今天是第31个世界防治荒漠化和干旱日，今年的主题是"恢复土地，释放机遇"。 防沙治沙是全社会共同的事业，需要全社会共同努力，不能只靠政府唱"独角戏"。这就必须建立合理的 利益联结机制，让企业有动力投入、群众有热情参与、社会资本有信心跟进。新疆维吾尔自治区阿克苏 地区按照"谁建设、谁管护，谁投资、谁受益"的原则，发展梭梭、沙枣、酸枣、肉苁蓉等种植业，引进 加工企业延长产业链；内蒙古自治区在鄂尔多斯、阿拉善盟等地规划了防沙治沙和风电光伏一体化项 目，由新能源企业牵头，联合新能源装备制造、生态治理企业等组建联合体负责建设，实施主体要拿出 一定比例收益开展沙化土地综合治理；内蒙古自治区锡林郭勒盟建立"党委领导、政府统筹、部门联 动、社会参与"的多元治理机制，确定"谁的草场谁申请、谁治理，谁管护、谁受益"的原则，通过以工 代赈、先建后补等机制，充分调动农牧民的积极性，让他们成为防沙治沙的主角……这一系列措施的实 施，让治沙者获得实惠，使治沙成为可持续的产业，产业治沙的路径也就越走越宽。 尽管成效显著，但当前我国产业治沙仍面临不少挑战。比如，面对水资源的刚性约束，产业选择必须坚 持节水优先、适度发展；部分地区产业仍以初级 ...

风、光等新能源发出的绿色电力如何抵达用户？"先连接到输电网，再走配电网输送"是惯常路径。 近日，国家发展改革委、国家能源局印发《关于有序推动绿电直连发展有关事项的通知》(以下简称 《通知》)，鼓励建设绿电直连项目。简单地说，就是新能源发电不接入公共电网，直接点对点输送至 电力用户。 谁能开展绿电直连？ 为什么要开展绿电直连？哪些主体可以参与绿电直连？点对点的输电线路由谁来建？ 什么是绿电直连？ ——新能源不直接接入公共电网，通过直连线路向单一电力用户供给绿电，可实现供给电量清晰、物理 溯源准确 要理解绿电直连，不妨先了解电力输送的基本流程。 以电站型电源为例，风、光等新能源和煤炭等传统能源发的电，通常要经过升压接入电网。而后，这些 电"搭乘"电网输送至用电地区，再将电压降至适合用户使用的等级，经配电网分配至各电力用户。在这 种输电流程中，电力来源比较丰富，用户也较难分清自己用的是煤电还是绿电、各类电源占了多大比 例。有人打比方，这就是各种来源的电力"拼团"。 而绿电直连，就是为绿色电力架起一条专属通道。国家能源局有关负责人介绍，直连是指电源不直接接 入公共电网，而通过与用户直接连接的电力线路向单一用户供电，供 ...

Financial Data and Key Metrics Changes - The company reported a profit before tax of INR 10 billion, representing a 23% increase year-on-year [11] - Adjusted EBITDA for Q4 FY 2025 was INR 22.1 billion, a 32% increase compared to the previous year [21] - The profit after tax for Q4 was INR 3.1 billion, with a full-year profit after tax of INR 4.6 billion [22] Business Line Data and Key Metrics Changes - The total operating megawatts reached 11.2 gigawatts, a 17% increase year-on-year, and 21% when excluding asset sales [6] - The contracted portfolio now stands at 18.5 gigawatts, an 18% increase from the previous year [7] - The manufacturing business contributed approximately INR 4.2 billion to the consolidated EBITDA for FY 2025 [19] Market Data and Key Metrics Changes - The company secured a 14% market share in the bids participated in, winning 4.8 gigawatts plus 800 megawatt hours of BEST [9] - The macro environment in India remains robust, with over 50 gigawatts of auctions available annually [8] Company Strategy and Development Direction - The company aims to expand its renewable energy footprint in India, focusing on project development, EPC, and O&M in-house to reduce costs [12] - Plans to expand the cell facility by an additional 4 gigawatts to align with module manufacturing capacity [9] - The company is actively securing land parcels in high radiation and strong wind regions to support future projects [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the renewable energy sector's growth in India, despite geopolitical and economic challenges [11] - The company anticipates continued growth in energy demand and plans to leverage the supportive regulatory environment [13] Other Important Information - The company achieved a top ESG rating, scoring 84.35 in the LSEG ESG rating [30] - The company has raised $260 million in the past six months through capital recycling [23] Q&A Session Summary Question: What are the assumptions for PLF in fiscal 2026? - Management expects PLF levels to be similar to fiscal year 2025 at the lower end of the guidance range [40] Question: What are the expectations for module sales in fiscal 2026? - The company anticipates a mix of DCR and non-DCR sales, with a significant portion of the 1.4 gigawatt order book expected to be fulfilled throughout the fiscal year [41][50] Question: How will the $330 million CapEx for the Topcon facility be financed? - The financing will follow a 70% debt and 30% equity model, similar to previous expansions [43] Question: Are there plans to sell modules outside of India? - Currently, the contracted sales are primarily for the Indian market, but the company is building plans for international sales [49] Question: How will the company take advantage of declining interest rates? - The company plans to refinance existing debt opportunistically and will benefit from lower rates on new debt [52][53] Question: What are the refinancing plans for bonds due in July 2026? - The company is continuously monitoring the market for attractive refinancing opportunities [56]

我国领土辽阔，地跨五个时区。虽然全国统一使用东八区的北京时间，但各区域间存在一定 的光照时差。当北京的傍晚华灯初上，约3000公里外的新疆依然是阳光明媚。如今，这些光 能发出的绿电正在跨省错峰点亮位于北京的首都博物馆的珍藏、国家大剧院的灯光。 《中共中央关于进一步全面深化改革、推进中国式现代化的决定》指出，加快规划建设新型能源体 系，完善新能源消纳和调控政策措施。今年4月起，北京、新疆等地多部门携手，利用两地至少两 小时的光照时差，开创跨省错峰绿电交易新模式，实现了"新疆绿电午间发、北京负荷晚间用"的效 果。这项改革是如何谋划、推进和实现的？ 新疆阳光如何"点亮"北京剧场？ 记者： 我现在正在位于北京市通州区的北京艺术中心，这里也是2023年底才对外开放的城市副中 心"三大建筑"之一。现在是北京时间下午4点多，中心的几个剧场里正在上演着精彩的演出，舞台 在灯光的映照下，绚丽多彩。不过大家知道吗？这背后需要有巨大电能的保障。国家大剧院艺术中 心技术管理部部长于枭告诉我，在这儿演出高峰时期2个小时就要耗费4000度电。但更让我意外的 是，正在剧场里消耗的这些电能全部来自约3000公里外的新疆的太阳光实时发出的绿电 ...

Summary of Key Points Core Viewpoint - The announcement details the interest payment for the "节能转债" (Energy Saving Convertible Bonds) for the year 2025, including important dates and financial specifics related to the bond issuance and interest payment process [1][2]. Group 1: Bond Issuance Overview - The convertible bond, referred to as "节能转债," was issued on June 21, 2021, with a total issuance of 30 million bonds, amounting to a total of 300 million yuan [1]. - The bond has a maturity period of 6 years, with a face value of 100 yuan per bond and a tiered interest rate structure, starting from 0.20% in the first year to 2.00% in the sixth year [1]. - The initial conversion price was set at 4.05 yuan per share, which has been adjusted to 3.37 yuan per share due to multiple equity distribution plans [1]. Group 2: Interest Payment Details - The interest payment period for the current year is from June 21, 2024, to June 20, 2025, with a coupon rate of 1.50%, resulting in an interest payment of 1.50 yuan per bond [1][3]. - The key dates for the interest payment are: - Bondholder registration date: June 20, 2025 - Ex-dividend date: June 23, 2025 - Interest payment date: June 23, 2025 [1]. Group 3: Tax Implications - Individual investors are subject to a 20% personal income tax on the interest income, resulting in a net payment of 1.20 yuan per bond after tax [2][4]. - Non-resident enterprises are exempt from corporate income tax on the interest income from these bonds until December 31, 2025, allowing them to receive the full interest amount of 1.50 yuan per bond [4]. Group 4: Contact Information - The issuer, 中节能风力发电股份有限公司, is located at 42 Xizhimen North Street, Haidian District, Beijing, with a contact number of 010-83052221 [5]. - The sponsor and trustee for the convertible bonds is 中信证券股份有限公司, located at 48 Liangmaqiao Road, Chaoyang District, Beijing, with a contact number of 010-60837212 [5].

Investment Rating - The report maintains a "Positive" investment rating for the municipal environmental protection sector [4]. Core Viewpoints - The industry is entering a period of stock operation with significant capital expenditure reduction, leading to positive free cash flow for companies. By the end of 2023, the national urban domestic waste harmless treatment rate reached 99.98%, and the water supply coverage rates for cities, counties, and rural areas were 99.4%, 98.3%, and 87.5% respectively, indicating a balanced urban water supply capacity [5][4]. - The decline in Hong Kong interest rates is expected to lead to a revaluation of dividend assets, particularly in public utilities such as electricity and municipal environmental protection [5][4]. - The report suggests focusing on public utility assets based on cash flow improvement expectations, dividend performance, and dividend yield as screening criteria, recommending companies such as China Everbright International, Tianjin Chuangye Environmental Protection, and others [5][4]. Summary by Sections Industry Performance - The report highlights the stable profitability of waste incineration power generation and water companies, which follow a permitted return model. The average reasonable profit level for water supply companies has been set at a net asset return rate of 8-10% since 1998 [5][4]. Cash Flow and Dividend Insights - Companies in the waste incineration and water sectors are expected to see improved cash flow as they transition to positive free cash flow. The report notes that historical issues with high accounts receivable are being addressed, with local government debt resolution expected to accelerate accounts receivable collection in 2024 [5][4]. Recommendations - The report recommends several companies based on their dividend rates and expected yields for 2025, including: - China Everbright International: projected dividend yield of 5.9% - Green Power Environmental: projected H-share dividend yield of 8.4% - Beikong Water Group: projected dividend yield of 6.8% - Guangdong Investment: projected dividend yield of 6.4% - Tianjin Chuangye Environmental Protection: projected H-share dividend yield of 5.6% [5][4].

2025 年 5 月，本公司煤炭销售量同比下降的主要原因，是下游煤炭需求偏 弱、受煤炭销售结算进度影响；航运货运量、周转量同比下降的主要原因，是业 务结构调整、航线结构变化；聚乙烯、聚丙烯销售量同比增长的主要原因，是上 年同期煤制烯烃生产设备按计划检修导致基数较低。 证券代码：601088 证券简称：中国神华 公告编号：临 2025-028 中国神华能源股份有限公司 2025 年 5 月份主要运营数据公告 中国神华能源股份有限公司（"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。 | 运营指标 | 单位 | 2025 | 年 | 2024 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （重述后） | | （%） | | | | | 月 5 | 累计 | 月 5 | 累计 | 月 5 | 累计 | | （一）煤炭 | | | | | | | | | 1. 商品煤产量 | 百万吨 | 28.0 | 137.8 | 28.4 ...

公司目前在建和已拿到指标容量超 1GW，正在开发阶段的项目容 量约 2GW-3GW。这些在手项目指标和储备项目足够在未来 3 至 5 年为 公司新能源发电业务板块提供持续的增长，本年一季度末公司与华电 合作的巴彦二期 100MW 风电项目已经完成并网发电，除此之外公司还 有众多在建/储备项目正处于有序进行建设和推进阶段。 证券代码：300040 证券简称：九洲集团 哈尔滨九洲集团股份有限公司投资者关系活动记录表 编号：2025-006 | 投资者关系活动 | 特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （ ） | | 参与单位名称及 | 陈玲-兴全基金固收部总监助理兼基金经理 | | 人员姓名 | 黄煜杰-兴全基金固收部研究员 | | | 薛怡然-兴全基金权益部基金经理助理 | | | 郝骞-光大证券 | | 时间 | 年 月 日 2025 6 13 | | 地点 | 哈尔滨 | | 上市公司参与人 | 董事会秘书 李真 | | 员姓名 | | | | 一、公司情况介绍 ...

Group 1 - The S&P 500 index is considered overvalued based on all valuation metrics tracked by Bank of America, but this is seen as a characteristic of the high-quality, tech-driven index rather than a flaw [1] - The expected price-to-earnings ratio of the S&P 500 is 21 times, approximately 35% higher than its historical average, with all 20 valuation metrics monitored by Bank of America indicating overvaluation [1] - The composition of the S&P 500 has evolved significantly, with nearly 70% of its constituents being capital-intensive manufacturing stocks in 1980, now reduced to less than 20% [1] Group 2 - The valuation premium of about 40% for the U.S. compared to Europe and Asia is justified due to superior balance sheets, higher corporate transparency, and stronger long-term growth potential [2] - U.S. leverage is only half that of other global regions, with lower earnings volatility compared to Europe and higher free cash flow per share than Asia and Europe [2] - Structural advantages such as the dollar's status as a reserve currency, energy independence, and dominance in technology suggest that the valuation gap is unlikely to narrow [2] Group 3 - Bank of America's tactical model suggests investors focus on U.S. sectors such as communication services, utilities, and technology, identifying interactive media and services, metals and mining, and independent power and renewable energy as the most "investable" industries [3] - Outside the U.S., it is recommended to prioritize U.S. utility companies over Asian counterparts, choose Asian communication service companies over European ones, and consider European non-essential consumer goods companies over U.S. companies [3]

Core Viewpoint - Shenzhen Green Exchange and Global Capital Group's Global Green have signed a collaboration for the development of national methodologies for carbon emissions rights in China, focusing on four key sectors: energy, agriculture, construction, and fuel volatility emissions [1][4]. Group 1: Methodology and Market Impact - Methodology serves as the foundational rule for the carbon market, facilitating the release of carbon asset value through technological innovation and industry collaboration, which accelerates low-carbon transformation and creates sustainable green revenue for enterprises [3]. - The application of carbon reduction methodologies has significant economic impacts on related industries, with energy sector projects based on methodologies generating over hundreds of billions in industrial value globally [3]. - The construction methodology being developed is expected to activate domestic green building materials and smart construction industries, with a potential market size reaching trillions [3]. Group 2: Collaboration Details - The collaboration will establish a professional team to complete multiple national methodologies and accompanying preparation instructions, focusing on various industries including automotive, battery, construction, energy, photovoltaic, wind power, and more [4]. - The partnership signifies a deep integration in carbon credit development and low-carbon technology, concentrating on data research, model building, and industry adaptability studies to provide replicable emission reduction pathways [4].