Core Viewpoint - The strategic cooperation agreement between Yatai Group and Huadian New Energy Group aims to enhance participation in local power energy planning and major construction projects, focusing on renewable energy initiatives [1] Group 1: Strategic Cooperation - Yatai Group and Huadian New Energy will collaborate on site selection planning for renewable energy projects across the country [1] - The partnership will involve resource integration to advance project filing, approval, and investment construction [1] - Initial pilot projects will be developed in Jilin and Heilongjiang, focusing on local wind and solar resources [1] Group 2: Project Development and Innovation - The collaboration aims to create a replicable "New Energy +" integration model to achieve mutual benefits [1] - Exploration of "New Energy +", "source-network-load-storage integration", and "green electricity direct connection" demonstration projects will be pursued [1] - The goal is to achieve complementarity and balance between energy and industry [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 在 深 圳 證 券 交 易 所 網 站（http://www.szse.cn）刊 登 的 龍 源 電 力 集 團 股 份有限公司2025年 半 年 度 報 告 摘 要（A股）、龍 源 電 力 集 團 股 份 有 限 公 司 2025年 半 年 度 報 告（A股）、龍 源 電 力 集 團 股 份 有 限 公 司2025年半年度財 務 報 告（A股），僅 供 參 考。 特 此 公 告。 承董事會命 龍源電力集團股份有限公司 China Longyuan Power Group Corporation Limited* 宮宇飛 董事長 龙源电力集团股份有限公司 2025 年半年度报告摘要 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了 ...

中国发展网讯 8月15日，在滨海港零碳产业园，一座凯金新能源滨海工厂内的220千伏变电站正在施工。这座变电站暂定名为"凯金变"，占地约2500平方 米，预计明年建成。 茫茫滨海港，最不缺的就是"电源侧"。在这里，绿电年上网电量46.4亿千瓦时，区域内输入电量绿电比例超95%，全绿电时段覆盖率达79.8%。 "这也是我们当初选择落户滨海的原因之一。"刘龙解释，凯金新能源是一家专业从事负极材料研发、生产及销售的高新技术企业，主要客户已覆盖动力电池 领域国内主要锂离子电池厂商。过去，为满足下游企业的出口需求，凯金新能源每年都要花钱买"绿证"。 "虽然建设变电站成本不低，但这是未来的发展趋势，我们抢先做才有优势。"刘龙介绍。 今年年初，凯金新能源入选省首批绿电直连供电试点项目。所谓绿电直连，是指风电、太阳能发电、生物质发电等新能源不直接接入公共电网，通过直连线 路向单一电力用户供给绿电，可实现供给电量清晰物理溯源的模式。其中，直连线路是指电源与电力用户直接连接的专用电力线路。 "一开始我们无从下手，因为绿电直连这件事，国内相关经验太少。"凯金新能源的能源负责人刘龙介绍。 直到今年5月，国家发展改革委、国家能源局发布《 ...

Group 1 - The forum emphasized the integration of ESG principles with AI technology to drive industrial innovation and maximize green value [1][2] - ESG is seen as a core engine to activate industrial momentum and achieve sustainable development [1][3] - The collaboration between ESG and AI is crucial for embedding sustainability into the initial stages of innovation [1][2] Group 2 - The supply chain innovation highlighted the importance of liquid cooling technology in enhancing ESG benefits and efficiency in data centers [2][3] - Chinese companies are making significant strides in the global supply chain through advancements in liquid cooling technology, which reduces energy and water consumption [2][3] - The application of liquid cooling technology in high-performance computing is driving ESG progress within the industry [2][3] Group 3 - The construction of a "computing power - electricity - green electricity" collaborative system is essential for addressing challenges in the photovoltaic and new energy vehicle sectors [3][4] - Direct connection policies for green electricity are critical for optimizing energy consumption and reducing costs associated with traditional power grids [3][4] - Web3 technology is enabling market connections for green electricity, facilitating efficient energy distribution and maximizing green value [4] Group 4 - The integration of ESG practices into supply chains and industrial ecosystems is vital for achieving optimal social and economic outcomes [4] - ESG is positioned as a key driver for reducing AI costs and enhancing market returns, contributing to high-quality economic development [4]

Core Viewpoint - Yunnan Province is advancing the construction of zero-carbon parks, aiming to provide 100% green electricity to enterprises within these parks, and has initiated the development of 15 provincial-level zero-carbon parks in three batches [1][2]. Group 1: Zero-Carbon Park Development - Yunnan has selected and initiated the construction of 15 provincial-level zero-carbon parks, implementing a "one park, one policy" approach to promote development [1][3]. - The parks include key areas such as Xiangyun Economic Development Zone and Dali Economic Development Zone, which are highlighted as candidates for national carbon peak pilot cities [1][3]. Group 2: Green Electricity and Integrated Projects - The goal is to provide 100% green electricity to enterprises in the parks, with ongoing implementation of integrated projects like "source-network-load-storage" [2]. - The Tianfengshan "wind-solar-storage" integrated project in Xiangyun Economic Development Zone has been completed and is operational [2]. Group 3: Carbon Footprint Management - Yunnan has established carbon footprint accounting targets for provincial-level zero-carbon parks and released a key product directory for carbon footprint accounting [2]. - Companies like Beitaini and Duobao Group have achieved full carbon footprint certification for 17 products, with 51 products undergoing carbon footprint accounting certification in the first two batches of parks [2]. Group 4: Third Batch of Zero-Carbon Parks - The third batch of provincial-level zero-carbon parks includes Yiliang Industrial Park, Zhaoyang Economic and Technological Development Zone, and others, focusing on resource recycling, non-ferrous metals, and green energy [3]. - Future efforts will concentrate on green electricity supply, "green production" industrial development models, and enhancing carbon management [3].

Group 1 - The company has approved the establishment of "Jiangsu Wanwei New Materials Co., Ltd." and the investment in a new annual production project of 200,000 tons of ethylene-based functional polyvinyl alcohol resin [5][21][32] - The total investment for the project is approximately 3.66 billion yuan, with construction investment accounting for about 3.43 billion yuan [42][32] - The project aims to enhance the company's competitive edge in the PVA industry and is expected to contribute to the domestic PVA industry's development [43][36] Group 2 - The company is the largest PVA producer in China, with a production capacity of about 1.1 million tons, and is also the largest exporter of PVA globally [34][35] - The company has adopted a strategic deployment of "one body and two wings" to maintain its leadership in the PVA industry [35] - The company is responding to increased competition and market changes by investing in new production facilities to optimize its strategic layout [36][37] Group 3 - The company plans to invest in a distributed photovoltaic power generation project to reduce operational costs and carbon emissions [10][11] - The photovoltaic project has a total investment of approximately 55.38 million yuan and is expected to have a significant economic benefit with a payback period of 5-6 years [11][12] - The project aligns with national policies promoting renewable energy and aims to enhance the company's green energy utilization [10][11] Group 4 - The company is modifying its existing project for producing 6,000 tons of PVA water-soluble fiber due to market demand changes and environmental regulations [13][14] - The revised project will focus on high-strength and high-modulus PVA fibers, which are in demand for construction materials [14][15] - The total investment for the revised project has increased to approximately 197.89 million yuan [15] Group 5 - The company plans to dispose of idle assets, including precious metal components, to optimize asset utilization [16][17] - The estimated value of the idle assets is approximately 24.34 million yuan [16][17] - The company aims to streamline operations and reduce costs through this asset disposal [16][17] Group 6 - The company is providing a guarantee for a loan of 100 million yuan to its wholly-owned subsidiary to support its operational needs [17][18] - The loan has a favorable interest rate of 1.11% after subsidies [17][18] - This financial support is within the company's net asset limits and aligns with its strategic goals [17][18] Group 7 - The company is establishing a wholly-owned subsidiary to centralize its procurement functions, enhancing efficiency and reducing costs [18][19] - The investment for this new subsidiary is approximately 28 million yuan [18][19] - This move is part of the company's long-term strategic planning to optimize resource allocation [18][19] Group 8 - The company is revising its related party transaction management policies to comply with updated regulations [19][29] - The revisions aim to enhance corporate governance and transparency [19][29] - The updated policies will be submitted for approval at the upcoming shareholder meeting [19][29]

Group 1 - The domestic renewable energy installation has maintained rapid growth in the first half of the year, with new installed capacity for wind and solar power doubling compared to the same period last year [1] - Companies like China Shipbuilding Technology and Jiaze New Energy have announced significant investments in wind power projects, with China Shipbuilding planning to invest approximately 5.712 billion yuan in a 1.3 million kW wind power project in Xinjiang [1] - Wind power is expected to have a greater potential for profit compared to solar power in most provinces, as wind energy can better align with peak electricity demand times [1] Group 2 - The ongoing market-oriented reform of electricity pricing and the increasing demand for stable and flexible energy supply are enhancing the advantages of wind power [2] - The recognition of wind power in overseas markets is increasing, and the declining costs of wind energy in China are improving the competitiveness of domestic wind power companies internationally [2] - The promotion of green electricity direct connection and the integration of energy storage solutions are expected to become important strategies for enhancing self-consumption ratios in renewable energy projects [2]

Investment Rating - The report assigns a "Buy-A" investment rating with a target price of 45.45 CNY for the next six months [4][6]. Core Insights - The company has successfully transformed its business model, with significant growth in its new energy sector, which now serves as a key growth driver, surpassing traditional elevator business revenue [1][21]. - The implementation of the 136 document is expected to enhance the value of energy storage, with the introduction of a capacity price mechanism in Gansu province, which could be adopted nationwide, providing stable revenue for the energy storage industry [2][54]. - The company is strategically positioned to benefit from the green electricity revolution driven by the surge in AI computing power, with initiatives in data centers and green energy projects [3][55]. Summary by Sections 1. Dual Business Model Driving High-Quality Development - The company has diversified into the new energy sector through the acquisition of Beijing Tianqi Hongyuan, focusing on energy storage system integration and new energy power station development [15][16]. - In 2024, the new energy business revenue grew by 103.61% to 879 million CNY, accounting for 34.76% of total revenue, with a gross profit contribution of 64.75% [21][28]. - The company has successfully balanced the cyclical fluctuations of the elevator industry by expanding its new energy business [21][28]. 2. Policy-Driven Energy Storage Value Recovery - The cancellation of mandatory energy storage requirements is expected to shift the industry from price competition to product quality competition [40][51]. - Gansu province has introduced a capacity price mechanism for independent energy storage, which is anticipated to stabilize investment returns and promote sustainable development in the energy storage sector [54][55]. 3. Integrated Energy Supply Solutions - The increasing energy consumption of data centers, driven by AI, presents a significant opportunity for energy storage solutions [55][56]. - The integration of green electricity supply and independent energy storage is expected to create a synergistic revenue model, enhancing profitability for energy projects [63][64]. 4. Proprietary Technology and Product Barriers - The company has established a strong product barrier through self-developed technologies and a decade of industry experience, focusing on high reliability and energy efficiency in its energy storage products [66][68]. - The company holds 39 patents related to energy storage and has made significant investments in R&D, ensuring a competitive edge in the market [68].

"2025年上半年，我国光伏行业发展举步维艰。"7月25日，在光伏行业2025年上半年发展回顾与下半年 形势展望研讨会上，中国光伏行业协会名誉理事长王勃华从产量、价格、出口、效益等多个维度分析了 光伏行业发展现状，并作出这一判断。 在本次会议上，包括工信部、国家能源局在内的监管部门都强调，要规范光伏行业发展，推动落后产能 有序退出。同时，针对当前光伏行业出现的非理性竞争加剧、低价中标、知识产权纠纷等问题，全行业 要积极面对和解决，"反内卷"共识进一步凝聚。 证券时报记者 刘灿邦 值得一提的是，中国光伏行业协会上调了今年全球及中国的新增光伏装机规模预测。王勃华表示，随着 绿电直连供应等政策落地，将进一步释放多元领域对光伏等新能源的需求。 行业形势严峻 王勃华提供的数据显示，在制造端，上半年，国内光伏电池片、组件产量增速保持在15%以下，多晶 硅、硅片产量出现负增长，同时，各环节主流型号平均价格较2020年以来的最高价格降低88.3%、 89.6%、80.8%、66.4%；在应用端，2025年1—6月，国内光伏新增装机212.21GW，同比增长107%。 产品出口方面，2025年1—6月，硅片出口量同比下降7.5 ...

今年5月，国家出台政策鼓励各类经营主体投资绿电直连项目。塔里木油田联合国家电网新疆电力有限 公司以及独山子石化等企业，从环保、技术、经济等多个维度启动绿电直连项目部署，探索通过直连线 路向独山子石化公司塔里木120万吨/年二期乙烯项目直供绿电。 经过前期方案论证，上库项目在源荷匹配、电力线路、储能规模、生产运营等方面均具备绿电直连条 件。数据显示，自今年1月并网发电以来，上库项目累计生产绿电突破2亿千瓦时。绿电直连全面落地 后，上库项目每年将直接供给园区企业21亿千瓦时绿电，推动绿电消纳占比由零提升至60.4%，助力塔 里木120万吨/年二期乙烯项目成为低碳乙烯生产基地。届时，独山子石化下游产品将完全符合欧盟碳边 境调节机制的准入标准。 中化新网讯 8月7日，中国石油（601857）在运最大整装光伏项目——塔里木油田上库高新区低碳转型 130万千瓦光伏项目(简称上库项目)绿电直连各项准备工作已就绪，待新疆维吾尔自治区绿电直连实施 方案出台后，该项目将成为我国西北地区首个百万千瓦级绿电直连项目。 ...