据了解，本次交易中的五家项目公司均为光伏发电企业。对于实施本次收购的目的，广东建工表示，购 买标的资产能够有效整合各方资源，实现优势互补，有利于公司扩大清洁能源发电业务规模，提升公司 清洁能源发电综合实力。 而对于转让方林洋能源而言，本次转让项目前期经营期间回款以及本次交易款项合计现金流可覆盖投资 总额的120%以上。公司新能源板块长期战略调整至建设平价电站和优质储能电站，本次转让项目回笼 资金将用于支持和保障长期战略规划调整。 数据显示，2024年和2025年前三月，五家项目公司中，濉溪县永瑞现代农业科技有限公司分别实现营业 收入4175.19万元、897万元，净利润1426.69万元，326.85万元。同期，濉溪永晖新能源科技有限公司实 现营业收入2099.28万元、352.46万元，净利润870.8万元、78.38万元；阜阳永明农业太阳能发电有限公 司实现营业收入2011.61万元、456.24万元，净利润934.27万元、217.5万元；江苏飞展能源科技有限公司 实现营业收入6150.06万元、1262.13万元，净利润2833.53万元、547.49万元；连云港林洋新能源有限公 司实现营业收入275 ...

发布日期:2025-06-03 回归能源基本面,EUA与TTF相关性增加 敢新 一级:拍卖价格70.58欧元/吨(0.06%)。 投标覆盖比1.5; - 行情 2、二级：EUA期货结算价70.91欧元/吨(0.71%)，成交2.63万手(0.66)。 策略 短期中性偏多,中期震荡区间€67~75 利多：西欧地区可再生能源发电减弱及用电需求上升，预计将推高剩余负荷。 利空:(1)美国宣布将钢铝关税从25%提高至50%,令欧洲市场承压。(26月期权到期日临 核心 近,目前最大看跌期权未平仓量位于€65,看涨期权则集中在€80。 逻辑 其他:(1)美国草案要求伊朗暂停铀浓缩活动,伊朗拒绝美国关于核计划的建议;(2)俄 罗斯提议短暂和有限停火,同意与乌克兰交换囚犯。 风险 1、欧盟恢复俄气供应;2、欧盟增加拍卖以筹备资金:3、排放上限弱化 图表1:欧盟排放配额(EUA)最新拍卖行情信息 欧盟碳市场行情简报 (2025年第92期) 40 20 07-01 04-01 10-01 01-01 01-01 01-01 01-01 04-01 10-01 07-01 图表4:欧盟排放配额(EUA)行情信息-期货、现货 期货结 ...

Core Insights - In April 2025, the National Energy Administration issued 216 million green certificates, representing a month-on-month increase of 23.94% [1] - The issued green certificates are linked to 104,300 renewable energy generation projects [1] - Of the total green certificates issued, 165 million are tradable, accounting for 76.36% of the total [1] Summary by Category Green Certificate Issuance - A total of 878 million green certificates were issued from January to April 2025, with 621 million being tradable [1] - In March 2025, 191 million green certificates were issued corresponding to renewable energy generation [1] Trading Activity - In April, 59.4 million green certificates were traded nationwide, including 27.39 million green electricity trading certificates [1] - From January to April 2025, a total of 259 million green certificates were traded, with 87.83 million being green electricity trading certificates [1] Pricing Information - In April, the average trading price of green certificates was 2.31 yuan per certificate, reflecting a month-on-month increase of 63.24% [1]

Investment Rating - The report assigns a "Buy" rating to Huaneng International, with a target price of HKD 6.12 per share, indicating a potential upside of 24% from the current price of HKD 4.93 [6][11]. Core Views - The company is expected to benefit from declining coal prices, leading to sustained growth in thermal power performance. In Q1 2025, the company reported a net profit of RMB 4.973 billion, an increase of 8.19% year-on-year, despite a 7.70% decline in revenue [3][4][8]. - The company plans to add approximately 10 GW of new renewable energy capacity in 2025, with a focus on solar and wind energy, which is expected to enhance its low-carbon energy portfolio [5][10]. Summary by Sections Financial Performance - In Q1 2025, Huaneng International's total electricity generation was 106.633 billion kWh, a decrease of 5.66% year-on-year. The average settlement price for electricity was RMB 488.19 per MWh, down 1.96% year-on-year. The company's revenue for the quarter was RMB 60.335 billion, a decline of 7.70% year-on-year, while net profit increased by 8.19% to RMB 4.973 billion [3][8]. Coal Price Impact - The report highlights that the company is benefiting from lower coal prices, with the average coal price for Q1 2025 at RMB 888 per ton, down 9% year-on-year. The fuel cost was RMB 259 per MWh, a decrease of 10% year-on-year. The coal segment achieved a pre-tax profit of RMB 3.982 billion, up 41% from the previous year [4][9]. Renewable Energy Expansion - Huaneng International's renewable energy capacity is projected to grow significantly, with plans for 10 GW of new installations in 2025, including approximately 7 GW from solar energy. The company reported a year-on-year increase in electricity generation from wind and solar of 8.81% and 51.21%, respectively [5][10]. Valuation Metrics - The report provides a financial forecast for the company, projecting revenues of RMB 246.931 billion for 2025, with a net profit of RMB 11.693 billion. The price-to-earnings (PE) ratio is expected to be 7.5 times for 2025, indicating a favorable valuation compared to peers [7][14].

Group 1: Financial Performance and Projections - The company's investment return rate for the "large to small" project has reached approximately 10% [1] - In 2024, the company aims to accelerate the construction of distributed photovoltaic projects, with 9 out of 18 projects already connected to the grid [1] - The first quarter performance showed a year-on-year increase, primarily due to ongoing equipment upgrades and favorable wind resource conditions [2] Group 2: Market Strategy and Competition - The company is focusing on differentiated services, such as customized comprehensive energy solutions, to enhance competitiveness amid increasing market competition [2] - The company plans to closely monitor changes in electricity trading policies to optimize project investment and marketing strategies [2] - The company is exploring non-subsidy business growth points as the subsidy period for existing projects approaches its end [12] Group 3: Technological Advancements and Operational Efficiency - The establishment of a smart operation and maintenance center aims to enhance the management of wind farms through intelligent diagnostics and predictive maintenance [3] - The company has implemented a smart management platform to reduce operational costs and improve fault response efficiency [14] - The company is actively collaborating with universities for R&D projects to align technology with actual power station needs [5] Group 4: Regulatory and Environmental Considerations - The participation in the carbon trading market is not expected to incur additional compliance costs for the company [4] - The company adheres to strict environmental policies during project construction, ensuring that green construction standards do not increase costs [10] - The company is preparing for potential impacts from regional policy adjustments, such as subsidy reductions and stricter approvals [12] Group 5: Future Developments and Strategic Focus - The company has no current plans to develop data center businesses but will continue to focus on enhancing profitability through existing projects [4] - Future strategies will include the gradual implementation of large-to-small transformation projects to improve efficiency [4] - The company is committed to sustainable development and aims to align with the carbon neutrality goals set by its parent group, China Aluminum [4]

证券代码：002227 证券简称：奥 特 迅 深圳奥特迅电力设备股份有限公司 2024 年度业绩说明会投资者活动记录表 编号：2025-01 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他： （请文字说明其他活动内容） 参与单位名称 及人员姓名 奥 特 迅2024年度业绩说明会采用网络远程方式进行，面向全体投资者 时间 2025 年 5 月 26 日 15:00-17:00 地点 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访谈"栏目 公司接待人员 姓名 主持人：奥 特 迅 董事长,总裁：廖晓霞 独立董事：刘宇 董秘,财务总监：吴云虹 副总裁、总工程师：李志刚 投资者关系活动 主要内容介绍 1.高管您好。请问贵公司本期财务报告中，盈利表现如何？谢谢。 答：您好，感谢您的关注。本期财务报告中总体亏损较上年扩大 23%， 主要原因为计提公司本期非经常性损益合计-1,599 万元，其中金额工具 损益为-2,992 万元，该金融工具损益主要是对外股权投资减值所致。经 常性损益亏损较上年收窄 43 ...

申万宏源：新疆电力供需发展空间广阔 金十数据5月26日讯，申万宏源发布研报称，"十五五"期间，风光装机规模快速成长，叠加火电机组装 机仍有增长空间，预计十五五末期新疆年发电量有望达9000亿千瓦时，其中风光发电量有望达3700亿千 瓦时，新能源发电占比有望超过40%。随着疆内产业园区发展及外省产能迁入，"十五五"期间新疆用电 量预计将保持高单位数或双位数增速。同时随着疆电外送通道的建成投产，至2030年新疆外年送电规模 有望达2400亿千瓦时，较2024年底接近翻倍。 ...

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Viewpoints - The report highlights that from January to April, the newly installed capacity for wind and solar energy reached 125GW, emphasizing the value of flexible adjustment resources in thermal power [10][3] - As of the end of April, the total installed power generation capacity in the country was 3.49 billion kilowatts, a year-on-year increase of 15.9% [10] - The report suggests focusing on the value of flexible adjustment resources due to the rapid growth of new energy installations, which is expected to accelerate in the first half of the year [10] Summary by Sections Industry Trends - In April, the total electricity consumption increased by 4.7%, with the first industry growing by 13.8%, the second industry by 3.0%, and the third industry by 9.0% [10] - The report notes that the overall electricity demand from the second industry is weak, affecting the overall growth rate, while the first and third industries show resilience [10] Power Generation Data - In April, the total power generation increased by 0.9%, with significant growth in wind and solar power generation [10] - The report indicates that thermal power generation decreased by 2.3% year-on-year, while nuclear power increased by 12.4%, wind power by 12.7%, and solar power by 16.7% [10] Key Stocks - The report recommends focusing on key thermal power stocks such as Huadian International, Huaneng International, Datang Power, and Jiantou Energy, as well as leading thermal power renovation equipment companies like Qingda Environmental Protection [3][7] - It also suggests prioritizing undervalued green power sectors, particularly in Hong Kong, and recommends stocks like Xintian Green Energy and Longyuan Power [3][7] Market Performance - The report notes that during the week of May 19-23, the Shanghai Composite Index closed at 3,348.37 points, down 0.57%, while the CSI 300 Index closed at 3,882.27 points, down 0.18% [56] - The CITIC Power and Utilities Index closed at 2,925.81 points, up 0.45%, outperforming the CSI 300 Index by 0.62 percentage points [56]

证券研究报告 | 行业周报 gszqdatemark 2025 05 25 年 月 日 电力设备 1-4 月国内光伏装机同增 75%，金龙羽签订无人机固态电池订单 光伏：1-4 月国内光伏新增装机 104.93GW，同比增长 75%。根据国家能源局 发布的 1-4 月份全国电力工业统计数据。今年 1-4 月，国内新增光伏装机 104.93GW，同比增长 75%。单 4 月新增光伏装机 45.22GW，同比增长 215%。 在抢装背景下，行业需求在前四月大幅增长。当下行业抢装减弱，产业链价格回 调。关注后续产业链产能控制情况。整体供给侧减产积极，关注后续价格修企稳时 机。核心关注两大方向：1）供给侧偏刚性、后续需求复苏后价格弹性更大的硅料 和玻璃，核心关注协鑫科技、通威股份、福莱特等。2）新技术背景下带来的中长 期成长性机会，核心关注爱旭股份、聚和材料等。 风电&电网：红海湾六海上风电启动 500KV 海缆招标，丹麦政府重启海上风电补 贴，预期 2025 年秋季启动 3GW 招标。5 月 21 日，深圳能源电子招标投标平台 发布《深能汕尾红海湾六海上风电项目 500kV 海底电缆供货及敷设采购项目招标 公告》。 ...

Group 1 - The 29th World Gas Conference is focusing on "Digitalization and Technological Innovation Shaping a Sustainable Future" [1] - Beijing aims to become a global benchmark city for digital and green economies, emphasizing the role of energy technology innovation and the transformation of the natural gas industry [2] - Beijing's energy structure has historically optimized, with coal consumption projected to be less than 1% of total energy consumption by 2024, and green electricity usage reaching 29.3% of total electricity consumption [1][2] Group 2 - The city plans to enhance the dual development of digital industries and energy, creating a comprehensive digital and intelligent urban energy system [2][3] - Beijing will focus on energy technology innovation in sectors like energy conservation, hydrogen energy, and energy storage, supported by a green energy investment fund [3] - The forum featured discussions from international experts on the practical applications of green and digital transformations in the energy sector [3]