牛市后期会有共识性宏大叙事 ——策略周观点 [Table_ReportDate] 2025 年 8 月 24 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 策略研究 [策略周报 Table_ReportType] 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金 隅大厦 B 座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_Summary] ➢ （1）为什么一直没有加速：因为流动性虽然充裕，但宏观经济的逻 辑并没有形成共识，所以还有犹豫的存量资金。如果以 2014-2015 年的牛市为例，能够看到，宏观的叙事形成过程较为缓慢。2014 年 7-10 月，指数已经开启了连续 4 个月的连续上涨，但期间宏观预期 依然很弱，大部分行业的机会是自下而上的，只是强度上受到了居 民资金不断流入的强化。不过 2014 年 11 月降息后，指数上涨加速， 因为降息和房地产政策持续宽松后，虽然当期经济偏弱，但对经济 的未来展望逐渐乐观，金 ...

8月22日下午，亚泰集团与华电新能源集团股份有限公司签署战略合作协议。亚泰集团与华电新能相互 配合，积极参与地方电力能源规划建设及相关重大规划建设工作。主要合作内容包括在全国各地开展新 能源项目选址规划；整合双方资源，推进项目备案、立项和审批，促成项目投资建设落地；先期在吉 林、黑龙江等区域开展试点项目合作开发，共同获取当地风光资源，推进试点项目落地，形成可复制 的"新能源+"融合模板，实现合作双赢；积极探索"新能源+"、"源网荷储一体化"、"绿电直连"示范项 目，实现能源和产业的互补和平衡。 ...

从"塞北风电商"逐步转型为"全国能源解决方案商"，嘉泽新能董事长陈波这样总结公司发展十五年的历 程。他强调，嘉泽新能的核心价值在于通过创新的"滚动开发+核心持有"商业模式、强大的运维能力和 五大业务板块协同，逐步转型综合性新能源电力供应商。 "用现金流思维重构重资产行业"——这是陈波对公司发展路径的精辟概括。他表示，嘉泽新能正通过资 产流动化、业务全国化和价值链延伸这"三重跃迁"，重塑自身发展坐标系，开辟高质量发展新路径。 重构发展逻辑打造独特增长模式 嘉泽新能是一家致力于可再生能源发电、售电及其配套服务的综合性新能源电力供应商。2025年是嘉泽 新能上市的第8年，也是公司成立的第15年。陈波认为，嘉泽新能不应再被简单归类为传统的公用事业 板块。 "我内心认为一个公司最重要的价值是长期性、稳定性和增长性。"他坦言，早期嘉泽作为新能源发电企 业，确实具有类似公用事业的属性——重资产、收益率相对固定、成长性受限。这直接导致了2018年定 增的遇冷，因为投资者看不到每股收益的显著提升：新增资产带来的利润增长被同步扩大的股本稀释。 "转折点发生在2020年。"陈波回忆说，"双碳"目标的提出促使他重新思考嘉泽的定位，该 ...

Core Insights - The company is transitioning from a "Northern Wind Power Merchant" to a "National Energy Solution Provider," emphasizing its innovative business model and operational capabilities [1][2] - The company aims to reshape its development through asset liquidity, national business expansion, and value chain extension, focusing on high-quality growth [1][2] Business Model and Operations - The company operates as a comprehensive renewable energy power supplier, with a focus on renewable energy generation, sales, and supporting services [1][2] - The unique business model combines asset retention for stable cash flow and profit with market-driven asset monetization, enhancing earnings per share [2][3] - The company boasts a wind turbine utilization rate of 98%-99%, exceeding the industry average by over 3 percentage points, attributed to a refined operational management system [2][3] Business Segments - The five key business segments include: 1. Renewable power station development, construction, operation, and sale 2. Renewable power station operation management services 3. Rooftop distributed photovoltaic systems 4. Renewable energy industry funds 5. Renewable equipment manufacturing industrial park construction [3][4] National Expansion and Market Position - The company has accelerated its national footprint, establishing wind power projects in various provinces, moving from a regional focus in Ningxia to a presence in 23 provinces [4][5] - The core renewable power stations are crucial for the company's stability, while the operation management business is a significant growth driver, managing nearly 1GW of third-party power stations [5] Financial Performance - Since its listing, the company has seen substantial growth, with installed capacity increasing from less than 1GW to 2.28GW, revenue rising from 800 million to 2.4 billion, and net profit climbing from 165 million to 630 million [6][7] - A recent 1.2 billion capital increase project has been approved, aimed at enhancing operational funds and optimizing the asset-liability structure [6] Future Growth and Innovation - The company is currently constructing and planning an additional 2GW of wind power capacity, expected to support ongoing growth [7] - The company is exploring the "New Energy+" strategy, focusing on green fuel sectors, particularly in response to rising international demand for green fuels like green methanol [7]

Core Viewpoint - The company is transitioning from a "Northern Wind Power Merchant" to a "National Energy Solution Provider," emphasizing its innovative business model and strong operational capabilities to become a comprehensive renewable energy supplier [1][2]. Group 1: Business Model and Strategy - The company adopts a unique business model of "rolling development + core holding," focusing on asset liquidity, national business expansion, and value chain extension to reshape its development trajectory [1][2]. - The company has established five synergistic business segments: renewable power station development, operation and sale, operation management services, rooftop distributed photovoltaic systems, and renewable energy equipment manufacturing [3][4]. Group 2: Operational Efficiency - The company boasts a wind turbine utilization rate of 98%-99%, exceeding the industry average by over 3 percentage points, attributed to a refined operational management system [2][3]. - The operational management business has become a significant growth point, managing nearly 1GW of third-party power stations, enhancing both internal efficiency and external service offerings [4]. Group 3: Growth and Financial Performance - Since its listing, the company has seen substantial growth, with installed capacity increasing from less than 1GW to 2.28GW, revenue rising from 800 million to 2.4 billion, and net profit climbing from 165 million to 630 million [4][5]. - The company has a pipeline of 2GW of wind power projects under construction, expected to support continued growth over the next three years [5]. Group 4: Future Outlook - The company is exploring the "New Energy +" strategy, focusing on green fuel sectors like green methanol, driven by increasing international demand for green fuels [5]. - The company aims to integrate green electricity with chemical processes, leveraging its operational advantages to meet the green fuel demand and promote sustainable low-carbon development [5].

第九届董事会第三十三次会议 决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、董事会会议召开情况 1.吉林电力股份有限公司第九届董事会第三十三次会议通知于2025年7月27日以电子邮件、书面送达等 方式发出。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000875 证券简称：吉电股份 公告编号：2025-055 吉林电力股份有限公司 2.2025年8月7日，公司第九届董事会第三十三次会议以通讯方式召开。 3.公司应参会董事8人，实参会董事8人。 4.本次会议的召开符合《公司法》及公司《章程》的规定。 二、董事会会议审议情况 审议《关于不再投资建设河北省张家口市怀安县200兆瓦风光储一体化项目的议案》 会议以8票赞同、0票反对、0票弃权，通过了《关于不再投资建设河北省张家口市怀安县200兆瓦风光储 一体化项目的议案》，同意公司出资企业不再投资建设河北省张家口市怀安县200兆瓦风光储一体化项 目。受市场影响，项目资本金收益率存在无法满足公司收益率的风险。不再投资建设该项目对公司当期 损益无影响。 河北省张家口市怀安县200兆瓦风光储一 ...

Group 1: Coal Supply and Pricing - The company's main coal suppliers include State Power Investment Corporation Inner Mongolia, Shenhua Energy Northeast Trading Company, and Huaneng Hohhot Energy Development Company, with long-term contracts accounting for approximately 90% of coal supply [1] - Long-term coal prices are executed according to the National Development and Reform Commission's pricing policy, while market coal prices are determined through bidding or negotiation based on market fluctuations [1] Group 2: Power Generation and Market Mechanisms - All heating units of the company are cogeneration units that participate in market transactions [1] - The cross-provincial electricity market trading mechanism in Jilin Province is smooth, with inter-provincial trading plans organized by the Beijing Trading Center [2] - Currently, bilateral trading accounts for a relatively large proportion of the electricity market in Jilin Province [2] Group 3: Future Plans and Financial Metrics - The company will focus on "new energy+" and "green hydrogen-based energy" as dual tracks to continuously improve operational performance and promote high-quality development [2] - The company's basic requirement for project IRR is 8%, which will be determined based on market changes and project conditions [2] - The company plans to conduct dividends in the second half of 2025 and the third quarter, with cash dividends not exceeding 10% of the net profit attributable to shareholders for the corresponding period, provided that the company maintains profitability and positive undistributed profits [2]

Core Viewpoint - The performance briefing of the new energy sector on the Sci-Tech Innovation Board highlighted the growth and strategic developments of key companies in the industry, showcasing a complete ecosystem from upstream materials to downstream applications, with a focus on intelligent and global advancements [1][2]. Group 1: Company Performance and Strategies - Seven listed companies participated in the performance briefing, including leading firms like Shanghai Pylon Energy Technology Co., Ltd. and Guangdong Liyuanheng Intelligent Equipment Co., Ltd. [1] - Pylon Technology, a leader in energy storage systems, expressed confidence in the growth of its performance supported by the expansion of energy storage applications, with plans to enhance home storage product performance by 2025 [2]. - Guangdong Fangyuan New Materials Group Co., Ltd. has successfully industrialized a new lithium extraction process in 2024, gaining recognition from major clients in the lithium battery supply chain [2]. Group 2: Technological Innovations - Guangdong Lair New Materials Technology Co., Ltd. reported a revenue of 526 million yuan in 2024, a year-on-year increase of 19.95%, with significant contributions from new energy materials [3]. - The company has expanded its functional coating film business into emerging fields such as automotive electronics and new energy batteries, achieving breakthroughs in various market segments [3]. Group 3: International Expansion - Dalian Haosen Intelligent Manufacturing Co., Ltd. has seen a rapid increase in European orders since 2023, with overseas orders expected to exceed 50% of total new orders in 2023 and 2024 [4]. - The company is also targeting emerging markets in ASEAN and Latin America, where countries like Indonesia, Thailand, and Brazil have set ambitious transformation goals [4]. Group 4: Smart Applications in New Energy - Hangzhou Hongquan Internet of Things Technology Co., Ltd. reported a revenue of 523 million yuan in 2024, a year-on-year increase of 27.81%, with significant growth in its T-BOX product line for new energy logistics vehicles [5]. - The company is actively expanding its overseas business, aligning products with international market standards and participating in global exhibitions to engage with potential clients [5].

Core Viewpoint - Jilin Electric Power Co., Ltd. (吉电股份) has demonstrated solid performance in its 2024 annual report, highlighting its commitment to the "New Energy +" and green hydrogen dual-track strategy, which has led to significant operational achievements and a strong foundation for future growth [1][2][3] Group 1: Financial Performance - The company achieved a net profit of 1.099 billion yuan, marking a steady increase and setting a new record for profitability [1] - Total installed capacity reached 14.4411 million kilowatts, with clean energy capacity accounting for 11.1411 million kilowatts, representing 77.15% of the total [6][8] Group 2: Strategic Development - The dual-track strategy of "New Energy +" and green hydrogen is being effectively implemented, with five new energy platform companies and three production operation centers established nationwide [2][4] - Significant progress has been made on key projects, including the Baicheng Phase II coal power supply project and the Lishu green methanol wind power project, which have received provincial approval [2] Group 3: Industry Positioning - The company is transitioning from a traditional coal power enterprise to a comprehensive energy company focused on new energy and green hydrogen, contributing to the establishment of a new energy system [1][4] - Jilin Electric Power Co., Ltd. is strategically positioned to leverage its advantages in various regions, including Jilin, Shandong, Jiangsu, and others, to foster new growth in the renewable energy sector [4][6] Group 4: Policy Support - National and local governments are actively supporting the development of green hydrogen, with recent policies emphasizing hydrogen's role in the energy transition [5][6] - The implementation of the Energy Law in 2025 will legally incorporate hydrogen into the energy system, providing a solid foundation for industry growth [5] Group 5: Technological Innovation - The company has achieved significant breakthroughs in the hydrogen energy value chain, including the successful certification of a renewable hydrogen project, marking a milestone in green hydrogen certification [8] - The integration of renewable energy with hydrogen production processes is enhancing the efficiency of green electricity consumption [7][8] Group 6: Future Outlook - The company aims to continue focusing on energy security, market demand, and advanced technology to explore replicable business models and technical pathways for the hydrogen industry [9] - Jilin Electric Power Co., Ltd. is committed to deepening the collaboration between "New Energy +" and green hydrogen to enhance its competitive edge in the global clean energy market [9]

Group 1: Operational Performance - The utilization hours for thermal power generation in 2024 are expected to be around 3,600 hours, slightly down from the previous year [1] - Auxiliary service revenue for 2024 is projected at CNY 433 million, while for Q1 2025, it is CNY 301 million [1] Group 2: Renewable Energy Development - The installed capacity for renewable energy in 2024 is 11.1411 million kW, accounting for 77.15% of the total installed capacity [1] - The company will focus on "New Energy+" and "Green Hydrogen-based Energy" to enhance operational performance and promote high-quality development [1] Group 3: Financial Outlook - The total dividend expected for 2024 is CNY 384 million, with a dividend payout ratio of 34.98% [2] - The mid-term dividend plan for 2025 has been approved by the board and will be submitted for shareholder decision [2] Group 4: Project Updates - The Daan wind-solar hydrogen synthesis ammonia integration project has completed mechanical completion and is in the sub-commissioning phase [2] - The Lishu project is currently in the preliminary work phase [2]