| 工业硅&多晶硅日评20250721：继续向上动力略显不足 | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/7/21 指标 单位 今值 | | | 变动 近期趋势 | | | | | | | | | | | | | | | | 元/吨 不通氧553#（华东）平均价格 9,100.00 | | | 1.68% | | | | | | | | | | | | | | | | 元/吨 8,695.00 | | | -0.57% | | | | | | | | | | | | | | | | 工业硅期现价格 期货主力合约收盘价 基差（华东553#-期货主力） 元/吨 405.00 | | | 200.00 | | | | | | | | | | | | | | | | 元/千克 44.50 N型多晶硅料 | | | -2.20% | | | | | | | | ...

Core Viewpoint - The news highlights the recent research conducted by QuanGuo Fund on Jiangsu XinNeng, focusing on the company's performance in the renewable energy sector and its future project considerations [1] Group 1: Company Performance - In Q1 2025, Jiangsu XinNeng's wind power generation was 877 million kWh, a year-on-year decrease of 17.19% due to poor wind conditions [1] - The company has participated in green electricity trading, with a trading volume of approximately 460,000 kWh at a price of 0.43 yuan/kWh in 2024 [1] - The average self-consumption ratio of the company's distributed photovoltaic projects exceeds 70%, with no restrictions on surplus electricity fed into the grid [1] Group 2: Market Conditions - In the Jiangsu electricity market, the weighted average price for wind power was 407.03 yuan/MWh, while for photovoltaic it was 407.59 yuan/MWh, compared to 413.15 yuan/MWh for thermal power and 409.66 yuan/MWh for nuclear power [1] - As of April 2025, the average trading price for green certificates was 2.31 yuan per certificate, reflecting a 63.24% increase month-on-month [1] Group 3: Future Considerations - The company will consider project costs, electricity prices, and local consumption levels when developing new renewable energy projects [1] - Emphasis will be placed on project site selection and equipment choice to ensure technical reliability and economic feasibility [1]

广东建工（002060）公告，公司全资子公司广东水电二局集团有限公司的下属企业昂仁县粤水电新能源 有限公司收到西藏日喀则市能源局、日喀则市行政审批和便民服务局的《关于日喀则市10万千瓦光热 +10万千瓦光伏+80万千瓦风电一体化项目备案的通知》，同意该项目备案。项目总投资约54.79亿元， 建设单位为昂仁县粤水电新能源有限公司，建设地点在日喀则市昂仁县卡嘎镇、拉孜县查务乡和芒普 乡、岗巴县境内。为优化资源配置，提升项目整体收益率，昂仁县粤水电新能源有限公司与岗巴县中南 电力新能源有限公司经协商一致，向日喀则市能源局申请将双方取得的项目调整整合为10万千瓦光热一 体化项目，由双方合资建设，并优化调整新能源配比结构。 ...

建设项目名称： 45万吨/年磷酸铁锂前驱体项目 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ -广告- 本文来源：开阳县人民政府网 近日贵州安达新能源材料有限公司45万吨/年磷酸铁锂前驱体项目环境影响评价公示 贵州安达科技能源股份有限公司（以下简称：安达科技）创建于 1996年，注册资本6亿元，主要从事磷酸 铁、磷酸铁锂的研发、生产、销售，锂离子电池的回收拆解、材料再生循环利用 。 END 2025（第三届）中国固态电池 技 术 发 展 与 市 场 展 望 高 峰 论 坛 END 选址地点： 贵州省贵阳市开阳县硒城街道白安营村 总投资： 400000万元 项目性质： 新建 建设内容： 总投资40亿元，分区建设：A区产能为30万吨磷酸铁锂前驱体，12条生产线，投资14[1] 亿 元（本次环评）；B区产能为15万吨磷酸铁锂前驱体，5条生产线，投资10亿元（另做环评）[2] 。 ...

Core Viewpoint - The company plans to invest in a new renewable energy project in Yiw County, Xinjiang, with a total investment of 982 million yuan, which aligns with its development strategy and is expected to enhance profitability [1] Investment Details - The project will be undertaken by the company's wholly-owned subsidiary, Xinjiang Yunda New Energy Co., Ltd. [1] - Total investment for the project is 982 million yuan, with a capital contribution of approximately 20%, amounting to 198 million yuan, funded by the company itself [1] - The remaining funds will be raised through loans from financial institutions [1] Project Specifications - The project will be located near Yiw County in Hami City, Xinjiang Uygur Autonomous Region [1] - It plans to install 26 units of 10MW turbines and include energy storage facilities, along with the construction of a monitoring center [1] Financial Implications - The registered capital of the Xinjiang company will be increased to 198 million yuan [1] - The project is expected to yield significant returns due to favorable wind resources in the Yiw area [1]

Group 1: Pricing and Financial Performance - The comprehensive on-grid electricity price for the company's new energy projects in 2024 is 0.4125 CNY/kWh (including tax) [2] - The comprehensive on-grid electricity price for the first quarter of 2025 is 0.3024 CNY/kWh (including tax) [2] - The cash dividend ratio for 2023 has increased to 40.45%, and for 2024, it is projected to be 40.98% [3] Group 2: Project Development and Capacity - As of the end of the first quarter of 2025, the company has 11.29 million kW of projects under construction, including 8.8 million kW of wind power and 2.23 million kW of solar power [3] - The company aims to enhance investment quality and gradually shift from the northwest to the central and eastern regions, and from solar to wind power [3] Group 3: Funding and Financial Strategy - As of the end of the first quarter of 2025, the company has 6.055 billion CNY in cash and an unissued corporate bond quota of 3 billion CNY [3] - The company plans to utilize diversified financing methods, including bank loans and public bond issuance, to meet future funding needs [3] Group 4: Subsidy and Revenue Recovery - The company has recovered approximately 60 million CNY in electricity price subsidies in 2025 [3] - The company maintains close contact with power grid companies to monitor subsidy payments [3] Group 5: Marketing and Sales Strategy - The company has established a dedicated electricity marketing department to enhance its marketing capabilities [3] - It is actively participating in domestic and international carbon asset trading markets to increase revenue from green electricity and carbon assets [3]

Core Points - The annual general meeting of Jinkai New Energy Co., Ltd. is scheduled for June 4, 2025, at 14:30 in Beijing, combining on-site and online voting methods [3][4][5] Meeting Agenda - The meeting will include sign-in, announcement of attendees, election of vote counters, discussion of various proposals, and legal opinions from witnessing lawyers [3][4][5] Proposals - Proposal 1: Approval of the 2024 Board of Directors' Work Report, emphasizing the board's role in strategy, decision-making, and risk management [4][5] - Proposal 2: Approval of the 2024 Supervisory Board Work Report, highlighting the supervisors' responsibilities [5] - Proposal 3: Approval of the 2024 Independent Directors' Work Report, detailing the composition and roles of the board and its committees [6] - Proposal 4: Approval of the 2024 Audit Committee Report, focusing on the committee's oversight of management [7] - Proposal 5: Approval of the 2024 Annual Report and its summary, which has received an unqualified audit opinion from KPMG [8] - Proposal 6: Review of the 2024 financial results and 2025 budget, with key financial data presented [9][10][11] - Proposal 7: Approval of the 2025 debt financing plan, with a total contract amount not exceeding 29 billion RMB [13] - Proposal 8: Approval of the 2025 external guarantee plan, with a maximum guarantee amount of 11.5 billion RMB [14][15] - Proposal 9: Approval for the use of idle funds for entrusted wealth management, with an investment limit [15] - Proposal 10: Approval of the 2024 profit distribution plan, proposing cash dividends based on the audited financial results [16] - Proposal 11: Proposal to abolish the Supervisory Board and amend the Articles of Association to enhance corporate governance [16][17] - Proposal 12: Revision of the Independent Director Work System to align with new regulations [17]

| | 特定对象调研 □分析师会议  | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 动类别 | □现场参观 | | | □其他 | | 活动参与人员 | 华源证券（邓思平）、财通资管（康艺馨）、中银三星人寿（林相 | | | 洁） | | 时间 | 2025 年 5 月 16 日 14:30-15:00 | | 地点 | 公司会议室 | | 上市公司接待 | 总经理助理、董事会秘书伊成儒 | | 人员姓名 | 证券事务部（董事会办公室）证券事务代表贺昌杰 | | | 证券事务部（董事会办公室）投资者关系管理马啸 | | 形式 | 现场会议 | | | 问题1.请简单介绍公司最新发展情况，包括装机规模、风光占 比情况？ | | | 答：截至目前，公司在运装机规模1944.55万千瓦，其中风电装 | | | 机规模393.6万千瓦，光伏装机规模1530.95万千瓦。 | | | 问题2.公司当前市场化交易情况？ | | | 答：2025年第一季度，公司参与市场化交易的比例约70%。 | | 交流内容及具 | 问题3.公司新能源补贴回 ...

Investment Rating - The report maintains a "Recommended" rating for companies such as China Nuclear Power, Funiu Co., and Huaneng Hydropower, while giving a "Cautious Recommendation" to companies like China General Nuclear Power and Longyuan Power [23][3]. Core Insights - The electricity sector outperformed the market this week, with the public utility sector rising by 2.22% and the electricity sub-sector by 2.21%, both exceeding the Shanghai and Shenzhen 300 index [1][7]. - Shandong Province has established a mechanism electricity price that aligns with the benchmark price for coal-fired power, which is expected to stabilize investment returns for renewable energy projects [2][24]. - The report highlights the significant drop in coal prices, which has led to steady growth in thermal power performance in Q1, with expectations for continued improvement as the peak electricity consumption season approaches [3][20]. Summary by Sections Weekly Market Review - The public utility sector index closed at 2,377.21 points, up 51.64 points, while the electricity sub-sector closed at 3,171.91 points, up 68.52 points [1][7]. - The sub-sectors showed varied performance, with solar power up 4.01%, thermal power up 4.00%, and wind power up 1.78% [12][19]. Special Topic - Shandong's new pricing mechanism for renewable energy projects is set at 0.3949 yuan per kWh, matching the coal-fired benchmark price, which is expected to mitigate revenue volatility for existing projects [2][24]. - The competitive bidding for new renewable projects starting from June 1, 2025, will determine the mechanism price, enhancing investment predictability [2][24]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the thermal and hydropower sectors, particularly Funiu Co., Gansu Energy, and Huaneng International [3][20]. - It also emphasizes the stability of large hydropower companies in a declining interest rate environment, recommending companies like Yangtze Power and Chuanwei Energy [3][20]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) forecasts for several companies, with China Nuclear Power expected to have an EPS of 0.46 yuan in 2024, while Funiu Co. is projected at 1.07 yuan [23][3].

证券代码：000537 证券简称：中绿电 天津中绿电投资股份有限公司 投资者关系活动记录表 编号：2025-01 | | 特定对象调研 □分析师会议  | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 动类别 | □现场参观 | | | □其他 | | 活动参与人员 | 华泰证券（黄波） | | 时间 | 2025 年 5 月 8 日 15:00-15:40 | | 地点 | 公司会议室 | | 上市公司接待 | 总经理助理、董事会秘书伊成儒 | | 人员姓名 | 证券事务部（董事会办公室）副经理芈斐斐 | | | 证券事务部（董事会办公室）投资者关系管理马啸 | | 形式 | 现场会议 | | | 问题1.2025年一季报归母净利润增速（52.18%）远超营收增速 | | | （19.81%）的原因是什么？是否因成本控制（如"提质增效"措施 | | | ）或非经营性因素（如补贴、税收优惠）？ | | | 答：主要原因有三：一是2024年及2025年一季度新增项目并网 | | | 投运，导致2025年一季度发电量及营业收入同比增加。 ...