Core Viewpoint - Guangdong Construction (002060) announced that its wholly-owned subsidiary, Guangdong Hydropower Second Bureau Group Co., Ltd., has successfully connected several photovoltaic power generation projects to the grid, marking significant progress in clean energy production [1] Group 1: Project Achievements - The company has achieved full-capacity grid-connected power generation for multiple photovoltaic projects, including a 0.558MW rooftop distributed photovoltaic project in Wengyuan County, Shaoguan City, Guangdong Province [1] - A 2.35MW distributed photovoltaic power generation project at the Chaoan Reserve Grain Center in Chaozhou City has also been successfully connected to the grid [1] - Additionally, a 5MW distributed photovoltaic hydrogen production integration project in Bachu County, Xinjiang, has been established as a demonstration project [1] - The first batch of 16.20MW from the 120MW composite photovoltaic power generation project in Luoshi Town (Yuxi), Shaoyang City, Hunan Province, has been connected to the grid [1] - The total installed capacity of clean energy projects that have been put into operation has reached 4559.71MW [1]

证券代码：900957 证券简称：*ST 凌云 B 公告编号：2025-029 上海凌云实业发展股份有限公司 股票可能被终止上市的第九次风险提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 上海凌云实业发展股份有限公司（以下简称"公司"）按上证综指采用的 上周最后一个交易日（2025 年 5 月 30 日）中国人民银行授权中国外汇交易中心 公布的银行间外汇市场人民币汇率中间价 1 美元兑人民币 7.1848 元计算，公司 股票 2025 年 6 月 3 日收盘价为 0.105 美元/股，折合人民币为 0.7544 元/股，已 经连续 16 个交易日低于人民币 1 元。即使后续 4 个交易日连续涨停，也将因股 价连续 20 个交易日低于人民币 1 元而触及交易类退市指标。根据《上海证券交 易所股票上市规则》（以下简称"《股票上市规则》"）第 9.2.1 条第二款的规定： 在上海证券交易所（以下简称"上交所"）仅发行 B 股股票的公司，如果连续 20 个交易日的每日股票收盘价均低于人民币 1 元的，公司股票 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 8.00 per share, indicating a potential upside of 25% from the current price of HKD 6.41 [5][10]. Core Views - The company's Q1 2025 profit decline was influenced by poor wind resources and rising operating expenses, with revenue dropping by 19% year-on-year to HKD 81.40 billion and net profit decreasing by 22.07% to HKD 19.02 billion [7][8]. - The company plans to start new renewable energy projects totaling 5.5 GW in 2025, with 5 GW expected to be operational, including 3.2 GW of wind power and 1.7 GW of solar power [3][8]. - The company possesses high-quality existing assets that ensure stable performance, benefiting from favorable regulatory conditions in Shandong and Guangdong provinces [4][9]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of HKD 81.40 billion, a 19% decrease year-on-year, and a net profit of HKD 19.02 billion, down 22.07% [7]. - The total power generation for Q1 was 202.86 billion kWh, a decline of 4.42% year-on-year, but a growth of 8.81% when excluding the impact of thermal power divestiture [7][8]. Project Development - The company aims to initiate 5.5 GW of new renewable energy projects in 2025, with 5 GW expected to be commissioned, including 3.2 GW of wind and 1.7 GW of solar [3][8]. - As of March 2025, the company’s total installed capacity reached 41.15 million kW, with wind power accounting for 30.44 million kW and solar power approximately 10.70 million kW [3][8]. Asset Quality - The company’s existing assets are of high quality, providing stable returns, supported by regulatory frameworks that ensure the profitability of existing projects [4][9]. - The company is positioned as a leader in the wind power sector, with a competitive advantage in market transactions due to its substantial existing asset base [4][9].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 8.00 per share, indicating a potential upside of 25% from the current price of HKD 6.41 [5][10]. Core Insights - The company's revenue for Q1 2025 decreased by 19% year-on-year to HKD 81.40 billion, and net profit attributable to shareholders fell by 22.07% to HKD 19.02 billion, primarily due to poor wind resources and rising operating expenses [7][8]. - The company plans to start new renewable energy projects totaling 5.5 GW in 2025, with 5 GW expected to be operational, including 3.2 GW from wind and 1.7 GW from solar [3][8]. - The company holds high-quality existing assets that ensure stable performance, benefiting from favorable regulatory conditions in regions like Shandong and Guangdong, which support the profitability of existing projects [4][9]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a total generation of 202.86 billion kWh, a decrease of 4.42% year-on-year, but a growth of 8.81% when excluding the impact of thermal power divestiture. Wind power generation increased by 4.37% [7][8]. - The company’s operating expenses rose by 14% year-on-year, driven by higher depreciation, labor, and maintenance costs [7]. Project Development - As of March 2025, the company’s total installed capacity reached 41.15 million kW, with wind power accounting for 30.44 million kW and solar power approximately 10.70 million kW. The company has secured development indicators for 14.72 GW, including 6.37 GW for wind and 8.35 GW for solar [3][8]. Asset Quality - The company is positioned as a leader in the wind power sector, with a significant share of high-quality existing assets. The stability of revenue from these assets is expected to provide a competitive advantage in market transactions [4][9].

Investment Rating - The report assigns an "Accumulate" rating to the company [7] Core Views - The company is transitioning from a financial investment strategy to an industrial investment holding group, focusing on new energy and new technology sectors, aligning with national policy directions and market trends [4][12][15] - The company has successfully restructured its capital and improved its financial health, with a significant reduction in debt-to-asset ratio from approximately 78% in 2021 to about 65% in 2023, and projected to further decrease to around 60% in 2024 [4][6][24] - The company has established a strong synergy between its green energy and data center businesses, aiming to create a digital economy ecosystem that integrates AI computing power, data assets, and application scenarios [7][15][23] Summary by Sections 1. Transition to Industrial Investment Holding Group - The company has shifted its focus from short-term financial investments to long-term industrial investments, particularly in new energy and technology sectors, which are expected to drive future growth [4][12] - The company has increased its stake in Shandong High-speed New Energy to 60.66%, enhancing its control and position in the renewable energy market [12][15] 2. New Energy Sector - The company has received significant funding, including approximately HKD 47 billion from its own group and additional support from national clean energy subsidies, which has improved the capital structure of its subsidiary, Shandong High-speed New Energy [4][12] - The company is actively involved in various renewable energy projects, including wind and solar initiatives, with a total capacity exceeding 1GW planned for the next two years [4][5] 3. New Infrastructure and Data Center Development - The company has strategically invested in Century Internet, a leading digital infrastructure provider, to enhance its capabilities in the data center sector [4][12] - A significant project in Ulanqab City aims to integrate green power with intelligent computing, with a total investment of approximately CNY 21 billion [5][12] 4. Financial Performance and Projections - The company has shown a strong revenue growth trajectory, with projected revenues of CNY 58.84 billion, CNY 67.85 billion, and CNY 74.99 billion for 2025 to 2027, respectively [7][27] - The net profit is expected to grow significantly, with projections of CNY 1.38 billion, CNY 2.24 billion, and CNY 3.47 billion for the same period, reflecting a robust growth rate [7][27]

Investment Rating - The report assigns an "Accumulate" rating to the company [7] Core Views - The company is transitioning from a financial investment strategy to an industrial investment holding group, focusing on new energy and new technology sectors, aligning with national policy directions and market trends [4][12][15] - The company has successfully restructured its capital and improved its financial health, with a significant reduction in debt-to-asset ratio from approximately 78% in 2021 to about 65% in 2023, and further projected to decrease to around 60% in 2024 [4][6][24] - The company has established a strong synergy between its green energy and data center businesses, enhancing operational efficiency and reducing costs [7][15] Summary by Sections 1. Transition to Industrial Investment Holding Group - The company has shifted its focus from short-term financial investments to long-term industrial investments, particularly in new energy and technology sectors, which are expected to drive future growth [4][12] - The company has increased its stake in Shandong High-speed New Energy to 60.66% by 2025, reinforcing its control and commitment to the renewable energy market [12][23] 2. New Energy Sector - The company has received significant funding, including approximately HKD 47 billion from its parent group and additional government subsidies, which have improved the capital structure of its subsidiary, Shandong High-speed New Energy [4][5] - The company is actively involved in various renewable energy projects, including wind and solar initiatives, with a total capacity exceeding 1GW planned for the next two years [4][5] 3. New Infrastructure and Data Center Development - The company has strategically invested in Century Internet, a leading digital infrastructure provider, to enhance its capabilities in the data center sector [4][7] - A significant project in collaboration with Ulanqab City aims to integrate green energy and data computing, with a total investment of approximately CNY 21 billion [5][7] 4. Financial Performance and Forecast - The company has shown a robust growth trajectory, with projected revenues of CNY 58.84 billion in 2025, and net profits expected to reach CNY 1.38 billion, reflecting a year-on-year growth rate of 155% [7][27] - The company’s net profit margin has improved significantly, with a forecasted net profit of CNY 3.47 billion by 2027, indicating strong operational efficiency [7][32]

2025年5月19日，美国参议院通过了《指导与建立美国稳定币国家创新法案》的程序性投票；2025年5月 21日，香港立法会正式三读通过《稳定币条例草案》。据香港立法会官网，香港金融管理专员(HKMA) 将负责稳定币监管与发牌，设立香港本地实体公司持牌人须具备2500万港元缴足股本；稳定币须100% 以储备资产支撑，其市值应始终不低于流通面值。RWA(Real-World Assets)即通过区块链技术将现实中 的资产数字化并上链。稳定币对RWA中的赋能包括： 1)为RWA代币交易提供币值稳定的工具：稳定币作为数字货币能够用于RWA资产交易，币值又和法定 货币1:1挂钩，有效降低购买RWA代币时支付币值变化的风险。 2)增加流动性：稳定币能帮助RWA代币更容易买卖，投资者可以用稳定币快速买进或卖出RWA代币， 激发RWA市场活跃度。 智通财经APP获悉，中信证券发布研报称，近期中国香港、美国均不同程度推进稳定币相关法案立法进 程，稳定币能够为RWA代币资产提供币值稳健的交易方式，增强市场流动性，有助于促进大陆企业在 港RWA发行项目进一步落地；同时，稳定币法案有望间接助推香港金融行业数字货币相关支付、结算 接口 ...

Group 1: IPO Overview - On May 30, 2025, four companies, including Shaanxi Tourism, Sanrui Intelligent, Hongming Electronics, and Dayu Co., received IPO acceptance, marking the highest number of acceptances in a single day since 2025 [1][3] - Among the four companies, Sanrui Intelligent and Hongming Electronics are attempting to list on the ChiNext board, making them the first batch of accepted companies for the year [1][4] - As of now, a total of 27 companies have received IPO acceptance in 2025, with 18 from the Beijing Stock Exchange, accounting for 66.67% of the total [1][5] Group 2: Fundraising Plans - Sanrui Intelligent plans to raise approximately 769 million yuan, with funds allocated for expanding drone and robot power systems, R&D center, and smart warehousing [3][4] - Hongming Electronics aims to raise about 1.951 billion yuan, focusing on projects related to high-energy pulse capacitors and new electronic components [3][4] - Shaanxi Tourism intends to raise around 1.555 billion yuan for its tourism-related projects, while Dayu Co. plans to raise approximately 181 million yuan for metal surface treatment and ship casting [4] Group 3: Company Backgrounds - Hongming Electronics, established in 1981, is the oldest among the four companies, while Shaanxi Tourism, Dayu Co., and Sanrui Intelligent were founded in 1988, 1997, and 2009, respectively [4] - Sanrui Intelligent specializes in the R&D, production, and sales of drone electric power systems and is actively developing eVTOL power systems [3][4] - Hongming Electronics focuses on the R&D and production of new electronic components, primarily resistive and capacitive components [3][4] Group 4: Financial Performance - In 2024, Sanrui Intelligent is projected to achieve a net profit of approximately 333 million yuan, representing a year-on-year increase of 92.96% [7] - Hongming Electronics has experienced a decline in net profit for two consecutive years, with figures of 476 million yuan, 412 million yuan, and 293 million yuan from 2022 to 2024 [7] - The overall trend indicates that while some companies are experiencing growth, others like Hongming Electronics are facing challenges in maintaining profitability [7][8]

Core Insights - The article highlights the significant transformation in the energy landscape of Shijiazhuang County, Shandong Province, driven by the development of renewable energy sources, particularly wind and solar power [1][2] Group 1: Renewable Energy Development - As of the end of 2024, the total installed capacity of renewable energy in Shijiazhuang County is expected to exceed 1.08 million kilowatts, meeting 80% of the county's electricity demand [1] - The county has established a green energy system that integrates wind power, solar energy, and biomass energy, resulting in a reduction of carbon dioxide emissions by 1.6 million tons annually [1] Group 2: Energy Management and Infrastructure - The State Grid Shijiazhuang County Power Supply Company has developed a "source-network-load-storage" collaborative management system to enhance the integration of renewable energy generation and consumption [2] - By the end of this year, the proportion of installed renewable energy capacity in the county is expected to reach over 95%, with plans to create a new-type power system demonstration zone [2]

Group 1 - The fourth Dialogue on Civilizational Exchange and Mutual Learning was held in Dunhuang, showcasing the enduring vitality of Chinese civilization through cultural exchanges and modern innovations [1][6] - Participants visited historical sites along the Silk Road, including Mogao Caves and Jiayuguan, experiencing the rich cultural heritage and the integration of ancient and modern elements [1][3] - The event highlighted the significance of the Silk Road as a conduit for cultural exchange and the contemporary relevance of the Belt and Road Initiative [3][4] Group 2 - The innovative immersive performance "Dynamic Dunhuang" utilized advanced technologies like holography and 3D projection to recreate scenes from ancient murals, enhancing the cultural experience for attendees [4][6] - The development of renewable energy projects, such as the 100 MW molten salt tower solar power plant in Dunhuang, was showcased, emphasizing China's commitment to green energy and ecological civilization [7][9] - The dialogue facilitated discussions on international cooperation in green energy, with representatives from various countries expressing interest in collaborating with China on renewable energy initiatives [9]