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]

满足企业绿色用能需求，促进新能源就地消纳 为贯彻落实党中央、国务院关于加快绿色低碳发展和构建新型电力系统的决策部署，国家发展改革 委、国家能源局近日发布《关于有序推动绿电直连发展有关事项的通知》，培育绿色制造国际竞争 优势，提升新能源就近消纳能力。当前，我国绿电直连仍处于探索阶段，江苏等省份已经开始针对 电池企业展开实践，全国对创新新能源消纳形式需求迫切，《通知》出台恰逢其时，针对性强、可 操作性强，将为全国新能源发展注入新的动力。 一、政策出台背景 近年来，重点企业特别是出口型企业对绿色电力的直接采购需求显著增长。其动力主要来自国际， 欧盟已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。我国大电网平均碳排放因子较高，产品进入欧盟需要按碳排放量购买 CBAM 证书，支付"碳税"。此外，越来越多的跨国企业、头部企业对供应链企业提出绿电使用要 求，比如特斯拉已要求供应商限期内实现全过程 100% 绿电生产，否则 5 年内不予采购。鉴于欧 盟对欧盟内外类似绿证的协议绿电认可度均不高，绿电直连成为大家都认可的一种物理连接直接提 供绿电的方式。 另 ...

Core Insights - The report highlights the gradual implementation of the 136 document details across provinces, with a focus on ensuring profitability for existing projects and clearer revenue expectations [3] - The report emphasizes the importance of mechanism electricity quantity and price, with specific guidelines from Shandong and Guangdong provinces, indicating a stronger support for existing projects compared to Inner Mongolia [3] - The national green electricity direct connection policy is seen as a significant step towards promoting green electricity consumption and reducing electricity costs for end-users, particularly export-oriented enterprises [4] Segment Summaries Thermal Power - Coal prices remain low, with the Qinhuangdao port 5500 kcal thermal coal price dropping to 610 RMB/ton as of June 3, 2025, and an average price of 688 RMB/ton year-to-date, a year-on-year decrease of 189 RMB/ton or 22%, which may mitigate the negative impact of long-term electricity price declines in 2025 [5] - Companies with a high market coal ratio and small electricity price reduction are recommended for attention [5] Hydropower and Nuclear Power - Current low interest rates enhance the investment value of hydropower and nuclear power [5] Renewable Energy - Continuous policy support for electricity price reform and green electricity consumption is expected to foster sustainable industry development, presenting a pivotal investment opportunity [5] - The report anticipates that provinces with stronger renewable energy consumption capabilities will set higher mechanism electricity quantity ratios, aligning with the 136 document's "new and old connection" approach [3] - The first bidding price in Shandong is capped at the previous year's settlement average price, with wind and solar prices at 0.357 and 0.346 RMB/kWh respectively, indicating a discount of 10% and 12% compared to coal benchmark prices [3] Electricity Consumption Trends - In April, total electricity consumption reached 772.1 billion kWh, a year-on-year increase of 4.7%, with notable growth in new business sectors such as information transmission and electric vehicle charging services [5] - The report notes a decline in hydropower generation growth, while wind and solar generation growth accelerated [5]

东莞证券表示，当前，市场仍在各热点中快速轮动，国内经济内生增长动能依然承压，叠加政策处于窗 口观察期，预计未来一段时间A股仍将延续震荡格局，以结构性行情为主。短期内需求端仍需有效提 振，有待积极政策持续加力。从中长期来看，我国经济具有较大潜力，不过短期经济的需求仍然需要提 振，仍需积极政策持续发力。尽管当前市场成交量尚未显著放大，但连续三日上涨叠加板块热点轮动活 跃，推动市场情绪持续回暖，后续有望延续修复态势。 今日投资机会解析 六维力传感器市场加速扩容 据悉，运动控制能力仍为当前人形机器人重点提升方向，六维力传感器或为运动控制能力的优解。以行 走和奔跑为例，人形机器人在脚踝或足底使用六维力传感器，可以实时测量地面力的大小和方向分布， 进而将数据传输给小脑，通过控制算法调整人形机器人的机体平衡和步态，完成在非平整地面、障碍地 面的稳定行走和避障。 5日，沪指盘中窄幅震荡上扬，创业板指、科创50指数午后走高，双双涨超1%；截至收盘，沪指涨 0.23%报3384.1点，深证成指涨0.58%报10203.5点，创业板指涨1.17%报2048.62点，科创50指数涨 1.04%；沪深北三市合计成交13172亿元，较此 ...

Core Viewpoint - The recent notification from the National Energy Administration aims to promote the construction of a new power system through seven key directions, which is expected to improve the consumption situation of renewable energy and benefit leading national renewable energy generation companies [2][3]. Group 1: Market Performance - As of June 6, 2025, the China Securities National New State-Owned Enterprises Modern Energy Index (932037) increased by 0.19%, with notable gains from Yunnan Copper (000878) at 1.61% and China Power Construction (601669) at 1.48% [1]. - The National State-Owned Enterprises Modern Energy ETF (561790) rose by 0.28%, with a recent price of 1.06 yuan, and has accumulated a 1.93% increase over the past month [1]. Group 2: Policy Impact - The notification outlines seven focus areas for pilot projects, including grid-structured technology, system-friendly renewable power plants, smart microgrids, and virtual power plants, which are expected to catalyze advancements in the energy sector [2]. - The emphasis on clean and efficient transformation of coal power units is anticipated to stimulate demand for zero-carbon and low-carbon fuels, aiding the successful transition of coal power and enhancing profitability and valuation [2][3]. Group 3: ETF Performance Metrics - The China Securities National New State-Owned Enterprises Modern Energy ETF has recorded a maximum monthly return of 10.03% since its inception, with an average monthly return of 3.17% and a historical one-year profit probability of 76.10% [3]. - As of June 5, 2025, the ETF's maximum drawdown this year was 7.91%, with a management fee of 0.50% and a custody fee of 0.10%, making it one of the lowest in its category [3]. Group 4: Top Holdings - As of May 30, 2025, the top ten weighted stocks in the index accounted for 51.1%, with Changjiang Electric (600900) leading at 10.48% [4][5].