2025年4月30日晚间，珈伟新能（SZ300317，股价3.70元，市值30.72亿元）发布公告称，公司控股股东 阜阳泉赋企业管理有限责任公司（以下简称阜阳泉赋）于近日被中国证券监督管理委员会深圳监管局采 取了出具警示函措施。 据公开信息，阜阳泉赋成立于2021年，注册资本2亿元人民币。 （文章来源：每日经济新闻） 同时，阜阳泉赋的一致行动人阿拉山口市灏轩股权投资有限公司处于破产重整阶段，因股票质押融资逾 期涉及诉讼、仲裁，其所持股份被司法冻结。 《每日经济新闻》记者注意到，2024年9月，阜阳泉赋通过珈伟新能披露增持公司股份计划的公告，承 诺在公告之日起6个月内以自有资金增持不低于6000万元珈伟新能的股票。而截至2025年3月6日增持计 划届满，阜阳泉赋尚未增持珈伟新能股票。 《每日经济新闻》记者注意到，截至2024年12月30日，阜阳泉赋及其一致行动人所质押的珈伟新能股份 占上市股份总数的16.15%，占实际控制人及其一致行动人持有公司股份总数的86.95%。 深圳证监局认为，上述行为构成了违反承诺的情形，遂对阜阳泉赋采取出具警示函的监管措施。 资料显示，珈伟新能主营新能源发电相关业务及光伏消费产品的 ...

Group 1 - The company reported a total operating revenue of 1.36 billion yuan in Q1 2025, with a net profit attributable to shareholders of 90.28 million yuan, and a positive net cash flow from operating activities of 145 million yuan [1] - In 2024, the company achieved an annual operating revenue of 5.923 billion yuan, a 115.38% increase since its listing in 2006, with new contracts in the construction industry amounting to 4.178 billion yuan and total assets reaching 15.2 billion yuan [1] - The company plans to distribute a cash dividend of 1 yuan per 10 shares (tax included), having cumulatively distributed cash dividends of 1.293 billion yuan (tax included) since its listing [1] Group 2 - The company has established a strong presence in municipal, rail transit, and building construction sectors, with comprehensive construction technology and qualifications, and has received numerous national awards for its projects [2] - As the first private enterprise in China to obtain "Double Special Double First-Class" qualifications, the company focuses on quality control and has built a reputable brand image in the Yangtze River Delta region [2] Group 3 - The company is actively responding to the "dual carbon" strategy by investing in and signing contracts for renewable energy projects, including a 200MW/400MWh energy storage project and a 150MW photovoltaic power generation project [3] - In 2024, the company's subsidiary operated a 80MW photovoltaic power station with a stable output of 133 million kWh [3] - National fixed asset investment in 2024 was 51.4374 trillion yuan, a 3.2% year-on-year increase, with the construction industry output value reaching 32.6501 trillion yuan, a 3.9% increase [3] Group 4 - The company secured new construction contracts worth 4.178 billion yuan in 2024, including significant infrastructure projects in Guangdong and Zhejiang [4] - The company has achieved notable milestones in construction technology, including the successful completion of long tunnels and non-excavation techniques, and has received multiple quality and safety awards [4] Group 5 - The company plans to continue focusing on the Yangtze River Delta infrastructure market and strengthen its traditional advantages in rail transit and municipal projects [5] - The company aims to deepen cooperation with state-owned enterprises and explore overseas business opportunities while leveraging its high-tech enterprise qualifications [5] - The company intends to integrate construction capabilities with renewable energy and technology to optimize its business structure and create new growth avenues [5]

公 司 研 究 珠海港（000507.SZ）：业绩稳健，"双 轮驱动"战略持续推进 2025 年 5 月 6 日 推荐/维持 珠海港 公司报告 事件：2024 年公司实现营收 51.25 亿元，同比下降 6.1%，归母净利润 2.92 亿元，同比增长 5.4%，EPS 为 0.254 元。一季度公司营收 11.93 亿元，同比 下降 10.9%，归母净利润 0.78 亿元，同比增长 36.9%。 码头板块积极应对传统优势货种的需求下降，抗风险能力有所提升：受经济增 速下行影响，24 年公司旗下多个码头的传统优势货种需求承压，例如兴华港 口优势板块纸浆进口量下降，云浮新港主力的石材类货源也出现需求下滑。为 应对传统优势项目的下滑，各码头积极拓展新业务。兴华港口钢材、设备、吨 袋等货种增长显著；云浮新港积极向广西方向拓展货源腹地，并加大非石材货 源的业务开发力度；桂平新龙码头积极推广集装箱车辆高速费用减半政策，深 入挖掘黔江上游的货源腹地，弥补因市场竞争和需求不足而流失的货源。 24 年公司下属码头货物吞吐量 5784.35 万吨，同比增长 15.47%。港口板块 实现营收 7.80 亿元，同比下降 2.38%， ...

Investment Rating - The report maintains a "Buy" recommendation for key companies in the electric new energy sector, including 宁德时代 (CATL), 科达利 (Kodali), and 中科电气 (Zhongke Electric) among others [3][24]. Core Insights - The overall fund holding ratio in the electric new energy sector has decreased, with a fund holding ratio of 9.20% as of Q1 2025, down by 1.35 percentage points quarter-on-quarter [1][7]. - The electric new energy sector's market capitalization accounted for 5.29% of the total market capitalization, reflecting a slight increase of 0.18 percentage points quarter-on-quarter [1][7]. - The report highlights a shift in fund holdings towards the electric vehicle and power equipment sectors, while the renewable energy generation sector has seen a deeper adjustment [2][14]. Summary by Sections Overall Sector Analysis - As of Q1 2025, the fund holding ratio for the electric new energy sector is 11.87%, down by 0.56 percentage points quarter-on-quarter [1][7]. - The market capitalization of electric new energy stocks in the A-share market is 7.78%, up by 0.61 percentage points quarter-on-quarter [1][7]. Subsector Analysis - The fund holding ratio for the electric vehicle sector is 8.65%, up by 0.11 percentage points quarter-on-quarter, while the renewable energy generation sector's holding ratio is 1.82%, down by 0.67 percentage points [2][14]. - The power equipment and industrial control sector has a fund holding ratio of 1.50%, up by 0.06 percentage points quarter-on-quarter [2][14]. Investment Recommendations - Recommended stocks in the electric vehicle sector include 宁德时代 (CATL), 科达利 (Kodali), and 中科电气 (Zhongke Electric) [2][24]. - For the power equipment and industrial control sector, recommended stocks include 许继电气 (XJ Electric), 平高电气 (Pinggao Electric), and 思源电气 (Siyuan Electric) [2][24]. - In the renewable energy sector, recommended stocks include 东方电缆 (Oriental Cable), 海力风电 (Haili Wind Power), and 阳光电源 (Sungrow Power) [2][24]. Key Company Forecasts - 宁德时代 (CATL) is projected to have an EPS of 11.58 yuan in 2024, with a PE ratio of 20, and is rated as a "Buy" [3][24]. - 科达利 (Kodali) is expected to have an EPS of 5.44 yuan in 2024, with a PE ratio of 24, and is also rated as a "Buy" [3][24]. - 中科电气 (Zhongke Electric) is forecasted to have an EPS of 0.44 yuan in 2024, with a PE ratio of 34, and is rated as a "Buy" [3][24].

丨证券研究报告丨 联合研究丨公司点评丨龙源电力（001289.SZ） [Table_Title] 偏弱来风限制业绩表现，内生外延保障长期成长 报告要点 [Table_Summary] 受偏弱来风影响，一季度公司风电平均利用小时同比下降 55 小时，但新能源装机保持快速扩 张，剔除火电剥离因素，一季度发电量同比增长 8.81%。公司一季度营业收入同比减少 19.00%， 营收的偏弱表现主因系火电资产的剥离影响。随着新能源项目的持续投产，折旧摊销等成本同 比增加，新能源成本增加幅度大于售电收入的增加，新能源板块毛利率预计有所下滑。在火电 业务剥离、新能源经营承压的共同影响下，公司 2025 年一季度实现归母净利润 19.02 亿元， 同比减少 22.07%。 分析师及联系人 [Table_Author] 张韦华 邬博华 司旗 宋尚骞 刘亚辉 SAC：S0490517080003 SAC：S0490514040001 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% ...

Core Insights - The People's Bank of China Dongguan Branch is actively promoting green finance to support the local economy's transition to low-carbon development, with a green loan balance of 249.36 billion yuan as of Q1 2025, reflecting a growth of 7.99% since the beginning of the year, outpacing the overall loan growth rate by 5.27 percentage points [1] Group 1: Financial Support and Policy Tools - A Guangdong-based new energy company received a loan of 10 million yuan from Dongguan Bank, supported by the "Guanlv Rong" small re-loan program, aimed at enhancing green energy supply capabilities [2] - The Dongguan Branch has injected 51.221 billion yuan through structural monetary policy tools in 2024, a year-on-year increase of 4.496 billion yuan, with a focus on carbon reduction support tools [2] - The "Guanlv Rong" program has disbursed 157 million yuan in small re-loans and facilitated 373 million yuan in "Green Chain" re-discounts, while guiding local banks to issue green bonds totaling 1.5 billion yuan [2] Group 2: Innovative Financial Products - Dongguan Jinzhou Paper Industry Co., Ltd. utilized a carbon emissions rights pledge to secure a loan of 500,000 yuan, demonstrating a new financing model that enhances carbon asset liquidity [3] - The introduction of the "Stable Business Card" by Dongguan Rural Commercial Bank provided 4.5 million yuan to support a marine ranch project, recognized as a 2024 "Green Finance Reform and Innovation Promotion Case" [3] Group 3: Financing Services and Industry Support - In 2024, local banks issued loans totaling 20.43 billion yuan to green manufacturing enterprises, significantly supporting their low-carbon transition projects [4] - The Dongguan Branch established a financing mechanism connecting leading enterprises, cooperative banks, and small and micro enterprises, with a total credit amount of 3.8 billion yuan for the new energy sector [4] - A Guangdong ceramic company received a loan of 1.5 million yuan to implement low-carbon transition technologies, highlighting the financial support for energy structure optimization [4] Group 4: Standards and Guidelines for Low-Carbon Transition - The Dongguan Branch facilitated the release of the "Guangdong Province Ceramic Industry Transition Financial Implementation Guidelines," providing operational guidance for financial support in low-carbon transitions [5] - The first financial loans for the cement industry transition were issued, with 20 million yuan allocated to support a local cement company's transformation efforts [5] - The integration of finance and green initiatives is expected to enable more Dongguan enterprises to advance in their green development and transformation journeys [5]

不久前，国家发展改革委、国家能源局联合发布《关于深化新能源上网电价市场化改革促进新能源高质 量发展的通知》，决定推进新能源全电量入市、实现上网电价全面由市场形成。此举打破了新能源发电 长期依赖政府定价的局面，开启了新能源全面参与电力市场化交易的新时代。对于新能源发电企业来 说，既是挑战也是机遇。 过去，新能源发电企业习惯了政府定价模式，收益相对稳定，企业只需专注于发电生产。如今企业必须 走出"温室"，迎接复杂多变的市场挑战。在收入方面，新能源电站收入结构将发生重大变化，从原来的 保障性收入，转变为以市场交易收入为主，存在较大波动的可能；在市场竞争方面，随着新能源装机规 模持续扩大，市场供应能力显著增强，当电力市场供大于求时，新能源发电企业为争取更多发电机会， 不得不参与激烈的市场竞争，若企业交易策略缺乏灵活性和竞争力，就可能导致发电量受限，面临盈利 压力。 更高的市场化环境，也意味着更多的机遇。价格市场化信号，将倒逼企业通过技术创新、成本控制和管 理优化提升竞争力。比如，新能源增量项目通过竞价确定机制电价，成本更低、技术更优的企业将获得 竞争优势，推动行业从"补贴依赖"转向"技术驱动"。未来的新能源发展模式， ...

Core Viewpoint - China Tianying reported a revenue increase of 6.46% in 2024, but net profit decreased by 16.99%, indicating challenges in cost control and market environment [1][6] Environmental Business - The environmental business, particularly waste-to-energy projects, showed stable growth with 20 operational projects processing a total of 21,550 tons of waste daily [4] - The annual household waste input reached approximately 8.49 million tons, a 20% increase, while electricity generated was about 2.197 billion kWh, up 15% [4] - The steam supply business became a significant profit supplement, with external steam sales increasing by 177.35% to 1.7 million tons [4] - Despite good performance, the company needs to focus on controlling operational costs due to rising environmental standards and potential increases in equipment upgrade and emission control investments [4][6] New Energy Business - The new energy sector emerged as a highlight in 2024, driven by the national "dual carbon" strategy, with projects in green electricity, green hydrogen, and green ammonia/alcohol [5] - Agreements were signed for a wind-solar-hydrogen-ammonia integrated project, including 400 MW of off-grid wind power and 400 MW of grid-connected wind power, expected to produce 19,500 tons of hydrogen and 100,000 tons of methanol annually [5] - Additional projects in Liaoyuan include 214.5 MW of off-grid wind power and 514.8 MW of grid-connected wind power, indicating accelerated development in the new energy sector [5] International Expansion and Technological Innovation - The company made significant progress in international expansion, particularly in "Belt and Road" countries, with the Hanoi project processing over 4,000 tons of waste daily [6] - Technological innovations include the development of intelligent sorting and cleaning robots, which can reduce costs and increase efficiency by over 30% [6] - The company continues to upgrade its proprietary technologies, such as large-capacity mechanical grate furnaces and plasma melting, contributing to the intelligent development of the environmental industry [6]

25Q1 归母净利+18%，看好公司长期海风发 展潜力 事项： 公司 2024 年实现总营业收入 17.41 亿元，同比增长 0.54%；实现归母净利润 6.51 亿元，同比减少 4.03%。2025 年一季度公司实现总营业收入 5.14 亿元， 同比增长 10.43%；实现归母净利润 2.51 亿元，同比增长 18.1%。 评论： [ReportFinancialIndex] 主要财务指标 公司研究 证 券 研 究 报 告 中闽能源（600163）2024 年报及 2025 年一季报点评 强推（维持） | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,741 | 1,830 | 2,095 | 2,697 | | 同比增速(%) | 0.5% | 5.1% | 14.5% | 28.7% | | 归母净利润(百万) | 651 | 741 | 864 | 1,070 | | 同比增速(%) | -4.0% | 13.8% | 16.5% | 23.9% | | 每股盈利(元) | 0.34 ...

Group 1: Energy Projects - The construction of the China Green Development Ginta Multi-Energy Complementary Power Station in Gansu is accelerating, with the molten salt liquefaction process nearing completion during the May Day holiday. The power station is expected to generate 1.45 billion kilowatt-hours annually upon completion [1] - In Jiangsu, the Guodian Investment Binhai 2×1 million kilowatt thermal power expansion project is underway, with 410 workers actively engaged. Once operational, it will supply 10 billion kilowatt-hours of electricity to the Yangtze River Delta each year [1] - The Qingyu DC Phase II 100 MW solar thermal power station in Qinghai is preparing for grid connection testing, with over 100 workers involved in pipeline and heliostat inspections. This project is part of the world's first long-distance renewable energy transmission corridor and is expected to generate 227.1 million kilowatt-hours annually [1] Group 2: Civil Engineering Projects - The Kunming Changshui International Airport expansion project in Yunnan is progressing rapidly, utilizing advanced distributed IoT management to create a smart terminal [2] - The Jinan Metro Line 4 has achieved a significant breakthrough with the completion of a 589-meter underground tunnel, paving the way for its operation by the end of the year [2] - The Longyun Irrigation District project in Guangxi is over 85% complete, with the construction of three remaining dams underway. Once finished, it will improve irrigation for 514,000 acres and produce an average of 32,400 tons of grain annually [2] - The Dianzhong Water Diversion Project, the largest water resource allocation project in Southwest China, has over 2,000 workers focused on tunnel excavation. The project aims to alleviate water supply issues in urban areas and improve local ecological conditions [2]