Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 0.61 per share, indicating a potential upside of 47% from the current price of HKD 0.415 [6][12]. Core Insights - The company reported a revenue of HKD 1.4 billion for the first half of 2025, a decrease of 6.6% year-on-year, and a profit of HKD 282 million, down 43.8% year-on-year, primarily due to declining resource availability, lower comprehensive electricity prices, and power restrictions [3][9]. - The company has expanded its project portfolio, adding 191 MW of new capacity in the first half of 2025, with a total installed capacity of 4,778 MW, representing an 18% increase year-on-year [4][10]. - Financing costs have decreased, with an average financing cost of 3.15% and a comprehensive financing rate of 3.63%, both at historical lows, enhancing the company's long-term investment appeal [5][11]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a profit of HKD 282 million, with basic earnings per share of 3.58 cents. The average utilization hours for wind farms decreased by 6.4% to 1,142 hours, and the average comprehensive electricity price fell by 1.85 cents to HKD 0.3653 per kWh [3][9]. Project Development - The company has successfully secured new projects, including 600 MW of wind power in China and additional solar and energy storage projects outside China, maintaining a focus on high-quality project development with an internal rate of return (IRR) above 8% [4][10]. Valuation Metrics - As of June 30, 2025, the company's net assets stood at HKD 8.9 billion, with a book value per share of HKD 1.11. The current price-to-book (PB) ratio is 0.34, and the projected dividend yield for 2025 is approximately 9.64% [5][11].

据悉，通过远景购买绿电的用户，不仅可以获得经过国家认证的零碳绿电，还能享受相较本地电源更具 竞争力的电价。 该笔绿电交易是远景对"自营风电终端消纳模式"的积极探索。其中，上网侧申报来自远景位于蒙西的风 电场项目，需求侧申报方则为其旗下售电公司"景融绿色能源科技有限公司"，最终双方在集中竞价中完 成撮合成交，不仅实现资源地与负荷中心的直接供需匹配，也为绿电跨区配置、规模交易和用户直达提 供了明确路径。 记者日前从远景科技集团获悉，远景在"山西蒙西送上海浙江安徽月内省间绿色电力集中竞价交易"中实 现全流程闭环，将来自内蒙古的绿色电力成功送到上海用户手中。 ...

Financial Performance - The company reported a revenue of 1.4 billion RMB for the six months ending June 30, 2025 [1][3] - The profit attributable to equity holders was 282 million RMB, with a net profit margin of 20% [1][3] - Basic earnings per share were 3.58 cents [1] Asset and Capital Structure - As of June 30, 2025, the company's net asset value was 8.9 billion RMB, with a net asset value per share of 1.11 RMB [1] - The average financing cost decreased by 35 basis points to 3.63% for the first half of 2025 [4] Operational Metrics - The installed capacity of equity generation increased to 4,778 MW, representing a growth of 22.5% compared to the first half of 2024 [6][7] - The company’s asset composition is primarily focused on wind power, accounting for 80.5% of total capacity, with 3,844 MW from wind and 934 MW from solar [8] Generation and Efficiency - The equity generation volume reached 4.76 billion kWh [10] - The average utilization hours for wind power increased to 1,142 hours in the first half of 2025, up from 1,087 hours in the same period of 2024 [12] Strategic Initiatives - The company aims to enhance operational efficiency by optimizing existing power plants and exploring service-oriented business opportunities [13][27] - There is a focus on global expansion and increasing the proportion of stable asset investments [13][27] Environmental and Social Governance (ESG) - The company has maintained excellent ESG performance, with significant reductions in carbon dioxide and sulfur dioxide emissions, as well as water savings [19][21] - The company has been recognized in the S&P Sustainability Yearbook for two consecutive years [24][26]

内蒙古电力集团紧跟国家政策导向，绿电交易活力强劲。2021年8月，国家启动绿色电力交易试点后， 内蒙古电力集团开始优化市场机制。2022年，研究试点开展绿证、绿色电力交易可行性方案。2023年， 配合自治区起草完善《内蒙古电力市场绿色电力交易试点方案》，持续配合国家能源局推进绿证全覆 盖。2024年2月，国家正式批复同意内蒙古电力市场组织开展绿色电力交易，政企协同制定出台《绿色 电力交易实施细则》。2024年3月，首月绿色电力交易成交量达87.8亿千瓦时，全年累计完成绿电结算 电量757亿千瓦时，规模、增速领跑全国各省级电力市场。 针对新能源建设要素约束趋紧、供需不协调、电网支撑调节能力有限等痛点，内蒙古电力集团下大力气 深化新能源领域改革，持续创新绿电交易机制，深挖送电潜力。 今年上半年，内蒙古电网风电、光伏新能源发电量731亿千瓦时，同比增长41%；新能源发电量居全国 省级电网第二位，发电量占比35.6%，同比增长9.3个百分点；±800千伏昭沂特高压直流外送通道配套新 能源累计上网电量76.63亿千瓦时，超过去年全年上网电量，同比增长119%，草原风光穿越1200千米， 直达山东负荷中心。 在全国跨经营 ...

Core Insights - The article discusses the rapid development of clean energy in Fujian Province, focusing on the construction of a new power system and the effective consumption of renewable energy sources [1][2][3] - Fujian has established a diversified energy supply system, integrating hydro, nuclear, wind, solar, and gas energy, achieving a clean energy installation ratio of 56.7% and a generation ratio of 53.6% by April 2025 [1][3][4] Energy Structure Transformation - Fujian's energy structure has evolved from reliance on hydropower to a multi-energy complementary system, addressing the challenges of energy supply during dry seasons and waste during rainy seasons [2][3] - The province has accelerated the development of nuclear, wind, solar, and gas energy since the 18th National Congress, with nuclear power capacity ranking second nationally and offshore wind power included in national planning [3][4] Smart Grid Empowerment - The construction of a smart energy internet has enhanced Fujian's capacity to absorb clean energy, utilizing advanced predictive technologies and AI algorithms to achieve a 95.8% accuracy in power forecasting [5][6] - The smart grid system has been tested during extreme weather events, successfully managing peak loads and ensuring stable power supply [5][6] Innovation Cluster Emergence - The Fujian Sanxia Offshore Wind Power International Industrial Park has become a hub for leading companies in the wind energy sector, generating an output value of approximately 6 billion yuan [9][10] - The establishment of a national offshore wind power research and testing base has facilitated breakthroughs in large-capacity offshore wind turbine technology [9][10] Green Electricity Value Transformation - Fujian is actively expanding its green electricity trading market, achieving a 154% increase in green electricity transactions and a 495% increase in green certificate transactions in 2024 [14][15] - The province is also innovating financial products to support green energy projects, enhancing the economic value derived from ecological assets [15][16]

Core Viewpoint - The article highlights the rapid development of clean energy in Fujian Province, emphasizing the transition from a single reliance on hydropower to a diversified energy structure that includes nuclear, wind, solar, and gas, achieving complete consumption of clean energy [1][2][3]. Energy Structure Transformation - Fujian has shifted from relying solely on hydropower to a multi-energy complementary system, with hydropower contributing 32.9% to the clean energy installed capacity [2][3]. - The water resources in Fujian, particularly the Min River, provide a significant foundation for hydropower, with the Wukou Hydropower Station being the largest conventional hydropower station in East China, generating 170 billion kilowatt-hours over 30 years [2][3]. - As of April 2025, clean energy installed capacity in Fujian reached 56.7%, with a generation share of 53.6% [1]. Smart Grid Empowerment - The construction of a smart energy internet has enhanced the capacity for clean energy consumption, utilizing advanced technologies for precise forecasting and full-chain consumption [5][6]. - The smart grid system allows for real-time monitoring and rapid response to energy demands, ensuring 100% consumption of wind and solar energy during peak output [5][6]. - The integration of AI algorithms has improved the accuracy of renewable energy power forecasting to 95.8% [5]. Innovation Cluster Emergence - The Fujian Sanxia Offshore Wind Power International Industrial Park has become a hub for leading companies in the wind power sector, generating an output value of approximately 6 billion yuan [9]. - The park has facilitated the development of domestically produced offshore wind turbines, marking a significant shift from following to leading in technology [9][10]. - The establishment of a national offshore wind power research and testing base has accelerated the development of new technologies in wind power equipment [10]. Green Electricity Value Transformation - Fujian is actively expanding the scope of green electricity trading, achieving a cumulative transaction of 19.49 billion kilowatt-hours and 1.35 million green certificates in 2024, representing a year-on-year increase of 154% and 495% respectively [14][15]. - The province has implemented policies to include various renewable energy projects in the green electricity trading market, enhancing the supply capacity of green electricity [15][16]. - Innovative financial products such as "green electricity loans" have been introduced to support the development of green energy projects [15][16].

Core Viewpoint - DBS maintains a "Hold" rating on Longyuan Power (00916, 001289.SZ) due to subdued growth prospects, adjusting the target price for H-shares from HKD 6.7 to HKD 7.2 and for A-shares from RMB 16.6 to RMB 17.5, with a forecasted profit decline of approximately 2% in 2025, followed by a rebound of 7% in 2026 [1] Group 1 - Longyuan Power has implemented several strategies to mitigate the impact of declining electricity prices, including participation in green electricity trading, strategic transactions in high-price areas, and increasing the proportion of long-term electricity sales contracts [1] - The company's wind power electricity price has only decreased by 1.6% year-on-year in the first quarter, while the photovoltaic electricity price remains relatively stable [1] - Longyuan Power has adjusted its growth strategy to focus on enhancing the efficiency of existing projects, prioritizing the development of high-return new projects, and emphasizing quality over scale expansion [1] Group 2 - The company is estimated to add 5 GW of installed capacity this year, slowing down to 2.8 GW next year [1] - In the first half of this year, the company's electricity generation increased by 12.5% year-on-year, exceeding expectations, leading to a 3.4 percentage point upward adjustment in the annual electricity generation growth forecast to approximately 12% [1] - Consequently, profit forecasts for 2025 and 2026 have been raised by 3% to 6% [1]

Investment Rating - The report maintains a rating of "Buy" for the industry [3]. Core Viewpoints - The report indicates a significant drop in new installations of solar and wind power in June, suggesting that the supply-side pressure is easing, and green electricity is expected to experience a reversal [2][10]. - The increase in the proportion of renewable energy is expected to stimulate the demand for flexible power generation, benefiting coal-fired power plants and aiding in the absorption of renewable energy [2]. - The report emphasizes the importance of focusing on the power sector, particularly coal-fired power companies with resilient quarterly performance and leading firms in flexible coal-fired power transformation [2]. Summary by Sections Industry Overview - As of June 30, the total installed power generation capacity in the country reached 3.65 billion kilowatts, a year-on-year increase of 18.7%. Solar power capacity was 1.1 billion kilowatts, up 54.2%, and wind power capacity was 570 million kilowatts, up 22.7% [7][13]. - In June, new installations of solar and wind power dropped significantly, with solar power adding 14.36 GW and wind power adding 5.11 GW, down 78.56% and 21.21% respectively from May [7][13]. - The average utilization hours of power generation equipment decreased by 162 hours year-on-year to 1504 hours [7][13]. Electricity Demand - In June, the total electricity consumption increased by 5.4%, with the first, second, and third industries, as well as residential electricity consumption, showing growth rates of 8.7%, 2.4%, 7.1%, and 4.9% respectively [7][10]. - The third industry's electricity demand showed resilience, with internet and related services growing by 27.4% year-on-year [7][10]. Investment Recommendations - The report recommends focusing on coal-fired power companies such as Huaneng International, Huadian International, and Baoneng New Energy, as well as leading firms in flexible coal-fired power transformation like Qingda Environmental Protection [2]. - It also suggests prioritizing undervalued green electricity operators, particularly in the Hong Kong market, and companies with high stock project ratios and short-term revenue certainty [2]. Market Performance - The report notes that during the week of July 21-25, the Shanghai Composite Index rose by 1.67%, while the electricity and public utilities sector index fell by 0.03%, underperforming the broader market [55][56].

Group 1 - The core viewpoint is that the green electricity trading market in Guangxi has seen significant growth since its launch in 2022, with a trading volume of 10.415 billion kWh by June 2023, representing a year-on-year increase of 105.07% [1] - The rapid development of renewable energy is a key driver for the increase in green electricity trading volume, with renewable energy installed capacity reaching 53.29 million kW, a year-on-year growth of 70.7%, accounting for 48.5% of the total installed capacity in Guangxi [1] - The average trading price of green electricity has decreased by 27.15% year-on-year, shifting the market from being policy-driven to demand-driven, with traditional industries and foreign trade enterprises showing increased enthusiasm for green electricity consumption [1] Group 2 - Liu Zhou Guoxuan Battery Co., Ltd. is actively expanding its overseas market by exporting new energy vehicle batteries to countries such as Indonesia, Vietnam, and Thailand [2] - The company has consumed 21.226 million kWh of green electricity, which has helped reduce carbon emissions by 8,584 tons, enhancing its international competitiveness through green electricity consumption [2]

Core Viewpoint - The development of renewable energy in Guizhou is significantly advancing, with substantial investments and technological innovations leading to increased green electricity generation and utilization. Group 1: Investment and Infrastructure Development - Since the beginning of the 14th Five-Year Plan, the Southern Power Grid Company has invested over 40 billion yuan in Guizhou to enhance the transmission of renewable energy, establishing a robust channel for green electricity [1] - As of June this year, the installed capacity of renewable energy in Guizhou reached 31.58 million kilowatts, surpassing thermal power to become the largest energy source in the region, accounting for 39.5% of the total [1] Group 2: Technological Innovations - Guizhou's power grid has developed automatic voltage control technology to stabilize the consumption of renewable energy, achieving a closed-loop system for 57 renewable energy stations by 2023 [2] - By 2025, Guizhou aims to achieve full coverage of centralized renewable energy automatic voltage control, reducing electricity wastage by over 100 million kilowatt-hours annually and maintaining a renewable energy utilization rate above 98% [2] Group 3: Industry Applications and Market Potential - The introduction of green electricity technology is transforming various industries in Guizhou, such as the promotion of electric brewing standards in the liquor industry and the development of mobile transformers to support tea production [3] - From January to May this year, the volume of green electricity traded in Guizhou reached 3.358 billion kilowatt-hours, marking a year-on-year increase of 210.16% [4] - Companies are increasingly favoring green electricity for its cost-saving benefits related to carbon tariffs and its alignment with market trends, enhancing their competitive edge [4]