( 图片来源：《澳华财经在线》) 【财经要闻及评论】 西澳州长也访华 再推新版"中国战略" 作者：启阳 继维州州长率团访问中国满载而归之际，西澳州长罗杰·库克携代表团9月22号赴上海参加第七届西澳— 中国战略对话。 "西澳—中国战略对话机制"自2018年于北京启动以来，为西澳州与中国主要投资者搭建了直接、持续的 沟通平台。 2024年西澳与中国双向贸易额1345亿澳元，占全澳与中国双向贸易总额3116亿澳元的43.2%。并为澳洲 创造117亿澳元贸易顺差（2023年数据）。中国连续15年为西澳第一大贸易伙伴、第一大出口市场和第 一大进口来源地。 对华贸易直接支撑西澳约22万个就业岗位（占全州就业14.5%）。2023年西澳还把与中国矿产贸易的盈 余拿出一部分，面向全州每户家庭发放400澳元能源补贴。西澳与中国的合作为当地经济注入了强大的 活力。 西澳州长库克在其新版"中国战略"中表示，西澳长期作为中国经济建设所需原材料和能源的稳定供应 方，近年来更逐步成为中国电池与电动汽车产业链的关键资源保障地，他期待双方在可持续能源转型等 领域进一步深化合作，欢迎中国企业持续扩大在该州的投资。 即便是巴克莱银行亦预计，澳元 ...

Core Insights - Global electricity investment is projected to grow by 60% from 2015 to 2025, with renewable energy sectors leading the growth [1] Investment Trends - Solar energy investment is expected to reach $441 billion this year, representing a staggering 211% increase compared to 2015 [1] - Wind power investment is projected to hit $242 billion, marking a 69% increase since 2015 [1] - Nuclear power investment is anticipated to reach $74 billion, reflecting a 64% growth from 2015 [1] - In contrast, coal power investment is expected to decline by 10% from 2015, totaling $82 billion this year [1]

Core Insights - The National Energy Administration highlights three characteristics of energy investment during the 14th Five-Year Plan: rapid growth, improved structure, and strong vitality [1][2] Group 1: Investment Growth - Since the beginning of the 14th Five-Year Plan, energy industrial investment in China has shown a stepwise increase, with annual investment surpassing 4 trillion, 5 trillion, and 6 trillion yuan, accounting for nearly 10% of total fixed asset investment [1] - The average annual growth rate of energy industrial investment exceeds 16%, with investment in electricity and heat production and supply growing over 20% [1] Group 2: Structural Improvements - Renewable energy investment has become the dominant force in power investment, with over 80% of power investment in 2024 expected to come from key renewable energy projects [1] - Investment in new energy formats, including new energy storage, charging and swapping infrastructure, hydrogen energy, and integrated source-grid-load-storage projects, is projected to approach 200 billion yuan in 2024, becoming a new growth point for energy investment [1] Group 3: Vitality and Private Sector Involvement - The energy investment sector significantly boosts the private economy, with private enterprises accounting for over 85% of electricity facility construction and growing at an annual rate exceeding 15% [2] - More than 80% of large-scale charging service operators are private companies, and in the first half of this year, 10 private enterprises participated in five nuclear power projects, holding over 10% stakes, with the highest reaching 20% [2] - The government has been reducing investment barriers and enhancing service levels to encourage the growth of private enterprises in the energy sector, with private investment in key energy projects maintaining double-digit growth [2]

墨西哥《千年报》8月7日报道，西班牙能源企业科克斯（Cox）首席执行官莫雷诺表示，公司将在 2030年前向墨西哥投入超100亿美元，聚焦水资源与可再生能源领域，并称该计划将于9月25日正式公 布。据悉，该公司百亿投资包含此前以42亿美元收购西班牙伊比德罗拉（Iberdrola）在墨资产，包括15 座总装机2.6千兆瓦的电站及11.8千兆瓦的可再生能源项目储备。科克斯计划先行开发收购资产中2至3千 兆瓦的可再生能源项目，同时开展6个海水淡化项目。 （原标题：西班牙科克斯将投资百亿美元用于建设墨西哥可再生能源项目） ...

Summary of the Conference Call for Xiehe New Energy Company Overview - **Company**: Xiehe New Energy - **Period**: Mid-2025 - **Industry**: Renewable Energy Key Financial Metrics - **Revenue**: 1.4 billion RMB, a decrease of 6.6% year-on-year [2] - **Net Profit Attributable to Shareholders**: 282 million RMB, down 43.8% year-on-year, primarily due to non-operating losses and reduced power generation profits [2][4] - **Total Assets**: Increased from 32.13 billion RMB at the end of 2024 to 33.21 billion RMB, a growth of 3.4% [3] - **Net Assets**: Remained stable at 8.9 billion RMB [3] - **Cash Balance**: Approximately 2.3 billion RMB, up 4.1% from the beginning of the year [3] - **Operating Cash Flow**: 1.041 billion RMB, an increase of 22.5% year-on-year [6] Power Generation Performance - **Equity Power Generation**: 4.76 billion kWh, roughly unchanged from the previous year [5] - **Revenue from Equity Power Generation**: 1.335 billion RMB, a decrease of 2.1% year-on-year [5] - **Net Profit from Power Generation**: 440 million RMB, down 25.2% year-on-year [5] - **Average Wind Abandonment Rate**: 12.9%, and average Solar Abandonment Rate: 32.6%, both significantly increased compared to the previous year [5] Strategic Adjustments - **Operational Strategy**: Shifted focus to efficiency, quality, and increased profit certainty in response to market changes [7] - **Regional Development Strategy**: Adjusted development strategies based on domestic and international policy changes, emphasizing power marketing and optimizing trading strategies for higher returns [7] Industry Trends - **Global Renewable Energy Growth**: The sector continues to grow rapidly, driven by declining financing rates and increasing demand for clean energy [8] - **China's Electricity Demand**: Slowed growth in electricity demand, with significant impacts from power restrictions in renewable energy-intensive regions [8] - **Government Initiatives**: Accelerated efforts to integrate renewable energy into the market and establish sustainable pricing mechanisms [8] Technological Developments - **Wind Turbine Technology**: Large-scale development may slow, but innovations in performance improvement are ongoing, with slight price recovery in the Chinese market [9] - **Solar Technology**: Dominated by Topcon technology, with increasing penetration of BC technology and new products based on perovskite technology [9] - **Battery Storage Innovations**: Active innovations in performance and safety, with strong global investment growth in storage technologies [11] Financial and Investment Outlook - **Financing Costs**: Average financing cost reduced to 3.15%, with a 35 basis point decrease from the beginning of the year [6] - **Investment Standards**: Adjusted internal rate of return (IRR) standards from 8% to 7%, with a focus on projects with stable electricity prices and strong profit certainty [21] - **Capital Expenditure**: Expected to be between 3.5 billion to 4 billion RMB for 2025, down from 4.5 billion to 5 billion RMB in 2024 [22] Challenges and Responses - **Performance Decline**: Profit decline attributed to reduced resource availability, increased power restrictions, and lower overall electricity prices [13][14] - **ACWA Transaction Termination**: Canceled due to assessment timing issues and market conditions, impacting financial results [15][18] - **Operational Adjustments**: Focus on increasing profit certainty rather than rapid capacity growth, optimizing operations, and reducing costs [24][25] Future Plans - **International Expansion**: Continued global business development with nine countries outside China having established offices [20] - **Second Listing**: Progressing with plans for a second listing in Singapore to enhance liquidity, with no immediate fundraising plans [23]

Core Insights - The Indian government has approved an investment of 70 billion rupees by the National Coal Company for renewable energy projects [1] Group 1 - The investment aims to enhance the country's renewable energy capacity [1] - This move aligns with India's broader strategy to transition towards sustainable energy sources [1] - The approval reflects the government's commitment to reducing carbon emissions and promoting green energy initiatives [1]

Group 1 - The Indian government has approved an investment of 200 billion Indian Rupees by the National Power Company for renewable energy projects [1]

Group 1 - The Vietnamese government has altered its renewable energy subsidy policy, reducing the feed-in tariff (FiT) from 7.09 to 9.35 cents per kilowatt-hour to only 4.7 cents when paid in local currency, representing a cut of 34% to 50% [1] - The changes primarily affect solar energy projects, with many investors reporting delays or reductions in payments from the Vietnam Electricity (EVN) [1] - Investors are expressing concerns over cash flow issues and increased default risks due to EVN's alleged violations of loan agreements, which threaten project sustainability and overall business operations [4] Group 2 - Over 40 foreign and local investors, including companies from Japan, Thailand, the Philippines, Portugal, and the Netherlands, signed a joint letter urging the Vietnamese government to maintain contract integrity and regulatory consistency [4] - The letter highlights that the ongoing dispute poses serious risks to investor confidence, financial stability, and Vietnam's long-term energy and climate goals [4] - Vietnam's economy, heavily reliant on foreign capital and competitive energy prices, is projected to grow by 8% this year, but faces increasing energy demand and power shortages in the northern region [4] Group 3 - EVN reported a loss of nearly $1 billion last year, following an $800 million loss in 2022, and is expected to remain in deficit in the first half of 2024 despite a planned price increase [5] - Government officials maintain that only projects meeting all formal requirements are eligible for the preferential electricity prices, contributing to the ongoing tensions [5] - The lack of clarity in the government's stance has damaged investor confidence and the stability of existing projects, with calls for constructive actions to resolve the disputes [6]

Financial Data and Key Metrics Changes - For Q2 2025, the company reported an NFEPS of $1.78 per share, an increase from $1.41 per share in the previous year, reflecting higher NFE at New Jersey Natural Gas due to increased utility gross margin from a recent base rate case settlement [21] - The fiscal 2025 NFEPS guidance was raised by $0.10 to a range of $3.15 to $3.3 per share, exceeding the long-term growth target of 7% to 9% [10][12] Business Line Data and Key Metrics Changes - New Jersey Natural Gas continues to show consistent customer growth, driven by new construction, system expansions, and steady conversions, with $254 million invested this year, 46% of which provides near real-time returns [14][16] - Clean Energy Ventures added 31 megawatts of solar capacity this fiscal year and has a project pipeline exceeding one gigawatt, with 60 megawatts currently under construction [18] Market Data and Key Metrics Changes - The storage and transportation segment reported improved performance, particularly at Leaf River, which is undergoing a capacity recovery project [21][19] - The company is exploring the development of a fourth cavern at Leaf River, with encouraging interest from a recent nonbinding open season [19] Company Strategy and Development Direction - The company emphasizes disciplined capital deployment, operational excellence, and strategic innovation across all business segments to ensure long-term sustainable growth [9][10] - The focus remains on affordability and reliability, with ongoing investments in utility infrastructure and clean energy initiatives [9][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning against macroeconomic factors, particularly tariffs, noting that most gas supply comes from domestic sources, minimizing exposure [26][28] - The company is well-prepared for potential market dislocations, with a strong balance sheet and liquidity, and does not rely on equity issuances to fund its capital plan [28][29] Other Important Information - The company plans capital expenditures between $1.3 billion and $1.6 billion for fiscal 2025 and 2026, aligning with long-term growth targets [22][23] - The adjusted funds from operations to adjusted debt ratio is projected to be between 19% and 21% for fiscal 2025, maintaining a strong investment-grade credit rating [23] Q&A Session Summary Question: Timing and capital requirements for Leaf River expansion - Management indicated that the total capital costs for the Leaf River expansion are estimated between $175 million and $200 million, with no finite timeline set for advancing the project [33] Question: Cost exposure to tariffs for Clean Energy Ventures - Management acknowledged the fluid situation regarding tariffs but emphasized that existing contractual protections should mitigate risks [36][38] Question: Expected economics of Leaf River compared to existing caverns - Management stated that the decision to build would depend on securing appropriate returns and contracts, with a focus on ensuring safety factors in the investment [46] Question: Regulatory environment and affordability initiatives - Management expressed confidence in the regulatory landscape following the completion of a recent rate case, emphasizing ongoing efforts to maintain affordability for customers [49][51] Question: Customer growth fundamentals - Management highlighted that customer growth is driven by a predominantly residential service territory with attractive demographics, and ongoing energy efficiency programs are helping to save customers money [60][61]

最近一个月来，中国再生能源投资累计跌幅11.93%，今年来累计跌幅11.93%，跑输恒生指数6.77%的涨 幅。 4月15日，截至港股收盘，恒生指数上涨0.23%，报21466.27点。中国再生能源投资（00987.HK）收报 0.103港元/股，上涨7.29%，成交量2.79万股，成交额2697港元，振幅8.33%。 资料显示，中国再生能源投资有限公司于2002年成立,中国再生能源为中国可再生能源行业其中一名外 来投资者兼运营商。作为一个先驱者并拥有超过十年的经验,公司在协助国家减少碳排放及实现非化石 燃料使用目标方面,担当关键角色。中国再生能源贯彻其清晰的投资策略谨慎地投资高质素的可再生能 源项目,并平衡公司业务中经济、社会及环境各方面的因素,以创造股东价值。中国再生能源在筛选方面 更为严格,且不会不惜代价实现增长,故中国再生能源的利用小时较全国平均水平为高,且装机容量的每兆 瓦时产生的现金值居于行业前列。目前,中国再生能源拥有八座风力发电场及一个分布式太阳能项目,总 容量合计为738兆瓦,而权益容量为427兆瓦。其中包括两个位于黑龙江省牡丹江,合共59.5兆瓦风力发电 场(分别占86%权益及86.7%权 ...