Group 1 - Kanghong Pharmaceutical received a drug registration certificate for Lifisig Eye Drops, approved for treating dry eye symptoms [1] - Kanghong Biotech, a wholly-owned subsidiary, received clinical trial approval for KH813 injection for metastatic non-squamous non-small cell lung cancer [1] - Kanghong Pharmaceutical was established in October 1996, focusing on drug and medical device research, production, and sales [1] Group 2 - Guoyuyuan's subsidiary received a government subsidy of 7.5521 million yuan, accounting for 10.14% of the company's audited net profit for 2024 [2] - Guoyuyuan was founded in November 1996, specializing in drug research, production, and sales [3] Group 3 - Haicheng Bonda's subsidiary signed a lease termination agreement, incurring a termination fee of 3.35 million USD [4] - Haicheng Bonda was established in December 2009, providing comprehensive modern logistics services [4] Group 4 - Hongxin Electronics' subsidiary signed contracts totaling 373 million yuan for computing power business [5] - Hongxin Electronics was founded in September 2003, focusing on FPC research, design, manufacturing, and sales [6] Group 5 - Tianbang Food reached a settlement agreement regarding a 1.214 billion yuan lawsuit, agreeing to repay 410 million yuan over 36 months [8] - Tianbang Food was established in September 1996, specializing in pig farming and pork processing [9] Group 6 - Daoshi Technology's controlling shareholder plans to reduce holdings by up to 1.97% of the company's shares [10] - Daoshi Technology was founded in September 2007, focusing on ceramic color glazes and related products [10] Group 7 - Jinpu Titanium is planning a major asset restructuring, leading to a stock suspension [10] - Jinpu Titanium was established in November 1989, specializing in titanium dioxide production and sales [11] Group 8 - Shenzhen Energy plans to invest 6.332 billion yuan in upgrading the Mawan Power Plant [12] - Shenzhen Energy was founded in August 1993, focusing on conventional and renewable energy development [13] Group 9 - Lihua Co. plans to reduce holdings by up to 3% of the company's shares [14] - Lihua Co. was established in June 1997, specializing in the breeding and sales of poultry [15] Group 10 - China Communications Construction Company plans to repurchase shares worth 500 million to 1 billion yuan [16] - China Communications Construction Company was founded in October 2006, focusing on infrastructure design and construction [17] Group 11 - Huatiankeji's subsidiary received a government subsidy of 80.6569 million yuan, accounting for 13.09% of the company's latest audited net profit [20] - Huatiankeji was established in December 2003, specializing in integrated circuit packaging and testing [21] Group 12 - Luxin Chuangtou plans to acquire shares in Hongke Electronics for a total of 9 million yuan [23] - Luxin Chuangtou was founded in November 1993, focusing on venture capital and industrial development [24] Group 13 - Feilong Co.'s controlling shareholder plans to reduce holdings by up to 563,250 shares [25] - Feilong Co. was established in January 2001, specializing in thermal management components for automotive and civil applications [26] Group 14 - Linglong Tire submitted an application for H-share listing on the Hong Kong Stock Exchange [27] - Linglong Tire was founded in June 1994, focusing on tire design, development, manufacturing, and sales [27] Group 15 - Saiwei Electronics plans to acquire 9.5% of its subsidiary's shares for up to 324 million yuan [28] - Saiwei Electronics was established in May 2008, focusing on MEMS chip development and semiconductor equipment [28] Group 16 - Suzhou Bank's major shareholder plans to increase holdings by no less than 400 million yuan [29] - Suzhou Bank was founded in December 2004, focusing on various banking services [29]

超配（维持） 公用事业行业双周报（2025/6/6-2025/6/19） 5 月份全社会用电量同比增长 4.4% 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 研 究 2025 年 6 月 20 日 业 周 分析师：苏治彬 SAC 执业证书编号： S0340523080001 电话：0769-22110925 邮箱： suzhibin@dgzq.com.cn 分析师：刘兴文 SAC 执业证书编号： S0340522050001 电话：0769-22119416 邮箱： liuxingwen@dgzq.com.cn 行业指数走势 证 券 研 究 报 告 公用事业 行 报 ◼ 行情回顾：截至6月19日，近两周申万公用事业指数上涨0.1%，跑赢沪深 300指数1.0个百分点，在31个申万行业中排第8名；年初至今，申万公用 事业指数下跌1.0%，跑赢沪深300指数1.3个百分点，在31个申万行业中 排第18名。 ◼ 分板块来看，近两周申万公用事业指数的子板块涨多跌少，其中4个子 板块上涨，热力服务 ...

固德威：拟1亿–1.5亿元回购公司股份 6月13日晚，固德威（688390）发布公告称，公司计划以集中竞价方式回购股份，回购资金总额在1亿元 至1.5亿元之间，回购价格上限为53元/股，预计回购股份数量为189万股至283万股，占总股本的0.78% 至1.17%。 资料显示，固德威成立于2010年11月，主营业务是太阳能、储能等新能源电力电源设备的研发、生产和 销售，并致力于为家庭、工商业用户及地面电站提供智慧能源管理等整体解决方案。 所属行业：电力设备–光伏设备–逆变器 双良节能：中标甘肃能化庆阳2×660MW煤电项目 6月13日晚，双良节能（600481）发布公告称，公司和中建研科技股份有限公司、河南省第二建设集团 有限公司中标甘肃能化庆阳2×660MW煤电项目工程间冷塔EPC工程招标项目，预计中标总额为2.37亿 元，占公司2024年度营业收入的1.82%。 资料显示，双良节能成立于1995年10月，主营业务是节能节水系统业务及新能源系统业务。 所属行业：电力设备–光伏设备–硅料硅片 中国太保：前5月两子公司保费收入合计2271.69亿元 6月13日晚，中国太保（601601）发布公告称，1至5月，公司 ...

模式创新，金租银团助力企业高效率融资 "中兴电力蓬莱燃煤电厂示范项目建设牵涉面广，还关系到电力保供，时间紧，任务重，融资工作是项目推进的关键环节。"民生金租总裁孔祥歌表示，"获 悉项目融资需求后，我们第一时间成立项目推动专班，提供个性化服务，完善方案设计，最终获中兴电力认可，以银团牵头出租人和代理人的身份主导此次 融资项目。" 据介绍，在与十多家金租公司接触后，民生金租最终与联合牵头出租人浦银金融租赁股份有限公司以及渝农商金融租赁有限责任公司、重庆鈊渝金融租赁股 份有限公司、中铁建金融租赁有限公司、北银金融租赁有限公司以及河北省金融租赁有限公司等 6家金租公司共同签订《组团协议》组成金租银团，切实解 决中兴电力蓬莱燃煤电厂项目建设资金需求。 业内专家表示，民生金租牵头完成的中兴电力金租银团项目不同于通常由多家租赁公司为单一承租人提供差异化条款且分签合同的做法，一举实现了三项重 大创新：一是高规格联合体， 汇聚6家头部金融租赁公司，参与机构数量与资质领先；二是融资规模大，项目总融资规模高达60亿元人民币，体量突出；三 是深度协同统一，所有参与的金租公司在民生金租牵头协调下，共同签署《组团协议》，严格适用完全一致 ...

6月6日晚，白云山（600332）发布公告称，分公司白云山制药总厂收到国家药品监督管理局核准签发的 他达拉非片（2.5mg、5mg）《药品注册证书》。他达拉非是一种用于治疗男性勃起功能障碍（ED）的 磷酸二酯酶5（PDE5）抑制剂。 白云山：分公司收到药品注册证书 资料显示，白云山成立于1997年9月，主营业务是中西成药、化学原料药、天然药物、生物医药、化学 原料药中间体的研发、制造与销售；西药、中药和医疗器械的批发、零售和进出口业务；大健康产品的 研发、生产与销售；医疗服务、健康管理、养生养老等健康产业投资。 所属行业：医药生物–中药Ⅱ–中药Ⅲ 华银电力：拟投资13.98亿元开发新能源发电项目 6月6日晚，华银电力（600744）发布公告称，公司拟投资建设株洲市醴陵市沩山风电场项目、郴州市桂 东县普洛风力发电项目、衡南县向阳光伏发电项目一期工程，三个项目装机规模共计230兆瓦，总投资 额约为13.98亿元。资金来源包括资本金和银行贷款。项目已取得核准（备案）证明并获取建设指标。 资料显示，华银电力成立于1993年3月，主营业务是火力发电业务，同时经营水电、风电、太阳能业务 以及电力销售业务。 福元医药：盐酸 ...

中国化学：控股股东获得增持资金贷款支持 太阳电缆：股东拟减持不超过3%公司股份 5月29日，太阳电缆（002300）发布公告称，公司股东福建亿力集团有限公司计划自公告披露之日起15 个交易日后的3个月内，通过集中竞价交易或大宗交易方式减持公司股份不超过2167万股，占公司总股 本的3%。减持原因为股东自身经营需要。 资料显示，太阳电缆成立于1994年7月，主营业务是电线电缆的生产、销售。 所属行业：电力设备–电网设备–线缆部件及其他 5月29日，中国化学（601117）发布公告称，公司控股股东中国化学工程集团有限公司获得中国工商银 行股份有限公司的贷款承诺，借款额度不超过5.4亿元，专项用于实施增持计划。此前，中国化学工程 于2025年4月12日宣布拟于12个月内增持公司股份，增持金额不低于3亿元，不超过6亿元。 资料显示，中国化学成立于2008年9月，主营业务是建筑工程业务、实业、现代服务业。 所属行业：建筑装饰–专业工程–化学工程 棕榈股份：因借贷纠纷提起诉讼 涉案金额超1.49亿元 5月29日，棕榈股份（002431）发布公告称，公司因与山东胜伟盐碱地科技有限公司等多家公司及个人 的借贷纠纷，向河南省郑 ...

Group 1 - China State Construction signed new contracts totaling 1.52 trillion yuan from January to April, representing a year-on-year increase of 2.8% [1] - Yongpu Medical's subsidiary obtained a medical device business license valid until May 7, 2030, allowing it to engage in medical device retail and wholesale [1] - Ningbo Maritime received a government subsidy of 4.42 million yuan, which will impact its net profit for the fiscal year 2025 [1] Group 2 - Mingpu Optoelectronics obtained a patent for a magnetic powder core and its preparation method, enhancing its capabilities in magnetic materials technology [1] - Digital Zhitong plans to establish a wholly-owned subsidiary in Beijing with a registered capital of 5 million yuan [1] - Zhongmin Energy's shareholder plans to reduce its stake by up to 0.28% of the company's total shares [1][6] Group 3 - Tunnel Holdings' controlling shareholder intends to increase its stake in the company by investing between 250 million to 500 million yuan [1] - China Telecom appointed Liu Guiqing as the new President and COO [1] - Datang Power completed the issuance of 3 billion yuan in medium-term notes, with proceeds aimed at repaying debt and supplementing working capital [1] Group 4 - *ST Weihai won a bid for a flood control project worth 182 million yuan, accounting for 7.35% of its audited revenue for 2024 [1] - Huijin Tong announced a cash dividend of 0.0868 yuan per share, totaling 29.44 million yuan [1] - Xinkai Energy's shareholders plan to reduce their holdings by a combined total of 4% of the company's shares [1][39] Group 5 - Xinhuan Group's subsidiary won a 1.02 billion yuan nuclear power project contract [1] - Southern Airlines reported a 12.14% year-on-year increase in passenger turnover for April [1] - Xinjiang Torch plans to acquire 100% equity of Yushan Litai for 125 million yuan [1]

相关报告 证 券 研 究 报 告 超配（维持） 公用事业行业双周报（2025/4/25-2025/5/8） 分析师：苏治彬 SAC 执业证书编号： S0340523080001 邮箱： 国家能源局发布《中国氢能发展报告（2025）》 2025 年 5 月 9 日 投资要点： 电话：0769-22110925 suzhibin@dgzq.com.cn 行业指数走势 资料来源：iFinD，东莞证券研究所 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 公用事业 公用事业行业双周报（2025/4/25-2025/5/8） 行 业 周 报 行 业 研 究 分析师：刘兴文 ◼ 行情回顾：截至5月8日，近两周申万公用事业指数上涨0.9%，跑输沪深 300指数0.9个百分点，在31个申万行业中排第22名；年初至今，申万公 用事业指数下跌1.3%，跑赢沪深300指数0.8个百分点，在31个申万行业 中排第21名。 ◼ 分板块来看，近两周申万公用事业指数的子板块涨多跌少，其中6个子 板块上涨，热力服务板块上涨3.4%，光伏发电板 ...

华福证券 火力发电 2025 年 04 月 30 日 投资要点： 24 年电力热力毛利同比增幅 50%，1Q2025 电价承压影响业绩释放：2024 年，公司上网电量上升约 6.60%；电价下降约 7.06%，公司电力及热力销售收 入同比增加 2.25%。受益于 24 年煤炭价格的下降，2024 年电力及热力销售毛 利同比增幅 49.66%。1Q2025，全国电力供需总体平衡，火电发电同比下降 2.3%； 浙江火电出力相对占优，公司上网电量同比基本持平。但是一季度公司电价承 压，削弱煤价下跌的成本红利，影响业绩释放。此外，1Q2025 公司投资净收 益同比下降 26.74%，或系电价承压，影响公司参股火电机组的业绩释放。 华福证券 24 年中来归母净利润同比下滑 260%，拖累公司并表利润：2024 年，公 司并表公司中来股份营业收入 60.96 亿元，同比下降 50.28%；归母净利润-8.56 亿元，同比下降 262.64%。因中来股份 2022-2024 年合并报表口径累计实现归 母净利润（0.72 亿元）未完成业绩承诺要求（16 亿元），中来股份原实际控制 人已触发补偿条件，将支付补偿金 1.48 亿 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark index within the next six months [17]. Core Views - The company reported a significant increase in net profit attributable to shareholders, achieving a 68.12% year-on-year growth in 1Q2025, despite a slight decline in revenue [2][3]. - The company's gross margin and net margin improved by 3.39 percentage points and 3.44 percentage points year-on-year, respectively, reflecting enhanced profitability [3]. - The decline in coal prices and improvements in operational efficiency contributed positively to the company's profitability, even as overall electricity generation from thermal power decreased by 4.7% year-on-year [4]. - The company experienced substantial growth in hydropower, wind, and solar energy generation, with respective increases of 15.39%, 34.18%, and 32.02% year-on-year, supporting overall performance [4]. - The report projects net profits for 2025-2027 to be 45.82 billion, 46.05 billion, and 46.07 billion yuan, with corresponding price-to-earnings ratios of 12.6, 12.5, and 12.5 times [4]. Financial Summary - In 1Q2025, the company achieved operating revenue of 30.206 billion yuan, a decrease of 1.74% year-on-year, while net profit reached 2.238 billion yuan [2][3]. - The average on-grid electricity price was 460.91 yuan per megawatt-hour, down 3.24% year-on-year [3]. - The company’s total assets are projected to grow from 322.602 billion yuan in 2024 to 357.112 billion yuan by 2027, with a steady increase in net profit margins [11].