本报讯 （记者丁蓉）12月26日，深圳市广聚能源股份有限公司（以下简称"广聚能源"）发布公告，该 公司与中广核（广东）新能源投资有限公司（以下简称"中广核广东公司"）于2025年12月24日签署了 《战略合作协议》，双方拟开展在新能源项目投资、售电、虚拟电厂等领域的合作，共同提升核心竞争 力，实现经济效益与社会效益协同增长，双方建立长期稳定合作关系。 广聚能源方面表示，这一协议的签署旨在建立战略合作关系，整合双方资源与优势，为公司在新能源领 域的业务布局提供协同发展路径，将有助于公司优化产业结构，增强在综合能源领域的市场竞争力，符 合公司打造大湾区一流综合能源运营商功能定位及发展战略。 （编辑 郭之宸） 根据公告，双方合作主要内容包括三方面。一是双方共同探索在海上风电、陆上风电等新能源项目开展 战略合作，联合参与广东沿海地区海上风电、陆上风电项目的投资、建设，共同打造区域性清洁能源示 范工程。二是双方共同发挥各自优势，在新能源装备、信创服务器、智能终端及绿色能源系统集成等领 域建立长期稳定的供应链协作机制。三是双方共同努力促进绿色能源消费，并择机开展虚拟电厂合作， 降低企业用电成本。乙方按照市场化原则，在同等 ...

人民财讯12月25日电，广聚能源（000096）12月25日公告，公司与中广核(广东)新能源投资有限公司(简 称"中广核广东公司")24日签署战略合作协议，双方基于战略合作关系，拟开展在新能源项目投资、售 电、虚拟电厂等领域的合作，共同提升核心竞争力。此次签署的战略合作协议为框架性协议，不涉及实 质性交易。 ...

广聚能源公告称，2025年12月24日，公司与中广核（广东）新能源投资有限公司签署《战略合作协 议》。协议为框架性协议，不涉及实质性交易，不构成关联交易与重大资产重组。双方拟在新能源项目 投资、售电、虚拟电厂等领域合作，包括海上风电等项目投资建设、新能源与信创产品供应链合作等。 协议对本年度业绩无重大影响，未来影响视后续项目实施情况而定，合作存在不确定性。 ...

Core Viewpoint - The company, Dongfang Zirconium (002167.SZ), has announced plans for a significant investment in a new project focused on producing battery-grade zirconium oxychloride and high-purity zirconium-hafnium separation oxides [1] Group 1: Project Details - The company’s wholly-owned subsidiary, Qinyang Dongzhuo New Materials Technology Co., Ltd., will invest in the construction of a project with an annual production capacity of 60,000 tons of battery-grade zirconium oxychloride and 12,000 tons of high-purity zirconium-hafnium separation oxides [1] - The total investment budget for the project is set at 737 million yuan [1] - The project will be located in the Qinxin North Park of the Qinyang Economic and Technological Development Zone in Jiaozuo City, with construction planned to commence in January 2026 [1]

Group 1: Investment Strategy and Market Conditions - The company is closely monitoring the latest policy developments regarding solar projects in Xinjiang and will proceed with investments based on these policies while controlling costs and optimizing market strategies to achieve good operational efficiency [2] - In the first half of 2025, the company's on-grid electricity price significantly decreased due to intensified competition in the Guangdong electricity market, leading to a notable decline in gross profit and overall profitability [2] - The company plans to optimize fuel procurement strategies and expand revenue by seizing market opportunities in the second half of the year while advancing the construction of advanced units to cultivate new profit growth points [2] Group 2: Long-term Contracts and Power Generation Capacity - The long-term electricity price is influenced by macroeconomic factors, electricity supply and demand, fuel prices, and marketing, which introduces a degree of uncertainty [3] - The company is currently preparing for the next year's long-term contract signing and aims to strengthen marketing efforts to provide stable support for next year's operating performance [3] - The company has 8 million kW of coal-fired capacity and approximately 2.942 million kW of gas-fired capacity under construction, with an expected commissioning of 3-5 million kW of coal-fired units in 2025 [3] Group 3: Market Dynamics and Profitability - The profitability of coal-fired units is affected by national policies, electricity supply and demand, unit costs, fuel prices, and market trading mechanisms [3] - With the establishment of a unified national electricity market, the profitability of coal-fired units with similar technology and management levels in the south and north may converge, but specific profitability will depend on regional conditions and operational capabilities [3]

Core Viewpoint - Huayin Power (600744) reported significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance despite rising short-term debt pressure [1] Financial Performance Summary - Total revenue reached 4.12 billion yuan, a year-on-year increase of 16.18% [1] - Net profit attributable to shareholders was 207 million yuan, up 4146.8% year-on-year [1] - In Q2 alone, total revenue was 1.813 billion yuan, reflecting a 34.26% increase compared to the same quarter last year [1] - Q2 net profit attributable to shareholders was 131 million yuan, a staggering increase of 4868.96% year-on-year [1] - Gross margin improved to 12.93%, up 63.28% year-on-year, while net margin rose to 5.35%, an increase of 1845.75% [1] - Total operating expenses (selling, administrative, and financial) amounted to 256 million yuan, accounting for 6.2% of revenue, down 22.75% year-on-year [1] - Earnings per share reached 0.1 yuan, a 5000% increase year-on-year [1] Cash Flow and Debt Analysis - Operating cash flow per share increased to 0.8 yuan, up 180.16% year-on-year [1] - The company faced a short-term debt pressure with a current ratio of 0.62 [1] - Cash flow from operating activities saw a significant increase of 180.16%, attributed to higher electricity generation and a decrease in coal procurement prices [2] - Cash flow from investing activities decreased by 71.8% due to increased investments in new energy projects [3] - Cash flow from financing activities dropped by 274.57% as the company intensified debt repayment efforts [3] Inventory and Capital Expenditure - Inventory increased by 46.49% due to significant coal purchases to ensure power supply during peak summer [2] - Construction in progress rose by 35.74% as the company accelerated investments in new energy projects [2] Business Model and Historical Performance - The company's return on invested capital (ROIC) was 1.65%, indicating weak capital returns [3] - Historical data shows a median ROIC of 3.71% over the past decade, with seven years of losses since its listing [3] - The business model relies heavily on capital expenditure, necessitating careful evaluation of the profitability of such investments [3]

Core Viewpoint - The company plans to invest in a new renewable energy project in Yiw County, Xinjiang, with a total investment of 982 million yuan, which aligns with its development strategy and is expected to enhance profitability [1] Investment Details - The project will be undertaken by the company's wholly-owned subsidiary, Xinjiang Yunda New Energy Co., Ltd. [1] - Total investment for the project is 982 million yuan, with a capital contribution of approximately 20%, amounting to 198 million yuan, funded by the company itself [1] - The remaining funds will be raised through loans from financial institutions [1] Project Specifications - The project will be located near Yiw County in Hami City, Xinjiang Uygur Autonomous Region [1] - It plans to install 26 units of 10MW turbines and include energy storage facilities, along with the construction of a monitoring center [1] Financial Implications - The registered capital of the Xinjiang company will be increased to 198 million yuan [1] - The project is expected to yield significant returns due to favorable wind resources in the Yiw area [1]

Group 1: Pricing and Financial Performance - The comprehensive on-grid electricity price for the company's new energy projects in 2024 is 0.4125 CNY/kWh (including tax) [2] - The comprehensive on-grid electricity price for the first quarter of 2025 is 0.3024 CNY/kWh (including tax) [2] - The cash dividend ratio for 2023 has increased to 40.45%, and for 2024, it is projected to be 40.98% [3] Group 2: Project Development and Capacity - As of the end of the first quarter of 2025, the company has 11.29 million kW of projects under construction, including 8.8 million kW of wind power and 2.23 million kW of solar power [3] - The company aims to enhance investment quality and gradually shift from the northwest to the central and eastern regions, and from solar to wind power [3] Group 3: Funding and Financial Strategy - As of the end of the first quarter of 2025, the company has 6.055 billion CNY in cash and an unissued corporate bond quota of 3 billion CNY [3] - The company plans to utilize diversified financing methods, including bank loans and public bond issuance, to meet future funding needs [3] Group 4: Subsidy and Revenue Recovery - The company has recovered approximately 60 million CNY in electricity price subsidies in 2025 [3] - The company maintains close contact with power grid companies to monitor subsidy payments [3] Group 5: Marketing and Sales Strategy - The company has established a dedicated electricity marketing department to enhance its marketing capabilities [3] - It is actively participating in domestic and international carbon asset trading markets to increase revenue from green electricity and carbon assets [3]

Investment Rating - The report maintains a "Recommended" rating for companies such as China Nuclear Power, Funiu Co., and Huaneng Hydropower, while giving a "Cautious Recommendation" to companies like China General Nuclear Power and Longyuan Power [23][3]. Core Insights - The electricity sector outperformed the market this week, with the public utility sector rising by 2.22% and the electricity sub-sector by 2.21%, both exceeding the Shanghai and Shenzhen 300 index [1][7]. - Shandong Province has established a mechanism electricity price that aligns with the benchmark price for coal-fired power, which is expected to stabilize investment returns for renewable energy projects [2][24]. - The report highlights the significant drop in coal prices, which has led to steady growth in thermal power performance in Q1, with expectations for continued improvement as the peak electricity consumption season approaches [3][20]. Summary by Sections Weekly Market Review - The public utility sector index closed at 2,377.21 points, up 51.64 points, while the electricity sub-sector closed at 3,171.91 points, up 68.52 points [1][7]. - The sub-sectors showed varied performance, with solar power up 4.01%, thermal power up 4.00%, and wind power up 1.78% [12][19]. Special Topic - Shandong's new pricing mechanism for renewable energy projects is set at 0.3949 yuan per kWh, matching the coal-fired benchmark price, which is expected to mitigate revenue volatility for existing projects [2][24]. - The competitive bidding for new renewable projects starting from June 1, 2025, will determine the mechanism price, enhancing investment predictability [2][24]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the thermal and hydropower sectors, particularly Funiu Co., Gansu Energy, and Huaneng International [3][20]. - It also emphasizes the stability of large hydropower companies in a declining interest rate environment, recommending companies like Yangtze Power and Chuanwei Energy [3][20]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) forecasts for several companies, with China Nuclear Power expected to have an EPS of 0.46 yuan in 2024, while Funiu Co. is projected at 1.07 yuan [23][3].