插播 ：拒绝鱼龙混杂， 让优质项目脱颖而出！"2024-2025用户侧储能项目TOP10榜单"征集进行中。点击 "阅读原文" 进行申报 近期，又有天合光能、金风零碳、南都电源等3家企业签订储能相关合作，总规模近1.2GWh，涉及储能项目合作以及系统采购合同等。 项目创新采用"水电储能+智慧旅游"耦合模式，建成后可使景区绿电覆盖率提升至80%，预计年调峰电量超2亿千瓦时，可减少二氧化碳排放18万 吨，建成后将有效破解水电资源"丰余枯缺"矛盾。 ■ 天合光能：与FlexGen合作371MWh储能项目 日前，天合光能与 美国储能技术提供商和系统集成商FlexGen达成合作，在德克萨斯州休斯顿交付 371 MWh 的电池储能系统（BESS）。 该 项目由SMT Energy开发， 项目采用天合光能的新一代Elementa 2解决方案，该系统旨在提升能源性能、确保可靠性并降低运营风险。通过与 FlexGen 建立长期服务合作伙伴关系，天合光能确保持续的资产可靠性。FlexGen 将负责系统集成并部署其专有的 HybridOS™ 能源管理软件。 据了解，本次项目采用的 天合光能的 Elementa 金刚 2，于近日获得 ...

浙江物产环保能源股份有限公司 浙江物产环保能源股份有限公司 2024 年年度股东大会会议材料 （股票代码：603071） 二零二五年五月 | | 1 | | --- | --- | | 1 | . > | | | | 浙江物产环保能源股份有限公司 会议议程 召开时间：2025 年 5 月 16 日（星期五）下午 14:30 召开地点：杭州市庆春路 137 号华都大厦会议室 召开方式：本次会议采用现场和网络投票相结合的方式 主持人：董事长陈明晖先生 参会人员：股权登记日登记在册的股东或其授权代表、公司董事、监事、高 级管理人员及公司聘请的见证律师等。 一、主持人介绍到会董事、监事、高级管理人员、见证律师以及其他人员； 二、主持人报告现场出席的股东及股东代理人人数及其代表的有表决权股 份数量； 三、主持人宣布会议开始； 四、推选本次会议计票人、监票人； 五、与会股东审议以下议案 1 (一) 《关于 2024 年度董事会工作报告的议案》； (二) 《关于 2024 年度独立董事述职报告的议案》； (三) 《关于 2024 年年度报告及其摘要的议案》； (四) 《关于 2024 年度财务决算报告的议案》； (五) 《 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's performance is under pressure due to declining coal prices, but the commitment to dividends highlights its value for allocation [5] - The company reported a revenue of 44.709 billion yuan in 2024, a slight increase of 0.86% year-on-year, while the net profit attributable to shareholders decreased by 30.25% to 739 million yuan [7] - The company plans to distribute a cash dividend of 0.6 yuan per share for 2024, with a cash dividend ratio of 45.32% [7] - The first quarter of 2025 saw a revenue of 9.949 billion yuan, down 4.91% year-on-year, and a net profit of 155 million yuan, down 35.44% year-on-year [7] - The coal trading segment's net profit for 2024 was 438 million yuan, while the thermal power generation segment achieved a net profit of 447 million yuan [7] - The company expects a stabilization in coal prices, which have negatively impacted its coal trading performance [7] Financial Summary - Revenue projections for the company are as follows: 44.327 billion yuan in 2023, 44.709 billion yuan in 2024, 41.574 billion yuan in 2025E, 43.145 billion yuan in 2026E, and 44.006 billion yuan in 2027E [6] - The net profit attributable to shareholders is projected to be 1.059 billion yuan in 2023, 739 million yuan in 2024, 709 million yuan in 2025E, 785 million yuan in 2026E, and 830 million yuan in 2027E [6] - The earnings per share (EPS) are expected to be 1.90 yuan in 2023, 1.32 yuan in 2024, 1.27 yuan in 2025E, 1.41 yuan in 2026E, and 1.49 yuan in 2027E [6] - The company's return on equity (ROE) is projected to decline from 20.52% in 2023 to 12.01% in 2025E, before slightly recovering [6]

Group 1 - The article discusses the projected growth of the automotive industry in 2024, highlighting a significant increase in vehicle production and sales [1] - It mentions a forecasted growth rate of 13.93% for the automotive sector in the upcoming year, indicating a strong recovery post-pandemic [1] - The report emphasizes the importance of international markets, particularly in Asia, for driving this growth, with specific reference to the expected performance of various automotive companies [1] Group 2 - The article outlines the anticipated challenges that the automotive industry may face, including supply chain disruptions and regulatory changes [1] - It provides insights into the competitive landscape, noting that companies will need to innovate and adapt to maintain market share [1] - The report also highlights the role of electric vehicles (EVs) in shaping the future of the automotive market, with a focus on sustainability and environmental regulations [1]

Investment Rating - The report maintains an "Outperform" rating for the company [2][10]. Core Insights - The company's coal trading fundamentals remain stable, and initial results of the transition to renewable energy are evident. In 2024, the main revenue was CNY 44.709 billion, a year-on-year increase of 0.86%, with coal trading accounting for 92.79% of revenue [10]. - The company's revenue from the new energy business has decreased, but the gross margin has significantly improved to 31.13%, indicating successful positioning in the renewable sector [10]. - The company has consistently paid high dividends over the past three years, with a planned dividend of CNY 0.6 per share for 2024, resulting in a dividend yield of 4.98% based on the closing price on April 22, 2025 [10]. - The company forecasts a net profit of CNY 8.97 billion for 2025, with a minimum dividend payout ratio of 40% planned for 2024-2026, leading to an estimated dividend yield of 5.33% [10]. Financial Data and Profit Forecast - In Q1 2025, the company achieved revenue of CNY 9.949 billion, a year-on-year decrease of 4.91%, and a net profit of CNY 155 million, down 35.44% [7][9]. - The projected net profits for 2025, 2026, and 2027 are CNY 8.97 billion, CNY 9.33 billion, and CNY 10.26 billion, respectively, with a price-to-earnings ratio of 7 for each year [10][11].

Report Information - Report Type: Coke and Coking Coal Daily Review [1] - Date: April 23, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] Market Performance Futures Market - On April 22, the main contract 2509 of coke futures significantly declined, erasing the previous day's gains and approaching the previous low of 1517 yuan/ton set on April 9. The main contract 2509 of coking coal futures also significantly declined, hitting a new low of 924 yuan/ton for the September contract since October 2016 [5]. - The closing price of J2509 was 1530.5 yuan/ton, down 1.83%, with a trading volume of 23,584 lots and an open interest of 37,180 lots, an increase of 3,784 lots, and a capital inflow of 0.87 billion yuan. The closing price of JM2509 was 928.5 yuan/ton, down 2.42%, with a trading volume of 350,052 lots and an open interest of 360,046 lots, an increase of 19,667 lots, and a capital inflow of 1.05 billion yuan [5]. Spot Market - On April 22, the ex - warehouse price index of quasi - first - class metallurgical coke in Rizhao Port, Qingdao Port, and Tianjin Port was 1440 yuan/ton, with no change. The price in Tangshan was 1370 yuan/ton, also unchanged [8]. - The aggregated price of low - sulfur main coking coal in Tangshan was 1365 yuan/ton, unchanged; in Lvliang, it was 1240 yuan/ton, down 30 yuan/ton; in Linfen, it was 1330 yuan/ton, unchanged; in Handan, it was 1250 yuan/ton, unchanged; in Heze, it was 1320 yuan/ton, unchanged; and in Pingdingshan, it was 1460 yuan/ton, unchanged [8]. Technical Analysis - On April 22, the daily KDJ indicator of the coke 2509 contract changed from a golden cross to a death cross, and the daily KDJ indicator of the coking coal 2509 contract declined, with the J and K values turning down and the D value continuing to decline. The daily MACD green bars of both the coke and coking coal 2509 contracts enlarged [8]. Market Outlook Coke - Currently, downstream steel mills maintain high production, and coking plants have significantly increased production for five consecutive weeks. The obvious destocking of steel mills and coking plants is favorable, but the rising port inventory is unfavorable. Coke price rebound requires the recovery of the finished steel market. After the steel price rebounded from the low and then fluctuated weakly, it is expected that the coke market may improve following the finished steel before the end of April [9]. Coking Coal - Imports are at a high level and have increased. The domestic coal industry still emphasizes the principle of ensuring supply. Although the production and operating rate of coal washing plants are significantly lower than that in the fourth quarter of last year, the supply remains loose. The inventories of steel mills and ports have significantly decreased, but the recent active replenishment of coking plants will discount the later price rebound. Whether the decline of coking coal can stop depends on whether the coke market can truly recover [9]. Strategy - It is expected that the coke and coking coal markets will stabilize and rebound after a second bottom - finding in late April. One can try to sell put options at high prices during the price - stabilizing stage or try to buy the far - month 2509 contract for hedging or investment after the price stabilizes [9]. Industry News - The CPC Central Committee and the State Council issued the "Opinions on Implementing the Strategy of Upgrading Free Trade Pilot Zones", covering data flow, shipping, finance, and other aspects [10]. - The Ministry of Finance issued a notice on April 21, allocating over 13.5 billion yuan in the first batch of energy - saving and emission - reduction subsidy funds for 2025, including 2.91 billion yuan for pre - allocating the reward funds for the pilot project of filling and swapping facilities in counties in 2025 [10]. - Many companies released financial reports, including Yue Electric Power A, Yangmei Chemical Industry, TBEA, Wuchan Environmental Energy, and Shenhuo Co., Ltd., with varying revenue and profit performances [10][11] - Southern Power Grid's regional electricity consumption in the first quarter was 380.9 billion kWh, a year - on - year increase of 4% [11] - Shougang Co., Ltd. and Geely Group signed a strategic cooperation framework agreement [12] - From January to March, Shanxi's coalbed methane production reached 3.53 billion cubic meters, a year - on - year increase of 14.5% [12] - In March 2025, China's coking coal imports decreased for the fourth consecutive month, with an import volume of 8.588 million tons, a year - on - year decrease of 4.6% and a month - on - month decrease of 2.9% [12] - Coal India Ltd plans to build a 1600 - megawatt coal - fired power plant in Jharkhand [12] - The US announced new tariffs on solar products imported from Cambodia, Malaysia, Thailand, and Vietnam [13] Data Overview - The report provides various data charts, including the spot price index of metallurgical coke, the aggregated price of main coking coal, the production and capacity utilization rate of coking plants and steel mills, the national daily average pig iron production, and the inventories of coke and coking coal in ports, steel mills, and coking plants [14][15][16]

目 录 一、募集资金年度存放与使用情况鉴证报告………………………第 1—2 页 二、关于募集资金年度存放与使用情况的专项报告…………… 第 3—10 页 三、资质证书复印件………………………………………………第 11—14 页 募集资金年度存放与使用情况鉴证报告 天健审〔2025〕4988 号 浙江物产环保能源股份有限公司全体股东： 我们鉴证了后附的浙江物产环保能源股份有限公司（以下简称物产环能公司） 管理层编制的 2024 年度《关于募集资金年度存放与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供物产环能公司年度报告披露时使用，不得用作任何其他目的。 我们同意将本鉴证报告作为物产环能公司年度报告的必备文件，随同其他文件一 起报送并对外披露。 二、管理层的责任 物产环能公司管理层的责任是提供真实、合法、完整的相关资料，按照《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（2022 年 修订）》（证监会公告〔2022〕15 号）和《上海证券交易所上市公司自律监管 指引第 1 号——规范运作（2023 年 12 月修订）》（上证发〔2023〕193 号）的 规定编制 ...

目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表…………第 3—4 页 三、资质证书复印件…………………………………………………第 5—8 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2025〕4989 号 浙江物产环保能源股份有限公司全体股东： 一、对报告使用者和使用目的的限定 本报告仅供物产环能公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为物产环能公司年度报告的必备文件，随同其他文件一起报送 并对外披露。 为了更好地理解物产环能公司 2024 年度非经营性资金占用及其他关联资金 往来情况，汇总表应当与已审的财务报表一并阅读。 我们接受委托，审计了浙江物产环保能源股份有限公司（以下简称物产环能 公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表， 2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所 有者权益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审 计了 ...

证券代码：603071 证券简称：物产环能 公告编号：2025-016 浙江物产环保能源股份有限公司 关于计提资产减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江物产环保能源股份有限公司（以下简称"公司"）第五届董事会第十二 次会议、第五届监事会第九次会议于2025年4月18日召开，分别审议通过了《关 于公司计提资产减值准备的议案》，为更加真实、准确地反映公司资产状况和经 营成果，依据《企业会计准则第8号-资产减值》和公司会计政策的规定，基于谨 慎性原则，公司对截至2024年12月31日合并报表范围内可能存在减值迹象的资产 进行了减值测试并计提了减值准备。现将相关情况公告如下： 一、本次计提资产减值准备情况的概述 根据《企业会计准则》和公司相关会计政策规定，为客观、公允地反映公司 截至 2024 年 12 月 31 日的财务状况和 2024 年度的经营成果，公司及下属子公司 对截至 2024 年 12 月 31 日的公司资产进行了减值测试。公司 2024 年度计提各项 资产减值准备合计40,341.75万元 ...

为满足公司经营及资金使用计划的需要，公司及子公司拟向银行等金融机构 申请总额不超过人民币 180 亿元的综合授信额度（含关联方授信额度），授信业 务包括但不限于流动资金贷款、银行票据额度、贸易融资额度等。 综合授信额度不等于公司的实际融资金额总额。公司将在综合授信额度内进 行贷款融资，实际融资金额视公司生产经营的需求确定。授信额度可在授信期限 内循环使用,并在不同金融机构间调整。 上述授信及融资额度授权期限为一年，即自 2024 年年度股东大会审议通过 之日起的 12 个月内。同时，为了提高决策效率，董事会提请股东大会授权法定 代表人或法定代表人指定的授权代理人在上述额度内代表公司签署相关文件及 办理贷款具体事宜。 本事项尚需提交公司 2024 年年度股东大会审议。 特此公告。 证券代码：603071 证券简称：物产环能 公告编号：2025-019 浙江物产环保能源股份有限公司 关于 2025 年向金融机构申请综合授信额度的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江物产环保能源股份有限公司（以下简称"公司"）于 ...