投资者关系 活动类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 参与单位名称 及人员姓名 机构：中信证券、保银投资、瀛赐基金、中略投资、天风证券 时间 2025年5月29日 上午 2025年5月29日 下午 地点 上海浦东新区富城路33号 上市公司接待 人员姓名 副总经理、董事会秘书马继刚 投资者关系 活动主要内容 介绍 一、公司情况介绍 公司简要介绍了公司发展历程、竞争优势及四大业务板块业态布局 加快推进实施战略转型升级等内容。 二、其他交流内容 1、请问公司发展战略是怎样的？ 回复：公司将持续按照"聚焦转型、创新驱动、内增外延、协同发 展"的总体思路，充分依托蜀道集团资源协同优势和公司科技创新优 势，深入贯彻"碳达峰、碳中和""交通强国""成渝地区双城经济圈 建设""一带一路"建设等国家重大发展战略，通过内生发展和外延并 购发展深冷技术装备制造、气体投资运营、清洁能源投资运营、交通服 务装备制造四大业务板块。 2、请问公司海外订单主要分布区域？ | | 回复:公司海外业务主要集中在"一带一路"沿线的重点区域，包 | | --- | --- | ...

健全资源环境要素市场化配置体系，推进碳排放权、用水权、排污权等市场化交易，是提升资源环境要 素利用效率的关键举措。为深化资源环境要素市场化配置改革，经党中央、国务院同意，现提出如下意 见。 一、总体要求 坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十届二中、三中全会精 神，全面贯彻习近平经济思想、习近平生态文明思想，坚持和加强党的全面领导，坚持稳中求进工作总 基调，坚持有效市场、有为政府，坚持问题导向、分类施策，坚持目标导向、协同推进，坚持循序渐 进、防范风险，建立健全资源环境要素配额分配、市场交易、监督管理等制度，完善资源环境要素交易 市场，健全权责清晰、运行顺畅、协同高效的资源环境要素市场化配置体系，促进资源环境要素支持发 展新质生产力，协同推进降碳、减污、扩绿、增长，加快经济社会发展全面绿色转型。 主要目标是：到2027年，碳排放权、用水权交易制度基本完善，排污权交易制度建立健全，节能市场化 机制更加健全，资源环境要素交易市场更加活跃、价格形成机制更加健全，推动资源环境要素畅通流 动、高效配置，充分释放市场潜力，对实现相关资源环境目标的支撑作用有效增强。 二、完善资源环境要素配额 ...

Core Viewpoint - China may achieve its carbon peak target years ahead of the 2030 deadline set by itself, as indicated by former Vice Minister of Finance Zhu Guangyao [1] Group 1: Carbon Emissions - China's carbon emissions have been continuously decreasing, with a reported decline of 1% over the past 12 months [1] - In the first quarter of this year, carbon emissions dropped by 1.6% [1] Group 2: Clean Energy Investment - China has been a global leader in clean energy investment for many years [1]

中国的 SAF 政策相比之下完全以鼓励性政策为主，并未对燃料供 应商或航空公司提出掺混比例的要求，也尚未发布明确的 SAF 发展时 间线。不过，多个政策已表明政府将 SAF 作为航空业脱碳战略的重 要一环，也传递了对 SAF 产业发展的积极支持态度。一方面，中国在 2021 年发布了《2030 年前碳达峰行动方案》，将航空业纳入碳市场 重点碳排放行业名单中，大力推进先进生物航煤、SAF 等替代燃料。 答：欧盟对于发展 SAF 产业颇为积极，在提出了 2050 年实现碳 中和的目标后，欧盟随即在 2020 年提出了欧洲绿色新政（European Green Deal）长期发展战略。在此战略下，欧盟在过去几年中围绕该 产业颁布了一系列政策措施来支持航空业碳减排，统称为"The EU fit for 55 package "，这里的 55 是指欧盟在欧洲气候法中的规定： 到2030年前实现欧盟温室气体净排放量与1990年相比至少减少 55% 的中期目标。其中，对 SAF 产业影响较大的政策如下： 1、欧洲碳排放交易体系（EU Emissions Trading System, EU ETS） 的改革提案。 2、Re ...

Core Viewpoint - The company, Jiuquan Optoelectronics Technology (Shanghai) Co., Ltd., has experienced a decline in both revenue and net profit for the fiscal year 2024 and the first quarter of 2025, attributed primarily to a decrease in product sales prices and rising operational costs [1][4][5]. Revenue and Profit Analysis - In 2024, the company reported revenue of 591.87 million yuan, a year-on-year decrease of 1.85%, and a net profit of 93.59 million yuan, down 28.79% year-on-year [1][5]. - For the first quarter of 2025, revenue was 121.39 million yuan, reflecting a 3.86% decline year-on-year, while net profit fell to 8.94 million yuan, a 53.45% decrease year-on-year [1][5]. - The top five customers accounted for 94.15% of total sales, indicating a high customer concentration risk [1][5]. Product Sales Structure - The company's main revenue sources include metering chips, MCU chips, and carrier-related chips, with metering chips contributing 54.60% of total sales in 2024 [3][12]. - The sales revenue from the top five customers remained stable, with 557.25 million yuan in 2024 and 115.36 million yuan in Q1 2025, primarily affected by a decrease in product sales prices [2][3]. Cost and Expense Analysis - The company's operating expenses have increased, with total expenses for 2024 reaching 226.97 million yuan, an 18.58% increase year-on-year [4][5]. - Significant increases in R&D expenses, driven by a focus on new product development and a stock incentive plan, have contributed to the rise in operational costs [4][5]. Market Position and Competitive Landscape - The company operates in a competitive semiconductor market, with stable demand for smart grid products supported by consistent procurement from major clients like the State Grid and Southern Grid [6][8]. - The company has developed new products, such as BMS chips, which have begun mass production and are expected to drive future growth [7][8]. Future Outlook - Despite short-term pressures on revenue and profitability, the company aims to enhance cost control and product competitiveness through lean management and supplier negotiations [7][8]. - The long-term growth prospects remain positive, supported by the company's market position in smart grid technology and ongoing product development initiatives [6][8].

中电工程 矢志能源报国 书写发展新篇 《人民日报》（2025年05月28日第 08 版） 数据显示，75年间，全国发电装机容量从1949年新中国成立初期的185万千瓦，到2024年的33.5亿千 瓦，增长超1800倍；全社会用电量从43亿千瓦时攀升至9.85万亿千瓦时，增幅逾2200倍；电网规模实现 跨越式发展——35千伏及以上输电线路总长突破240万公里，特高压输电技术持续领跑全球，中国连续 多年稳居全球发电装机容量、电网规模、清洁能源投资规模榜首。这份亮眼答卷的背后，凝聚着几代电 力工作者的智慧与汗水。 今年是新中国电力规划设计行业诞生75周年。勇担能源报国使命，中国电力工程顾问集团有限公司（简 称"中电工程"）与能源电力发展同频共振、砥砺同行。从成立初期的艰难起步，到"双碳"目标下的全球 领跑，一代代建设者接续奋斗，中电工程实现了从追赶、并跑到领跑的跨越式发展，助力我国建成世界 规模最大、技术领先的电力能源体系，用"中国标准""中国方案"为世界可持续发展注入源源不断的动 能。 创业：探路电力规划设计 东北电力设计院是中电工程的子公司，1950年5月28日，其前身东北电业管理局设计处成立，新中国首 个专业 ...

Group 1 - Musk emphasizes China's impressive talent pool and capabilities, particularly in the AI sector, predicting that by the end of the year, China's power generation will reach 2.5 times that of the US, potentially increasing to 3 to 4 times [1] - The Chinese power industry has diversified from coal to include hydropower, wind, solar, natural gas, and other renewable sources, aiming to become a world-class green low-carbon energy supplier [3] - By 2035, it is projected that clean energy will account for 95% of installed capacity and over 70% of power generation in China, driven by carbon peak and carbon neutrality goals [3] Group 2 - Musk's comments are seen as a challenge to the prevailing narrative in the US, particularly against Trump's administration, which has been engaged in a trade war with China [4] - The US government has issued warnings against the use of Huawei's AI chips, indicating a strategy to hinder China's AI development and maintain technological dominance [6] - Trump's administration has shown a pattern of aggressive trade policies, which have ultimately resulted in negative consequences for American citizens, highlighting the challenges of decoupling from China [8]

证券研究报告 | 公司深度 | 多元金融 国网英大(600517) 报告日期：2025 年 05 月 27 日 "金融+制造"双主业驱动，有望受益电网投资加速 ——国网英大深度报告 投资要点 ❑ 国家电网下属子公司，增资扩股布局多元金融 公司是国网英大国际控股集团子公司，同时也是国家电网孙公司。公司前身为上 海置信电气股份有限公司，2020年 2月完成重大资产重组，注入信托、证券、期 货等金融业务。2024年，公司实现营业收入 112.88亿元，同比增长 3.60%，归属 于上市公司股东的净利润 15.74 亿元，同比增长 15.39%。2024年，英大信托、英 大证券、英大碳资产、置信电气净利润分别为 17.8、1.8、0.1、1.5 亿元。 ❑ 碳资产：碳市场运行框架逐步建立，公司碳资产业务有望持续高增 "十四五"是碳达峰的关键期和窗口期，随着碳市场建设顶层设计加速完善，市场 交易量价齐升。英大碳资产成立于 2013 年 11 月，2021 年 1 月划归英大股份直接 管理，是国网公司系统内唯一的专业碳资产管理公司。公司基本业务做优夯实， 持续培育新兴业务。2024 年英大碳资产实现营业收入 0.70 亿 ...

Industry Overview - In 2024, China's coal production remains stable, with a significant increase in coal imports, leading to overall market supply growth. However, downstream demand from the steel and construction sectors is insufficient, causing coal prices to fluctuate and overall industry profitability to decline [2][3][4] - The coal industry is characterized by a high reliance on coal, which accounts for approximately 55.3% of China's primary energy consumption, significantly higher than the global average of 26.5% [3] - The distribution of coal resources in China shows a concentration in the northern regions, with the Shanxi, Shaanxi, and Inner Mongolia areas accounting for 81.67% of total coal production in 2024, an increase of 0.40 percentage points year-on-year [3] Supply and Demand Dynamics - In 2024, the total coal consumption in China is approximately 4.775 billion tons, a year-on-year increase of 3.07%. The main demand comes from the thermal power, steel, and construction industries [6] - The coal price performance in 2024 shows a downward trend due to oversupply and weak demand from the steel and construction sectors. By the end of 2024, the prices for various coal types have decreased significantly compared to the end of 2023 [7][8] Financial Performance - The overall profitability of coal enterprises in 2024 has declined, with major coal companies reporting a total profit of 604.64 billion yuan, a decrease of 22.20% year-on-year [11] Policy and Regulatory Environment - The National Energy Administration has issued guidelines to ensure the orderly release of new coal production capacity and to enhance coal supply stability. By 2027, a coal capacity reserve system is expected to be established [12] - The coal industry is encouraged to transition towards digitalization and intelligent development, with new coal mines required to meet intelligent standards [13] Challenges and Future Outlook - Non-operational burdens, such as personnel costs and inefficient assets, pose challenges to the sustainable development of coal enterprises, particularly during price downturns [14] - Environmental protection and safety production pressures are increasing, with stricter regulations being enforced to ensure safety in coal mining operations [15][16] - Despite the long-term pressure on coal consumption due to carbon neutrality goals, the coal industry still has significant development potential in China, especially in the context of the ongoing demand for coking coal in steel production [17][19] - The coal industry's competitive landscape is expected to stabilize, with leading companies likely to receive more policy support, enhancing their market share and resilience against economic fluctuations [18][19]

Core Viewpoint - Dazhou Steel has transformed from a loss-making entity to a profitable enterprise under the leadership of Fangda Group, emphasizing employee welfare and innovative management practices [1][2][3][4]. Group 1: Company Background and Transformation - Dazhou Steel, established in 1958, is a major steel manufacturing enterprise in Northeast Sichuan, integrating various processes from coking to steel processing [1]. - After joining Fangda Group in May 2020, Dazhou Steel underwent judicial restructuring and quickly returned to profitability, maintaining industry-leading profit margins per ton of steel [1][2]. - The company has received numerous accolades, including being recognized as one of the "Top 500 Private Enterprises in China's Manufacturing Industry" and "Top 100 Enterprises in Sichuan" [1]. Group 2: Employee Welfare and Recruitment - Dazhou Steel has adhered to the principle of "no reduction in employees, wages, or benefits," resulting in continuous salary increases for employees [2]. - The company implemented various welfare programs, including work meals, medical expense subsidies, and scholarships, enhancing employee morale and confidence in the company's future [2]. - In 2025, Dazhou Steel announced plans to recruit 87 new employees, attracting over 4,000 applicants, indicating its significant role in the local economy [2]. Group 3: Management and Operational Efficiency - Fangda Group established a support team to help Dazhou Steel refine nearly 300 operational regulations, improving efficiency and employee accountability [3]. - The company has adopted a "racehorse" mechanism to enhance productivity across all operations, leading to a substantial reduction in production costs and improved profitability [3]. Group 4: Innovation and Cost Management - Dazhou Steel has encouraged employees to engage in "small improvements" initiatives, resulting in nearly 4,000 projects over five years, which have fostered a culture of innovation [4]. - From 2020 to 2024, the company achieved over 4.5 billion yuan in profits and taxes, bolstered by advancements in research and technology [4][5]. Group 5: Strategic Positioning and Future Plans - The new plant features upgraded production processes and environmental facilities, positioning Dazhou Steel as a green and low-carbon enterprise [6]. - The company is committed to achieving carbon peak and neutrality goals while leveraging regional resources and new technologies to strengthen its market position [6].