Group 1: Report Overview - Research Date: September 12, 2025 [1] - Research Industry: Power Industry [2] - Research Object: Zhongmin Energy [17] - Company Representatives: Chairman and General Manager Guo Zheng, Financial Controller Liu Shangying, Board Secretary Chen Hairong, Independent Directors Wen Buying and Xu Ping [17] Group 2: Research Institutions - Types of Institutions: Investor online questions and others [20] Group 3: Main Content Asset Injection - Unmet Conditions: Putian Pinghaiwan Offshore Wind Farm Phase III project hasn't obtained final subsidy verification results; Ningde Xiapu Offshore Wind Farm (Areas A and C) and Xiapu Mindong Offshore Wind Farm (Area B) haven't been put into production [24] - Future Plans: The company is promoting the injection of Mintou Pumped Storage assets [27] Policy Impact - 136 Document: The implementation plan in Fujian hasn't been issued, so the impact on the company's electricity price in the first half of 2025 is small. In the short - term, there may be price fluctuations, but in the long - term, the price will stabilize [26] Business Expansion - Strategy: The company will seek high - quality project acquisition opportunities at home and abroad, aiming for leap - forward and high - quality development [27] Stock Price and Repurchase - Current Plan: The company currently has no plans for shareholding increase or repurchase [28] Profit Growth - Solutions: For projects with subsidy limits, participate in green power trading. In the first half of 2025, three projects continued to participate in green power trading with a trading volume of 15,872.6 million kWh. Also, promote the transformation of old wind farms [30] Future Development - 14th Five - Year Plan: The company is formulating its development plan, aiming to build a diversified, large - scale and efficient new energy industrial pattern [31] - Three - Year Plan: The company will formulate a shareholder return plan from 2026 - 2028 to continue the stable cash dividend policy [32] Subsidy Recovery - Policy Support: The policy in June 2025 requires grid enterprises to pay funds monthly, which will accelerate the subsidy recovery in the short - term. The long - term progress depends on policy continuity and funding sources [34]

清华四川能源互联网研究院负责为公司提供企业的数字化转型规划、科技创新规划以及信息化建设规 划，为公司提供涵盖数字化转型、科技创新及信息化建设的全流程咨询与技术服务，包括不限于：1.新 型电力系统技术研发与应用：开展新能源发电、储能技术优化，研发电力行业专用大模型，部署新型传 感器，提升能源利用效率与系统智能化水平。2.电力基建工程智能化升级：研发并实施自动化、智能化 装置，运用AI视觉识别等技术，实现基建工程全流程智能化管理与本质安全。3.人工智能电力场景应用 拓展：推动人工智能在电网运行、客户服务、运维管理中的应用，打造智能调度、AI客服等平台，助 力业务数字化转型。4.企业信息化系统升级改造：升级ERP、CRM等核心系统，优化架构与功能，实现 数据整合分析，提升企业运营管理效能。 智通财经APP讯，明星电力(600101.SH)发布公告，2025年9月12日，公司与清华四川能源互联网研究院 签署了《合作协议》。双方本着平等互利、携手共进、优势互补与协同发展的核心理念，开展相关业务 合作。 ...

当云南的风掠过山脊，当峡谷的光穿透云层，昆柳龙直流工程将西部源源不断的能量跨 越1452公里山河湖海，送入粤港澳大湾区的繁华都市。今年，世界首个±800千伏特高压多 端柔性直流输电工程——昆柳龙直流工程，迎来安全运行五周年的重要节点。作为中国电力 工业发展史上的重要里程碑，昆柳龙工程在世界上首次采用特高压柔性直流输电技术，引领 全球输电技术进入特高压柔性直流时代。 柔性直流技术具备独特的"应急救场"能力，依托有功无功协同的主动支撑技术，系统可 在电网正常运行时传输有功功率，而在电网发生故障的20毫秒内快速切换至紧急无功支援模 式，为受端电网提供强力电压支撑，如同一位"电力急救员"，守护电网安全。不仅如此，特 高压柔性直流输电技术还是新能源发电基地的"稳定器"，通过构网控制技术，昆柳龙工程成 功解决了风电、光伏等波动性电源的并网难题，为沙戈荒等大型新能源基地的电力外送提供 了关键技术保障，助力规模化开发可再生能源。 ■■迈向"世界引领"彰显中国创造力量 五年来，昆柳龙直流工程持续稳定运行，累计输送清洁电能超过1135亿千瓦时，相当于 减排二氧化碳8700万吨，为中国乃至全球低碳发展注入了强劲动力。该工程共创造了 ...

Investment Rating - The report maintains an "Overweight" rating for the coal sector, highlighting the sustained demand for coal in the global energy landscape [5][11]. Core Insights - The fundamental cause of frequent global electricity shortages is the rapid growth in electricity demand, which is not matched by effective solutions to supply-side structural bottlenecks. Traditional energy sources, particularly coal, remain crucial for the stability of the global electricity system in the medium to long term [3][11]. - Global electricity demand is projected to grow at a rate of 4.4% in 2024, significantly outpacing the global GDP growth of 2.9%. This growth is driven by three main factors: deep electrification in industrial sectors, rapid expansion of data centers driven by artificial intelligence, and increased electricity demand due to extreme weather events caused by climate change [9][15][27]. Summary by Sections Investment Recommendations - The report suggests that the pressure on coal resources may have peaked, and it anticipates a continued increase in global coal demand over the next 5-10 years. Recommended companies include China Shenhua, China Coal Energy, Shaanxi Coal and Chemical Industry, Yanzhou Coal Mining, and Jinneng Holding Group [11][12]. Global Electricity Demand Growth - The report notes that global electricity demand is expected to grow significantly, with emerging economies maintaining high growth rates and developed economies beginning to recover. By 2024, electricity demand in China is projected to increase by 6.8%, contributing 54% to global demand growth [19][20]. - The International Energy Agency (IEA) forecasts that global electricity demand will continue to grow at an average annual rate of 3.3% in 2025 and 3.7% in 2026, despite potential slowdowns due to trade tariffs and economic uncertainties [15][19]. Global Electricity Supply Challenges - The report highlights that the supply side has not effectively addressed structural bottlenecks, leading to frequent electricity shortages. Despite significant investments in renewable energy, issues such as aging grid infrastructure and inadequate energy storage systems hinder the effective absorption and utilization of new clean energy sources [10][55]. - The report emphasizes that traditional coal-fired power generation remains a critical stabilizing force in the global electricity system, especially as developed countries like the U.S. are expected to restart coal power generation to meet rising electricity demands [11][56]. Traditional Energy's Role - Coal power is projected to continue playing a vital role in the global energy landscape, with the U.S. expected to see a 6% increase in coal consumption by 2025. This shift indicates a potential adjustment in energy strategies among developed nations [11][56]. - The report also notes that while the share of coal in global energy generation is decreasing, it still represents the largest source of electricity generation globally [11][56].

Company Overview - Jiuzhou Group was founded in 1993, focusing on smart distribution networks and energy sectors, and is a leading provider of new power and energy infrastructure [2] - The company is a national key high-tech enterprise and was successfully listed on the Chinese Growth Enterprise Market in 2010 (stock code: 300040) [2] - Jiuzhou Group has established three core business segments: smart distribution networks, new energy, and comprehensive energy services, managed by three business groups with over 40 subsidiaries across various provinces [3] Financial Performance - In the first half of 2025, the company achieved a revenue of 6.85 billion yuan and a net profit of 4281.5 million yuan, marking a 65.6% increase compared to the same period last year [4] - The comprehensive smart energy segment turned profitable due to operational improvements in biomass cogeneration assets [4] - The company received over 1 billion yuan in national subsidies this year, with a significant acceleration in the collection speed [4] Business Development - The company has a total installed capacity of over 2.7 GW in new energy projects, with an additional 1 GW in construction and development [3][8] - The smart distribution network equipment orders are distributed approximately 1/3 within the grid and 2/3 outside, with a gross margin of about 20% and a net margin of around 3% [6] - The company aims for a 20% revenue growth in the smart distribution network segment and a 10% growth in both new energy and comprehensive smart energy segments for 2025 [9] Market Outlook - The management holds an optimistic view on the future of the distribution and transmission industry, anticipating a new growth cycle due to increased investment in the power grid and rising demand from AI and data centers [5] - The potential market for decentralized wind and clean energy heating in Northeast China is substantial, with nearly 300 county-level administrative units and over 3000 townships [7] Strategic Initiatives - The company is focusing on enhancing its manufacturing capabilities and market presence by establishing a new sales team targeting large clients and expanding overseas sales efforts [5] - Plans to utilize asset securitization tools like REITs and ABS for future asset monetization are under consideration [4] - The company is actively exploring overseas business opportunities, particularly in Belt and Road Initiative countries and ASEAN nations [11]

智通财经APP讯，中广核新能源(01811)发布公告，2025年8月该集团按合并报表口径完成发电量1543.7 吉瓦时，较2024年同比减少5.7%。其中，中国风电项目增加2.4%，中国太阳能项目增加43.2%，中国燃 气项目增加1.2%，中国水电项目增加0.3%及韩国项目减少26.2%。 截至2025年8月31日止八个月，集团今年累计完成发电量12850.5吉瓦时，比2024年同比减少1.6%。其 中，中国风电项目增加2.2%，中国太阳能项目增加23.4%，中国燃气项目增加3.5%，中国水电项目减少 16.3%及韩国项目减少12.9%。 ...

Investment Rating - The industry investment rating is "In line with the market" [3] Core Viewpoints - The photovoltaic industry is experiencing significant pressure on profitability, but signs of operational improvement are emerging. The manufacturing side is under pressure with production growth slowing down, while demand remains stable [5][6] - The domestic demand for photovoltaic installations has shown strong growth, with a 107% year-on-year increase in new installations in the first half of 2025 [5] - The industry is witnessing a decline in production capacity utilization and a significant drop in product prices compared to previous highs, with declines of 88.3% for polysilicon and 66.4% for modules [5][6] Summary by Sections Industry Performance Overview - In the first half of 2025, the overall revenue of the photovoltaic industry was 341 billion yuan, a year-on-year decrease of 15.48%, with a net profit loss of 8.79 billion yuan, worsening from a loss of 618 million yuan in the same period last year [5] - The industry’s operating cash flow improved significantly, totaling 2.799 billion yuan compared to a negative cash flow of 20.31 billion yuan in the previous year [5] Quarterly Changes - In Q2 2025, the industry's total revenue was 184.9 billion yuan, with a year-on-year decline of 12.29%, but the decline has been narrowing quarter by quarter since Q4 2024 [5] - The net profit for Q2 2025 was -4.54 billion yuan, showing a year-on-year improvement of 15.87% and a quarter-on-quarter increase of 7.30%, marking the first quarter of profit growth after seven consecutive quarters of decline [5] Operational Indicators - The overall gross margin for the industry in the first half of 2025 was 9.74%, a year-on-year decrease of 4.95 percentage points, while the net margin was -2.58%, down 2.41 percentage points year-on-year [5] - Capital expenditures totaled 30.242 billion yuan, a year-on-year decrease of 51.86%, indicating a contraction in investment across all segments [5] Investment Recommendations - The report suggests that the domestic demand for renewable energy is expected to remain robust, supported by increasing electricity consumption and the implementation of market-based trading for renewable energy [5][6] - The industry is seeing a consensus against excessive competition, with prices beginning to stabilize, and there is potential for recovery in overseas markets as well [6]

Summary of Key Points from Conference Call Records Industry Overview - The global power infrastructure investment is expected to grow significantly, with a compound annual growth rate (CAGR) of approximately 12.7% from 2021 to 2024, driven by the cost structure of renewable energy generation and the growth of AI and electric vehicles supporting increased electricity demand [1][3] - The investment in the power grid is lagging behind power generation, with a projected CAGR of about 6.7% during the same period, primarily due to approval delays and high reliability requirements [1][4] Core Insights and Arguments - The power equipment industry faces supply-side challenges, including a contraction in infrastructure from 2015 to 2020 and rising raw material prices due to the pandemic, leading to a significant supply-side clearing [1][6] - Domestic companies have opportunities to expand in overseas markets, benefiting from a large market share growth potential, supply chain cost advantages, and service quality [1][7] - Major domestic equipment manufacturers should continue to explore new product categories and markets with existing customers, leveraging supply chain cost and service advantages while enhancing localization capabilities [1][8] - Market concerns exist regarding the valuation of high-voltage equipment companies, with PEG valuations appearing expensive; however, the continuous rise of overseas high-voltage equipment stocks and significant foreign investment suggest a low likelihood of deep adjustments [1][9] Additional Important Content - The global power infrastructure investment is primarily driven by energy transition and technological changes, particularly the development of renewable energy [3] - The high-voltage equipment sector is characterized by strong customization, reliance on skilled labor, and specialized facilities, which have resulted in slower-than-expected capacity releases [6] - Domestic companies are expected to establish a strong presence in overseas markets through direct sales and extensive service support, which can lead to further business category expansion [7][8] - The liquidity easing environment is viewed positively for high-voltage equipment companies due to their return on equity (ROE) levels and globalization capabilities, providing valuation premiums [10] - The electric meter industry is currently facing challenges due to domestic business and market cycles but presents good investment opportunities due to the global capabilities of leading companies like Samsung Medical and HaiXing Electric [2][12] - Globalization capability is identified as a crucial long-term growth driver for Chinese companies, with a focus on those with strong international competitiveness [13]

事件描述 得益于装机增长的拉动，上半年风电和光伏分别完成上网电量26.14 亿千瓦时、19.74 亿千瓦时，同比分 别增长0.85%、88.90%，其中风电增幅较弱主要受到一季度沿海地区海风强度同比减弱影响。但新增装 机的投产也推高了折旧、运维等各项成本，上半年公司可再生能源板块营业成本同比增长22.41%，远 高于收入增幅。因此，上半年公司新能源业务实现归母净利润1.03 亿元，同比减少48.15%。此外，投 资收益的明显下降也共同压制了公司业绩表现，上半年公司实现投资收益4.14 亿元，同比降低 24.16%。综合来看，公司火电及清洁能源板块均明显承压，叠加投资收益贡献同比下降，上半年公司 实现归母净利润0.32 亿元，同比降低96.40%。单二季度来看，随着二季度煤炭成本降幅扩大、新增发 电产能释放以及风况的边际改善，公司盈利能力有所修复，二季度公司实现归母净利润4.15 亿元，同比 减少46.52%，但环比一季度扭亏为盈。 投资建议与估值：根据公司最新财务数据，我们调整盈利预测，预计公司2025-2027 年EPS 分别为0.11 元、0.22 元和0.30 元，对应PE 分别为43.02 倍和20. ...

Core Viewpoint - The company reported a decline in total operating revenue and net profit for the first half of 2025, attributed to lower electricity prices despite an increase in installed capacity and generation output [1][2]. Financial Performance - Total operating revenue for the first half of 2025 was 14.736 billion yuan, a decrease of 2.19% year-on-year [1][2]. - The net profit attributable to shareholders was 3.815 billion yuan, down 5.48% year-on-year [1][4]. - Operating costs increased by 16.77% year-on-year, leading to a gross profit of 6.934 billion yuan, which represents a decline of 17.30% [4]. Installed Capacity and Generation - The company added 2.1807 million kilowatts of new installed capacity, bringing the total to 49.9366 million kilowatts, a year-on-year increase of 20.7% [2]. - Wind power installed capacity reached 22.9702 million kilowatts, up 17.05% year-on-year, while solar power installed capacity was 25.0955 million kilowatts, an increase of 25.86% [2]. - Despite the increase in capacity, the utilization hours for wind and solar power decreased, with wind utilization hours at 1,146 hours (down 7.80%) and solar utilization hours at 597 hours (down 13.85%) [2]. Generation Output - The company achieved a total generation output of 39.314 billion kilowatt-hours, a year-on-year increase of 8.85% [2]. - Wind power generation was 25.061 billion kilowatt-hours (up 8.69%), and solar power generation was 13.911 billion kilowatt-hours (up 10.25%) [2]. Profitability and Investment Income - The company managed to optimize costs, with management expenses down 10.42% and financial expenses down 2.65% [4]. - Investment income reached 0.915 billion yuan, a significant increase of 167.32% year-on-year, helping to alleviate performance pressure [4]. - The net profit for the second quarter was 1.368 billion yuan, a decrease of 15.41% year-on-year, reflecting the challenges in operational performance [4]. Future Outlook - The company has a substantial pipeline of projects, with 13.8178 million kilowatts still under construction as of the end of the first half of 2025 [5]. - Improved weather conditions for wind and solar resources are expected to lead to a marginal recovery in operational performance [5]. - Earnings per share (EPS) forecasts for 2025-2027 are 0.22 yuan, 0.23 yuan, and 0.24 yuan, with corresponding price-to-earnings (PE) ratios of 19.35, 18.97, and 17.45 [5].