Core Viewpoint - Datang New Energy reported a year-on-year increase in power generation for May 2025, indicating growth in both wind and solar energy sectors [1] Group 1: Power Generation Performance - In May 2025, the company achieved a total power generation of 3,100,933 MWh, which is an increase of 8.38% compared to May 2024 [1] - Wind power generation for May 2025 reached 2,614,613 MWh, reflecting a year-on-year increase of 4.50% [1] - Solar power generation for May 2025 amounted to 486,320 MWh, showing a significant year-on-year increase of 35.43% [1] Group 2: Cumulative Power Generation - As of May 31, 2025, the cumulative power generation for the year reached 16,389,300 MWh, representing a 10.32% increase compared to the same period in 2024 [1] - Cumulative wind power generation for 2025 was 14,548,728 MWh, which is a 9.38% increase year-on-year [1] - Cumulative solar power generation for 2025 totaled 1,840,571 MWh, marking an 18.36% increase compared to 2024 [1]

2025 年 06 月 13 日 工业硅：以空配思路为主 多晶硅：现货弱势，盘面具下行驱动 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2507收盘价（元/吨） Si2507成交量（手） | 7,455 309,628 | -105 -190,329 | 320 -108,217 | -865 60,563 | | | | Si2507持仓量（手） | 121,504 | -25,532 | -62,461 | -50,121 | | 工业硅、多晶硅期货市场 | | PS2507收盘价（元/吨） | 33,585 | -670 | -955 | - | | | | PS2507成交量（手） | 65,591 | -14,270 | -61,838 | - | | | | PS2507持仓量（手） | 61,698 | 1,499 | -4,104 | - ...

哈电集团哈尔滨电机厂有限责任公司坚定高端化、智能化、绿色化发展方向，坚持"三商"发展定位，加 快构建"三个系统"产业布局，集聚力量进行原创性、引领性科技攻关，近年来，逐步推动753项专利实 施转化运用，在加快培育发展新质生产力，勠力打造"国之重器"的实践中，不断催生新产业、新模式、 新动能，以高水平科技自立自强支撑引领高质量发展。今年仅前4个月，完成工业总产值同比增长 66.77%，产品产量同比增长340.54%。 1 创新驱动勇攀"科技高峰" 哈电电机党委坚持把习近平总书记重要讲话重要指示批示精神作为做好一切工作的根本遵循，聚焦增强 核心功能、提高核心竞争力，在服务国家战略中推动装备制造业高端化、智能化、绿色化发展。2024 年，哈电电机工业总产值、正式合同签约额、利润总额分别同比增长19.22%、24.3%、186.36%，多项 关键指标创造历史新高，推动企业高质量发展呈现强劲势头。 "哈电电机针对世界单机容量最大1000兆瓦白鹤滩水电项目攻克了20余项世界性技术难题，形成了1000 兆瓦水电机组宽负荷运行转轮技术方案"，全国劳动模范、国家卓越工程师、哈电集团首席科学家覃大 清表示，哈电电机以优质的装备助 ...

Core Insights - Minsheng Financial Leasing has initiated the first large-scale supercritical coal-fired power plant leasing project in China, marking a significant step in the implementation phase of the "first set of major technical equipment" leasing project [2] - The project aligns with national policies aimed at promoting financial leasing companies to support the manufacturing and use of first-set equipment [3] Group 1: Project Overview - The ZTE Power Penglai Power Plant project is designated as a key energy supply project in Shandong Province during the 14th Five-Year Plan, with a total investment of 7.5 billion yuan [4] - The project incorporates over 100 optimization measures, achieving a designed coal consumption of 248.61 g/kW.h and surpassing national emission standards for sulfur dioxide, nitrogen oxides, and particulate matter [4] Group 2: Financial Support and Innovation - Minsheng Financial Leasing has formed a leasing syndicate with six other leasing companies, securing a total financing scale of 6 billion yuan for the project [6][7] - The syndicate model is innovative, featuring a unified agreement on core terms such as interest rates and credit enhancement, which enhances the overall influence and professional image of the financial leasing industry [7] Group 3: Strategic Importance - The project is expected to contribute positively to China's energy transition and carbon neutrality goals, showcasing advanced clean and efficient technology in coal-fired power generation [5] - Minsheng Financial Leasing aims to leverage this project to enhance its brand value and competitive edge in the financing services sector, focusing on infrastructure, circular economy, clean energy, and advanced manufacturing [7]

Group 1 - The National Development and Reform Commission and the National Energy Administration have issued a notice to promote the development of green electricity direct connection, providing strong momentum for the integration of renewable energy production and consumption [1] - The green electricity direct connection policy allows renewable energy sources like wind, solar, and biomass to supply electricity directly to single users, creating a new model for physical traceability of electricity [2] - The policy opens up collaboration opportunities between waste-to-energy projects and data centers, with a requirement for new data centers to source over 80% of their electricity from green energy [2] Group 2 - The direct connection policy is expected to shift the waste-to-energy business model from ToG (government) to ToB (business), potentially leading to a revaluation of companies in this sector [3] - Accounts receivable issues have historically impacted cash flow for waste-to-energy companies, but supplying power to data centers could improve profitability and cash flow, reducing impairment risks [3] Group 3 - Wangneng Environment, a leading company in the solid waste industry, is transforming into a green technology service provider, leveraging its waste-to-energy capacity to support the "Zero Carbon Intelligent Computing Center" project [4] - The South Taihu project, set to process 2,150 tons of waste per day and generate over 3.036 billion kWh of clean electricity annually, will significantly reduce coal consumption [4] - The project employs innovative technology to enhance thermal efficiency, doubling the power generation per ton of waste compared to industry averages [4] Group 4 - The solid waste and environmental protection industry is projected to reach a scale of 15 trillion yuan by 2030, indicating a broad market outlook for companies like Wangneng Environment [5] - Wangneng Environment is developing a differentiated path by integrating solid waste management, computing power, and smart factories, positioning itself as a comprehensive solution provider for low-carbon and intelligent transformation in traditional manufacturing [5]

Group 1 - The company, Jinko Power Technology Co., Ltd., has been approved to issue convertible bonds totaling up to 3 billion RMB, with the actual amount raised being approximately 2.97 billion RMB after deducting issuance costs [2][3][14] - The bonds have a maturity period of six years, from April 23, 2021, to April 22, 2027, with a tiered interest rate structure starting at 0.30% in the first year and reaching 2.00% by the sixth year [3][6][11] - The initial conversion price for the bonds was set at 6.75 RMB per share, which has been adjusted multiple times due to various corporate actions, with the latest adjustment bringing it down to 5.24 RMB per share [12][22][23] Group 2 - As of the end of 2024, the company has a self-owned power station capacity of approximately 6,448 MW and a self-owned independent energy storage capacity of 298 MWh, with total electricity generation reaching about 6.714 billion kWh [16] - The company reported a revenue of 4.775 billion RMB for 2024, representing a year-on-year increase of 9.25%, while the net profit attributable to shareholders decreased by 15.39% to 324 million RMB [16][18] - The company has a comprehensive energy service offering, including smart operation and maintenance, electricity sales, and carbon reduction solutions, while actively expanding into emerging business areas such as energy storage [15][16]

Core Viewpoint - Zhejiang Weiming Environmental Protection Co., Ltd. maintains a strong position in the waste incineration industry, with a stable credit rating of AA and a positive outlook for the next 12 to 18 months, driven by its operational scale and profitability [4][6][12]. Company Overview - The company has a leading waste incineration processing scale and strong competitive advantages in the Zhejiang province and the Yangtze River Delta region [4][12]. - Weiming Environmental has a diversified business model that includes waste incineration, equipment manufacturing, and new energy materials, with ongoing projects in these areas [17][21]. Financial Performance - Total assets are projected to grow from 203.36 billion RMB in 2022 to 287.39 billion RMB by 2025 [8]. - The company reported a net profit of 16.82 billion RMB in 2022, with expectations to increase to 27.84 billion RMB by 2025 [8]. - EBITDA is expected to rise from 24.44 billion RMB in 2022 to 38.97 billion RMB in 2025, indicating strong operational efficiency [8][23]. Operational Efficiency - The company has a high operating efficiency due to its integrated model of equipment research and project operation, leading to strong profitability and cash generation capabilities [4][12]. - The waste incineration business has maintained a gross profit margin of around 47% to 51% over the years, reflecting its competitive edge in the industry [8][18]. Investment and Growth Prospects - The company is facing significant capital expenditure pressures due to large-scale investments in new energy materials projects, with planned investments of 10.00 to 15.00 billion RMB in 2025 [15][19]. - New energy materials projects are in various stages of development, with some already in trial operation, but their operational efficiency and profitability remain uncertain [17][21]. Market Position - Weiming Environmental's market share in the waste incineration sector is significant, particularly in economically developed regions, with a focus on expanding into central and western China [12][14]. - The company has established partnerships with leading firms in the new energy materials sector, enhancing its market presence and operational capabilities [17][21].

Group 1: Impact of Policy and Market Strategy - The implementation of Document No. 136 is crucial for the future development of the renewable energy industry, with specific guidelines yet to be published in most provinces [2][3] - The company will closely monitor the rollout of electricity trading policies across provinces to adapt its investment and operational strategies accordingly [2][3] Group 2: Technology and Product Utilization - The company primarily uses N-type TOPCon technology for its current power stations, with plans to consider IBC and HJT technologies as costs decrease [3] - The focus is on optimizing power marketing strategies to enhance project investment efficiency and drive high-quality development [3] Group 3: Business Expansion and New Initiatives - The company aims to improve trading capabilities through personnel training, system construction, and data management, while also advancing its electricity sales business [3] - Plans include expanding commercial energy storage and exploring the feasibility of virtual power plant operations to create new economic growth points [3] Group 4: Future Capacity Planning - By the end of 2025, the company targets a total operational, under-construction, and planned capacity exceeding 13.6 GW, including signed pre-purchase agreements [3]

央视网消息：近期，南北方部分地区都出现高温天气，用电负荷持续增长。能源企业加速天然气储备调度，保障迎峰度夏期间能源稳定供 应。 在天津，一艘满载9万吨液化天然气的运输船靠泊液化天然气接收站码头，这是这个站近3天接卸的第2船液化天然气，今年已累计接卸液 化天然气超130万吨，为华北地区迎峰度夏蓄能保供。 在内蒙古库布齐沙漠，国家"沙戈荒"基地重点项目——库布齐新能源基地200万千瓦光伏项目，进入6月以来日均发电量达1031万千瓦时， 进一步提升蒙西电网清洁能源供应占比。 海上气田作为距离广东省最近的气源地。近期，每天都有超过2800万立方米的天然气，通过海底管道输送到粤港澳大湾区的各大城市。 在珠海，金湾"绿能港"与荔湾3—1等海上气田形成互补，供气覆盖广州、佛山、珠海、中山、江门等城市。 风电 光伏等新能源夏季保障电力作用显现 除了传统能源，风电、光伏等新能源，近年来在迎峰度夏的电力保供中作用日益显现。 在重庆，五洞岩风电场投运行业内首个风电智能优化控制系统，四排山光伏电站的无人机定期巡检，使单个阵区巡检时间从4小时缩短至 30分钟，金子山风电场的电子围栏、自动消防、轨道机器人等全方位守护场站安全。 数据显示 ...

Macro Strategy - The report highlights that the merger and acquisition (M&A) market is entering a "fast lane," driven by favorable macroeconomic conditions and supportive policies, which are expected to enhance the valuations of technology companies [1][14][15] - Historical parallels are drawn to the M&A boom from 2013 to 2015, suggesting that current conditions, including a recovering economy and increased market liquidity, are conducive to a similar surge in M&A activity [1][14] - The report emphasizes the importance of M&A as a means to optimize resource allocation, improve production efficiency, and create new market demands, particularly in the technology sector [1][14][15] Industry Insights - The report indicates that the current M&A policies are focused on high-value industries, particularly in technology and advanced manufacturing, with 50% of major restructuring events since 2024 occurring in the TMT sector [1][14] - It notes that state-owned enterprises (SOEs) are leading the current wave of M&A, accounting for 50% of completed projects and 68% of the total value, which is expected to further concentrate resources in strategic industries [1][14][15] - The report also discusses the ongoing technological advancements in AI, robotics, and smart driving, which are driving the need for M&A to acquire critical technologies and enhance competitive advantages [1][14][15] Financing and Economic Indicators - The report anticipates a rebound in financing demand, with social financing growth expected to rise in May, supported by seasonal loan increases and government bond financing [2][16][17] - It highlights that the People's Bank of China has implemented a series of financial policies, including a 0.5% reserve requirement cut and interest rate reductions, to stimulate economic activity and improve liquidity [2][16][17] - The report also notes that the economic environment remains stable, with construction investment showing signs of recovery, although real estate sales are experiencing a downturn [16][17] Company Recommendations - The report recommends investing in companies like Conch Venture (海螺创业), which is expected to see significant cash flow improvements and asset value reassessment, projecting net profits of 2.182 billion, 2.304 billion, and 2.438 billion yuan for 2025-2027 [13] - Another recommended company is Boqian New Materials (博迁新材), which is positioned as a leader in electronic powder with strong growth potential in the new energy sector, forecasting net profits of 250 million, 370 million, and 500 million yuan for the same period [13]