Core Viewpoint - The company held an annual performance briefing for 2024 and the first quarter of 2025, discussing its resource acquisition, project development, and financial performance, highlighting both growth opportunities and challenges in the renewable energy sector. Group 1: Resource Acquisition and Development Plans - In 2024, the company plans to acquire approximately 44 million kilowatts of new renewable resources, including 12.5 million kilowatts from the Xinjiang South Taklamakan Desert base, with an approved scale of about 12.2 million kilowatts [2] - The company is focusing on large-scale wind and solar bases in resource-rich areas and is advancing offshore wind power projects, particularly in Inner Mongolia, Xinjiang, and Qinghai [3] - The company aims to implement a "wind-solar-fire-storage" integrated development model to enhance energy transition and ecological governance [6] Group 2: Financial Performance and Challenges - The company's net profit attributable to shareholders is expected to decline by 14.81% in 2024 due to changes in electricity sales structure, increased depreciation, and impairment provisions totaling 1.45 billion yuan [7] - The company reported a 42 billion yuan recovery from renewable energy price additions in 2024, actively tracking fiscal fund allocations [8] - The overall financing cost for 2024 is expected to be more than 10% lower than the LPR, with a year-on-year decrease of approximately 35 basis points [9] Group 3: Market Trends and Future Outlook - The company anticipates a further release of market demand for green electricity in 2025, supported by new policies promoting renewable energy consumption [16] - The green electricity trading volume increased by 48% in 2024, although the overall price saw a decline due to market conditions [15] - The company plans to maintain a stable dividend policy, with a historical payout ratio above 30% [11]

行业深度报告 · 公用事业行业 火电、水电业绩增长,核电、绿电业绩承压 — 电力行业 2024 年年报和 2025 年一季报总结 推荐 维持评级 分析师 陶贻功 ☎： 010-8092-7673 新能源:短期业绩承压,136号文助力行业迈入高质量发展新阶段。2024 O 年、25Q1,我们选取的新能源发电样本企业实现归母净利润 178.0、56.2 亿 元,同比-7.8%、-7.8%。业绩下滑主要受风光资源条件不佳、上网电价下行、 以及减值计提影响。展望未来,136号文出台推动新能源加速入市,我们预计 行业投资将逐渐趋于克制。2025年5月8日,山东发布136号文承接方案的 征求意见稿,基于其对存量、增量项目机制电量、机制电价的设计,我们判断: 1）存量项目的收益预期更为明朗,其中机制电价锚定燃煤发电基准价,而在 机制电量比例的设计上,预计现行新能源市场化程度较低的省份将更具优势, 如广东、浙江、山东、江西等。2）对于需参与竞价的增量项目,一些绿电需 求旺盛(由电力需求和能耗双控政策或可再生能源消纳责任权重共同驱动)、 且本地新能源占比相对较低的省份,竟价的激烈程度预计更低,如福建、广东 2025 年 05 ...

Investment Rating - The report maintains an "Overweight" rating for the public utility sector [1] Core Insights - The operating profit and profitability of the public utility sector have improved, with Q1 2025 revenue at 551.23 billion yuan, a year-on-year decrease of 4.04%, while net profit attributable to shareholders increased by 6.11% to 54.59 billion yuan [2][21] - The coal-fired power sector benefited from a decline in thermal coal prices, with Q1 2025 revenue at 307.92 billion yuan, down 7.67%, but net profit rose by 8.58% to 23.04 billion yuan [2][45] - The hydropower sector saw revenue increase by 8.66% to 41.80 billion yuan in Q1 2025, with net profit growing by 28.07% to 11.34 billion yuan, driven by increased hydropower generation [2][70] - The nuclear power sector experienced revenue growth of 8.42% to 40.30 billion yuan in Q1 2025, although profit performance varied among companies [2][28] - The investment strategy suggests maintaining an overweight rating for the sector, focusing on companies like Huadian International and Guodian Power in the coal power segment, and Xintian Gas and Xin'ao in the gas sector [2] Summary by Sections 1. Public Utility Sector Performance - The public utility sector includes 133 listed companies, with 102 in the power sector and 31 in the gas sector. In 2024, the sector's revenue was 23,085.51 billion yuan, a decrease of 1.24%, while net profit increased by 5.38% to 1,848.50 billion yuan [10] 2. Subsector Performance 2.1 Coal Power - The coal power sector's revenue in 2024 was 13,060.52 billion yuan, down 1.11%, with net profit rising by 24.06% to 676.91 billion yuan, benefiting from lower coal prices [28][32] 2.2 Hydropower - In 2024, hydropower revenue was 1,947.67 billion yuan, up 8.99%, with net profit increasing by 17.55% to 563.21 billion yuan, attributed to higher hydropower generation [62] 2.3 New Energy - In 2024, solar power generation was 419.08 billion kWh, up 28.2%, while wind power generation was 936.05 billion kWh, up 11.1% [79] 2.4 Nuclear Power - The nuclear power sector's revenue in Q1 2025 was 40.30 billion yuan, an increase of 8.42%, with varying profit performances among companies [2][28] 2.5 Gas - The gas sector's performance was impacted by rising costs, with specific companies recommended for investment [2] 3. Investment Strategy - The report recommends an overweight rating for the public utility sector, highlighting potential growth in coal and gas companies due to favorable market conditions [2]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [6][9]. Core Views - The environmental sector's revenue in 2024 is projected to decline by 0.6% to CNY 364.236 billion, with net profit decreasing by 14.7% to CNY 23.058 billion. However, in Q1 2025, the sector is expected to see a revenue increase of 3.5% to CNY 81.243 billion and a net profit growth of 3.8% to CNY 8.232 billion [3][21]. - The report highlights the impact of the new market-oriented pricing reforms for renewable energy in Shandong, aiming for full market integration by the end of 2025 [2][16]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the new energy industry chain and comprehensive energy management [41][42]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.00%, while the public utility index increased by 2.22%, and the environmental index rose by 2.93% [1][43]. Important Policies and Events - Shandong's new pricing reform aims for full market integration of wind and solar energy by 2025, with differentiated policies for existing and new projects [2][16]. Financial Overview of the Environmental Sector - In 2024, only the solid waste management and water treatment sectors showed positive growth, while the environmental equipment sector saw a decline of over 30% [3][21]. - The atmospheric governance sector reported a loss increase, while the comprehensive environmental governance sector shifted from profit to loss [21][24]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional electricity firms like Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][41]. - The report suggests focusing on "utility-like investment opportunities" within the environmental sector, recommending companies like China Everbright Environment and Zhongshan Public Utilities [42][41]. Key Company Profit Forecasts and Investment Ratings - Several companies, including Huadian International and Longyuan Power, are rated as "Outperform" with projected earnings per share (EPS) growth for 2025 [9][41].

【东吴电新曾朵红团队】每日速递（2025/05/12) 市场快报 本周上证综指上涨 1.92%,深证成指上涨 2.29%,创业板指上涨 2.00%,电气设备板 块指数为 2440.42,下跌 0.59%,在申万一级行业中排名 14/28。 公告纵览 无 行业信息精选 【电动车】受特斯拉带动 松下预计电池部门年度利润将增长 39% 【电动车】新能源乘用车：4 月批发 114 万辆 增 42% 【电动车】宁德时代全品牌动力电池率先通过新国标测试 【新能源】云南新能源装机突破 6000 万千瓦 【新能源】全国首个"光伏+高架隔声屏"项目全容量并网 【新能源】中国西部"风光储氢"产业基地迎重要进展 交易异动 无 无 电动车 1. 5 月 9 日消息，据路透社报道，日本松下控股公司周五预测，其电动汽车电 池制造能源部门本财年的利润将增长 39%，但刚刚结束的财年的利润未达预 期。松下表示，截至 2026 年 3 月 31 日的财年，为特斯拉生产电池的关键业务 的营业收入预计其营收将达到 1670 亿日元（11.5 亿美元）。 https://tech.huanqiu.com/article/4MbmRzoXu5r 2. ...

Core Viewpoint - Wolong Real Estate is actively transforming by divesting its mining business and focusing on the renewable energy sector, aiming to create new profit growth points amidst declining revenues from its traditional operations [1][3][6]. Group 1: Divestment of Mining Business - On May 10, Wolong Real Estate announced the sale of 90% of its stake in Shanghai Mining to its indirect controlling shareholder, Wolong Holdings, marking a complete divestment from the mining sector [1][3]. - In 2024, Wolong Real Estate's total revenue is projected to be 3.611 billion yuan, with the mining trade business contributing 2.477 billion yuan, accounting for 68.6% of total revenue [1][3]. - The decision to divest comes as the mining business's revenue has significantly declined from 3.599 billion yuan in 2022 to 2.477 billion yuan in 2024, indicating a drop in its revenue-generating capacity [4][5]. Group 2: Shift to Renewable Energy - Concurrently, Wolong Real Estate has acquired several companies in the renewable energy sector, including Zhejiang Long Energy and Zhejiang Wolong Energy Storage, and will change its name to "Wolong New Energy" on May 15 [1][6]. - The acquired companies have shown mixed financial performance, with only Long Energy reporting a profit of approximately 105 million yuan in 2024, while others are operating at a loss [6][7]. - The strategic shift towards renewable energy is seen as a proactive response to industry cycles and aims to establish a second growth curve for the company [7][9]. Group 3: Industry Context and Trends - The renewable energy sector is experiencing significant growth, with global photovoltaic installations expected to increase by over 30% in 2024, and battery shipments projected to grow by 25% [7][8]. - The competitive landscape is intensifying, with leading companies like CATL and BYD reporting substantial profits, while others face challenges such as declining profits or losses [8]. - The trend of real estate companies diversifying into new sectors is becoming more common as they seek to mitigate risks associated with the saturated real estate market [9][10].

Core Viewpoint - Wolong Real Estate is undergoing a significant transformation by divesting its mining business and shifting focus towards the renewable energy sector, aiming to establish a dual business model of "real estate + renewable energy" [1][10]. Group 1: Divestment of Mining Business - On May 10, Wolong Real Estate announced plans to sell 90% of its stake in Shanghai Mining to its indirect controlling shareholder, Wolong Holdings, marking a complete exit from the mining trade [3][4]. - In 2024, Wolong Real Estate's total revenue was reported at 3.611 billion yuan, with the mining business contributing 2.477 billion yuan, accounting for 68.6% of total revenue [3][4]. - The decision to divest comes amid a decline in the revenue of the mining business, which fell from 3.599 billion yuan in 2022 to 2.477 billion yuan in 2024 [4][6]. Group 2: Shift to Renewable Energy - Concurrently, Wolong Real Estate has acquired several companies in the renewable energy sector, including Zhejiang Long Energy and Zhejiang Wolong Energy Storage, and will change its name to "Wolong New Energy" on May 15 [10][12]. - The acquired companies include one profitable entity, Long Energy, which reported a net profit of approximately 105 million yuan in 2024, while the others reported losses [12]. - The strategic shift towards renewable energy is seen as a proactive response to industry cycles and aims to capture growth opportunities in the context of global energy transition and carbon neutrality goals [12][13]. Group 3: Industry Context and Challenges - The renewable energy sector is experiencing high growth, with global photovoltaic installations increasing by over 30% in 2024, and battery shipments growing by 25% [13]. - However, the industry is also facing challenges, with some companies experiencing profit declines, highlighting the competitive landscape and the need for effective resource integration and management [13][16]. - The trend of real estate companies diversifying into other sectors, such as renewable energy, is becoming more common as firms seek to mitigate risks associated with the traditional real estate market [14][15].

华夏时报（www.chinatimes.net.cn）记者 张智 北京报道 从环比看，CPI由降转升，涨幅高于季节性水平0.2个百分点，主要是食品、出行服务回升带动。 5月10日，国家统计局发布的物价数据显示，4月份，全国居民消费价格指数（CPI）环比由上月下降0.4%转为上 涨0.1%，同比下降0.1%，降幅与上月相同；扣除食品和能源价格的核心CPI同比上涨0.5%。 "4月CPI同比增速大致符合市场预期，环比增速由降转升至0.1%，涨幅高于季节性水平0.2个百分点，主要是食 品、出行服务回升带动。4月PPI同比增速录得-2.7%，略好于市场预期，环比下降0.4%，主要受4月国际定价的大 宗商品价格下行等输入性因素影响，关税等国际经贸环境变化对PPI的影响暂未充分显现。"浙商证券首席经济学 家李超对《华夏时报》记者分析表示。 "虽然国际输入性因素对部分行业价格产生一定下拉影响，但我国经济基础稳、韧性强，各项宏观政策协同发力， 高质量发展扎实推进，部分领域价格呈现积极变化。"国家统计局城市司首席统计师董莉娟解读数据时表示。 按照预测，二季度经济相较一季度将有所回落，全年可能呈现前高中低后稳的U型走势，物价回升 ...

近年来，北京市外调绿电规模持续扩大，绿电供应更加充足。数据显示，从2016年到2024年，北京市外 调绿电消纳量由98亿千瓦时提升至350亿千瓦时，全市绿电量占全社会用电量比重由12%提升至29%。 2025年，预计北京外调绿电规模将超过400亿千瓦时。 （文章来源：人民日报） 北京与新疆有着至少2个小时的光照时差，每年4月份，新疆光伏发电出力最高峰为每天15时，而北京用 电晚高峰从17时开始。两地以错峰交易巧解绿电供需"时空锁"，这不仅让新能源企业更准确预测发电能 力，也以小时级交易曲线充分挖掘绿电潜力，让新疆午后光伏发电高峰与北京傍晚用电高峰精准衔接， 形成能源时空互补格局。 首都电力交易中心交易员崔东君介绍，绿电错峰交易的新模式由北京电力交易中心与首都电力交易中 心、新疆电力交易中心联合实施，在扩大绿电进京规模的同时，也有效促进了新疆光照充足时段的光伏 消纳。 新疆风、光资源丰富，新能源装机规模已突破1亿千瓦。2025年以来，首都电力交易中心通过平台聚合 等方式，创新开展省份间绿电集中竞价交易，截至5月初，新疆送北京绿电交易达成电量已经超过3200 万千瓦时。 傍晚的首都北京，华灯初上。国家大剧院内，舞 ...

输/售气量 证券代码：600956 证券简称：新天绿能 公告编号：2025-025 新天绿色能源股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据公司初步统计，2025年4月，本公司及子公司按合并报表口径完成发电 量1,477,832.60兆瓦时，同比增加16.91%。截至2025年4月30日，累计完成发电量 发电量 地区 2025 年 4 月 同比变动 2025 年 1-4 月 同比变动 （兆瓦时） （%） （兆瓦时） （%） 风电业务 1,448,098.38 16.01 5,911,582.04 10.98 河北 1,040,486.76 20.19 4,341,569.16 13.91 山西 49,591.32 76.58 210,571.92 29.91 新疆 29,009.36 -30.29 95,661.69 -21.78 云南 59,548.95 -25.58 238,910.67 -19.45 山东 10,332.64 62.27 32,696.04 -1.00 内蒙古 75,063.98 4 ...