Investment Project Overview - The project is a wind power generation station located in Burqin County, Altay Prefecture, Xinjiang, with an installed capacity of 500MW and an expected annual power generation of approximately 93,420 million kWh [1][2] - The project will consist of 50 units of 10MW wind turbines and is expected to have a construction period of 6 months and an operational lifespan of 20 years [1][2] - The average annual operating hours are estimated to be around 1,868 hours, with a wind power density classification of level 3, indicating rich wind energy resources [1][2] Financial Evaluation - The dynamic investment for the project is approximately 159.638 million yuan, with a static investment of about 157.372 million yuan [2] - The financial internal rate of return (IRR) after tax is calculated to be 6.19%, with a capital return rate of 11.35% and a payback period of 11.95 years [2][3] - The project aims to expand the company's clean energy generation business and enhance profit levels [2][3] Impact on Company Performance - The investment is expected to improve the operational performance of the company, Guangdong Water Electricity Second Bureau, Xinjiang Yue Water Electricity, and Burqin Yue Water Electricity [3][4] - The company has already established wind power projects with a total installed capacity of 800,400 kW [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In April 2025, domestic thermal coal prices declined slightly. As of April 22, the quotation for 5500K at Qinhuangdao Port was 662 yuan/ton, down 11 yuan month - on - month and 157 yuan lower than the same period last year [1][8][69]. - The supply side of thermal coal faces strong pressure. In March 2025, the national raw coal output was 440 million tons, a year - on - year increase of 9.6%, setting a new record for the highest monthly output. The total supply was 479 million tons, a year - on - year increase of 8.8%. After entering April, the coal output in the main producing areas still increased slightly, and the import volume was expected to be close to that in March [1][17][69]. - The demand side is weak. April and May are the traditional off - seasons for thermal coal. As of April 17, the daily consumption of thermal coal in 8 coastal provinces and 17 inland provinces decreased week - on - week. The non - power industry coal demand is also suppressed by Sino - US trade frictions [2][20][70]. - In the intermediate link, the coal inventory in the Bohai Rim ports and terminal power plants is at a high level. As of April 22, the total inventory of 9 ports in the Bohai Rim reached 3.1332 million tons, accumulating 664,000 tons in April, and was 792,300 tons higher than the same period last year [2][31][70]. - Overall, the bearish factors for thermal coal are piling up, and the supply - demand pattern remains loose. The relatively positive factor is that the inventory replenishment market in the industry chain for peak summer may drive the coal price to stop falling and stabilize, but the expected rebound space is limited, and the overall coal price trend is still downward [3][9][72] 3. Summary According to the Table of Contents Chapter 1: Market Review 1.1 Price Review - Domestic thermal coal prices declined slightly in April 2025. The bearish factors are still accumulating, including increased domestic production, Sino - US trade frictions, the growth of clean energy, and high inventory levels restricting the rebound of coal prices during the replenishment period [8]. - Internationally, the global coal supply is also in surplus, and international coal prices are running weakly. In April, most terminals were waiting and watching, and the price of Indonesian coal in South China ports was relatively high compared to domestic coal [9]. 1.2 Futures - Spot Price Difference As of April 22, the price of the main thermal coal futures contract was 139.4 yuan/ton higher than the spot price of 5500 - kcal thermal coal produced in Shanxi at Qinhuangdao Port [14] Chapter 2: Analysis of Factors Affecting Prices 2.1 Supply Side 2.1.1 Origin Situation - In March 2025, the national raw coal output was 441 million tons, a year - on - year increase of 9.6%. From January to March, the cumulative output was 1.203 billion tons, with a cumulative year - on - year increase of 8.1%. The production increase in March was mainly concentrated in Shanxi and Xinjiang, with year - on - year increases of 19.1% and 20.6% respectively [17][18]. - In Shanxi, coal mines maintained a high operating level after the Two Sessions. In March, the output was 11.3831 million tons, a year - on - year increase of 19.6%. In Inner Mongolia, the new safety standard policy restricted the production capacity of some small and medium - sized coal mines. In Shaanxi and Xinjiang, coal production also increased [18][19]. 2.1.2 Import Volume - In March 2025, China imported 38.73 million tons of coal and lignite, a year - on - year decrease of 6.4%. From January to March, the cumulative import was 114.85 million tons, a year - on - year decrease of 0.9%. In April, the coal import volume was expected to increase slightly compared to March but still decrease significantly year - on - year [24]. 2.2 Intermediate - Link Shipment 2.2.1 Datong - Qinhuangdao Railway In March 2025, the Datong - Qinhuangdao Railway transported 35.27 million tons of coal, a year - on - year decrease of 2.08%. During the spring maintenance in April, the daily transportation limit was reduced to 1 million tons, but the port coal inventory still increased [27][28]. 2.2.2 Bohai Rim Ports - In March 2025, the total railway coal inflow of seven major ports in the Bohai Rim was 52.25 million tons, a year - on - year increase of 2.19%. The total outflow was 51.037 million tons, a year - on - year increase of 2.71%. In April, the inflow was still higher than the outflow, and the inventory increased [30][31]. 2.2.3 Shipping Situation - In April, the international dry bulk shipping market weakened seasonally. The BDI index decreased month - on - month and year - on - year, mainly dragged down by the Capesize ship (BCI) index. The domestic shipping market was relatively active, and the freight rate remained high - level volatile [37][38][41] 2.3 Demand Side 2.3.1 Total Social Electricity Consumption - In March 2025, the total social electricity consumption was 828.2 billion kWh, a year - on - year increase of 4.8%. From January to March, the cumulative consumption was 2384.6 billion kWh, a year - on - year increase of 2.5%. The growth rate of electricity consumption slowed down due to the warm winter and non - power industries [45][47][48]. 2.3.2 Power Generation Structure - In March 2025, the national industrial power generation above designated size was 778 billion kWh, a year - on - year increase of 1.8%. From January to March, the cumulative power generation was 2269.9 billion kWh, a year - on - year decrease of 0.3%. The proportion of thermal power decreased, while the proportion of clean energy increased [52][53]. 2.3.3 Non - Power Industry Coal Demand - From January to March, the real estate industry was still in adjustment, and infrastructure project reviews were strict. The non - power industry's support for coal demand was insufficient. The Sino - US trade friction had an indirect impact on non - power terminal exports, and non - power industry coal demand was expected to be weak [62][63] Chapter 3: Conclusion - The supply of thermal coal remains high, the demand is weak, and the inventory is at a high level. The bearish factors are piling up, and the supply - demand pattern is loose. The coal price may stop falling and stabilize during the peak - summer replenishment period, but the rebound space is limited, and the overall trend is downward [69][70][72]

Group 1: Report's Core View - As of April 25, 2025, the closing price of the national carbon market carbon emission allowance (CEA) was 75.76 yuan/ton, down 13.12% from the previous month and 26.02% from the same period last year. The average trading volume of national carbon emission allowances in the past 30 trading days was 232,000 tons, with a month-on-month increase of 113,000 tons [1][13][56]. - As of April 27, 2025, the 5500K quotation at Qinhuangdao Port was 656 yuan/ton, 11 yuan/ton lower than the end of last month and 107 yuan/ton lower than the end of last year. The bearish factors of thermal coal have accumulated, and the price center has continued to decline this year, with a pessimistic market atmosphere [1][17][56]. - In 2024, the cumulative apparent consumption of natural gas was 423.465 billion cubic meters, an increase of 33.43 billion cubic meters compared to last year; the cumulative apparent consumption of fuel oil was 51.9942 million tons, a decrease of 11.0283 million tons compared to last year; the cumulative apparent consumption of coke was 481.0804 million tons, a decrease of 2.9669 million tons compared to last year [1][28][56]. - In March 2025, the total social electricity consumption was 828.2 billion kWh, a year-on-year increase of 4.8%; from January to March, the cumulative growth rate of the total social electricity consumption dropped to 2.5%, compared with 9.8% in the same period last year. In March, the power generation of industrial enterprises above the designated size was 778 billion kWh, a year-on-year increase of 1.8%; from January to March, the power generation was 2269.9 billion kWh, a year-on-year decrease of 0.3%. In the first quarter of this year, the total power generation of four clean energy sources was 737.05 billion kWh, accounting for 32.5% of the total power generation, an increase of 4.1 percentage points compared to the same period last year [2][57][58]. Group 2: Industry News - In March 2025, the National Energy Administration issued 174 million green certificates, a year-on-year increase of 9.39 times, including 144 million tradable green certificates, accounting for 82.26%. From January to March 2025, a total of 662 million green certificates were issued, including 456 million tradable green certificates. As of March 2025, a total of 5.617 billion green certificates had been issued nationwide, including 3.835 billion tradable green certificates [7]. - In March 2025, 118 million green certificates were traded nationwide, including 21.87 million green power trading green certificates. From January to March 2025, 200 million green certificates were traded nationwide, including 60.44 million green power trading green certificates. As of March 2025, a total of 753 million green certificates had been traded nationwide, including 298 million green power trading green certificates [8]. - In the first quarter of 2025, the newly installed capacity of wind and photovoltaic power generation in China reached 74.33 million kilowatts, with a cumulative installed capacity of 1.482 billion kilowatts, exceeding the thermal power installed capacity (1.451 billion kilowatts) for the first time. In the first quarter, the total power generation of wind and photovoltaic power reached 536.4 billion kWh, accounting for 22.5% of the total social electricity consumption, an increase of 4.3 percentage points compared to the same period last year [9]. - The National Energy Administration issued the "Implementation Plan for the Special Action of Upgrading the New Generation of Coal-fired Power (2025 - 2027)". The next steps include publicizing the plan, guiding provincial energy authorities to formulate work plans, and tracking the progress and effectiveness of the special action [10][11][12]. Group 3: National Carbon Market Carbon Emission Allowance (CEA) - As of April 25, 2025, the closing price of CEA was 75.76 yuan/ton, down 13.12% from the previous month and 26.02% from the same period last year. In the past 30 trading days, the average trading volume was 232,000 tons, with a month-on-month increase of 113,000 tons [13]. Group 4: Carbon Price Influence Factor Analysis 4.1 Energy Price - As of April 27, 2025, the port quotations of thermal coal at Qinhuangdao Port decreased compared to the end of last month and last year. The pithead prices of thermal coal in Shanxi, Shaanxi, and Inner Mongolia also decreased or remained flat compared to the end of last month and last year. The coke prices increased slightly compared to the end of last month but decreased compared to the end of last year. The LNG price index decreased, and the European natural gas spot price decreased [15][17][18]. 4.2 Energy Consumption - In 2024, the apparent consumption of natural gas increased, while the apparent consumption of fuel oil and coke decreased compared to last year [28]. 4.3 Domestic Carbon Emission Structure - China's total carbon emissions exceed 10 billion tons, accounting for about one-third of the world's total. In 2021, the "Electricity, Steam, and Hot Water Production and Supply" industry had the largest carbon emissions, followed by the "Ferrous Metal Smelting and Rolling Processing Industry" and the non-metallic mineral industry. By energy type, coal consumption accounted for 67.2% of total emissions [32][35][40]. 4.4 Total Social Electricity Consumption - In March 2025, the total social electricity consumption was 828.2 billion kWh, a year-on-year increase of 4.8%. From January to March, the cumulative growth rate of total social electricity consumption was 2.5%. The electricity consumption of the first, second, third industries, and urban and rural residents all increased year-on-year [43]. 4.5 Power Generation Structure - In the first quarter of 2025, the power generation of industrial enterprises above the designated size decreased by 0.3% year-on-year. The proportion of thermal power generation decreased by 4.1 percentage points, while the total power generation of four clean energy sources increased by 16.2% year-on-year, accounting for 32.5% of the total power generation, an increase of 4.1 percentage points compared to the same period last year [47][48][58]. Group 5: Conclusion - The CEA price decreased, and the trading volume increased in the carbon market. The thermal coal price continued to decline, and the market atmosphere was pessimistic. The apparent consumption of natural gas increased, while that of fuel oil and coke decreased in 2024. The growth rate of total social electricity consumption slowed down, and the power generation of industrial enterprises above the designated size decreased slightly. The proportion of clean energy power generation increased [56][57][58].

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