Core Viewpoint - Shenzhen Energy is accelerating its technological innovation efforts, achieving significant results since the first innovation conference held last year, with a focus on key technology breakthroughs and financial innovation to support its growth [2][3]. Group 1: Technological Innovations - The company established a Technology Innovation Advisory Committee and announced six major technological innovations, including the world's first 1100-ton incinerator and a 500 kW seawater electrolysis hydrogen production device [1]. - The renewable energy power prediction system, developed in collaboration with Huawei Cloud, has improved weather prediction accuracy by 15% and wind power generation prediction accuracy by 10% [3]. Group 2: R&D Investment and Achievements - R&D investment reached 568 million yuan in 2024, a 28% increase year-on-year, with 248 patents granted, marking a historical high in both input and output [2]. - Key technology breakthroughs include advancements in seawater hydrogen production systems and the largest independent flywheel frequency regulation power station globally [2]. Group 3: Financial Innovation - The company successfully issued Guangdong's first 1 billion yuan technology innovation perpetual corporate bond at the lowest interest rate for this type of bond, reflecting strong market confidence in the company's technological innovation prospects [2]. Group 4: Strategic Vision - The company aims to embed technological innovation into its development DNA, focusing on high-quality growth and becoming a leading enterprise in the energy and environmental sectors during the "14th Five-Year Plan" period [2][3].

Summary of China Energy Construction Conference Call Company Overview - China Energy Construction (CEC) is a leading enterprise in the energy construction sector in China, involved in traditional energy, renewable energy construction, surveying and design, housing construction, and transportation infrastructure [2][4] - Established in 2014 and listed on the Hong Kong Stock Exchange in 2015, CEC absorbed and merged with Gezhouba Group in 2021, achieving A-share listing [3] Financial Performance - Projected revenue for 2024 is 436.7 billion yuan, a year-on-year increase of 7.6%, with engineering construction accounting for 84% of total revenue [2][4] - Engineering construction revenue for 2024 is expected to be 366.8 billion yuan, growing by 7% year-on-year [2][6] - New contract value for 2024 is anticipated to reach 1.28 trillion yuan, up 6.4% year-on-year, with renewable energy contracts making up 44% [2][6] Market Position and Advantages - CEC holds over 70% of the domestic thermal power engineering construction market and over 30% in hydropower, with more than 50% market share in large hydropower projects [7] - In nuclear power conventional island surveying and design, CEC has a market share of 90% [7] - The company aims to achieve a total installed capacity of 20GW in renewable energy by the end of 2025, having already connected 15.2GW to the grid [9] Business Segments - The engineering construction segment includes various projects in renewable and traditional energy, urban construction, and comprehensive transportation [6] - The design consulting segment reported revenue of 20.8 billion yuan in 2024, with a stable gross margin between 35%-40% [10] - The industrial manufacturing segment includes construction materials and civil explosives, with stable revenue but a decline in aggregate production [10] Future Outlook - Revenue growth is expected to stabilize between 3% and 4% over the next three years, with a steady improvement in gross margins [4][14] - The investment operation business is projected to maintain high growth rates, contributing to overall profitability [14] Recent Developments - In the first half of 2025, new contract value reached 775.4 billion yuan, a 5% increase year-on-year, with notable growth in urban construction and design consulting [17] - The company is undergoing a capital increase plan initiated in 2022, initially set at 15 billion yuan, later adjusted to 9 billion yuan, which has received regulatory approval [12][13] Strategic Projects - The Yarlung Tsangpo project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly impact CEC, contributing to annual infrastructure investments exceeding 100 billion yuan [18] - CEC is positioned to benefit from the ongoing development of the Yarlung Tsangpo project, which is crucial for its long-term growth strategy [19]

Core Viewpoint - The company has approved the initiation of the Engineering, Procurement, and Construction (EPC) phase for its 9.6 MW natural gas power plant project, recognizing the strategic importance of maintaining project momentum despite ongoing regulatory approvals [1] Group 1: Project Details - The board of directors reviewed the progress of the 9.6 MW natural gas power plant project during a meeting on July 23, 2025, Calgary time [1] - The estimated cost for the EPC phase is approximately 5.84 million Canadian dollars, equivalent to about 33.696 million Hong Kong dollars [1] - The total costs for the EPC phase will be paid in installments and may be adjusted based on subsequent quotes from independent suppliers and current market conditions [1] Group 2: Funding Strategy - The company plans to raise funds for the project's development through equity financing, including the issuance of new shares [1]

Group 1 - Company received a corrective measure from Shanghai Securities Regulatory Commission due to three violations [1] - Inaccurate revenue recognition related to a construction project led to a misstatement of revenue amounting to 60.49 million yuan [1] - Misallocation of labor costs resulted in an inaccurate profit total in the 2023 annual report [1] Group 2 - Company is required to submit a written rectification report within 30 days of receiving the corrective decision [2] - Company announced a projected net loss of 11.5 million to 9.5 million yuan for the first half of 2025, a significant decline from the previous year [2] - Company’s stock price has decreased by 15.85% year-to-date, underperforming the real estate sector [2]

Group 1 - The successful launch of the Baoxin photovoltaic power station has increased the total installed capacity of the Yinchuan power grid to 3.9284 million kilowatts, with renewable energy capacity exceeding 2 million kilowatts, reaching 2.1236 million kilowatts, and the installed proportion surpassing 50% [1] - Since the second quarter of this year, there has been a peak in the grid connection of renewable energy, prompting the State Grid Yinchuan Power Supply Company to establish a special working group for grid connection services to track project progress and provide targeted support [1] - The working group has enhanced communication with renewable energy enterprises, holding regular meetings to address challenges and provide timely solutions, ensuring that all project phases are completed on schedule [1] Group 2 - The operation and maintenance model for renewable energy generation companies is increasingly automated and intelligent, with a focus on seven key tasks related to network safety and control capabilities [2] - The Yinchuan Power Supply Company has conducted comprehensive inspections of equipment and management to ensure the safe and stable operation of renewable energy, optimizing the energy structure of the Yinchuan power grid [2] - This year, Yinchuan has connected 11 renewable energy stations to the grid, with a total capacity of 338,800 kilowatts, contributing significantly to economic development and green transformation [2]

Core Viewpoint - The company is actively implementing green and low-carbon development strategies by utilizing idle land for solar energy projects, significantly reducing carbon emissions and enhancing economic benefits [1][2][3] Group 1: Solar Energy Projects - The Dongying Chenyang Kengdong integrated solar energy project has a capacity of 300 MW, generating 480 million kWh annually and reducing carbon emissions by 276,100 tons [1] - A 106 MW solar power station on 2,700 acres has been established, producing 145 million kWh annually, which can power over 5,000 households and save 17,800 tons of standard coal [2] - The company has built a total solar power generation capacity of 231.27 MW, with green electricity accounting for 63.09% of its energy consumption [1] Group 2: Economic and Ecological Benefits - Since the start of the 14th Five-Year Plan, the company has achieved cost savings of 71.48 million yuan and a 57.44% reduction in total carbon emissions [3] - The company has consumed 310 million kWh of green electricity, creating significant economic and ecological benefits [3]

新能源发电板块在基金总持仓中的占比为1.74%，环比-0.09%，同比-1.32%，主要持仓个股为阳光电源 （基金总持仓占比为0.58%）。电力设备与工控板块在基金总持仓中的占比为1.23%，环比-0.27Pcts，同 比-0.59Pcts，主要持仓个股为汇川技术（基金总持仓占比为0.55%）。 投资建议： 民生证券具体观点如下： 电新板块总体持仓占比环比下降 根据基金的披露规则，一季报和三季报披露前十大重仓股，半年报和年报披露全部持仓，故持仓总市值 存在差异，因此民生证券主要选取相同的数据口径即前十大重仓股进行趋势分析。从中信一级行业分类 来看，截至2025Q1中信电新行业基金持仓比重为9.20%，环比-1.35Pcts，同比-0.51Pcts；中信电新行业 市值在总市值中的比重为5.29%，环比+0.18Pcts，同比-0.27Pcts。 考虑到行业分类的一些误差，民生证券针对电新行业的304只自选股进行统计，结果显示截至2025Q1， 304只电新自选股基金持仓占比为11.87%，环比-0.56Pcts，同比-0.18Pcts；电新自选股市值在A股总市值 的比重为7.78%，环比+0.61Pcts，同比 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the new energy sector, particularly recommending companies like CATL, Zhongke Electric, and Xiamen Tungsten [4]. Core Insights - The overall fund holding ratio in the new energy sector has decreased, with a current holding ratio of 8.39%, down by 0.81 percentage points quarter-on-quarter and 0.66 percentage points year-on-year [1][10]. - The report highlights that the new energy vehicle sector remains strong, with CATL leading the fund holdings at a market value of 1426.57 billion, accounting for 4.63% of total fund holdings [2][24]. - The report emphasizes the impact of policy, technology, and demand on different segments of the new energy industry, suggesting varied performance expectations across sectors [3]. Summary by Sections Overall Sector Analysis - As of Q2 2025, the fund holding ratio for the new energy sector is 10.43%, reflecting a decrease of 1.44 percentage points quarter-on-quarter and 0.96 percentage points year-on-year [2][21]. - The market value of new energy stocks in the A-share market is 7.36%, down by 0.44 percentage points quarter-on-quarter but up by 0.03 percentage points year-on-year [1][10]. Subsector Analysis - The new energy vehicle sector's fund holding ratio is 7.50%, down by 1.14 percentage points quarter-on-quarter but up by 0.27 percentage points year-on-year [2][21]. - The renewable energy generation sector has a fund holding ratio of 1.74%, down by 0.09 percentage points quarter-on-quarter and 1.32 percentage points year-on-year [2][21]. - The power equipment and industrial control sector's fund holding ratio is 1.23%, down by 0.27 percentage points quarter-on-quarter and 0.59 percentage points year-on-year [2][21]. Investment Recommendations - The report recommends focusing on new energy vehicle-related stocks such as CATL, Zhongke Electric, and Xiamen Tungsten, as well as power equipment stocks like Xuchang Electric and Fala Electronics [3]. - For wind and solar storage-related stocks, the report suggests companies like Dongfang Cable, Mingyang Smart Energy, and Sunshine Power [3]. Key Company Forecasts - CATL is projected to have an EPS of 15.19 in 2025, with a PE ratio of 19, maintaining a "Buy" rating [4]. - Zhongke Electric is expected to have an EPS of 0.96 in 2025, with a PE ratio of 18, also rated as "Buy" [4]. - Xiamen Tungsten is forecasted to have an EPS of 1.83 in 2025, with a PE ratio of 27, rated as "Buy" [4].

Core Viewpoint - The rapid development of the renewable energy industry in China is reshaping traditional financial financing models, with public REITs (Real Estate Investment Trusts) in the renewable sector emerging as a significant innovation in the financial system, reflecting the government's commitment to market-oriented financial development [1][2]. Policy Support - The growth of renewable energy REITs is supported by national policies emphasizing the importance of the renewable energy sector and financial market reforms. In July 2024, the National Development and Reform Commission included energy storage and flexible coal power in the REITs asset scope, with further policy enhancements in 2025 to support the issuance of REITs for clean energy projects [2][3]. Capital Bridging - Renewable energy REITs facilitate the connection between social capital and renewable projects through asset securitization, enhancing asset liquidity and providing stable returns for investors. They help renewable companies optimize financing structures and improve capital efficiency, while also enriching the capital market's product offerings [3][4]. Legislative Support - The China Securities Regulatory Commission is advancing REITs-specific legislation to establish a clear legal framework for renewable energy REITs, addressing issues such as property rights and tax treatment, which will enhance project attractiveness and investment returns [4][5]. Demonstration Effect - Successful projects like the CITIC Construction Investment National Energy Investment REIT and the AVIC Jingneng Photovoltaic REIT have shown strong market performance, with significant increases in unit prices and operational efficiency, setting a precedent for future projects [5][6]. Future Outlook - The renewable energy REITs market is expected to diversify and become more inclusive, with encouragement for private enterprises to participate and the expansion of asset sources. As legislative and market mechanisms improve, renewable energy REITs are poised to become a benchmark for financial reform and a key driver in achieving China's dual carbon goals [6].

Core Insights - The project at Oumatengga, Naqu City, Tibet, is a 100MW wind power project developed by the State Energy Group, which has been operational for over 500 days [1][2] - The project has achieved significant milestones, being the first 100MW renewable energy project in Tibet and the largest wind power project in terms of single unit capacity and installed scale in ultra-high altitude areas [2] Group 1 - The wind farm has generated approximately 220 million kWh of electricity since its commissioning, equivalent to saving 70,000 tons of standard coal and reducing carbon dioxide emissions by 190,000 tons [2] - The construction of the project was completed within the same year it was approved, setting a record for the fastest wind power project in Tibet [2] - The clean energy base in Naqu City has surpassed 1.17 million kW of installed capacity, including 992,500 kW of solar power, 107,500 kW of wind power, and 76,800 kW of hydropower, with an external electricity supply of 150 million kWh [2] Group 2 - The operational team has adapted to the harsh high-altitude environment, with temperatures dropping below -20 degrees Celsius in winter, ensuring the wind turbines operate efficiently [1] - The integration of wind and solar energy enhances energy security for winter heating and electricity supply in the region [2]