海南日报洋浦6月7日电(海南日报全媒体记者 刘梦晓)近日，首艘15万吨级外贸船舶停靠洋浦国际 集装箱码头，刷新洋浦港超大型船舶靠泊纪录，标志着洋浦"双向双枢纽港"建设再获突破。 中国国内南北航线的南枢纽港，东南亚地区至北美东行的东西航线东枢纽港，这是洋浦建设"双向 双枢纽港"的具体定位，也是洋浦依托海洋航运为基础，加速构建与自贸港封关运作相适应的现代化物 流体系的目标。 据了解，2024年12月在洋浦揭牌的海南国际船舶登记管理局，负责"中国洋浦港"籍船舶全生命周期 管理，首创"全岛一港"注册机制，突破了船籍港地域限制。目前，"中国洋浦港"籍登记在册国际船舶已 达到60艘，总运力达583.65万载重吨，"中国洋浦港"船队规模持续扩大。 此外，在洋浦开展境内建造船舶，企业可以享受13%增值税退税，进口船舶免征23%关税及增值 税，当前累计为企业节省成本超4亿元;外籍船员准入制度突破，允许外籍人员在海南参与船员培训、考 试及任职等政策，更加拓展了洋浦航运扩大开放政策落地见效的宽度。 当前，儋州洋浦正加快打造港航物流发展"样板间"，预计到2027年，集装箱吞吐量将突破350万标 箱，较2025年再增长70%;到203 ...

为贯彻落实国家和自治区相关决策部署，高标准、高质量建立一批国家级和自治区级零碳园区，6月3 日，内蒙古发展改革委联合内蒙古能源局、工信厅印发《内蒙古自治区高质量建设零碳园区工作方案》 (以下简称《工作方案》)。 建设零碳园区是内蒙古立足资源禀赋和产业基础，促进新能源就地消纳、吸引负荷投资集聚、破解碳减 排刚性约束、加快绿色低碳高质量发展的关键举措。《工作方案》要求：在2022年以来自治区零碳产业 园建设工作基础上，以建设国家级零碳园区试点为主要任务，全面升级零碳园区建设2.0版，坚持试点 推进、示范引领，支持地方大胆探索、先行先试，加快政策、技术、商业模式等创新，探索园区碳排 放"近零-净零"路径，推动形成"共商、共建、共享、共赢"工作格局。 《工作方案》提出3个阶段性目标：2025年，先行启动零碳园区建设申报遴选，确定20个自治区零碳园 区培育建设名单，争取创建一批国家级零碳园区试点；到2027年，建成一批国家级和自治区级零碳园 区，发挥试点带动效应；到2030年，零碳园区建设取得积极成效，更多自治区级零碳园区升级为国家级 零碳园区，相关政策机制、技术路径、标准规范和运行模式更加健全，零碳园区成为绿色低碳发 ...

俯瞰任集村，大片连绵的太阳能电池板整齐铺陈，在碧绿的水面上泛着蓝光，与近处的麦田、远处的白 色风力发电机构成了一幅独特的画卷。 任集村曾是搬迁村。任集村党总支副书记王建表示，以前村里很多地方因采煤而塌陷，严重影响了村民 生产生活，不少耕地坑洼不平，种粮效益差，村民收入主要靠外出打工，村集体收入更是少得可怜。后 来政府集中统一搬迁，在村里找了一片坚实的地方，建设了新的居住区。 日前，农业农村部发布全球环境基金"中国零碳村镇促进项目"首批试点名单，全国有29个村镇纳入首批 试点。该项目致力于打造具有更多区域代表性的零碳村镇样板。 乡村如何与零碳挂钩？零碳又能给乡村带来哪些变化？带着这些疑问，记者走进试点村镇之一的安徽省 淮北市濉溪县南坪镇任集村，探寻这座曾经因采煤而沉陷的搬迁村，如何以一种独特的方式在皖北平原 上闪耀光芒。 渔光互补奏响致富音 2007年开始，1000多户村民陆续迁入新村。随着时间推移，老村旧址及周边渐渐形成了4500多亩的水 域。"如何利用这片水域，任集村一直在思考破题。此前也探索过将这片水面发包养鱼，但因技术原因 及水面过大，没有发展起来。"村党总支书记任华伟说。 光伏发电凭借其安全可靠、环境 ...

Core Viewpoint - The company is focusing on both stable and growth-oriented businesses, with expectations of profit contributions from regulated operations and potential growth from zero-carbon projects [1][2]. Stable Business - In Q1, electricity sales in Hong Kong decreased by 2.6% year-on-year to 7.091 billion kWh, influenced by weather conditions and the leap year in 2024 [1]. - The company anticipates steady profit contributions as capital investments solidify, with a projected capital expenditure of HKD 52.9 billion from 2024 to 2028 [1]. - The nuclear power business saw increased generation due to reduced downtime, while the average electricity price from the Yangjiang Nuclear Power Station declined as market trading increased [1]. Growth Business - The company is expanding its zero-carbon asset portfolio, with projects in China and India successfully launched in Q1, including a 150 MW wind project in Guangxi and a 251 MW wind farm in India [2]. - From 2024 to 2029, the company plans to double its renewable energy capacity in mainland China from approximately 3 GW to 6 GW, and increase its renewable energy and storage capacity in India from 2.3 GW to 8 GW [2]. - The Australian storage project is set to grow from 0.1 GW to 1.6 GW, with renewable energy projects increasing from 0.9 GW to 3 GW [2]. Dividend Policy - The company has maintained its dividend per share since 1987, with a proposed interim dividend of HKD 0.63 per share for 2025, unchanged from the previous year [2]. - The total liquidity as of the end of 2024 is projected to reach HKD 36 billion, indicating potential for future dividend increases [2]. Profit Forecast and Valuation - The company maintains its net profit forecast for 2025-2027 at HKD 12.1 billion, HKD 12.4 billion, and HKD 13.0 billion, respectively, with an EPS of HKD 4.79 for 2025 [3]. - The target price is set at HKD 79.37, based on a price-to-book ratio of 1.85x for 2025, which is above the three-year historical average of 1.51x [3].

Core Viewpoint - CATL's debut on the Hong Kong Stock Exchange with a first-day increase of 16.43% has injected confidence into the capital market, marking a record for Chinese companies going public in Hong Kong and achieving an 18% premium over A-shares, which is unprecedented in domestic stock trading history [1][3]. Group 1: Listing and Market Performance - CATL's stock price rose nearly 30% by May 21, 2023, surpassing A-share prices, becoming the third H-share company to do so after BYD and China Merchants Bank [1]. - The premium rate of 18% for CATL's H-shares compared to A-shares is significantly higher than that of BYD (4.83%) and China Merchants Bank (2.6%) [3]. Group 2: Financial Performance and Global Strategy - In Q1 2025, CATL reported revenue of 847 billion RMB and a net profit exceeding 139 billion RMB, with a year-on-year growth of over 30% [4]. - The company aims to use 90% of the funds raised from the IPO for the construction of its projects in Hungary, enhancing local supply capabilities and solidifying its global leadership in the new energy sector [5]. Group 3: European Expansion and Production Facilities - CATL's choice to establish a factory in Hungary is driven by its central location in Europe, allowing rapid response to major automotive clients and benefiting from a mature local supply chain [7]. - The company has already set up three production bases in Europe, with the German factory operational and profitable, while the Hungarian factory is expected to commence production within the year [7]. Group 4: Market Position and Competition - CATL's market share in domestic battery installations has decreased from a peak of 52.1% in 2021 to 44.5% in 2023, indicating increasing competition from new entrants like BYD and others [10]. - The company's overseas revenue has grown from 4.37% in 2019 to 30.48% in 2024, reflecting its strategic shift towards international markets [11]. Group 5: Technological Advancements and Product Development - CATL has developed a comprehensive product matrix, including innovations like the Kirin battery and sodium-ion batteries, addressing various market needs [12][13]. - The company is also promoting battery swapping technology and aims to establish a nationwide network for heavy-duty vehicles by 2030 [12]. Group 6: Commitment to Sustainability - CATL is positioning itself as a zero-carbon technology company, with plans to convert all its factories into "zero-carbon factories" and to provide integrated zero-carbon solutions [14]. - The company has achieved high MSCI ESG ratings and is actively involved in promoting responsible consumption through initiatives like the "battery passport" standardization [13][14].

Group 1 - The concept of ESG is expanding beyond corporate boundaries into various fields, with the launch of the first "Zero Carbon Destination Pioneer List" by China National Geography and CATL, highlighting five benchmark destinations for low-carbon practices [1] - The tourism industry is undergoing a profound transformation towards green, low-carbon, and high-quality development, as it is a significant source of greenhouse gas emissions [2] - The "Zero Carbon Destination" initiative aims to encourage and promote the low-carbon transformation of 100 scenic spots within three years, aligning with China's dual carbon goals [2] Group 2 - Wuyi Mountain has been certified as the first "Zero Carbon 5A Scenic Area" in Fujian Province, establishing a closed-loop system around "food, accommodation, travel, entertainment, and tea" [3] - The development of zero-carbon tourism requires support from social forces, including enterprises, not just tourism management departments [4] - CATL has signed a cooperation agreement with Wuyi Mountain to initiate pilot renovations for zero-carbon scenic areas, focusing on green energy sources, electric transportation, intelligent carbon management, and commercial tourism products [4]

Core Viewpoint - The hydrogen energy industry in China is transitioning from a conceptual stage to practical application, particularly in resource-rich cities like Lüliang, which is leveraging its abundant resources to develop a comprehensive hydrogen energy ecosystem [1][5][6]. Group 1: Industry Development - Lüliang has a significant annual production capacity of 38 million tons of coke and 3.5 billion cubic meters of unconventional natural gas, providing ample raw materials for hydrogen production [2]. - The local government has introduced 15 policy measures to support the hydrogen industry, including an annual funding of no less than 100 million yuan for hydrogen energy initiatives [4]. - Lüliang has established a hydrogen production capacity of 130,000 tons and operates 11 hydrogen refueling stations, with over 600 hydrogen fuel vehicles in operation [4]. Group 2: National Strategy - China's hydrogen energy development is guided by a long-term plan established in 2022, with over 560 hydrogen-related policies implemented across 22 provincial regions by 2024 [6][7]. - By 2024, China's hydrogen production and consumption scale is projected to reach 36.5 million tons, making it the largest globally, contributing over half of the world's renewable hydrogen production capacity [6][7]. Group 3: Market Dynamics - The global investment in clean hydrogen projects is expected to reach $75 billion by 2024, with the number of projects increasing significantly from 228 in 2020 to 1,572 [7]. - China has filed over 80,000 hydrogen-related patents, accounting for 27% of the global total, positioning itself as a leader in hydrogen technology [7]. Group 4: Practical Applications - Lüliang has successfully created a closed-loop network for hydrogen energy, integrating hydrogen extraction, purification, storage, and transportation for heavy-duty vehicles [8][9]. - The region's model of "hydrogen heavy trucks + long-distance transport" has proven commercially viable, significantly reducing operational costs and expanding to other regions [9][10].

证券研究报告 中电控股 (2 HK) 2025 年中期策略会速递—兼具稳定 性与成长性的价值股 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 06 日│中国香港 | 发电 | 6 月 5 日中电控股出席了我们组织的 2025 年中期策略会，会上公司分享近 期经营变化和后续展望。我们认为主要关注点包括：1）稳定型业务：随资 本投入转固，管制业务利润贡献或稳步增厚；Q1 中国内地核电机组稳健运 行，阳江核电站电价略有下滑。2）成长型业务：Q1 中国内地、印度多个 零碳项目顺利投产，零碳项目投资计划的落地或为公司业绩注入成长潜力。 稳定型业务：Q1 中国香港售电量同比-2.6%，中国内地核电资产稳健运行 据公司公告，受天气和暖、2024 年为闰年等因素影响，虽数据中心等新兴 行业用电需求增长，Q1 中国香港售电量 70.91 亿度，同比-2.6%。但考虑 到现行管制计划协议约定公司电力业务实现的准许利润占固定资产净额的 比例为 8%，我们依旧看好在高确定性资本开支（2024-28 年预计 529 亿港 元）的保障下，随资本投入不断转固， ...

| 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 06 日│中国香港 | 发电 | 6 月 5 日中电控股出席了我们组织的 2025 年中期策略会，会上公司分享近 期经营变化和后续展望。我们认为主要关注点包括：1）稳定型业务：随资 本投入转固，管制业务利润贡献或稳步增厚；Q1 中国内地核电机组稳健运 行，阳江核电站电价略有下滑。2）成长型业务：Q1 中国内地、印度多个 零碳项目顺利投产，零碳项目投资计划的落地或为公司业绩注入成长潜力。 稳定型业务：Q1 中国香港售电量同比-2.6%，中国内地核电资产稳健运行 据公司公告，受天气和暖、2024 年为闰年等因素影响，虽数据中心等新兴 行业用电需求增长，Q1 中国香港售电量 70.91 亿度，同比-2.6%。但考虑 到现行管制计划协议约定公司电力业务实现的准许利润占固定资产净额的 比例为 8%，我们依旧看好在高确定性资本开支（2024-28 年预计 529 亿港 元）的保障下，随资本投入不断转固，利润贡献或稳步增厚。核电业务方面， 受益于停运天数减少，Q1 大亚湾核电站发电量同比增加；广东省 ...

Core Viewpoint - CATL is seeking to raise at least $5 billion through its H-share IPO in Hong Kong, marking a significant capital move since its A-share listing in 2018 and potentially the largest IPO in Hong Kong since Kuaishou in 2021 [1][3] Group 1: Financial Strategy - Despite holding over 260 billion yuan in cash reserves, CATL is pursuing additional financing to support its aggressive global expansion strategy [3][4] - The company’s cash and equivalents reached 259.79 billion yuan as of Q3 2024, making the planned $5 billion raise only 14% of its cash reserves [4] - CATL's overseas projects, including factories in Germany, Hungary, and Spain, require substantial investment and local supply chain integration, leading to increased short-term financial pressure [4][6] Group 2: Technological Advancements - CATL plans to increase its R&D expenditure from 3-5% of revenue to 8% by 2025, amounting to over 30 billion yuan, focusing on disruptive technologies like solid-state batteries and sodium-ion batteries [8] - The company aims to launch the CTC (cell-to-chassis) technology by 2025, which could enhance electric vehicle range to over 800 kilometers, directly competing with traditional fuel vehicles [8][12] - CATL is also innovating in material systems and aims to create a closed-loop ecosystem from mineral extraction to battery recycling, achieving a lithium recovery rate of 93.8% [9] Group 3: Globalization and Market Positioning - The IPO is part of CATL's strategy to integrate global resources, leveraging Hong Kong's position as an international financial hub to attract foreign investment [11] - Potential investors include Middle Eastern sovereign funds and top European automotive companies, which could lead to deeper collaborations beyond simple battery procurement [11][15] - CATL's goal is to transform from a Chinese company to a global enterprise, establishing a positive cycle of technological influence and capital valuation [15][18] Group 4: Sustainability Goals - CATL aims for carbon neutrality in core operations by 2025 and across its entire value chain by 2035, positioning itself strategically in the zero-carbon economy market [16] - The company plans to build 1,000 battery swap stations by 2025 and achieve a 50% electrification rate for heavy-duty trucks [16] - CATL's latest 9MWh energy storage solution is designed to reduce transportation costs by 35%, supporting the integration of renewable energy sources [16]