Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - As of July, the new energy installed capacity has halved month-on-month, continuing the impact of Document 136. By the end of July, the total installed power generation capacity in the country reached 3.67 billion kilowatts, a year-on-year increase of 18.2%. Among this, solar power capacity reached 1.11 billion kilowatts, up 50.8% year-on-year, and wind power capacity reached 575 million kilowatts, up 22.1% year-on-year. The new installed capacity from January to July 2025 was 325 GW, a year-on-year increase of 75.7% [4][11][12] - In July, the new solar power installed capacity was 10 GW, which is more than halved compared to July 2024 (22 GW) and nearly halved compared to June 2025 (16 GW). The decline in July's solar installation aligns with market expectations, and the new installations are expected to concentrate in large base projects in the fourth quarter [5][14] - The new wind power installed capacity in July was 2.3 GW, showing a slight year-on-year decline and a significant month-on-month decrease, consistent with previous assessments. The decline in wind power installations highlights the importance of subjective initiative among operators [17] Summary by Sections Section 1: Power Generation - The cumulative installed capacity of power generation reached 3.67 billion kilowatts by the end of July, with a year-on-year growth of 18.2%. Solar power and wind power saw significant increases in installed capacity, with solar power growing by 50.8% and wind power by 22.1% [11][12] - The new installed capacity for solar power from January to July 2025 was 223 GW, a year-on-year increase of 80.7%, while wind power added 54 GW, up 79.4% year-on-year [4][11] Section 2: Green Methanol Projects - The opening rate of green methanol projects has improved, with several projects starting operations in response to the demand for green fuel in the shipping industry. The total planned capacity for green methanol in China is nearly 6 million tons per year, but the actual built capacity is less than 300,000 tons per year [7][22][26] - The demand for green methanol is primarily driven by the international shipping industry, with several shipping companies accelerating the procurement of methanol-fueled vessels. The first fully green methanol-fueled container ship set sail in July 2025 [22][26] - The opening rate of domestic green methanol projects is expected to improve, with over 600,000 tons per year of capacity expected to start in 2024 and around 1.5 million tons per year in 2025 [27][30]

Investment Rating - The report maintains a strong rating for the power sector and recommends specific companies within the sector [4][7][11]. Core Insights - The first central document in the carbon market sector has been issued, marking a new journey in carbon market construction, with significant implications for green investment and industry growth [3][17][18]. - The report emphasizes the importance of promoting high-quality urban development, particularly in the water and solid waste management sectors, which are expected to benefit from new policies [4][21]. Summary by Sections Market Review - From August 25 to August 29, the electricity sector fell by 0.40%, the environmental sector by 1.47%, the gas sector by 1.65%, and the water sector by 2.15%, while the CSI 300 index rose by 2.71% [11][12]. Carbon Market Development - The central government's recent document outlines plans to accelerate the construction of a national carbon market, aiming for comprehensive coverage of major industrial sectors by 2027 and a robust voluntary reduction market [3][17][18]. - As of July 2025, the national carbon emissions trading market has seen a cumulative transaction volume of 681 million tons and a transaction value of 46.784 billion yuan, indicating a growing influence of carbon pricing [3][18]. Urban Development Initiatives - The recent policy encourages green low-carbon transformation in urban development, promoting energy efficiency and waste management [4][21]. - The report identifies opportunities in waste-to-energy applications, industrial wastewater treatment, and the recycling of construction waste, which are expected to enhance profitability for related companies [4][21]. Investment Recommendations - The report recommends specific companies within various sectors: - For the power sector, it suggests Jiangsu Guoxin and cautiously recommends Sheneng Co. and Zhejiang Energy [4]. - In the nuclear power sector, it cautiously recommends China National Nuclear Power and China General Nuclear Power [4]. - For green energy, it suggests focusing on Three Gorges Energy and Jiangsu New Energy [4]. - In the water sector, it recommends Changjiang Electric Power and cautiously suggests Huaneng Hydropower [4]. - In the environmental sector, it recommends Yongxing Co. and Xuedilong, while suggesting attention to Huaguang Huaneng and China Tianying [4].

Core Insights - The company reported a revenue of 883 million yuan for the first half of 2025, representing a year-on-year growth of 1.23%, while the net profit attributable to shareholders decreased by 4.54% to 127 million yuan [1] - The company experienced a significant decline in revenue and net profit in the second quarter, with revenue dropping by 21.22% to 482 million yuan and net profit decreasing by 38.09% to 75 million yuan [1] Group 1: Hydropower Performance - The total installed capacity of the company reached 4,138.5 MW, with hydropower capacity accounting for 3,233.5 MW [2] - The company faced a 23% decrease in water inflow compared to the same period last year, leading to a 1.55% increase in electricity generation to 320,090.15 million kWh [2] - The average on-grid electricity price for hydropower was 0.2713 yuan/kWh, a slight decrease of 0.18% year-on-year [2] Group 2: Photovoltaic Performance - The installed capacity for photovoltaic projects was 905 MW, with an increase of 98.6 MW year-on-year [3] - Photovoltaic generation decreased by 14.25% to 319 million kWh, while the average on-grid electricity price increased by 1.88% to 0.3357 yuan/kWh [3] - The performance of individual photovoltaic plants varied, with some showing significant declines in generation [3] Group 3: Strategic Developments - The company is optimizing its hydropower asset layout in response to the State-owned Assets Supervision and Administration Commission's directive for central enterprises to enhance the quality of listed companies [4] - The company has a significant hydropower asset base, with a total installed capacity of 2,286.9 MW at the subsidiary, Wujiang Hydropower [4] - The company maintains its profit forecast for 2025-2027, expecting net profits of 405 million, 423 million, and 446 million yuan, respectively, with corresponding PE ratios of 16.9, 16.2, and 15.4 [4]

贵州黔源电力股份有限公司 2025 年半年度财务报告 贵州黔源电力股份有限公司 贵州黔源电力股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 2025 年半年度财务报告 2025 年 8 月 28 日 1 编制单位：贵州黔源电力股份有限公司 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 194,488,455.90 | 172,611,439.64 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 366,747,078.38 | 110,010,725.99 | | 应收款项融资 | | 104,470,000.00 | | 预付款项 | 3,882,819.42 | 1,626,112.23 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 ...

贵州黔源电力股份有限公司董事会 贵州黔源电力股份有限公司 关于公司电子邮箱变更的公告 | 联系方式 | 变更前 | 变更后 | | --- | --- | --- | | 电子邮箱 | qydl@gzqydl.cn | qydl@chd.com.cn | 除上述内容变更外，公司联系地址、电话等其他信息均保持不变。敬请广大 投资者注意。对此带来的不便，敬请谅解。 证券代码：002039 证券简称：黔源电力 公告编号：2025-042 特此公告。 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。 贵州黔源电力股份有限公司（以下简称公司）根据实际工作需要，对公司电 子邮箱进行变更，为便于投资者与公司联系，现将公司电子邮箱变更情况公告如 下： 2025 年 8 月 28 日 ...

按照深交所《深圳证券交易所上市公司自律监管指引第 7号——交易与关联交易》的要求，贵州黔源电力股份有限 公司（以下简称公司）通过查验中国华电集团财务有限公司 （以下简称华电财务公司）的《金融许可证》《企业法人营 业执照》等证件资料，并审阅包括资产负债表、损益表、现 金流量表等在内的华电财务公司的2025年上半年财务报表 （未经审计），对华电财务公司的经营资质、业务和风险状 况进行了评估，具体情况报告如下： 一、华电财务公司基本情况 华电财务公司是经国家金融监督管理总局批准，由中国 华电集团有限公司控股，华电集团系统内 6 家企业共同出资 组 建 的 一 家 全 国 性 非 银 行 类 金 融 机 构 ， 注 册 资 本 金 5,541,117,395.08 元。法定代表人：李文峰。公司住所为北 京市西城区宣武门内大街 2 号楼西楼 10 层（邮编：100031）。 金融许可证机构编码：L0024H211000001。统一社会信用代 码：91110000117783037M。华电财务公司股东方构成见下 表。 单位：万元 | | | 贵州黔源电力股份有限公司 关于中国华电集团财务有限公司的 风险持续评估报告 | ...

贵州黔源电力股份有限公司 2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 法定代表人：杨焱 主管会计工作的负责人：金冬 会计机构负责人：曹华 单位：万元 | 非经营性资金占用 | 资金占用方 | 占用方与上 市公司的关 | 上市公司核算 | 2025年期初 | 2025年半年 度占用累计 | 2025年半年度 | 2025年半年度 | 2025年半年度 | 占用形成原 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名称 | | 的会计科目 | 占用资金余 | | 占用资金的利 | 偿还累计发生 | 期末占用资金 | 因 | 占用性质 | | | | 联关系 | | 额 | 发生金额（不 | 息（如有） | 金额 | 余额 | | | | | | | | | 含利息） | | | | | | | 控股股东、实际控制人 | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实 ...

贵州黔源电力股份有限公司 关于聘任总法律顾问的公告 证券代码：002039 证券简称：黔源电力 公告编号：2025-040 王博先生简历详见附件。 特此公告。 贵州黔源电力股份有限公司董事会 2025 年 8 月 28 日 附件 王博先生，1980 年出生，文学硕士，历任贵州乌江水电开发有限责任公司 （中国华电集团有限公司贵州分公司）资产管理部资本运营科科长；贵州乌江水 电开发有限责任公司（中国华电集团有限公司贵州分公司）财务资产部副主任； 贵州黔源电力股份有限公司证券管理部副主任；贵州黔源电力股份有限公司证券 法务部（董事会办公室）主任；现任贵州黔源电力股份有限公司董事会秘书、总 法律顾问、证券法务部（董事会办公室）主任。 截至本公告日，王博先生未持有公司股份，除上述任职之外，最近五年，未 在其他公司担任董事、监事、高级管理人员职务，与其他持有公司 5%以上股份 的股东、实际控制人、公司其他董事、监事、高级管理人员不存在关联关系，未 受过中国证监会及其他有关部门的处罚和证券交易所纪律处分，不存在因涉嫌犯 罪被司法机关立案侦查或者涉嫌违法违规被中国证监会立案稽查，尚未有明确结 论的情形，未曾被中国证监会在证券 ...

会议以记名投票方式审议并通过了以下报告和议案： （一）以 4 票同意、0 票反对、0 票弃权通过了《2025 年半年度报告及摘要》。 （请详见 2025 年 8 月 28 日刊登于巨潮资讯网上的《贵州黔源电力股份有限公司 2025 年半年度报告》及《贵州黔源电力股份有限公司 2025 年半年度报告摘要》。） 证券代码：002039 证券简称：黔源电力 公告编号：2025-037 贵州黔源电力股份有限公司 第十届监事会第十五次会议决议公告 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 贵州黔源电力股份有限公司（以下简称公司）第十届监事会第十五次会议于 2025 年 8 月 27 日在公司 23 楼 1 号会议室以现场结合通讯（视频）的方式召开， 本次会议通知于 2025 年 8 月 14 日以书面形式送达各位监事，应出席监事 4 名， 实际出席监事 4 名。（其中监事余扬先生、黄光敏先生以通讯（视频）表决方式 进行了表决）。 本次会议由半数以上监事共同推举监事胡德江先生主持，会议召集、召开程 序符合《公司法》和《公司章程》的有关规定。 ...

证券代码：002039 证券简称：黔源电力 公告编号：2025-036 贵州黔源电力股份有限公司 第十届董事会第二十六次会议决议公告 一、董事会会议召开情况 贵州黔源电力股份有限公司（以下简称公司）第十届董事会第二十六次会议 于 2025 年 8 月 27 日在公司 23 楼 1 号会议室以现场结合通讯（视频）的方式召 开，本次会议通知于 2025 年 8 月 14 日以书面形式送达各位董事，应出席董事 10 名，实际出席董事 10 名（其中董事赵刚先生、黄成节先生、祝韻女士、李晓 冬先生、王冠先生、程亭女士、汤世飞先生以通讯（视频）表决方式进行了表决）。 本公司监事及高管列席了本次会议。 本次会议由公司董事长杨焱先生主持。会议召集、召开程序符合《公司法》 和《公司章程》的有关规定。 二、董事会会议审议情况 会议以记名投票方式审议并通过了以下报告和议案： （一）以 10 票同意、0 票反对、0 票弃权通过了《2025 年半年度报告及摘 要》。（请详见 2025 年 8 月 28 日刊登于巨潮资讯网上的《贵州黔源电力股份有 限公司 2025 年半年度报告》及《贵州黔源电力股份有限公司 2025 年半年度报告 摘 ...