Core Viewpoint - The report from Guosheng Securities highlights significant growth in green electricity trading and recommends investment in undervalued green electricity sectors, particularly in Hong Kong stocks and wind power operators [1] Group 1: Green Electricity Trading - From January to July, the trading volume of green electricity increased by 42% year-on-year [1] - The trading of green certificates during the same period rose by 43% year-on-year [1] Group 2: Overall Electricity Market - The overall electricity market trading volume grew by 3.2% year-on-year, accounting for 61% of the total electricity consumption in society [1] Group 3: Investment Recommendations - The report suggests prioritizing investments in undervalued green electricity sectors, specifically recommending companies such as Xintian Green Energy (H), Zhongmin Energy, and Funiu Co., Ltd. [1]

"苏供薪火"英烈红色档案保护行动由国网苏州供电公司与苏州市退役军人事务局于2021年共同发 起，组织青年志愿者走访烈士陵园、烈属家庭和红色场馆，搜集、整理英烈事迹，补全历史"拼图"，让 红色基因永续传承。4年来，团队已梳理全市2797位英烈基本信息，为688位英烈完善事迹，编制《追寻 英烈红色记忆》百名英烈事迹集和重点英烈事迹册，整理了180多万字的珍贵资料，逐步构建起一个融 影像、图片与文字于一体的英烈事迹数据库。 近日，"苏供薪火"团队联合苏州市退役军人事务局走进校园，将英烈寻访和档案整理成果打造为英 烈红色档案展览，供学生参观学习，同时联合苏州市立医院、留园派出所等多家单位开展主题班会，邀 请苏州市胥江军休所的革命老兵和"苏供薪火"志愿者等为学生们授课，带领学生重温抗战烽火，激发爱 国热情。 前天（8月30日），苏州市第三十中学，"苏供薪火"英烈红色档案展览与主题班会在这里举行，为 同学们开启了一个充满红色记忆的新学期。 ...

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 Viewpoint - The company, Fujian Funiu Co., Ltd., has announced a cash dividend distribution plan based on its total share capital of 2,780,137,800 shares, with a cash dividend of 0.073 RMB per share for eligible shareholders [1][2]. Summary by Sections Dividend Distribution Plan - The company's annual shareholder meeting on May 15, 2025, authorized the board to formulate a specific distribution plan, which was approved in the board meeting on August 20, 2025 [1]. - The cash dividend distribution is based on the total share capital of 2,780,137,800 shares, with a cash dividend of 0.073 RMB per share [2]. Important Dates - The key dates for the dividend distribution are as follows: - Shareholding registration date: September 3, 2025 - Last trading date: September 4, 2025 - Ex-dividend date: September 4, 2025 [2]. Distribution Implementation - Cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the end of the trading day on the shareholding registration date [2]. - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [2]. Taxation on Dividends - Individual shareholders holding shares for over one year will be exempt from personal income tax on dividend income, while those holding for one month or less will have their entire dividend income subject to tax [3]. - Qualified Foreign Institutional Investors (QFIIs) will have a 10% withholding tax applied to their dividend income [4]. - For institutional investors, the tax on dividend income will be self-reported and paid by the investors themselves [5].

证券代码：600483 证券简称：福能股份 公告编号：2025-050 福建福能股份有限公司 2025年半年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.073元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/3 | － | 2025/9/4 | 2025/9/4 | 差异化分红送转： 否 3. 分配方案： 本次利润分配以方案实施前的公司总股本2,780,137,800股为基数，每股派发现金红利 0.073元（含税），共计派发现金红利202,950,059.40元。 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/3 | － | 2025/9/4 | 2025/9/4 ...

Core Viewpoint - The efficient service provided by the State Grid Shaowu City Power Supply Company is crucial for the successful implementation of the freshwater shrimp breeding and farming project in Wangxikou Village, contributing to rural revitalization efforts in Weimin Town [2]. Group 1: Project Overview - The project involves an investment of 15 million yuan to transform 117 acres of idle land into a vibrant shrimp farming base [2]. - The project officially entered the operational phase with the release of 5 million shrimp seedlings into the farming ponds on August 6 [4]. Group 2: Power Supply Support - The power supply company conducted a thorough assessment of the project's electricity needs, adding a 100 kVA transformer and laying 1.2 kilometers of low-voltage lines to ensure reliable power supply [2]. - The installation and construction were completed in just 10 days, five days ahead of schedule, allowing the project to capitalize on the summer breeding season [2]. Group 3: Ongoing Services - A dedicated customer manager system was established to provide regular inspections and maintenance of critical equipment such as aerators and water pumps, ensuring electrical safety [4]. - The proactive service approach has alleviated concerns about power outages affecting shrimp survival, enhancing the confidence of local farmers [4].

证券研究报告 中闽能源 (600163 CH) 业绩低于预期，海上风电新项目启动 2025 年 8 月 28 日│中国内地 发电 中闽能源发布半年报，1H25 实现营收 7.94 亿元（yoy-3%），归母净利 3.14 亿元（yoy-8%），扣非净利 3.02 亿元（yoy-7%）。其中 Q2 实现营收 2.80 亿元（yoy-21%，qoq-45%），归母净利 6,325 万元（yoy-51%，qoq-75%）， 归母净利低于我们的预测（1.05~1.16 亿元）、主要是电价下降导致毛利率 低于预期。长乐 B 区海上风电项目完成投决，我们预计有望于 26 年底前投 运、27 年贡献利润增量。维持"买入"评级。 并网装机同比持平，来风资源影响净利表现 截至 2025 年 6 月末公司并网装机合计 95.73 万千瓦，较年初无变化。1H25 福建海上风电净利 yoy-3.5%至 2.22 亿元、福建陆上风电净利 yoy+20%至 1.55 亿元。来风大小是影响公司业绩的核心变量，1H25 公司的福建陆上/ 海上风电利用小时分别为 1,356/2,037 小时（yoy+6.6%/-1.6%），均好于国 内风电均 ...

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but an increase in net profit, indicating improved profitability despite lower sales volume [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 6.369 billion yuan, a year-on-year decrease of 4.44%, while net profit attributable to shareholders was 1.337 billion yuan, an increase of 12.48% [1]. - For Q2 2025, the company reported operating revenue of 3.272 billion yuan, down 8.54% year-on-year, and a net profit of 585 million yuan, down 11.65% year-on-year [1]. Operational Highlights - The total electricity generated in H1 2025 was 10.230 billion kWh, a decrease of 3.56% year-on-year, with wind power generation increasing by 8.41% to 2.801 billion kWh, while thermal power generation decreased by 7.59% to 7.388 billion kWh [2]. - In Q2 2025, the total electricity generated was 5.157 billion kWh, down 6.95% year-on-year, with wind power generation at 929 million kWh, down 17.10% due to changes in wind conditions [2]. - The company’s thermal power business benefited from lower coal prices, improving overall gross margins despite reduced electricity sales [2]. Project Development - The company has a rich reserve of projects, including thermal, wind, solar, and nuclear power, with significant projects like the Chang Le offshore project and the Huaqiao thermal power project entering the construction phase [3]. - By the end of 2025, the company plans to have a total installed capacity of 15 million kW, increasing to 20 million kW by 2030, supporting long-term growth [3]. Dividend Announcement - The company announced its first interim dividend plan, proposing a cash dividend of 0.073 yuan per share, totaling 202 million yuan, which is approximately 15.18% of the net profit attributable to shareholders for H1 2025, aimed at boosting market confidence [3]. Profit Forecast and Valuation - The company is expected to achieve operating revenues of 13.987 billion yuan, 14.176 billion yuan, and 15.696 billion yuan for 2025-2027, with year-on-year changes of -3.96%, +1.35%, and +10.72% respectively [4]. - Net profit attributable to shareholders is projected to be 3.073 billion yuan, 3.241 billion yuan, and 3.576 billion yuan for the same period, with year-on-year changes of +10.01%, +5.46%, and +10.34% respectively [4]. - As of August 26, 2025, the stock price corresponds to a PE ratio of 8.90, 8.44, and 7.65 for the years 2025, 2026, and 2027 respectively [4].

扬子晚报网8月26日讯(通讯员刘雨桐吴启超记者万凌云姜天圣)8月26日，镇江丹阳市延陵镇行宫村的"太湖3号"青虾虾苗繁育基地内，负责人马明正指着 塘内欢快游动的青虾，向前来学习养殖技术和订购种苗的客户详细介绍当前"太湖3号"青虾的繁育情况、种苗存活率及养殖要点。 升级后的基地，年产青虾种苗从1万斤升至4万斤，种苗存活率也提升至90%以上，不仅能充分满足全市近500家青虾养殖户共3万余亩水面的种苗需求，还 远销浙江、宁夏等地，深受当地养殖户青睐。 眼见青虾养殖市场前景广阔，马明主动分享养殖经验，带动越来越多的行宫村人把养虾当成主业，养殖户从最初的十几户发展到如今的120余户。丹阳公 司针对涉青虾产业用电开辟绿色通道，大力推广"零上门、零审批、零投资"的"三零"服务，提前布局农网建设项目，为产业发展扫清电力障碍。 在可靠电力的守护下，2024年全村青虾养殖面积扩大到3000余亩，当年行宫村养殖户每亩青虾年收入达5000元，是此前养殖"四大家鱼"的6倍多，昔日 的"亏损塘"摇身一变成为村民的"聚宝盆"。村集体经营性收入超80万元，较上年实现翻倍，创下历史新高。 行宫村青虾养殖湖掠影 行宫村曾因农业发展水平不足、招商 ...

中银证券近日发布电力设备与新能源行业8月第4周周报：本周电力设备和新能源板块上 涨2.28%，其中工控自动化上涨3.84%，新能源汽车指数上涨3.69%，光伏板块上涨3.39%， 发电设备上涨2.79%，核电板块上涨2.69%，锂电池指数上涨2.45%，风电板块上涨0.50%。 本周行业重点信息：新能源车：乘联分会：新一批补贴资金到位后，各地以旧换新补贴 陆续重启，预计8月新能源零售可达110万左右，渗透率有望再创新高至56.7%。东风汽车启 动重大资产重组，推动旗下岚图汽车以介绍方式登陆香港联交所，同时对东风汽车集团股份 有限公司私有化。全新MG4将于8月29日正式上市，半固态电池版也将同步发布价格。动力 电池：先导智能在互动平台表示已成功输出量产级固态电池整线方案。楚能新能源与东风柳 汽签署动力电池开发合作协议，将在未来五年内向东风柳汽提供超过30GWh的多款乘用 车、商用重卡电池产品。光伏风电：工业和信息化部等部门联合召开光伏产业座谈会，部署 进一步规范光伏产业竞争秩序工作。中国光伏行业协会发布关于进一步加强行业自律，共同 维护公平竞争、优胜劣汰的光伏市场秩序的倡议。国家能源局：2025年7月，全国新增 ...