特此公告。 广州越秀资本控股集团股份有限公司董事会 | 证券代码：000987 证券简称：越秀资本 公告编号：2025-039 | | --- | | 广州越秀资本控股集团股份有限公司 | | 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， | | 没有虚假记载、误导性陈述或重大遗漏。 | | 一、本期业绩预计情况 | | （一）业绩预告期间 | | （二）业绩预告情况 | | 预计经营业绩：同向上升。 | | 本报告期 上年同期 | | 项目 | | （2025 年 1-6 月） （2024 年 1-6 月） | | 盈利：147,308 万元 ~ 157,467 万元 | | 归属于上市公司 | | 盈利：101,591 万元 | | 股东的净利润 | | 比上年同期：增长 45% ~ 55% | | 扣除非经常性损 | | 盈利：146,572 万元 ~ 156,731 万元 | | 益后的归属于上 | | 盈利：86,666 万元 | | 市公司股东的净 | | 比上年同期：增长 69% ~ 81% | | 利润 | | 基本每股收益 盈利：0.2922 元/股 ~ 0.3125 元/股 ...

报告导读： 我们判断" 430 、 531 "新政出台后，受新能源项目收益率进一步降低且不确 定性增加影响， 2025 年 1-5 月抢装过后，下半年起新能源发展将进入下半场，电煤边 际冲击减小，电煤消费的拐点或将在 2027 年出现。 投资建议 ： 近年来伴随着新能源装机高增，新能源发电量高速增长，对煤电的挤压效益日益明显，市场 担忧在新能源的挤压下未来煤电将进入负增长阶段，从而导致电煤消费进入下行通道。而我们认为新能源 高速发展时代已过， 2025 年起随着新能源" 430 、 531 "新政出台，并且考虑到当前电网巨大的消纳压 力和新能源项目盈利性下降明显，我们判断未来新能源发电将减速，对煤电的边际冲击减弱，我们测算电 煤的需求拐点或将在 2027 年。从板块推荐角度，我们推荐业绩风险释放，板块龙头企业。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称：新能源步入下半场，电煤压力最大已过 报告日期：2025.07.07 报告作者： 黄涛 （分析师），登记编号： S 0880515090001 邓铖琦 ( 分析师 ) ，登记编号：S 0880523050003 扫码关注 星标不迷路 ...

Group 1 - The rapid development of renewable energy in China has significantly impacted thermal power demand, with thermal power generation capacity decreasing from 66.75% in 2015 to 43.88% in 2024, and thermal power generation share dropping from 75.39% to 64.51% during the same period [1][5][15] - By the end of 2024, China's total installed capacity for wind and solar energy is expected to reach 1.4 billion kilowatts, achieving the 2030 target six years ahead of schedule [1][6][10] - The growth rate of thermal power generation has been notably lower than the overall electricity consumption growth rate since 2024, indicating a shift in energy consumption patterns [1][17] Group 2 - The introduction of the "430" and "531" policies has increased pressure on renewable energy consumption, particularly for distributed solar power, leading to a significant decline in profitability and uncertainty in revenue [2][32][44] - The "430" policy emphasizes local consumption and safety management for distributed solar projects, marking a transition from rapid growth to regulated, high-quality development [33][39] - The "531" policy aims to fully integrate renewable energy into market transactions, which may lead to further declines in settlement prices for renewable energy [2][32][44] Group 3 - The rapid expansion of renewable energy has created significant challenges in energy consumption, particularly in regions rich in wind and solar resources, where curtailment rates have increased [21][24][25] - The utilization rates for wind and solar energy have decreased significantly, with wind utilization dropping from approximately 97% to 93.4% and solar utilization from 98% to 93.8% [24][28] - The mismatch between high renewable energy generation and low electricity demand in certain regions has exacerbated the consumption pressure [25][36] Group 4 - The overall electricity demand is expected to grow steadily, driven by sectors such as electric vehicles, AI, and energy storage, which will help alleviate pressure on coal consumption by 2026 [3][10] - The anticipated decline in renewable energy installations starting in mid-2025 may lead to a turning point for coal consumption in 2027 [3][10]

近十年来，新能源高速发展，冲击火电需求 近十年来，在政策的积极推动下，中国新能源发电装机及发电量高速增长，截至2024年底，我国风光合 计装机容量高达14亿千瓦，提前6年完成2030年目标。在新能源的高速发展下，火电需求受到挤压，火 电装机占比从2015年的66.75%降低至2024年的43.88%，火电发电量占比从2015年75.39%降低至2024年 的64.51%。2024年至今，受新能源发电挤压，火电发电量增速明显低于全社会用电量增速。 智通财经APP获悉，国泰海通发布研报称，近年来伴随着新能源装机高增，新能源发电量高速增长，对 煤电的挤压效益日益明显，市场担忧在新能源的挤压下未来煤电将进入负增长阶段，从而导致电煤消费 进入下行通道。而该行认为新能源高速发展时代已过，2025年起随着新能源"430、531"新政出台，并且 考虑到当前电网巨大的消纳压力和新能源项目盈利性下降明显，该行判断未来新能源发电将减速，对煤 电的边际冲击减弱，该行测算电煤的需求拐点或将在2027年。从板块推荐角度，该行推荐业绩风险释 放，板块龙头企业。 国泰海通主要观点如下： 新能源消纳压力大幅增大，"430、531"政策出台 1 ...

文/珠玑说 (本文所有内容皆有官方可靠信源，具体资料赘述文章结尾) 风电光伏项目大面积关停，新能源领域发生重大变故，山西一省就在一个月内废止了4个风力发电项目和10个光伏发电项目，你以为发财梦碎 了？真实情况是，那些被拆除的，恰恰是过去野蛮生长留下的问题项目，难道真是光伏项目不合规？ 那几年，风口上的猪都飞上了天 一股叫"新能源"的风，从20世纪90年代开始大规模刮向全中国，全世界都在琢磨着怎么让天更蓝、水更清，我们这么大的家业，当然不能落 下。 风电、光伏，门槛不高，一下就成了香饽饽，政策积极拨款，那时候你要是跟人说你在搞新能源，对方看你的眼神都不一样。 一夜暴富的神话，隔三差五就冒出来一个，第一个登上中国首富榜的新能源企业老板就是施正荣，在2001年时，他创立了尚德太阳能发电有限 公司，4年后公司成功上市，他也凭借23亿美元的身价登上2005年中国首富榜。 可有句话说得好，人无横财不富，马无夜草不肥，钱来得太容易，规矩就成了摆设，什么牛鬼蛇神都想进来分一杯羹，但是无脑扩张的后果就 是出现大批的不合规项目，所以被国家大量废止。 那时候但凡沾上"新能源"三个字，好像石头都能给你点成金疙瘩，这股风吹得有多野？西 ...

重要新闻： 1. 瑞银：6月以来需求持续走弱，光伏玻璃制造商减产10%至20%属合理。 个股新闻： 金十数据整理：每日港股市场要闻速递（7月7日 周一） 1. 新华保险(01336.HK)拟出资112.5亿元认购三期私募基金份额。 2. 正荣地产(06158.HK)前6个月累计合约销售金额约为23.65亿元。 3. 碧桂园(02007.HK)6月归属公司股东权益合同销售金额约28.1亿元。 4. 广汽集团(02238.HK)：6月汽车产量为15.33万辆，同比下降10.05%。 5. 中国飞鹤(06186.HK)：拟启动10亿元回购计划，彰显未来发展信心。 6. 秦港股份(03369.HK)上半年总吞吐量约2.08亿吨，同比增长3.08%。 7. 协合新能源(00182.HK)6月权益发电量总计652.29GWh，同比增长9.55%。 8. 中国海外宏洋集团(00081.HK)上半年累计合约销售额约166.1亿元，同比下降12.7%。 9. 中国海外发展(00688.HK)上半年累计合约物业销售金额约1201.50亿元，同比下降19.0%。 ...

Market Performance - On July 4, 2025, A-shares showed mixed performance with the Shanghai Composite Index up by 0.32%, while the Shenzhen Component Index and the ChiNext Index fell by 0.25% and 0.36% respectively; the North Stock 50 dropped by 1.88% [1] - The total trading volume in the Shanghai and Shenzhen markets was approximately 14,285.58 billion yuan, an increase of about 1,188.01 billion yuan compared to the previous trading day [1] - In Hong Kong, the Hang Seng Index fell by 0.64% or 153.88 points, closing at 23,916.06 points, with a total trading volume of 2,678.08 billion HKD; the Hang Seng China Enterprises Index and the Hang Seng Technology Index also experienced declines [1] New Stock Listing - Huadian New Energy, with stock code 600930, was listed at an issuance price of 3.18 yuan per share and a price-to-earnings ratio of 15.28 times; it is one of the largest renewable energy operators in China, focusing on wind, solar, and biomass energy projects [3] Aviation Industry Developments - The Civil Aviation Administration of China (CAAC) has established a leadership group for general aviation and low-altitude economy to enhance organizational leadership and coordination in these sectors; the group will focus on implementing national policies and addressing cross-departmental issues [4] - The CAAC will work on development planning, airworthiness certification, market regulation, flight operation supervision, and safety regulation to promote the safe and orderly development of general aviation and low-altitude economy [4] Real Estate Market Stability - The Ministry of Housing and Urban-Rural Development emphasized the importance of promoting stable, healthy, and high-quality development in the real estate market; local governments are encouraged to implement policies tailored to specific cities to enhance effectiveness [5] - The ministry's research group highlighted the need to accelerate the construction of safe, comfortable, green, and smart housing to meet public expectations and to stabilize market expectations, activate demand, optimize supply, and mitigate risks [5]

据目前安排，若无变动，本周（7月7日到11日）共有1只新股申购，为沪市主板新股华电新能。 7月7日启动申购的沪市主板新股华电新能，是我国五大发电集团之一中国华电风力发电、太阳能发电的 新能源业务最终整合的唯一平台，独享中国华电在新能源项目开发、资源支持等方面的渠道和政策优 势，具备较高行业影响力及行业代表性，公司已逐步发展成为国内最大的新能源发电运营商之一。 本周1股打新 （原标题：今年最低价新股来了！） 本周1只新股申购，新能源发电运营商将登陆A股。 2家公司IPO上会 值得注意的是，截至目前本周（7月7日到11日）将有2家公司IPO首发上会，为拟闯关上证主板的超颖 电子和北交所的北矿检测。 即将上证主板IPO上会的超颖电子主营业务是印制电路板的研发、生产和销售，产品广泛应用于汽车电 子、显示、储存、消费电子、通信等领域，公司以汽车电子PCB为主，是国内少数具备多阶HDI及任意 层互连HDI汽车电子板量产能力的公司之一，与大陆汽车、法雷奥、博世、安波福等全球Tier1汽车零部 件供应商及特斯拉等知名新能源汽车厂商建立了稳定合作。 根据CPCA公布的《第二十四届（2024）中国电子电路行业主要企业营收榜单》， ...

Core Viewpoint - Huadian New Energy is set to launch its IPO, which is expected to be the largest in A-shares this year, with a focus on renewable energy projects including wind and solar power [2][3]. Summary by Sections IPO Details - Huadian New Energy will be available for subscription this week, with a single account subscription limit of 1,490,500 shares and an issue price of 3.18 yuan per share, the lowest in A-shares this year [2]. - The company aims to raise approximately 15.8 billion yuan through this IPO, potentially reaching 18.17 billion yuan if the overallotment option is fully exercised [3]. Business Overview - The company is primarily engaged in the development, investment, and operation of renewable energy projects, focusing on wind and solar power [2]. - Huadian New Energy is one of the largest renewable energy companies in China, with a total installed capacity of 68.6171 million kilowatts as of December 31, 2024, including 32.0245 million kilowatts from wind power and 36.5926 million kilowatts from solar power [2][3]. Financial Performance - The projected revenues for Huadian New Energy from 2022 to 2024 are 24.673 billion yuan, 29.58 billion yuan, and 33.968 billion yuan, respectively, with net profits of 8.522 billion yuan, 9.62 billion yuan, and 8.831 billion yuan [3]. - The company has a comprehensive coverage of various types of renewable energy projects, including large-scale, offshore wind, and distributed solar projects [3].

Group 1: Trade and Economic Policies - Trump has signed 12 trade letters and plans to send them out on Monday, with significant announcements expected in the next two days regarding trade negotiations with the EU [2] - The White House is set to establish new unilateral tariff rates, which are likely to take effect from August 1, with rates potentially ranging from 10% to 70% [2] - The focus of broker strategies this week is on the progress of trade agreements and the sustainability of the "anti-involution" sector [5] Group 2: Market Trends and Predictions - The global market pricing is primarily influenced by the trade agreement progress expected on July 9, with a noted weakening of export growth compared to the first half of the year [5] - A-share market is expected to maintain an upward trend, with attention on sectors like wind power, thermal power, and robotics, which are anticipated to show positive mid-year performance [5] - The market may experience fluctuations in the coming weeks due to increased volatility in overseas markets, but a supportive liquidity environment is expected to sustain the current market conditions [5] Group 3: Industry Developments - The People's Bank of China has released a draft for the rules governing the cross-border payment system, which aims to lower entry barriers and simplify transaction processes, promoting the internationalization of the RMB [7] - The high temperatures affecting China are expected to boost air conditioning sales, with a correlation noted between temperature changes and air conditioning demand [10] - The State-owned Assets Supervision and Administration Commission is pushing for a comprehensive development strategy in the non-ferrous metals sector, focusing on resource exploration and investment [11] Group 4: Company Announcements - China Shipbuilding has received approval from the Shanghai Stock Exchange for the absorption and merger with China Heavy Industry [14] - Xinhua Insurance is investing 11.25 billion yuan in a private equity fund [14] - Huadian New Energy is set to launch an IPO with a subscription price of 3.18 yuan per share [13]