Group 1 - The Chinese Ministry of Commerce criticizes the US for imposing unilateral tariffs on global trade partners, stating it undermines multilateral trade systems and normal international trade order [3] - The Chinese Embassy in Canada expresses strong opposition to the Canadian government's order for Hikvision Canada to cease operations, emphasizing the need for fair treatment of Chinese enterprises [3] - The Shanghai and Shenzhen Stock Exchanges announce plans to reform the ChiNext board to support high-quality innovative companies and enhance financing flexibility [4] - The National Development and Reform Commission allocates an additional 1 billion yuan for emergency recovery efforts in flood-affected areas of Guizhou Province [4] Group 2 - Guizhou's Yongjiang County raises its flood emergency response to Level I, with over 41,000 people evacuated due to severe flooding [5] - A new round of heavy rainfall is expected in various regions of China, with potential for significant flooding in certain rivers [6] - Former chairman of China Eastern Airlines, Liu Shaoyong, is under investigation for serious violations of discipline and law [6] Group 3 - Tesla successfully completes its first fully autonomous delivery of the Model Y, showcasing advancements in autonomous driving technology [10] - Xiaomi's Yu7 standard version achieves a real-world range of 784 km, with delivery timelines announced for various configurations [11] - The launch of China's first large-scale power generation model, "Qingyuan," aims to enhance the efficiency and safety of the power generation industry [12] - Pop Mart issues an apology for delayed shipments due to a surge in orders, reflecting the booming demand in the collectible toy market [13] - ST Zhitian faces potential delisting due to significant financial fraud, highlighting the regulatory scrutiny on financial misconduct [14] - Warren Buffett donates $6 billion worth of Berkshire Hathaway stock to charitable foundations, marking a significant contribution to philanthropy [15]

2025 年 06 月 28 日 华电新能：国内最大新能源公司之一 研 究 专 题 新股研究 ——注册制新股纵览 20250628 投资提示： 相关研究 - 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 行 ⚫ 中性预测 A 类、B 类中签率分别为 0.0732%、0.0617%。华电新能将于 2025 年 7 月 2 日 询价，并在主板上市，网下最终获配股数的 70%限售 6 个月，2020 年以来招股的沪深主板 新股，首发限售 70%且发行规模超 100 亿元的标的中，上市 6 个月限售股份解禁破发率为 17%。剔除、考虑流动性溢价因素后，我们测算华电新能 AHP 得分分别为 2.14 ...

Core Points - Huaneng Lancang River Hydropower Co., Ltd. has been awarded the bid for the first batch of centralized photovoltaic power generation project investment主体优选 in Mengla County for 2025 [1][2][3] Group 1: Bid Information - The bid number for the project is 云盛招字 F2025-023 [2] - Huaneng Lancang River Hydropower Co., Ltd. is the selected bidder for all three segments of the project [2][3][4] - The project includes the following segments: - Segment 1: Laojie Photovoltaic Power Generation Project - Segment 2: Tengmieshan Photovoltaic Power Generation Project (Phase III) - Segment 3: Xingshan Photovoltaic Power Generation Project [2][3][4] Group 2: Project Development Commitments - The company commits to complete project filing within one month after signing the investment development cooperation agreement [3][4] - The company must start construction within two months after project filing, with a maximum of two months of pre-construction procedure time excluded [3][4] - The company aims to achieve production conditions within eight months after construction begins and full capacity grid connection within one year from the start of construction [3][4] Group 3: Quality Assurance - Huaneng Lancang River Hydropower Co., Ltd. guarantees timely funding for the project and aims for smooth and steady progress towards on-time production [3][4] - The company commits to meeting the current acceptance standards for renewable energy projects [3][4]

Core Insights - The China National Energy Group has launched the world's first trillion-level power generation model, "Qingyuan," which integrates 15 business domains and 75 key application scenarios in the power generation industry [1] - "Qingyuan" aims to address long-standing issues in the power generation sector, such as high safety risks, complex multi-energy coordination, and passive equipment maintenance [1] - The model has already been successfully applied in 13 scenarios and deployed 41 intelligent agents, showcasing its effectiveness in real-time decision-making [1] Group 1 - "Qingyuan" covers a comprehensive intelligent decision-making system that includes safety and environmental protection, electricity trading, production scheduling, and equipment maintenance [1] - The model demonstrated its predictive capabilities by forecasting a heavy rainfall event seven days in advance, allowing for timely flood management decisions [1] - Central enterprises are increasingly adopting artificial intelligence, with trillion-level models emerging across various industries [1] Group 2 - In December of last year, the State Grid released the "Guangming" multi-modal industry model, which serves the entire power industry chain [2] - In May, China Petroleum introduced the "Kunlun" model with 300 billion parameters, applicable across the oil and gas industry chain [2] - As of late March this year, central enterprises have deployed artificial intelligence in over 500 scenarios across key industries such as industrial manufacturing and energy power [2]

从国家能源集团获悉，我国首个发电行业专业大模型——"擎源"在北京发布，模型参数达千亿级别，这 也是全球首个千亿级发电行业大模型，有效提升了模型的推理能力，为发电行业实现安全、高效、绿 色、智慧发电提供"超级大脑"。(央视新闻) ...

Core Insights - The "New Three Items" (lithium-ion batteries, electric passenger vehicles, and solar cells) exports from China showed a total export value of $645.7 billion from January to May 2025, marking a 6.1% increase year-on-year [1] - In May 2025, the total export value reached $150.0 billion, reflecting a 17.1% year-on-year growth [1] - The export of lithium-ion batteries, electric passenger vehicles, and solar cells accounted for 44.2%, 38.0%, and 17.8% of the "New Three Items" exports, respectively [2] Export Performance - The export of lithium-ion batteries in May amounted to $60.3 billion, a 24.7% increase year-on-year, while the quantity exported was 45,260.2 thousand units, reflecting a 21% increase [3] - Solar cell exports in May totaled $24.5 billion, showing a 14.1% decline year-on-year, but the quantity exported increased by 74.2% [5] - Electric passenger vehicles saw an export value of $65.2 billion in May, a 27.3% increase year-on-year, with 340,314 units exported, marking a 42.7% increase [6] Regional Contributions - Jiangsu regained the top position in "New Three Items" exports, driven primarily by electric passenger vehicles, which saw a 48.5% year-on-year increase [9] - Shanghai contributed significantly to the national growth of "New Three Items" exports, with a 50.2% year-on-year increase in May [10] - In May, 20 out of 31 provinces reported year-on-year growth in "New Three Items" exports, with regions like Ningxia and Gansu exceeding 100% growth [7] Market Dynamics - The export to Germany remains the largest market for "New Three Items," contributing 4.3 percentage points to the overall growth in May [12] - Emerging markets such as the UAE, Saudi Arabia, and Turkey showed significant contributions to the year-on-year growth of "New Three Items" exports [13] - Exports to the US faced a notable decline, with a year-on-year decrease of 21.6% in May, significantly impacting the overall export growth [15][16] Summary of Key Metrics - The "New Three Items" exports accounted for 4.2% of China's total exports from January to May, contributing approximately 0.34 percentage points to the overall export growth [2] - The average export price of lithium-ion batteries in May was $14.9 per unit, reflecting a 2.7% increase year-on-year [3] - The total export value of "New Three Items" in May was $150.0 billion, with a breakdown of $60.3 billion for lithium-ion batteries, $24.5 billion for solar cells, and $65.2 billion for electric passenger vehicles [1][3][6]

Core Insights - The integration of photovoltaic (PV) power generation and sheep grazing in the Hainan Tibetan Autonomous Prefecture of Qinghai Province represents a novel approach to sustainable energy and agriculture [1][2] - Qinghai Province has the highest proportion of clean energy installations in China, with 93.5% of its total power capacity being clean energy as of November 2024 [1] - China Life Asset Management has made significant investments in Qinghai Huanghe Company, marking a major move in the energy sector and showcasing the role of insurance funds in infrastructure projects [4][5] Group 1: Photovoltaic Industry and Agriculture - The "photovoltaic sheep" initiative in the Qinghai PV industry park helps manage vegetation under solar panels, improving efficiency and reducing maintenance costs [2] - Qinghai Huanghe Company has partnered with local herders to utilize sheep for grazing, which not only controls weeds but also lowers feed costs for farmers [2] Group 2: Investment Landscape - China Life Asset Management's investment in Qinghai Huanghe Company began in 2017, with a notable 90 billion yuan equity investment in 2019, making it a significant player in the energy sector [4] - The investment in Qinghai Huanghe Company is recognized as the largest equity financing project in the domestic energy sector in 2019, highlighting the growing interest of insurance funds in stable, long-term investments [4][5] Group 3: Asset Management and Risk Management - As of the first quarter of 2025, China Life Asset Management manages over 6.3 trillion yuan in assets, with a significant portion allocated to supporting the real economy [7] - The company employs a comprehensive asset-liability management strategy to balance returns and risks, focusing on long-term capital investments in critical national projects [8]

Core Viewpoint - The article discusses how Silver Star Energy is adapting to the shift from "policy-driven" to "market-driven and technology-driven" in the renewable energy sector, focusing on sustainable and high-quality development through various strategies [1]. Group 1: Company Overview - Silver Star Energy, a pioneer in renewable energy in Ningxia, operates 13 wind farms and 11 solar power stations, with a total installed capacity of 1.92 million kilowatts and an annual electricity generation of 3.2 billion kilowatt-hours [2]. - The company has significantly increased its wind power capacity to 1.6068 million kilowatts, generating over 2.6 billion kilowatt-hours annually, while also expanding its solar projects with a capacity of 310,000 kilowatts [2][3]. Group 2: Strategic Initiatives - The company leverages its unique advantage of being backed by the Aluminum Corporation of China, which has a substantial electricity demand, to enhance the integration of renewable energy with the aluminum industry [3]. - Silver Star Energy has initiated the development of distributed solar projects, receiving approvals for 18 projects with a total capacity of 210,000 kilowatts, which provide stable income through local consumption [3]. Group 3: Operational Improvements - The company is upgrading the Helan Mountain Wind Farm by replacing old turbines with larger, more efficient ones, which has resulted in a significant increase in power generation efficiency and a reduction in the number of turbines from 108 to 18 [4][5]. - The upgraded wind farm has achieved a 38.62% increase in annual grid-connected electricity generation, with the capacity of individual turbines increasing from 0.85 megawatts to 5 megawatts [4]. Group 4: Sustainability Efforts - Silver Star Energy has implemented a comprehensive lifecycle value management approach for decommissioned turbines, achieving a recycling rate of over 98% for turbine components [6]. - The company is actively exploring solutions for the recycling of wind turbine blades, aiming to minimize environmental impact while maximizing resource recovery [6]. Group 5: Future Outlook - The renewable energy sector in China faces both opportunities and challenges, with Silver Star Energy aiming to capitalize on the existing electricity demand to potentially double its installed capacity [7]. - The company is focusing on expanding its projects beyond Ningxia and exploring partnerships to maximize the value of renewable energy in agriculture and other sectors [7][8].

文 | 中关村储能产业技术联盟 日前， 经国务院同意，国家林草局、国家发展改革委、国家能源局联合印发 《三北沙漠戈壁荒漠地区 光伏治沙规划（2025—2030年）》，根据规划，到2030年， 三北地区将新增光伏装机253GW ，同 步治理沙化土地1010万亩。 " 三北沙戈荒"地区是太阳能、风能资源富足的地区，也是风光大基地建设的重中之重。 "沙戈荒"建设提速，储能成消纳关键支撑 2025年3月5日发 布的《政府工作报告》明确提出，要加快"沙戈荒"大型风光基地建设。2021年以 来，国家发展改革委和国家能源局已相继印发三批大型风光大基地建设项目清单。根据最新的 "沙戈 荒"大型风光基地规划布局方案，到2030年， 以沙漠、戈壁、荒漠地区为重点的大型风光基地总装机 容量达到455GW。 对于超大体量的风光大基地来说，消纳一直是其建设面临的重要考验之一，调节资源方面，除了与火电 配合调峰外， 新型储能成为促消纳关键支撑。 储能核心作用体现在两方面： 配置储能可提升通道新能源利用率以及高峰时段顶峰能力。 目前沙戈荒大基地送出配套电源风、光同 时大发时段新能源出力将超过直流输送功率，通过配置储能可有效平滑新能源功率波 ...

Core Viewpoint - The company, Hanlan Environment, is focusing on high-quality development and enhancing shareholder returns through strategic acquisitions and operational improvements in the waste management sector [5][12]. Group 1: Company Overview - Hanlan Environment is a state-owned listed company specializing in environmental services, with over 50% of its revenue coming from waste treatment [1]. - The company reported a revenue of 11.886 billion yuan in 2024, a decrease of 5.22% year-on-year, while net profit attributable to shareholders increased by 16.39% to 1.664 billion yuan [3]. Group 2: Industry Trends - The waste incineration industry in China is entering a consolidation phase, with a slowdown in overall growth but improvements in profitability and cash flow [2]. - Engineering revenue has significantly declined due to fewer ongoing projects, impacting overall revenue growth [2]. Group 3: Financial Performance - Hanlan Environment's capital expenditure decreased by approximately 5.9 billion yuan to 1.708 billion yuan, while free cash flow surged by 723.81% to 1.358 billion yuan [3]. - The company declared a dividend of 652 million yuan for 2024, a 68% increase year-on-year, achieving a historical high dividend yield of 4.01% [3]. Group 4: Strategic Acquisitions - The company completed a significant asset restructuring by privatizing Yuefeng Environmental, acquiring 92.78% of its shares, which will enhance its market influence and operational scale [5][6]. - Post-acquisition, Hanlan Environment's waste processing capacity will reach 97,590 tons per day, positioning it among the top three in the industry [6]. Group 5: Operational Efficiency - The acquisition of Yuefeng Environmental is expected to enhance operational efficiency, with a capacity utilization rate of 107.7% reported for 2024 [6]. - The company aims to leverage synergies from the acquisition to improve cash flow and operational effectiveness [8][9]. Group 6: Technological Innovation - Hanlan Environment is focusing on technological innovation, particularly in AI, to enhance operational efficiency and reduce costs [10]. - The company has implemented a data-driven approach to improve waste incineration efficiency, achieving dual benefits of pollution reduction and cost savings [10]. Group 7: Financial Management - The company is optimizing financing costs, with the actual financing rate for Yuefeng Environmental ranging from 2.60% to 7.95% [11]. - Hanlan Environment plans to recover over 2 billion yuan in accounts receivable in 2025, improving cash flow management [11]. Group 8: Future Outlook - With the completion of the restructuring, Hanlan Environment's core competitive strength is expected to significantly enhance, setting a new benchmark for operational efficiency and green development in the industry [12].