证券代码：000537 证券简称：中绿电 天津中绿电投资股份有限公司 投资者关系活动记录表 编号：2025-10 投资者关系活动 类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 鲁创基金（孙浩喆） 时间 2025 年 11 月 21 日 10:00-10:30 地点 公司会议室 上市公司接待人 员姓名 总经理助理、董事会秘书 伊成儒 证券事务部（董事会办公室）投资者关系管理 马啸 形式 现场会议 交流内容及具体 问答记录 问题 1.公司在运装机规模及风光占比情况？ 答：截至 2025 年 6 月末，公司在运装机规模 1992.55 万千瓦，其中 风电占比约 19.75%，光伏占比约 79.24%。 问题 2.2025 年公司补贴款收回情况如何？ 答：2025 年前三季度公司累计收到可再生能源补贴款 18.88 亿元。 问题 3.136 号文出台后，公司的投资策略？ 答：随着 136 号文的出台，公司对新能源项目投资更加谨慎，更加注 重投资收益把控。同时为进一步优化产业结构，提升项目盈利能力，公司 也在稳步推进"两个转移"（由光伏向风电转移 ...

2025年，光伏行业阶段性调整，反映出供需失衡与竞争无序。但必须看到，全球能源转型的底层需求并 未减弱，反而在气候目标与能源安全双重驱动下愈发迫切。 11月19日，2025第八届中国国际光伏与储能产业大会暨21世纪·新能新质绿色能源发展论坛在成都举 办。 会上标普全球清洁能源技术光伏首席分析师胡丹分享了她对全球光伏产业当前发展形势与思考。 胡丹谈到，未来的机遇，将属于那些兼具技术、系统、全球化综合能力的企业，既能深耕技术创新，又 能实现多能互补与智能协同，还能灵活应对不同市场的政策与本地化要求。 更加注重系统融合与消纳能力 在中国，新能源已从过去的"辅助性电源"逐步转变为"主力电源"，这是能源结构深刻变革的重要标志。 与此同时，工业、交通和建筑等领域的深度脱碳，也高度依赖电气化。发展新能源不仅是技术选择，更 是实现全球气候目标的战略必需。 从投资角度看，根据标普全球在2025年初发布的预测，未来5至10年，新能源技术仍将是全球能源资产 投资的核心领域，并已在2025年首次超越上游油气、输配电及传统石化能源建设的投资规模。其中，光 伏、风电与储能占据新能源投资的绝大部分份额。 胡丹谈到，尤为值得注意的是，202 ...

Core Viewpoint - The company aims to capitalize on the growing demand for high-performance battery materials driven by advancements in battery technology and the increasing needs of the electric vehicle, energy storage, and consumer electronics sectors [2] Group 1: Company Initiatives - The company plans to invest 60 million yuan to establish a wholly-owned subsidiary named Xiamen Canghai New Energy Materials Co., Ltd. [2] - The new subsidiary will focus on a project to produce 50,000 tons of high-performance battery materials annually [2] - The total estimated investment for the project is 152.5 million yuan, with funding sourced from the company's own funds and loans [2]

每经记者｜杨建 每经编辑｜肖芮冬 ｜2025年11月17日 星期一｜ NO.1 我国星地微波高码率通信技术取得突破 近日，中国科学院空天信息创新研究院联合北京融为科技有限公司在云南丽江成功进行了一次星地微波 高码率通信实验。实验结果显示，X频段星地数据传输速率达到6.0吉比特每秒（Gbps），Ka频段达到 20.16吉比特每秒（Gbps），标志着我国在解决星地高速数据传输难题方面取得突破。本次实验系统验 证了高阶调制技术的可行性。在X频段和Ka频段的不同模式下，均实现了远超以往的高码率稳定通信。 实验过程中，星座图无明显畸变，误码率可归零且具备一定余量。 NO.2 马斯克称计划每年在太空中部署100吉瓦人工智能卫星 11月15日，马斯克在X上转发了一位网友分享的他最近接受罗恩·巴伦采访的视频。马斯克在采访中 说："我们看到了一条可行的路径，能够每年将100吉瓦的太阳能驱动的人工智能卫星送入轨道。而且这 种方式实际上能够以最低的成本大规模驱动并运行人工智能。" NO.3 《深圳市低空经济标准体系2.0及标准化路线规划》发布 11月15日，据深圳市低空经济产业协会消息，在第二届低空产业高峰论坛上，《深圳市低空经济 ...

Group 1 - The core point of the article highlights that Hong Kong's stock exchange data shows a significant transfer of shares for Xinshi Electric Vehicle New Materials (06128), with a market value of HKD 27.82 million, representing 9.24% of the total shares [1] - Xinshi Electric Vehicle New Materials announced that its wholly-owned subsidiary, Allied Apex Limited, has invested 18% of the issued share capital of Chuangchi International New Energy Vehicle Co., Ltd. for HKD 1.8 million [1] - Chuangchi, a limited company registered in Hong Kong, primarily engages in exporting electric vehicles to Southeast Asia, the Middle East, Europe, and North America [1] Group 2 - The total investment by Allied Apex in Chuangchi will not exceed HKD 5 million, indicating a strategic investment approach [1] - Following the investment, the shareholding structure of Chuangchi will consist of Allied Apex holding 18%, with three other individual shareholders holding 40%, 30%, and 12% respectively, all of whom have extensive experience in the automotive export industry [1]

Group 1 - Nicaragua has a significant number of construction projects in development and welcomes foreign investment, particularly from Chinese companies in the energy sector [1] - The country has a population of approximately 7 million and an energy installed capacity of about 1,600 megawatts, with 70% of its energy coming from renewable sources [1] - Nicaragua aims to enhance its economic development and industrialization, but its current energy supply capacity is insufficient to meet the demands of rapid industrial growth [1] Group 2 - Nicaragua encourages foreign investors, especially from China, to participate in its power generation industry through concessions and public-private partnerships [2] - Several Chinese energy companies have already engaged in Nicaragua's energy development, including China Communications Construction Company and China Power Construction Corporation, which have built solar and hydropower projects with capacities around 200 megawatts [2] - Nicaragua envisions expanding cooperation with China in the energy sector to fully utilize its natural resources for renewable energy development, aiming for energy self-sufficiency and potential energy exports to neighboring countries [2]

Group 1 - Xiamen Haiyi Hemai New Energy Equity Investment Fund Partnership has been established with a total investment of 800 million yuan, focusing on private equity investment, investment management, and asset management activities [1][2] - The fund is a limited partnership and is registered in Xiamen, Fujian Province, with a business duration from November 5, 2025, to 2065 [2] - The main partners include Hangzhou Hemai Power Electronics Co., Ltd. (49.875%), Xiamen Advanced Manufacturing Equity Investment Fund Partnership (30%), and Xiamen Guomao New Energy Technology Co., Ltd. (19.875%) [3]

Core Insights - The International Financial Leaders Investment Summit was held in Hong Kong from November 3 to 5, focusing on macroeconomic trends and investment opportunities in various financial markets and asset classes [1] Group 1: Energy Transition and Alternative Investments - The roundtable discussion on "Alternative Investments in Energy Transition" featured prominent industry figures discussing the impact of AI on global energy demand and the associated investment opportunities [3][4] - The construction of data centers is viewed as a foundational infrastructure for the digital economy, with long-term stable leasing contracts mitigating concerns of a bubble [4] - Investment strategies in data centers involve early engagement and project development, with ongoing interest in the sector across Asia, the US, and Europe [4] - A significant challenge in data center development is the lack of skilled professionals, which could impact the success of these investments [4] Group 2: Future Energy Market Dynamics - A fundamental shift in thinking is required for future investments in renewable energy, particularly due to the anticipated surge in electricity demand from data centers [5] - Nuclear energy is highlighted as a crucial component of the future energy market, especially in the context of rising electricity needs [5] - Renewable energy investments should balance availability, affordability, and climate impact, extending beyond AI to include electrification in transportation and industry [5] Group 3: Commercial Real Estate Trends - The commercial real estate market is cyclical but currently exhibits strong fundamentals, influenced by rising interest rates and changes in work patterns [5] - The recovery of the commercial real estate market is expected as interest rates stabilize and more people return to office settings [5] Group 4: Upcoming Events - The Fourth Global Fund of Funds Summit will take place in Davos, Switzerland, from January 19 to January 23, 2026, focusing on the future of the global fund of funds industry [7][9] - The summit aims to facilitate dialogue among over a hundred key figures in the global fund of funds and investment industry [9][11]

Core Viewpoint - The company did not include the fair value changes of its investment in Chery Automobile in its Q3 report, which has raised questions from investors [1] Group 1: Company Financials - The company reported a year-on-year increase in net profit in its Q3 report [1] - The fair value changes related to the investment in Chery Automobile were not reflected in the Q3 report due to the fund manager's valuation policy [1] Group 2: Investment Details - The company has made indirect investments in Chery Automobile through a new energy industry fund [1] - The impact of the fair value changes will be reported in subsequent periodic reports [1]

Group 1: Power Operations Performance - The company's power operations segment showed stable performance in the first three quarters, with a total power generation of 289 million kWh and an average electricity price of €0.099 per kWh, resulting in a significant year-on-year increase in revenue [1] - The Croatia Senj Wind Power Project's generation met expectations, while the Laos Nam Phak Hydropower Station saw accelerated loan principal repayment and reduced interest expenses due to declining USD interest rates, leading to a substantial profit increase compared to the same period last year [1] Group 2: Future Development Strategies - The company plans to continue expanding its overseas quality power asset portfolio and explore investments in energy storage projects, enhancing the efficiency and stability of its power operations [1] - The company is actively developing new revenue channels such as green certificate trading and virtual power plants to further enhance the profitability of its power segment [1] Group 3: Cash Flow and Operational Efficiency - The company's operating cash flow has shown steady growth, attributed to a focus on risk-controlled, timely payment projects and ongoing cost reduction efforts, leading to improved cash flow quality [2] - The company has enhanced inventory turnover efficiency, contributing to the overall improvement in cash flow [2] Group 4: Mining Project Development - The company is transitioning from a pure EPC contractor to a full-service provider in the mining industry, extending its business scope to mining operations and support services, thereby establishing closer, long-term relationships with clients [2] - Future strategies include maintaining an integrated development approach in the mining sector to strengthen and expand its core competitive advantages [2] Group 5: Coal Sales Performance - The company's coal sales in Mongolia improved significantly in Q3, achieving a sales volume of 1.54 million tons, a year-on-year increase of 75% and a quarter-on-quarter increase of 32%, with both sales volume and gross profit showing notable improvement compared to the first half of the year [2]