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 ...

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： -20% -10% 0% 10% 20% 30% 2024-03 2024-07 2024-11 2025-03 电力 沪深300 作者 分析师 张津铭 执业证书编号：S0680520070001 邮箱：zhangjinming@gszq.com 分析师 高紫明 执业证书编号：S0680524100001 邮箱：gaoziming@gszq.com 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 ...

市场对绿电的需求增长迅猛。据广东电力交易中心统计，参与今年绿电交易的630余家电力用户中，计 算机、通信和其他电子设备制造业，互联网和相关服务业，石油、煤炭及其他燃料加工业等行业成为新 主力军。 广东电力交易中心发展研究部技术专家陈青介绍，过去广东绿电消费的主力是国有企业和跨国公司，主 要集中在金属制造、建材化工、能源电力、食品生物等行业。如今，电子科技、数据通信业成为主要买 家，为能源结构调整和产业升级带来了新机遇。 数据显示，2024年广东计算机、通信和其他电子设备制造业用电量同比增长11.61%，信息传输、软件 和信息技术服务业用电量同比增长7.22%。这些行业使用绿电可大幅减少碳排放，助力实现"双碳"目 标。以国家"东数西算"工程在华南地区唯一的算力枢纽韶关算力集群为例，今年要建设50万架标准机 架，年用电量预计达97亿千瓦时。如果全部使用绿电，可减少约873万吨的年碳排放量。 南方电网广东韶关供电局计划发展部副总经理杨成介绍，电子科技、数据通信企业对绿电的大规模需 求，可带动上游新能源发电产业发展，促进风电、光伏等新能源项目建设和技术创新，推动储能、智能 电网等相关产业发展，形成完整的绿色能源产业链 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：301327 证券简称：华宝新能 公告编号：2025-012 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 天健会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由变更为天健会计师事务所（特殊普通合 伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以123,953,391为基数，向全体股东每10股派发现金红利 11.50元（含税），送红股0股（含税），以资本公积金向全体股东每10股转增4股。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、报告期主要业务或产品简介 公司秉承"让绿色能源无处不在"的使命，以及"成 ...

Core Viewpoint - Suzhou Zhonglai Photovoltaic New Materials Co., Ltd. reported a "bottoming" financial performance for the year, achieving a revenue of 6.096 billion yuan, while facing pressure on net profit due to declining prices across the photovoltaic industry chain, but maintaining positive operating cash flow and sufficient inventory impairment provisions for future recovery [2] Group 1: Financial Performance - The company achieved an annual revenue of 6.096 billion yuan, meeting market expectations [2] - Net profit was under pressure due to a significant decline in prices across the photovoltaic industry, with polysilicon prices down over 39%, wafer prices down over 50%, cell prices down over 30%, and module prices down over 29% [2] - The operating cash flow remained positive, indicating resilience despite industry challenges [2] Group 2: Industry Context - The photovoltaic industry is experiencing a collective downturn, with profitability compressed to historical lows [2] - The global export growth rate for photovoltaic modules slowed to 13% in 2024, with an average export price decline of 49.3%, highlighting a trend of "price for volume" [2] Group 3: Strategic Initiatives - The company is implementing a "mainly leading, dual-wheel drive" strategy, focusing on n-type TOPCon technology, which has been a core business since 2016 [3] - The JSIM 2.0 technology has improved the conversion efficiency of 210-size TOPCon cells to 26.99% [3] - The company has established a differentiated competitive barrier through its technology and product offerings, including the "Yufeng" series of modules designed for extreme weather conditions [3] Group 4: Global Expansion - The company is pursuing a "two-legged" strategy for overseas expansion, focusing on the "Belt and Road" markets and enhancing brand influence in Europe [4] - As the world's leading supplier of photovoltaic back sheets, the company has shipped over 280 GW, providing cost and supply chain advantages for its module business [4] Group 5: Investment Logic - The market demand for TOPCon products is rapidly increasing, with domestic bifacial module market share rising from 14% in 2019 to 77.6% in 2024 [5] - The company has invested 850 million yuan in R&D over the past three years, holding 310 patents, including 136 invention patents, establishing a solid technological moat [5] - The company is expanding into commercial distributed and ground centralized power station businesses, aiming to create a second growth curve [6] Group 6: Future Outlook - The company is expected to benefit from the stabilization of industry prices in the second half of 2025, with leading enterprises likely to achieve profit recovery [5] - The domestic "dual carbon" goals and international green energy transition trends are anticipated to provide favorable policy support for the company's long-term development [6] - The company is showing signs of loss reduction in its Q1 2025 report, positioning itself as a benchmark case for navigating through industry cycles [6]

Core Viewpoint - 京能电力 announced a distribution plan for the fiscal year 2024, proposing a cash dividend of 1.2 yuan per 10 shares (including tax), totaling approximately 803 million yuan, which represents 46.62% of its net profit and a dividend yield of 3.54% based on the average trading price for the year [1][2]. Financial Performance - For the fiscal year 2024, 京能电力 reported total revenue of 35.428 billion yuan, reflecting a year-on-year increase of 6.54%. The net profit reached 1.723 billion yuan, marking a significant year-on-year growth of 95.52%. The basic earnings per share were 0.23 yuan, with a weighted average return on equity of 6.84% [2]. Historical Distribution Overview - Since its listing, 京能电力 has implemented a total of 24 cash distributions. The most recent distribution plan for 2024 is compared to previous years, showing a consistent trend in dividend payments, with the 2023 distribution being 1.05 yuan per 10 shares and the 2022 distribution being 1.2 yuan per 10 shares [1][2]. Market Activity - The stock experienced a net inflow of 18.79 million yuan from major funds today, with a total net inflow of 40.48 million yuan over the past five days [3]. - The latest margin financing balance for the stock is 309 million yuan, which has decreased by 1.95 million yuan over the past five days, representing a decline of 0.63% [4]. Industry Comparison - In the public utility sector, 京能电力's cash distribution of 803.34 million yuan ranks it among the top companies, with 新奥股份 leading at 6.327 billion yuan, followed by 中国广核 and 华能国际 with distributions of 4.797 billion yuan and 4.238 billion yuan, respectively [4].

6月会议预告 2025高工钠电 产业峰会 主办单位： 高工钠电、高工产业研究院（GGII） 总冠名： 众钠能源 会议时间： 6月9日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2025高工固态电池 技术与应用峰会 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 随着全球对可持续发展的日益关注和监管趋严，电池制造商 ESG （环境、社会和治理）报告正从选择性披露转 为 核心信息窗口。 2024 财年报告季的数据显示， 碳排放 结构 ，特别是与电力消耗相关的部分，已成为衡量电池企业 " 绿色成色 " 的关键。 在亮眼的 " 零碳 " 数据背后，如何界定和核实真正的绿色电力，尤其是在中国国内标准与欧盟等 国际 市场要求存在差异的背景下，正成为行业面 临的核心挑战。 解读 电池企业 " 绿色财报 " ，关键在于看懂企业如何 接入 绿电。 电池 企业 碳排放图谱：电力与供应链是核心挑战 电池企业的 ESG 报告正逐步揭示其碳排放全貌。 在已经披露 ESG 报告的电池企业中， 宁德时代 、 ...

央视网消息：四月下旬是宁夏冷凉蔬菜的集中上市期，眼下，各种植基地内的宁夏菜心迎来了今年的第一茬采收季。 宁夏土地肥沃、引黄灌溉便利，加之日照充足、昼夜温差大，十分适宜冷凉蔬菜种植。宁夏菜心口感柔嫩、风味独特，深受市场喜爱。头 茬采收的宁夏菜心主要销往广东、上海等地市场，通过冷链运输，48小时内就能跨越南北端上餐桌。 据了解，今年，永宁县冷凉蔬菜种植面积达6万余亩，全年将复种4至5茬，预计总产量在18万吨以上。 浙江安吉：谷雨时节采茶忙 绿电炒制茶飘香 谷雨时节，浙江湖州的安吉白茶正式开采。采茶工人在一排排茶树中忙碌穿梭，娴熟地按照一芽一叶的标准采摘，绿水青山间跃动着春日 的丰收图景。 在安吉，所有茶园的信息上图入库，不仅实现了茶园数据化、智慧化管理，也确保原产地安吉白茶总量可控制、来源可查询、质量可追 溯。 为确保每一片白茶更"绿"，今年，当地多部门联合整合清洁能源，助推茶农茶企购买绿证，促成绿电交易。仅在安吉黄杜村，当地已推动 茶农和茶企累计购买绿证达2717张，促成绿电交易272万千瓦时。 目前，安吉白茶种植面积达20.06万亩，年产值占湖州安吉农业总产值的60%。 贵州独山：油桐花盛开 为乡村振兴增"香 ...

Group 1 - The integration of modern agricultural technologies in Linyi County, Shandong Province, has significantly improved crop planting efficiency by 5 times and water resource utilization rate to 95% [1] - The Linyi National Agricultural Park generates an average of 350,000 kWh annually from its photovoltaic power matrix, providing sustainable energy for smart agriculture [1] - Linyi County has a vegetable planting area of 80,000 hectares, with an annual output exceeding 5 million tons and a production value surpassing 10 billion yuan [1] Group 2 - The fusion of photovoltaic technology and agriculture is expanding, with a 5.99 MW solar panel installation in Ximashan Village, enhancing land use efficiency and increasing livestock productivity [2] - Linyi has invested over 10 billion yuan in building a smart grid, adding 72 substations and increasing transformer capacity by 12.847 million kVA [2] - The innovative practice of "photovoltaic + agriculture" is contributing to the development of a green landscape in Linyi, reflecting the region's commitment to sustainable agricultural practices [2]

Core Viewpoint - The company is pursuing a strategic listing in Singapore to enhance its long-term competitiveness without diluting existing shares, aiming to improve stock liquidity and reach a broader international investor base [1] Group 1: Industry Challenges - The company’s installed capacity is projected to grow from 2,768 MW in 2021 to 4,615 MW in 2024, with a compound annual growth rate (CAGR) of 18.58%, while revenue is expected to increase from 2.196 billion to 2.752 billion yuan, reflecting a CAGR of 7.8% [3] - The net profit has not expanded at the same rate, only increasing from 818 million to 876 million yuan, highlighting a structural imbalance in the industry [3][4] - By 2024, China's renewable energy capacity is expected to reach 1.45 billion kW, surpassing thermal power for the first time, with wind and solar accounting for over 80% of new installations [4] Group 2: Company Strategies - The company is focusing on operational efficiency by reducing financing costs, achieving an average financing cost of 3.43% and a comprehensive cost of 3.98% in 2024, both at historical lows [6] - The company plans to classify assets and liabilities of certain subsidiaries as held for sale, involving an amount of 2.778 billion yuan, to alleviate debt pressure and improve financial leverage [8] - The company has completed green electricity transactions of 811 million kWh in 2024 and sold 6.41 million green certificates, indicating a focus on enhancing asset quality and future revenue certainty [9] Group 3: International Expansion - The company has secured 1,399 MW of wind and solar projects globally in 2024, with 679 MW from international markets, and has also acquired 308 MW/616 MWh of international energy storage projects [10] Group 4: Conclusion - The company maintains a dividend payout ratio of over 30%, signaling confidence in its stable cash flow and commitment to shareholder interests amid industry fluctuations [11] - The company's approach serves as a model for global renewable energy firms, demonstrating how to navigate domestic challenges through international capital access and strategic asset management [12]