2025 年 06 月 29 日 公司研究●证券研究报告 华电新能（600930.SH） 新股覆盖研究 投资要点 下周三（7 月 2 日）有一家主板上市公司"华电新能"询价。 公司在建项目丰富；随着在建项目的陆续投产及新项目资源的获取，预期公 司装机规模将进一步抬升。公司在建工程主要为风力发电和太阳能发电电站 的基建工程，报告期内公司在建工程整体呈上升趋势、账面金额由 2022 年的 494.26 亿元增至 2024 年的 740.11 亿元，主要系公司业务规模快速扩大，逐 年增加新增在建风力和太阳能发电项目所致；结合招股书披露的在建项目情 况，截至 2024 末，公司共有 20 余项在建工程预计于 2025 年或 2026 年完工、 合计装机容量超 1700 万千瓦。此外，根据今日头条报道，公司实控人中国华 电近两年重点布局四川、甘肃、青海、内蒙古、新疆五省，以 "水风光储一 体化" 和 "沙戈荒" 项目为核心，目前已取得内蒙古腾格里、甘肃腾格里、 新疆天山北麓、青海柴达木格尔木东等清洁能源基地的牵头开发权，项目总 规模已超 130GW、预计于 2025 年起陆续开工；公司作为中国华电的唯一风光 电整合平台 ...

证券研究报告 机械设备 | 通用设备 北交所|首次覆盖报告 hyzqdatemark 2025 年 06 月 29 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 投资评级： 增持（首次） ——换热器国家级"小巨人"多元化布局新能源赛道，2025 年募投产线投产强化产能 投资要点： 研发加速锚定多元化领域，多场景"冷却系统"拓宽主营产品版图。在国家"双碳"目标背景下，换热 器起到了非常重要的作用，其中板翅式换热器成为近年来发展最为迅速的新型热交换设备之一，在各工 业节能减排等生产环节中得到大量应用。就换热器行业未来发展趋势而言，在技术革新层面，换热器行 业整体设计方案将进一步优化，可利用 AI 大模型提升系统设计效率和可靠性，将新型材料投入应用，优 化制造工艺，开发新型冷却介质。2024 年，公司研发费用投入达 1,526.22 万元，较 2023 年增长 9.08%， 有力推动了公司技术创新与业务多元化拓展。截至 2024 年末，公司已获得 105 项专 ...

证券研究报告 公用事业 | 电力 非金融|首次覆盖报告 hyzqdatemark 2025 年 06 月 29 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 市场表现： | 基本数据 | | | | 2025 | 年 | 06 | 月 27 | | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 4.38 | | | | 一 年 内 低 | 最 | 高 | / | | | | 5.63/3.97 | 最 | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | | 17,159.95 | | | | 流通市值（百万元） | | | | | | | 15,782.10 | ...

研究报告 Research Report 29 Jun 2025 中国 & 香港 & 美国可选消费 China (A-share) & Hong Kong & US Discretionary 可选消费 W26 周度趋势解析：新老消费共振向上 Analysis of weekly discretionary trends: The Old and New Consumption sectors resonated and moved upward this week [Table_yemei1] 观点聚焦 Investment Focus | 股票名称 | 评级 股票名称 | 评级 | | --- | --- | --- | | 耐克 | Outperform 永辉超市 | Outperform | | 美的集团 | Outperform 苏泊尔 | Outperform | | 京东集团 | Outperform 石头科技 | Outperform | | 格力电器 | Outperform 李宁 | Outperform | | 安踏体育 | Outperform 海信家电 | Outperform | ...

每经记者｜赵李南 每经编辑｜董兴生 据城地香江公告，此次差错更正的范围涉及其2023年第一季度报告至2024年第三季度报告中的合并资产 负债表、合并利润表中的相关科目。 这也意味着，城地香江连续7个季度的相关会计科目存在差错。 对于具体原因，城地香江称，公司合并范围内内部交易收入成本抵消以及未实现毛利计算错误，租金使 用权资产资本化金额不准确，IDC系统集成业务收入确认和存货暂估跨期。 "在统计子公司间关联交易形成的存货所包含的未实现内部销售损益时，抵消分录错误，导致少计营业 成本，多计存货；子公司间关联交易销售额抵消不完整，导致多计营业收入。" 6月29日，城地香江（603887.SH，股价17.29元，市值105.29亿元）发布前期会计差错更正及追溯调整 的公告。 《每日经济新闻》记者注意到，从2023年第一季度开始至2024年第三季度，城地香江连续7个季度的财 务数据出错，涉及利润、收入和资产等多个报表科目。 城地香江称，在业务执行层面，对部分业务原始单据的搜集、整理、内部传递及存档等方面的工作存在 不及时的情况，导致部分IDC（互联网数据中心）系统集成项目收入确认及存货暂估存在跨期。 连续7个季度会计 ...

Investment and Expansion - Angel Yeast plans to invest CNY 502 million to establish a biomanufacturing center, which will include a seven-story building with a total area of 27,687.65 square meters and an underground parking area for 297 vehicles [1][3] - The project is expected to enhance Angel Yeast's technological innovation capabilities in biomanufacturing, thereby strengthening its profitability and competitive edge [1][3] - Zhou Liufu, a jewelry company, successfully listed on the Hong Kong Stock Exchange, opening with a more than 10% increase and reaching a market capitalization of over HKD 10.5 billion [5] - Zhou Liufu's online sales are projected to grow at a compound annual growth rate of 46.1% from 2022 to 2024, with online sales expected to account for 40% of total revenue by 2024 [5] Market Position and Strategy - Ying Tong Holdings, the largest perfume brand management company in China, officially listed on the Hong Kong Stock Exchange, marking its strong market position [7] - The company is recognized as the third-largest perfume group in the comprehensive markets of mainland China, Hong Kong, and Macau, indicating its robust capability to enter the stock market [7] - Danone's acquisition of The Akkermansia Company aims to strengthen its investment in gut health and next-generation biological research, enhancing its core competitiveness in this field [11][13] - Dazzle Fashion Group announced the closure of all offline stores for its men's brand RAZZLE by August 31, 2025, focusing resources on its core mid-to-high-end women's wear business [16] Retail and Brand Development - HotMaxx's new store format, HotMaxx Super Warehouse, has opened in Beijing, featuring seven product zones while maintaining a low-price strategy [10] - Uniqlo plans to open its first store in southern India in Bangalore, marking a significant expansion into the southern market [18] Leadership Changes - The former business general manager of Kraft Heinz in China has joined Mondelēz as the head of the frozen cake team for Greater China, indicating a strategic focus on growth in the frozen baking sector [20] - Alibaba Group has streamlined its partner organization from 26 to 17 members, emphasizing a focus on frontline business leaders [22] - Anna Wintour announced her resignation as editor-in-chief of American Vogue while retaining her role as global editorial director, reflecting changes in the fashion media landscape [25]

Core Insights - OpenAI's report highlights Zhipu AI as a key competitor in the sovereign AI landscape, indicating a shift in global AI power dynamics driven by China's technological sovereignty [1][4][11] - Zhipu AI's strategy includes a hybrid architecture and a comprehensive ecosystem that mirrors OpenAI's approach, focusing on developer APIs, enterprise solutions, and consumer AI applications [3][4] - The report emphasizes Zhipu AI's significant state capital support exceeding $1.4 billion and its collaboration with major players like Huawei, positioning it similarly to OpenAI's relationship with Microsoft [4][9] Group 1 - Zhipu AI is recognized for its "responsible and transparent" AI solutions, which are seen as a direct challenge to the centralized models of American companies [1][7] - The company has developed a "sovereign toolbox" that includes local data storage and partnerships in various countries, enhancing its global reach and compliance with local regulations [7][9] - Zhipu AI's rise is supported by strategic investments from entities like Saudi Arabia's Prosperity7 fund, indicating a shift towards a decentralized AI ecosystem [7][9][14] Group 2 - OpenAI's concerns center around the concept of "sovereign AI," which refers to a nation's ability to control its AI infrastructure and data, contrasting with OpenAI's reliance on centralized cloud services [7][11] - The report serves as a strategic alert to the U.S. government, suggesting that without national-level support, American companies may struggle against state-backed competitors like Zhipu AI [11][12] - Zhipu AI's emergence reflects a broader geopolitical strategy, where technology sovereignty is viewed as a critical competitive advantage in the digital age [14]

Core Insights - The event aimed to deepen cooperation between Qinghai and Shanghai, promoting high-quality agricultural and livestock products from Qinghai into the Shanghai market [1] - A team of experts conducted a comprehensive survey of Qinghai's unique industries, including yak meat, cold-weather vegetables, salmon, and goji berries, to enhance their market branding [3][4] Group 1: Industry Opportunities and Challenges - Qinghai's yak meat is recognized for its high-protein, low-fat "highland organic" quality, aligning with Shanghai's health consumption trends, but faces challenges such as low brand recognition and consumer misconceptions about meat quality [3] - The cold-weather vegetables from Qinghai, despite their superior quality and international exports, lack recognition in the Shanghai market compared to products from Yunnan and Shandong [3] - The cold-water salmon industry in Qinghai, being the largest breeding base in the country, has potential for transformation by developing high-value products like fish oil and caviar [4] - The goji berry industry in the Qaidam Basin suffers from low pricing by external buyers, leading to a loss of profit for local producers, highlighting the need for better branding and market understanding [4] Group 2: Strategic Recommendations - Experts suggested enhancing brand storytelling and developing convenient products that cater to urban family consumption habits to improve the market presence of Qinghai's yak meat [3] - The establishment of a regional brand for cold-weather vegetables is crucial to communicate their "highland organic" story and meet the premium positioning of quality supermarkets [3] - A shift in strategy for goji berries is recommended, focusing on market demand research and reverse product development to retain pricing power and brand value [4] Group 3: Implementation and Standards - The event culminated in the release of the "Qinghai Agricultural and Livestock Quality Product System Standard - 'Huqing Quality Product' Standard" 1.0, which serves as a guideline for Qinghai enterprises to align with Shanghai market standards [7] - The new standard expands its coverage from Guoluo Prefecture to the entire Qinghai province, facilitating better market access and product quality alignment for local producers [7] - The Shanghai Consumption Assistance Alliance plans to continue supporting the branding efforts of Qinghai's green organic agricultural products to enhance their presence in Shanghai and the Yangtze River Delta [7]

Group 1 - The "Hi View" platform was launched in Cambodia, focusing on the innovative application of AIGC technology in the cultural industry [1][3] - The platform aims to promote cooperation and integration between China and ASEAN countries in the field of audiovisual content and cultural industries [3][4] - The Cambodian Ministry of Culture and Arts expressed strong support for the "Hi View" platform, highlighting the collaboration between Chinese and Cambodian teams in content innovation [3][4] Group 2 - The "Hi View" platform features a collaborative innovation model, showcasing the first AIGC live-action short drama produced in Cambodia [4] - The platform has gathered several leading AIGC technology partners in China, establishing capabilities in AI digital human production, 3D animation, and multilingual AI translation [4] - A cooperation agreement was signed between the Cambodian New Media Association and the company, focusing on the application of AIGC technology in Cambodia's cultural and tourism sectors [4]

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