文 | 湖北省发展和改革委员会 8月2 0日，湖北省能源局关于《湖北省分布式光伏发电开发建设管理实施细则（征求意见 稿）》 公开征求意见的公告发布。 【征集意见】省能源局关于《湖北省分布式光伏发电开发建设管理实施细则（征求意见稿）》 公开征 求意见的公告 根 据 国 家 能 源 局 《 分 布 式 光 伏 发 电 开 发 建 设 管 理 办 法 》 （ 国 能 发 新 能 规 〔 2025 〕 7 号）要求，结合湖北省实际，省能源局研究起草了《湖北省分布式光伏发电开发建设管理 实施细则（公开征求意见稿）》，现向社会公开征求意见。 文件适用于省内分布式光伏发电开发建设管理。各类电力用户、投资企业、专业化合同能 源服务公司、自然人均可依法依规投资和经营分布式光伏发电项目。 一般工商业分布式光伏的建设场所属于公共机构的，其上网电量可根据实际情况灵活确 定。属于工商业厂房的，其年度自发自用电量原则上不低于年度发电量的5 0%。 鼓励项 目单位通过光储协同、柔性负荷调度等方式提高自发自用比例。 大型工商业分布式光伏可采用自发自用余电上网模式参与现货市场，其他分布式光伏发电 项目上网电量原则上全部进入电力市场，具体按照国 ...

Core Viewpoint - The company reported its 1H25 performance, which is generally in line with market expectations, with a slight decline in revenue but an increase in net profit and core business profit [1] Financial Performance - Revenue for 1H25 was HKD 10.44 billion, down 1% YoY - Net profit reached HKD 758 million, up 2% YoY - Core business profit was HKD 719 million, also up 2% YoY - The company plans to distribute an interim dividend of HKD 0.05 per share [1] Business Segments - Natural gas sales volume remained stable at 8.75 billion cubic meters, with a city gas price difference of HKD 0.57 per cubic meter, up HKD 0.01 YoY - The number of new residential connections decreased by 1% YoY to 330,000 - Operating profit from the gas business was HKD 852 million, down 1% YoY [1] - Solar power generation increased significantly to 1.18 billion kWh, up 44% YoY - The gross profit per kWh for power generation was HKD 0.36, down HKD 0.04 YoY - As of the end of 1H25, the company's solar grid-connected capacity was 2.6 GW, with renewable energy business operating profit at HKD 170 million, up 5% YoY [1] Development Trends - The company has revised its full-year gas volume growth guidance from 4-5% YoY to 1% YoY, reflecting weak demand from industrial and commercial users - The gross margin guidance remains unchanged at HKD 0.57 per cubic meter for the full year, with potential for upside in the second half of 2025 due to recent announcements on residential gas pricing [1] Strategic Initiatives - The company aims to transform into a leading smart energy aggregation service provider by increasing investments in commercial and industrial energy storage and leveraging AI algorithms [2] - The target is to manage 12 GW of solar installations and 6 GWh of energy storage by 2030 [2] Capital Expenditure and Debt - Capital expenditure for 1H25 was HKD 1.4 billion, down 30% YoY, with expectations for continued decline in 2H25 - Total capital expenditure for the year is projected to be between HKD 2.5 billion and HKD 3 billion - As of the end of 1H25, net debt stood at HKD 14.9 billion, slightly up from the end of 2024, primarily due to the appreciation of the RMB [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged - Current stock price corresponds to a P/E ratio of 9.1x for 2025 and 8.8x for 2026 - The target price is set at HKD 5.00, implying a potential upside of 16.3% based on P/E ratios of 10.6x and 10.2x for 2025 and 2026 respectively [2]

Group 1: Market Overview - The overall market sentiment has improved, with the Shanghai Composite Index successfully breaking through the 3500-point mark, driven by strong performances in the financial and real estate sectors [1] - Despite a pullback on Friday, the market remains in a bullish trend, with an upward shift in the price center, indicating a favorable environment for profit-making as long as capital remains active [1] - The recent pause in U.S. tariffs has not caused significant concern in the market, contributing to a stable upward movement in A-shares [1] Group 2: Bull Market Sentiment - The market has begun to reflect a "bull market atmosphere," with the Shanghai Composite Index's breakthrough enhancing risk appetite and increasing trading activity [2] - High-beta assets, particularly in the non-bank financial sector, have shown leading performance, indicating a direct manifestation of the bullish sentiment [2] Group 3: Future Market Conditions - Necessary conditions for a bull market starting in Q4 2025 are accumulating, with optimistic expectations for supply-demand improvements in 2026 [3] - The low base and high growth expected in the 2025 Q4 earnings reports will create favorable conditions for a preemptive rally [3] - However, Q3 2025 may not be a definitive window for the bull market, as domestic economic performance is expected to weaken compared to the first half of the year [3] Group 4: Sector Performance Expectations - Key sectors expected to perform well in Q2 earnings include upstream industrial metals, wind power, military sectors, and non-bank financials [4] - The banking sector is viewed positively due to expected improvements in liability costs, stable asset returns, and maintained asset quality [5] Group 5: Renewable Energy and Resource Prices - The photovoltaic industry is anticipated to see a resurgence, particularly for companies transitioning to energy storage and those with healthy balance sheets [6] - Resource prices have rebounded since June, with significant increases in the new energy supply chain, black series, and construction materials [7][8] Group 6: International Trade and Strategic Opportunities - The trade agreement between the U.S. and Vietnam is expected to raise transshipment costs, potentially impacting Chinese transshipment enterprises [10] - Southeast Asia is emerging as a growth area for the gold and jewelry industry, with Chinese brands poised to capitalize on this opportunity [12]

Core Insights - The 18th SNEC International Photovoltaic Power Generation and Smart Energy Conference and Exhibition showcased over 3,600 companies from 95 countries, highlighting the event's significance in the global photovoltaic industry [1] - Dongfang Risen Energy Co., Ltd. (300118.SZ) presented its full-scenario solutions and various energy storage products, attracting significant attention and interaction at the exhibition [1] Company Development - Founded in 1986, Dongfang Risen has established a comprehensive industry presence, entering the photovoltaic manufacturing sector in 2002 and the energy storage field in 2005 [2] - The company plans to enter the inverter business by 2025, completing its energy storage business strategy and enhancing its technological capabilities [2] Market Opportunity - The global energy storage market is projected to exceed 250 billion yuan by 2025, presenting a substantial opportunity for the company [5] - Dongfang Risen's "full-stack integration and full-chain collaboration" solutions position it as a leader in the industry, integrating photovoltaic modules, inverters, energy storage systems, and smart energy management [5] Application Scenarios - The company has tailored energy storage solutions for various sectors, including residential, commercial, and large-scale power plants, ensuring comprehensive coverage of energy needs [6][8] - For residential applications, the company offers high-efficiency n-type modules paired with Luvit micro-inverters, enhancing energy management efficiency and user benefits [6] Product Innovations - Dongfang Risen's BIPV (Building-Integrated Photovoltaics) products, including the昇顶, 昇瓦, and 昇韵幕墙, reflect the company's commitment to integrating aesthetics and energy efficiency in buildings [9] - The launch of new energy storage products, such as the eTron 2 and eTron 2X 6.9MWh liquid-cooled systems, further strengthens the company's product matrix [9] Safety and Technology - The company emphasizes safety in its product lifecycle and has introduced a 4S solution to address industry safety concerns, ensuring a comprehensive safety architecture [11] - Continuous technological advancements are prioritized to enhance the efficiency and safety of energy storage systems [11] Future Outlook - Dongfang Risen aims to increase R&D investments to accelerate the iteration of energy storage technologies and enhance its service offerings [13]

Core Viewpoint - The commercial energy storage industry is undergoing significant adjustments due to new policies, prompting companies to reassess their market strategies and operational models [1][2]. Group 1: Industry Trends - The energy storage industry is experiencing a systematic upgrade, marked by four common development trends: restructuring of business models, investment logic transformation, technological iteration acceleration, and intelligent transformation [2][3]. - The shift from policy-driven to market-driven dynamics is leading to a focus on long-term value management rather than short-term subsidies [7][20]. Group 2: Company Strategies - **Sungrow Power Supply**: Anticipates a significant market growth due to new policies, emphasizing R&D investment and lifecycle management to enhance customer returns [4][6]. - **Liansheng New Energy**: Identifies three key trends: a shift in investment logic, accelerated equipment competition, and refined operational strategies leveraging AI for efficiency [7][10]. - **Hongzheng Energy Storage**: Focuses on multi-scenario response capabilities and intelligent operation management to adapt to market changes [11][12]. - **Ronghe Yuanshu**: Aims to maximize operational value through AI-driven strategies and enhanced product capabilities, predicting a 20% increase in customer returns [15][16]. - **Trina Solar**: Adjusts strategies to focus on long-term returns and operational services, integrating AI for optimized energy management [17][18]. - **Jingkong Energy**: Emphasizes lifecycle value management and technological upgrades to enhance operational efficiency and market competitiveness [20][21]. - **Penghui Energy**: Plans to enhance product flexibility and operational capabilities to adapt to market fluctuations [23][24]. - **Haier New Energy**: Highlights the importance of full lifecycle operation and diversified revenue models to improve overall project returns [28][29]. - **Yilankao**: Stresses the significance of technology in achieving sustainable growth and adapting to market changes [31][32]. - **New Ai Electric**: Focuses on optimizing product systems and enhancing operational intelligence to improve investment stability [34][35]. - **Skyworth Energy Storage**: Implements a partnership model to lower investment risks and enhance project returns through integrated solutions [39][40].