专题：深交所2025全球投资者大会：新质生产力 投资中国新机遇——开放创新的深圳市场 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 5月19日，在"新质生产力 投资中国新机遇——开放创新的深圳市场"主题引领下，2025全球投资者大会 于鹏城盛大启幕。启明创投创始主管合伙人邝子平出席首日论坛，并作《创投资本与新质生产力发展》 主旨演讲。 邝子平表示，中国过去20年的出口，已经从传统的最大的品类是纺织等等制品，变成现在的第一大品类 是机器、机械、电气设备、消费电子及其零部件等等，占到了全年出口总额的42%。而增长最快的品类 是车辆、航空、船舶运输，特别是中国的新能源电动车展现出强劲的全球竞争力。大大小小的企业都在 走向世界。总结的话，在改革开放的早年，通过十年、二十年的时间我们向世界证明了中国的制造能 力、中国的制造质量；中国的科技企业通过过去几年一步一步走向世界，也向世界证明了其强大的竞争 力。而对一个国家科技产品的认同，对一个国家科技企业的认同，所需要的时间、能力远超过一个国家 的制造能力要走过的这段时间。中国的科技企业、中国的新质生产力的能力，通过过去十几年的努力， 已经走出了这 ...

Core Viewpoint - The 2025 Global Investor Conference emphasizes the new productive forces in China and the investment opportunities in Shenzhen's open innovation market, particularly in the biopharmaceutical sector and technology advancements [1][4]. Biopharmaceutical Industry - China's biopharmaceutical sector is rapidly advancing, producing world-class products at lower costs. By 2024, 30% of global big pharma's License-in deals will come from Chinese biotech startups, a significant increase from 0% in 2019 [1][7]. - The shift from being a License-in country to a License-out origin indicates China's growing influence in the global pharmaceutical landscape [7]. Technology and AI Development - The emergence of DeepSeek, a leading AI company, showcases China's capabilities in AI, with its models achieving results comparable to international counterparts at a fraction of the cost [5][6]. - The global perception of China's AI capabilities has shifted, with reports indicating that the gap between Chinese and leading international AI technologies has narrowed to just a few months [6]. Globalization of Chinese Tech Companies - Chinese tech companies are increasingly expanding their international presence, with notable examples including BYD, CATL, ByteDance, Alibaba, and Xiaomi, all showing rising overseas revenue proportions [8][9]. - Smaller tech firms, such as Stone Technology and Insta360, are also achieving significant global market shares, demonstrating the competitive strength of Chinese innovation [10]. Investment Opportunities - The venture capital industry in China plays a crucial role in supporting technological innovation, with a focus on sectors like AI, advanced manufacturing, healthcare, and renewable energy [11][12]. - The potential for investment in Chinese technology is underscored by the fact that six out of seven companies founded after 2010 that have reached a market value of over $100 billion are from China [12]. Future Growth Areas - Key areas for future investment include artificial intelligence, biopharmaceuticals, and renewable energy, driven by demographic changes and technological advancements [13]. - The expectation is that by 2025, AI will significantly empower various industries, creating substantial investment opportunities [13].

Core Viewpoint - The meeting between the company and the CEO of the Climate Organization focused on the development of renewable energy in China, the green certificate system, and potential business cooperation [1][2]. Group 1: Green Certificate System - The company showcased the green certificate service hall, highlighting the history of the National Renewable Energy Information Management Center and the green certificate trading platform, emphasizing the transparency and competitiveness of the Chinese green certificate system [1]. - The green certificate market in China is rapidly developing, with a projected trading volume exceeding 446 million in 2024, surpassing all previous transactions before 2023, and nearly 200 million traded in the first quarter of this year [2]. Group 2: International Cooperation - The CEO of the Climate Organization expressed gratitude for the company's efforts in promoting the unconditional recognition of Chinese green certificates under the RE100 initiative and acknowledged the importance of the green certificate market for achieving 100% renewable energy goals [4]. - The company anticipates that the full recognition of Chinese green certificates by RE100 in 2025 will significantly impact the market, leading to increased procurement from multinational and supply chain companies [2].

Core Viewpoint - The company reported a slight increase in revenue for Q1 2025, but a decline in net profit, attributed to falling electricity prices and increased depreciation costs [1][2]. Financial Performance - Q1 2025 revenue reached 3.558 billion yuan, a year-on-year increase of 0.93% - Net profit attributable to shareholders was 1.021 billion yuan, a year-on-year decrease of 4.44% - The decline in profit is linked to lower electricity prices and increased depreciation due to new projects [1][2]. Power Generation and Capacity - The company generated 9.905 billion kWh of electricity in Q1 2025, a year-on-year increase of 9.26% - Wind power generation was 8.921 billion kWh, up 8.57% year-on-year, while solar power generation was 984 million kWh, up 15.98% year-on-year - As of the end of 2024, the installed capacity for wind and solar power was 14.4818 million kW and 4.3645 million kW, respectively, representing year-on-year growth of 11.56% and 79.06% [1][2]. Market Conditions - The average wind speed at 10 meters nationwide in April 2025 was 0.98% higher than the same period over the past decade, contributing to a 16.68% increase in wind power generation for the month [2]. - The decline in revenue growth compared to power generation growth is attributed to lower electricity prices following the marketization of renewable energy [2]. Accounts Receivable and Valuation - Accounts receivable amounted to 23 billion yuan, approximately 1.54 times the company's current market value of 16.1 billion HKD - The receivables primarily consist of renewable energy subsidy payments, which have been a constraint on capital expenditure and dividends [3]. - The company has improved its dividend payout, with a total dividend of 0.09 yuan per share in 2024, representing 52% of the distributable profit [3]. Long-term Outlook - The company is viewed positively in the context of the wind power sector, which is expected to have higher investment value compared to solar power due to better operational efficiency and lower costs [3]. - The recent policy (Document No. 136) is seen as beneficial for existing assets, enhancing the long-term value of established wind power operators [3]. Profit Forecast - The company is projected to achieve net profits of 2.32 billion, 2.46 billion, and 2.52 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 6.5, 6.1, and 5.9 [4].

Core Viewpoint - Taiwan's third nuclear power plant has officially ceased operations, raising concerns about potential electricity shortages and rising electricity prices as the island transitions to a "nuclear-free homeland" [1][2]. Group 1: Energy Transition and Costs - The Taiwanese government plans to replace nuclear energy with renewable sources such as solar and wind power, as well as natural gas [1]. - The cost of renewable energy purchased by Taiwan Power Company (Taipower) in January and February was NT$5.81 per kilowatt-hour, while natural gas power cost NT$3 per kilowatt-hour, compared to nuclear energy at NT$1.87 per kilowatt-hour [1]. - The transition to higher-cost electricity sources is expected to increase Taipower's generation costs in the second half of the year, impacting electricity prices significantly [1]. Group 2: Reliability and Supply Concerns - The shutdown of the nuclear power plant has reduced the backup capacity rate by approximately 3%, raising fears of emergency power shortages during peak demand periods [2]. - Last year, there were 119 days when electricity reserves fell below 10%, indicating a precarious supply situation [2]. - The introduction of nearly 5 million kilowatts of large gas turbine units is planned, but their implementation timeline remains uncertain [2]. Group 3: Environmental and Health Implications - Post-nuclear phase-out, thermal power generation is expected to meet 84% of Taiwan's electricity demand, potentially leading to increased air pollution and health risks [3]. - The latest pollution source emissions report indicates that thermal power generation contributes significantly to PM2.5 and other harmful emissions, which can lead to respiratory issues [3]. Group 4: Public Sentiment and Criticism - Public sentiment on social media reflects dissatisfaction with the "nuclear-free homeland" policy, with some expressing concerns that it leads to higher carbon emissions and energy security issues [4]. - The prevailing view is that the transition has created a complex situation involving electricity pricing, carbon emissions, supply stability, and energy security challenges for Taiwan [4].

Group 1 - The Azerbaijani government places high importance on developing relations with China and firmly adheres to the One China principle [1] - Azerbaijan is willing to deepen political mutual trust with China and expand bilateral trade and investment [1] - The cooperation between Azerbaijan and China will focus on areas such as connectivity, infrastructure, renewable energy, and cultural exchanges [1]

据悉，气候组织发起的RE100倡议是一项全球企业可再生能源倡议，汇集了约430家致力于100% 使用可再生电力的大型企业。 在5月12日举办的"中国绿证：畅行中国 走向世界——绿证走进粤港澳大湾区"活动上，全球绿色电 力消费倡议（RE100）宣布全面认可中国绿证。 国家能源局党组成员、副局长万劲松表示，当前，全球绿色低碳转型加速推进，大力发展可再生能 源已成为国际社会的普遍共识。绿证既是可再生能源绿色电力的"身份证"，也是企业能源转型、主 动承担社会责任的"承诺书"，既是应对国际贸易壁垒的"通行证"，也是企业增加绿色收益、提升形 象和产品竞争力的"增值卡"。近两年来，随着绿证制度加快完善，我国已构建起全范围覆盖、全周 期闭环、全过程透明、全环节高效的绿证制度体系，绿证代表绿色电力消费的理念日渐深入人心。 水电水利规划设计总院党委副书记、常务副院长易跃春介绍，中国绿证制度从2017年开始实施，经 过不断健全完善，目前已形成了包含"建档立卡、绿证核发、绿证交易、绿证应用、绿证核销"的全 生命周期溯源管理体系，推进绿证各项管理规范化、科学化。"中国绿证国际影响力不断提升，绿 证'走出去'实践成效明显。"易跃春表示。 ...

摘要：风电齿轮箱，也称为风电机组齿轮箱或风力涡轮机齿轮箱，它位于风力涡轮机的底部，连接着风轮（叶片）和发电机。其核心作用是将风轮叶片的旋 转动力转化为高速旋转和适当的扭矩，以驱动发电机产生电能。由于风力作用下风轮的转速相对较低，并不稳定，远低于发电机正常工作所需要的转速，因 此需要通过齿轮箱内的多级齿轮副进行增速，将风轮的低速旋转转换为发电机所需的高速旋转。数据显示，2024年，中国风电齿轮箱行业市场规模约为 326.45亿元。 二、行业政策 作为能源转型的重要组成部分，风电行业发展成为各国政府关注的焦点。近些年中国政府相继出台政策扶持风电行业的发展，也带动中国风电齿轮箱行业快 速发展。例如，2024年3月，河南省人民政府办公厅印发《河南省加快制造业"六新"突破实施方案》，提出要大力发展大容量海上风机新装备，提高风轮叶 片、齿轮箱、大容量发电机及变流器、偏航系统等配套水平，加快发展海上风电换流阀和控制保护、高精度直流测量、数字换流站、低频输电断路器等产 品，提升新型变配电装备供给水平。2025年2月，国家能源局印发《2025年能源工作指导意见》，提出要积极推进第二批、第三批"沙戈荒"大型风电光伏基 地和主要流 ...

在近日"中国绿证：畅行中国 走向世界——绿证走进粤港澳大湾区"活动上，国际绿色电力消费倡 议组织（RE100）宣布无条件认可中国绿证，明确企业使用中国绿证不需要再提供额外证明。这一 重大成果，有力彰显了中国绿证在国际社会的权威性、认可度和影响力，将极大提振中国绿证消费 的信心。 绿证是我国可再生能源电量环境属性的唯一证明，1个绿证单位等于1000千瓦时可再生能源电量。 当前，全球绿色低碳转型加速推进，大力发展可再生能源已成国际社会普遍共识。绿证既是可再生 能源绿色电力的"身份证"，也是企业能源转型、主动承担社会责任的"承诺书"，既是应对国际贸易 壁垒的"通行证"，也是企业增加绿色收益、提升形象和产品竞争力的"增值卡"。 对于绿证的用途，水电水利规划设计总院常务副院长易跃春介绍，一方面是用于绿色电力消费，企 业购买后可用于支撑大型赛事等活动，打造绿电工厂、绿电园区等，提高企业产品绿色竞争力；推 动企业纳入ESG报告信息披露和社会责任报告，体现社会责任和环保意识。 另一方面，绿证用于核算电力消费、能耗核算，与消纳责任权重衔接，考核省级消纳权重、电解铝 等行业绿色电力消费比例核算，以及做好与碳双控制度衔接，为碳排放 ...

共商绿证市场高质量发展之路 "中国绿证：畅行中国 走向世界——绿证走进粤港澳大湾区"活动在深圳举行 5月12日，"中国绿证：畅行中国 走向世界——绿证走进粤港澳大湾区"活动在广东深圳举行。活动现场举行了全球绿色电力消费倡议（RE100） 全面认可中国绿证宣布仪式，发布了2024年粤港澳绿色电力（绿证）消费报告。来自国家能源局、地方政府、电力交易中心、国际组织、粤港 澳三地企业及智库等单位的200余位嘉宾出席活动，共商绿证市场高质量发展之路。 粤港澳大湾区是南方电网的负荷中心，也是我国对外开放的前沿窗口，绿色电力消费需求十分旺盛，已成为绿色发展和能源转型的示范高地。南 方电网紧扣"双碳"目标，全力推动绿证高质量发展。 一是 构建以清洁能源为主体的电力供给新格局。新能源装机容量已超2亿千瓦，成为南方 电网第一大电源；打造"西电东送"输电大通道，每年向粤港澳大湾区送电超过2000亿千瓦时；南方电网非化石能源电能量占比已经达到55%。 二是 全力推进绿证核发全覆盖取得实效。在国家能源局的严格监管下，建立了全网统一的可再生能源项目和电量的共治共享机制，优化以调度 运行计量系统和交易中心数据为基础的绿证核发机制，确保每一 ...