Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company is expected to achieve revenue growth of 16% in 2024, with a projected revenue of 75.45 billion yuan and a net profit of 6.84 billion yuan, reflecting a year-on-year growth of 26% [5][6] - The company maintains a strong focus on its core business and innovation, with significant breakthroughs in research and development, and a high proportion of R&D investment [5][6] - The company has successfully expanded its business across six major directions, achieving new contracts exceeding 10 billion yuan in 2024 [5][6] Financial Performance Summary - Revenue (in million yuan) is projected to grow from 6,478 in 2023 to 11,926 in 2027, with a compound annual growth rate (CAGR) of approximately 16% [1][6] - Net profit (in million yuan) is expected to increase from 541 in 2023 to 1,175 in 2027, with a CAGR of about 15% [1][6] - Earnings per share (EPS) is forecasted to rise from 0.40 in 2023 to 0.88 in 2027 [1][6] Business Segments - The company’s revenue from its three main business segments in 2024 includes: - Dispatch and cloud services: 12.90 billion yuan (up 17.11% year-on-year) - Power transmission and transformation automation: 8.57 billion yuan (up 37.50% year-on-year) - Intelligent distribution and utilization: 43.24 billion yuan (up 17.06% year-on-year) [5][6] R&D and Innovation - The company has 309 ongoing projects, with 220 newly initiated and 104 completed in 2024, alongside 104 patent authorizations [5][6] - The company actively participates in the publication of national and industry standards, with 24 contributions in 2024 [5][6] Market Position and Outlook - The company is well-positioned to benefit from the accelerated construction of new power systems, with its core competitiveness continuing to stand out [5][6] - The company’s operational efficiency is improving, and it is expected to maintain stable growth in its business performance [5][6]

多地发布"136"号文衔接机制，风光抢装潮持续 [Table_Industry] —电力行业 4 月月报 [Table_ReportDate] 2025 年 6 月 6 日 证券研究报告 行业研究 [行业月报 Table_ReportType] 电电力行业 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：011-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用行业联席首席分析师 执业编号：S1500522070001 联系电话：011-83326723 邮 箱： lichunchi@cindasc.com 化工行业： 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大 ...

为 深入贯彻党的二十届三中全会精神， 进一步深化电力业务资质许可管理，国家能源局近日印发 《 国家能源局关于进一步深化电力业务资质许可管理 更好服务新型电力系统建设的实施意见 》 （国能发资质 ﹝ 2025﹞41号） （ 以下简称《 实施意见 》） ，现从三个方面对《实施意见》进 行解读 。 三是 提升服务水平， 践行 "高效办成一件事" 。进一步优化国家能源局资质和信用信息系统， 拓 展相关行政信息归集渠道，扩大许可数据共享范围，全面深化电子证照应用。 在 "一网通办"基础 上，积极 为 大型风光基地 等重大项目提供 许可办理 "快优通道"，不断提升政务服务水平。 三、 组织实施 深化电力业务资质许可管理，需要有关部门及相关企业协同配合、形成合力。《实施意见》进一步 明确国家能源局及其派出机构、省级电力主管部门、有关电力企业等部门单位的工作职责，要求建 立健全联系协调机制，共同维护电力市场准入秩序；进一步加强资质许可管理工作监督， 健全完善 监督评价指标体系和许可审查工作依法合规情况抽查机制；要求 在受理、审查、决定等各环节，做 到标准统一、程序规范、全程留痕 ， 切实防范化解风险， 不断提升许可工作质效。 ...

Core Viewpoint - The recent notification from the National Energy Administration aims to promote the construction of a new power system through seven key directions, which is expected to improve the consumption situation of renewable energy and benefit leading national renewable energy generation companies [2][3]. Group 1: Market Performance - As of June 6, 2025, the China Securities National New State-Owned Enterprises Modern Energy Index (932037) increased by 0.19%, with notable gains from Yunnan Copper (000878) at 1.61% and China Power Construction (601669) at 1.48% [1]. - The National State-Owned Enterprises Modern Energy ETF (561790) rose by 0.28%, with a recent price of 1.06 yuan, and has accumulated a 1.93% increase over the past month [1]. Group 2: Policy Impact - The notification outlines seven focus areas for pilot projects, including grid-structured technology, system-friendly renewable power plants, smart microgrids, and virtual power plants, which are expected to catalyze advancements in the energy sector [2]. - The emphasis on clean and efficient transformation of coal power units is anticipated to stimulate demand for zero-carbon and low-carbon fuels, aiding the successful transition of coal power and enhancing profitability and valuation [2][3]. Group 3: ETF Performance Metrics - The China Securities National New State-Owned Enterprises Modern Energy ETF has recorded a maximum monthly return of 10.03% since its inception, with an average monthly return of 3.17% and a historical one-year profit probability of 76.10% [3]. - As of June 5, 2025, the ETF's maximum drawdown this year was 7.91%, with a management fee of 0.50% and a custody fee of 0.10%, making it one of the lowest in its category [3]. Group 4: Top Holdings - As of May 30, 2025, the top ten weighted stocks in the index accounted for 51.1%, with Changjiang Electric (600900) leading at 10.48% [4][5].

Core Viewpoint - The company held a performance briefing on June 5, 2025, to discuss its Q1 2025 results and address investor concerns regarding its financial health and operational strategies [1][2]. Group 1: Performance and Financial Health - The company reported a significant increase in net profit for Q1 2025, despite a high debt ratio of 81.78%, down from 85.17% at the beginning of the year [3][4]. - The company reassured investors that its operations are normal and management is committed to enhancing company value [3]. - The company is actively working on measures to improve operational efficiency and profitability to further reduce the debt ratio [3]. Group 2: Corporate Governance and Strategy - Investors raised concerns about the independence of the company’s finances, particularly regarding transactions with its controlling shareholder, Clean Energy Group, which the company defended as necessary for stable coal supply and cost savings [3][4]. - The company is progressing with the "one enterprise, one policy" reform plan approved by local government, aimed at enhancing its development in the new energy sector [4][5]. - The company plans to respond to national policies on new power systems and will implement relevant measures in accordance with legal regulations [5]. Group 3: Future Outlook - The management expressed optimism about improving operational conditions and achieving profitability, while also seeking new profit growth points [5][6]. - The company emphasized its commitment to transparency and will disclose further details in future reports [5][6].

存处于高位状态。硅片企业前期采购的多晶硅尚未完全消化，导致库存积压，对市场价格形成明显压制。 免责声明 操作中长线依旧高空为主。 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:多晶硅(日,元/吨) | 34540 | -515 主力持仓量:多晶硅(日,手) | 65802 | -2071 | | | 06-07月合约价差:多晶硅(日,元/吨) | 2935 | 995 多晶硅-工业硅价差(日,元/吨) | 27405 | -370 | | 现货市场 | 品种现货价:多晶 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The main contract of Shanghai copper shows a volatile trend, with a decrease in open interest, a spot premium, and a weakening basis [2]. - The overall fundamentals of Shanghai copper may be in a situation of sufficient supply and relatively stable demand. It is recommended to conduct short - term long trades at low prices with a light position, paying attention to controlling the rhythm and trading risks [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai copper is 78,170 yuan/ton, a decrease of 30 yuan; the price of LME 3 - month copper is 9,680 dollars/ton, an increase of 58.5 dollars [2]. - The spread between the main contract and the next - month contract is 130 yuan/ton, a decrease of 50 yuan; the open interest of the main contract of Shanghai copper is 193,023 lots, a decrease of 2,191 lots [2]. - The positions of the top 20 futures holders of Shanghai copper are 3,161 lots, a decrease of 1,541 lots; the LME copper inventory is 141,350 tons, a decrease of 2,500 tons [2]. - The inventory of cathode copper in the Shanghai Futures Exchange is 105,791 tons, an increase of 7,120 tons; the LME copper cancelled warrants are 83,300 tons, an increase of 8,275 tons [2]. - The warehouse receipts of cathode copper in the Shanghai Futures Exchange are 31,687 tons, a decrease of 2,856 tons [2]. Spot Market - The spot price of SMM 1 copper is 78,415 yuan/ton, a decrease of 70 yuan; the spot price of 1 copper in the Yangtze River Non - ferrous Metals Market is 78,355 yuan/ton, a decrease of 140 yuan [2]. - The CIF (bill of lading) price of Shanghai electrolytic copper is 98 dollars/ton, unchanged; the average premium of Yangshan copper is 79 dollars/ton, a decrease of 2 dollars [2]. - The basis of the CU main contract is 245 yuan/ton, a decrease of 40 yuan; the LME copper premium (0 - 3) is 48.48 dollars/ton, a decrease of 3.83 dollars [2]. Upstream Situation - The import volume of copper ore and concentrates is 292.44 million tons, an increase of 53.13 million tons; the rough smelting fee (TC) of domestic copper smelters is - 43.56 dollars/kiloton, an increase of 0.72 dollars [2]. - The price of copper concentrates in Jiangxi is 68,660 yuan/metal ton, a decrease of 170 yuan; the price of copper concentrates in Yunnan is 69,360 yuan/metal ton, a decrease of 170 yuan [2]. - The processing fee for crude copper in the south is 800 yuan/ton, an increase of 100 yuan; the processing fee for crude copper in the north is 750 yuan/ton, unchanged [2]. Industry Situation - The output of refined copper is 125.40 million tons, an increase of 0.60 million tons; the import volume of unwrought copper and copper materials is 440,000 tons, a decrease of 30,000 tons [2]. - The social inventory of copper is 41.82 million tons, an increase of 0.43 million tons; the price of 1 bright copper wire in Shanghai is 55,340 yuan/ton, an increase of 100 yuan [2]. - The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 540 yuan/ton, unchanged; the price of 2 copper (94 - 96%) in Shanghai is 66,900 yuan/ton, unchanged [2]. Downstream and Application - The output of copper products is 208.10 million tons, a decrease of 4.42 million tons; the cumulative completed investment in power grid infrastructure is 1,408.16 billion yuan, an increase of 451.95 billion yuan [2]. - The cumulative completed investment in real estate development is 27,729.57 billion yuan, an increase of 7,825.40 billion yuan; the monthly output of integrated circuits is 4,167,000,000 pieces, a decrease of 30,199.90 pieces [2]. Option Situation - The 20 - day historical volatility of Shanghai copper is 9.77%, a decrease of 0.03%; the 40 - day historical volatility of Shanghai copper is 23.25%, a decrease of 0.22% [2]. - The implied volatility of the current - month at - the - money IV is 11.34%, a decrease of 0.0012%; the call - put ratio of at - the - money options is 0.83, an increase of 0.0285 [2]. Industry News - The "Beige Book" released by the Federal Reserve shows that the US economic activity has slightly declined, and the overall economic outlook remains pessimistic. Some enterprises plan to raise prices in the next three months [2]. - US President Trump called on Powell to cut interest rates. The US ADP employment in May increased by 37,000, far lower than expected [2]. - The National Energy Administration organized the first batch of pilot projects for the construction of a new power system and required the acceleration of the continuous operation of power spot markets [2]. - The wholesale sales of new energy passenger vehicles in China in May reached 1.24 million, a year - on - year increase of 38% and a month - on - month increase of 9% [2].

撰写人：王福辉 从业资格证号：F03123381 投资咨询从业证书号：Z0019878 | | 撰写人：王福辉 从业资格证号：F03123381 投资咨询从业证书号：Z0019878 | | | | | | --- | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | | 沪铝主力合约收盘价(日,元/吨) 本月-下月合约价差:沪铝(日,元/吨) 主力合约持仓量:沪铝(日,手) | 20,010.00 75.00 184,164.00 | -65.00↓ 氧化铝期货主力合约收盘价(日,元/吨) -30.00↓ 本月-下月合约价差:氧化铝(日,元/吨) -5805.00↓ 主力合约持仓量:氧化铝(日,手) | 2,943.00 83.00 319,472.00 | -120.00↓ +58.00↑ +19574.00↑ | | 期货市场 | LME铝注销仓单(日,吨) | 46,025.00 | 0.00 库存:氧化铝:合计(周,万吨) | 184,673.00 | -35128.00↓ | | | LME电解铝三个月 ...

期货日报网讯6月5日，国务院新闻办公室举行新闻发布会，介绍"深化提升'获得电力'服务水平全面打 造现代化用电营商环境"有关情况，并答记者问。 国家能源局副局长宋宏坤在会上表示，近年来，中国可再生能源总体保持了高速度发展、高比例利用、 高质量消纳的良好态势，为保障电力供应、促进能源转型发挥了重要作用。截至今年4月底，我国可再 生能源发电装机达到了20.17亿千瓦，同比增长58%；风电光伏合计装机达到15.3亿千瓦，历史性超过了 火电装机。2024年中国可再生能源的新增装机3.73亿千瓦，约占电力新增总装机的86%；可再生能源新 增装机已经连续两年突破了3亿千瓦，在全球新增装机的占比超过了50%。 下一步，宋宏坤表示，国家能源局将以新型电力系统建设为主要抓手，指导各地能源主管部门、电力企 业、各派出能源监管机构继续推动落实有关要求，多措并举做好可再生能源高质量发展工作，全面推进 我国能源绿色低碳转型。 2024年，中国可再生能源发电量达到3.47万亿千瓦时，约占全部发电量的35%。从近年来的数据情况 看，我国风电、光伏发电总体保持了较高的消纳水平，个别年份有所波动，不同地区也存在一定的差 异。 为提升电力系统对新 ...

6月4日，国家能源局发布《关于组织开展新型电力系统建设第一批试点工作的通知》，提出围绕构网型技 术、系统友好型新能源电站、智能微电网、算力与电力协同、虚拟电厂、大规模高比例新能源外送、新一 代煤电等七个方向开展试点，探索新型电力系统建设新技术、新模式，推动新型电力系统建设取得突破。 在算力与电力协同层面，《通知》明确，重点在国家枢纽节点和青海、新疆、黑龙江等能源资源条件好的非 枢纽节点地区，在科学整合源荷储资源的基础上，统筹地区存量及增量数据中心绿电需求和新能源资源条 件，协同规划布局算力与电力项目。通过探索新能源就近供电、聚合交易、就地消纳的"绿电聚合供应"模 式，提高数据中心绿电占比。通过算力负荷与新能源功率联合预测、算力负荷柔性控制、智能化调度等技 术，提升源荷协同水平，降低负荷高峰时段电网保障容量需求。加强数据中心余热资源回收利用，提高能源 使用效率。探索光热发电与风电、光伏发电联合运行，提升稳定供应水平。 在新一代煤电方向上，《通知》提出对照《新一代煤电升级专项行动实施方案（2025—2027年）》中新一代 煤电试点指标要求，积极推动具备条件的现役机组和新建机组针对清洁降碳、高效调节两类指标分别开展 ...