Investment Overview - The company has approved the investment in the Yanchi Gaosha Wo 320MW/640MWh energy storage project to enhance its renewable energy generation capacity and overall profitability [1][2] - The total investment for the project is approximately RMB 492.33 million, funded through local government special bonds, self-funding, and financing from financial institutions [1] Project Details - The energy storage station will consist of 64 units of 5MW/10MWh storage units, including storage battery cabins and inverters [2] - The project is located in Gaosha Wo Town, Yanchi County, Wuzhong City, Ningxia Hui Autonomous Region [2] - The financial internal rate of return after tax is 3.41%, with a capital internal rate of return of 5.16%, and a payback period of 17.59 years [2] Purpose and Impact - The project aligns with the regional policy to develop renewable energy and aims to build a modern energy industry system that is "clean, low-carbon, safe, and efficient" [2] - It is expected to significantly increase the company's renewable energy installed capacity, thereby enhancing its revenue and overall profitability [2] Project Approval and Next Steps - The investment does not constitute a related party transaction or a major asset restructuring as per regulations [2] - The project requires approval from the company's shareholders before proceeding [2]

Investment Overview - The company plans to invest in the construction of the Zhongwei Yingshuqiao 80MW/160MWh energy storage project to enhance its renewable energy generation capacity and overall profitability [1][2] - The total investment for the project is approximately RMB 145.23 million, funded by local government special bonds, self-owned funds, and bank loans [1][2] Project Details - The energy storage station will consist of 8 sets of 5MW/5MWh and 8 sets of 5MW/15MWh storage units, including battery cabins and inverters [2] - The project site is located in Yingshuqiao Town, Shapotou District, Zhongwei City, Ningxia [2] - The financial internal rate of return after tax is 2.54%, with a capital internal rate of return of 2.52%, and the investment payback period is estimated at 18.66 years [2] Purpose and Impact - The project aligns with the regional government's initiative to develop renewable energy and aims to build a "clean, low-carbon, safe, and efficient" modern energy industry system [2] - It is expected to significantly increase the company's renewable energy capacity, revenue scale, and overall profitability [2]

Core Viewpoint - The company *ST Baoshi plans to expand its renewable energy generation capacity by investing approximately 1.011 billion yuan in three energy storage projects [1] Group 1: Investment Projects - The company intends to construct the Lingwu Majiatang 240MW/480MWh energy storage project [1] - The company plans to develop the Yanchi Gaoshaowo 320MW/640MWh energy storage project [1] - The company aims to build the Zhongwei Yingshuijiao 80MW/160MWh energy storage project [1] Group 2: Financial Overview - The total investment for the aforementioned projects is estimated to be around 1.011 billion yuan [1]

公告同时显示，根据公司初步统计，今年7月，公司及子公司按合并报表口径完成输/售气量3.74亿立方 米，同比减少0.66%。其中，公司售气量3.26亿立方米，同比增加11.84%；代输气量4744.79万立方米， 同比减少43.81%。今年1至7月，公司累计完成输/售气量31.88亿立方米，同比减少15.43%。 8月11日，新天绿能发布公告，今年7月，公司及子公司按合并报表口径完成发电量84.42万兆瓦时，同 比增加9.32%。其中，公司风电业务发电量为80.55万兆瓦时，同比增加6.44%；太阳能业务发电量为 3.87万兆瓦时，同比增加149.53%。今年1至7月，公司累计完成发电量909.44万兆瓦时，同比增加 9.57%。 ...

Investment Rating - The report maintains an "Increase" rating for the industry [5] Core Insights - The report highlights the stabilization of polysilicon prices and the strategic cooperation between Yinglian Co. and a well-known cylindrical battery company, focusing on enhancing the performance of composite current collector battery materials [4][27] - The report emphasizes the importance of supply-side reforms and potential price increases within the solar industry, particularly through capacity acquisitions [15][16] - The hydrogen energy sector is seeing significant developments, with plans for a 3 million-ton green fuel base in Inner Mongolia, indicating a strong growth trajectory [20] Summary by Sections New Energy Generation - **Photovoltaics**: Polysilicon prices have stabilized, with the average transaction price for n-type raw materials at 47,200 RMB/ton, a week-on-week increase of 0.21%. The expected production for August is 125,000 tons. Key companies to watch include GCL-Poly, Tongwei Co., and JA Solar [15][16] - **Wind Power**: The initiation of a 1GW offshore wind power project in Dandong, Liaoning, is noted, with significant procurement activities for construction and installation. The report suggests focusing on companies involved in subsea cables and wind turbine installations [16][19] - **Hydrogen and Energy Storage**: National Energy Group plans to build a 10 million kW renewable energy base in Inner Mongolia, with a focus on hydrogen production. The report recommends monitoring leading equipment manufacturers and hydrogen compressor companies [20][21] New Energy Vehicles - Yinglian Co. has signed a strategic cooperation agreement with a leading cylindrical battery company to enhance composite current collector battery materials. This partnership aims to optimize application solutions and has already secured orders from U&S Energy [4][27] Market Trends - The new energy equipment sector has shown a 2.1% increase from August 4 to August 8, 2025, with a cumulative increase of 6.8% for the year. Specific segments such as wind power equipment and battery sectors have seen notable gains [10][12]

Investment Rating - The investment rating for the company is "actively participate" in the new share subscription [33] Core Viewpoints - The company is recognized as an industry leader in ultra-high voltage electromagnetic wire, holding a significant market position with advanced technology and a strong customer base [3][9] - The company has shown rapid revenue and profit growth, with a projected revenue of 2.072 billion yuan and a net profit of 101.30 million yuan for 2024, reflecting a CAGR of +25.74% and +42.34% respectively over the past three years [11][18] Summary by Sections 1. Industry Leadership - The company is a leading player in ultra-high voltage electromagnetic wire, with products used in major power transmission projects in China, achieving significant technological advancements [7][8] - The company has been involved in key projects such as the ±500kV, ±800kV, and ±1100kV transmission lines, marking significant milestones in the industry [8] 2. Issuance Plan - The new share issuance is priced at 9.17 yuan per share, with an initial scale of 30.68 million shares, representing 25% of the total shares post-issuance [17][18] - The expected market capitalization after issuance is 1.125 billion yuan, with a low initial PE ratio of 11.44 compared to the industry median of 21.8 [18][34] 3. Industry Situation - The demand for high voltage transformers is driven by the imbalance in energy distribution in China, necessitating the construction of long-distance transmission lines [22] - Investment in power generation and grid infrastructure is increasing, with projected investments of approximately 2.23 trillion yuan by the State Grid during the 14th Five-Year Plan [23] 4. Competitive Advantages - The company has a strong R&D capability, allowing for customized production of electromagnetic wires tailored to client specifications [27] - It has established a comprehensive production system with various quality management certifications, enhancing its competitive edge [27] 5. Subscription Analysis - The company is positioned as a "single champion" in the ultra-high voltage electromagnetic wire sector, with a low initial valuation and a low proportion of circulating shares, making it an attractive investment opportunity [33]

长江商报奔腾新闻记者 江楚雅 广东电力龙头粤电力A推进业务拓展。 为保障项目运营，粤电力A将为滨海湾能源公司提供不超过43亿元的运营保障支持。此外，公司还将与 广东粤电领航能源有限公司及中国康富国际租赁股份有限公司共同设立有限合伙企业，并作为有限合伙 人出资不超过9.5亿元。滨海湾能源公司则可向公司发放不超过13亿元的委托贷款。此次发行事项不构 成重大资产重组或关联交易，但仍需经有关部门批准。 值得注意的是，受行业周期性影响，公司业绩出现一定波动。2024年，公司实现营业总收入571.59亿 元，同比下降4.27%；归母净利润9.64亿元，同比下降1.07%；扣非净利润9.31亿元，同比下降14.86% 资料显示，粤电力主营火电、水电、新能源发电业务，是广东省能源集团（广东规模最大的能源企业） 旗下唯一的上市平台，实际控制人为广东省国资委。 粤电力A预计2025年上半年度归母净利润2800万元-3600万元，同比减少96.90%-96.01%，扣非净利润亏 损1500万元—2300万元。 在煤电方面，粤电力A目前在建煤电装机800万千瓦，其中2025年内预计投产约300—500万千瓦，其余 预计在2026年— ...

Core Insights - China's cumulative installed capacity of renewable energy is expected to reach 1.41 billion kilowatts by the end of 2024, marking a year-on-year growth of 33.9%, surpassing coal power to become the largest power source in the system [1] - The installed capacity of wind power is projected to be 520 million kilowatts, while solar power capacity is expected to reach 890 million kilowatts, maintaining the world's leading positions for 15 and 10 consecutive years respectively [1] - Renewable energy generation is anticipated to contribute over 60% to the total power generation growth in 2024, with a total generation of 1.84 trillion kilowatt-hours, reflecting a year-on-year increase of 25% [1] Group 1: Installed Capacity and Growth - By the end of 2024, renewable energy's share of total installed capacity in China will reach 42%, with new installed capacity accounting for 83% of the total new power generation capacity [1] - The new installed capacity of renewable energy is expected to be 360 million kilowatts, which is 1.2 times that of 2023 [1] - The utilization rate of renewable energy has remained above 95% for seven consecutive years, supported by improvements in the power system and market [1] Group 2: Grid and Market Developments - China has built 42 ultra-high voltage transmission channels to enhance the capacity for renewable energy consumption, contributing to the energy transition and sustainable development [2] - The balancing and regulation capabilities of the power system are continuously improving, with a focus on deep peak regulation of thermal power and enhanced energy storage utilization [2] - The national unified electricity market is being accelerated, with market mechanisms being refined to support the consumption of renewable energy across provinces [3] Group 3: Future Projections - The scale of renewable energy development is expected to maintain a high growth trajectory, with annual new installed capacity projected to be between 430 million and 500 million kilowatts in the current year [4] - During the 14th Five-Year Plan period, renewable energy is expected to maintain an average annual growth of 300 million kilowatts [4] - By 2030, the installed capacity of renewable energy is anticipated to exceed 3 billion kilowatts, effectively doubling the current scale [4]

证券代码：000966 证券简称：长源电力 公告编号：2025-055 为便于投资者及时了解公司生产情况，保障投资者的知情权，现将公司 2025 年 7 月发电量完成情况公告如下： 电量同比增长 60.31%，水电发电量同比降低 57.43%，新能源发电量同比增长 35.88%。 公司 2025 年 1-7 月累计完成发电量 208.19 亿千瓦时，同比降低 1.13%。其中火 电累计发电量同比降低 0.42%，水电累计发电量同比降低 40.08%，新能源累计发电 量同比增长 19.45%。具体数据情况见下表： 公司 2025 年 7 月发电量完成情况表 | | | | | 单位：亿千瓦时 | | | --- | --- | --- | --- | --- | --- | | 项目 | 当月发电量 | 同比变动 | | 本年累计发电量 | 同比变动 | | 一、火电 | 35.74 | 60.31% | 182.64 | -0.42% | | | 二、水电 | 1.29 | -57.43% | 6.93 | -40.08% | | | 三、新能源 | 4.01 | 35.88% | 18.62 | 19.45 ...

Core Insights - The article highlights the significant increase in electricity demand across various regions in China due to sustained high temperatures and the impact of new technologies and industries on power consumption [1][2][9]. Group 1: Electricity Demand Trends - In Jiangsu, electricity load reached a historical high of 1.528 million kilowatts on July 7, 2023, surpassing last year's peak by 575 thousand kilowatts [1]. - The peak electricity load this year occurred over 20 days earlier than last year, consistently remaining above 1.4 million kilowatts [1]. - Increased use of air conditioning and the booming ice-making industry have significantly contributed to the rise in electricity demand [1][2]. Group 2: Industry Contributions - The internet data service sector has become a major contributor to electricity consumption, with the largest computing center in Jiangsu doubling its power usage since the beginning of the year [2]. - New data companies are replacing air-cooled systems with more efficient liquid cooling systems, further increasing electricity demand [3]. Group 3: Power Supply Management - Many companies have not received notifications to adjust production schedules during peak electricity demand, allowing them to maintain normal operations [5]. - New energy storage systems have been effectively utilized, with 7 million kilowatts of power released within 5 minutes during peak times [6][7]. - The installed capacity of new energy storage in China has exceeded 91 million kilowatts, a 24-fold increase over five years, enhancing the grid's ability to manage peak loads [7]. Group 4: Renewable Energy Integration - China's renewable energy capacity has surpassed 1.6 billion kilowatts, making it the largest power source in the country [9]. - In an industrial park in Liyang, distributed solar power installations of 60,000 kilowatts have achieved over 95% utilization, supplementing grid power during peak demand [10]. - Clean energy, including renewables, accounted for 35.2% of total electricity generation in the first half of the year, an increase of 2.1 percentage points from the previous year [10].