Core Insights - China's energy transition has resulted in a significant increase in renewable energy usage, with one-third of electricity consumption now sourced from solar and wind energy [1][3] - The country has established the world's largest clean power generation system and the largest electricity infrastructure system, accounting for one-third of global installed capacity [1][4] Renewable Energy Growth - The share of clean energy continues to rise, with the installed capacity of wind and solar power doubling compared to the same period last year [3][7] - In 2023, non-fossil energy generation capacity surpassed 60% for the first time, indicating a shift from supplementary to primary energy sources [3][4] Technological Advancements - China has made significant strides in high-voltage transmission technology, establishing the world's first ultra-high voltage AC and DC grid [4][5] - The country has developed a high-proportion renewable energy grid control system, capable of managing over 300 million kilowatts of renewable output daily [5][8] Policy and Market Mechanisms - The energy transition is supported by clear national policies, technological innovation, and effective market mechanisms, transitioning from policy-driven to market-driven development [6][7] - The electricity market has seen a 4.8% year-on-year increase in trading volume, with green electricity transactions rising by 49.3% [8][9] Global Impact - China's investment in clean energy accounts for one-third of the global total, with projected investments reaching $625 billion in 2024, nearly doubling over the past decade [11] - The country is positioned as a leader in global energy transition, providing replicable solutions and enhancing international cooperation in clean energy development [11]

受访人：中国人民大学国家发展与战略研究院副院长 许勤华 问：中国加快构建清洁低碳安全高效的能源体系，在"十四五"时期取得了怎样的成绩？ 答：大力发展清洁能源，是事关我国能源安全和经济社会发展全局的重大战略。从当前成果看，能 源转型成就有两个突出的"1/3"：一是每用3千瓦时电中，就有1千瓦时是绿电；二是中国的发电装机容 量已经达到全球总量的1/3。这样的成绩来之不易。 答：近年来，国家出台一系列强有力政策推动新能源发展。可再生能源法为新能源产业长期稳定发 展提供法律保障，不断完善的电价政策激发经营主体积极性。比如，对风电、光伏发电给予标杆电价补 贴，有效降低了初始投资成本，加速项目落地。2025年，全国统一电力市场基础规则体系基本建立，新 能源发电企业通过"绿电交易"获得环境溢价，这在很大程度上激发了经营主体参与电力市场交易的热 情。 中国还不断攻克技术关键难题，加速产业升级。当前，中国多项新能源技术和装备制造水平在世界 领先，建立起全球最大、最完整和最具有竞争力的清洁能源供应链，推动清洁能源产业成长为现代化产 业体系的新支柱。在光伏领域，电池转换效率不断提升，推动光伏发电成本大幅下降，实现从"昂贵电 力"到 ...

Core Insights - The State Grid Baiyin Power Supply Company held a press conference to discuss its achievements in safety production, power supply assurance, new power system construction, and optimizing the business environment for economic and social development [1][2] Group 1: Safety Production and Power Supply Assurance - The company emphasizes its primary responsibility for safety production and power supply assurance, implementing dynamic optimization of grid operation and large-scale equipment upgrades to ensure stable grid operation [1] - A special action plan for safety and stability measures has been initiated, including the development of emergency response plans for substations [1] Group 2: New Power System Construction - The company is accelerating the construction of a new power system, leveraging Baiyin's unique energy resources and grid advantages, and enhancing the grid's resource allocation and safety capacity [2] - Key projects include the integration of the 750 kV Jingyuan substation into the national power development plan and the completion of the 110 kV Yinxi digital twin smart substation [2] Group 3: Optimizing Business Environment - The company is focused on optimizing the power supply service system, achieving a "zero complaint" status in the first half of the year through improved service management [2] - Over 290 area managers have integrated into 3,186 village community service networks to enhance customer service [2] Group 4: Social Responsibility and Livelihood Services - The company is committed to improving the reliability of power supply by addressing weak connections between county-level grids and the main grid, with significant upgrades completed by July [2] - As of July, the company has constructed and upgraded 2,707.76 kilometers of 10 kV lines and installed 678 transformers with a total capacity of 135,600 kVA [2]

问：中国加快构建清洁低碳安全高效的能源体系，在"十四五"时期取得了怎样的成绩？ 答：大力发展清洁能源，是事关我国能源安全和经济社会发展全局的重大战略。从当前成果看，能源转 型成就有两个突出的"1/3"：一是每用3千瓦时电中，就有1千瓦时是绿电；二是中国的发电装机容量已 经达到全球总量的1/3。这样的成绩来之不易。 中国还不断攻克技术关键难题，加速产业升级。当前，中国多项新能源技术和装备制造水平在世界领 先，建立起全球最大、最完整和最具有竞争力的清洁能源供应链，推动清洁能源产业成长为现代化产业 体系的新支柱。在光伏领域，电池转换效率不断提升，推动光伏发电成本大幅下降，实现从"昂贵电 力"到"平民电价"的转变。风电技术也在大型化、智能化上飞速进步，单机容量不断刷新纪录，发电效 率稳定性显著提高。风电最大单机容量、光伏晶硅电池转化效率均在技术驱动下逐年提升，储能技术的 突破大幅提升了新能源消纳能力。 随着技术成本降低，新能源在能源消费市场占有率不断扩大，而智能电网建设稳步推进，电网对新能源 波动性的适应能力也在不断增强，助力实现新能源与传统能源灵活互补。同时，分布式能源、微电网等 新型供能模式，则让工商业用户社区能 ...

朱海鹏 摄（人民视觉） 在新疆维吾尔自治区昌吉回族自治州昌吉市长宁路，国网昌吉市供电公司员工正在进行带电作业。 何龙 摄（人民视觉） 山东省荣成市好运角旅游度假区北部沿海的风力发电机组在云雾中转动。 安徽省亳州市谯城区十河镇谯城500千伏变电站建设现场。 李信君 摄（人民视觉） 江西省南昌市红谷滩区厚田镇象潭村光伏发电站。 行走在这座电站，不时看到成群牛羊，在光伏板下悠闲吃草。这些光伏板所"生长"的地下，藏着丰 富的煤炭资源。而采煤区上的这片光伏地，并网后年发电量超过50亿千瓦时，所发出的绿色电力，送往 山东消纳，可满足200万户居民一年的生活用电。 数据来源：国家发展改革委、国家能源局 如何具象地理解今天中国能源转型的成果？ 当你打开电灯、启动空调，所耗的电力中，每3千瓦时就有1千瓦时来自太阳能、风能等可再生能源 的绿色电力； 当城市、乡村点亮灯火，遍布全国的发电机组昼夜不歇，源源不断输送电能。如今，中国发电装机 容量已经达到全球总量的1/3。 建成全球最大的清洁发电体系，建成全球规模最大的电力基础设施体系——这些第一，成为中国能 源转型的生动注脚。 梁西海 摄（人民视觉） 清洁能源占比不断提升 内蒙古自治 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a focus on maintaining growth in Hong Kong while facing challenges in other markets [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 42.854 billion HKD, a year-on-year decrease of 2.79%, and a net profit of 5.624 billion HKD, down 5.49% [1]. - The operating profit before fair value changes was 5.227 billion HKD, a decline of 8% year-on-year, with Hong Kong and related businesses contributing 4.568 billion HKD, an increase of 6% [1]. - The fair value change income shifted from 172 million HKD in the previous year to -35 million HKD, leading to an overall operating profit decrease of 11% to 5.192 billion HKD [1]. Capital Expenditure and Cash Flow - Cash inflow, excluding maintenance capital expenditure, was 7.1 billion HKD, a decrease of 9 billion HKD year-on-year, primarily due to a 6 million HKD decline in EBITDAF and adverse working capital changes [2]. - Non-maintenance capital expenditure totaled 7 billion HKD, mainly for Hong Kong SoC business (5.1 billion HKD) and renewable energy projects in mainland China [2]. Strategic Focus and Long-term Outlook - The company aims to provide stable cash flow through core businesses while seeking opportunities in the rapidly evolving energy transition market [2]. - A five-year development plan worth 52.9 billion HKD is underway in Hong Kong, with capital allocation principles based on risk-return, geographic selectivity, and project expansion in mainland China [2]. - The long-term outlook remains positive, with projected revenues of 90.2 billion HKD, 91.2 billion HKD, and 92.1 billion HKD for 2025-2027, and net profits of 11.2 billion HKD, 11.6 billion HKD, and 12 billion HKD respectively [3].

Financial Data and Key Metrics Changes - The company reported record quarterly returns to shareholders, returning nearly $290 million this quarter, which is more than 260% of its free cash flow [5] - Adjusted EBITDAX for the quarter was $324 million, exceeding consensus expectations, driven by strong commodity price realization, higher than expected production, and lower operating costs [11] - Free cash flow generated was $109 million, or $165 million before changes in working capital, demonstrating the resilience and cash-generating power of the company's assets [11] - Year-to-date costs were down approximately 11% from 2024, reflecting lower general and administrative expenses, non-energy operating costs, and lower taxes other than on income [10] Business Line Data and Key Metrics Changes - Net total production was recorded at 137,000 BOE per day, with average realizations at 97% of Brent before hedges and 100% after hedging [9] - The company has reduced nearly all of its 2025 operating expense items by about 7% compared to the original outlook, despite anticipating higher energy costs and increased activity levels in the second half [10] Market Data and Key Metrics Changes - The California Energy Commission's response to Governor Newsom's directive to ensure fuel reliability during the energy transition was positively received, indicating a collaborative effort with refiners and the industry [7] - The state is actively working to improve the oil and gas permitting process, with expectations for additional details once the legislature reconvenes in mid-August [8] Company Strategy and Development Direction - The company is focused on advancing its carbon and power platforms while returning meaningful capital to shareholders, indicating a commitment to both operational performance and shareholder value [4] - The company is uniquely positioned to support California's energy transition, providing cleaner and more affordable in-state production while advancing decarbonization solutions [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving regulatory environment in California, indicating constructive conversations regarding oil and gas permitting [21] - The company expects to raise full-year production guidance, lower both cost and drilling capital expectations, and increase its adjusted EBITDAX forecast [13] Other Important Information - The company has implemented ERA-related merger synergies ahead of schedule, fulfilling a $235 million target three months early, with a net present value of these synergies estimated at approximately $1.4 billion over the next ten years [6] - The company has slightly over $200 million remaining under its current share repurchase authorization, which was recently extended through June 2026 [13] Q&A Session Summary Question: What is the company's view on the current regulatory changes in California regarding oil and gas permitting? - Management expressed optimism about the dynamic changes in California, indicating that the state is actively looking to resolve the permitting situation and stabilize local production [21][23] Question: What is driving the underlying capital efficiency improvements? - The combination of strong assets with operational leadership has led to exceptional performance, allowing the company to maintain capital efficiency and lower maintenance capital expectations [28] Question: How does the company plan to allocate free cash flow going forward? - The company plans to remain opportunistic with share repurchases while balancing other strategic priorities, including redeeming the remainder of its 2026 notes [42] Question: Can you provide an update on the Class six permitting process? - The company is on track to complete construction by the end of the year and is ready to inject early in 2026, pending final regulatory approvals [46] Question: What is the current status of the Elk Hills power plant and potential power deals? - The company is focused on providing an update before the end of the year, with ongoing interest and conversations regarding power deals [58]

Financial Data and Key Metrics Changes - The company reported record quarterly returns to shareholders, returning nearly $290 million this quarter, which is more than 260% of its free cash flow [5] - Adjusted EBITDAX for the quarter was $324 million, exceeding consensus expectations, driven by strong commodity price realization, higher than expected production, and lower operating costs [12] - Free cash flow generated was $109 million, demonstrating the resilience and cash-generating power of the company's assets [12] - Year-to-date, the company has returned nearly $422 million to shareholders, with a record $287 million returned in the second quarter [13] Business Line Data and Key Metrics Changes - The company recorded net total production of 137,000 BOE per day, with average realizations at 97% of Brent before hedges and 100% after hedging [10] - First half 2025 costs were down approximately 11% from 2024, reflecting lower general and administrative expenses, lower non-energy operating costs, and lower taxes other than on income [11] - Total capital was $56 million, with 60% allocated to high return workovers and sidetracks [11] Market Data and Key Metrics Changes - The California Energy Commission is actively working to improve the oil and gas permitting process, which could provide greater flexibility for the company to access its extensive inventory [8] - The state is collaborating with refiners and the industry to ensure fuel reliability during the energy transition [7] Company Strategy and Development Direction - The company is focused on advancing its carbon and power platforms while returning meaningful capital to shareholders [4] - The company is strategically positioned to support California's energy transition, providing cleaner and more affordable in-state production while advancing decarbonization solutions [18] - The company plans to get California's first CCS project into operation, with construction authorization received from the EPA [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving regulatory environment in California and the potential for new oil and gas permits [22] - The company expects to raise full-year production guidance, lower both cost and drilling capital expectations, and increase its adjusted EBITDAX forecast [14] - Management highlighted the importance of local production to address California's energy challenges, emphasizing the need for affordable and clean energy [23] Other Important Information - The company has slightly over $200 million remaining under its current share repurchase authorization, which was recently extended through June 2026 [14] - The company is committed to driving long-term shareholder value and providing shareholder returns, having returned about $1.5 billion in dividends and share repurchases since the inception of its program [38] Q&A Session Summary Question: What is the company's view on the regulatory changes in California regarding oil and gas permitting? - Management is optimistic about the changes and believes the state is actively looking to resolve the permitting situation to stabilize local production [22][24] Question: What is driving the underlying capital efficiency improvements? - The combination of strong assets and operational leadership has led to improved performance, with maintenance capital expected to be at the lower end of the previously guided range [28] Question: How does the company plan to allocate free cash flow going forward? - The company plans to remain opportunistic with share repurchases while balancing other strategic priorities, including redeeming the remainder of its 2026 notes [40] Question: What is the status of the Class six permitting process? - The company is encouraged by the progress and expects to receive incremental Class six permits in the near term [72] Question: How does the company view the potential Elk Hills power deal? - The company is focused on making the right deal that adds significant value to shareholders and is optimistic about the interest in clean power solutions [50][54]

8月伊始，各大 券商 密集发布最新金股推荐名单。随着中报季的深入展开，A股市场迎来新一轮投资布局。其中，电子、 生物医药 等科技成长板块仍保 持较高权重，而 有色金属 、基础化工等顺周期板块关注度显著提升；同时，券商普遍预计8月市场将呈现震荡上行格局，成长与周期板块有望轮动表现。 东方财富 、 牧原股份 并列榜首 据不完全统计，截至2025年8月6日，已有42家券商发布了8月金股组合，累计推荐493次，涉及286只A股标的，其中主板187只、创业板48只、科创板50 只、北交所1只。与7月相比，8月金股推荐呈现量价齐升态势，行业配置方面电子、生物医药持续领跑，有色金属、基础化工等顺周期板块关注度显著提 从金股推荐频次来看，8月，东方财富、牧原股份均被7家券商推荐，并列金股榜首。洛阳钼业紧随其后，获6家券商推荐；获得5家券商推荐的个股包括 中芯国际 、万华化学和 新华 保险 ；获得4家券商推荐的个股包括 新易盛 、 沪电股份 和 东鹏饮料 。 从这些被多次推荐的金股具备以下共同特点：①行业地位稳固：细分领域龙头，具备定价权或技术壁垒；②盈利能见度高：中报业绩验证或行业景气度支 持业绩增长预期；③政策与产业共振： ...

Company Overview - Enerflex's market capitalization is CAD$1.4 billion with an annual dividend of CAD$0.15 per share, resulting in a dividend yield of 1.3%[3] - The company has been operating for 45 years and employs approximately 4,400 people across 7 core countries, with 25 BOOM projects[3] Market Position and Growth - Global demand for natural gas is forecasted to grow by 15% over the next decade, requiring U S and Canadian supply to increase by approximately 25%[15] - Approximately 20 Bcf/d is expected to be added to North American LNG export capacity by 2030, more than doubling the existing capacity of 14 Bcf/d[22] - Data center power demand is projected to reach approximately 700 Twh by 2035, potentially creating a demand of approximately 5 0 Bcf/d[24, 25] Financial Performance and Strategy - Adjusted gross margin from recurring sources accounts for 65% of the total[27] - The company's bank-adjusted net debt-to-EBITDA ratio is 1 3x, compared to a peer range of 3 0x to 4 6x for contract compression and energy infrastructure peers[33] - Enerflex has repaid $396 million of long-term debt since the beginning of 2023, reducing the leverage ratio from 3 3x at year-end 2022 to 1 3x by Q2/25[39, 42] - The company is authorized to acquire up to approximately 6 2 million common shares through March 31, 2026, representing 5% of the float[44, 76] Energy Infrastructure Business - The company's Energy Infrastructure business has approximately $1 3 billion in revenue under contract, with a weighted average contract term of approximately 5 years, extending to 2033[54] - Enerflex operates approximately 1 1 million horsepower of compression internationally, including 23 BOOM gas plants and 2 BOOM produced water treatment facilities[54] - Approximately 75% of the U S contract compression fleet operates in the Permian Basin, with over 20% of the total fleet being electric drive, and fleet utilization exceeding 90% over the past two years[58]