Group 1: Financial Performance and Projections - The company's investment return rate for the "large to small" project has reached approximately 10% [1] - In 2024, the company aims to accelerate the construction of distributed photovoltaic projects, with 9 out of 18 projects already connected to the grid [1] - The first quarter performance showed a year-on-year increase, primarily due to ongoing equipment upgrades and favorable wind resource conditions [2] Group 2: Market Strategy and Competition - The company is focusing on differentiated services, such as customized comprehensive energy solutions, to enhance competitiveness amid increasing market competition [2] - The company plans to closely monitor changes in electricity trading policies to optimize project investment and marketing strategies [2] - The company is exploring non-subsidy business growth points as the subsidy period for existing projects approaches its end [12] Group 3: Technological Advancements and Operational Efficiency - The establishment of a smart operation and maintenance center aims to enhance the management of wind farms through intelligent diagnostics and predictive maintenance [3] - The company has implemented a smart management platform to reduce operational costs and improve fault response efficiency [14] - The company is actively collaborating with universities for R&D projects to align technology with actual power station needs [5] Group 4: Regulatory and Environmental Considerations - The participation in the carbon trading market is not expected to incur additional compliance costs for the company [4] - The company adheres to strict environmental policies during project construction, ensuring that green construction standards do not increase costs [10] - The company is preparing for potential impacts from regional policy adjustments, such as subsidy reductions and stricter approvals [12] Group 5: Future Developments and Strategic Focus - The company has no current plans to develop data center businesses but will continue to focus on enhancing profitability through existing projects [4] - Future strategies will include the gradual implementation of large-to-small transformation projects to improve efficiency [4] - The company is committed to sustainable development and aims to align with the carbon neutrality goals set by its parent group, China Aluminum [4]

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - The report provides daily views and strategies for various commodities in the futures market, including precious metals, base metals, energy, agricultural products, and chemical products. Each commodity is given a short - term trend outlook, such as "oscillating", "rising", "falling", etc. [2][4] 3. Summary by Commodity Precious Metals - **Gold**: Expected to oscillate and decline. The trend strength is 1, indicating a relatively weak upward trend. Yesterday, the prices of domestic and international gold futures and spot showed different degrees of decline, and the trading volume and positions also changed. [2][6][9] - **Silver**: Expected to follow gold and rise. The trend strength is 0, indicating a neutral trend. The prices of domestic and international silver futures and spot also had corresponding changes, and the trading volume and positions were adjusted. [2][6][9] Base Metals - **Copper**: Due to mine - end disturbances, the price is expected to rise. The trend strength is 1. Yesterday, the prices of domestic and international copper futures increased, and the inventory decreased. The spot price also rose, and the spread changed. [2][11][13] - **Aluminum**: Expected to oscillate within a range. The trend strength is 0. The prices of domestic and international aluminum futures and spot, trading volume, positions, and inventory all had different degrees of change. [2][14][16] - **Alumina**: Expected to continue to decline. The trend strength is 0. The price of alumina futures decreased, and the trading volume and positions changed. [2][14][16] - **Zinc**: The price is expected to rise due to refinery disturbances, but the sustainability may be limited. The trend strength is 0. The prices of domestic and international zinc futures and spot, trading volume, positions, and inventory all had corresponding changes. [2][17][18] - **Lead**: Expected to oscillate within a range. The trend strength is 0. The prices of domestic and international lead futures and spot, trading volume, positions, and inventory all had different degrees of change. [2][20][21] - **Tin**: Expected to oscillate in a narrow range. The trend strength is - 1, indicating a relatively weak downward trend. The prices of domestic and international tin futures and spot decreased, and the trading volume and positions changed. [2][23][26] - **Nickel**: The price is suppressed by weak expectations but supported by real - world costs. The trend strength is 0. The prices of domestic and international nickel futures and spot, trading volume, positions, and inventory all had corresponding changes. [2][28][33] - **Stainless Steel**: With both supply and demand weakening marginally, the steel price is expected to oscillate. The trend strength is 0. The price of stainless - steel futures, trading volume, and positions changed. [2][28][33] Energy - **Iron Ore**: The downstream demand has reached a phased peak, and the price is expected to oscillate weakly. The trend strength is - 1. The price of iron - ore futures decreased, and the spot price also declined. [2][40] - **Coke**: Expected to oscillate at the bottom. The trend strength is 0. The price of coke futures and spot, trading volume, positions, and inventory all had different degrees of change. [2][50][52] - **Coking Coal**: With the arrival of environmental protection supervision teams, the price is expected to oscillate at the bottom. The trend strength is 0. The price of coking - coal futures and spot, trading volume, positions, and inventory all had corresponding changes. [2][50][52] - **Thermal Coal**: With the increase in coal mine inventory, the price is expected to oscillate weakly. The trend strength is 0. The price of thermal - coal futures and spot, trading volume, positions, and inventory all had different degrees of change. [2][53][55] Chemical Products - **Carbonate Lithium**: Under strong supply pressure, the price is expected to be under pressure. The trend strength is 0. The price of carbonate - lithium futures and spot decreased, and the trading volume and positions changed. [2][34][36] - **Industrial Silicon**: The futures price has dropped significantly, and attention should be paid to supply changes. The trend strength is - 1. The price of industrial - silicon futures and spot decreased, and the trading volume and positions changed. [2][37][39] - **Polysilicon**: The monthly spread is widening, and it is recommended to short at high prices. The trend strength is - 1. The price of polysilicon futures decreased, and the trading volume and positions changed. [2][37][39] Others - **Log**: Expected to oscillate weakly. The trend strength is - 1. The price of log futures decreased, and the trading volume and positions increased. [2][56][60]

Financial Performance - The company's overall loss has expanded by 23% compared to the previous year, primarily due to non-recurring losses totaling -15.99 million yuan, with financial instrument losses amounting to -29.92 million yuan attributed to impairment of equity investments [2][4] - Regular profit losses have narrowed by 43% compared to the previous year [2][4] Future Growth Drivers - Future profit growth will be driven by expanding product sales, particularly in the renewable energy sector, shifting focus from building electric vehicle charging stations to selling charging equipment [3][4] - The company has developed a megawatt-level flexible charging pile that has passed CE and UL certifications, facilitating expansion into overseas markets, especially the U.S. [3][4] Industry Context - The company operates in a favorable environment with the rise of renewable energy and the acceleration of digital transformation in the power grid, creating new growth points and significant market demand [4][5] - Despite recent poor performance, the company has been investing heavily since 2021 in charging infrastructure, leading to its first operational loss and four consecutive years of losses [4][5] Market Outlook - The current phase of China's power system development presents broad opportunities for the power equipment industry, driven by increased investment in infrastructure and energy structure optimization [5] - The market for electric vehicle charging infrastructure is expected to grow significantly, with the penetration rate of new energy vehicles reaching 51.5% by April 2025, marking a transition to a predominantly electric phase [5]

Financial Performance - The company's total assets increased by 150% to RMB 3123637 million as of December 31, 2023[6] - Net assets increased by 42% to RMB 843541 million[6] - Revenue from continuing operations increased by 78% to RMB 258865 million[6] - Profit attributable to owners of the company increased by 105% to RMB 96377 million[6] - Fully diluted EPS increased by 155% to 1139 cents[6] - The company's share of profits attributable to equity holders reached RMB 964 million in 2023, with a 5-year compound growth rate of 124%[7] Operational Performance - Newly added installed capacity in 2023 was 512 MW, with an attributable installed capacity of 4050 MW by year end[18] - Attributable power generation increased by 172% to 7824 GWh[14] - Weighted average utilization hours for wind (attributable installed) were 2449 hours, a decrease of 37%[22] - Weighted average utilization hours for solar PV (attributable installed) were 1455 hours, a decrease of 59%[22] - The curtailment rate for wind (attributable installed) was 37%, an increase of 11 percentage points[22] - The curtailment rate for solar PV (attributable installed) was 59%, an increase of 21 percentage points[22] Green Energy Initiatives - Trading volume of green electricity increased by 117%[30] - Sale revenue of green certificates increased by 78% to RMB 4546 million[31] - Green electricity revenue additionally increased by 135% to RMB 3075 million[32] Installed Capacity Composition - Subsidiary-owned wind capacity is 2701 MW, representing 667% of the total attributable installed capacity[19] - Subsidiary-owned solar PV capacity is 576 MW, representing 142% of the total attributable installed capacity[19] - JV&Asso capacity is 773 MW, representing 191% of the total attributable installed capacity[19]

申万宏源：新疆电力供需发展空间广阔 金十数据5月26日讯，申万宏源发布研报称，"十五五"期间，风光装机规模快速成长，叠加火电机组装 机仍有增长空间，预计十五五末期新疆年发电量有望达9000亿千瓦时，其中风光发电量有望达3700亿千 瓦时，新能源发电占比有望超过40%。随着疆内产业园区发展及外省产能迁入，"十五五"期间新疆用电 量预计将保持高单位数或双位数增速。同时随着疆电外送通道的建成投产，至2030年新疆外年送电规模 有望达2400亿千瓦时，较2024年底接近翻倍。 ...

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Viewpoints - The report highlights that from January to April, the newly installed capacity for wind and solar energy reached 125GW, emphasizing the value of flexible adjustment resources in thermal power [10][3] - As of the end of April, the total installed power generation capacity in the country was 3.49 billion kilowatts, a year-on-year increase of 15.9% [10] - The report suggests focusing on the value of flexible adjustment resources due to the rapid growth of new energy installations, which is expected to accelerate in the first half of the year [10] Summary by Sections Industry Trends - In April, the total electricity consumption increased by 4.7%, with the first industry growing by 13.8%, the second industry by 3.0%, and the third industry by 9.0% [10] - The report notes that the overall electricity demand from the second industry is weak, affecting the overall growth rate, while the first and third industries show resilience [10] Power Generation Data - In April, the total power generation increased by 0.9%, with significant growth in wind and solar power generation [10] - The report indicates that thermal power generation decreased by 2.3% year-on-year, while nuclear power increased by 12.4%, wind power by 12.7%, and solar power by 16.7% [10] Key Stocks - The report recommends focusing on key thermal power stocks such as Huadian International, Huaneng International, Datang Power, and Jiantou Energy, as well as leading thermal power renovation equipment companies like Qingda Environmental Protection [3][7] - It also suggests prioritizing undervalued green power sectors, particularly in Hong Kong, and recommends stocks like Xintian Green Energy and Longyuan Power [3][7] Market Performance - The report notes that during the week of May 19-23, the Shanghai Composite Index closed at 3,348.37 points, down 0.57%, while the CSI 300 Index closed at 3,882.27 points, down 0.18% [56] - The CITIC Power and Utilities Index closed at 2,925.81 points, up 0.45%, outperforming the CSI 300 Index by 0.62 percentage points [56]

证券研究报告 | 行业周报 gszqdatemark 2025 05 25 年 月 日 电力设备 1-4 月国内光伏装机同增 75%，金龙羽签订无人机固态电池订单 光伏：1-4 月国内光伏新增装机 104.93GW，同比增长 75%。根据国家能源局 发布的 1-4 月份全国电力工业统计数据。今年 1-4 月，国内新增光伏装机 104.93GW，同比增长 75%。单 4 月新增光伏装机 45.22GW，同比增长 215%。 在抢装背景下，行业需求在前四月大幅增长。当下行业抢装减弱，产业链价格回 调。关注后续产业链产能控制情况。整体供给侧减产积极，关注后续价格修企稳时 机。核心关注两大方向：1）供给侧偏刚性、后续需求复苏后价格弹性更大的硅料 和玻璃，核心关注协鑫科技、通威股份、福莱特等。2）新技术背景下带来的中长 期成长性机会，核心关注爱旭股份、聚和材料等。 风电&电网：红海湾六海上风电启动 500KV 海缆招标，丹麦政府重启海上风电补 贴，预期 2025 年秋季启动 3GW 招标。5 月 21 日，深圳能源电子招标投标平台 发布《深能汕尾红海湾六海上风电项目 500kV 海底电缆供货及敷设采购项目招标 公告》。 ...

Group 1: Financial Performance and Projections - The company's market value is expected to exceed 20 billion in 2025, with a focus on improving management to enhance market value [2] - In 2024, the company reported a significant loss, with a negative income of -5.375 billion, primarily due to internal transaction offsets of -6.757 billion [11] - The company aims to achieve profitability in 2024 and has outlined measures to improve profitability, including increasing power generation and optimizing coal supply channels [4][29] Group 2: Related Party Transactions - The 6.757 billion in related party transactions primarily involves internal transactions between subsidiaries, including fuel sales and maintenance services [6] - The company has confirmed that all related party transactions have followed necessary review procedures and disclosure obligations [2] Group 3: Operational Strategies - The company plans to increase R&D investment in 2025 to enhance the flexibility and safety of coal power generation [9] - Strategies to improve operational efficiency include optimizing coal supply channels, reducing procurement costs, and expanding the thermal market [7][29] Group 4: Investor Relations and Communication - The company has committed to improving communication with investors and will hold performance briefings after quarterly reports [37] - There is a recognition of the need to enhance investor confidence through transparent communication and effective management practices [4][36] Group 5: Market Conditions and Challenges - The company faces challenges due to fluctuating performance, with periods of significant losses and minimal profits [4] - The management acknowledges the need to adapt to market conditions, including coal price fluctuations and electricity demand [7]

Group 1: Financial Performance and Asset Evaluation - The acquisition of 30% stake in Nengtou Wind Power by Chuaneng Power resulted in a net asset evaluation increase from 14.5 billion to 65 billion, a staggering 349% growth [2] - The evaluation of 53 billion net assets for Yalong River Hydropower was only assessed at 68 billion, reflecting a mere 28% increase [2] - In 2024, the on-grid electricity price for wind power dropped from 0.54 yuan to 0.47 yuan, despite a 600 million kWh increase in wind power generation compared to 2023 [3] Group 2: Inventory and Cost Management - As of the end of 2024, lithium concentrate inventory reached 34,000 tons, leading to a provision for inventory depreciation of 170 million yuan [4] - The management's decision-making regarding the sale of lithium concentrate has been questioned, with implications of potential losses due to mismanagement [4] Group 3: Market Strategy and Future Plans - The company plans to enhance its competitive edge by focusing on the synergy between renewable energy generation and lithium battery businesses [6] - In 2025, the company aims to expedite the construction of wind and solar projects with a total installed capacity of 1.77 million kW [5] - The company will continue to monitor market conditions and adjust its strategies accordingly to optimize operational efficiency and profitability [5] Group 4: Shareholder Relations and Market Management - The company has implemented measures to return value to shareholders, including a cash dividend of 295 million yuan in 2024 and plans for further dividends in 2025 [10] - Despite the challenges posed by the US-China tariff war, the company has not engaged in significant share buybacks, contrasting with other local firms [10]

Investment Rating - The report maintains an "Accumulate" rating for the utility sector [1]. Core Insights - The report highlights the ongoing consultation on the detailed rules of Document No. 136 in Guangdong, which sets a cap on the incremental mechanism electricity volume at 90%. Different types of renewable energy will be auctioned separately, with the first auction scheduled for mid-2025 [4]. - China Securities Regulatory Commission has approved Huadian New Energy's IPO application, aiming to raise 18 billion yuan for renewable energy projects [4]. - The report tracks key industry data, including a 3% year-on-year decrease in electricity purchase prices in May 2025, a 2.5% increase in total electricity consumption in the first quarter of 2025, and a 0.3% decrease in total power generation during the same period [4][39][14]. Summary by Sections 1. Market Review - The SW utility index increased by 0.08% from May 12 to May 16, 2025, with notable gains in solar and hydropower sectors [9]. - The top-performing stocks included Jingyuntong (+34.3%) and Hongtong Gas (+22.0%), while the worst performers were Mindong Power (-7.0%) and Huadian Energy (-7.8%) [10]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption in Q1 2025 reached 2.38 trillion kWh, a 2.5% year-on-year increase, with growth in all sectors [14]. 2.2. Power Generation - Total power generation in Q1 2025 was 2.27 trillion kWh, down 0.3% year-on-year, with declines in thermal power and increases in hydropower, nuclear, wind, and solar [22]. 2.3. Electricity Prices - The average electricity purchase price in May 2025 was 394 yuan/MWh, a 3% decrease year-on-year [39]. 2.4. Thermal Power - The price of thermal coal at Qinhuangdao port was 614 yuan/ton, down 28.6% year-on-year [43]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was normal, with inflow and outflow decreasing by 21.3% and 27.6% year-on-year, respectively [51]. 2.6. Nuclear Power - In 2024, 11 nuclear units were approved, indicating a positive growth trajectory for the sector [22]. 2.7. Green Energy - The report emphasizes the recovery of asset quality in green energy, with a focus on companies like Longjing Environmental Protection [4]. 3. Important Announcements - The report includes significant announcements regarding the approval of IPOs and regulatory changes affecting the utility sector [4].