Group 1 - The company announced its Q1 2025 results, achieving revenue of 14.411 billion yuan, a year-on-year increase of 26.89%, while net profit attributable to shareholders was 974 million yuan, a year-on-year decrease of 16.26% [1] - The average price of alumina in Q1 2025 remained high at 3,863.49 yuan per ton, a year-on-year increase of 15.44%, while the price of electrolytic aluminum was 20,407.82 yuan per ton, a year-on-year increase of 7.10% [1] - The company aims to produce approximately 3.01 million tons of electrolytic aluminum in 2025, with an estimated production of around 500,000 tons in Q1 2025, indicating limited scale effects [1] Group 2 - The "Aluminum Industry High-Quality Development Implementation Plan (2025-2027)" was released, which aims to enhance the resilience and safety of the supply chain, with a target of increasing domestic bauxite resources by 3%-5% and producing over 15 million tons of recycled aluminum [2] - The company, as a leader in green electricity aluminum, has a green aluminum capacity of 3.05 million tons as of the end of 2024, positioning itself to benefit from the industry's development trends [2] - Earnings per share (EPS) forecasts for 2025-2027 are 1.73, 1.84, and 2.01 yuan, with price-to-earnings (PE) ratios of 9, 8, and 8 times, respectively, maintaining a "buy" rating [2]

Core Viewpoint - The National Energy Administration has issued measures to promote the development of the private economy in the energy sector, aiming to enhance the role of private enterprises in the green and low-carbon transition of energy and the construction of a new energy system [1] Company Summary - Tongli Risheng has entered the renewable energy sector by acquiring a 51% stake in Tianqi Hongyuan in 2022, focusing on energy storage system integration and renewable power station development [1] - Tianqi Hongyuan offers comprehensive lifecycle services for renewable power stations, including development, design, construction, and operation [1] - The company has accumulated significant experience in electrochemical energy storage technology, enhancing its service offerings in energy storage system design and implementation [1] Industry Summary - The measures support the development of new energy business models, including virtual power plants and green electricity direct connection models, and encourage private enterprises to invest in new energy technologies [1] - Recent initiatives include a strategic cooperation framework agreement with the government of Qingyang City to establish a 2GWh energy storage equipment production line and a 1GWh lithium iron phosphate energy storage station [1] - Tongli Risheng is actively pursuing collaborations in the field of energy storage and intelligent scheduling, aiming to reduce energy costs and increase the proportion of green electricity used in data centers [1]

Core Viewpoint - The development of green electricity and green certificate markets is essential for promoting a green and low-carbon energy structure, stimulating market vitality, guiding green consumption, and facilitating the green transformation of the economy and society [1][2]. Group 1: Green Electricity and Green Certificate Market Development - The National Development and Reform Commission and other departments have issued guidelines to promote the high-quality development of the green electricity certificate market, focusing on stabilizing supply, stimulating demand, and improving mechanisms [1]. - The transition from passive compliance to active choice in green electricity consumption is encouraged, aiming to create a virtuous ecosystem where enterprises actively consume green electricity and collaborate across the supply chain [1]. Group 2: Mechanisms and Incentives - A combination of mandatory and voluntary green certificate consumption mechanisms is proposed, targeting high-energy-consuming and high-emission industries to enhance green electricity consumption [2]. - The establishment of a tiered green electricity consumption ratio is suggested, with support for companies exceeding their consumption targets through government purchases, subsidies, and tax incentives [1][2]. Group 3: Integration with Carbon Markets - The integration of green electricity and certificates with carbon markets and sustainable disclosure standards is emphasized, providing diverse pathways for achieving carbon neutrality [2]. - Companies are encouraged to include green certificate purchases in their ESG reports and to disclose their green electricity consumption progress [2]. Group 4: Financial Support for Green Electricity Consumption - The development of supply chain financial products based on green electricity consumption is advocated, including green electricity receivables financing and credit loans [3]. - Financial institutions are encouraged to offer preferential loan terms and establish green electricity consumption interest subsidy loans for qualifying enterprises [3]. Group 5: International Standards and Cooperation - Accelerating alignment with international green certificate standards is crucial, with a focus on enhancing the recognition of "Chinese green certificates" in global markets [4]. - The establishment of international green supply chain alliances is encouraged to set unified emission reduction goals and certification standards, facilitating collaborative carbon reduction efforts [4].

当前新能源发电行业正处于政策逐步明朗化阶段。随着 136 号文的实施，未来 新增项目的机制电量和电价情况将更加清晰。国家对于绿电消纳问题提出了解 • 福建省投资集团启动永泰抽蓄项目 51%股权的注入程序，未来平海湾三期 等优质资产也在持续开发中。这些资产的注入将推动中闽能源长期利润中 枢迈上新台阶。 • 中闽能源作为福建省内核心海风运营平台，拥有丰富且优质的海风资源。 福建省海风资源是国内最优质的绿电资源之一，目前电价逐步回归合理区 间，整体资产价值回升显著。 决方案，这将提高绿电板块长期投资回报的确定性，并推动整个行业进入更加 理性的状态，从而改善供需关系。此外，一些细节上的边际改善，如现金流改 善、国补发放加速，也值得期待。这些政策变化为新能源发电行业的发展提供 了良好的环境，有助于提升项目回报率。 中闽能源 20250428 摘要 • 中闽能源海上风电项目利用小时数和发电效率突出，直配项目电价较高， 保证了投资收益率。控股股东福建省投资开发集团承诺注入平海湾三期等 资产，增强公司成长性和盈利能力。 • 新能源发电行业政策逐步明朗化，136 号文的实施将使新增项目机制电量 和电价更加清晰。绿电消纳解决方案 ...

Financial Performance - In 2024, the company's total revenue was CNY 7.757 billion, a decrease of 4.71% year-on-year [3] - Data center revenue reached CNY 3.152 billion, an increase of 14.07% year-on-year, with a gross margin of 28.77% [3] - Smart energy revenue was CNY 922 million, down 9.01% year-on-year, with a gross margin of 41.06% [3] - New energy revenue was CNY 3.608 billion, a decline of 15.98% year-on-year, with a gross margin of 16.78% [3] - The net profit attributable to shareholders was CNY 315 million, impacted by credit and asset impairment losses totaling CNY 258 million [3] Business Development - The smart computing center business generated approximately CNY 3.152 billion in revenue, growing 14.07% year-on-year [4] - The company is actively engaging in AI, computing power, and autonomous driving markets, establishing a robust heterogeneous computing power platform [4] - The company has secured numerous product orders from major clients in the internet, telecommunications, and finance sectors, with significant growth expected in 2025 [5] Technological Advancements - The company has been recognized as a top 10 service provider in the third-party computing power center sector, ranking 8th in comprehensive development and 4th in technical capability [6] - In the smart energy sector, the company has launched innovative products such as the 1500V 5MW liquid-cooled photovoltaic inverter, enhancing its market position [8] - The company has achieved the highest shipment volume of energy storage PCS among Chinese enterprises globally, maintaining a strong presence in the renewable energy sector [9] Future Outlook - The company plans to intensify its focus on the smart computing center business, leveraging its core technology in power electronics for new product development [10] - A strategic customer department has been established to deepen collaborations with major internet companies and expand into various sectors [10] - The company is considering future financing plans based on strategic goals and market conditions, following the successful completion of a convertible bond project [11]

丨证券研究报告丨 行业研究丨专题报告丨公用事业 [Table_Title] 持仓低配程度加深，重α轻β特征突出 报告要点 [Table_Summary] 2025 年一季度，公募基金公用事业板块重仓持股比例为 0.96%，环比上个季度降低 0.37 个百 分点，当期配置占比历史同期分位数为 37.7%，超配比例-2.03%。公用板块持仓已经回落至绝 对低位，低配程度持续加深。但在板块持仓回落的背景下，部分公司获得逆势增持，如火电中 电源机组所在区域价格更优的公司获得逆势增持，此外我们一直强调的绿电板块投资逻辑重视 赔率和福建海风得到市场验证，板块重α轻β特征突出。 分析师及联系人 [Table_Author] 张韦华 司旗 宋尚骞 刘亚辉 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 公用事业 cjzqdt11111 水电：龙头持仓均有降低，行业估值性价比提升 一季度在蓄能释放带动下，水电 ...

同力日升 20250427 摘要 • 公司新能源业务显著增长，弥补了传统电梯业务的下滑。承德 300 风电项 目和天津 100 项目成功并网，承德围场共享储能项目已并网并预收两年租 金，预计西北网新政策将带来更多现货交易收益，这些项目显著提升了公 司整体利润。 • 公司与庆阳市政府合作建设新型绿色算力中心，探索源网荷储替代方案， 计划试点备件替代方案，并与杭州新风光合作，在东部沿海地区开展表后 储能系统设计，逐步突破源网荷储，寻求铅酸和柴发替代方案。 • 承德 500 风光互补项目因接入变电站延期，公司考虑将共享储能 51%出 表给国资，以降低杠杆、回笼资金，并计划启动该项目。数据中心方面， 公司正积极配合新型供电架构，试点备件替代方案，并与 IDC 业主方寻求 铅酸和柴发替代方案。 • 公司通过绿电加储能形成微网系统，替代部分柴油机供电，提高供电可靠 性至 99.99%，大幅提升 IDC 机房的绿电占比，降低用电成本。业主通过 降低柴油机配置来补偿投资，公司通过绿电交易和储能收益获得可观回报， 确保整体收益率在 9%以上。 Q&A 公司在新能源领域取得了显著进展。承德 300 风电项目已于去年年底成功并网， ...

Core Viewpoint - Since 2024, state-owned enterprises have been actively selling photovoltaic power station assets, with China Power Investment Corporation (known as "State Power Investment") leading the trend, indicating a significant shift in the market dynamics of renewable energy assets [1][3]. Group 1: Asset Sales by State Power Investment - State Power Investment has transferred stakes in nearly 40 renewable energy companies, involving a total installed capacity of over 3.2 GW and an estimated transaction value of approximately 18 billion yuan [1][3]. - The company has initiated a series of asset sales, including the termination of projects like the 100 MW household photovoltaic project in Shandong due to rising rooftop leasing costs and low return on assets [3][4]. - By April 2024, State Power Investment had transferred stakes in 24 renewable energy companies, marking a significant shift in its operational strategy [4][6]. Group 2: Changes in Renewable Energy Development Logic - The underlying logic of renewable energy development has changed, with increasing uncertainty in electricity generation and pricing, posing challenges for future growth [8][9]. - Previously, renewable energy enjoyed priority purchasing rights and higher subsidy prices, but the market has shifted towards lower prices and increased competition, leading to a decline in project return rates [9][10]. - State Power Investment has recognized the need to adapt to these changes by prioritizing projects with higher return rates and disposing of underperforming assets [10][11]. Group 3: Transition to Comprehensive Smart Energy Operations - To ensure sustainable development, State Power Investment is transitioning from being a pure project developer to a comprehensive smart energy operator, focusing on local energy consumption and flexible energy management [11][12]. - This transition is crucial for improving the utilization rate of renewable energy projects and ensuring their profitability in a constrained system [12][14]. - Other state-owned enterprises are also following suit, with over 30 companies reportedly listing renewable energy assets for sale as they seek to maintain project profitability [12][13].

Core Viewpoint - The company reported a record high net profit and revenue growth, driven by favorable energy supply policies and recovering market demand [1][2] Financial Performance - The company achieved an operating revenue of 29.859 billion yuan, a year-on-year increase of 11.23% [1] - The net profit attributable to shareholders reached 5.342 billion yuan, marking a 17.15% year-on-year growth [1] - Basic earnings per share were 2.38 yuan, with a proposed cash dividend of 8 yuan per 10 shares [1][2] Business Segments - The coal business generated revenue of 10.585 billion yuan, up 11.63% year-on-year [1] - The electrolytic aluminum segment saw production reach 900,000 tons, a historical high for the same period, with profit per ton increasing to 17.5% [1] - New energy generation capacity surpassed 4.7798 million kilowatts, becoming a new profit growth engine [1] Strategic Initiatives - The company is positioned as a core entity in the strategic layout of the State Power Investment Corporation in Eastern Inner Mongolia, focusing on a circular economy model [1] - The second phase of the 350,000-ton green aluminum project is expected to increase green electricity consumption to over 40% [1] - Ongoing projects include 445,000 kilowatts of wind power and 1.1 million kilowatts of solar power, with expectations for new energy capacity to exceed 60% by the end of the 14th Five-Year Plan [1] R&D and Technological Advancements - The company made significant breakthroughs in intelligent coal mining and new energy grid connection technologies [2] - The smart mining initiative has been recognized as a typical case by the Ministry of Industry and Information Technology, with the scale of unmanned mining trucks ranking among the top three in the country [2] - The industrial internet platform has achieved full-process digital management of production, establishing a technological moat [2] Future Outlook - The company plans to implement a "balanced growth strategy," accelerating the development of new energy sectors and promoting the transition to clean coal and green aluminum [2] - The focus will be on achieving green, low-carbon, and high-quality development [2]

证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 电力 迎峰度夏将至，重视煤价后置下的火电机会 本周行情回顾：本周（4.21-4.25）上证指数报收 3,295.06 点，上涨 0.56%， 沪深 300 指数报收 3786.99 点，上涨 0.38%。中信电力及公用事业指数 报收 2894.72 点，上涨 2.06%，跑赢沪深 300 指数 1.68pct，位列 30 个 中信一级板块涨跌幅榜第 8 位。 本周行业观点： 投资建议：电力公司业绩陆续发布，基本面支撑与市场风格共振，重视电 力投资机会布局。迎峰度夏将至，本周煤价下跌至 665 元/吨附近，成本 超预期下跌支撑度电盈利改善，重视火电超额机会，建议关注重点火电标 的：华电国际、皖能电力、浙能电力、华能国际、建投能源；以及火电改 造设备龙头：青达环保。推荐布局低估绿电板块，推荐优先关注低估港股 绿电以及风电运营商，建议关注新天绿色能源（H）、龙源电力（H）、中 闽能源、福能股份。把握水核防御，水电板块，建议关注长江电力、国投 电力、川投能源、华能水电；核电板块，建议关注中国核电和中国广核。 风险提示：原料价格超预 ...