1. 发声支持巴西前总统博索纳罗——特朗普：巴西在对待前总统博索纳罗的问题上做得很糟糕。我和全 世界一样，看着他们对他穷追猛打！ 我了解博索纳罗，他是一位真正热爱自己国家的强有力的领导 人，同时也是一位非常强硬的贸易谈判者。现在他在民调中领先。这不过是对政治对手的攻击，我对此 很了解，这种事发生在我身上10次了。 2. 推出电视流媒体平台Truth+——特朗普媒体科技集团宣布已在 全球范围内推出其全球电视流媒体平台Truth+。Newsmax频道现可在所有国际Truth+应用程序和网站上 观看。 3. 签署行政令将对等关税暂缓期延长至8月1日——当地时间7月7日，特朗普签署行政命令，延 长"对等关税"暂缓期，将实施时间从7月9日推迟到8月1日。 4. 寻求终止风能和太阳能补贴——特朗普 指示联邦机构加强"大而美"法案中废除或修改太阳能和风能项目税收抵免的条款。特朗普称可再生能源 不可靠、昂贵，取代了更可靠的能源，依赖于外国控制的供应链，对自然环境和电网有害。 5. 向14国 发出关税信函——特朗普对14个国家发出最新的关税威胁。其中日本、韩国、哈萨克斯坦、马来西亚和 突尼斯面临25%的关税税率；南非、波斯尼亚 ...

金十数据7月8日讯，美国总统特朗普指示联邦机构加强"大而美"法案中废除或修改太阳能和风能项目税 收抵免的条款。在一项行政命令中，特朗普声称可再生能源不可靠、昂贵，取代了更可靠的能源，依赖 于外国控制的供应链，对自然环境和电网有害。该命令指示财政部逐步取消风能和太阳能项目的税收抵 免，国会通过的预算法案已削减这些项目的资金，特朗普上周将其签署为法律。 特朗普寻求终止风能和太阳能补贴 ...

研究早观点 2025 年 6 月 25 日 星期三 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,420.57 | 1.15 | | 深证成指 | | 10,217.63 | 1.68 | | 沪深 | 300 | 3,904.03 | 1.20 | | 中小板指 | | 6,426.48 | 1.38 | | 创业板指 | | 2,064.13 | 2.30 | | 科创 | 50 | 978.71 | 1.79 | | 资料来源：最闻 | | | | 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 研究早观点 邮箱：lizhaoqi@sxzq.com 【今日要点】 【宏观策略】海外市场周观察（20250616~20250622） 【行业评论】化学原料：新材料周报（250616-0620）-财政部下达可再 生能源补贴，推动风电行业维持高速发展 【行业评论】基础化工：行业周报（20250616-0622）-地缘冲突加剧不 可逆，重点布局军工材料核心 ...

Core Viewpoint - Jinko Power Technology Co., Ltd. received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting the company to respond to various issues raised, particularly concerning revenue and accounts receivable [1][2]. Revenue Summary - The company reported a revenue of 4.775 billion yuan for 2024, representing a year-on-year increase of 9.25%. The revenue growth was driven by the photovoltaic power station development and operation transfer business, which saw an increase of 11.38%, while the EPC business revenue declined by 5.07% [1][2]. - The gross profit margin for the photovoltaic power station development and operation transfer business decreased by 2.64 percentage points, while the EPC business saw an increase in gross profit margin by 7.56 percentage points [1][2]. Accounts Receivable and Contract Assets - As of the end of the reporting period, the total accounts receivable and contract assets for the EPC business amounted to 438 million yuan, exceeding the current period's revenue, with a bad debt provision ratio of 57.86% [1][2]. - The balance of accounts receivable aged over five years was reported at 1.05 billion yuan, indicating potential collection issues [1][2]. Client and Supplier Information - The company provided details on its top five clients and suppliers across different business segments, including transaction amounts, balances, and aging of accounts. The majority of the accounts receivable were linked to state-owned power companies, with significant balances attributed to renewable energy subsidy payments from the government [5][6]. - The company highlighted that the high balances with clients were primarily due to delays in receiving government subsidies for renewable energy, which have longer payment cycles [5][6]. Business Segment Analysis - The photovoltaic power station development and operation transfer business included various services such as power generation sales, operation maintenance, and development consulting. The revenue from this segment was significantly impacted by the subsidy payment delays [3][4]. - The EPC business's revenue and gross profit margins were affected by project execution timelines and the nature of contracts, with some projects experiencing lower margins due to competitive bidding and high material costs [6][7]. Future Considerations - The company is actively working on collecting outstanding receivables and has made provisions for bad debts based on aging analysis. The management is also reviewing its revenue recognition practices to ensure compliance with accounting standards [1][2][6].

份有限公司向不特定对象发行可 转换公司债券 2025 年跟踪评级报 告 本评级报告版权归本评级机构所有，未经授权不得修改、复制、转载和出售。除委托评级合同约定外， 未经本评级机构书面同意，本评级报告及评级结论不得用于其他债券的发行等证券业务活动或其他用 途。 中证鹏元资信评估股份有限公司 | 换公司债券2025年跟踪评级报告 | | | | | | | --- | --- | --- | --- | --- | --- | | 评级结果 评级观点 | | | | | | | | | 本次评级下调主要是基于河南百川畅银环保能源股份有 | | | | | 限公司（以 | | | | | | | 本次评级 | 上次评级 | | | | | | | | | 下简称"百川畅银"或"公司"，股票代码：300614.SZ） | | | | 2024 年业 | | | | | | | 主体信用等级 A | A+ | | 绩亏损加剧和 2025 | | 年一季度连续亏损，沼气发 | | 电业务面临项目可开 | | | | | | | 评级展望 稳定 | 稳定 | 发机会减少、填埋气不足、垃圾焚烧发电替 | | | | | 代、 ...

Core Viewpoint - The company reported a slight increase in revenue for Q1 2025, but a decline in net profit, attributed to falling electricity prices and increased depreciation costs [1][2]. Financial Performance - Q1 2025 revenue reached 3.558 billion yuan, a year-on-year increase of 0.93% - Net profit attributable to shareholders was 1.021 billion yuan, a year-on-year decrease of 4.44% - The decline in profit is linked to lower electricity prices and increased depreciation due to new projects [1][2]. Power Generation and Capacity - The company generated 9.905 billion kWh of electricity in Q1 2025, a year-on-year increase of 9.26% - Wind power generation was 8.921 billion kWh, up 8.57% year-on-year, while solar power generation was 984 million kWh, up 15.98% year-on-year - As of the end of 2024, the installed capacity for wind and solar power was 14.4818 million kW and 4.3645 million kW, respectively, representing year-on-year growth of 11.56% and 79.06% [1][2]. Market Conditions - The average wind speed at 10 meters nationwide in April 2025 was 0.98% higher than the same period over the past decade, contributing to a 16.68% increase in wind power generation for the month [2]. - The decline in revenue growth compared to power generation growth is attributed to lower electricity prices following the marketization of renewable energy [2]. Accounts Receivable and Valuation - Accounts receivable amounted to 23 billion yuan, approximately 1.54 times the company's current market value of 16.1 billion HKD - The receivables primarily consist of renewable energy subsidy payments, which have been a constraint on capital expenditure and dividends [3]. - The company has improved its dividend payout, with a total dividend of 0.09 yuan per share in 2024, representing 52% of the distributable profit [3]. Long-term Outlook - The company is viewed positively in the context of the wind power sector, which is expected to have higher investment value compared to solar power due to better operational efficiency and lower costs [3]. - The recent policy (Document No. 136) is seen as beneficial for existing assets, enhancing the long-term value of established wind power operators [3]. Profit Forecast - The company is projected to achieve net profits of 2.32 billion, 2.46 billion, and 2.52 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 6.5, 6.1, and 5.9 [4].

中信证券股份有限公司 关于 湖北能源集团股份有限公司 2024年度向特定对象发行A股股票 之 上市保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年二月 湖北能源集团股份有限公司 2024 年度向特定对象发行 A 股股票 上市保荐书 声 明 中信证券股份有限公司接受湖北能源集团股份有限公司的委托，担任湖北能 源集团股份有限公司向特定对象发行 A 股股票的保荐人，为本次发行出具上市 保荐书。 保荐人及指定的保荐代表人根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市 公司证券发行注册管理办法》（以下简称"《发行注册管理办法》"）等有关法 律、法规和中国证券监督管理委员会（以下简称"中国证监会"）、深圳证券交 易所（以下简称"深交所"）的有关规定，诚实守信，勤勉尽责，严格按照依法 制订的业务规则、行业执业规范和道德准则出具上市保荐书，并保证所出具文件 的真实性、准确性和完整性。 本上市保荐书中，除非文义另有所指，相关用语具有与《湖北能源集团股份 有限公司 2024 年度向特定对象发行 A 股股票募集说 ...