huaxi Energy, established in 2004, has a registered capital of 1.18 billion yuan, focusing on clean energy and environmental projects, with a total revenue of 25.93 billion yuan and a boiler business income of 2.15 billion yuan [10][14] Market Trends - The boiler manufacturing industry is seeing a shift towards digital services and energy-efficient products, with companies like Xizi Clean Energy and Huaguang Huaneng actively exploring new market opportunities [13] - The industry is also focusing on the development of low-carbon and zero-carbon equipment in response to energy transition trends [13] Financial Performance - The top companies in the boiler manufacturing sector, including Xizi Clean Energy, Huaguang Huaneng, and Hailu Heavy Industry, have all reported boiler business revenues exceeding 10 billion yuan, indicating strong market presence [13] - Hailu Heavy Industry reported the highest gross margin for its waste heat boilers and related products at 26.03% [13] Regional Insights - As of October 2025, the majority of boiler manufacturing companies are registered in Shandong Province, with over 5,500 companies, followed by Jiangsu Province with approximately 4,600 companies [7]