邬博华对电力设备和新能源板块整体景气指数仍然较为看好。他认为，在国内外需求共振的背景下，未 来锂电池、风电、储能、电力设备等方向仍将保持良好发展趋势，光伏等行业供需改善值得期待。公开 数据显示，2024年全国可再生能源发电装机创历史新高，占全球可再生能源新增装机六成以上，预计今 年全年风电光伏发电装机将再新增3亿千瓦以上。2024年我国风电累计装机达5.2亿千瓦，光伏累计装机 达8.9亿千瓦，全球最高海拔光伏项目、最大"渔光互补"项目投产；新型储能发展集中式、大型化趋势 显著。同时，技术创新成为产业升级的重要驱动力。 日前，在"证券时报社第十六届上市公司投资者关系管理论坛暨2025中国城市发展新质生产力巡礼走进 扬州"活动的论坛上，长江证券研究所联席所长、新能源与电力设备首席分析师邬博华围绕"新能源与电 力设备"主题进行了专业分析。 对于电力设备行业，邬博华认为，虽然受出口贸易形势影响，从股价上看该板块短期波动较大，但总体 层面看，我国电网投资仍保持增长态势，下游需求具备确定性，未来可关注电力数智化带来的产业机 遇。 （文章来源：证券时报） 储能行业主要得益于成本下降、商业模式改善带动的终端经济性提升，202 ...

东营市政府成立海上风电等可再生能源产业发展联合工作组，一体推进风光储氢等可再生能源开发。截 至2025年5月底，全市可再生能源装机988.24万千瓦，同比增长45.35%，占全市电力总装机的67%。打 造大型风光基地，全球最大开放式国华HG14海上光伏1000兆瓦项目累计并网50万千瓦，鲁北基地"十四 五"开发计划首个开工、首个全容量并网发电的项目—河口区军马场50万千瓦光储一体化项目并网投 运。加快新型储能规模应用，全国单体容量最大的津辉795兆瓦电化学独立储能项目全容量并网投运， 新型储能规模167万千瓦、居全省第1位。推进地热能开发利用，6个地热项目纳入省地热能试点工程创 建名单，牛庄"无烟小镇"清洁供暖项目和华泰金融中心—吾悦广场片区中深层地热能替代燃煤供暖项目 通过省级验收，5个项目22口井纳入市级地热样板工程。 "我市聚焦绿色低碳转型，持续推动可再生能源高质量跃升发展，可再生能源装机规模增速、发电量增 速均居全省前列，能源结构持续优化。"杜建成从高起点规划布局、政企协同高效推进、耦合引领产业 发展三个方面，进行了具体介绍。 东营市还加强与宁德时代（300750）等头部企业合作，加快锂电池绿色智造基 ...

文 | 中关村储能产业技术联盟 全球领先的储能企业—— 晶科储能 （ Jinko ESS）与 希腊 能源公司 Metlen 集团 签署了具有里程碑意义的框架 协议，正式确立了双方在 电网侧储能系统领域 的战略合作伙伴关系。该协议在 Metlen 集团 希腊 雅典总部签署， 双方将 在 智利和欧洲 市场部署 超过 3GWh 的储能项目。 此次 合作基于双方当前正在智利推进的 1.6 GWh 标杆项目 ——晶科储能正向该项目供应 其 G2 5MWh储能系 统，并计划于2025年第四季度完成全部交付。该战略联盟既彰显晶科储能在全球 储能系统 领域的快速发展势头， 亦体现 Metlen集团作为能源转型推动者的战略布局。 晶科储能首席执行官周方开与 Metlen集团可再生能源业务执行董事 Nikos Papapetrou共同签署了这项3GWh的战 略框架协议。 此次合作 将晶科储能行业领先的 储能 技术与 Metlen 集团的全球能源专业优势相结合，以应对 地 区 电网稳定挑战。 此次协议签署彰显了双方通过先进储能解决方案推动可再生能源应用的共同承诺， 进一步巩固了晶科储能作为全球 增长最快储能 公司之一的地位 ，以及 ...

文 | 远景储能 近日，远景储能宣布与欧洲可再生能源企业 Kallista Energy 签署 EPC 协议，双方将在法国上法 兰西大区萨勒地区建设一座 120MW/240MWh 磷酸铁锂电池储能电站。这是 远景在法国落地的首 个独立储能项目 ，也标志着其在欧洲市场的拓展迈出重要一步。 作为全球领先的智慧储能系统集成商，远景储能凭借技术创新与全栈自研，一直走在行业前列。 基 于对 电力系统和电网需求的深刻理解， 远景 自研构网型储能技术 ，支撑电力系统稳定性重构 ； 远景储能具备交易能力 ， 通过 AI 大模 型优化交易策略，确保电站全生命周期收益最优。 2024 年，远景储能系统出货量位列全球第三。随着欧洲储能市场的蓬勃发展，远景储能将继续发展全栈、 全产业链、全生命周期服务能力，助力构建更安全、可靠的净零未来能源体系。 相关阅读 单日创收超百万！远景盐城交易型储能电站全年运行数据出炉 远景智慧交易型储能持续"稳盈" 负荷/功率预测获南方电网竞赛第一 15.85GWh，储能新增装机同比增长228%！5月新型储能项目分析 5月48项新型储能政策发布，136号文配套政策成各地关注重点 | 联盟官微 | | -- ...

2025 年 06 月 25 日 商 品 研 究 工业硅：仓单再次去化，关注上方空间 多晶硅：逢高空配思路为主 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2509收盘价（元/吨） Si2509成交量（手） | 7,485 612,486 | 65 319,554 | 125 174,579 | -395 404,089 | | | | Si2509持仓量（手） | 293,427 | -9,692 | -25,466 | 109,737 | | 工业硅、多晶硅期货市场 | | PS2507收盘价（元/吨） | 31,085 | 470 | -2,925 | - | | | | PS2507成交量（手） | 171,969 | 83,519 | 126,164 | - | | | | PS2507持仓量（手） | 72,286 | -5,897 | 28 ...

研究早观点 2025 年 6 月 25 日 星期三 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,420.57 | 1.15 | | 深证成指 | | 10,217.63 | 1.68 | | 沪深 | 300 | 3,904.03 | 1.20 | | 中小板指 | | 6,426.48 | 1.38 | | 创业板指 | | 2,064.13 | 2.30 | | 科创 | 50 | 978.71 | 1.79 | | 资料来源：最闻 | | | | 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 研究早观点 邮箱：lizhaoqi@sxzq.com 【今日要点】 【宏观策略】海外市场周观察（20250616~20250622） 【行业评论】化学原料：新材料周报（250616-0620）-财政部下达可再 生能源补贴，推动风电行业维持高速发展 【行业评论】基础化工：行业周报（20250616-0622）-地缘冲突加剧不 可逆，重点布局军工材料核心 ...

Core Viewpoint - Jinko Power Technology Co., Ltd. received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting the company to respond to various issues raised, particularly concerning revenue and accounts receivable [1][2]. Revenue Summary - The company reported a revenue of 4.775 billion yuan for 2024, representing a year-on-year increase of 9.25%. The revenue growth was driven by the photovoltaic power station development and operation transfer business, which saw an increase of 11.38%, while the EPC business revenue declined by 5.07% [1][2]. - The gross profit margin for the photovoltaic power station development and operation transfer business decreased by 2.64 percentage points, while the EPC business saw an increase in gross profit margin by 7.56 percentage points [1][2]. Accounts Receivable and Contract Assets - As of the end of the reporting period, the total accounts receivable and contract assets for the EPC business amounted to 438 million yuan, exceeding the current period's revenue, with a bad debt provision ratio of 57.86% [1][2]. - The balance of accounts receivable aged over five years was reported at 1.05 billion yuan, indicating potential collection issues [1][2]. Client and Supplier Information - The company provided details on its top five clients and suppliers across different business segments, including transaction amounts, balances, and aging of accounts. The majority of the accounts receivable were linked to state-owned power companies, with significant balances attributed to renewable energy subsidy payments from the government [5][6]. - The company highlighted that the high balances with clients were primarily due to delays in receiving government subsidies for renewable energy, which have longer payment cycles [5][6]. Business Segment Analysis - The photovoltaic power station development and operation transfer business included various services such as power generation sales, operation maintenance, and development consulting. The revenue from this segment was significantly impacted by the subsidy payment delays [3][4]. - The EPC business's revenue and gross profit margins were affected by project execution timelines and the nature of contracts, with some projects experiencing lower margins due to competitive bidding and high material costs [6][7]. Future Considerations - The company is actively working on collecting outstanding receivables and has made provisions for bad debts based on aging analysis. The management is also reviewing its revenue recognition practices to ensure compliance with accounting standards [1][2][6].

联合〔2025〕5054 号 联合资信评估股份有限公司通过对哈尔滨九洲集团股份有限公 司主体及其相关债券的信用状况进行跟踪分析和评估，确定维持哈 尔滨九洲集团股份有限公司主体长期信用等级为 AA-，维持"九洲 转 2"信用等级为 AA-，评级展望为稳定。 特此公告 哈尔滨九洲集团股份有限公司 公开发行可转换公司债券 www.lhratings.com 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十三日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受哈尔滨九洲集团股份有限公司（以下简称 "该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委 托关系外，联合资信、评级人员与该公司不存在任何 ...

ETF Industry News - The three major indices collectively rose, with the Shanghai Composite Index increasing by 1.15%, the Shenzhen Component Index by 1.68%, and the ChiNext Index by 2.3. Multiple ETFs in the electric power equipment sector saw significant gains, including the Kexin New Energy ETF (588830.SH) up by 4.71%, Battery 50 ETF (159796.SZ) up by 4.12%, and Battery ETF (561910.SH) up by 4.01. In contrast, several ETFs in the non-ferrous metals sector declined, with the Gold Stocks ETF (517400.SH) down by 1.47% [1][3][6] - Wanlian Securities noted that in the context of energy transition, global renewable energy installations are rapidly increasing, coupled with the upgrade of grid equipment, leading to stable growth in global grid construction investment. China's electric power equipment products possess technological and cost advantages, making them competitive, with the export of transformers, electric meters, switches, and cables expected to benefit continuously [1] New ETF Launches - The first batch of the Shanghai Stock Exchange 580 ETF has been reported, with Huaxia Fund and E Fund simultaneously applying for the Shanghai Stock Exchange 580 ETF and its linked fund. The Shanghai 580 Index, which focuses on small-cap stocks, was just released in mid-June, and the recently optimized Shanghai 380 Index has also attracted interest from public funds [2] Market Performance Overview - On June 24, the three major indices rose collectively, with the Shanghai Index closing at 3420.57 points, the Shenzhen Component at 10217.63 points, and the ChiNext Index at 2064.13 points. The North Stock 50 and ChiNext Index ranked high in daily performance, with daily increases of 3.65% and 2.3%, respectively [3] Sector Performance - In the performance of various sectors, electric power equipment, non-bank financials, and retail trade ranked at the top, with daily increases of 2.85%, 2.68%, and 2.64%, respectively. In contrast, the oil and petrochemical, coal, and defense sectors lagged behind, with daily changes of -2.1%, -0.22%, and 0.13% [6] ETF Market Performance - The overall performance of ETFs showed that cross-border ETFs performed the best with an average increase of 1.94%, while commodity ETFs had the worst performance with an average decrease of -1.21% [8] - The top five performing ETFs today included the Kexin New Energy ETF (588960.SH) with a return of 9.44%, followed by the Robot 50 ETF (159559.SZ) at 4.79%, and the Kexin New Energy ETF (588830.SH) at 4.71% [10] Trading Volume of Different ETF Categories - The top three ETFs by trading volume were the CSI 300 ETF (510300.SH) with a trading volume of 4.815 billion, Kexin 50 ETF (588000.SH) at 3.393 billion, and A500 ETF (512050.SH) at 3.345 billion [12][13]

今年是中欧建交50周年。长期以来，德国作为欧盟核心大国，在中欧关系中发挥着"领头羊"与"稳定 器"作用。中德务实合作是中欧互利共赢的生动缩影，良好的中德关系为中欧关系长远发展提供重要动 力。 高水平、战略性是中德关系的显著特征。建交半个多世纪来，两国坚持互尊互信、平等相待的相处之 道，始终走互利互惠、共赢发展的合作之路，成长为携手并进、彼此成就的好伙伴，以高水平合作推动 双边关系持续健康发展。2014年，习近平主席首次对德国进行国事访问，同德国领导人共同擘画双边关 系新蓝图，将两国关系提升为全方位战略伙伴关系。今年5月，习近平主席应约同德国总理默茨通电 话，就中德关系发展作出战略引领、达成重要共识。双方应认真落实两国领导人通话成果，坚持伙伴定 位，深化战略沟通，增强关系韧性，推动中德全方位战略伙伴关系向更高层次、更宽领域持续迈进。 同发展、谋共赢是中德合作的鲜明底色。两国经济互补、产业互嵌、利益互融，务实合作始终是双边关 系的"压舱石"。中德双边贸易额从建交之初的不足3亿美元跃升至现今的2000多亿美元。双方建立起各 层级80多个对话合作机制、百余对友好省州（市）关系，两国各领域合作亮点纷呈。随着中国高质量发 ...