Financial Performance - In 2024, the company achieved operating revenue of 29.86 billion yuan, an increase of 11.2% year-on-year [2][3] - The net profit attributable to shareholders reached 5.34 billion yuan, reflecting a growth of 17.1% compared to the previous year [2][3] - The net profit after deducting non-recurring gains and losses was 5.10 billion yuan, with a year-on-year increase of 17.5% [2][3] - The net cash flow from operating activities was 7.95 billion yuan, up 15.7% year-on-year [2][3] - Total assets at the end of Q4 2024 amounted to 516.34 billion yuan, a 6.5% increase year-on-year [2] - The net assets attributable to shareholders were 346.03 billion yuan, showing a growth of 12.0% [2] Business Segments - The company has a diversified business layout, including coal, thermal power, aluminum, and renewable energy sectors [3] - In the coal sector, national self-owned coal supply is expected to reach 4.82 billion tons by 2025, an increase of approximately 6 million tons year-on-year [3] - The thermal power business faces pressure on market position and profitability due to the continuous growth of renewable energy generation capacity [3] - In the aluminum sector, the direct alloying ratio of aluminum water is projected to increase to over 90% by 2025, amid ongoing cost pressures [3] - The company plans to enhance competitiveness through optimized procurement, transportation strategies, and refined production management [3] Renewable Energy Growth - The renewable energy sector has emerged as a significant highlight for the company, with revenue from this segment increasing by 71.02% year-on-year in 2024 [4] - Despite uncertainties in electricity demand growth, the overall market outlook for renewable energy remains broad [4] Research and Development - The company significantly increased its R&D investment in 2024, with an amount of 130 million yuan, representing a growth of 301.42% compared to 2023 [5] - The proportion of R&D investment to operating revenue rose from 0.12% to 0.44% [5] - Capitalized R&D investment accounted for 39.70% of total R&D expenditure, a substantial increase from 2.16% in 2023 [5]

每日晨报 2025年5月8日 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 4 月外汇储备规模环比上升 1.27% www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ● 宏观:货币先行,多箭齐发。从政策要求来看,4月政治局会议要求加紧加快 既定政策的落实落地,一方面再度明确适时降准降息,另一方面财政工具加快 落实发行使用,二季度将迎来政府债供给高峰,货币政策配合的必要性亦进一 步提升。实际上，近年来，每一轮政策放松往往以"货币政策先行"为主要特 征。从上述角度出发,我们认为后续货币政策仍将呈现持续宽松的特征,降准 降息仍有空间。PSL也可能再度重启,新型政策性金融工具也有望适时推出。 0 固收:止盈情绪加剧,债市不空。债市怎么看?5月债市供给量偏高下,资金 面或维持宽松,此外关税压力下外需对宏观经济的实质冲击影响落地,短期债 市不空。考虑到十债收益率目前已接近前期低点,收益率下行最顺畅阶段或已 过去,预计短期债市仍以震荡 ...

《通知》明确，多年期购电协议包括在交易平台通过双边协商或集中挂牌达成的多年期绿电交易合同、 电力用户与新能源发电企业在电力市场外签订的多年期绿电交易合约、电力用户与新能源发电企业达成 的战略合作协议等多种模式。 责任编辑：于彤彤 《通知》提出，鼓励电力用户，特别是重点产业电力用户与新能源发电企业签订多年期购电协议（3年 及以上周期，下同），明确电力（电量）、电价、绿色属性价值，或约定电力（电量）、电价、绿色属 性价值形成方式的协议或合约均可在交易机构备案后作为交易结算的依据。 近日，内蒙古自治区能源局发布《关于鼓励签订多年期购电协议稳定发用电主体市场预期有关事宜的通 知》（以下简称《通知》）。 《通知》鼓励重点产业电力用户与新能源发电企业签订多年期购电协议后进一步约定互保结算条款，互 保结算价格由协议双方自主协商形成，可由协议双方自行结算，也可在交易机构备案后委托结算。初 期，新能源发电企业对电力用户的保底结算价格可参考蒙西电网燃煤发电基准价格下浮20%（0.2263元/ 千瓦时），电力用户对新能源发电企业的保底结算价格可参考蒙西电网内新能源结算均价。（杜明俐） 多年期购电协议价格通过协商、挂牌或竞价等市场方 ...

证券时报记者江聃 作为我国风光资源禀赋最丰富的地区，内蒙古在风光发电产业发展方面已探索出融合生态修复、资源开 发、产业升级的全链条建设路径。近期，证券时报记者跟随国务院国资委新闻中心前往内蒙古鄂尔多斯 市、兴安盟等地，以中广核建设运营的风电光伏项目为样本，探究前述内蒙古新能源产业建设的"三重 奏"。 "锁沙驭风"构筑 生态、经济双屏障 从鄂尔多斯市达拉特旗驱车西行一个多小时，便到达被称为"死亡之海"的库布其沙漠腹地。登上位于项 目中心区域观景平台，电站光伏板以阵列形式覆盖沙丘表面，在阳光下形成蓝色的"能源海洋"。 "死亡之海"化身"能源海洋"，关键是光伏项目群的建成使用。中广核新能源格桑光伏电站负责人樊宝泉 告诉记者，2018年以来，中广核已在此建成了格桑、白鹭、明德、朔方、卓越、锦帆6座光伏电站；发 电的同时，还完成了有效治沙面积达3.4万亩，帮助区域内植被覆盖率从不足15%跃升至65%。 今年气温较往年同期偏低，虽然眼下已是春末夏初，光伏板下的抗旱防沙植物和中草药等经济植物才刚 刚吐出新芽。"这些植物向阳而生，在提高经济效益的同时，又能起到防风固沙和防止光伏支架下沉的 作用。"樊宝泉介绍。 鄂尔多斯市达拉 ...

Core Insights - Inner Mongolia is emerging as a profitable hub for intelligent computing centers due to its low electricity prices, attracting major players from various industries [1][2][5] - The region has seen significant investment in data centers, with notable companies like China Mobile, China Unicom, and Huawei establishing operations there [2][5] - Inner Mongolia's energy resources, including coal, wind, and solar power, contribute to its competitive electricity pricing, making it an attractive location for energy-intensive industries [4][5] Group 1: Industry Dynamics - The demand for computing power has surged, leading to accelerated construction of intelligent computing centers, particularly in Inner Mongolia [2] - Inner Mongolia's computing power scale is approximately 120,000 P, with over 90% being intelligent computing power, ranking first in the country [2] - The largest single intelligent computing center globally is operated by China Mobile in Hohhot, boasting a computing capacity of 6,700 P [2] Group 2: Energy and Cost Factors - Electricity prices are a critical factor in determining the operational costs of intelligent computing centers, with energy consumption approvals being a key regulatory hurdle [4] - The region's abundant renewable energy resources have led to extremely low electricity costs, with reports indicating prices as low as 0.05 yuan per kilowatt-hour [4] - Despite the challenges of integrating renewable energy into the grid, the overall cost advantages continue to attract data center investments [4][5] Group 3: Future Outlook - The Chinese government aims to enhance the efficiency and sustainability of data centers, targeting a power usage effectiveness (PUE) of below 1.5 by the end of 2025 [4] - Analysts highlight that Inner Mongolia's competitive electricity pricing and acceptable network latency make it a viable location for energy-intensive data center operations [5]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's revenue for 2024 reached 29.717 billion yuan, a year-on-year increase of 12.13%, while the net profit attributable to shareholders decreased by 14.81% to 6.111 billion yuan [1][2] - The company aims to focus on the expansion of green energy, particularly wind and solar power, despite facing challenges from declining electricity prices [2][3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 29.717 billion yuan, up 12.13% year-on-year, while the net profit attributable to shareholders was 6.111 billion yuan, down 14.81% [1][2] - For Q1 2025, the company reported a revenue of 7.628 billion yuan, a decrease of 3.47% year-on-year, with a net profit of 2.447 billion yuan, an increase of 1.16% [1] Capacity and Generation - By the end of 2024, the company's installed capacity reached 47.9614 million kilowatts, with wind power at 22.432 million kilowatts (up 15.5%) and solar power at 24.2657 million kilowatts (up 22.5%) [2] - The total electricity generation for 2024 was 71.952 billion kilowatt-hours, an increase of 30.40% year-on-year, with wind power generation at 45.173 billion kilowatt-hours (up 15.96%) and solar power generation at 25.401 billion kilowatt-hours (up 65.44%) [2] Profitability Forecast - Due to significant declines in grid electricity prices, the profit forecasts for 2025 and 2026 have been adjusted downwards to 7.044 billion yuan and 7.234 billion yuan, respectively [3] - The report projects earnings per share (EPS) of 0.25 yuan for 2025 and 0.26 yuan for 2027, with corresponding price-to-earnings (P/E) ratios of 17 for 2025 and 16 for 2027 [3][5] Strategic Focus - The company is strategically shifting its focus towards its core business by divesting from hydroelectric operations, which has resulted in significant non-recurring gains [3] - The company has a substantial pipeline of projects, with 12.1982 million kilowatts of newly approved capacity and 16.4385 million kilowatts of projects under construction planned for the future [3]

Group 1 - Zhengrong Real Estate (06158.HK) has appointed joint liquidators by its controlling shareholder, and trading of its shares will resume from 9 AM on Wednesday, with business operations continuing as usual [1] - XPeng Motors (09868.HK) plans to hold a board meeting on May 21 to approve its first-quarter results [1] - Xiehe New Energy (00182.HK) reported a total equity generation of 3,330.69 GWh in the first four months, a year-on-year decrease of 2.24%, with April's generation at 809.84 GWh, down 6.48% year-on-year [1] Group 2 - Touyun Biotechnology (01332.HK) plans to sell 70% of its stake in Weidao International for 13 million yuan [1] - Gilead Sciences (01672.HK) will present early research findings on its obesity candidate drug ASC47 at the 32nd European Congress on Obesity (ECO 2025) through oral and poster presentations [1] - Yuanda Pharmaceutical (00512.HK) has successfully reached clinical endpoints in its Phase II clinical study of the global innovative product STC3141 for the treatment of sepsis in China [1] Group 3 - Shanggao New Energy (01250.HK) reported a cumulative operational generation of approximately 1.0196 million MWh in the first two months, representing a year-on-year increase of about 13.1% [1]

交能融合为何渐成趋势？交通与能源同为支撑国民经济发展的重要基础产业，二者深度融合发展意义重 大。历史上，在煤炭与蒸汽机的交融中，人类进入了火车时代；在石油和内燃机的碰撞中，汽车走进千 家万户。交通与能源从来都是并驾齐驱，但更多的是单向的能源供给关系。如今全面推进交能融合发 展，可有效发挥交通和能源两大行业对我国经济社会可持续发展的倍增作用。 保障能源安全。长期以来，我国石油、天然气对外依存度高，尤其是石油资源广泛用于交通领域。积极 开发新能源发电项目，配套储能等调节资源保障支撑，实施电能替代并延伸扩大下游氢基能源产业链， 推进交通运输行业清洁用能替代，是端牢我国能源饭碗的重要举措。 助力低碳转型。交通和能源行业是实现"双碳"目标的关键领域。面对资源紧缺、气候变化、环境污染的 严峻挑战，利用交通资产能源化、交通用能绿色化，加快能源和交通领域绿色低碳转型，逐步构建以清 洁能源为主体的交通能源体系，是实现"双碳"目标的必然选择。 高速服务区装风机，公路沿线铺光伏，交通基础设施变身虚拟电厂……交通运输与能源领域的边界日渐 模糊。交通运输部等10部门日前发布《关于推动交通运输与能源融合发展的指导意见》提出，到2035 ...

Core Viewpoint - The implementation of the "136 Document" is expected to lead to a market-oriented pricing mechanism for renewable energy, increasing uncertainty in electricity prices and potentially reducing project profitability, which may result in a decline in installed capacity in the renewable energy sector [1][2][4]. Group 1: Impact of the "136 Document" - The "136 Document" aims to transition renewable energy pricing to a fully market-based system, moving away from fixed prices and subsidies [2][7]. - The document introduces a new pricing mechanism that adjusts the mechanism electricity quantity and price based on market conditions, leading to increased uncertainty for renewable energy developers [2][6]. - Concerns have been raised about the potential for a significant drop in installed capacity if project returns fall below acceptable levels, with some estimates suggesting returns could drop from 8% to as low as 3% [3][4]. Group 2: Industry Response and Strategy - Renewable energy companies are advised to enhance project management and operational strategies to adapt to the new market conditions, focusing on site selection, design, and diversifying revenue streams through green certificates and direct supply of green electricity [1][5][9]. - Companies are expected to optimize their investment decision models to account for the new pricing mechanisms and market dynamics, emphasizing cost control and risk management [5][6][9]. - The industry is witnessing a shift towards a more sophisticated approach to project development and operation, with a focus on maximizing efficiency and minimizing costs [8][9]. Group 3: Market Dynamics and Future Outlook - The transition to market-based pricing is anticipated to create a more competitive environment, with companies needing to adapt to fluctuating electricity prices and varying demand [6][10]. - The role of virtual power plants and new energy storage solutions is expected to grow, providing opportunities for companies to optimize resource allocation and enhance profitability [11]. - The establishment of a robust trading mechanism for green electricity and carbon markets is crucial for companies to mitigate the impact of declining electricity prices and ensure sustainable growth [10][11].

Core Viewpoint - The controlling shareholder of Jiawei New Energy, Fuyang Quanfu, has been issued a warning letter by the Shenzhen Securities Regulatory Bureau for failing to fulfill its commitment to increase its stake in the company [2][3]. Group 1: Shareholder Actions - Fuyang Quanfu had announced a plan to increase its stake in Jiawei New Energy by at least 60 million yuan within six months, but did not execute this plan by the deadline of March 6, 2025 [2][3]. - The failure to increase the stake was attributed to difficulties in raising the necessary funds due to liquidity issues and external market conditions [3]. Group 2: Company Background - Fuyang Quanfu was established in 2021 with a registered capital of 200 million yuan and gained control of Jiawei New Energy through a rescue investment in 2022 [4]. - Following the acquisition, Jiawei New Energy announced a private placement plan to raise up to 1.133 billion yuan to enhance liquidity, but this plan was terminated in September 2024 [4]. Group 3: Financial Performance - Jiawei New Energy reported a revenue of 490 million yuan in 2024, representing a year-on-year decrease of 42.6%, and transitioned from profit to a net loss of approximately 280 million yuan [5].