Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - The weighted average price of electricity in Jiangsu for September 2025 was 319.48 RMB/MWh, which is lower than market expectations. The total electricity traded was 8.111 billion kWh, with various sources contributing different amounts and prices [4]. - The report highlights a continued increase in electricity demand, with a 3.7% year-on-year growth in total electricity consumption for the first half of 2025 [15]. - The report suggests investment opportunities in green energy, photovoltaic assets, charging station assets, thermal power, hydropower, and nuclear power, emphasizing the potential for value reassessment in these areas [4]. Summary by Sections 1. Market Review - The SW utility index decreased by 0.67% from August 25 to August 29, 2025, underperforming compared to the ChiNext index [9]. - The top five gainers included Zhaoxin Co. (+33.6%) and Tianlun Gas (+13.2%), while the top five losers included ST Shengda (-9.5%) and Jiawei New Energy (-7.9%) [13]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption in H1 2025 reached 4.84 trillion kWh, reflecting a 3.7% year-on-year increase [15]. - The growth rates for different sectors were: primary industry (+8.7%), secondary industry (+2.4%), tertiary industry (+7.1%), and urban-rural residential consumption (+4.1%) [15]. 2.2. Power Generation - Total power generation in H1 2025 was 4.54 trillion kWh, with a year-on-year increase of 0.8%. However, thermal and hydropower generation saw declines of 3.1% and 2.9%, respectively [23]. 2.3. Electricity Prices - The average electricity purchase price in August 2025 was 388 RMB/MWh, down 2% year-on-year but up 1.3% month-on-month [41]. 2.4. Thermal Power - The price of thermal coal at Qinhuangdao port was 690 RMB/ton as of August 29, 2025, a decrease of 17.76% year-on-year [46]. - The cumulative installed capacity of thermal power reached 1.47 billion kW, with an increase of 4.7% year-on-year [49]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was 162.19 meters, which is normal compared to previous years. Inflow and outflow rates increased by 35.48% and 47.46% year-on-year, respectively [55]. 2.6. Nuclear Power - In 2024, 11 new nuclear units were approved, indicating a positive trend in the development of nuclear power [67]. 2.7. Green Energy - New installations of wind and solar power in H1 2025 increased by 99% and 107% year-on-year, respectively [4]. 3. Investment Recommendations - The report recommends focusing on companies like Changjiang Electric for high dividend yield assets, and suggests monitoring companies involved in green energy and charging stations for potential value reassessment [4].

Group 1 - The core viewpoint of the articles highlights the significant growth and strategic transformation of the company, particularly in the "building design + green energy" dual-driven strategy, which has led to a notable increase in revenue and market position [1][2] - In the first half of 2025, the company achieved an operating income of 51.1269 million yuan, representing a year-on-year growth of 4.44%, indicating a stable operational performance [1] - The green energy segment saw a remarkable revenue increase of 256.89% year-on-year, becoming a core support for the company's strategic transformation [1] Group 2 - The green energy segment generated revenue of 20.8039 million yuan in the first half of 2025, with a gross margin of 56.79%, showcasing its profitability [1] - The company is focusing on the "integrated solar storage and charging + zero-carbon solutions" as a core strategy, establishing a comprehensive service system that covers investment development, EPC contracting, and smart operations [2] - The company is expanding its business into green building planning consulting and green building materials R&D and sales, aiming to transition from a traditional design firm to a "zero-carbon comprehensive service provider" [2]

证券代码：301024 证券简称：霍普股份 公告编号：2025-052 上海霍普建筑设计事务所股份有限公司 2025年半年度募集资金存放与使用情况的专项报告 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。 根据《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》 《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》等 规定，现将上海霍普建筑设计事务所股份有限公司（以下简称"公司"）2025年半 年度募集资金存放与使用情况报告如下： 一、募集资金基本情况 （一）首次公开发行股票募集资金 经中国证券监督管理委员会《关于同意上海霍普建筑设计事务所股份有限公司 首次公开发行股票注册的批复》（证监许可〔2021〕2115号文）核准，公司首次公 开发行人民币普通股（A股）1,060万股，发行价格为人民币48.52元/股，募集资金 总额为人民币514,312,000.00元，扣除相关发行费用后实际募集资金净额为人民币 462,377,597.54元。截至2021年7月22日，上述募集资金已全部到位，立信会计师事 务所（特殊普通合伙）对公司募集 ...

上海霍普建筑设计事务所股份有限公司 关于部分募投项目结项并将节余募集资金永久补充流动资金的 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。 上海霍普建筑设计事务所股份有限公司（以下简称"公司"）于2025年8月 27日召开第四届董事会第三次会议、第四届监事会第三次会议，审议通过《关 于部分募投项目结项并将节余募集资金永久补充流动资金的议案》，同意公司 对首次公开发行股票募集资金投资项目（以下简称"募投项目"）"设计服务 网络新建与升级建设项目"进行结项并将节余募集资金828.26万元（含利息收 入，实际金额以资金转出当日募集资金专户余额为准）永久补充流动资金。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司 自律监管指引第2号——创业板上市公司规范运作》等相关规定，本次事项无需 提交股东大会审议。现就相关事项公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意上海霍普建筑设计事务所股份有限 公司首次公开发行股票注册的批复》（证监许可〔2021〕2115号文）核准，公 司首次公开发行人民币普通股（A股）1,060万股，发行 ...

公司负责人（法定代表人）：_________ 主管会计工作负责人：________ 会计机构负责人：________ 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 的关联关系 | 上市公司核算的会 计科目 | 2025 年期初占用 资金余额 | 2025 年半年度占 用累计发生金额 | 2025 年半年度占 用资金的利息 | 2025 年半年度 偿还累计发生 | 2025 年半年度期 末占用资金余额 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | （不含利息） | (如有) | 金额 | | | | | 控股股东、实际控制人及 | | | | | | | | | | | | 其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | - | - | | 前控股股东、实际控制人 | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | ...

证券代码：301024 证券简称：霍普股份 公告编号：2025-050 董事会 二〇二五年八月二十八日 上海霍普建筑设计事务所股份有限公司 2025年半年度报告披露的提示性公告 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。 上海霍普建筑设计事务所股份有限公司（以下简称"公司"）于2025年8月 27日召开第四届董事会第三次会议，审议通过《关于公司〈2025年半年度报告〉 及其摘要的议案》。 为使投资者全面了解公司的经营成果和财务状况，公司《2025年半年度报 告》及《2025年半年度报告摘要》于2025年8月28日刊登在中国证监会指定的创 业板信息披露网站巨潮资讯网（www.cninfo.com.cn），敬请投资者注意查阅。 特此公告。 上海霍普建筑设计事务所股份有限公司 ...

Core Viewpoint - Hopson Design Group Co., Ltd. reported significant growth in its new energy business, achieving a revenue of 51.1269 million yuan in the first half of 2025, with a year-on-year increase of 256.89% in the new energy sector, demonstrating the effectiveness of its strategic transformation [1][2]. New Energy Business Growth - The new energy business of Hopson experienced explosive growth, with a revenue increase of 256.89% year-on-year in 2025, showcasing the success of its strategic transformation [2]. - The company leveraged its technical advantages and resource integration capabilities in the architectural design field to develop a comprehensive new energy project chain, enhancing its competitive edge [2]. - Key projects include the 200MW/400MWh shared energy storage demonstration project worth 449 million yuan and the 50MW/200MWh independent energy storage project worth 159 million yuan, both of which highlight the company's recognized technical strength in the energy storage sector [2][3]. User-Side Energy Storage Achievements - Hopson successfully launched the 5MW/10MWh commercial energy storage project in Sichuan, utilizing its self-developed smart energy storage solution, which significantly improves electricity efficiency and economic viability [3]. - The company has also completed several benchmark projects, including the 10MW/20MWh energy storage project for Sichuan Huachao Phoenix Paper Industry, contributing to sustained revenue from its new energy business [3]. - Industry experts believe that the energy storage sector has vast growth potential, and Hopson is well-positioned to benefit from this high-growth market due to its forward-looking layout and comprehensive capabilities [3]. Steady Progress in Architectural Design Business - While the new energy business flourished, Hopson's traditional architectural design business continued to develop steadily, providing high-quality, customized design services to leading real estate companies and local governments [4]. - The company received multiple awards in the architectural design field, enhancing its brand influence, including recognition for its chairman and awards for specific projects [4]. - Hopson aims to increase R&D investment and adopt cutting-edge technologies like digital twins to upgrade its architectural design towards intelligence and sustainability, while continuing to integrate its architectural design and new energy businesses for high-quality development [4].

长江证券承销保荐有限公司 关于上海霍普建筑设计事务所股份有限公司 部分募投项目结项并将节余募集资金永久补充流动资金的 核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"、"保荐机构"）作为上 海霍普建筑设计事务所股份有限公司（以下简称"公司"、"霍普股份"）首次公 开发行股票并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《深 圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等相关法律、法规和规范性文件的规定，对 霍普股份本次部分募投项目结项并将节余募集资金永久补充流动资金的事项进 行了审慎核查，核查的具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意上海霍普建筑设计事务所股份有限公 司首次公开发行股票注册的批复》（证监许可〔2021〕2115 号文）核准，公司首 次公开发行人民币普通股（A 股）1,060 万股，发行价格为人民币 48.52 元/股， 募集资金总额为人民币 514,312,000.00 元，扣除相关发行费用后实际募集资金净 ...

证券代码：301024 证券简称：霍普股份 公告编号：2025-055 上海霍普建筑设计事务所股份有限公司 第四届监事会第三次会议决议公告 本公司及监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、监事会会议召开情况 上海霍普建筑设计事务所股份有限公司（以下简称"公司"）第四届监事 会第三次会议于2025年8月27日在公司会议室以现场结合通讯的方式召开，会议 通知已于2025年8月17日以电话、电子邮件等方式送达至全体监事。本次会议由 监事会主席沙辉女士召集并主持，会议应出席监事3人，实际出席监事3人。本 次会议的召集、召开和表决程序符合有关法律法规和《公司章程》的规定，会 议形成的决议合法有效。 二、监事会会议审议情况 （一）审议通过《关于公司〈2025年半年度报告〉及其摘要的议案》 （二）审议通过《关于公司〈2025年半年度募集资金存放与使用情况的专 项报告〉的议案》 经审议，监事会认为：公司严格按照《公司法》《证券法》《深圳证券交 易所上市公司自律监管指引第2号——创业板上市公司规范运作》等法律、法规 和规范性文件以及公司《募集资金管理办法》的要求使用募集资金 ...

上海霍普建筑设计事务所股份有限公司（以下简称"公司"）第四届董事 会第三次会议于2025年8月27日在公司会议室以现场结合通讯的方式召开，会议 通知已于2025年8月17日以电话、电子邮件等方式送达至全体董事。本次会议由 董事长龚俊先生召集并主持，应出席董事7人，实际出席董事7人，公司监事及 高级管理人员列席了本次会议。本次会议的召集、召开和表决程序符合有关法 律、行政法规、部门规章、规范性文件和《公司章程》的规定，会议决议合法、 有效。 二、董事会会议审议情况 （一）审议通过《关于公司<2025年半年度报告>及其摘要的议案》 经审议，董事会认为：公司《2025年半年度报告》及其摘要真实、准确、 完整地反映了公司2025年半年度经营、管理及财务等各方面情况，不存在虚假 记载、误导性陈述或重大遗漏。 证券代码：301024 证券简称：霍普股份 公告编号：2025-054 上海霍普建筑设计事务所股份有限公司 第四届董事会第三次会议决议公告 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、董事会会议召开情况 本议案已经公司董事会审计委员会审议通过。 经审议，董事 ...