PPI：油价强势反弹 生产：轮胎开工率降至年内次低 需求：集运运价指数止跌 CPI：猪价低位拉锯 统计口径误差。数据统计大多为抽样，恐与现实情况有些许出入。 敬请参阅最后一页特别声明 1 (1) 电厂日耗季节性下行。5 月 13 日，6 大发电集团的平均日耗为 74.7 万吨，较 5 月 6 日的 75.1 万吨下降 0.6%。5 月 7 日，南方八省电厂日耗为 173.7 万吨，较 4 月 28 日的 186.7 万吨下降 7.0%。 (2) 高炉开工率维持高位。5 月 9 日，全国高炉开工率 84.6%，较 5 月 2 日上升 0.3 个百分点；产能利用率 92.1%， 较 5 月 2 日上升 0.1 个百分点。5 月 9 日，唐山钢厂高炉开工率 94.3%，较 5 月 2 日持平。 (3) 轮胎开工率降至年内次低。5 月 8 日，汽车全钢胎（用于卡车）开工率 44.8%，较 5 月 1 日下降 11.5 个百分点； 汽车半钢胎（用于轿车）开工率 58.4%，较 5 月 1 日下降 14.1 个百分点。 (4) 江浙地区织机开工率小幅回升。5 月 8 日，江浙地区涤纶长丝开工率 92.0%，较 5 月 1 ...

Core Viewpoint - The 20th National Congress of the Communist Party of China emphasizes the need to deepen ecological civilization reforms and promote a carbon trading market to achieve carbon peak and carbon neutrality goals [1] Group 1: Carbon Market Development - The national carbon emissions trading market currently covers 2,257 key emission units in the power generation sector, accounting for approximately 5.1 billion tons of CO2 emissions annually, which is about 40% of the national total [1] - The current carbon market is limited in industry coverage and has low market activity due to high homogeneity among participants, necessitating the inclusion of more high-emission industries such as steel, cement, and aluminum [1][2] - The Ministry of Ecology and Environment has issued a plan to gradually include the steel, cement, and aluminum industries into the national carbon emissions trading market, aiming to enhance carbon reduction efforts and create a more effective carbon market [1][2] Group 2: Policy Implementation and Mechanisms - The plan aims to expand the market coverage by incorporating around 1,500 enterprises from the steel, cement, and aluminum sectors, focusing on those with annual greenhouse gas emissions of 26,000 tons of CO2 equivalent [2] - It establishes a unified management system for emissions across various industries, enhancing the carbon pricing mechanism and encouraging companies to prioritize carbon management [2] - The plan outlines a multi-layered and differentiated collaborative control model for direct and indirect greenhouse gas emissions, integrating the carbon trading market with renewable energy and green certificate markets [2] Group 3: Data Management and Monitoring - The plan emphasizes improving carbon emission accounting standards and data governance, requiring enterprises to conduct high-quality measurements of key parameters and explore online monitoring technologies [3] - It mandates monthly verification of key parameters by major emission units and implements a three-tier data quality audit system to enhance transparency and reliability in the carbon trading market [3] Group 4: Allocation of Carbon Quotas - The plan details a phased approach to carbon quota allocation for the steel, cement, and aluminum industries, with the 2024 quota based on verified actual emissions, avoiding compliance costs for enterprises [4] - Future quotas for 2025 and 2026 will be determined based on carbon intensity, with a focus on minimizing the impact on normal business operations [4] - The plan aims to gradually tighten total quota limits to facilitate the transition of these industries towards green and low-carbon practices [4] Group 5: Recommendations for Policy Enhancement - The plan suggests establishing a long-term management mechanism for carbon emissions rights, gradually reducing annual quota totals while ensuring alignment with industry development stages [5][6] - It advocates for the integration of various policies to promote the collaborative development of carbon and electricity markets, enhancing the market's overall effectiveness [6]

证券简称：上海电力 证券代码：600021 编号：临 2025-046 上海电力股份有限公司关于上海明华电力科 技有限公司股权转让暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 本次交易未构成重大资产重组。 根据《上海证券交易所股票上市规则》等有关规定，现将有关事项公告如下： 一、交易概述 转让明华电力 77.8832%股权已征询国家电投集团绿能科技发展有限公司、上 海庚烁科技合伙企业（有限合伙）和上海庚浩科技合伙企业（有限合伙）放弃优 先购买权的意向。 经公司第九届董事会第三次会议审议通过，公司拟将持有的明华电力 议案的表决进行了回避。 本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 鉴于成套院为公司控股股东国家电投集团所属子公司，故本次交易构成关联 交易。 二、关联方基本情况 证券简称：上海电力 证券代码：600021 编号：临 2025-046 准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准 文件或许可证件为准）一般项目：发电设备行业 ...

Group 1: Financial Performance - In Q1 2025, the company achieved a sales revenue of 299 million yuan, an increase of 74.53% year-on-year [4] - The net profit attributable to shareholders was 16.23 million yuan, reflecting a year-on-year increase of 243.67% [4] - The cable business saw a profit increase of 23.40% in 2024 [3] Group 2: Business Strategy and Development - The company is focusing on improving operational quality and optimizing asset structure to enhance profitability [4] - Plans to accelerate project optimization and adopt a rental and sales combination strategy to promote product turnover [3] - The company aims to explore new growth points and enhance internal value through asset integration and management [4] Group 3: Investor Relations and Communication - The company emphasizes the importance of transparent communication with investors and enhancing market trust [4] - There is currently no confirmed share repurchase plan, but the company will monitor market conditions [3] - The company has not pursued the acquisition of a new energy company as of now [5] Group 4: Project Updates - The Jiangshan Hui project in Nanjing has completed the main structure and is progressing with the facade and mechanical installations [3] - Inventory has increased due to ongoing investments in the Jiangshan Hui project, which has raised development costs [3] Group 5: Future Outlook - The company is committed to high-quality transformation and development in line with its "14th Five-Year" plan [4] - It aims to enhance sustainable development capabilities by practicing ESG principles and attracting long-term capital [4]

以上主要运营数据来自本公司内部统计，可能与公司定期报告披露的数据有差异， 仅供投资者及时了解公司生产经营状况，不对公司未来经营状况作出预测或承诺，敬请 广大投资者理性投资，注意投资风险。 特此公告 陕西煤业股份有限公司 2025 年 5 月 7 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 运营指标 | 单位 | 2025 | 年 | 2024 | 年 | | 同比变化（%） | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 4 月 | 累计 | 4 月 | 累计 | 4 月 | 累计 | | 一、煤炭 | | | | | | | | | 煤炭产量 | 万吨 | 1,424.23 | 5,818.00 | 1,450.00 | 5,595.20 | -1.78 | 3.98 | | 自产煤销量 | 万吨 | 1,310.33 | 5,265.00 | 1,300.41 | 5,038.00 | 0.76 | 4.51 | | 二、发电 | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 29.7 billion RMB in 2024, a year-on-year increase of 12%, but the net profit attributable to the parent company was 6.111 billion RMB, a decrease of 15% year-on-year, primarily due to higher-than-expected impairment losses [1][4] - The company remains a leader in offshore wind power in China, with a diversified project reserve that helps mitigate investment risks [2][3] - The company's power generation efficiency is above the national average, but the profit per kilowatt-hour is expected to continue its year-on-year decline trend [3] Summary by Sections Financial Performance - In 2024, the company generated a total power output of 72 billion kWh, a year-on-year increase of 30%, with wind power contributing 45.2 billion kWh (up 16% year-on-year) and solar power 25.4 billion kWh (up 65% year-on-year) [3] - The average on-grid electricity price in 2024 was 420 RMB/MWh, down 14% year-on-year, with wind power at 453 RMB/MWh (down 8%) and solar power at 367 RMB/MWh (down 26%) [3] - The net profit per kilowatt-hour decreased by 24% year-on-year to 104 RMB/MWh, with wind power at 112 RMB/MWh (down 23%) and solar power at 92 RMB/MWh (down 29%) [3] Capacity and Projects - As of the end of 2024, the company had a total installed capacity of 47.96 GW, with new additions of 7.92 GW during the year [2] - The company has 16.44 GW of projects under construction, including 4.87 GW of wind power and 7.45 GW of solar power [2] - For 2025, the company is expected to add 4.5 GW of wind power and 6.8 GW of solar power [2] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been adjusted downwards, with net profit estimates of 7.5 billion RMB and 8.89 billion RMB respectively, reflecting a decrease of 17% and 15% from previous estimates [4][24] - The target price for the company has been revised to 4.94 RMB, down from 6.4 RMB [4][8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.11 RMB [7][8]. Core Insights - The company reported a revenue of 20.03 billion RMB in 2024, a year-on-year increase of 7.30%, and a net profit attributable to shareholders of 1.814 billion RMB, up 3.75% year-on-year. However, the net profit fell short of expectations due to higher-than-anticipated asset impairment losses [1][2]. - In Q1 2025, the company experienced a revenue decline of 19.65% year-on-year, primarily due to lower hydropower generation, which was down 45.77% year-on-year [1][3]. - The company expects improved profitability in thermal power generation in 2025 due to declining coal prices, despite challenges in hydropower generation [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved a total power generation of 44.04 billion kWh, a year-on-year increase of 23.21%. The breakdown includes hydropower down 0.36%, thermal power up 33.03%, wind power up 10.99%, and solar power up 53.97% [2]. - The company’s net profit for 2024 increased by 3.75%, driven by higher generation from the Peru Chagüa power station and reduced purchasing costs under long-term power purchase agreements [2]. Q1 2025 Performance - The company’s total power generation in Q1 2025 was 9.974 billion kWh, a decrease of 7.93% year-on-year, with hydropower generation significantly impacted by lower water inflow [3][4]. - The report indicates that the company’s hydropower generation is expected to face challenges in the near term, but thermal power profitability is projected to improve [3]. Adjustments and Forecasts - Due to higher-than-expected asset impairment losses, the report revised the 2025-2026 asset impairment loss estimates upward by 631.52% and 632.24% to 360 million RMB and 385 million RMB, respectively [4][13]. - The report also adjusted the 2025-2026 net profit estimates downward by 33.03% and 33.18% to 1.937 billion RMB and 2.049 billion RMB, respectively [4][14]. Valuation Metrics - The target market capitalization is set at 39.708 billion RMB, with a target price of 6.11 RMB per share, based on a comparative analysis with similar companies [4][19]. - The report provides a valuation comparison with peers, indicating that the company’s future growth in renewable energy capacity lags behind comparable firms [4][16].

二 〇 二 五 年 度 2025 年 4 月 20 日 全国碳市场：发电行业配额预分配在即，关注 市场活跃度 唐惠珽 投资咨询从业资格号：Z0021216 tanghuiting@gtht.com 2、新纳入行业 2024 年度履约不设配额缺口，全国碳市场缺口略有下调，但对供需平衡影响有限；扩 围方案带来短期情绪利空，或加速强制流通配额释放，综合价格短期支撑位 76 元/吨附近。 3、关注 2024 年度配额预分配期限前后（4 月 20 日）的成交活跃度；强制流通配额耗尽节点延后， 强势上涨动能或出现在 25Q2 及以后。 ◼ 推荐策略 建议缺口企业在 76 至 80 元/吨区间分批逢低采购。 报告导读： ◼ 本周价格走势：CEA 加速下跌，CCER 成交清淡 本周，全国碳市场综合价格加速下跌，收盘价 80.38 元/吨，周环比-5.79%，年同比-13.21%。分年 份看，碳配额 23 环比上周下跌 4.53%，碳配额 22 补跌超 9%。全国温室气体自愿减排交易市场最新单日 成交均价 101.22 元/吨，周环比+7.8%。 全国碳市场周度总成交量约 150 万吨，环比上周增长 319%，发电行业配额预分 ...