Report Summary 1. Investment Rating The provided content does not mention the investment rating of the industry. 2. Core View - The market sentiment is dominated by risk - aversion, leading to a significant decline in US Treasury yields. The 10 - year and 2 - year US Treasury yields decreased by 15 and 10 basis points respectively last week to 3.94% and 3.37%. Although recent data shows a rebound in US inflation pressure, risk - aversion sentiment has overshadowed this, causing the yields to drop [1][2][3]. - The geopolitical conflict between the US, Israel and Iran has escalated, with the US and Israel launching military actions against Iran and Iran counter - attacking and blocking the Strait of Hormuz. This has led to a sharp rise in crude oil prices, which may affect inflation. The military action may last for four weeks, and in the short term, US Treasuries may remain volatile under the resonance of risk - aversion and rising inflation expectations. Higher - than - expected inflation data and the rise in energy prices triggered by geopolitical conflicts have further reduced the possibility of the Fed cutting interest rates in March [1][3]. - Driven by the significant decline in US Treasury yields, Chinese dollar - denominated bonds performed well last week, with the Bloomberg Barclays Chinese dollar - denominated bond total return index rising 0.4% for the week. Among them, the high - rating index rose 0.5% and the high - yield index rose 0.2% [1][3]. - In the on - shore market, after the Spring Festival, the central bank net - withdrew short - term liquidity of 611.4 billion RMB through reverse repurchase operations and net - injected long - term funds of 300 billion RMB through MLF over - renewal. Bank - to - bank funding rates have rebounded significantly compared to before the Spring Festival. The 3 - year and 10 - year Treasury yields were flat and up 2 basis points respectively compared to before the Spring Festival, reaching 1.38% and 1.82%. The domestic interest - rate bond market was also boosted by risk - aversion sentiment on Monday, with yields on Treasury bonds of various maturities generally declining. The Two Sessions will be held this week, and the 2026 economic targets, fiscal support, and possible release of more monetary policy signals will be priced in the bond market [1][4]. 3. Summary by Category Off - shore Market - The issuance of Chinese dollar - denominated bonds remained light, with only one new issuance of over $100 million for the whole week. In contrast, the issuance of off - shore RMB bonds was quite active, with a total issuance of 65.5 billion RMB for the whole week, mainly driven by the issuance of 50 billion RMB central bank bills by the People's Bank of China [2]. - The significant decline in US Treasury yields was due to the market being dominated by risk - aversion sentiment. Although recent inflation data in the US has rebounded, the geopolitical risk has significantly escalated, and the US Treasury market has priced in the war risk in advance [2][3]. On - shore Market - After the Spring Festival, funds flowed back to the banking system. The central bank adjusted the liquidity through reverse repurchase operations and MLF. Bank - to - bank funding rates increased, and the yields of 3 - year and 10 - year Treasury bonds changed compared to before the Spring Festival. The domestic interest - rate bond market was affected by risk - aversion sentiment, and the yields of Treasury bonds of various maturities declined. The upcoming Two Sessions may bring new economic and policy signals to the bond market [1][4]. List of Chinese Dollar - denominated Bonds The documents provide a detailed list of Chinese dollar - denominated bonds, including information such as issuers, guarantors, coupon rates, issuance amounts, maturities, and ratings [7][17][23].

国务院办公厅近日发布的《实施意见》，明确提出到2030年基本建成全国统一电力市场体系、到2035年 全面建成全国统一电力市场体系的战略目标。这标志着我国电力市场化改革进入系统性深化、全面规范 推进的新阶段，为纵深推进全国统一电力市场建设、服务能源高质量发展提供了根本遵循和行动指南。 《实施意见》首次明确提出全国统一电力市场体系建设的两个阶段性目标：到2030年基本建成，各类型 电源和除保障性用户外的电力用户全部直接参与电力市场，市场化交易电量占全社会用电量的70%左 右；到2035年全面建成，初步形成以电力为主体的全国统一能源市场体系。这一部署既体现了国家推动 电力体制机制改革的坚定决心，也反映了新型电力系统建设对市场化配置资源的迫切需求。《实施意 见》围绕"推动电力资源全国优化配置""健全多品类市场功能""促进多主体平等参与""构建统一市场制 度体系""强化政策协同"等方面提出了一系列具体举措，为各地推进电力市场建设提供了清晰指引。 南方电力市场勇当电力体制改革的先行者，在"十四五"期间率先建成世界集中统一出清规模最大的高阶 先进电力市场，形成覆盖五省区、全要素统一出清的区域电力现货市场，市场注册经营主体超 ...

每经头条（nbdtoutiao）——伤亡180万人！俄乌冲突四周年，陷入谈判死局、战场僵局、经济困局！谁 为战争买单 （记者 张明双） 每经AI快讯，北京科锐2月25日晚间发布公告称，近日，中国南方电网有限责任公司在其供应链统一服 务平台发布了"南方电网公司2025年配网设备第二批框架招标项目中标公告"，北京科锐集团股份有限公 司为该项目中标人之一；中国华能集团有限公司在其电子商务平台发布了"中国华能集团有限公司2026 年逆变器框架协议采购招标中标结果公示"，公司为标段三中标人之一。 ...

近日，广州银行官网发布多则关于增资扩股的项目招标公告。公告显示，为进一步补充资本，广州银行 拟开展增资扩股工作，根据工作需要，广州银行、广州金融控股集团有限公司（下称"广州金控"）就增 资扩股事项采购法律、资产评估、财务顾问、会计师事务所等服务，采购方式为竞争性磋商。 据财报，截至2024年末，广州银行前十大股东均为国企或央企，其中前5大股东分别为广州金控、广州 市广永国有资产经营有限公司、中国南方电网有限责任公司、中国南方航空集团有限公司、广州工控资 本管理有限公司，分别持有该行22.58%、19.71%、16.94%、12.68%、7.58%股份。 采写：南都·湾财社记者 黄顺威 据广州银行此前招股书披露，此次是近9年后，该行再次启动增资扩股。2017年，广州银行增资扩股发 行人民币普通股34.74亿股，发行价格为3.132元/股，南方电网等6家机构以现金形式全部认购。上述增 资扩股完成后，广州银行注册资本增至117.76亿元，并保持至今。 据官方介绍，广州银行成立于1996年9月，在46家城市信用社基础上组建而成，系广东地区规模最大的 法人城商行。财务数据显示，截至2025年三季度末，该行总资产达912 ...

格隆汇2月25日丨北京科锐(002350.SZ)公布，中国南方电网有限责任公司在其供应链统一服务平台发布 了"南方电网公司2025年配网设备第二批框架招标项目中标公告"，北京科锐集团股份有限公司为该项目 中标人之一；中国华能集团有限公司（简称"中国华能"）在其电子商务平台发布了"中国华能集团有限 公司2026年逆变器框架协议采购招标中标结果公示"，公司为标段三中标人之一。根据项目公示，本次 公司在南方电网公司2025年配网设备第二批框架招标项目中标金额合计约为2.88亿元。中国华能集团有 限公司2026年逆变器框架协议采购招标项目最终以签署的项目合同实际金额为准。公司已取得本项目中 标通知书，中标价格3亿元（具体中标金额，按照具体项目合同签订结算），最终以签署的项目合同实 际金额为准。 ...

格隆汇2月25日丨北京科锐(002350.SZ)公布，中国南方电网有限责任公司在其供应链统一服务平台发布 了"南方电网公司2025年配网设备第二批框架招标项目中标公告"，北京科锐集团股份有限公司为该项目 中标人之一；中国华能集团有限公司（简称"中国华能"）在其电子商务平台发布了"中国华能集团有限 公司2026年逆变器框架协议采购招标中标结果公示"，公司为标段三中标人之一。根据项目公示，本次 公司在南方电网公司2025年配网设备第二批框架招标项目中标金额合计约为2.88亿元。中国华能集团有 限公司2026年逆变器框架协议采购招标项目最终以签署的项目合同实际金额为准。公司已取得本项目中 标通知书，中标价格3亿元（具体中标金额，按照具体项目合同签订结算），最终以签署的项目合同实 际金额为准。 ...

一、中标项目概况 本次中标人公示平台是中国南方电网有限责任公司供应链统一服务平台，招标人为中国南方电网有限责 任公司，详情请查阅中国南方电网有限责任公司供应链统一服务平台相关公告： 证券代码：601700 证券简称：风范股份 公告编号：2026-020 常熟风范电力设备股份有限公司 关于南方电网项目中标的公告 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个别及连带责任。 2026年2月13日，中国南方电网有限责任公司在其供应链统一服务平台 （https://www.bidding.csg.cn/）公 布了《南方电网公司2025年主网线路材料第二批框架招标项目中标公告》。 在南方电网公司2025年主网线路材料第二批框架招标项目活动中，常熟风范电力设备股份有限公司（以 下简称"公司"）中标产品为500kV变电站钢结构广东标包3；35kV-220kV交流角钢塔海南标包3；500kV 交流钢管塔广东标包4；35kV-220kV交流钢管塔广东标包3，中标金额约1.84亿元，约占公司2024年经审 计的营业收入的5.70%，现将相关情况提示如下 ...

Investment Rating - The report indicates a positive outlook for the company, with an expected net profit of 300 million to 360 million yuan for 2025, a significant turnaround from a loss of 58.13 million yuan in the previous year [1][2]. Core Insights - The company has successfully transitioned from a loss of over 50 million yuan to a profit of 300 million yuan, reflecting a significant operational turnaround [3][4]. - The main drivers for this turnaround include the stabilization of core business operations and successful restructuring of underperforming assets, particularly in the biomass utilization sector [8][9]. - The company is heavily reliant on its parent company, Southern Power Grid, which poses both advantages and risks, particularly in terms of accounts receivable [18][21]. Summary by Sections Financial Performance - The expected net profit for 2025 is between 300 million and 360 million yuan, compared to a loss of 58.13 million yuan the previous year [2]. - The company achieved a revenue of 1.6 billion yuan in the first half of 2025, representing a year-on-year growth of 21.1% [7][34]. - The industrial energy-saving business generated 880.61 million yuan in revenue, a 27.7% increase year-on-year [14][15]. Business Strategy - The company has adopted a strategy of "cutting off" underperforming biomass projects, which has led to a significant reduction in impairment losses [9][11]. - The industrial energy-saving sector, particularly distributed photovoltaic energy-saving projects, is identified as the main profit driver [14][17]. - The company is transitioning from a heavy asset model to a dual focus on investment and high-end services, aiming to enhance profitability through technology and service offerings [31][33]. Operational Challenges - The company faces significant financial pressure due to its heavy asset model, with cash outflows from investment activities reaching 2.09 billion yuan in the first half of 2025 [23][26]. - Accounts receivable from Southern Power Grid account for 60.73% of total accounts receivable, indicating a high dependency on a single customer [20][21]. - The company’s dividend payout has been minimal, with only 0.01 yuan per share in 2023 and 2024, raising concerns among minority shareholders [28][30].

| 项目 | 本报告期 | | 上年同期 | ﮐ | | --- | --- | --- | --- | --- | | 归属于上市公司股东的净利润 | 盈利：30,000 万元–36,000 万元 | 亏损:5,812.58 万元 | | | | 扣除非经常性损益后的净利润 | 盈利：30,700 万元–36,700 万元 | 亏损：10,521.64 万元 | | | | 基本每股收益 | 盈利: 0.0792 元/股-0.0950 元/股 | 亏损:0.0153 元/股 | | | （业绩预告） 从亏损超五千万到盈利三个亿，这不仅是一个数字的跳跃。它背后折射出的是这家"含着金汤匙出 生"的企业，在重资产模式的泥潭中挣扎求变的过程。 作为南方电网旗下的综合能源平台，南网能源自2021年上市以来就备受关注。上市之初曾创造过十倍 股的神话。 是拐点，还是喘息？ 作者 | 白猫 编辑 | 小白 年初，一份业绩预告让南网能源（003035.SZ）的投资者稍微松了一口气。 经历了2024年的亏损阴霾后，公司终于迎来了曙光。根据最新的公告，南网能源预计2025年归母净利 润将达到3.0亿元至3.6亿元。要知道，就在上 ...

格隆汇2月24日丨风范股份(601700.SH)公布，2026年2月13日，中国南方电网有限责任公司在其供应链 统一服务平台公布了《南方电网公司2025年主网线路材料第二批框架招标项目中标公告》。 在南方电网公司2025年主网线路材料第二批框架招标项目活动中，常熟风范电力设备股份有限公司中标 产品为500kV变电站钢结构广东标包3；35kV-220kV 交流角钢塔海南标包3；500kV 交流钢管塔广东标 包4；35kV-220kV 交流钢管塔广东标包3，中标金额约1.84亿元，约占公司2024年经审计的营业收入的 5.70%。 ...