证券研究报告 | 2025年06月09日 公用环保 202506 第 2 期 优于大市 国家能源局组织开展新型电力系统建设第一批试点工作，2025 年 4 月工业级混 合油（UCO）出口量价双升 市场回顾：本周沪深 300 指数上涨 0.88%，公用事业指数下跌 0.13%，环 保指数上涨 0.46%，周相对收益率分别为-1.01%和-0.42%。电力板块子 板块中，火电下跌 0.97%；水电下跌 1.47%，新能源发电下跌 0.45%；水 务板块上涨 0.16%；燃气板块上涨 1.18%；检测服务板块上涨 0.98%。 重要事件：国家能源局组织开展新型电力系统建设第一批试点工作。要求聚 焦新型电力系统有关前沿方向，依托典型项目开展单一方向试点，依托 典型城市开展多方向综合试点，探索新型电力系统建设新技术、新模式， 推动新型电力系统建设取得突破。坚持重点突破；坚持因地制宜；坚持 创新引领，鼓励采用新技术、新模式；坚持全程管理，做好试点项目的 申报优选、组织实施、效果评估、推广应用等全过程管理。提出了关于 构网型技术、系统友好型新能源电站、智能微电网、算力与电力协同、 虚拟电厂、大规模高比例新能源外送、新一代煤 ...

Core Viewpoint - Long Jiang Business News reports that Xinjiang Li New Energy Co., Ltd. has announced a significant fundraising plan, aiming to raise over 1.8 billion yuan for wind power project construction and working capital supplementation [1] Group 1: Fundraising and Investment Plans - The company plans to issue up to 280 million A-shares, raising a total of 1.829 billion yuan, with 75.78% of the funds allocated to the "Li New Energy Santanghu 200,000 kW/800,000 kWh storage scale + 800,000 kW wind power project" [3] - The total investment for the Santanghu wind power project is 3.117 billion yuan, with 1.386 billion yuan coming from the current fundraising [3] - The company will also invest approximately 1.258 billion yuan in three independent storage projects, totaling an investment of 1.25 billion yuan [5][6] Group 2: Company Growth and Performance - As of the end of Q1 2025, the company's total assets reached 15.69 billion yuan, a year-on-year increase of 58.13% [7] - The total installed capacity of the company reached 2.234 million kW by the end of 2024, reflecting a year-on-year growth of 45.06% [2][7] - The company reported a revenue of 217 million yuan in Q1 2025, a 5.23% increase year-on-year, but a net loss of 9.364 million yuan, a decline of 166.51% [7]

行 电力设备 2025 年 06 月 08 日 究 报 告 风险提示：电动车消费复苏不及预期、海外政策风险等；光伏下游需 求不及预期；行业竞争加剧；上游原材料价格大幅波动；风电装机不及预 期；政策落地不及预期；国际政治形势风险，市场规模不及预期；电网投 资进度不及预期；氢能技术路线、成本下降尚存不确定性等。 业 研 究 行 业 电力设备 产业周跟踪：宁德发布锂金属研究进展，能源局 启动七大新型电力系统领域试点 投资要点： 锂电板块核心观点：宁德时代锂金属电池成果登上 Nature，固态电池 设备集中亮相欧洲电池展。1）宁德时代发表锂金属电池研究成果；2）固 态设备亮相 2025 欧洲电池展，上海洗霸发布 eVTOL 固态电池。 定 期 报 告 光伏板块核心观点：6 月组件排产预计继续下降，关注下周 SNEC 展 新品发布。近期终端需求不断下降，6 月国内组件排产预计继续下降至不 足 45GW；受组件排产下降影响，上游硅片、电池片以及胶膜等辅材环节 排产相应下调，我们认为当前产业链排产及价格情况主要为国内短期需求 支撑有限，建议关注下半年国内集中式项目以及海外需求进展。下周第十 八届 SNEC 光伏&储能展预计 ...

北京商报讯（记者 马换换 王蔓蕾）6月7日，*ST宝实（000595）披露了调整后的重组草案，公司拟将 除保留货币资金、其他流动资产（待抵扣进项税）、长期股权投资（桂林海威75%股权、北京西轴销售 45%股权）、其他权益工具投资（西北亚奥16%股权）、无形资产（柴油机土地）以外的全部资产负债 作为置出资产，与交易对方持有的电投新能源100%股权即置入资产的等值部分进行置换。针对置入资 产和置出资产的差额部分，由上市公司以现金支付。 据了解，*ST宝实在本次草案中对交易方案进行了调整。具体来看，公司原拟将除保留货币资金、其他 流动资产（待抵扣进项税）、长期股权投资（桂林海威75%股权、北京西轴销售45%股权）、其他权益 工具投资（西北亚奥16%股权）、无形资产（柴油机土地）以外的全部资产负债作为置出资产，与宁夏 电投持有的电投新能源100%股权即置入资产的等值部分进行置换。针对置入资产和置出资产的差额部 分，由上市公司发行股份向宁夏电投购买。同时，上市公司拟向不超过35名特定对象发行股份募集配套 资金。调整后的重组方案中，上市公司置出资产范围未发生变更，置入资产为宁夏电投持有的电投新能 源100%股权，置入资产 ...

中新社北京6月7日电 中国官方日前出台政策推动绿电直连，在满足出口型企业绿电需求的同时，也将 促进新能源的就地消纳。 根据国家发改委、国家能源局最近公布的《关于有序推动绿电直连发展有关事项的通知》(下称《通 知》)，绿电直连是指风电、太阳能发电、生物质发电等新能源不直接接入公共电网，通过直连线路向 单一电力用户供给绿电。这样能够通过物理意义上的直连，实现绿电的清晰溯源，满足外向型企业的用 能需要，有效应对国际绿色壁垒。 国家电投经济技术研究院战情所负责人裴善鹏指出，国际上，欧盟率先启动碳边境调节机制(CBAM)和 电池法案，对本土和海外企业实行等同的碳排放监管，2026年开始正式实施。此外，越来越多的跨国企 业、头部企业对供应链企业也提出了绿电使用要求。绿电直连成为普遍认可的一种提供绿电的方式。 中国欧盟商会碳市场工作组主席靳博阳表示，在欧盟、英国出台碳边境调节机制及产品碳足迹要求等气 候政策的大背景下，绿电直连政策会对在华外资企业的绿电消费带来利好，有助于出口型企业增加在新 能源发电富集省份的直接投资，降低企业相关税费支出，并满足高端供应链对产品碳足迹的要求。 拿铝材来看，2024年中国铝材出口626.7万 ...

Core Viewpoint - The company is undergoing a significant asset restructuring involving the acquisition of 100% equity in Ningxia Electric Power Investment New Energy Co., Ltd. through asset replacement and cash payment, which is expected to enhance its operational capabilities in the renewable energy sector [6][7][10]. Group 1: Company Overview - Baota Industrial Co., Ltd. was established with a registered capital of 98 million yuan and is listed on the Shenzhen Stock Exchange since April 19, 1996 [4][5]. - The company operates in industrial manufacturing, bearing processing, steel sales, and the production of pressure pipeline components [5]. Group 2: Major Asset Restructuring - The restructuring plan includes the exchange of all assets and liabilities, except for cash and certain investments, for the 100% equity of Ningxia Electric Power Investment Group [6][7]. - The transaction will involve the transfer of various assets such as long-term equity investments, accounts receivable, fixed assets, and intangible assets, while liabilities will include long-term loans and accounts payable [7][9]. Group 3: Financial Reporting Basis - The pro forma consolidated financial statements are prepared based on the assumption that the restructuring is completed as of January 1, 2024, and reflect the new ownership structure [8][10]. - The financial statements do not recognize goodwill or current profits due to the nature of the transaction being treated as an equity transaction under common control [9][10]. Group 4: Accounting Policies - The company adopts a 12-month accounting cycle and uses the Chinese yuan as its functional currency [12]. - The financial statements are prepared in accordance with the relevant accounting standards, ensuring a true and complete reflection of the company's financial position and operating results [11][12].

Core Viewpoint - The report provides a detailed examination of the financial performance and operational integrity of Ningxia Electric Power Investment Group Co., Ltd.'s subsidiary, Ningxia Electric Power Investment New Energy Co., Ltd., in the context of a significant asset swap and share issuance by Baota Industrial Co., Ltd. [1] Group 1: Company Overview - Ningxia Electric Power Investment New Energy Co., Ltd. is primarily engaged in the investment, development, and operation of photovoltaic, wind power, and energy storage projects, with a total grid-connected capacity of approximately 680 MW for solar and wind power, and 300 MW/600 MWh for energy storage [2][3] - The company is located in the Sun Mountain Development Zone of Wuzhong City, Ningxia, and was established on July 2, 2010, with a registered capital of 680.51 million yuan [2][3] Group 2: Financial Performance - For the reporting period, the company's operating revenue was 39,094.63 million yuan in 2024, up from 33,085.51 million yuan in 2023, indicating a growth of approximately 18.2% [3][4] - The net profit for 2024 was reported at 6,023.85 million yuan, compared to 8,203.71 million yuan in 2023, reflecting a decrease of about 26.6% [3][4] - The gross profit margin for the company's wind power business was 56.56% in 2024, while the photovoltaic and energy storage businesses had gross profit margins of 28.87% and 28.72%, respectively [4][5] Group 3: Revenue and Cost Verification - The audit confirmed that the revenue recognition policies of the company were reasonable and in line with industry standards, with a significant portion of revenue derived from major clients [6][12] - The audit also included a thorough examination of the company's cost structure, confirming that the operating costs were accurately recorded and aligned with the revenue generated [10][11] - The total expenses for the reporting period were 9,627.23 million yuan in 2024, with financial expenses constituting a significant portion of the total [10][11]

股票代码：000595 股票简称：*ST 宝实 上市地点：深圳证券交易所 宝塔实业股份有限公司 重大资产置换及支付现金购买资产暨关联交易报告书 （草案）摘要 项目 交易对方名称 重大资产置换及支付现金购买资产 宁夏电力投资集团有限公司 独立财务顾问 二〇二五年六月 上市公司声明 本公司及全体董事、监事、高级管理人员保证本报告书及其摘要内容真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，对本报告书及其摘要的虚假记载、 误导性陈述或者重大遗漏承担相应的法律责任。 本公司控股股东及其一致行动人、实际控制人、全体董事、监事、高级管理人员 承诺，如就本次重组所提供或披露的信息涉嫌虚假记载、误导性陈述或者重大遗漏， 被司法机关立案侦查或者被中国证监会立案调查的，在形成调查结论以前，不转让在 本公司拥有权益的股份，并于收到立案稽查通知的两个交易日内将暂停转让的书面申 请和股票账户提交本公司董事会，由董事会代其向证券交易所和登记结算公司申请锁 定；未在两个交易日内提交锁定申请的，授权董事会核实后直接向证券交易所和登记 结算公司报送其身份信息和账户信息并申请锁定；董事会未向证券交易所和登记结算 公司报送其身份信息和 ...

专题：新浪财经上市公司研究院 出品：新浪财经上市公司研究院 定增预案历经5次修改仍未上会 负债率破80%、有息负债逼近百亿 2023年11月，立新能源首次宣布定增计划，拟募资19.8亿元，用于奇台县30万千瓦风光同场发电项目，其中包括20万千瓦风电、10万千瓦光伏和7.5万千 瓦/30万千瓦时储能项目，以及补充流动资金。 相比最初方案，在此后的一年半时间内，包括募投项目、募资金额等在内的多处内容被先后修改5次，至今仍未上会。 与此同时，2022年至2024年，立新能源经营现金流分别为8.12亿、5.04亿和3.56亿，而资本开支分别为17.40亿、11.54亿和37.90亿，均远超同期经营现金流， 资金常年入不敷出。 6月5日，立新能源发布了第五次修订后的定增预案，拟募资18.29亿元，投向三塘湖20万千瓦/80万千瓦时储能规模以及80万千瓦风电项目，并补充流动资 金。 作者：昊 日前，立新能源发布《2023年度向特定对象发行A股股票预案（第五次修订稿）》，继续推进定增融资事项。 2023年11月，立新能源首次宣布筹划定增，用于风电和光伏发电场项目，此后包括募投项目、募资金额等在内的多处内容被修改，至今一年半 ...

Core Viewpoint - The company plans to invest in three renewable energy projects, which will enhance its capacity and profitability in the renewable energy sector [1] Investment Projects - The company intends to construct the Zhuzhou City Liling Weishan Wind Power Plant, the Chenzhou City Guidong Puluo Wind Power Project, and the Hengnan County Xiangyang Solar Power Project Phase I, with a total installed capacity of 230 megawatts and a total investment of approximately 1.398 billion yuan [1] - The funding structure for the projects includes 30% equity and 70% bank loans for the Zhuzhou and Chenzhou projects, while the Hengnan project will have 20% equity and 80% bank loans [1] - The construction periods for the projects are 12 months for the Zhuzhou project, 16 months for the Chenzhou project, and 7 months for the Hengnan project [1] Financial Impact - Upon completion, these projects are expected to expand the company's renewable energy capacity and create new profit growth points, thereby enhancing the company's profitability [1]