2025 年 08 月 25 日 公司研究 评级：买入(维持) [Table_Title] 经营性利润稳健增长， 未来三年分红比例拟提升至 60%以上 ——国电电力（600795）2025 年中报点评 最近一年走势 投资要点: | 相对沪深 | 表现 300 | | | | 2025/08/22 | | --- | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | | 国电电力 | | 0.4% | 3.8% | -9.1% | | | 沪深 300 | | 6.3% | 11.9% | 32.1% | | | 市场数据 | 2025/08/22 | | --- | --- | | 当前价格（元） | 4.79 | | 52 周价格区间（元） | 4.07-6.02 | | 总市值（百万） | 85,432.62 | | 流通市值（百万） | 85,432.62 | | 总股本（万股） | 1,783,561.91 | | 流通股本（万股） | 1,783,561.91 | | 日均成交额（百万） | 615.20 | | 近一月换手（%） | ...

今年暑运期间，路上的新科技让出行越来越便捷。超级快充让不少新能源车主告别充电焦虑，骑行"神 器"让自行车秒变"电动车"。 助力模式，可以让骑行更轻松省力，续航里程可以达到50至70公里。 同时，部分地区开始试点移动充电站，可预约上门主动提供快充服务。从"人找桩"，变成"桩找人"，进 一步缓解新能源车主长途出行的里程焦虑。 超级快充： 骑行"神器"： 自行车秒变"电动车" 骑车最怕遇到大上坡，骑行"神器"让坡道骑起来如履平地。这个"神器"，就是车后轮上方的自行车助力 器。 电动汽车充1秒跑1公里 京昆高速上的一个服务区专门为电动车开辟了超级充电站。在快充车位上，只需要半个小时，就可以把 电池的电量充到80%。 还有两个超充车位。如果是比较新款的电动车，电池和充电协议适配的话，充1秒钟就能跑1公里。充10 分钟，就能跑五六百公里。 在超级快充站的顶棚上、高速公路边坡、服务区的屋顶上都铺满了光伏板。工作人员介绍，这些光伏每 年可以发出115万度的绿电，除了可以供应超级充电站的用能需求，还能满足整个服务区的日常用电需 求。 当前，各地都在加快快充、超充站的建设。不久前，国家发展改革委、国家能源局等联合发布了《关于 促 ...

来源：雷递网 雷递网 雷建平 8月23日 隆基绿能科技股份有限公司（股票代码：601012，公司简称：隆基绿能）日前发布截至2025年6月30日的财报。财报显示，隆基绿能2025年上半年营收为328亿元，较上年同期的385.29亿元 隆基绿能2025年上半年计入的政府补助为4.65亿元。 隆基绿能2025年上半年净亏损为25.69亿元，上年同期的净亏损为52.3亿元；扣非后净亏损为33亿元，上年同期的扣非后净亏损为52.64亿元。 资产负债率60.72% 截至2025年6月30日，李振国持股14.08%，香港中央结算有限公司持股5.62%，高瓴旗下HHLR 管理有限公司-中国价值基金（交易所）持股为5.43%，李喜燕持股为5.02%，李春安持股为2. 截至2025年6月30日，隆基绿能股权结构 中国工商银行-上证 50 交易型开放式指数证券投资基金持股为1.57%，钟宝申持股为1.45%，中国工商银行股份有限公司-华泰柏瑞沪深 300 交易型开放式指数证券投资基金持股为1.43%， 截至2025年3月31日，李振国持股14.08%，香港中央结算有限公司持股5.7%，高瓴旗下HHLR 管理有限公司-中国价值基金 ...

Investment Rating - The investment rating for the industry is "Overweight" [4] Core Views - The industrial power generation volume in July increased by 3.1% year-on-year, indicating a recovery in power production [3] - The implementation of Gansu's "Document 136" has established a market-oriented pricing mechanism for renewable energy, with a stock price of 0.3078 yuan/kWh [3][42] - The overall valuation of the public utility sector has slightly decreased, with the industry index PE (TTM) at 17.38 times, down from 17.51 times the previous week [25] Market Performance - The public utility sector index fell by 0.55% during the week of August 11-15, underperforming compared to the Shanghai Composite Index by 2.24 percentage points [2][13] - The individual stock performance showed significant gains for companies like Fuan Energy (+28.72%) and Hongtong Gas (+15.80%), while companies like Huayin Power (-9.44%) and Xinzhu Co. (-8.79%) faced declines [31][31] Industry Dynamics - The total industrial power generation for July reached 926.7 billion kWh, with a notable increase in thermal and solar power generation [37] - Gansu's new pricing mechanism for renewable energy projects aims to stabilize the market and improve project profitability [38][42] - The implementation of demand response subsidies in Guangzhou aims to enhance the efficiency of power supply and demand management [46] Key Data Tracking - As of August 15, the price of Shanxi mixed coal (5500) was 695 yuan/ton, reflecting a week-on-week increase of 2.51% [53] - The trading volume of green certificates for wind and solar power reached 14.22 and 12.26 thousand respectively during the week of August 11-17 [56] - The national CEA trading volume for the week was 93.0 million tons, with an average transaction price of 72.30 yuan/ton [58]

Investment Rating - The report maintains an "Overweight" rating for the utility sector, specifically recommending investment in Changjiang Electric for its high dividend asset allocation value [1]. Core Insights - Changjiang Electric has announced a shareholder dividend return plan for the next five years (2026-2030), committing to a minimum cash dividend of 70% of the annual net profit attributable to shareholders [3]. - The report highlights a decrease in electricity prices, with the average grid purchase price in July 2025 down 3% year-on-year and 1.4% month-on-month [36]. - The report tracks key industry data, including a 3.7% year-on-year increase in total electricity consumption in H1 2025, with total consumption reaching 4.84 trillion kWh [12]. Summary by Sections 1. Market Review - The SW Utility Index fell by 0.55% during the week of August 11-15, 2025, underperforming compared to the ChiNext Index [8]. - Notable stock performances included a 28.7% increase for Fuan Energy and a 9.4% decrease for Huayin Electric [11]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption in H1 2025 was 4.84 trillion kWh, reflecting a 3.7% year-on-year increase, with growth in all sectors [12]. 2.2. Power Generation - Total power generation in H1 2025 reached 4.54 trillion kWh, a 0.8% year-on-year increase, with declines in thermal and hydro power generation [21]. 2.3. Electricity Prices - The average grid purchase price in July 2025 was 382 RMB/MWh, down 3% year-on-year [36]. 2.4. Thermal Power - As of August 15, 2025, the price of thermal coal at Qinhuangdao was 698 RMB/ton, down 16.51% year-on-year but up 16 RMB/ton week-on-week [45]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was 160.34 meters as of August 15, 2025, with inflow and outflow rates showing a year-on-year decrease [57]. 2.6. Nuclear Power - In 2024, 11 new nuclear units were approved, indicating a continued positive trend in nuclear power development [72]. 3. Investment Recommendations - The report suggests focusing on high-dividend stocks like Changjiang Electric, as well as opportunities in green energy, photovoltaic assets, and thermal power investments [3].

Investment Rating - The report maintains a "Buy" rating for the green electricity sector and recommends focusing on undervalued green electricity stocks and wind power operators [8][9]. Core Viewpoints - In July, electricity generation increased by 3.1%, with accelerated growth in thermal, wind, and solar power, while hydropower saw a decline [2][13]. - The first mechanism electricity price bidding was initiated in Shandong, marking a significant step in the national electricity market [6][15]. - The total scale of mechanism electricity is set at 9.467 billion kilowatt-hours, with wind power accounting for 8.173 billion kilowatt-hours and solar power for 1.294 billion kilowatt-hours [7][15]. Summary by Sections Industry Overview - In July, the industrial electricity generation reached 926.7 billion kilowatt-hours, a year-on-year increase of 3.1%, with daily average generation at 29.89 billion kilowatt-hours [2][14]. - The growth rates for various power sources in July were as follows: thermal power increased by 4.3%, wind power by 5.5%, solar power by 28.7%, while hydropower decreased by 9.8% [2][14]. Mechanism Electricity Bidding - Shandong Province released the implementation details for the mechanism electricity price bidding, which includes bidding subjects, bidding electricity volume, bidding mechanisms, and procedures [6][15]. - The bidding process will occur annually in October, with the first bidding scheduled for August 2025 [6][14]. Key Investment Recommendations - The report suggests focusing on undervalued green electricity stocks, particularly in the Hong Kong market, and highlights specific companies such as New天绿色能源 (H), 中闽能源, and 福能股份 [8][9]. - It also recommends thermal power companies with resilient quarterly performance, including 华能国际, 华电国际, and 宝新能源 [8][9]. Market Performance - The Shanghai Composite Index closed at 3696.77 points, up 1.70%, while the CSI 300 Index closed at 4202.35 points, up 2.37% [67]. - The CITIC Power and Utilities Index fell by 0.10%, underperforming the CSI 300 Index by 2.47 percentage points [67]. Carbon Market Insights - The national carbon market saw a decrease in trading prices by 0.72%, with a total trading volume of 3.0317 million tons during the week [59][60].

Core Viewpoint - ChuanTou Energy (600674) reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit, although there are concerns regarding rising short-term debt pressure and liquidity ratios [1]. Financial Performance - Total revenue reached 712 million yuan, a year-on-year increase of 17.95% [1]. - Net profit attributable to shareholders was 2.461 billion yuan, up 6.9% year-on-year [1]. - In Q2, total revenue was 348 million yuan, a slight increase of 0.63% year-on-year, while net profit decreased by 4.56% to 982 million yuan [1]. - Gross margin improved to 46.64%, up 4.56% year-on-year, while net margin decreased to 350.13%, down 9.25% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 339 million yuan, accounting for 47.67% of revenue, a decrease of 5.03% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) increased to 0.50 yuan, a rise of 5.83% year-on-year [1]. - Cash flow from operations per share was 0.07 yuan, up 1.14% year-on-year [1]. - The current ratio stood at 0.85, indicating increased short-term debt pressure [1]. Investment and Debt Analysis - Cash and cash equivalents rose significantly by 89.31% to 3.527 billion yuan [1]. - Interest-bearing liabilities increased by 8.38% to 19.593 billion yuan [1]. - The company has a healthy cash position, but the debt-to-asset ratio for interest-bearing liabilities reached 25.82% [12]. Operational Insights - The increase in revenue was primarily driven by the commencement of power generation at the subsidiary Panzhihua Hydropower Company [7]. - Operating costs rose by 13.61%, also attributed to the same subsidiary's operations [8]. - The company reported a significant increase in construction projects, with a 114.78% rise in ongoing engineering projects due to new investments [4]. Investment Opportunities - The company has been recognized for its strong return on invested capital (ROIC) of 8.82%, although it is considered average [12]. - The company is expected to generate a revenue of 5.337 billion yuan in 2025, with an average EPS forecast of 1.09 yuan [12]. Fund Holdings - The most notable fund manager holding ChuanTou Energy is Wang Bin from Huazheng Fund, who has a strong track record in selecting value and growth stocks [13].

Summary of Longking Environmental Conference Call Company Overview - Longking Environmental maintains a leading position in the flue gas treatment industry with a desulfurization and denitrification market share of nearly 20% and a dust removal market share of 50% [2][6] - The company generates approximately 10 billion in new orders annually, primarily through the EPC model, serving industries such as power, steel, and cement [2][4] Key Points Market Position and Performance - Longking Environmental's order situation is robust, with a 13.6% year-on-year increase in new orders in Q1 2025, totaling over 19 billion [2][8] - The company has a strong competitive advantage in the flue gas treatment sector, evidenced by stable order growth and increasing market share [5][6] Financial Performance and Projections - The company expects to achieve a profit of approximately 11 billion in 2025, with contributions from various segments: 9.7 billion from environmental services, 2 billion from green electricity, and a small profit from energy storage [21] - For 2026, the projected profit is around 14 billion, driven by continued growth in green electricity projects and stable performance in core environmental services [22] Impact of Major Shareholder - Zijin Mining becoming the controlling shareholder has positively impacted Longking Environmental by providing financial support and enhancing order quality, leading to improved profit margins [2][7][8] Green Electricity Projects - The green electricity projects are progressing well, with several entering commercial operation, expected to contribute 2 billion in profit in 2025 [2][11] - Notable projects include the Tibet Lagocuo project, which is anticipated to yield stable profits due to its favorable operational conditions [13] Hazardous Waste Treatment Challenges - The hazardous waste treatment segment faced operational losses in 2024, but improvements are expected in the second half of 2025 through operational collaborations to enhance capacity utilization [9][10] Energy Storage Business - The energy storage segment is projected to turn profitable in 2025 after a loss of approximately 70 million in 2024, aided by partnerships and operational improvements [14] Financial Management and Risk Control - Longking Environmental emphasizes cash flow management, maintaining positive operating cash flow and manageable debt levels [3][17] - The company has implemented long-term equity incentives and a dividend policy to attract institutional investors [18] Market Valuation - The company is expected to reach a market value of 21 billion by 2026, based on a projected compound growth rate of around 30% and a price-to-earnings ratio of 15 [23] Additional Insights - The company’s strategic partnerships, such as with Yiwai for battery cell sales, are expected to enhance operational efficiency and profitability [14] - The collaboration with Jitai Intelligent, focusing on wall-climbing robots for equipment maintenance, is seen as a thematic growth opportunity, albeit with limited immediate financial impact [16]

Core Viewpoint - China has transformed from a laggard in wind and solar energy to a global leader, with significant advancements in installed capacity and technology [5][23][44]. Group 1: Development of Wind and Solar Energy - In 2000, China's installed capacity for wind and solar energy was less than 350,000 kW, while by 2024, solar power capacity reached approximately 890 million kW, growing by 45.2% year-on-year, and wind power capacity reached about 520 million kW, growing by 18.0% year-on-year [21][23][25]. - The Chinese government has set ambitious targets, aiming for a total installed capacity of over 1.2 billion kW for wind and solar energy by 2030, equivalent to 50 Three Gorges dams [10][8]. Group 2: Western Region as the Main Battlefield - The western region of China, covering 687,000 square kilometers and accounting for 72% of the country's area, is rich in wind and solar resources, with over 85% of the country's wind resources and around 90% of solar resources located there [11][12]. - The "14th Five-Year Plan" includes the establishment of nine clean energy bases, with seven located in the western region, focusing on wind and solar energy development [12]. Group 3: Major Projects and Infrastructure - The first batch of 50 "Desert, Gobi, and Desert" large-scale wind and solar energy projects has been announced, with over 90% of the planned installed capacity located in the western region [28]. - The "Three Exchanges and Nine Directs" plan includes 12 high-voltage transmission lines, with nine originating from the western region, enhancing the transport capacity of renewable energy [29][30]. Group 4: Technological Advancements and Market Dynamics - China has achieved significant advancements in technology, with over 95% of large wind turbine manufacturing now domestically produced, and over 90% of solar equipment also produced in China [42][43]. - The market for renewable energy is becoming more competitive, with new projects required to participate in market pricing rather than relying on fixed tariffs [33][34]. Group 5: Key Players and Contributions - Private enterprises like Trina Solar and Goldwind have played crucial roles in advancing technology and supporting large-scale projects in the western region [44][49]. - Trina Solar has emerged as a leader in the solar sector, holding the most patents for perovskite solar cells, while Goldwind has maintained a leading position in the wind power market for 14 consecutive years [45][49].

Investment Rating - The report maintains an "Overweight" rating for the green electricity sector, benefiting from the appreciation of green certificate values and high installation growth [1]. Core Insights - The report continues to recommend investment opportunities in green electricity operators against the backdrop of increasing green certificate values. In June 2025, the National Energy Administration issued 278 million green certificates, a month-on-month increase of 29.33%, involving 198,700 renewable energy projects, with 196 million being tradable certificates, accounting for 70.64% [4][6]. - Key industry data shows that in the first half of 2025, total electricity consumption reached 4.84 trillion kWh, a year-on-year increase of 3.7%. The cumulative power generation was 4.54 trillion kWh, up 0.8% year-on-year, with significant growth in wind and solar power generation [4][13][22]. Summary by Sections 1. Market Review - The SW public utility index fell by 1.84% during the week of July 28 to August 1, 2025, with declines across various sectors including thermal power and solar energy [9]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption in H1 2025 was 4.84 trillion kWh, with growth rates of 8.7% in the primary industry, 2.4% in the secondary industry, 7.1% in the tertiary industry, and 4.1% in urban and rural residential use [13]. 2.2. Power Generation - Cumulative power generation in H1 2025 was 4.54 trillion kWh, with thermal and hydro power generation declining by 2.4% and 2.9% respectively, while wind and solar power generation increased by 11.1% and 18.3% [22]. 2.3. Electricity Prices - The average grid purchase price in July 2025 was 382 RMB/MWh, down 3% year-on-year and 1.4% month-on-month [36]. 2.4. Thermal Power - As of August 1, 2025, the price of thermal coal at Qinhuangdao was 663 RMB/ton, a year-on-year decrease of 21.91% but a week-on-week increase of 10 RMB/ton [46]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was 160.66 meters as of August 1, 2025, with inflow and outflow rates showing significant year-on-year declines of 49.02% and 44.94% respectively [57]. 2.6. Nuclear Power - In 2024, 11 new nuclear units were approved, indicating a continued trend of safe and orderly development in the nuclear sector [71]. 3. Investment Recommendations - The report suggests focusing on investment opportunities in solar energy and charging stations, highlighting companies such as Longyuan Power, Zhongmin Energy, and China Nuclear Power as key recommendations [4].