登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002060 证券简称：广东建工 公告编号：临2025-047 广东省建筑工程集团股份有限公司 关于西藏白朗县粤水电90MW光储一体化项目并网发电的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 近日，公司下属广东粤水电能源投资集团有限公司的全资子公司白朗县粤水电新能源有限公司投资建设 的西藏白朗县粤水电90MW光储一体化项目实现全容量并网发电，光伏发电装机90MW，配套储能规模 18MW/72MWh。 上述项目的并网发电对公司未来经营业绩有一定的提升作用。截至目前，公司累计已投产发电的清洁能 源项目总装机4662.89MW，其中水力发电380.50MW，风力发电800.36MW，光伏发电3382.03MW，独 立储能100MW。 特此公告。 广东省建筑工程集团股份有限公司 董事会 2025年9月2日 ...

Core Viewpoint - The company, Teruid (300001.SZ), has been announced as a candidate for several significant procurement projects, indicating strong recognition of its technology and product quality in the renewable energy and railway sectors [1] Group 1: Project Announcements - The company is a candidate for the 2025-2026 new energy 35kV box-type transformer framework procurement project by China Huadian Group, with a pre-bid total amount of approximately 698 million yuan [1] - The company is also a candidate for the second batch of materials managed by the China National Railway Group for the 2025 railway construction projects [1] Group 2: Company Positioning - The company is recognized as a leading outdoor box-type power product system integrator in China, focusing on providing optimal lifecycle system solutions for clients in the renewable energy, power, and railway sectors [1] - The recent bids further validate the company's technical capabilities and product quality within the renewable energy generation and railway industries [1] Group 3: Future Impact - The execution of these projects is expected to have a positive impact on the company's future operations and financial performance, while maintaining its operational independence [1]

Core Viewpoint - The company reported its 2025 H1 financial results, showing significant growth in revenue and net profit, while also announcing plans for dividend distribution and share buyback [1][2][3][4] Financial Performance - In 2025 H1, the company achieved revenue of 2.333 billion yuan, a year-on-year increase of 29.30%, and a net profit attributable to shareholders of 618 million yuan, up 33.06% [1] - For Q2 2025, revenue was 1.308 billion yuan, reflecting a year-on-year growth of 37.87%, with net profit of 364 million yuan, increasing by 22.23% [1] Power Generation and Capacity - The company generated 9.299 billion kWh of electricity in 2025 H1, a remarkable increase of 101.50% year-on-year, with Q2 contributing 5.245 billion kWh, up 104.24% [2] - The installed capacity reached 19.926 million kW by the end of 2025 H1, with wind power at 3.936 million kW and solar power at 15.7895 million kW [2] Pricing and Market Dynamics - The average on-grid electricity price for 2025 H1 was 0.258 yuan/kWh, down 36.01% year-on-year, influenced by lower prices from new projects and an increase in market-based transactions, which accounted for 72.14% of total electricity sales [2][3] - The company’s financial costs rose to 269 million yuan in 2025 H1, a 16.88% increase year-on-year, with Q2 financial costs surging by 55.35% [3] Policy and Regional Insights - The implementation of the Xinjiang 136 document is expected to support project revenues, with the company’s operational capacity in Xinjiang accounting for 67% of total capacity [3] - The document specifies a mechanism for subsidy and parity projects, which is favorable compared to other regions, enhancing the company’s revenue expectations [3] Project Development - The company has a strong pipeline of projects, with 12.36 million kW under construction, primarily in wind power, indicating a strategic shift towards wind energy [4] - The focus on wind energy is expected to yield better pricing advantages due to its more consistent output compared to solar power [4] Investment Outlook - The company is projected to achieve net profits of 1.310 billion yuan, 1.426 billion yuan, and 1.771 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 14.04x, 12.90x, and 10.38x [4]

Shareholder Information - As of August 29, 2025, the total number of shareholders is 73,341, a decrease of 3,524 from July 31, 2025 [2] Strategic Development - The company has not yet launched hydrogen and energy storage projects but continues to focus on renewable energy investments, particularly in solar and hydrogen projects [2] - The company maintains a dual-driven strategy focusing on "port logistics and renewable energy" [5][8] Financial Performance - The company's asset-liability ratio is 55.46%, which is considered below the industry average [4] - In 2024, the company distributed cash dividends amounting to RMB 58,864,318.18, representing 20.15% of the net profit attributable to shareholders [14] Corporate Governance - The company has implemented a robust independent director system to enhance oversight and decision-making [3] - The independent directors have been actively involved in various committees and meetings to ensure compliance and governance [3] ESG Initiatives - The company has established a comprehensive ESG management system and integrated ESG goals into departmental evaluations [6] - The company's ESG rating improved from "A" to "AA" by Wind ESG and from "A" to "A+" by Zhong Cheng Green Finance ESG, indicating enhanced sustainability capabilities [6] Safety and Risk Management - The company has not reported any major safety incidents in the first half of 2025, reflecting effective safety management practices [7] - Safety management is prioritized through a comprehensive framework that includes risk assessments and employee training [7] Business Operations - The company reported a revenue of RMB 840 million in the first half of 2025, a year-on-year increase of 11.03% [6] - The company is actively pursuing new energy projects to enhance profitability and operational efficiency [8]

8月28日，随着330千伏辰明汇集站最后一台50兆乏分布式调相机进入168小时试运行， 青豫直流新能源二期项目配套10台分布式调相机全部投入运行。至此，青海海南新能源基地 分布式调相机总数达33台，总容量1650兆乏，成为我国西部规模最大的调相机群，为新能源 持续稳定外送提供重要支撑。 青海是清洁能源大省，截至2025年6月底，青海电网总装机容量7590.47万千瓦，其中， 新能源装机容量5513.46万千瓦，占总装机的72.64%。今年上半年，青海电网新能源发电量 占比超51%，新能源装机和发电量占比均居全国省域首位。 此次10台分布式调相机投运，将显著提升青豫直流新能源二期配套项目的发电能力，有 效环节新能源大规模接入带来的系统稳定问题，为青海新能源消纳和外送提供了技术保障， 更成为沙戈荒大型风光基地建设的"技术样板"。 【责任编辑：刘澄谚 】 图为国网青海省电力公司工作人员在汇集站开展调相机验收工作。 图为青豫直流新能源二期项目配套项目330千伏汇集站（曲明变）调相机室。 分布式调相机作为电网稳定运行的关键设备，具有提供持续无功补偿、稳定电网电压、 减少无功电流和设备损耗等功能。在新能源大规模接入的背景 ...

Core Viewpoint - The joint meeting held by six government departments marks a significant shift in the photovoltaic industry from "scale expansion" to "high-quality development," addressing issues such as overcapacity, quality inconsistency, and price wars, with a focus on creating a stable and sustainable environment for downstream power generation enterprises [1][2]. Group 1: Policy Signals and Industry Impact - The meeting emphasized four core policy directions: strengthening industry regulation, curbing low-price competition, maintaining quality standards, and promoting industry self-discipline [2]. - The "anti-involution" approach aims to stabilize upstream prices, which will reduce investment cost uncertainties for downstream power plants, allowing for more precise investment planning [2][3]. - A stable upstream sector is crucial for the long-term operation of downstream power plants, as losses in upstream companies could lead to reduced capacity and R&D investments, risking supply chain disruptions [3]. Group 2: Financial Performance and Market Position - In the first half of 2025, the company achieved revenue of approximately 2.399 billion yuan, with its photovoltaic business contributing 1.299 billion yuan, accounting for 54.1% of total revenue [5]. - The company demonstrated strong profitability with a net profit of 393 million yuan, a year-on-year increase of 6.5%, and a basic earnings per share of 0.1277 yuan, up 4% from the previous year [6]. - The company maintains a healthy financial position with a debt-to-asset ratio of 60.17% and a current ratio of 1.94, providing a solid foundation for future business expansion [6]. Group 3: Growth Opportunities in Renewable Energy - The renewable energy sector is experiencing rapid expansion, with an expected addition of over 500 million kilowatts of wind and solar capacity in 2025, positioning renewable energy as the main contributor to new installations in China [7]. - The company's project pipeline includes 4.9 GW of capacity in construction and planning, with 13 projects exceeding 100 MW, aligning with the growing demand for renewable energy [7]. Group 4: Strategic Initiatives in Emerging Fields - The company is actively pursuing opportunities in energy-transport integration and computing power collaboration, which are essential for addressing the challenges of renewable energy consumption and carbon emissions in the transportation sector [8][9]. - The integration of energy and transportation is projected to be a multi-hundred billion market, with the company leveraging its unique resources from its parent company to support these initiatives [9][12]. - In the computing power collaboration space, the company is positioned to meet the increasing energy demands of data centers while promoting renewable energy utilization, supported by strategic partnerships and project developments [11][12]. Conclusion - The company has established a unique competitive advantage through its understanding of policy trends and proactive engagement in the photovoltaic sector and energy integration initiatives, positioning itself as a potential leader in the renewable energy landscape [13].

Core Viewpoint - The report from Guojin Securities highlights the impact of high temperatures on electricity demand and the challenges faced by various sectors in the energy industry, particularly in the context of Q3 performance and the influence of policy changes on renewable energy [1] Group 1: Industry Performance - Thermal power sector shows a positive year-on-year growth in electricity generation due to lower water levels and a low base effect, with a net profit increase of 1.9% in Q2 2025 despite a decline in revenue [1][2] - The renewable energy sector is experiencing pressure on revenue and performance due to unfavorable wind resources, increased curtailment rates, and declining market electricity prices, leading to negative growth in both revenue and net profit in Q2 2025 [2][3] - Hydropower performance varies significantly across regions, with overall water levels being stable to abundant, resulting in a 10.6% year-on-year increase in net profit for the hydropower sector in the first half of 2025 [2][4] Group 2: Key Company Insights - In the thermal power sector, Datang Power achieved a revenue of 26.99 billion yuan in Q2 2025, a decrease of 2.13% year-on-year, while net profit rose by 31.8% [3] - For renewable energy, Three Gorges Energy added 2.181 million kilowatts of new installed capacity in the first half of 2025, with total electricity generation reaching 39.31 billion kilowatt-hours, an increase of 8.9% year-on-year, although the growth rate of electricity generation lagged behind the installed capacity growth [3] - In the nuclear power sector, China General Nuclear Power's electricity generation increased by 6.9% year-on-year in the first half of 2025, but revenue declined by 0.5% due to falling market prices [3]

交银国际研究 每日晨报 2025 年 9 月 1 日 今日焦点 每月金股 九月研选-宏观环境趋稳+流动性宽松，港股有望 延续向好态势 交银国际研究团队 宏观不确定性持续消退，全球风险偏好明显回升。8 月以来海外宏观环境的 不确定性延续降温态势，美国与主要经济体就贸易框架达成初步共识，同时 宣布将对华关税措施延迟 90 天实施并继续推进双边谈判。与此同时，欧洲 地缘冲突相关谈判有所转机，整体局势边际缓解。 "反内卷"政策效应持续释放，流动性波动对交投活跃度形成扰动。"反内卷" 政策持续推进，相关预期继续推动传统周期行业及部分新兴产业龙头企业的 估值修复进程。 海内外流动性宽松周期下，港股有望延续向好势头。当前我国流动性延续宽 松，A 股市场情绪活跃，亦有望提振港股交易氛围。南向资金对港股科技等 板块的配置需求保持旺盛，资金净流入态势有望延续。海外方面，美联储主 席鲍威尔杰克逊霍尔释放 9 月降息大门敞开的信号，港股有望受益于外资流 入的增加。 九月研选 | 全球主要指数 | | | | | --- | --- | --- | --- | | | 收盘价 | 升跌% | 年初至今 升跌% | | 恒指 | 25, ...

Core Viewpoint - Beijing Tianjian Xingye Asset Appraisal Co., Ltd. provided a detailed response to the Shanghai Stock Exchange's inquiry regarding the National Power Investment Group's acquisition of assets and related transactions, addressing evaluation methods and comparable company selection for Wuling Power and Changzhou Hydropower [1][2]. Evaluation Methods and Comparable Company Selection - Wuling Power identified important subsidiaries based on the "No. 26 Format Guidelines," with Yuanjiang Power and Qingshui River Hydropower contributing over 20% to the latest audited indicators [2]. - Wuling Power's price-to-book ratio is 1.73 times lower than the average, while its price-to-earnings ratio is 40.51 times (37.13 times after excluding pre-restructuring asset impairment) [2]. - Changzhou Hydropower's price-to-book ratio is 3.22 times (1.94 times after excluding capital reduction) and its price-to-earnings ratio is 12.77 times, both below the average [2]. - The evaluation methods for subsidiaries vary, with Wuling Power's hydropower subsidiaries primarily using the asset-based approach, while Changzhou Hydropower's wind power subsidiaries use the market approach [2][3]. Financial Analysis and Asset Valuation - Wuling Power's receivables include accounts receivable from the State Grid Hunan Electric Power Co., Ltd., which have been fully collected, and other receivables with low recovery risk [3]. - Fixed and intangible assets have appreciated due to the valuation of buildings, equipment, land use rights, and patents, with the valuation methods deemed appropriate [3][5]. - The evaluation of subsidiaries shows that the asset-based approach yields significant appreciation, while the income approach is used for stable historical operations [3][4]. Revenue and Risk Assessment - The revenue method's parameters for Changzhou Hydropower's hydropower business are based on reasonable historical data, with no expected risks in electricity prices or consumption [4]. - The evaluation of the solar business considers subsidy periods and reasonable utilization hours, ensuring no consumption risks are anticipated [4]. - The assessment of receivables indicates good recoverability, with sufficient provisions for bad debts [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's nuclear power business shows steady growth, with a 12.01% year-on-year increase in electricity generation in the first half of 2025, driven by capacity expansion. However, net profit growth was impacted by a decline in market electricity prices, with net profits increasing by 8.62% and 3.60% year-on-year for the first half and second quarter, respectively [2][6] - The renewable energy segment experienced high growth in electricity generation, but net profits decreased by 31.71% year-on-year in the first half of 2025 due to reduced utilization hours and lower market electricity prices. The report suggests that the pressure on renewable energy profits may ease in the second half of the year [2][6] - The company has a strong reserve of nuclear and renewable energy projects, with 19 nuclear units under construction or approved, totaling 21.86 million kilowatts. This robust project reserve supports long-term growth expectations despite short-term profit fluctuations [2][6] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 40.973 billion yuan, a year-on-year increase of 9.43%, and a net profit attributable to shareholders of 5.666 billion yuan, a decrease of 3.66% [6] - The nuclear power segment generated 99.65 billion yuan in net profit in the first half, up 8.62% year-on-year, while the renewable energy segment's net profit was 1.138 billion yuan, down 31.71% year-on-year [6][11] Operational Highlights - The company’s nuclear power generation reached 99.861 billion kilowatt-hours in the first half of 2025, a 12.01% increase, primarily due to the commissioning of the Zhangzhou Nuclear Power Plant [11] - The renewable energy segment's installed capacity grew by 48.52% year-on-year, with total generation of 21.915 billion kilowatt-hours in the first half, reflecting a 35.76% increase [11] Future Outlook - The company expects earnings per share (EPS) of 0.51 yuan, 0.55 yuan, and 0.62 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 17.66, 16.55, and 14.71 [11]