新天绿能 20250925 摘要 新天绿色能源以新能源（风电为主）和燃气为核心业务，总装机容量稳 步增长，但扩张策略相对克制，注重资产质量，近几年装机容量复合增 速约为 5%。 天然气业务作为通道型业务，营收占比高但毛利率较低，主要作用是稳 定现金流。2024 年利润下降受暖冬和唐山 LNG 项目初期负荷率影响， 但工商业用户顺价机制保障毛利率。 2024 年业绩下滑部分归因于"以大带小"项目策略，短期牺牲部分利 益。尽管新能源业务现金流通常较差，但天然气业务的支撑降低了整体 现金流压力，分红支付率已超 50%。 公司设有股权激励考核机制，虽 2024 年目标未达成，但管理层有强烈 动力实现 2025 年营收增长 20%以上的目标，激励计划有助于实现管理 层与股东利益一致。 风电业务盈利能力受利用小时数和弃风率影响，市场化交易电价也带来 压力。但未来风资源条件改善和低基数效应有望带来增长机会，136 号 文稳定存量项目电价预期。 Q&A 新天绿色能源公司在过去两年的业绩表现如何？ 过去两年，新天绿色能源公司的经济状况并不理想，业绩表现较为弱势。然而， 从当前时间节点来看，公司基本面发生了显著变化。尽管营收结构 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 在 深 圳 證 券 交 易 所 網 站（http://www.szse.cn）刊 登 的 龍 源 電 力 集 團 股 份有限公司2025年 半 年 度 報 告 摘 要（A股）、龍 源 電 力 集 團 股 份 有 限 公 司 2025年 半 年 度 報 告（A股）、龍 源 電 力 集 團 股 份 有 限 公 司2025年半年度財 務 報 告（A股），僅 供 參 考。 特 此 公 告。 承董事會命 龍源電力集團股份有限公司 China Longyuan Power Group Corporation Limited* 宮宇飛 董事長 龙源电力集团股份有限公司 2025 年半年度报告摘要 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了 ...

Carbon Neutrality Policy - In the first half of the year, the trading volume of green certificates doubled, with a total of 1.371 billion green certificates issued, of which 958 million were tradable, a year-on-year increase of 149% [3] - The trading scale also doubled, with 348 million green certificates traded, a year-on-year increase of 118%, including 242 million in standalone trades and 107 million corresponding to green electricity trades [3] - The average price of green certificates has gradually returned to a reasonable level, with the average price in June reaching 6.5 yuan per certificate, a 4.4-fold increase from the lowest price this year [3] New Energy Storage - By the end of 2024, the installed capacity of new energy storage in China reached 73.76 million kilowatts, accounting for over 40% of the global total installed capacity [4] - The report on new energy storage development outlines the progress and future outlook for the industry, emphasizing the need for a balanced approach to scale and efficiency [5] Environmental Regulation - The Ministry of Ecology and Environment issued a notification to standardize environmental inspections, aiming to reduce the burden on enterprises while ensuring effective regulatory oversight [6] - The notification emphasizes a planned approach to inspections, aiming to avoid redundant checks and streamline the process for businesses [6] Local Developments - Beijing's Chaoyang District is creating "One Microgram" green blocks, with the first batch of demonstration blocks featuring advanced energy-efficient technologies [7] - The "light-storage-direct-flexible" technology implemented in the Sanlitun Taikoo Li project allows for 100% self-consumption of solar energy, improving energy efficiency by 5%-10% [7] Corporate Practices - The Beijing Green Exchange reported a cumulative transaction volume of 2.398985 million tons of greenhouse gas voluntary reduction credits, with a total transaction value of approximately 202.55 million yuan [8] - The establishment of China's first 180°C high-temperature heat pump laboratory by Nuotong Technology fills a gap in the ultra-high temperature heat pump system research field, supporting industry standards and innovation [9]

Group 1 - The National Energy Administration reported that the trading scale of green certificates in the first half of the year doubled year-on-year, with a total of 1.371 billion certificates issued [1] - The average price of green certificates reached 5 yuan per certificate in the first half of the year, with a peak of 6.5 yuan in June, marking a 4.4 times increase from the lowest price this year [1] - The data indicates a shift from an administrative-driven renewable energy consumption mechanism to a market-driven approach, laying a crucial institutional foundation for achieving carbon neutrality goals and global green trade integration [1] Group 2 - CATL has invested over 10 years in solid-state battery research and has formed a leading R&D team in the industry [2] - While the scientific issues in the solid-state battery sector have been largely resolved, engineering challenges and supply chain maturity still hinder commercialization [2] - The focus on R&D has created a technological moat that supports future advancements in electric vehicle range and applications in energy storage and aviation [2] Group 3 - Hewei Electric announced that it does not currently have HVDC (High Voltage Direct Current) products, despite market rumors suggesting otherwise [3] - The company's stock experienced significant volatility, with a cumulative price deviation exceeding 20% over three consecutive trading days, reflecting market sensitivity to HVDC-related themes [3] - HVDC technology is crucial for long-distance power transmission and is in high demand due to the global surge in renewable energy infrastructure [3]

Core Viewpoint - The report highlights the overall stability and growth of China's energy sector in the first half of the year, emphasizing the acceleration of green and low-carbon transitions, the increase in renewable energy capacity, and the effective measures taken to ensure electricity supply during peak summer demand [2][5][14]. Group 1: National Energy Situation - Energy supply is sufficient and overall demand is stable, with coal production increasing by 5.4% year-on-year and oil and gas production also showing growth [2][3]. - The share of non-fossil energy generation capacity surpassed 60% for the first time, with wind and solar power installations doubling compared to the same period last year [2][3]. - Electricity consumption is on the rise, with a year-on-year increase of 5.4% in June, driven by urban gas demand and a slight decrease in coal consumption [3][4]. Group 2: Renewable Energy Integration - Renewable energy installations reached 268 million kilowatts in the first half of the year, a 99.3% increase year-on-year, accounting for 91.5% of new installations [5][6]. - Renewable energy generation accounted for 39.7% of total electricity generation, with wind and solar power contributing significantly to the overall increase in electricity supply [6][7]. Group 3: New Energy Storage Development - The new energy storage capacity reached 94.91 million kilowatts, a 29% increase from the end of 2024, with significant contributions from regions like Inner Mongolia and Xinjiang [11][31]. - The utilization hours for new energy storage systems increased to approximately 570 hours, indicating improved efficiency and effectiveness in peak load management [32][33]. Group 4: Electricity Supply During Peak Summer - The maximum electricity load reached a historical high of 150.8 million kilowatts, with 19 provinces experiencing record-breaking loads [15][16]. - Measures were implemented to ensure stable electricity supply, including the addition of over 20 million kilowatts of new generating capacity and enhanced inter-provincial transmission capabilities [15][19]. Group 5: Green Certificate Market - The green certificate market saw a significant increase, with 1.371 billion certificates issued in the first half of the year, a 149% year-on-year growth [21][22]. - The trading volume of green certificates doubled, reflecting a growing recognition of renewable energy's environmental value [22].

Core Viewpoint - The recent notification from the National Development and Reform Commission and the National Energy Administration aims to expand the demand for green certificates, leading to an upward trend in green certificate prices, with expectations for further increases in the future [1][2][3] Group 1: Green Certificate Market Dynamics - The notification sets specific green electricity consumption ratios for key industries, including electrolytic aluminum, steel, cement, polysilicon, and data centers, with the electrolytic aluminum industry being the only one subject to mandatory assessment [1][4] - The green electricity consumption ratio for electrolytic aluminum, steel, cement, and polysilicon is set between 25.2% and 70%, while new data centers are required to achieve 80% [1][5] - The green certificate market has seen significant growth, with a reported 446 million green certificates traded in 2024, marking a 364% year-on-year increase [1] Group 2: Industry-Specific Implications - The electrolytic aluminum industry is highlighted as a major focus due to its high energy consumption and carbon emissions, with a target of 25% renewable energy usage by 2025 [4][6] - Data centers are recognized as rapidly growing energy consumers, with a specific requirement for 80% green electricity consumption, reflecting ongoing efforts to promote low-carbon development [6][7] - The notification allows for a monitoring phase for most industries, providing a buffer period for companies to adapt to the new policies before mandatory assessments begin [2][7] Group 3: Future Outlook and Strategies - The anticipated increase in green certificate prices is driven by factors such as international recognition of Chinese green certificates and adjustments in supply dynamics [2][3] - Companies in energy-intensive sectors are expected to explore various strategies to meet green electricity consumption targets, balancing economic considerations with sustainability goals [7] - The alignment of local renewable energy consumption responsibilities with industry-specific targets indicates a coordinated approach to enhancing green energy adoption across regions [6][7]

Core Viewpoint - The green power sector is experiencing mixed performance, with fluctuations in stock prices and significant developments in green energy projects, indicating potential investment opportunities and market dynamics [1][4]. Group 1: Market Performance - As of July 23, 2025, the National Green Power Index decreased by 0.04%, with mixed performance among constituent stocks [1]. - GCL-Poly Energy led the gains with a rise of 3.60%, while South Grid Energy Storage saw the largest decline [1]. - The Green Power ETF (159625) underwent adjustments, reflecting changes in market conditions [1]. Group 2: ETF Performance - The Green Power ETF recorded a turnover of 5.52% during the trading session, with a transaction volume of 17.49 million yuan [3]. - Over the past week, the ETF's average daily transaction volume was 21.42 million yuan, with a significant growth in scale of 17.61 million yuan, ranking first among comparable funds [3]. - The ETF's net value increased by 10.21% over the past six months, with a maximum single-month return of 9.19% since inception [3]. Group 3: Key Holdings - As of June 30, 2025, the top ten weighted stocks in the National Green Power Index accounted for 56.91% of the index, with China Yangtze Power and Three Gorges Energy being the largest components [3][6]. - The performance of these stocks varied, with China Nuclear Power increasing by 1.82% and Huaneng Water Power declining by 2.05% [6]. Group 4: Future Developments - The commencement of the Yarlung Tsangpo River downstream hydropower project, with an investment of approximately 1.2 trillion yuan, is expected to significantly boost infrastructure development and clean energy initiatives in the western region [4]. - The green certificate market is anticipated to gain momentum in 2026, driven by new energy consumption assessments for major industries [4].

Core Viewpoint - The company held an annual performance briefing for 2024 and the first quarter of 2025, discussing its resource acquisition, project development, and financial performance, highlighting both growth opportunities and challenges in the renewable energy sector. Group 1: Resource Acquisition and Development Plans - In 2024, the company plans to acquire approximately 44 million kilowatts of new renewable resources, including 12.5 million kilowatts from the Xinjiang South Taklamakan Desert base, with an approved scale of about 12.2 million kilowatts [2] - The company is focusing on large-scale wind and solar bases in resource-rich areas and is advancing offshore wind power projects, particularly in Inner Mongolia, Xinjiang, and Qinghai [3] - The company aims to implement a "wind-solar-fire-storage" integrated development model to enhance energy transition and ecological governance [6] Group 2: Financial Performance and Challenges - The company's net profit attributable to shareholders is expected to decline by 14.81% in 2024 due to changes in electricity sales structure, increased depreciation, and impairment provisions totaling 1.45 billion yuan [7] - The company reported a 42 billion yuan recovery from renewable energy price additions in 2024, actively tracking fiscal fund allocations [8] - The overall financing cost for 2024 is expected to be more than 10% lower than the LPR, with a year-on-year decrease of approximately 35 basis points [9] Group 3: Market Trends and Future Outlook - The company anticipates a further release of market demand for green electricity in 2025, supported by new policies promoting renewable energy consumption [16] - The green electricity trading volume increased by 48% in 2024, although the overall price saw a decline due to market conditions [15] - The company plans to maintain a stable dividend policy, with a historical payout ratio above 30% [11]

Core Viewpoint - The recent adjustment in the photovoltaic sector is primarily due to concerns over trade friction and a short-term decline in market conditions, but the export from Southeast Asia to the U.S. has not been significantly impacted, and the domestic installation slowdown is seen as a temporary fluctuation, suggesting a need for cautious optimism [1][2]. Investment Highlights - The current adjustment in the photovoltaic sector is attributed to two main factors: concerns over bilateral trade friction and worries about a short-term decline in the industry chain's market conditions. However, the export of photovoltaic products from Southeast Asia to the U.S. remains unaffected, and the recent decrease in domestic installation enthusiasm is expected to be a short-term fluctuation rather than a long-term trend [2]. - A joint statement from five government departments aims to promote the high-quality development of the green certificate market, with goals to establish a well-functioning trading system by 2027 and to ensure efficient operation by 2030. The guidelines include mandatory consumption requirements for green electricity and encourage the development of high-consumption green electricity factories and parks [2]. Price Trends - Prices for silicon wafers, batteries, and modules have mostly remained stable, with some experiencing slight declines. The average price of dense materials is 40.0 yuan/kg, while P-type 182 silicon wafers are priced at 1.15 yuan/piece, and N-type 182 silicon wafers have decreased by 0.100 yuan/W to 1.20 yuan/piece. PERC batteries are priced at 0.30 yuan/W, reflecting a decrease of 0.010 yuan/W [3]. Market Performance - The photovoltaic sector's performance has lagged behind the broader market, with a recent weekly decline of 1.04%, underperforming the CSI 300 index by 2.99 percentage points. The sector's TTM overall valuation as of April 18, 2025, stands at 17.29 times, ranking in the lower middle compared to other industry sectors. The valuation trend shows a continuous decline from the end of 2021 to the end of 2023, with a gradual increase starting in early 2024 [4].