维持"优于大市"评级。我们预计公司2025-27年EPS为0.39/0.42/0.45元(盈利预测未包含承诺的资产注入)。 参考可比公司，给予公司2025年估值15.5x PE，对应目标价6.05元，维持"优于大市"评级。 Q2福建风电资源偏弱。(1)公司25Q2实现发电量5.1亿度，YOY-18%，其中：福建风电4.5亿度，YOY- 19%，主要系Q2风资源偏弱影响；黑龙江风电YOY-20%、新疆光伏YOY-53%，主要系该两地区风光限电 率上升；黑龙江生物质YOY+58%，主要系生物质项目停机技改，基数较低波动大。(2)公司25H1实现发电 量14亿度，YOY-0.9%。其中：福建风电12.8亿度，YOY+2.6%；黑龙江风电YOY-29%；黑龙江生物质 YOY-15%；新疆光伏YOY-35%。 公司福建风电资产优质，且福建电力供需格局佳，新能源仍有消纳空间。公司当前估值具备较强安全边 际，且存在资产注入预期，值得长期看好。 投资要点： 中闽能源 本报告导读： 海通国际证券集团有限公司Oscar Wang,Kai Wang,Jie Wu近期对中闽能源（600163）进行研究并发布了研 究报告《Q2风电偏弱 ...

Core Viewpoint - Guangdong Construction announced the approval of a comprehensive renewable energy project in Tibet, which includes 100 MW of solar thermal, 100 MW of photovoltaic, and 800 MW of wind power [1][2]. Group 1: Project Details - The project consists of 100 MW solar thermal and 100 MW photovoltaic in Angren County, 200 MW wind power in Gangba County, and 600 MW wind power in Lazi County [2]. - The total investment for the project is approximately 5.479 billion yuan [2]. - The project construction units are Angren County Yue Water Power New Energy Co., Ltd. and its subsidiary, which has completed the project filing procedures [1][2]. Group 2: Company Background - Guangdong Construction, established in 2001, is the only publicly listed construction company controlled by the Guangdong provincial government [2]. - The company underwent a significant asset restructuring in January 2023 and officially changed its name from "Yue Water Power" to "Guangdong Construction" in February 2024 [2]. - The company's main business includes construction engineering, water conservancy and hydropower engineering, municipal public works, highway engineering, and clean energy generation from hydropower, wind power, and photovoltaics [3].

7月8日晚间，越秀资本（000987.SZ）发布2025年半年度业绩预告，预计公司2025年上半年归母净利润 为14.73亿元~15.75亿元，同比增长45%~55%；预计扣除非经常性损益后归母净利润为14.66亿元~15.67 亿元，同比增长69%~81%。 公告显示，2025年上半年，公司积极把握资本市场稳健发展机遇，投资业务收益实现同比提升；同时， 新能源业务发电量随装机容量持续增长，经营效益不断提升，公司绿色转型成效显著。 ...

Group 1 - The establishment of Zhongmei New Energy (Shan Yin) Co., Ltd. has been recently reported, with a registered capital of 90 million yuan [1] - The company's business scope includes power generation, transmission, and distribution services, as well as installation, maintenance, and testing of electrical facilities [1] - The company is jointly owned by China Coal Energy Group Co., Ltd.'s Shanxi Huayu Energy Co., Ltd. and Zhongmei Green Energy Technology (Beijing) Co., Ltd. [1]

Core Viewpoint - The company is transitioning from a "Northern Wind Power Merchant" to a "National Energy Solution Provider," emphasizing its innovative business model and operational capabilities to become a comprehensive renewable energy supplier [2][3]. Business Model and Strategy - The company employs a "rolling development + core holding" business model, focusing on asset liquidity, national business expansion, and value chain extension to reshape its development trajectory [2][3]. - The company aims to retain core power generation assets for stable cash flow while treating some assets as "products" to realize market value and fund larger projects, enhancing earnings per share [3]. Operational Efficiency - The company boasts a wind turbine utilization rate of 98%-99%, exceeding the industry average by over 3 percentage points, achieved through a refined operational management system [4]. - The operational strategy includes precise wind power forecasting and scientific maintenance scheduling to maximize generation efficiency [4]. Business Segments - The company has developed five synergistic business segments: renewable power station development, operation and sale, operation management services, rooftop distributed photovoltaics, and renewable energy equipment manufacturing [4][5]. - These segments support the flexible operation of the "rolling development" model, with a significant reduction in reliance on the Ningxia region from 90% to approximately 50% of installed capacity [5]. Growth and Financial Performance - Since its listing, the company has seen substantial growth, with installed capacity increasing from less than 1GW to 2.28GW, revenue rising from 800 million to 2.4 billion, and net profit climbing from 165 million to 630 million [6]. - The company has received approval for a 1.2 billion capital increase project, aimed at enhancing operational funds and optimizing its financial structure [6]. Future Outlook - The company has 2GW of wind power projects under construction, expected to support continued growth over the next three years [7]. - The company is exploring the "New Energy +" strategy, focusing on green fuel markets, particularly green methanol, to extend the value of green electricity into downstream industries [7].

Core Viewpoint - The chairman of Jiaze New Energy, Chen Bo, emphasizes the company's strategy of achieving a "triple leap" to create a new ecosystem for comprehensive energy services [2] Group 1: Company Strategy - Jiaze New Energy is focusing on a transformative approach to enhance its service offerings in the energy sector [2] - The company aims to integrate various energy services to meet the evolving demands of the market [2] Group 2: Industry Context - The energy industry is undergoing significant changes, necessitating innovative solutions and services [2] - The shift towards comprehensive energy services reflects broader trends in the energy sector, including sustainability and efficiency [2]

Core Viewpoint - The stock price of Three Gorges Energy is currently at 4.30 yuan, reflecting a slight decline of 0.23% from the previous trading day, indicating market fluctuations and investor sentiment [1] Company Overview - Three Gorges Energy specializes in the development, investment, and operation of wind and solar energy, positioning itself as a leading renewable energy generation company in China [1] - The company's business encompasses wind power, photovoltaic power generation, and pumped storage, focusing on the development and utilization of clean energy [1] Financial Performance - For the fiscal year 2024, Three Gorges Energy announced a profit distribution plan, proposing a cash dividend of 0.067 yuan per share (tax included), totaling 1.915 billion yuan [1] - The record date for the dividend is set for August 18, 2025, with the ex-dividend date on August 19, 2025 [1] Market Activity - On August 12, 2025, the net inflow of main funds into Three Gorges Energy amounted to 26.1951 million yuan, with a cumulative net inflow of 40.7453 million yuan over the past five days [1]

Core Viewpoint - Yunnan Energy Investment's stock price increased to 10.78 yuan as of August 12, 2025, reflecting a 0.19% rise from the previous trading day, indicating positive market sentiment towards the company [1] Group 1: Stock Performance - As of August 12, 2025, Yunnan Energy Investment's stock closed at 10.78 yuan, with a trading volume of 34,597 hands and a transaction amount of 0.37 billion yuan [1] - The stock opened at 10.77 yuan, reached a high of 10.81 yuan, and a low of 10.74 yuan, showing an intraday fluctuation of 0.65% [1] - The net outflow of main funds on August 12 was 3.03 million yuan, with a cumulative net outflow of 24.22 million yuan over the past five trading days [1] Group 2: Business Developments - Yunnan Energy Investment is engaged in clean energy sectors, including renewable energy generation and natural gas [1] - The company has made significant progress in wind power project development, with the first batch of units from the Yongning Wind Farm expansion successfully connected to the grid on August 9 [1] - In July 2025, the company's renewable energy generation reached 163 million kilowatt-hours, with grid-connected electricity amounting to 156 million kilowatt-hours [1] Group 3: Shareholder Information - The total number of shareholders for Yunnan Energy Investment currently stands at 23,892 [1]

2024年1至12月份，金开新能的营业收入构成为：新能源发电占比94.88%，其他业务占比5.12%。 （文章来源：每日经济新闻） 金开新能（SH 600821，收盘价：5.61元）8月12日晚间发布公告称，公司第十一届第十次董事会会议于 2025年8月12日以非现场形式召开。会议审议了《关于控股孙公司增资扩股引入战略投资者的议案》等 文件。 ...

2024年1至12月份，金开新能的营业收入构成为：新能源发电占比94.88%，其他业务占比5.12%。 金开新能（SH 600821，收盘价：5.61元）8月12日晚间发布公告称，为进一步优化资本结构并增强资本 实力，金开新能全资子公司金开节能拟引入战略投资者农银投资，本次增资价格为每单位注册资本 1284.01元，增资金额不超过12亿元。交易完成后，农银投资持有金开节能股权比例预计不超过49%。 （文章来源：每日经济新闻） ...