丨证券研究报告丨 公司研究丨点评报告丨粤电力 A（000539.SZ） [Table_Title] 偏弱量价限制营收表现，业绩压力环比有所释放 报告要点 [Table_Summary] 燃料成本的优化难以对冲煤电量价双弱的压力，上半年煤电业务实现归母净利润 2910 万元， 同比下降 90.48%；受营业成本大幅抬升影响，气电业务实现归母净利润-21790 万元，同比大 幅转亏。新能源板块上半年归母净利润 1.03 亿元，同比减少 48.15%。整体来看，火电及清洁 能源板块均明显承压，叠加投资收益同比下降，上半年公司归母净利润 0.32 亿元，同比降低 96.40%。单二季度来看，随着二季度新增发电产能的释放以及风况的边际改善，公司盈利能力 有所修复，二季度公司实现归母净利润 4.15 亿元，同比减少 46.52%，但环比一季度扭亏为盈。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 %% %% %% %% research.95579 ...

Core Viewpoint - The company Kuangda Technology (002516.SZ) is undergoing a significant ownership change, with its controlling shareholder, Shen Jialiang, transferring 28% of the company's shares to Zhuzhou Qichuang, which is expected to enhance the company's long-term development and operational efficiency [1][5][6]. Company Overview - Kuangda Technology specializes in the research, production, and sales of automotive interior materials and components, as well as the investment and operation of photovoltaic power plants [3][9]. - The company has also entered the radio frequency front-end filter sector through its investment in a joint venture, Chip Investment Microelectronics [3][9]. Share Transfer Details - Shen Jialiang signed a share transfer agreement on September 5, 2025, to transfer 412 million shares at a price of 5.39 yuan per share, totaling 2.22 billion yuan [4][5]. - Following the transfer, Shen and his associates will hold approximately 327 million shares, representing 22.21% of the total shares, and will relinquish all voting rights associated with these shares [5][6]. Financial Performance - In the first half of 2025, Kuangda Technology reported revenues of 1.066 billion yuan, a year-on-year increase of 7.09%, and a net profit of 76.77 million yuan, also up 7.01% [1][8]. - The company's financial health is strong, with cash and trading financial assets amounting to 235 million yuan and 617 million yuan, respectively, and no short-term or long-term debt, resulting in an asset-liability ratio of only 18.23% [2][8]. Historical Performance - From 2021 to 2024, Kuangda Technology's revenue showed a steady increase, with figures of 1.724 billion yuan, 1.784 billion yuan, 1.803 billion yuan, and 2.098 billion yuan, reflecting growth rates of 15.68%, 3.51%, 1.09%, and 16.35% respectively [7]. - The automotive interior business generated 1.926 billion yuan in revenue in 2024, marking a 20.88% increase, while the photovoltaic segment saw a decline in revenue and profitability [7][8]. Industry Context - The automotive interior materials sector is experiencing complex and changing dynamics, with Kuangda Technology positioned to meet diverse market demands through its comprehensive production capabilities and product offerings [9]. - The company is also expanding its technological capabilities in the radio frequency front-end filter market, having acquired a Japanese company and established partnerships with domestic firms [9].

长江商报消息 ●长江商报记者 沈右荣 大型综合电力能源企业甘肃能源（000791.SZ）继续大手笔进行产业布局。 9月3日晚间，甘肃能源发布公告，为进一步扩大公司新能源发电装机规模，公司拟通过控股子公司甘肃电投民勤 新能源有限公司（以下简称"民勤公司"）投资建设民勤100万千瓦风光电一体化项目，项目总投资约40.89亿元。 近年来，甘肃能源动作频频，包括作价76.28亿元收购常乐公司66%股权等，公司因此形成了"风光水火储"多能互 补的电源结构。 截至2025年6月底，甘肃能源已发电控股装机容量为753.97万千瓦。上半年，公司所属电站上半年完成发电量 126.37亿千瓦时。 半年报显示，受发电成本下降等影响，2025年上半年，甘肃能源实现归母净利润8.25亿元，较上年同期增长 16.87%。 此前的2022年至2024年，甘肃能源实现了营收、净利连续三年双增。 甘肃能源的经营现金流保持净流入状态。2025年上半年，公司经营现金流净流入金额为22.25亿元，同比增长 71.25%。 超40亿建设加码产业布局 甘肃能源继续加码产业布局，拟投资建设风光电一体化项目。 根据最新公告，为进一步扩大公司新能源发电装机规 ...

Company News - Sunflower is planning to acquire the controlling stake in Xi Pu Materials and 40% stake in Bei De Pharmaceutical, with the stock suspended from trading starting September 8 [1] - CATL launched the world's highest safety level power battery technology NP3.0, which can maintain over one hour of high-pressure continuous power supply during thermal runaway situations [4] - ST Busen announced plans to sell 35% of its stake in Shaanxi Busen to Nantong Erfangji, which is expected to constitute a major asset restructuring [4] - Nanxin Technology intends to issue convertible bonds to raise up to 1.933 billion yuan for various chip development projects [5] - Jidian Co. received renewable energy subsidy funds totaling 913 million yuan in August, with a total of 1.271 billion yuan received from January to August, marking a 154.2% increase year-on-year [6] Industry News - The 25th China International Investment and Trade Fair will be held in Xiamen from September 8 to 11 [2] - The State Administration of Foreign Exchange reported that China's foreign exchange reserves reached 33,222 billion USD by the end of August, an increase of 29.9 billion USD from the end of July [3] - The People's Bank of China reported that UnionPay and Wanglian processed 2.76996 trillion payment transactions in July and August, with a year-on-year growth of 14.59% in transaction volume [3]

布好一张网。构建新型电力系统的时间跨度长、涵盖领域广，是一项系统性、长期性工程，需要聚焦清 洁低碳、安全充裕、经济高效、供需协同、灵活智能等目标，做到"风光水火"多能互补、"源网荷储"供 需协同。要从供需两侧共同发力，统筹新能源开发、火电建设、电网建设、储能发展、电力内消外送， 强化资源配置和产业协同，打造数智化坚强电网。 走好一条路。大力发展绿电，既是践行"两山"理念的重要举措，更是推动绿色低碳转型升级的重要路 径。特色优势产业与清洁能源协同发力、耦合发展，将为产业绿色发展注入新动力。立足能源资源禀 赋，要以新能源开发为牵引，通过绿电园区建设提质提效推动工业园区绿色低碳转型，积极推动特色优 势产业清洁能源替代。面对存在的短板弱项，要积极想办法解决。比如，服务新能源并网消纳，要保障 国家沙戈荒大基地等新能源项目"应接尽接""能并尽并"，完善新能源及储能全流程并网管理流程。结合 新能源出力与负荷预测情况，精细做好调度，促进新能源高效利用，推动发电侧、电网侧、需求侧各方 互利共赢。 （文章来源：经济日报） 在落实"双碳"目标的大背景下，电力特别是绿色电力受到更多关注。构建新型电力系统，是助力实 现"双碳"目标的关 ...

证券研究报告 | 行业周报 gszqdatemark 2025 09 07 年 月 日 电力 可再生能源补贴密集发放，利好绿电运营商 本周行情回顾：本周（9.1-9.5）上证指数报收 3812.51 点，下跌 1.18%， 沪深 300 指数报收 4460.32 点，下跌 0.81%。中信电力及公用事业指数 报收 3050.21 点，上涨 0.51%，跑赢沪深 300 指数 1.33pct，位列 30 个 中信一级板块涨跌幅榜第 6 位。 个股方面，电力及公用事业板块上市公司超半数下跌。 本周行业观点： 我们认为，"136 号文"（《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》）推动新能源全面入市，新能源发电竞 争加剧，在此背景下国家可再生能源补贴回收加快，有望极大程度上 缓解绿电运营商现金流压力，利好运营商纾困反转，有利于行业长期 发展。 投资建议：可再生能源补贴加快回收，有望宽松绿电运营商现金流，缓冲 行业走势 -10% 2% 14% 26% 38% 50% 2024-09 2025-01 2025-05 2025-09 电力 沪深300 作者 邮箱：gaoziming@gszq.co ...

责任编辑：小讯 利欧股份：筹划发行H股股票并在香港联交所上市 天际股份：固态电池概念受到市场关注度较高 子公司已获得硫化锂材料及其制备方法和应用专利授权 卫光生物：竞得土地使用权并签署成交确认书 甘肃能源：常乐公司2×1000兆瓦燃煤机组扩建项目5号机组正式投入商业运营 兆新股份：第一大股东在公司股票交易异常波动期间未买卖公司股票 电工合金：股东拟通过大宗交易受让间接持股 涉及不超过240万股 二连板天际股份：固态电池概念受到市场关注度较高 子公司已获得硫化锂材料相关专利授权 南芯科技：拟发行可转债募资不超19.33亿元 用于智能算力领域电源管理芯片研发及产业化项目等 宁波远洋：拟投资设立2家境外公司 吉电股份：8月公司所属单位共收到国家可再生能源补贴资金9.13亿元 神农集团：8月销售生猪16.64万头 销售收入2.85亿元 天邦食品：8月份销售商品猪52.97万头 销售收入6.21亿元 【重大事项】 罗博特科：筹划发行H股股票并在香港联交所上市 【业绩】 ...

又一例A拆A宣告终结 关于分拆上市终止的原因，正泰电器在公告中称，鉴于正泰安能业务发展较好、业绩增速快，为统筹安 排公司业务发展，经公司综合判断当前市场环境等因素考虑，与相关各方充分沟通及审慎论证后，公司 决定终止分拆正泰安能至上交所主板上市，并撤回相关上市申请文件。 9月1日至9月7日，沪深北交易所仅2家企业终止审核，均为上交所主板申报企业，分别为陕西省水电开 发集团股份有限公司（下称"陕西水电"）、正泰安能数字能源（浙江）股份有限公司（下称"正泰安 能"），保荐机构分别为中信建投和西部证券、国泰海通证券。 9月1日，正泰安能及其保荐人撤回发行上市申请，上交所终止审核。正泰安能控股股东为国产低压电器 龙头正泰电器（601877.SH），正泰电器直接和间接持有正泰安能64.13%股权，南存辉为实际控制人。 报告期内，陕西水电实现营业收入分别为10.3亿元、10.82亿元、10.6亿元；实现净利润分别为1.97亿 元、2.95亿元、3.7亿元，其中，2024年的营业收入下滑近2%。另外，2024年，该公司扣非后净利润缩 水至1.7亿，同比下滑近40%。陕西水电称，主要因为水力发电业务受来水量大幅下降影响引致毛利 ...

Core Viewpoint - Hubei Energy Group held a performance briefing for the first half of 2025, discussing business strategies, profit margins, and future development plans with participation from various securities firms and investors [1] Group 1: Business Strategy and Planning - The company has initiated the "14th Five-Year Plan" in Q1 2025, focusing on key business areas and new business research, aiming to meet the electricity demand in Hubei and expand nationally and internationally [1] - Future strategies include exploring new business opportunities in maintenance, new energy storage technologies, and hydrogen energy [1] Group 2: Financial Performance - For the first half of 2025, the company's gross profit was 2.018 billion yuan, with hydropower gross profit decreasing by 644 million yuan due to lower water levels and a 34.10% drop in hydropower generation [2] - The gross profit from thermal power increased by 48 million yuan, while the gross profit from new energy generation decreased by 1.24 billion yuan due to intensified market competition and rising fixed costs [2] Group 3: Revenue and Profit Margin Improvement Measures - The company plans to enhance revenue and improve gross margins by strengthening market marketing, optimizing power trading strategies, and controlling costs [3] - Emphasis will be placed on increasing equipment utilization and stability to boost power generation [3] Group 4: Capacity Expansion and Project Costs - The company expects to add 1 million kilowatts of new capacity in 2025, with major projects including pumped storage and thermal power projects, with completion dates ranging from 2025 to 2030 [4] - The unit cost for ongoing wind power projects is approximately 5.5 yuan per watt, while the unit cost for solar projects expected to be completed in 2024 is about 3.5 yuan per watt [4] Group 5: Hydropower Station Status and Revenue Stability Measures - As of August 31, the water levels at major hydropower stations have increased compared to the previous year, but the overall water inflow is expected to be 30% lower [5] - The company is optimizing water level control and enhancing collaborative scheduling among hydropower stations to stabilize revenue [5] Group 6: New Energy Subsidies and Other Business Situations - As of June 2025, the company has 3.139 billion yuan in unrecovered new energy subsidies, with 425 million yuan recovered in 2024 [6] - The company is adapting to market changes and optimizing its regional layout to enhance profitability in the competitive electricity market [6][7] Group 7: Financial Management and Future Plans - As of June 2025, the company's interest-bearing debt was 47 billion yuan, with a financing cost rate controlled within 3% [7] - The company is exploring options to increase dividend frequency and proportion, and has submitted registration materials for a private placement to the regulatory authority [7]

AI基金易方达港股通红利混合A（005583）披露2025年半年报，上半年基金利润2.31亿元，加权平均基金份额本期利润0.0826元。报告期内，基金净值增长 率为10.82%，截至上半年末，基金规模为26.56亿元。 该基金属于灵活配置型基金。截至9月5日，单位净值为0.872元。基金经理是唐博伦。 基金管理人在半年报中表示，相较于去年，今年以来港股市场出现了几个变化： 第一，年初至今高股息指数跑输宽基指数。一方面，表现较好的AI、生物 医药相关板块在高股息和价值板块中敞口较小；另一方面，部分传统股息板块经过过去两年的上涨，估值吸引力下降，出现滞涨情况。 第二，区别于往 年，高股息指数内部出现了巨大的分化，部分板块表现优劣排序为：银行、多品类零售、电信、公用事业。 第三，港股市场增量资金在一季度快速流入后 逐渐放缓，而IPO和配售等融资金额在一季度后出现加速。新股和配售市场异常火爆。 向前展望，我们认为，若市场因为资金流入放缓叠加融资加速陷入焦灼，滞涨的高股息板块可能出现超额机会。在股息类资产内部，我们相对看好滞涨的公 用事业等板块，它们不仅估值相对较低，且处在资本开支下行周期中，自由现金流呈现改善状态，存 ...