电力设备及新能源 2025 年 8 月 25 日 行业周报 工信部召开光伏产业座谈会，菲律宾年内将举行海风拍卖 强于大市（维持） 行情走势图 -10% 0% 10% 20% 30% 40% 50% 60% 2024/08/21 2025/01/21 2025/06/21 沪深300指数 电力设备及新能源 行 业 周 报 证 券 研 究 报 告 风电：菲律宾将在年内举行 3.3 吉瓦固定式海风拍卖。菲律宾能源部 (DOE)表示，计划于今年年底前举行第 5 次绿色能源拍卖计划 (GEA-5)， 其中，固定式海上风电项目预计拍卖规模 3.3GW，预计于 2028 年至 2030 年之间投运。GWEC 认为，中国和欧洲在未来将继续主导全球海上 风电发展，同时亚太、北美和拉美等新兴市场亦将迎来增长，预计到 2029 年中国和欧洲的累计装机全球市场份额将从 2024 年的 94%下降至 89%，到 2034 年下降至 84%，新兴海风市场中长期有望接棒发力。 GWEC 预计，2025-2034 年，亚太市场除中、日、韩外，菲律宾、越 南、澳大利亚等市场亦有望新增海风装机。菲律宾于 2025 年 6 月启动了 第五次绿色能 ...

电解铝下游加工及终端消费旺季前瞻 20250822 摘要 铝棒加工费持续走低，7 月华东、华南地区环比下跌超 30%，产能利用 率降至 43.75%，但 8 月订单企稳，库存去化，业者对"金九银十"预 期乐观，预计 9 月产能利用率小幅提升。 铝型材企业建成产能超 1,000 万吨，运行率约 50%。建筑型材受房地 产市场低迷影响大，占比持续下降，从 2019 年的 70%以上降至 2024 年的 45.7%，工业型材需求相对稳定。 房地产市场持续下行，1-7 月房地产开发投资同比下降 12%，新开工面 积减少 19.4%，竣工面积减少 16.5%，导致前七个月房地产用铝量同 比减少 35.3 万吨。 为应对国内市场困境，部分铝型材企业积极拓展出口，出口货款回款周 期短且利润丰厚，沿海工厂出口比重已达 50%以上，但需警惕国际贸易 摩擦及绿色铝等政策带来的挑战。 新能源用铝需求增长显著，光伏和新能源汽车领域成为重要增长点。 2025 年上半年新增光伏装机容量同比增长超 99%，1-7 月新能源汽车 产销同比增长超 38%，但铝加工企业面临光伏补贴取消、产能扩张及车 企合作门槛等挑战。 Q&A 当前铝下游加工各 ...

Group 1 - The company plans to issue A-shares to specific targets, raising a total of up to 326.1 million yuan, which will be used entirely to supplement working capital after deducting issuance costs [1] - The necessity of this fundraising is highlighted by the company's status as a high-tech enterprise specializing in key components for automotive power units and chassis transmission systems, indicating its significant growth and competitive position in the global market [1][2] - The company aims to expand its product offerings beyond turbocharger components to include other critical automotive parts, driven by the increasing demand in the hybrid and new energy vehicle markets [2] Group 2 - The issuance will enhance the shareholding ratios of key stakeholders, which is expected to stabilize control and signal confidence in the company's future, thereby fostering a positive environment for development [3] - The fundraising aligns with national industrial policies and is deemed feasible, supporting the company's sustainable economic benefits and capital strength [3][4] - The company has established a modern corporate governance structure and will implement strict management of the raised funds to ensure proper usage and mitigate risks [4] Group 3 - The fundraising is anticipated to improve the company's operational management by increasing capital strength and asset scale, thereby enhancing risk resistance and supporting rapid business growth [5] - Financially, the issuance will lead to an increase in total assets and net assets, a significant reduction in the debt-to-asset ratio, and an overall enhancement of financial stability [5] - The fundraising is consistent with the company's overall development strategy and is expected to lower financial and operational risks while capitalizing on industry opportunities [5]

股票简称：科华控股 股票代码：603161 科华控股股份有限公司 Kehua Holdings Co., Ltd 公司声明 一、公司及董事会全体成员保证本预案内容真实、准确、完整，并确认不存 在虚假记载、误导性陈述或重大遗漏。 二、本次向特定对象发行股票完成后，公司经营与收益的变化，由公司自行 负责；因本次向特定对象发行股票引致的投资风险，由投资者自行负责。 三、本预案是公司董事会对本次向特定对象发行股票的说明，任何与之相反 的声明均属不实陈述。 四、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或 者其他专业顾问。 二〇二五年八月 若公司股票在定价基准日至发行日期间发生除权、除息事项，本次向特定对 象发行股票数量将作相应调整。 扣除发行费用后将全部用于补充流动资金。 个月内不得转让。 润现行分配政策、最近三年利润分配情况以及未来分红规划进行了说明，请投资 者予以关注。 （每股收益及加权平均净资产收益率等财务指标）将会存在被摊薄的风险，特此 提醒投资者关注本次向特定对象发行可能摊薄即期回报的风险。 五、本预案所述事项并不代表审批机关对于本次向特定对象发行股票相关事 项的实质性判断、确认或批准，本 ...

Core Viewpoint - The A-share market's bull market does not guarantee profits for all industries, as there is significant divergence in performance among sectors, with some industries outperforming the market while others lag behind [1] Historical Bull Market Analysis - Historical data from the last decade indicates that each bull market's leading sectors are closely aligned with the prevailing development trends of the era [1] - In the 2005-2006 bull market, industries such as non-ferrous metals, non-bank financials, and real estate benefited from urbanization and economic reforms [1] - The 2014-2015 bull market saw a rise in TMT sectors due to the emergence of smart manufacturing and new consumption trends, alongside a stimulus-driven infrastructure boom [1] - Post-2019, sectors like liquor and pharmaceuticals thrived due to consumption upgrades, while the "dual carbon" policy led to a surge in carbon-neutral industries [1][2] Industry Performance in Bull Markets - The analysis of the top 10 performing industries in each bull market reveals that machinery, building materials, and defense industries consistently ranked high, with significant gains even in years they did not make the top 10 [3] ETF Investment Strategies - **Machinery Sector**: The machinery sector, particularly in engineering and robotics, has maintained high performance. The Tianhong CSI Robotics ETF (159770) has a significant scale of over 7 billion, indicating strong market interest [4] - **Defense Industry**: The defense sector has shown consistent high performance across all four major bull markets from 2000 to 2021, with ETFs like Guotai CSI Defense ETF (512660) and Fuguo CSI Defense Leaders ETF (512710) exceeding 10 billion in scale [6] - **Building Materials**: The building materials sector is expected to benefit from increased demand and supply adjustments, with ETFs like Guotai CSI All-Index Building Materials ETF (159745) showing scale advantages [7]

Summary of Petrochemical Industry Conference Call Industry Overview - The conference call focused on the **petrochemical industry** in China, discussing the impact of domestic "anti-involution" policies and overseas capacity reductions [1][2][3]. Key Points and Arguments - **Policy Impact**: The anti-involution policy is expected to last for 3-4 years, accelerating the elimination of outdated capacities, particularly small and old private refining units, such as those with capacities below 2 million tons and over 20 years old [1][2][9]. - **Capacity Management**: China's refining capacity is nearing the 1.1 billion tons threshold, with future measures focusing on capacity reduction rather than maintaining total levels. Ethylene capacity has increased significantly, but coal-based ethylene glycol projects face economic and energy consumption challenges [1][6]. - **Market Dynamics**: The concentration of propane dehydrogenation units has led to an oversupply of propylene, primarily due to decisions made during the dual control period in 2022 [7]. - **Development Trends**: The industry is shifting towards fine chemicals and high-end materials, as merely producing ethylene is no longer sufficient to meet market demands. Outdated units, typically with a lifecycle of 20 years, are prioritized for elimination [1][11]. - **Overseas Capacity Reductions**: Frequent capacity reductions in overseas ethylene production are attributed to economic inefficiencies and aging facilities, particularly in Europe, Japan, South Korea, and Southeast Asia [1][29]. Additional Important Insights - **Government Initiatives**: The Ministry of Industry and Information Technology (MIIT) is expected to release a detailed list of policies for the petrochemical and chemical industries by September 2025, including specific requirements for capacity elimination and transformation [2]. - **Supply Chain Challenges**: European ethylene production faces upstream raw material supply shortages, leading to reliance on imports, which increases transportation costs and disrupts supply-demand balance [4][22]. - **Investment Needs**: Significant investments are required for energy-saving and carbon reduction initiatives, with costs for upgrading old facilities potentially reaching billions of RMB [18][28]. - **Regional Variations**: Different responses to environmental pressures are observed between state-owned enterprises and private firms, with state-owned enterprises more proactive in adopting technological upgrades [9][14]. - **Future Outlook**: The petrochemical industry is expected to undergo a rebalancing, with small outdated units being phased out and larger units requiring upgrades. This transition will benefit companies with lower costs and diverse product offerings [26][27]. Conclusion The conference highlighted the ongoing transformation within the petrochemical industry, driven by stringent government policies aimed at reducing outdated capacities and promoting high-quality development. The focus on fine chemicals and high-end materials indicates a significant shift in production strategies, while overseas market dynamics continue to influence domestic supply and demand.

连续两个半年度业绩增长，盈利持续改善，信义能源（03868）估值迎来反转了吗？ 该公司收入表现较为平稳，以半年度看，该公司实现了两个半年度的持续性增长，拉长周期看，自上市以来，收入也仅在2024年上半年出现了下滑，主要为 市场化电力交易后，交易电价低于上网电价导致，但售电量还是保持增长的，以年度看，2020-2024年，该公司收入复合增速为9.1%。不过利润波动较大， 电价下行使得毛利率下行趋势，并传导至利润终端，2025年股东净利率37.19%，相比于2020年同期下降了14.16个百分点。 尽管如此，信义能源在成本控制和运营效率方面仍有显著提升，通过优化资产结构和提升管理效能，有效缓解了利润下滑压力，比如不考虑2023年，核心成 本行政费用（2-3%）及融资成本（12-13%）都保持了相对稳定。此外，公司在新能源领域的布局逐步扩大，未来有望形成新的增长点，从而增强整体抗风 险能力。 从业务来看，2025年上半年，信义能源电力销售7.41亿元，同比增长15.06%，电价调整收入略有下滑，整体保持增长趋势。期间，该公司拥有及营运的太阳 能发电场项目的总发电量同比增长22.7%。 | | 截至六月三十日 | | ...

卧龙资源集团股份有限公司2024 年年度报告 公司代码：600173 公司简称：卧龙地产 卧龙资源集团股份有限公司 卧龙资源集团股份有限公司2024 年年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 中兴华会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、公司负责人王希全、主管会计工作负责人宋燕及会计机构负责人（会计主管人员）陈群芬 声明：保证年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经中兴华会计师事务所（特殊普通合伙）审计，截至2024年12月31日，公司归属于母公司股 东的净利润40,862,860.78元，母公司可供分配的利润为人民币2,734,839,547.37元。根据《公司法 》及《公司章程》的有关规定，公司2024年度拟不进行利润分配，未分配利润转入以后年度。该 预案尚需提交公司2024年年度股东大会审议。 六、 前瞻性陈述的风险声明 √ ...

| 卧龙新能源集团股份有限公司2025 | 年半年度报告摘要 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司代码：600173 | 公司简称：卧龙新能 | | | | | | | | | | | | 卧龙新能源集团股份有限公司 | | | | | | | | | | | | | 卧龙新能源集团股份有限公司2025 | 年半年度报告摘要 | | | | | | | | | | | | 第一节 | 重要提示 | | | | | | | | | | | | 展规划，投资者应当到 www.sse.com.cn | 网站仔细阅读半年度报告全文。 | | | | | | | | | | | | 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | | | | | | | | | 无 | | | | | | | | | | | | | 第二节 | 公司基本情况 | | | | | | | | | | | | 公司股票简况 | | | | | ...

Core Viewpoint - The merger between Hangzhou Hailianxun Technology Co., Ltd. and Hangzhou Steam Turbine Power Group Co., Ltd. is under review, with a focus on the operational performance and sustainability of the latter, which has faced declining profitability in recent years due to increased market competition and policy impacts [1][2]. Group 1: Company Performance - Hangzhou Steam Turbine's main business includes the design, manufacturing, installation, and operation of industrial steam turbines, gas turbines, generators, and hydraulic turbines [2]. - The company's gross profit and net profit have been declining over the reporting periods, with net profits recorded at 708 million yuan, 736 million yuan, and 638 million yuan for 2022, 2023, and 2024 respectively [2][3]. - The gross profit margin for the industrial steam turbine business has decreased, with figures of 29.30%, 26.78%, and 21.21% over the same periods [8][10]. Group 2: Market Conditions - The global steam turbine market is projected to grow from $28.375 billion in 2024 to $33.752 billion by 2032, with a compound annual growth rate (CAGR) of 2.19% [6]. - In China, the steam turbine manufacturing market is expected to experience fluctuations, maintaining a scale of approximately 35 to 40 billion yuan due to the dual carbon policy and adjustments in the traditional energy structure [6][7]. - The domestic market is highly concentrated, with major players like Dongfang Electric, Shanghai Electric, and Hangzhou Steam Turbine holding significant market shares [7]. Group 3: Competitive Landscape - The competitive landscape of the steam turbine market is characterized by a multi-polar and tiered structure, with international leaders like Siemens Energy and General Electric dominating the global market [7]. - Hangzhou Steam Turbine maintains a leading position in the industrial steam turbine sector, with over 50% market share in production and sales [7][9]. - The company has been actively expanding its marketing channels and optimizing its product structure to counteract the pressures from increased competition and market changes [10][12]. Group 4: Strategic Initiatives - The company is focusing on innovation and market expansion, including a "going out" strategy to develop overseas markets, particularly in the Middle East and Southeast Asia [13][14]. - A comprehensive service system based on the entire lifecycle of turbine units is being developed to enhance service quality and efficiency [14][15]. - The company is also investing in research and development to adapt to market demands and improve its competitive edge [15][16].