Core Viewpoint - The recent notice from the National Development and Reform Commission and the Energy Administration aims to enhance the price mechanism to promote the nearby consumption of renewable energy, requiring that the annual self-consumption of renewable energy should account for no less than 60% of the total available generation capacity and 30% of total electricity consumption, with new projects starting from 2030 required to meet at least 35% [1] Investment Highlights - The notice recommends commercial rooftop photovoltaics and highlights the potential of companies like Ankerui. It emphasizes the need for projects to have metering conditions and for grid companies to install metering devices to accurately measure electricity data at various stages [1] - The bidding for large-scale energy storage in August exceeded expectations, with a recommendation for storage operators like Southern Grid Storage. The combination of AI and the finalized document No. 136 is expected to drive the economic viability of large-scale storage, with domestic demand exceeding expectations [1] - Southern Grid Storage is positioned to benefit significantly as a large-scale storage operator within the Southern Grid, with a projected cumulative installed capacity of 654,200 kW and 1,298,300 kWh by the first half of 2025, alongside 10.28 million kW of pumped storage capacity [1] Industry Core Data Tracking - Electricity prices saw a 2% year-on-year decrease and a 1.3% month-on-month increase in August 2025. The price of thermal coal was reported at 680 RMB/ton as of September 12, 2025, reflecting a week-on-week increase of 1 RMB/ton [2] - The water level at the Three Gorges Reservoir was recorded at 162.88 meters, with inflow and outflow rates showing significant year-on-year increases of 33.59% and 198.15%, respectively [2] - Total electricity consumption from January to July 2025 reached 5.86 trillion kWh, a year-on-year increase of 4.5%, with various sectors showing different growth rates [2] - Cumulative power generation for the same period was 5.47 trillion kWh, with a year-on-year increase of 1.3%, while installed capacity additions in the first half of 2025 showed significant growth in renewable sources like wind and solar [2] Investment Recommendations - Companies within the Southern Grid system, such as Southern Grid Energy, Southern Grid Storage, and Southern Grid Technology, are recommended for investment opportunities [3] - The green electricity sector is expected to see improvements in asset quality and growth potential, with specific companies highlighted for attention [3] - The value of photovoltaic assets and charging station assets is anticipated to be reassessed positively due to regulatory support and market dynamics [3] - Investment opportunities in thermal power, particularly in the Beijing-Tianjin-Hebei region, are also recommended [3] - The hydropower sector is expected to benefit from rising prices and low costs, with strong cash flow and dividend capabilities [3] - The nuclear power sector is projected to grow, with multiple approvals for new units expected to enhance profitability and dividends [3]

南网能源今年成功扭亏，主要得益于工业节能和建筑节能两大业务的稳定增长。上半年工业节能业务收 入约8.81亿元，同比增长27.70%；建筑节能业务通过拓展优质客户，新增多个节能改造项目。同时，公 司对生物质综合利用等亏损资产进行治理，两家生物质项目公司破产程序有序推进，另两家运营良好， 藤县生物质项目已盈利，赤水生物质项目大幅减亏。 重点专项任务推进，转型成效初显 9月12日，南网能源举办2025年半年度业绩说明会，众多投资者通过全景网线上参与。公司董事长宋新 明、总经理叶刚健等多位高层出席，就公司经营、战略等多方面问题与投资者展开交流。 公司扭亏为盈，业务增长与资产治理双轮驱动 虚拟电厂业务，下属数字服务公司完成运营商注册，签订37个用户资源代理合同并参与需求响应；电力 交易方面，建立策略并常态化开展入市交易，已累计完成近30万张绿证销售。在行业中，南网能源凭借 多方面优势，成为能提供一揽子解决方案的大型机构之一，未来将向多领域转型提升竞争力。 下半年展望与多领域规划 下半年，公司将加快转型升级，拓展多能协同等业务，落实节能降碳行动；坚持市场导向，提升市场开 发与客户服务能力；深化科技创新型企业转型，加强产学 ...

南方电网综合能源股份有限公司投资者关系活动记录表 编号：2025-007 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 活动参与人员 | 参与南网能源 2025 年半年度业绩说明会的广大投资者 | | 时间 | 2025 年 9 月 12 日 | | 地点 | 全景网 | | 形式 | 线上 | | 上市公司接待人 | 董事长：宋新明 | | 员姓名 | 总经理：叶刚健 | | | 独立董事：吕晖 | | | 总会计师：卢文彬 | | | 董事会秘书：张恒阁 1.公司今年扭亏的主要原因是什么？ | | | 答：尊敬的投资者您好。公司今年扭亏的主要原因：一是 | | | 公司工业节能和建筑节能两大业务基本盘保持稳定较快增长。 | | 交流内容及具体 | 在工业节能业务方面，公司持续发挥节能赛道优势，聚焦行业 | | 回答记录 | 前景好、持续经营能力强、能耗高的重点行业，持续加大业务 | | | 开发力度。今年上半年实现收入约 88,061.2 ...

Investment Rating - The report maintains an "Overweight" rating for the utility sector, specifically recommending South Network Energy and South Network Storage for investment opportunities [1]. Core Insights - The National Development and Reform Commission and the Energy Administration have issued a notice to improve the pricing mechanism for promoting the nearby consumption of renewable energy, recommending commercial rooftop photovoltaics from South Network Energy and paying attention to Anke Rui [4]. - The large-scale energy storage tender in August exceeded expectations, with South Network Storage being recommended as a storage operator. The economic viability of large-scale storage is expected to improve steadily, driven by AI and the implementation of Document No. 136 [4]. - The report highlights significant growth in electricity consumption and generation, with total electricity consumption from January to July 2025 reaching 5.86 trillion kWh, a year-on-year increase of 4.5% [13]. - The report tracks key industry data, including electricity prices, coal prices, and water conditions, indicating a stable environment for utility investments [4][40][45]. Summary by Sections Industry Trends - The utility sector index increased by 0.80% from September 8 to September 12, 2025, underperforming compared to the ChiNext index [9]. - The report notes that the total electricity consumption for the first seven months of 2025 was 5.86 trillion kWh, with a year-on-year growth of 4.5% [13]. Electricity Consumption - The first industry saw a year-on-year increase of 10.8%, the second industry 2.8%, the third industry 7.8%, and urban and rural residential electricity consumption 4.1% [13]. Electricity Generation - Total electricity generation from January to July 2025 was 5.47 trillion kWh, with a year-on-year increase of 1.3%. Notably, coal and hydropower generation saw declines of 1.3% and 4.5%, respectively [21]. Electricity Prices - The average electricity purchase price from the grid in August 2025 was 388 RMB/MWh, a year-on-year decrease of 2% but a month-on-month increase of 1.3% [40]. Coal Prices - As of September 12, 2025, the price of thermal coal at Qinhuangdao port was 680 RMB/ton, reflecting a year-on-year decrease of 20.65% [45]. Water Conditions - The water level at the Three Gorges Reservoir was 162.88 meters as of September 12, 2025, with inflow and outflow rates showing significant year-on-year increases of 33.59% and 198.15%, respectively [54]. Investment Recommendations - The report suggests focusing on listed companies within the South Network system, including South Network Energy, South Network Storage, and South Network Technology, highlighting opportunities in green electricity, photovoltaic assets, and charging station asset value reassessment [4].

2025年09月12日，南网能源2025年半年度网上业绩说明会在全景网顺利举行。出席本次业绩说明会的人 员有董事长宋新明、总经理叶刚健、独立董事吕晖、总会计师卢宏彬、董事会秘书张恒阁。 根据全景数据后台统计，在今天的交流过程中，来自全国多个省、市地区的投资者共向上市公司提问27 个，公司嘉宾共回答问题27个，答复率100.00%，充分实现了上市公司与投资者的良好互动。 以下为业绩说明会问答实录： 1、问：公司在目前所处的行业是否有竞争力？ 回答： 尊敬的投资者，您好。 我国节能环保产业在经历了多年发展后，实现了由引进模仿逐步转向引 进再开发与集成的突破，目前正在创新、突破与颠覆传统节能环保产业的道路上不断发展，产业发展不 断升级。但目前来看，节能服务行业仍呈现"多而弱"、"小而散"的格局，并且中小企业为主、分布于不 同的行业领域，产业集中度低。 南网能源公司凭借丰富的项目经验、完整的项目建设及管理体系、良 好的品牌形象等综合优势，始终处于节能服务行业领先地位，并在医院、学校、通信、轨道交通等建筑 节能领域形成独特优势，成为了行业中少数能够为客户提供节能服务一揽子解决方案的大型综合能源服 务机构之一。未来，公司 ...

格隆汇9月11日丨南网能源(003035.SZ)公布，公司收到南网资本出具的《关于增持南网能源股份进展情 况的告知函》。截至2025年9月11日收市，南网资本通过深圳证券交易所交易系统以集中竞价交易方式 累计增持公司股份32,983,900股，占公司总股本的比例为0.87%，累计增持金额151,215,504.80元（不含 交易费用），占本次增持计划拟增持股份金额下限的100.81%。本次增持计划尚未实施完毕，公司将根 据有关规定及时履行信息披露义务。目前南网资本与其一致行动人南方电网公司合计持有公司股份 1,562,983,900股，占公司总股本的41.26%。 登录新浪财经APP 搜索【信披】查看更多考评等级 ...

证券代码：003035 证券简称：南网能源 公告编号：2025-048 南方电网综合能源股份有限公司 关于控股股东及其一致行动人增持计划进展情况的 公告 控股股东全资子公司南方电网资本控股有限公司保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 南方电网综合能源股份有限公司（以下简称"公司"或"南网能源"）于 2025 年 4 月 9 日在巨潮资讯网（http://www.cninfo.com.cn）上披露了《关于 控股股东全资子公司增持股份计划的公告》（公告编号：2025-018），公司控股 股东中国南方电网有限责任公司（以下简称"南方电网公司"）拟通过其全资子 公司南方电网资本控股有限公司（以下简称"南网资本"），自增持计划公告披 露之日 2025 年 4 月 9 日起 6 个月内，以不限于集中竞价交易、大宗交易等深圳 证券交易所允许的方式增持公司股份，增持金额为不低于人民币 1.5 亿元且不超 过 3 亿元，增持股份数量不超过公司总股本的 2%。 一、增持主体的基本情况 1、增持主体：南方电网资本控股有 ...

Core Viewpoint - Southern Power Grid Comprehensive Energy Co., Ltd. and Huawei Technologies Co., Ltd. signed a comprehensive cooperation agreement to enhance their core competitiveness in energy conservation, carbon reduction, and digitalization [1][3]. Group 1: Agreement Details - The agreement focuses on leveraging Southern Power Grid's industry experience and Huawei's digital energy technology to provide comprehensive energy services that meet diverse customer needs [3]. - Joint solutions will be developed to create a full-chain "investment and service dual-drive" approach for energy and carbon control [3]. - The collaboration will include joint project expansion, utilizing Huawei's cloud and energy technology capabilities alongside Southern Power Grid's investment and service expertise [3]. Group 2: Innovation and Collaboration - The partnership aims to drive application innovation and technology exploration, enhancing energy-saving and AI technology applications, and fostering a shared innovation ecosystem in comprehensive energy technology [3][4]. - Both companies will establish a joint working group and a regular cooperation mechanism to improve customer service efficiency and innovation application [4]. - Huawei will increase resource investment to deepen cooperation in cloud computing, IoT, AI, energy conservation, and digital energy [4].

（文章来源：证券日报） 证券日报网讯 9月5日晚间，南网能源发布公告称，公司将于2025年9月12日（星期五）15：00-16：00 在全景网举办2025年半年度业绩说明会。 ...

南方电网综合能源股份有限公司（以下简称"公司"）已于2025年8月29日发 布《2025年半年度报告》。为便于广大投资者更深入全面地了解公司情况，公司 定于2025年9月12日（星期五）15:00-16:00在全景网举办2025年半年度业绩说明 会。本次半年度业绩说明会将采用网络文字互动方式举行，投资者可登录全景网 "投资者关系互动平台"（http://ir.p5w.net）参与本次半年度业绩说明会。 证券代码：003035 证券简称：南网能源 公告编号：2025-047 南方电网综合能源股份有限公司 关于召开 2025 年半年度网上业绩说明会的公告 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。 公司出席本次半年度业绩说明会的人员有：董事长宋新明先生；董事、总经 理叶刚健先生；独立董事吕晖女士；总会计师卢宏彬先生；董事会秘书张恒阁先 生（如有特殊情况，公司可能会对参会人员进行调整）。 为充分尊重投资者、提升交流的针对性，现就公司2025年半年度业绩说明会 提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于2025 年9月11日（星期四）17:0 ...