Group 1 - The People's Bank of China (PBOC) is set to announce the latest Loan Prime Rate (LPR) on May 20, with the current 1-year LPR at 3.1% and the 5-year LPR at 3.6%, remaining unchanged for six consecutive months [1] - PBOC Governor Pan Gongsheng announced a 0.1 percentage point reduction in policy rates, which is expected to lead to a corresponding decrease in LPR [1][2] - Major banks are anticipated to act first in lowering deposit rates, while smaller banks will follow based on their circumstances and market competition [1] Group 2 - A report indicates that a new round of deposit rate cuts is imminent, with the average interest rate for new personal housing loans at approximately 3.1% as of April [2] - For a personal mortgage loan of 1 million yuan over 30 years, the monthly payment is expected to decrease by 54 yuan, resulting in a total repayment reduction of 19,000 yuan [2] Group 3 - On May 20, major state-owned banks announced reductions in RMB deposit rates, with the largest cut being 25 basis points [5] - The Industrial and Commercial Bank of China (ICBC) lowered its current deposit rate to 0.05% and adjusted various term deposit rates downwards, with the 3-year and 5-year rates reduced to 1.25% and 1.3% respectively [5][10] - Agricultural Bank of China, Bank of China, and other major banks made similar reductions in their deposit rates, reflecting a coordinated effort to adjust to market conditions [10][16] Group 4 - Analysts suggest that the recent deposit rate cuts are a result of banks adjusting their strategies based on market conditions, which may enhance their ability to support the real economy [18] - The long-term deposit rates have seen larger cuts, particularly for terms over three years, which may lead to a shift in consumer behavior towards other investment options [18]

数据作为一种新型生产要素，通过交易才能够充分释放其价值。5月19日获悉，"辽宁省公路沿线实 况产品""辽宁省新能源风电功率预测气象服务产品"等省级公共数据产品，近日已在大连产权交易所 （大连数据交易平台）挂牌待交易。 大连数据交易平台是我省唯一实体化运行的数据交易平台，此次省级公共数据产品首次在大连挂 牌，对于促进我省数据要素交易流通、打通价值释放关键环节具有示范意义。 据悉，在辽宁省数据局的积极对接下，今年将有约30款省级公共数据产品在大连数据交易平台实现 挂牌交易。省数据局数据规划发展处负责人表示，我省加快探索数据要素市场化配置改革，以建设国家 数据要素综合试验区为契机，以制度建设为主线，以促进数据流通使用为重点，结合地方资源禀赋和基 础条件，探索数据价值释放路径，激发经营主体活力，培育壮大数据要素市场。聚焦优势领域，为数据 产品搭建流通交易的平台、建立对接机制，打造释放数据价值的标志性成果，促进数据"供得出、流得 动、用得好、保安全"，为我省数字经济高质量发展提供有力支撑。 大连市数据局相关负责人表示，将推动大连产权交易所持续完善数据交易平台功能，优化数据交易 服务，引导更多省内外数据产品在大连数据交易 ...

5月LPR报价出炉，5年期和1年期利率均下调10BP。 5月20日周二，中国人民银行授权全国银行间同业拆借中心公布，中国1年期贷款市场报价利率（LPR）最新报3.00%，上次为3.10%；5年期LPR报3.50%，上次为 3.60%。 本次下调此前官方已有公布，5月7日，中国人民银行行长潘功胜在发布会上表示，将下调金融机构存款准备金率0.5个百分点，预计向市场提供长期流动性约1万 亿； 并下调政策利率0.1个百分点，预计将带动贷款市场报价利率（LPR）同步下行约0.1个百分点 ，同时下调住房公积金利率0.25个百分点。 20日早前，四大行官宣下调存款利率，最高25基点： 其中，活期利率下调5个基点至0.05%；定期整存整取三个月期、半年期、一年期、二年期均下调15个基点，分别为0.65%、0.85%、0.95%、1.05%；三年期和五 年期均下调25个基点，分别至1.25%和1.3%。 此外，招行等大行也将于5月20日起下调人民币存款挂牌利率，这是继央行降息后市场化利率传导机制的又一次显性表现。 银行官宣下调存款利率，多类存款产品利率集体下行 中国四大行以及招商银行、交通银行纷纷官宣下调存款利率。 中国工商银 ...

招商银行 2 0日下调人民币存款利率，其中活期利率下调5个基点至0 . 0 5%；定期整存整取三个 月期、半年期、一年期、二年期均下调1 5个基点，分别为0 . 6 5%、0 . 8 5%、0 . 9 5%、1 . 0 5%； 定期整存整取三年期和五年期均下调2 5个基点，分别至1 . 2 5%和1 . 3%。定期零存整取、整存 零取、存本取息三种期限均下调1 5个基点。7天期通知存款利率下调1 5个基点至0 . 3%。 中国工商银行 于5月2 0日下调人民币存款利率，其中活期利率下调5个基点至0 . 0 5%；定期整 存 整 取 三 个 月 期 、 半 年 期 、 一 年 期 、 二 年 期 均 下 调 1 5 个 基 点 ， 分 别 为 0 . 6 5% 、 0 . 8 5% 、 0 . 9 5%、1 . 0 5%；三年期和五年期均下调2 5个基点，分别至1 . 2 5%和1 . 3%。定期零存整取、 整存零取、存本取息三种期限均下跌1 5个基点。7天期通知存款利率下调1 5个基点至0 . 3%。 中国银行 于5月2 0日下调人民币存款利率，其中活期利率下调5个基点至0 . 0 5%；定期整存整 取 三 ...

Group 1 - The long-anticipated reduction in deposit interest rates is about to be implemented, with major state-owned banks indicating that announcements will be made soon [1][4] - The People's Bank of China (PBOC) has lowered the 7-day reverse repurchase rate from 1.50% to 1.40%, which is expected to lead to a corresponding decrease in the Loan Prime Rate (LPR) and deposit rates by 0.1 percentage points [1][2] - The adjustment of policy rates is aimed at promoting consumption and investment, thereby enhancing overall social demand and supporting economic growth [2] Group 2 - Historically, deposit rate reductions are initiated by major state-owned banks, followed by joint-stock banks and smaller regional banks [4] - As of now, the official deposit rates for major state-owned banks are 1.10% for 1-year, 1.20% for 2-year, 1.50% for 3-year, and 1.55% for 5-year fixed deposits [4] - The net interest margin of commercial banks has decreased from 1.52% in Q4 of the previous year to 1.43% in Q1 of this year, falling below the regulatory acceptable level of 1.8% [6]

Group 1: Company Overview - The company specializes in the research, production, and sales of polystyrene polymer new materials, recognized as a national high-tech enterprise and a "Little Giant" by the Ministry of Industry and Information Technology [1] - Main products include GPPS (General Purpose Polystyrene) and HIPS (High Impact Polystyrene), widely used in electronics, optical displays, toys, daily plastic products, packaging, construction materials, and medical devices [1] Group 2: Production Capacity - The company currently has an annual production capacity of 300,000 tons of polystyrene products, ranking second in South China [3] - With the upcoming Phase III project set to launch in the first half of 2025, the total production capacity will increase to 480,000 tons, making it the largest in South China and the second largest nationwide [3] Group 3: Financial Performance - In 2024, the company achieved a revenue of CNY 2.209 billion and a net profit of CNY 53.24 million [4] - In Q1 2025, the company reported a revenue of CNY 538 million, a year-on-year increase of 20.46%, and a net profit of CNY 21.61 million, with a non-recurring profit growth of 532.49% [4] Group 4: Product Development and Market Expansion - The company plans to enhance the promotion of high-gloss HIPS materials and accelerate the introduction of low-temperature resistant HIPS materials, targeting sectors like new energy vehicles, medical devices, and food packaging [2][5] - The company has successfully acquired industrial land for its integrated polystyrene new materials project, aiming to improve supply chain resilience and expand product offerings [6]

丨证券研究报告丨 行业研究丨行业周报丨公用事业 [Table_Title] 国际认可加速绿证消费扩容，价改推进重视绿电 长期价值 报告要点 [Table_Summary] 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。标志着我国绿证体系的制度完善与国际互认取得里程碑式突破，助推我国 绿证需求侧加速扩容。长期低位运行的市场需求和绿证价格将得到显著催化，为新能源项目实 现合理收益提供重要支撑。在新能源价格改革持续持续推进的背景下，我们认为各省配套细则 也将承接 136 号文保护存量项目、稳定增量项目收益预期的原则，有助于长远角度新能源发电 的合理健康发展，同时随着绿电消费的加速扩容，绿电公司有望迎来价值重估。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SFC：BQT627 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 张韦华 司旗 宋尚骞 刘亚辉 [T ...

报告要点 [Table_Summary] 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。标志着我国绿证体系的制度完善与国际互认取得里程碑式突破，助推我国 绿证需求侧加速扩容。长期低位运行的市场需求和绿证价格将得到显著催化，为新能源项目实 现合理收益提供重要支撑。在新能源价格改革持续持续推进的背景下，我们认为各省配套细则 也将承接 136 号文保护存量项目、稳定增量项目收益预期的原则，有助于长远角度新能源发电 的合理健康发展，同时随着绿电消费的加速扩容，绿电公司有望迎来价值重估。 分析师及联系人 [Table_Author] 丨证券研究报告丨 行业研究丨行业周报丨公用事业 [Table_Title] 国际认可加速绿证消费扩容，价改推进重视绿电 长期价值 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 公用 ...

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 - The company reported a revenue of 8.14 billion yuan for Q1 2025, reflecting a year-on-year growth of 0.92% in continuing operations, while net profit attributable to ordinary shareholders decreased by 21.82% compared to the previous year, primarily due to poor wind resource levels in certain regions [1][2]. Revenue and Profit Analysis - The decline in absolute revenue is attributed to the divestiture of two thermal power companies; however, after adjustments, revenue showed positive growth, with wind and solar power revenues reaching 7.368 billion yuan and 715 million yuan, respectively, reflecting year-on-year changes of -1.89% and +43.09% [2]. - The company's total power generation for Q1 was 20.3 billion kWh, a decrease of 4.42% year-on-year, but an 8.81% increase when excluding the impact of thermal power [2]. - Wind power generation increased by 4.37%, while solar power generation surged by 55.65% [2]. Installed Capacity and Efficiency - As of Q1 2025, the company had a total installed capacity of 41.15 million kW, with wind power capacity at 30.44 million kW (up 10% year-on-year) and solar power capacity at 10.7 million kW (up 65% year-on-year) [2]. - The increase in wind and solar installed capacity outpaced the growth in power generation, primarily due to a decline in wind resource levels in certain large-capacity areas [2]. - The wind power utilization hours for Q1 were 585 hours, a decrease of 55 hours year-on-year; however, adjusting for this, the wind power generation could have reached 19.45 billion kWh, indicating a year-on-year growth of 14.2% [2]. Future Outlook and Market Conditions - The company has transitioned to a pure renewable energy company, having divested all thermal power assets, and is expected to benefit from the injection of approximately 40 GW of unlisted renewable assets from its parent company [2]. - Recent regulatory changes from the National Development and Reform Commission and the National Energy Administration are expected to promote rational development in the renewable energy sector, enhancing market competition and addressing renewable energy consumption issues [2]. Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 6.794 billion yuan, 7.202 billion yuan, and 7.756 billion yuan for the years 2025 to 2027, respectively, with current stock prices corresponding to P/E ratios of 7.5, 7.1, and 6.6 times [2].