Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's mid-year performance slightly exceeded market expectations, with a focus on the integration of hydropower assets [5][8] - The company aims to become a global leader in clean energy supply, with ongoing asset restructuring to enhance its market position [8] Financial Performance - For the first half of 2025, the company reported revenue of 23.858 billion RMB, a year-on-year decrease of 13.48%, while the profit attributable to equity holders was 2.835 billion RMB, an increase of 1.16% [8] - The company's net profit (including perpetual bond interest) for the first half of 2025 was 2.835 billion RMB, with contributions from coal, hydropower, wind, and solar power segments showing mixed results [8] - The forecasted net profit for 2025-2027 is approximately 3.7 billion, 4.0 billion, and 4.5 billion RMB, respectively, with corresponding P/E ratios of 11, 10, and 9 [6][9] Segment Performance - Coal power segment performance exceeded expectations due to a significant decrease in fuel costs, with a unit fuel cost of 234.52 RMB/MWh, down 14% year-on-year [8] - Wind power segment growth was attributed to the acquisition of multiple power plants, while hydropower and solar segments faced declines due to adverse weather and market conditions [8] - The company plans to increase its wind and solar capacity to 16.4 GW and 22.4 GW, respectively, by the end of 2025 [8] Market Data - The closing price of the company's stock is 3.48 HKD, with a market capitalization of approximately 43.048 billion HKD [3]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 09 月 09 日 证券分析师 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险。 请务必仔细阅读正文之后的评级说明和重要声明 联系人 光通信作为通信行业主流通信方式之一，应用于数据中心、电信网络等领域。光通信是以光波为信息载 体的通信方式，主要采用光纤作为传输介质从而实现用户间信息的传递。相较于传统的电信号传输模式， 光通信具有更大的传输带宽及传输容量、更低的传输损耗、更强的抗电磁干扰能力和更高的传输质量。 随着国家新一轮光通信网络建设带来发展机遇，国内光通信企业走向国际市场，华为、中兴、烽火通信 等企业位居全球光通信企业前列。随着 5G 通信、云计算、物联网等新技术的发展，光通信在这些领域得 到了广泛应用。光电子器件是光电子技术的关键和核心部件，是现代光电技术与微电子技术的前沿研究 领域，是信息技术的重要组成部分。2024 年中国光电子元器件产量达 18479.7 亿只，同比增长 28.51%， 2025 年中国光电子器件产量或将超过 20000 亿只。光通信器件包括光芯片、光模块等关键组件，它们负 ...

证券研究报告 商贸零售 行业点评报告 新消费 2025H1 板块表现总结 投资评级： 看好（维持） ——25H1 强者恒强，建议关注新兴消费趋势 hyzqdatemark 2025 年 09 月 09 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 周宸宇 zhouchenyu@huayuanstock.com 王悦 wangyue03@huayuanstock.com 板块表现： 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 25H1 美妆板块表现平淡。2025 年 1-6 月中国限额以上单位化妆品类商品零售额同比增长 2.9%，低于中国消费品社零总额增速 5.0%，整体表现较为平稳。拆分月度数据来看，2025 年 1-2 月中国限额以上单位化妆品类商品零售额同比增长 4.4%，3 月增速放缓至 1.1%，我 们认为主要系 38 大促线上平台提前至 2 月开启预售致使部分需求前置释放，4 月增速回升至 7.2%，5 月增速为 4.4%，6 月同比下滑 2.3%，为今年以来首个同比下降月份，我们认为原 因或为 618 大促前置影响叠 ...

证券研究报告 晨会 hyzqdatemark 2025 年 09 月 09 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年09月08日 华源晨会精粹 20250908 固定收益 基金赎回费新规对债市有何影响？——公募基金赎回费新规点评：公募基 金赎回费新规即将落地。上半年银行自营基金投资规模增长停滞。理财持有纯债基 金规模不大。赎回费新规约束频繁申赎。我们认为，理财、年金等对资产流动性有 要求，估计未来纯债基金投资会逐步转到债券 ETF 上。但理财持有主动管理的债基 规模不大，且以信用债基及固收+基金为主，对债市影响有限。此外，新规实施后， 债基规模的稳定性将增强，或提升债基投资的灵活性，有助于实施拉长久期等策略。 债券 ETF 不受赎回费新规影响，我们预判，理财、年金、险资在债基投资方面可能 将更偏好债券 ETF。银行负债成本下行或将支撑债券收益率震荡下行。我们预判， 未来几年，10 年期国债收益率或将跟随银行计息负债成本下降而震荡下行。当前， 10Y 国债收益率 1.75%左右，且政府债券利息收入免企业所得税，而 A 股上市银行 整体 25Q3 计息负债成本率预计 1.67%左右，10Y ...

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 09 月 08 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 快递迎来全面提价，关注油运旺季表现 投资评级： 看好（维持） —交通运输行业周报（2025 年 9 月 1 日-2025 年 9 月 7 日） 投资要点： 一、行业动态跟踪 快递物流： 1）快递"反内卷"向中部、北部省份推进，全国性涨价趋势进一步巩固。根据南方 都市报报道，湖南、湖北、江西等地快递公司近期发布涨价通知：9 月 1 日起江西省、 湖北省出港快件在现价基础上上涨不低于 0.2 元/票，10 月 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's short-term performance is under pressure due to reduced water inflow, but the major shareholder's increase in holdings reflects confidence in the company's future [5][7] - The company reported a revenue of 883 million yuan in the first half of 2025, a year-on-year increase of 1.23%, while the net profit attributable to shareholders decreased by 4.54% [7] - The company has no approved projects under construction, and the water inflow in the first half of 2025 was 23% lower than the same period last year [7] Financial Performance Summary - Revenue forecast for 2023 is 1,990 million yuan, with a year-on-year decrease of 23.83%, and is expected to grow to 2,379 million yuan by 2025, reflecting a growth rate of 23.10% [6][8] - The net profit attributable to shareholders is projected to be 265 million yuan in 2023, decreasing by 36.09%, and expected to rise to 401 million yuan by 2025, with a growth rate of 83.77% [6][8] - The earnings per share (EPS) is forecasted to be 0.62 yuan in 2023, increasing to 0.94 yuan by 2025 [6][8] Market and Operational Insights - The company operates under the Guizhou region's clean energy platform, with a total installed capacity of 4.14 million kilowatts, including 3.23 million kilowatts from hydropower [7] - The major shareholder, China Huadian, plans to increase its stake in the company, indicating strong support for its future development [7] - The company has a stable cash flow, with an average distributable cash flow of 750 million yuan over the past five years, suggesting potential for increased dividends [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The report highlights that the distribution segment is optimizing its business structure, leading to a steady improvement in the profitability of Guoda Pharmacy [4] - In H1 2025, the company achieved revenue of 36.8 billion yuan (down 2.6% year-on-year) and a net profit attributable to shareholders of 670 million yuan (down 10.4% year-on-year) [4] Financial Performance Summary - In Q2 2025, the company reported revenue of 18.5 billion yuan (down 1.0% year-on-year) and a net profit of 340 million yuan (down 4.7% year-on-year) [4] - The distribution segment generated revenue of 26.78 billion yuan in H1 2025 (down 1.1% year-on-year), while the retail segment (Guoda Pharmacy) generated revenue of 10.48 billion yuan (down 6.5% year-on-year) [7] - Guoda Pharmacy's net profit in H1 2025 was 17 million yuan (up 215.8% year-on-year), with a total of 8,591 stores, including 6,931 direct-operated stores and 1,660 franchise stores [7] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 1.32 billion yuan, 1.37 billion yuan, and 1.43 billion yuan, with growth rates of 105.9%, 3.9%, and 3.9% respectively [6][7] - The current stock price corresponds to a P/E ratio of 11X for 2025, 10X for 2026, and 10X for 2027 [7]

Report Industry Investment Rating - The report is bullish on the bond market in the short - term, predicting that the 10 - year Treasury yield will fluctuate downward, with an expected range of 1.6% - 1.8% in the second half of the year [2] Report's Core View - The new regulations on public fund redemption fees are about to be implemented, aiming to reduce investor costs, optimize redemption arrangements, encourage long - term holding, and standardize fund sales fees [2] - The new redemption fee regulations will restrict frequent redemptions and subscriptions, but their impact on the bond market is limited, with only possible trading frictions on credit bonds and convertible bonds [2] - The new regulations will increase the attractiveness of retail bond funds and money funds to individual investors and enhance the stability of bond fund scales [2][3] - The era of bond ETFs may be coming, and institutions such as wealth management, annuities, and insurance funds may prefer bond ETFs [3] - The decline in bank liability costs will support the downward fluctuation of bond yields [2] Summary by Related Catalogs New Regulations on Public Fund Redemption Fees - On September 5, the CSRC publicly solicited opinions on the "Regulations on the Administration of Sales Fees of Publicly Offered Securities Investment Funds (Exposure Draft)", including reducing subscription, purchase, and service fees, optimizing redemption arrangements, and setting differential trailing commission payment ratio caps [2] Current Situation of Fund Investment - As of the end of June 2025, the total public fund holdings of A - share listed banks were 6.01 trillion yuan, slightly down 0.07 trillion yuan from the beginning of the year. It is estimated that the self - operated fund holdings of commercial banks in the first half of 2025 were 8.02 trillion yuan, accounting for 31.9% of the fixed - income fund scale in the first half of 2025 [2] - As of the end of March 2025, the scale ratios of medium - and long - term bond funds, short - term bond funds, first - level bond funds, and second - level bond funds in the bond funds allocated by wealth management were 49.0%, 21.4%, 12.0%, and 3.3% respectively. In the first quarter of 2025, the total holdings of medium - and long - term bond funds and short - term bond funds by wealth management were 0.58 trillion yuan [2] Impact of New Redemption Fee Regulations - The new regulations require that the redemption fees be fully included in the fund property, with different fee standards for different holding periods, which will affect the trading demand of institutional investors for bond funds and fixed - income + funds [2] - The new regulations have limited impact on the bond market. Wealth management and annuities may gradually shift their pure bond fund investments to bond ETFs, but the impact on the bond market is limited due to the small scale of actively managed bond funds held by wealth management [2] - The new regulations reduce the sales service fees of bond funds and money funds, increase their yields, and enhance their attractiveness to individual investors, which is conducive to the growth of retail bond fund and money fund scales [2][3] Outlook for the Bond Market - The bond ETF era may be coming. As of the end of August 2025, the scale of bond ETFs had reached 56.43 billion yuan, and it may grow rapidly in the next few years [3] - With the gradual repricing of long - term time deposits, the interest - bearing liability cost rate of commercial banks is expected to decline year by year in the next five years, and the 10 - year Treasury yield may follow the decline [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a decrease in revenue and net profit for the first half of 2025, with revenue at 138.1 billion yuan, down 18.3% year-on-year, and net profit at 24.64 billion yuan, down 12.0% year-on-year. However, the second quarter showed a sequential increase in net profit by 6.2% [6] - The company has improved its coal production costs significantly, achieving a production cost of 177.7 yuan per ton, down 7.7% year-on-year, which contributed to a sequential increase in coal business gross profit [6] - The company is strategically acquiring assets from the National Energy Group to enhance resource allocation and integrated operational capabilities, addressing industry competition issues [6][7] Summary by Sections Market Performance - The closing price of the company's stock is 38.16 yuan, with a market capitalization of 758.18 billion yuan and a total share capital of 19,868.52 million shares [3] Financial Performance - In the first half of 2025, the company achieved a total coal production and sales volume of 165 million tons and 205 million tons, respectively, with a year-on-year decrease of 1.7% and 10.9% [6] - The average coal price was 493 yuan per ton, down 12.9% year-on-year, while the gross profit from coal business was 32.53 billion yuan, down 14.8% year-on-year [6] Profit Forecast and Valuation - The company is expected to generate a net profit of 53.07 billion yuan in 2025, with a corresponding P/E ratio of 14.29 [8][9] - The forecasted revenue for 2025 is 331 billion yuan, reflecting a year-on-year decline of 2.18% [8] Industry Outlook - The report suggests that coal prices may have reached a bottom, with supply-demand rebalancing beginning, and the company is positioned as a leading player with more reliable dividends [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The new business value (NBV) has shown a significant quarter-on-quarter increase, and the interim dividend exceeded expectations [5][6] - The company's mid-year performance aligns with market expectations, with revenue and net profit attributable to shareholders increasing by 2.1% and 6.9% year-on-year, respectively [6][10] - The total investment return rate decreased by 30 basis points to 3.29% year-on-year, while the interim dividend increased by 19%, surpassing the growth rate of net profit [6] Financial Performance Summary - Revenue for the first half of 2025 reached 239.2 billion yuan, and net profit attributable to shareholders was 40.9 billion yuan [6] - The company's net assets, embedded value (EV), and service margin (CSM) increased by 2.7%, 5.5%, and 1.6% respectively compared to the beginning of the year [6] - The NBV growth rate was 20.3% on a comparable basis, significantly higher than the 4.8% growth in the first quarter of 2025, indicating strong sales performance in the second quarter [10] Investment Business Insights - The company experienced a substantial increase in realized investment income, with the proportion of realized gains in total investment income higher than the previous year [11] - The asset allocation strategy has shifted, with an increase in core secondary equity (stocks + equity funds) by 1.4 percentage points to 13.6% [11] Profit Forecast and Valuation - The forecasted net profit for 2025-2027 is 121.8 billion, 124.5 billion, and 143.1 billion yuan, with year-on-year growth rates of 13.9%, 2.2%, and 14.9% respectively [12] - The estimated embedded value per share for 2025-2027 is projected to be 55.6, 60.2, and 65.3 yuan, with the current stock price corresponding to a price-to-embedded value (P/EV) of 0.72, 0.66, and 0.61 times [12]