15 部门联合印发方案建设国家应对气候变化标准体系，深化资源环境要素市 场化配置改革 [Table_Industry] ESG 周报 [Table_ReportDate] 2025 年 06 月 07 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 [Table_StockAndRank] ESG 投资评级 —— 上次评级 —— [Table_Author] [左前明 Table_Author] 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 15 部门联合印发方案建设国家应对气候变化标准 ...

证券代码：001286 证券简称：陕西能源 公告编号：2025-050 陕西能源投资股份有限公司 关于持股5%以上股东以金融机构专项增持贷款和自 有资金增持公司股份实施结果的公告 在 2025 年 3 月 12 日至 2025 年 6 月 5 日期间，榆能汇森已累计增持公司股 份 55,349,051.00 股，占公司总股本 1.4760%，增持金额 498,996,495.41 元（不含 佣金及交易税费），实际增持金额已超过本次增持计划金额下限，未超过本次增 持计划金额上限。本次增持计划已实施完毕。 公司于近日收到榆能汇森出具的《陕西榆林能源集团汇森投资管理有限公司 关于增持陕西能源投资股份有限公司 A 股股份完成的告知函》，现将有关情况 公告如下： 持股5%以上股东陕西榆林能源集团汇森投资管理有限公司保证向本公司 提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 的信心以及对公司价值的认可，在符合法律法规的前提下，持股 5%以上股东陕 西榆林能源集团汇森投资管理有限公司（以下简称榆能汇森）计划自 2025 ...

四川蜀道装备科技股份有限公司 证券代码：300540 证券简称：蜀道装备 回复：公司已于 2025 年 4 月 14 日召开股东大会审议通过与蜀道集 团、丰田汽车公司共同投资设立合资公司事宜，合资公司将在成都市青 白江区建设燃料电池电堆生产线和燃料电池系统装配线等。合作各方将 利用各自的优势资源和技术，以"交通基础设施+交通工具"为起点， 投资者关系活动记录表 编号：2025-006 投资者关系 活动类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 参与单位名称 及人员姓名 机构：创金合信、国寿安保、华西基金 时间 2025年6月5日 下午 地点 成都市锦江区春熙南路8号 上市公司接待 人员姓名 副总经理、董事会秘书马继刚 董事会办公室副主任、证券事务代表 贾雪 证券事务代表 向星睿 投资者关系 活动主要内容 介绍 一、公司情况介绍 公司简要介绍了公司发展历程、竞争优势及四大业务板块业态布局 加快推进实施战略转型升级等内容。 二、其他交流内容 1、请问公司2025年整体经营目标？ 回复:2025公司将继续聚焦主责主业，加强业务拓展，确保经营业 绩继 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 北京国枫律师事务所 关于新疆立新能源股份有限公司 法律意见书 国枫律股字2025A0307 号 致：新疆立新能源股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2025 年第三次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律 业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《新疆立新能源股份 有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、 召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： 会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案内容及该等议 案 ...

市场消息：叙利亚与多家公司签署了能源投资协议。 ...

| 证券代码：002053 证券简称：云南能投 公告编号：2025-079 | | | --- | --- | | 云南能源投资股份有限公司 | | | 关于持股 5%以上股东非公开发行可交换公司债券股份质押 | | | 完成的公告 | | | 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 | | | 性陈述或重大遗漏。 | | | 云南能源投资股份有限公司（以下简称"本公司"或"公司"）持股 5%以上股东云天 | | | 化集团有限责任公司（以下简称"云天化集团"）拟以其直接持有的本公司部分 A 股股票为 | | | 标的非公开发行可交换公司债券（以下简称"本次可交换债券"），详情见本公司于 2024 年 | | | （http://www.cninfo.com.cn）所披露的《关于持股 5%以上股东拟非公开发行可交换公司债券 | | | 的提示性公告》（公告编号：2024-127）、《关于持股 5%以上股东拟非公开发行可交换公司 | | | 债券获深圳证券交易所无异议函的提示性公告》（公告编号：2025-059）。为保障本次可交 | | | 换债券持有人交换标的股票或本次可 ...

Core Viewpoint - The company is convening its third extraordinary general meeting of shareholders in 2025 to discuss significant asset restructuring and related transactions, with an updated audit report date of December 31, 2024, due to the expiration of previous financial data [1][2]. Meeting Details - The extraordinary general meeting is scheduled for May 26, 2025, at 14:30 [1]. - The meeting will be held both in-person and via online voting, with specific voting times outlined [3]. - The meeting location is at the company's office in Beijing [4]. Proposal Adjustments - A temporary proposal has been added to the agenda regarding the updated audit report and related documents, while a corresponding original proposal has been canceled [2]. - The company’s controlling shareholder, State Power Investment Corporation, holds 49.76% of the shares and has the right to submit proposals for the meeting [2]. Voting Procedures - Shareholders can vote through the Shenzhen Stock Exchange trading system and the internet voting system [3][13]. - The meeting will include a total proposal that encompasses all non-cumulative voting proposals, requiring a two-thirds majority for approval [11]. Agenda Items - The agenda includes various proposals related to the major asset restructuring and issuance of shares for asset purchases, with specific details on pricing, performance commitments, and funding arrangements [8][9][10]. - Proposals also address compliance with relevant regulations and the independence of evaluation agencies [20][21]. Registration and Attendance - Shareholders must register in advance to attend the meeting, with specific documentation required for both individual and corporate shareholders [12][13]. - The company will provide a contact for inquiries related to the meeting [12].

洪都拉斯财政部长克里斯蒂安·杜阿尔特表示，洪都拉斯真诚邀请中国政府和企业积极参与该国国家电力基础 设施项目的招标与项目建设。 人民网北京5月12日电 （记者王骁波）由全球能源互联网发展合作组织（以下简称"合作组织"）与洪都拉斯 能源部、洪都拉斯财政部、洪都拉斯驻华大使馆共同举办的洪都拉斯能源投资论坛12日在京举行。论坛吸引来自 能源、电力、装备、工程、金融等行业的20多家中国企业和机构代表参加。论坛期间，合作组织与洪都拉斯能源 部签署合作意向书，为进一步推动双方在可再生能源技术创新、储能、电动交通等领域加强合作，助力洪都拉斯 能源电力发展与转型注入动力。 合作组织主席、中国电力企业联合会理事长辛保安表示，拉美地区清洁能源资源丰富，区域能源合作基础良 好。合作组织将在联合研究、项目合作、能力建设等方面同洪都拉斯加强合作，助力洪都拉斯绿色发展。 中国政府拉美事务特别代表邱小琪指出，本次论坛作为中拉论坛第四届部长级会议的重要活动，对促进中洪 能源交流合作具有重要意义。能源互联网建设是共建"一带一路"的重点领域，中洪、中拉能源互利合作大有可 为。 洪都拉斯能源部长埃里克·特哈达表示，同中国的合作对洪都拉斯很重要，洪都 ...

Core Viewpoint - The report outlines the independent financial advisory role of CITIC Construction Investment Securities Co., Ltd. regarding the major asset sale and related transactions of Shenzhen Baoying Construction Holdings Group Co., Ltd. in 2024, emphasizing the completion of the transaction and the implications for the company's financial status [1][4][6]. Group 1: Transaction Overview - The transaction involves the sale of 100% equity of Baoying Construction by Baoying Holdings and its wholly-owned subsidiary Baoying Huike to the controlling shareholder, Daxiheng Group, through a non-public agreement [4][5]. - The payment for the transaction includes the offset of a debt of 787.743 million yuan owed to Baoying Holdings and a cash payment of 551,800 yuan to Baoying Huike [5][6]. Group 2: Financial Performance - For the fiscal year 2024, Baoying Holdings reported total revenue of approximately 2.11 billion yuan, a decrease of 48.63% compared to 2023 [7]. - The net profit attributable to shareholders was reported at -742.3 million yuan, showing a year-on-year improvement of 23.52% [7]. - The total assets of the company decreased by 85.08% to approximately 1.41 billion yuan, and the net assets attributable to shareholders were negative, indicating a significant decline in financial health [7][8]. Group 3: Governance and Compliance - The company faced governance issues, including a non-compliant cash donation of 40 million yuan, which was later adjusted from capital reserves to other payables [8][9]. - The independent financial advisor noted that Baoying Holdings failed to maintain effective internal controls over financial reporting, leading to significant deficiencies [9].

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $0.64 for Q1 2025, reflecting an 11% increase in adjusted net investment income to $72 million compared to the same period last year [20][25] - The portfolio has grown to $7.1 billion, with a portfolio yield of 8.3% and a cost of debt at 5.7% [17][18] - The company closed over $700 million in new investments during the first quarter, achieving an average yield greater than 10.5% [5][15] Business Line Data and Key Metrics Changes - The residential solar assets continue to perform strongly, with expectations that they will remain an attractive consumer alternative as retail utility rates increase [15] - The company is seeing elevated demand for behind-the-meter solutions driven by consumer economics and government efficiency initiatives [12] - The renewable natural gas (RNG) sector is contributing significantly to growth, with ongoing evaluations of new frontier asset classes [13][15] Market Data and Key Metrics Changes - The company has a robust pipeline of projects, with most being operational or near operational, thus minimizing the impact of tariffs [8][10] - Despite a potential recession in 2025, the company expects only marginal impacts on investments in clean energy generation, as demand for energy is projected to drive development [10][11] Company Strategy and Development Direction - The company aims for 8% to 10% compound annual growth in adjusted EPS through 2027, supported by a strong liquidity platform and diverse funding strategies [7][21] - The focus remains on maintaining a well-diversified portfolio across different asset classes to enhance resilience [18][24] - The company is actively managing its capital structure with a leverage ratio of 1.9x, aiming to preserve and expand investment margins [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model's resilience amid heightened policy and economic uncertainty, noting a historically high volume of incoming requests for capital [5][10] - The company anticipates limited impact from tariffs and a stable outlook for the IRA, with ongoing confidence in the long-term fundamentals of the business [10][60] - Management highlighted that the pipeline is well-balanced and expects continued strong volumes through the remainder of the year [55][56] Other Important Information - The company has over $1.3 billion in available liquidity, which is crucial for capitalizing on opportunities during market volatility [6][21] - The CCH1 co-investment vehicle with KKR has a funded balance of $1 billion, with plans to increase its investment capacity [16] Q&A Session Summary Question: Discussion on debt at the CCH1 level and leverage profile - Management indicated that leverage at CCH1 would be relatively low, with an investment-grade type cost of funds likely [28][29] Question: Impact of stock price on equity financing needs - Management noted a reduction in the number of shares needed to grow the business, which is viewed positively [30][31] Question: Record originations in Q1 and future implications - Management attributed the record originations to increased business activity and a stronger competitive position due to some competitors leaving the market [39][40] Question: Dynamics of residential solar investments - Management clarified that the strong performance in residential solar assets is consistent with historical investments and not impacted by the sponsor's financial position [47][48] Question: Outlook on the IRA and potential changes - Management expressed confidence that the core components of the IRA are unlikely to be repealed, with ongoing support from both the House and Senate [60][61]