Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Views - The report highlights significant price recovery in dry and wet diaphragm prices since August, driven by supply-demand dynamics in the lithium battery sector [4][27] - The photovoltaic sector is experiencing efficiency and yield improvements, particularly in perovskite technology, which is expected to accelerate its industrialization [15][16] - Wind energy investment enthusiasm is high following the release of bidding results for new projects in Shandong, with a notable focus on offshore wind cable profitability [2][17] Summary by Sections 1. New Energy Generation - **Photovoltaics**: Perovskite technology has achieved a production power of 505W with an efficiency of 18.6% and a production line yield exceeding 95%. The average efficiency of crystalline silicon modules is around 22-23% [15][16] - **Wind Power & Grid**: The mechanism electricity prices for photovoltaic and wind power in Shandong are set at 0.225 CNY/kWh and 0.319 CNY/kWh, respectively, reflecting decreases of 43% and 19.2% compared to previous benchmark prices [17] - **Hydrogen & Energy Storage**: A significant investment of approximately 189.2 billion CNY is planned for a wind power hydrogen production project, aiming to produce 600,000 tons of green methanol and 400,000 tons of green ammonia annually [20][21] 2. Energy Storage - The bidding price range for W1 energy storage systems is between 0.3928 CNY/Wh and 0.585 CNY/Wh, with a notable focus on large-scale storage solutions [22][26] - The report suggests monitoring companies with high growth certainty in the energy storage sector, including Yangguang Electric and Kehua Data [26] 3. New Energy Vehicles - The prices of dry and wet diaphragms have seen significant increases, with dry diaphragm prices rising over 30% this year. The demand is primarily driven by the new energy vehicle and energy storage markets [27][28] - The report indicates that the penetration rate of new energy vehicles has surpassed 60% in early September, with a projected production capacity exceeding 150 GWh for major battery manufacturers [27]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report The report presents a comprehensive analysis of the thermal coal industry, covering aspects such as supply, demand, inventory, and transportation. It shows that thermal coal port spot prices have slightly rebounded, supply has shown mixed trends with some increases and some contractions, demand has weakened in certain sectors like power generation, and inventory levels vary across different entities. The influence of alternative energy sources on thermal coal demand is also significant. 3. Summary According to Related Catalogs 3.1 Thermal Coal Fundamentals Data - Thermal coal port spot quotes have slightly rebounded [4] 3.2 Supply - **Domestic production**: In the last two months, domestic production has contracted year - on - year, but this week's supply has increased week - on - week. As of September 12, the output of 462 sample mines was about 38.682 million tons, a 2.7% week - on - week increase, and capacity utilization slightly recovered. These 462 samples involve a capacity of 2.11 billion tons, accounting for about 65% of the country's total thermal coal mine capacity. In July 2025, the total raw coal production was 380.987 million tons, a 10% month - on - month and 2.4% year - on - year decrease, with synchronous declines in Shaanxi, Shanxi, and Inner Mongolia [6][8][9] - **Global supply**: The global coal port outbound volume has contracted week - on - week. The increase in coal floating to China is mainly from Australia. As of September 5, the main inbound volume of thermal coal was 8.1653 million tons, a week - on - week decrease of 135,600 tons but a year - on - year increase of 384,600 tons [11][13][15] 3.3 Demand - **Power generation demand**: It has weakened significantly. The blast furnace start - up rate has decreased, weakening the metallurgical demand support. Although the cement clinker capacity utilization rate has slightly increased year - on - year and month - on - month, the construction demand has decreased significantly. This week, the metallurgical, construction, and chemical demands have increased week - on - week, but the power generation demand is relatively weak year - on - year. The average daily consumption of 25 provinces this week was 5.69 million tons, a year - on - year decrease of 460,000 tons and a week - on - week decrease of 90,000 tons. The average daily consumption of eight coastal provinces was 2.335 million tons, a year - on - year decrease of 69,000 tons but a week - on - week increase of 35,700 tons. The average daily consumption of 17 inland provinces was 3.3517 million tons, a year - on - year decrease of 394,100 tons and a week - on - week decrease of 124,700 tons [19][20][21] - **Chemical demand**: It has rebounded week - on - week [22] - **Demand substitution**: New energy power generation has significantly contributed, and thermal power generation has decreased year - on - year. Alternative energy sources have enhanced their contribution [32][35] - **Total demand**: Power consumption demand provides obvious support, while coal consumption in construction and metallurgy has decreased year - on - year and month - on - month [38] 3.4 Inventory - **Mine inventory**: As of September 12, the inventory of thermal coal sample enterprises' mines was 3.063 million tons, a week - on - week decrease of 310,000 tons but a year - on - year increase of 1.724 million tons. Although it has decreased significantly, it is still at a relatively high historical level [41] - **Bohai Rim port inventory**: It has slightly increased [44] 3.5 Transportation - The center of the thermal coal freight index has moved upward [47]

Group 1: Report Overview - Research Date: September 12, 2025 [1] - Research Industry: Power Industry [2] - Research Object: Zhongmin Energy [17] - Company Representatives: Chairman and General Manager Guo Zheng, Financial Controller Liu Shangying, Board Secretary Chen Hairong, Independent Directors Wen Buying and Xu Ping [17] Group 2: Research Institutions - Types of Institutions: Investor online questions and others [20] Group 3: Main Content Asset Injection - Unmet Conditions: Putian Pinghaiwan Offshore Wind Farm Phase III project hasn't obtained final subsidy verification results; Ningde Xiapu Offshore Wind Farm (Areas A and C) and Xiapu Mindong Offshore Wind Farm (Area B) haven't been put into production [24] - Future Plans: The company is promoting the injection of Mintou Pumped Storage assets [27] Policy Impact - 136 Document: The implementation plan in Fujian hasn't been issued, so the impact on the company's electricity price in the first half of 2025 is small. In the short - term, there may be price fluctuations, but in the long - term, the price will stabilize [26] Business Expansion - Strategy: The company will seek high - quality project acquisition opportunities at home and abroad, aiming for leap - forward and high - quality development [27] Stock Price and Repurchase - Current Plan: The company currently has no plans for shareholding increase or repurchase [28] Profit Growth - Solutions: For projects with subsidy limits, participate in green power trading. In the first half of 2025, three projects continued to participate in green power trading with a trading volume of 15,872.6 million kWh. Also, promote the transformation of old wind farms [30] Future Development - 14th Five - Year Plan: The company is formulating its development plan, aiming to build a diversified, large - scale and efficient new energy industrial pattern [31] - Three - Year Plan: The company will formulate a shareholder return plan from 2026 - 2028 to continue the stable cash dividend policy [32] Subsidy Recovery - Policy Support: The policy in June 2025 requires grid enterprises to pay funds monthly, which will accelerate the subsidy recovery in the short - term. The long - term progress depends on policy continuity and funding sources [34]

Core Viewpoint - The company, Star Power (600101.SH), has signed a cooperation agreement with Tsinghua Sichuan Energy Internet Research Institute to enhance its digital transformation and technological innovation efforts in the power industry [1] Group 1: Cooperation Agreement - The agreement was signed on September 12, 2025, focusing on mutual benefits, collaboration, and complementary advantages [1] - The partnership aims to provide comprehensive consulting and technical services covering digital transformation, technological innovation, and information construction [1] Group 2: Areas of Focus - New Power System Technology: The collaboration will involve research and application of renewable energy generation, optimization of energy storage technology, and development of specialized large models for the power industry [1] - Intelligent Upgrade of Power Infrastructure: The initiative includes the development and implementation of automation and intelligent devices, utilizing AI visual recognition for comprehensive management and safety in infrastructure projects [1] - AI Applications in Power Scenarios: The partnership will promote the use of artificial intelligence in grid operations, customer service, and maintenance management, creating platforms for intelligent scheduling and AI customer service [1] - Upgrade of Enterprise Information Systems: The agreement includes upgrading core systems such as ERP and CRM to optimize architecture and functionality, enabling data integration and analysis to enhance operational efficiency [1]

Core Insights - The Kunliulong Direct Current Project, the world's first ±800 kV ultra-high voltage flexible direct current transmission project, marks a significant milestone in China's power industry, having operated safely for five years and demonstrating advanced technology in global power transmission [1][7] Group 1: Project Achievements - Over the past five years, the Kunliulong project has delivered more than 113.5 billion kilowatt-hours of clean electricity, equivalent to a reduction of 87 million tons of CO2 emissions, contributing significantly to low-carbon development [1] - The project has achieved 19 world-firsts, showcasing its scale, reliability, and technological maturity, and providing critical technical support for large-scale renewable energy transmission [1][7] Group 2: Technological Innovations - The flexible direct current converter, described as the "heart" of the project, utilizes over 5,000 IGBT modules that operate with high precision, adjusting every 100 microseconds, thus overcoming a major challenge in the global power industry [2] - The control and protection system, referred to as the "super brain," can manage 17,000 control objects with ultra-fast, high-precision coordination, achieving a control response time of under 150 microseconds, setting a new global record [3] - A hybrid topology structure was developed to address lightning strike issues, allowing for rapid fault clearance and restoration of power supply within 0.5 seconds, significantly enhancing grid reliability [4][5] Group 3: Emergency Response and Stability - The flexible direct current technology features an "emergency rescue" capability, enabling quick transitions to support modes during grid faults, thus providing voltage support and ensuring grid safety [6] - The technology has proven to stabilize the integration of renewable energy sources like wind and solar power, addressing challenges in connecting these variable power sources to the grid [6] Group 4: Recognition and Future Prospects - The Kunliulong project has received multiple accolades, including being named one of the "Top Ten Super Projects" by state-owned enterprises and winning the "National Quality Engineering Gold Award" [7] - The project exemplifies China's leadership in high-end power equipment and is seen as a significant contribution to global sustainable energy development, with ongoing advancements supporting the construction of a new energy system and achieving carbon neutrality goals [7]

Investment Rating - The report maintains an "Overweight" rating for the coal sector, highlighting the sustained demand for coal in the global energy landscape [5][11]. Core Insights - The fundamental cause of frequent global electricity shortages is the rapid growth in electricity demand, which is not matched by effective solutions to supply-side structural bottlenecks. Traditional energy sources, particularly coal, remain crucial for the stability of the global electricity system in the medium to long term [3][11]. - Global electricity demand is projected to grow at a rate of 4.4% in 2024, significantly outpacing the global GDP growth of 2.9%. This growth is driven by three main factors: deep electrification in industrial sectors, rapid expansion of data centers driven by artificial intelligence, and increased electricity demand due to extreme weather events caused by climate change [9][15][27]. Summary by Sections Investment Recommendations - The report suggests that the pressure on coal resources may have peaked, and it anticipates a continued increase in global coal demand over the next 5-10 years. Recommended companies include China Shenhua, China Coal Energy, Shaanxi Coal and Chemical Industry, Yanzhou Coal Mining, and Jinneng Holding Group [11][12]. Global Electricity Demand Growth - The report notes that global electricity demand is expected to grow significantly, with emerging economies maintaining high growth rates and developed economies beginning to recover. By 2024, electricity demand in China is projected to increase by 6.8%, contributing 54% to global demand growth [19][20]. - The International Energy Agency (IEA) forecasts that global electricity demand will continue to grow at an average annual rate of 3.3% in 2025 and 3.7% in 2026, despite potential slowdowns due to trade tariffs and economic uncertainties [15][19]. Global Electricity Supply Challenges - The report highlights that the supply side has not effectively addressed structural bottlenecks, leading to frequent electricity shortages. Despite significant investments in renewable energy, issues such as aging grid infrastructure and inadequate energy storage systems hinder the effective absorption and utilization of new clean energy sources [10][55]. - The report emphasizes that traditional coal-fired power generation remains a critical stabilizing force in the global electricity system, especially as developed countries like the U.S. are expected to restart coal power generation to meet rising electricity demands [11][56]. Traditional Energy's Role - Coal power is projected to continue playing a vital role in the global energy landscape, with the U.S. expected to see a 6% increase in coal consumption by 2025. This shift indicates a potential adjustment in energy strategies among developed nations [11][56]. - The report also notes that while the share of coal in global energy generation is decreasing, it still represents the largest source of electricity generation globally [11][56].

Company Overview - Jiuzhou Group was founded in 1993, focusing on smart distribution networks and energy sectors, and is a leading provider of new power and energy infrastructure [2] - The company is a national key high-tech enterprise and was successfully listed on the Chinese Growth Enterprise Market in 2010 (stock code: 300040) [2] - Jiuzhou Group has established three core business segments: smart distribution networks, new energy, and comprehensive energy services, managed by three business groups with over 40 subsidiaries across various provinces [3] Financial Performance - In the first half of 2025, the company achieved a revenue of 6.85 billion yuan and a net profit of 4281.5 million yuan, marking a 65.6% increase compared to the same period last year [4] - The comprehensive smart energy segment turned profitable due to operational improvements in biomass cogeneration assets [4] - The company received over 1 billion yuan in national subsidies this year, with a significant acceleration in the collection speed [4] Business Development - The company has a total installed capacity of over 2.7 GW in new energy projects, with an additional 1 GW in construction and development [3][8] - The smart distribution network equipment orders are distributed approximately 1/3 within the grid and 2/3 outside, with a gross margin of about 20% and a net margin of around 3% [6] - The company aims for a 20% revenue growth in the smart distribution network segment and a 10% growth in both new energy and comprehensive smart energy segments for 2025 [9] Market Outlook - The management holds an optimistic view on the future of the distribution and transmission industry, anticipating a new growth cycle due to increased investment in the power grid and rising demand from AI and data centers [5] - The potential market for decentralized wind and clean energy heating in Northeast China is substantial, with nearly 300 county-level administrative units and over 3000 townships [7] Strategic Initiatives - The company is focusing on enhancing its manufacturing capabilities and market presence by establishing a new sales team targeting large clients and expanding overseas sales efforts [5] - Plans to utilize asset securitization tools like REITs and ABS for future asset monetization are under consideration [4] - The company is actively exploring overseas business opportunities, particularly in Belt and Road Initiative countries and ASEAN nations [11]

智通财经APP讯，中广核新能源(01811)发布公告，2025年8月该集团按合并报表口径完成发电量1543.7 吉瓦时，较2024年同比减少5.7%。其中，中国风电项目增加2.4%，中国太阳能项目增加43.2%，中国燃 气项目增加1.2%，中国水电项目增加0.3%及韩国项目减少26.2%。 截至2025年8月31日止八个月，集团今年累计完成发电量12850.5吉瓦时，比2024年同比减少1.6%。其 中，中国风电项目增加2.2%，中国太阳能项目增加23.4%，中国燃气项目增加3.5%，中国水电项目减少 16.3%及韩国项目减少12.9%。 ...

Investment Rating - The industry investment rating is "In line with the market" [3] Core Viewpoints - The photovoltaic industry is experiencing significant pressure on profitability, but signs of operational improvement are emerging. The manufacturing side is under pressure with production growth slowing down, while demand remains stable [5][6] - The domestic demand for photovoltaic installations has shown strong growth, with a 107% year-on-year increase in new installations in the first half of 2025 [5] - The industry is witnessing a decline in production capacity utilization and a significant drop in product prices compared to previous highs, with declines of 88.3% for polysilicon and 66.4% for modules [5][6] Summary by Sections Industry Performance Overview - In the first half of 2025, the overall revenue of the photovoltaic industry was 341 billion yuan, a year-on-year decrease of 15.48%, with a net profit loss of 8.79 billion yuan, worsening from a loss of 618 million yuan in the same period last year [5] - The industry’s operating cash flow improved significantly, totaling 2.799 billion yuan compared to a negative cash flow of 20.31 billion yuan in the previous year [5] Quarterly Changes - In Q2 2025, the industry's total revenue was 184.9 billion yuan, with a year-on-year decline of 12.29%, but the decline has been narrowing quarter by quarter since Q4 2024 [5] - The net profit for Q2 2025 was -4.54 billion yuan, showing a year-on-year improvement of 15.87% and a quarter-on-quarter increase of 7.30%, marking the first quarter of profit growth after seven consecutive quarters of decline [5] Operational Indicators - The overall gross margin for the industry in the first half of 2025 was 9.74%, a year-on-year decrease of 4.95 percentage points, while the net margin was -2.58%, down 2.41 percentage points year-on-year [5] - Capital expenditures totaled 30.242 billion yuan, a year-on-year decrease of 51.86%, indicating a contraction in investment across all segments [5] Investment Recommendations - The report suggests that the domestic demand for renewable energy is expected to remain robust, supported by increasing electricity consumption and the implementation of market-based trading for renewable energy [5][6] - The industry is seeing a consensus against excessive competition, with prices beginning to stabilize, and there is potential for recovery in overseas markets as well [6]

Summary of Key Points from Conference Call Records Industry Overview - The global power infrastructure investment is expected to grow significantly, with a compound annual growth rate (CAGR) of approximately 12.7% from 2021 to 2024, driven by the cost structure of renewable energy generation and the growth of AI and electric vehicles supporting increased electricity demand [1][3] - The investment in the power grid is lagging behind power generation, with a projected CAGR of about 6.7% during the same period, primarily due to approval delays and high reliability requirements [1][4] Core Insights and Arguments - The power equipment industry faces supply-side challenges, including a contraction in infrastructure from 2015 to 2020 and rising raw material prices due to the pandemic, leading to a significant supply-side clearing [1][6] - Domestic companies have opportunities to expand in overseas markets, benefiting from a large market share growth potential, supply chain cost advantages, and service quality [1][7] - Major domestic equipment manufacturers should continue to explore new product categories and markets with existing customers, leveraging supply chain cost and service advantages while enhancing localization capabilities [1][8] - Market concerns exist regarding the valuation of high-voltage equipment companies, with PEG valuations appearing expensive; however, the continuous rise of overseas high-voltage equipment stocks and significant foreign investment suggest a low likelihood of deep adjustments [1][9] Additional Important Content - The global power infrastructure investment is primarily driven by energy transition and technological changes, particularly the development of renewable energy [3] - The high-voltage equipment sector is characterized by strong customization, reliance on skilled labor, and specialized facilities, which have resulted in slower-than-expected capacity releases [6] - Domestic companies are expected to establish a strong presence in overseas markets through direct sales and extensive service support, which can lead to further business category expansion [7][8] - The liquidity easing environment is viewed positively for high-voltage equipment companies due to their return on equity (ROE) levels and globalization capabilities, providing valuation premiums [10] - The electric meter industry is currently facing challenges due to domestic business and market cycles but presents good investment opportunities due to the global capabilities of leading companies like Samsung Medical and HaiXing Electric [2][12] - Globalization capability is identified as a crucial long-term growth driver for Chinese companies, with a focus on those with strong international competitiveness [13]