作 者丨王峰 编 辑丨周上祺 图 源丨摄图网 中国的"工程师红利"正在加快释放。新华社近日报道称，有外媒评价：中国的"工程师红利"正 产生巨大回报。美国一家智库机构的数据显示，2 0 2 2年，在全球排名前2 0%的人工智能研究 人员中，有4 7%的人本科学业是在中国完成的，而在美国读完本科的仅占1 8%。 最新发布的《国家创新指数报告2 0 2 4》显示，我国创新能力综合排名居世界第1 0位。中国经 济的发展动力正从人口红利向知识红利转变。 这体现出我国工程师人才供需存在"温差"。行业头部企业和领军企业具有显著的规模优势和市 场影响力，其创新研发的诉求也更加体系化，在推进产教融合过程中，无论是协同方式还是持 续投入，都有较为清晰、完善的思路。而研发更加灵活、人才需求更加多元化的中小企业，很 难套用这种培养供应模式，也难以和大型企业集团竞争人才。 创新型中小企业是创新驱动发展的生力军。工程师对于中小企业发展的作用举足轻重。某种程 度上说，工程师的质量决定着创新型中小企业能否进阶为"专精特新"、小巨人以及制造业单项 冠军企业。 这是因为，中小企业难以建立起大型企业那样强大的科技研发团队，企业研发创新依赖于高校 ...

但与此同时，我国工程师队伍建设仍存在结构性短板。首先，工程师在整体劳动力中的比重偏低。有研 究称，2020年我国工程师在整体劳动力中占比为2.23%，虽然比二十年前增长1.52个百分点，但明显低 于欧盟的7.4%、美国的4.4%、英国的10.8%、德国的7.8%和法国的7.0%。 其次，工程师集聚在大型企业现象突出，工程师人才"孔雀大厂飞"，中小企业求贤若渴。以清华大学电 机系2023届毕业生为例，53名毕业生选择在电力/电工行业就业，其中电力规划总院、国家电网集团、 华能集团、四方继保这几家大型企业和规划设计单位就占35人。在当前的就业形势下，大型企业和中小 企业对人才的吸引力可能进一步拉大。据报道，中核集团2025年春季校园招聘开放了1730个岗位，结果 收到了1196273份简历。高校毕业生对进入国央企工作热情高涨。 21世纪经济报道记者王峰北京报道中国的"工程师红利"正在加快释放。新华社近日报道称，有外媒评 价：中国的"工程师红利"正产生巨大回报。美国一家智库机构的数据显示，2022年，在全球排名前20% 的人工智能研究人员中，有47%的人本科学业是在中国完成的，而在美国读完本科的仅占18%。 最新发 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][18] Core Views - The company's operating performance continues to improve, with a slight increase in revenue and a significant rise in net profit. In 2024, the company achieved revenue of 42.734 billion yuan (+0.78%) and a net profit of 2.046 billion yuan (+28.46%) [7][3] - The growth in revenue is primarily driven by new projects coming online, while the increase in net profit is attributed to lower fuel costs and growth in clean energy generation capacity [7][3] - The company is actively advancing coal power projects, which are expected to further boost performance upon completion. Key projects include the Caoyang Comprehensive Energy Center Phase II and the expansion projects in Jiangsu and Shanghai [16][3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 42.734 billion yuan, a slight increase of 0.78%, and a net profit of 2.046 billion yuan, reflecting a growth of 28.46%. The net profit excluding non-recurring items was 1.895 billion yuan, up 26.57% [7][4] - The company's coal price decreased to 1,072.41 yuan/ton, down 7.32% year-on-year, contributing to improved margins [7][9] - The company's gross margin improved to 23.47%, an increase of 1.54 percentage points, due to lower fuel costs [9][14] Project Development - The company is focusing on expanding its renewable energy capacity, with an addition of 2.2255 million kilowatts in 2024, bringing the total renewable capacity to 11.1849 million kilowatts [17][2] - Future development will prioritize offshore wind energy, with a target to expedite the commissioning of new renewable projects in provinces like Shandong, Shanghai, and Zhejiang [17][2] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted downwards due to anticipated declines in electricity volume. Expected net profits are 2.685 billion yuan in 2025, 3.012 billion yuan in 2026, and 3.263 billion yuan in 2027, with respective growth rates of 31.2%, 12.2%, and 8.3% [3][18] - The current stock price corresponds to a PE ratio of 9.7 for 2025, with a reasonable valuation range of 9.53 to 10.48 yuan per share, indicating a potential upside of 3% to 13% from the current price [3][18]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][18] Core Views - The company's operating performance continues to improve, with a slight increase in revenue and a significant rise in net profit. In 2024, the company achieved revenue of 42.734 billion yuan (+0.78%) and a net profit of 2.046 billion yuan (+28.46%) [7][3] - The growth in revenue is primarily attributed to the contribution from newly commissioned projects, while the increase in net profit is due to a decrease in fuel costs and growth in the scale and efficiency of clean energy generation [7][3] - The company is actively advancing coal power projects, which are expected to further boost performance upon completion. Key projects include the Caoyang Comprehensive Energy Center Phase II and the expansion projects in Jiangsu and Shanghai, with six 1 million kilowatt units expected to be operational after 2026 [16][3] Revenue and Profit Forecast - The company forecasts net profits of 2.685 billion yuan, 3.012 billion yuan, and 3.263 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth of 31.2%, 12.2%, and 8.3% [3][18] - Earnings per share (EPS) are projected to be 0.95 yuan, 1.07 yuan, and 1.16 yuan for the same years, with current price-to-earnings (PE) ratios of 9.7, 8.6, and 8.0 [3][18] Financial Performance - In 2024, the company's gross margin improved to 23.47%, an increase of 1.54 percentage points, primarily due to lower fuel costs [9][14] - The net profit margin increased to 9.74%, up 1.33 percentage points from the previous year, driven by improved gross margin and reduced expense ratios [9][14] - The return on equity (ROE) rose to 9.33%, reflecting the upward trend in net profit margins [14][9] New Energy Development - The company continues to expand its new energy capacity, adding 2.2255 million kilowatts in 2024, bringing the total to 11.1849 million kilowatts, including 4.8506 million kilowatts of wind power and 6.3343 million kilowatts of solar power [17][2] - Future development will focus on offshore wind energy, with plans to expedite the commissioning of new energy projects in provinces like Shandong, Shanghai, and Zhejiang [17][2]

Group 1 - The China Securities Index reported a strong increase in the CSI All Share Utilities Index (000995), rising by 1.04% as of April 3, 2025, with significant gains in constituent stocks such as Longyuan Power (001289) up 5.93% and Xingrong Environment (000598) up 4.36% [1] - The Utilities ETF (560190) also rose by 1.04%, with a trading volume of 1.0125 million yuan, leading among similar products, and has rebounded over 4% since the technology sector's decline on March 12, highlighting its defensive attributes [1] - The latest price-to-earnings ratio (PE-TTM) for the Utilities ETF is 15.85, indicating it is at a historical low, being below 84.19% of the time over the past year [1] Group 2 - Shanghai Future Industry Fund announced a strategic investment in China Fusion Energy Co., marking its first direct investment project since its establishment in 2023, injecting significant capital into the controllable nuclear fusion technology sector [2] - Recent reports indicate rapid progress in China's controllable nuclear fusion projects, with significant developments in experimental reactors and environmental assessments for commercial projects expected to accelerate in 2024 [2] - The top ten weighted stocks in the CSI All Share Utilities Index as of March 31, 2025, include major players like China National Nuclear Power (601985) and Huaneng International (600011), collectively accounting for 57.95% of the index [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's overall revenue slightly declined in 2024, but the net profit attributable to shareholders increased by 20.01% year-on-year, reaching 10.135 billion yuan, while the non-recurring net profit surged by 87.50% to 10.522 billion yuan [1][5] - The significant improvement in thermal power profitability is attributed to the decrease in coal prices, which led to a reduction in fuel costs [2][3] - The company has seen rapid growth in wind and solar installations, with a total of 9,692.76 MW of new capacity added in 2024, of which 9,417.71 MW was from renewable sources [2][3] Revenue and Profit Analysis - In 2024, the company achieved revenues of 245.551 billion yuan, a year-on-year decrease of 3.48%. The revenue breakdown by segment shows coal power, gas power, wind power, solar power, hydropower, and biomass power generating revenues of 180.2 billion, 19.5 billion, 16.8 billion, 7.1 billion, 0.31 billion, and 0.015 billion yuan respectively, with year-on-year changes of -4.59%, -2.34%, +11.03%, +52.96%, +23.30%, and -76.11% [2] - The average on-grid electricity price decreased by 2.85% to 494.26 yuan/MWh, with coal power, gas power, wind power, solar power, hydropower, and biomass power prices changing by -2.21%, -0.3%, -4.29%, -11.11%, -1.35%, and -86.04% respectively [3] - The company's total profit from various power generation segments in 2024 was 7.138 billion, 1.084 billion, 6.772 billion, 2.725 billion, -0.12 billion, and -0.865 billion yuan respectively, with year-on-year changes of +1548%, +40%, +15%, +33%, -806%, and -2010% [3] Dividend and Investment Focus - The total cash dividend for 2024 reached 4.238 billion yuan, an increase of 34.97% year-on-year, with a payout ratio of 41.82%, up by 4.65 percentage points [4] - The company plans to significantly increase its investment in wind power by 44.48% in 2025, making it a key focus area for the year [4]

Core Viewpoint - The company reported a net profit attributable to shareholders of 7.211 billion yuan for 2024, a year-on-year increase of 30.4%, slightly below expectations [1][2] Financial Performance - The company achieved a total net profit of 10.135 billion yuan for 2024, with a proposed dividend of 0.27 yuan per share, resulting in a dividend payout ratio of 58.78% after deducting perpetual bond interest [1] - Financial expenses decreased significantly by 16.1% to 7.441 billion yuan due to declining interest rates, benefiting from lower interest payments [4] Coal and Power Segment - The profitability of coal-fired power generation improved significantly, with pre-tax profits of 7.138 billion yuan, up from 0.433 billion yuan year-on-year, primarily due to a larger decline in coal prices compared to electricity prices [2] - The average coal trading electricity price was 446.45 yuan per megawatt-hour, a decrease of 7.2% year-on-year, while the unit fuel cost for coal-fired power plants was 300.31 yuan per megawatt-hour, down 8.0% [2] - The net profit for the coal power segment in Q4 2024 was 0.57 billion yuan, an increase of 3.573 billion yuan year-on-year [2] Renewable Energy Segment - The company added 9.4177 million kilowatts of new renewable energy capacity in 2024, with wind and solar power installations at 2.6458 million kilowatts and 6.772 million kilowatts, respectively [3] - The pre-tax profits for wind and solar power reached 6.772 billion yuan and 2.725 billion yuan, reflecting year-on-year growth of 14.53% and 33.32% [3] - The total installed capacity for wind and solar power reached 37.945 million kilowatts by the end of 2024 [3] Future Outlook - The company plans capital expenditures of 36.2 billion yuan for wind power and 15 billion yuan for solar power in 2025, with expectations for wind power spending to increase and solar power spending to decrease [3] - The company adjusted its net profit forecasts for 2025-2026 to 11.758 billion yuan and 12.462 billion yuan, respectively, due to anticipated declines in long-term electricity prices and reduced operating hours for coal-fired power [5]

Investment Rating - The report maintains an "Outperform" rating for Huaneng International [2] Core Views - The company reported a significant improvement in coal power profitability due to a larger decline in coal prices compared to electricity prices, leading to a tax-pre profit of 71.38 billion yuan for coal power in 2024, up from 4.33 billion yuan in the previous year [7] - The company plans to enhance shareholder returns through various capital management strategies, including stock buybacks and increased dividends [7] - Financial expenses have decreased significantly, benefiting from lower interest rates, which is expected to continue improving the company's profitability [7] - The company has seen growth in both wind and solar energy segments, with a total installed capacity of 37.945 million kilowatts by the end of 2024 [7] Financial Data and Profit Forecast - Total revenue is projected to decline from 254.397 billion yuan in 2023 to 241.484 billion yuan in 2025, with a slight recovery expected in subsequent years [6] - Net profit attributable to shareholders is forecasted to increase from 10.135 billion yuan in 2024 to 11.758 billion yuan in 2025, reflecting a growth rate of 16% [6] - The company's gross margin is expected to improve from 12.1% in 2023 to 17.0% by 2027, indicating better cost management and profitability [6]

Group 1: Aluminum Industry - The aluminum industry is experiencing a good destocking performance, but prices are under pressure due to tariffs and macroeconomic uncertainties [4][10]. - Domestic electrolytic aluminum production capacity has slightly increased, with average costs around 16,960 RMB/ton, down 103 RMB/ton week-on-week [5]. - Downstream aluminum processing enterprises are seeing a recovery in orders and operating rates, supported by demand from the photovoltaic sector and automotive aluminum [6]. Group 2: Power Industry - China Power reported a revenue of 54.21 billion RMB for 2024, a year-on-year increase of 22.5%, with a net profit of 3.86 billion RMB, up 25.2% [11][12]. - The company’s coal-fired power segment showed improved performance, while hydropower turned profitable due to favorable water conditions [13]. - The company plans to maintain a dividend payout ratio of 60% for the year [12]. Group 3: Beverage Industry - The food and beverage sector has seen a decline, with the beverage segment down 3.65% over the past two weeks, underperforming the Shanghai Composite Index [15]. - The liquor market is experiencing a seasonal downturn, with prices for premium brands like Moutai decreasing, indicating weaker demand [16]. - The overall performance of liquor companies varies, with some regional brands showing resilience amid macroeconomic pressures [17]. Group 4: Logistics Industry - SF Express reported a revenue of 15.746 billion RMB for 2024, a year-on-year increase of 27%, with a net profit of 132 million RMB, up 161.8% [21][22]. - The company’s last-mile delivery segment saw significant growth, particularly in county-level markets, with a 121% increase in revenue [24]. - The logistics sector is benefiting from network scale effects, leading to improved profit margins and cost reductions [25]. Group 5: Chemical Industry - The chemical sector is expected to enter a replenishment cycle in 2025, driven by low inventory levels and improving profitability [29]. - Phosphate rock supply remains tight, with companies like Baitian Co. expanding production capacity to meet growing demand [28]. - The industry is witnessing price increases for key products like urea and hexafluoropropylene, indicating a positive market sentiment [35].

21世纪经济报道记者雷椰 李德尚玉 实习生冀琳 北京报道 碳中和周报关注"双碳"领域的最新前沿动态，包括碳中和政策、地方动态、企业实践等。我们将通过精选每周碳中和领域的重 大事件，并进行点评的方式，提供一个及时全面的碳中和信息平台。 2、CCER项目方法学公开征集建议 3月27日，生态环境部办公厅发布《关于公开征集温室气体自愿减排项目方法学建议的函》。此次征集面向具备编制技术条件的 项目业主、行业协会、科研机构等企事业单位，鼓励针对减排效果好、社会期待高的行业领域提出建议，部分额外性可免予或 简化论证，同时禁止对有强制减排义务的行业领域提建议。建议内容可以是新方法学，也能是对已发布方法学的修订。方法学 建议材料需按规定大纲、指南编写，并于2025年4月25日前通过全国温室气体自愿减排注册登记系统及信息平台提交。生态环境 部将常态化开展征集和评估遴选工作，结合应对气候变化需求，分批次择优发布方法学。 一、碳中和政策 1、全国碳市场首次扩围：纳入钢铁、水泥、铝冶炼行业，新增1500家重点排放单位 3月26日，生态环境部在例行新闻发布会上宣布《全国碳排放权交易市场覆盖钢铁、水泥、铝冶炼行业工作方案》正式发布，全 国 ...