Core Viewpoint - Hong Kong and mainland gas companies are experiencing stable gas sales, but growth in mainland city gas sales is slowing down, with potential for price margin recovery diminishing. The company maintains a clear dividend policy and has growth potential in renewable and green energy sectors [1][2]. Group 1: Hong Kong Gas Performance - Hong Kong China Gas reported 1H25 revenue of HKD 27.5 billion, flat year-on-year; core profit was HKD 3.08 billion, down 3% year-on-year; net profit attributable to shareholders was HKD 2.96 billion, also down 3% year-on-year [1]. - Gas sales in Hong Kong remained stable at 14,935 TJ in 1H25, with residential gas volume up 2.5% due to a 0.8°C decrease in average temperature; commercial gas volume decreased by 2.3% due to changes in tourism patterns [1]. - The company expects gas sales in Hong Kong to remain flat in 2025, benefiting from a well-established pricing mechanism, with an anticipated EBITDA margin of around 52% [1]. Group 2: Mainland City Gas Performance - The company’s city gas sales volume reached 18.58 billion cubic meters in 1H25, essentially flat year-on-year; industrial gas volume remained stable, while commercial gas volume decreased due to warm winter effects [2]. - The city gas price margin was CNY 0.54 per cubic meter in 1H25, up 0.04 CNY year-on-year; the cost of gas purchase decreased by CNY 0.06 per cubic meter due to optimized self-sourced gas [2]. - The company anticipates that the price margin recovery will converge to CNY 0.02 per cubic meter in 2025, despite an expected expansion in pricing mechanisms [2]. Group 3: Renewable and Green Energy Potential - The company’s renewable energy business net profit reached HKD 116 million in 1H25, up 6% year-on-year; the shift towards a light-asset strategy is expected to drive growth in carbon services and asset management sales from 2025 to 2027 [2]. - The green energy business, including green methanol and SAF, is solidifying its production capacity, with a collaboration on green methanol with Fuan Energy and a SAF plant in Malaysia expected to begin trial production in September [2]. Group 4: Financial Adjustments and Target Price - The company adjusted its net profit forecasts for 2025-2027 to HKD 6.03 billion, HKD 6.46 billion, and HKD 6.79 billion, reflecting a three-year CAGR of 6% [2]. - The target price has been raised to HKD 7.63, up from HKD 7.04, based on a 2.5x PB for 2025, considering the potential of renewable energy and green fuel business [2].

Core Viewpoint - NextEra Energy's recent earnings report shows a mixed performance, with adjusted earnings surpassing estimates while total revenues fell short, leading to questions about the sustainability of its positive stock trend [2][3][4]. Financial Performance - NextEra Energy reported Q2 2025 adjusted earnings of $1.05 per share, exceeding the Zacks Consensus Estimate of $1.02 by 2.9%, and reflecting a year-over-year increase of 9.4% [3]. - Total operating revenues for Q2 were $6.7 billion, missing the Zacks Consensus Estimate of $7.22 billion by 7.28%, but showing a year-over-year improvement of 10.4% [4]. - Florida Power & Light Company generated revenues of approximately $4.71 billion, up 7.1% from the previous year, with earnings of 62 cents per share compared to 60 cents [5]. - NextEra Energy Resources reported revenues of $1.91 billion, a 16.4% increase from the prior year, with earnings of 53 cents per share compared to 42 cents [5]. - Operating revenues from Corporate and Other were $78 million, up from $35 million in the previous year, but the operating loss widened to 10 cents per share from 6 cents [6]. Growth Drivers - Florida Power & Light's growth was driven by ongoing business investments, with capital expenditures around $2 billion for the quarter and projected full-year investments between $8 billion and $8.8 billion [7]. - NextEra Energy Resources added 3.2 gigawatts to its backlog, totaling nearly 30 gigawatts, indicating strong performance in new renewables and storage origination [9]. Financial Position - As of June 30, 2025, NextEra Energy had cash and cash equivalents of nearly $1.72 billion, an increase from $1.49 billion at the end of 2024 [10]. - Long-term debt rose to $82.7 billion from $72.4 billion during the same period [10]. - Cash flow from operating activities in the first half of 2025 was $5.95 billion, down from $7.10 billion in the first half of 2024 [11]. Guidance and Future Outlook - NextEra Energy reaffirmed its 2025 earnings guidance, expecting earnings per share in the range of $3.45-$3.70, with a midpoint of $3.575, slightly below the Zacks Consensus Estimate of $3.68 [12]. - For 2026 and 2027, adjusted earnings per share are expected to be in the range of $3.63 to $4.00 and $3.85 to $4.32, respectively, with a projected earnings growth rate of 6-8% through at least 2027 [13]. Market Sentiment - Since the earnings release, there has been a downward trend in estimates revision, indicating a cautious market sentiment [14]. - NextEra Energy currently holds a subpar Growth Score of D and a Momentum Score of C, with an overall VGM Score of F, placing it in the bottom 40% for value investors [15]. - The stock has a Zacks Rank 3 (Hold), suggesting an expectation of in-line returns in the coming months [16].

Group 1 - The event "Science and Technology Innovation Future" focused on the intelligent transformation and ecological reconstruction of the automotive industry driven by AI technology, highlighting new opportunities and challenges for China's automotive sector in global competition [1][17] - China is restructuring the global automotive industry landscape with electric and intelligent technologies as dual engines, transforming the concept of automobiles from mere transportation tools to low-carbon mobile spaces [3][5] - Chinese private enterprises like BYD and Geely have achieved significant growth in the electric vehicle sector, with China accounting for two-thirds of the global electric vehicle market [5] Group 2 - Valeo's CTO discussed the deep application of artificial intelligence in automatic parking systems, with a Level 4 automated valet parking system set to be mass-produced in China by 2026 [6][8] - Investment focus is shifting towards artificial intelligence, embodied intelligence, new computing, and renewable energy, with predictions of a trillion-level market opportunity when China's smart electric vehicle ownership surpasses 100 million [10] - The automotive industry is entering an accelerated development cycle, with a consensus on the need for "high safety + low cost" as the future direction for intelligent driving technology [12] Group 3 - China's automotive industry chain is leveraging its advantages in electrification to accelerate globalization, with discussions on local supply chains, data compliance, and market differentiation challenges [13][15] - Global capital is increasingly focused on Chinese automotive assets, with significant potential in the electrification and intelligence sectors, suggesting that quality tech companies are likely to lead the market and achieve valuation increases [15]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 GOLDWIND SCIENCE&TECHNOLOGY CO., LTD.* 金風科技股份有限公司 (於中華人民共和國註冊成立的股份有限公司) (Stock Code: 02208) 海外監管公告 於本公告日期，公司執行董事為武鋼先生及曹志剛先生；公司非執行董事為高建軍先生、楊麗迎女 士及張旭東先生；公司獨立非執行董事為曾憲芬先生、劉登清先生及苗兆光先生；及公司職工代表 董事為余寧女士。 *僅供識別 1 金风科技股份有限公司 2025 年半年度报告全文 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列金風科技股份有限公司在深圳證券交易所網站刊登的《金風科技股份有限公司 2025 年半年度報告》，僅供參閱。 承董事會命 金風科技股份有限公司 馬金儒 公司秘書 北京，2025年8月22日 金风科技股份有限公司 2025 年半年度报告 2025-065 2025 年 08 月 ...

Core Viewpoint - Geothermal energy is recognized as one of the six major renewable energy sources in China, with significant potential for sustainable and stable utilization, contributing positively to economic and environmental benefits [1] Group 1: Development Goals and Current Status - The National Energy Administration aims to double the area of geothermal heating and the installed capacity of geothermal power generation by 2035 compared to 2025 [1] - Recent advancements in policies, technology, and market demand have led to a surge in geothermal heating projects, such as the full coverage of geothermal heating in Xiong County, Hebei Province, and the establishment of demonstration projects in cities like Nanjing and Suzhou [1] Group 2: Challenges and Recommendations - Geothermal heating faces challenges including inadequate management systems, insufficient resource exploration, high development costs, and technological bottlenecks, resulting in low application levels [1] - Recommendations include strengthening top-level design, formulating management regulations for geothermal resource development, and integrating geothermal development into local planning [2] Group 3: Policy Support and Coordination - Increased policy support is needed, including favorable fiscal, pricing, and financial measures to promote geothermal energy development [2] - Establishing a coordination mechanism among relevant departments to enhance policy support and address challenges in the geothermal heating sector is essential [2] Group 4: Technological and Market Development - Emphasis on enhancing research and development in geothermal technology, supporting key projects, and fostering talent development to improve innovation capabilities [2] - Creating a favorable market environment by promoting diverse investment models and supporting business model innovation within the geothermal industry [3] Group 5: Public Awareness and Communication - The importance of public awareness campaigns through various media to enhance understanding of geothermal energy and its role in achieving carbon neutrality and sustainable development [3]

Core Insights - In July, China's total electricity consumption reached 10,226 billion kWh, marking a historical milestone of surpassing 1 trillion kWh for the first time, with a year-on-year growth of 8.6% [1][6] Electricity Consumption Data - In July, the primary industry consumed 17 billion kWh (up 20.2% YoY), the secondary industry consumed 5,936 billion kWh (up 4.7% YoY), the tertiary industry consumed 2,081 billion kWh (up 10.7% YoY), and urban and rural residential electricity consumption reached 2,039 billion kWh (up 18.0% YoY) [6][7] - From January to July, total electricity consumption was 58,633 billion kWh, with a YoY increase of 4.5%. The industrial electricity generation accounted for 54,703 billion kWh [6] Industry Trends - The high-tech and equipment manufacturing sectors led the growth in electricity consumption, with a YoY increase of 4.6%, surpassing the average growth rate of the manufacturing sector by 2.3 percentage points [12] - The automotive manufacturing sector saw a significant increase in electricity consumption, with a growth rate of 9.7% [13] Renewable Energy Insights - By the end of May, the installed capacity of non-fossil energy generation exceeded 60% of the total, with renewable energy accounting for nearly 40% of total electricity generation [9][10] - Wind and solar power generation reached 11,478 billion kWh in the first half of the year, representing a YoY increase of 27.4% and accounting for 23.7% of total electricity consumption, an increase of 4.4 percentage points from the previous year [10] Impact of Events on Electricity Consumption - The "Su Super" football league in Jiangsu province has positively impacted local electricity consumption, with service industry electricity usage increasing by 12.7% since the league's inception [13] - The information transmission and software services sector saw a 15.5% increase in electricity consumption, driven by the rapid development of mobile internet, big data, and cloud computing [14]

Group 1: Industry Insights - Deepseek announced the release of its large model V3.1, which utilizes UE8M0 FP8Scale parameter precision, indicating a positive impact on the domestic AI chip and semiconductor industry chain [3] - The Chinese government plans comprehensive reforms in the petrochemical and refining industry, targeting the elimination of small facilities and upgrading outdated operations, with a focus on producing specialty fine chemicals [4] - The adjustment of capacity in the petrochemical industry is seen as a continuation of the "anti-involution" policy, although the profitability of the domestic petrochemical industry is primarily influenced by overseas oil prices [4] Group 2: Advanced Manufacturing - As of June 2025, China's cumulative installed capacity for power storage reached 164.3 GW, a year-on-year increase of 59%, while new energy storage capacity reached 101.3 GW, up 110% [7] - Citigroup raised its target price for lithium carbonate in China from $7,000 to $11,000 per ton, indicating that the recent price increase is seen as temporary due to supply disruptions [7] - EVE Energy reported a revenue of 28.169 billion yuan for the first half of the year, a year-on-year increase of 30.06%, driven by growth in power and energy storage battery businesses [8] Group 3: Consumer Sector - Bilibili reported a revenue of 14.341 billion yuan for the first half of 2025, a year-on-year increase of 21.62%, with a notable rise in gross margin to 36.5% [10] - The gaming segment generated 1.61 billion yuan in revenue, a 60% increase year-on-year, driven by new game seasons and stable operations of long-term products [10] - The advertising business saw a revenue increase of 20%, with performance ads growing by 30% and AI-related ads experiencing a nearly 400% increase [10]

后续，该公司将持续推进管理体系的健全完善、管理流程的优化升级以及管理能力的稳步提升，为工商 业用户提供更加优质、高效的绿电服务。 截至8月12日，国家电投内蒙古公司盛发热电公司通辽市科尔沁4万千瓦屋顶分布式光伏项目一期1万千 瓦项目发电量累计突破1500万千瓦时。 科尔沁4万千瓦屋顶分布式光伏项目是国家676个整县（市、区）屋顶分布式光伏试点项目之一，旨在响 应国家大力发展可再生能源产业战略，助力实现"双碳"目标，推动地方能源结构优化。项目一期工程容 量1万千瓦。自2023年12月30日投产以来，该公司始终坚持安全与效益并重原则，全面做好光伏电站运 维管理。针对当地春冬季风大酷寒、夏季光照集中的气候特征，实施精细化运维，春冬季强化防火防风 防冻措施，定期清扫组件提升转换效率；夏季抢抓发电黄金期，确保电量颗粒归仓。通过常态化隐患排 查、设备定期巡检及消缺，使得光伏电站实现规范稳定高效运行。 ...

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View - Gold and silver are oscillating, and the market is waiting for signals from Powell's speech at the Jackson Hole meeting. Last week's unexpectedly high US inflation data pressured gold and silver, while positive signals from recent US - Russia negotiations eased geopolitical risks. The July non - farm payrolls data was below expectations and the previous value was significantly revised down. The Fed kept interest rates unchanged in July, but there are divided views within the Fed, and Trump's personnel appointments affect market expectations. Trade negotiations have made progress in multiple aspects, but the overall trade environment is still deteriorating. The "Big and Beautiful" bill has increased the expectation of the US fiscal deficit. The continuous increase in gold holdings by the People's Bank of China provides long - term support for gold, but gold is hesitant to rise at current high prices. Overall, gold and silver may show an oscillating trend as the expectation of interest rate cuts intensifies [3] 3. Summary by Related Catalogs Futures Market - **Prices and Changes**: The current prices of沪金2510 and沪金2512 are 776.08 and 778.06 respectively, with daily changes of 0.96 and 0, and daily change rates of 0.12% and 0.00%. The current prices of沪银2510 and沪银2512 are 9233.00 and 9253.00 respectively, with daily changes of 71.00 and 69.00, and daily change rates of 0.77% and 0.75% [2] - **Positions and Volumes**: The positions of沪金2510 and沪金2512 are 183215 and 133322 respectively, and the trading volumes are 128755 and 23298 respectively. The positions of沪银2510 and沪银2512 are 307098 and 228190 respectively, and the trading volumes are 311338 and 67972 respectively [2] - **Spot Premiums**: The spot premiums of沪金2510 and沪金2512 are - 4.42 and - 6.40 respectively, and those of沪银2510 and沪银2512 are - 89.00 and - 109.00 respectively [2] Spot Market - **Prices and Changes**: The previous day's closing prices of Shanghai Gold T + D and London Gold were 771.66 and 770.79 respectively, with daily changes of 1.83 and - 1.59, and daily change rates of 0.24% and - 0.21%. The previous day's closing price of London Gold (in dollars per ounce) was 3338.935, with a daily change of - 8.4 and a daily change rate of - 0.25%. The previous day's closing prices of Shanghai Silver T + D and London Silver were 9144.00 and 38.12 respectively, with daily changes of 122.00 and 0.27, and daily change rates of 1.35% and 0.70% [2] - **Price Ratios**: The current values of沪金2512 - 沪金2510,沪银2512 - 沪银2510, gold/silver (spot), Shanghai Gold/London Gold, and Shanghai Silver/London Silver are 1.98, 20, 84.39, 7.19, and 7.46 respectively, compared with previous values of 2.08, 22, 85.33, 7.15, and 7.41 [2] Inventory - **Changes**: The current inventories of Shanghai Futures Exchange gold and silver are 36,642 kg and 1,115,055 kg respectively, with changes of 60.00 kg and - 25,144.00 kg compared to the previous values. The current inventories of COMEX gold and silver are 38,573,764 and 508,499,193 respectively, with a change of 9,952.03 for COMEX gold and 0 for COMEX silver [2] Related Assets - **Values and Changes**: The current values of the US dollar index, S&P index, US Treasury yield, Brent crude oil, and US dollar - RMB exchange rate are 98.6526, 6370.17, 4.33, 67.67, and 7.1833 respectively, with changes of 0.42%, - 0.40%, 0.93%, 0.01%, and 0.03% compared to the previous values [2] Derivatives - **Holdings and Changes**: The current holdings of the SPDR Gold ETF and SLV Silver ETF are 44315 tons each, with an increase of 1.00 ton compared to the previous values. The current net positions of CFTC speculators in silver and gold are 33486 and 32895 respectively, with changes of 481 and - 1451 compared to the previous values [2] Macroeconomic Information - **Trade Agreement**: The EU and the US issued a joint statement detailing a new trade agreement reached in July. The US will impose a 15% tariff on most EU goods such as automobiles, pharmaceuticals, semiconductors, and timber. The EU promised to cancel tariffs on US industrial products, provide preferential market access for US seafood and agricultural products, and plans to purchase $750 billion worth of US liquefied natural gas, oil, and nuclear products and $40 billion worth of US artificial intelligence chips by 2028 [3] - **Renewable Energy Stance**: US President Trump criticized renewable energy as a "century - long scam". Even though the electricity demand in some US regions significantly exceeds supply, the US government will not approve new wind or photovoltaic projects. Trump blames the rising electricity prices in the US on renewable energy [3] - **PMI Data**: The preliminary US S&P Global Manufacturing PMI for August reached 53.3, the highest since May 2022, far exceeding the expected 49.5. The service industry PMI slightly dropped to 55.4, but the significant rebound in manufacturing pushed the composite PMI to a 9 - month high of 55.4 [3] - **Unemployment Data**: The number of initial jobless claims in the US last week increased by 11,000 to 235,000, the highest since June, higher than the market expectation of 225,000. The number of continued jobless claims in the previous week rose to 1.97 million, the highest since November 2021 [3] - **Real Estate Data**: The National Association of Realtors in the US stated that the annualized sales of second - hand homes in July increased by 2% to 4.01 million units, higher than the market expectation of 3.92 million units. The median price of second - hand homes increased by 0.2% year - on - year, the slowest increase in two years [3]

Group 1: Industry Overview - The global AI and HPC market is experiencing robust growth, with the data center industry currently valued at $242.7 billion and expected to double to over $584 billion by 2032 [3] - The widespread application of IoT and AIoT is driving the demand for advanced data transmission technologies, while breakthroughs in renewable energy are providing cost-effective and sustainable power solutions for data centers and IoT [3] Group 2: Company Performance - The company,环联连讯, integrates cutting-edge technologies to provide comprehensive communication and data transmission solutions for AI data centers, green energy, WiFi, and IoT [4] - The company reported a strong revenue growth of 53.8% year-on-year for the fiscal year 2024/25, reaching HKD 2,128.2 million, with a net profit of HKD 30.5 million [4] Group 3: Strategic Developments - The company completed a placement of 199 million shares at HKD 0.180 per share, raising approximately HKD 35.3 million for further business expansion in AI technology [6] - The entry of Mile Green Company Limited as a major shareholder, with a 9.3% stake, is expected to bring strategic synergies and enhance the company's future development, particularly in Southeast Asia [7] Group 4: Market Position and Outlook - The company's stock price has more than doubled since the announcement of its annual results and placement, indicating strong market confidence [7] - With support from international capital and a strong product portfolio, the long-term performance of the company is anticipated to be promising [7]