证券研究报告 一季度电力装机跟踪 关注海风及生物柴油机遇 公用事业 行业定期报告 hyzqdatemark 2025 年 04 月 28 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 投资评级： 看好（维持） ——大能源行业 2025 年第 17 周周报（20250427） 投资要点： 证券分析师 电力：风光装机首次超过火电，新政下光伏投产提速 风光装机首次超过火电，双碳战略效果显著。国家能源局于 2025 年 4 月 20 日发布 1-3 月全国电力工业 统计数据：截至 3 月底，全国累计发电装机容量 34.3 亿千瓦，同比增长 14.6%。其中，太阳能发电装机 容量 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in operational business and a gradual increase in dividends. The performance for 2024 and Q1 2025 aligns with expectations, with total revenue of 6.611 billion yuan in 2024 (up 1.36% year-on-year) and a net profit attributable to shareholders of 1.141 billion yuan (up 6.18% year-on-year) [6] - The company is actively expanding its waste incineration operations and enhancing sanitation services, with a significant increase in waste volume and energy generation. The company is also exploring resource recovery initiatives [6] - The water supply model in Xinyang is being successfully implemented and is expected to be replicated in other regions, with multiple wastewater projects being awarded [6] - The highway operations remain stable, with ongoing feasibility studies for potential upgrades [6] - Although operating cash flow has decreased, capital expenditures have significantly dropped, allowing for an increase in dividends [6] Financial Data and Profit Forecast - Total revenue is projected to be 6.740 billion yuan in 2025, with a year-on-year growth rate of 2.0% [5] - The net profit attributable to shareholders is expected to reach 1.187 billion yuan in 2025, reflecting a 4.0% year-on-year increase [5] - Earnings per share are forecasted to be 1.85 yuan in 2025, with a gross margin of 41.0% [5] - The return on equity (ROE) is projected to be 12.6% in 2025 [5] - The company is expected to maintain a price-to-earnings (PE) ratio of 8 in 2025, decreasing to 7 in subsequent years [5]

Group 1: Water Environment Protection - The State Council emphasizes the need for enhanced responsibility and mission in water pollution prevention, advocating for precise, scientific, and legal approaches to pollution control [1] - The ecological environment quality has improved significantly due to the "Blue Sky, Clear Water, and Clean Land" campaign, with a focus on addressing black and odorous water bodies and protecting water sources [1][2] - In 2024, the proportion of surface water quality in categories I to III reached 90.4%, an increase of 1.0 percentage points year-on-year, while the proportion of inferior category V water quality decreased to 0.6%, down by 0.1 percentage points [2] Group 2: Source Governance and Ecological Restoration - Future efforts will prioritize source governance over end-of-pipe treatment, integrating ecological considerations into water management, including the transformation of key industries and the recycling of water resources [3] - The meeting highlighted the importance of monitoring and managing pollution sources, particularly from industrial, domestic, and agricultural sectors, to prevent exceeding discharge standards [1][2] Group 3: Child Welfare and Medical Security - The meeting addressed the welfare of disadvantaged children, emphasizing the need for a comprehensive service system that includes basic living guarantees, medical rehabilitation, public education, and psychological support [3] - The draft of the Medical Security Law aims to enhance the medical security policy framework, protect the rights of insured individuals, and strengthen the supervision of medical insurance funds [4] Group 4: Nuclear Power Development - The meeting underscored the necessity of ensuring safety in nuclear power development, mandating adherence to the highest global safety standards in the construction and operation of nuclear power units [4]

截至独立财务顾问报告出具日，本激励计划回购注销部分限制性股票事项已履行必要审议程序和信息披 露义务，符合相关规定。公司后续需按规定办理限制性股票回购注销手续，并及时履行信息披露义务。 登录新浪财经APP 搜索【信披】查看更多考评等级 中兰环保科技股份有限公司于2025年4月24日分别召开第四届董事会第七次会议和第四届监事会第六次 会议，审议通过《关于回购注销部分限制性股票的议案》。此次回购注销源于2023年限制性股票激励计 划相关业绩考核未达标。 激励计划回顾 2023年4月21日，公司召开第三届董事会第十四次会议与第三届监事会第十次会议，审议通过多项与 2023年限制性股票激励计划相关议案。随后历经公示、自查等程序，于2023年5月17日经2022年年度股 东大会审议通过该激励计划相关议案。6月7日调整授予价格并向激励对象首次授予限制性股票，7月4日 完成首次授予登记。2024年3月29日、5月7日、7月22日也分别有相关激励计划事项推进。 回购注销详情回购原因：2023年限制性股票激励计划首次授予第二个解除限售期公司层面业绩考核目标 为2023 - 2024年两年营业收入累计不低于17.8亿元；预留授予第 ...

Core Viewpoint - The company, China Electric Environmental Protection (中电环保), has signed contracts with Jilin Fuel Ethanol Co., Ltd. for the supply of desulfurization and dust removal system equipment, as well as denitrification and economizer system equipment, totaling RMB 68.9933 million (including tax) [1] Group 1 - The total amount of the contracts is RMB 68.9933 million, which includes tax [1] - The delivery period for the equipment is within six months from the date of contract signing [1]

Summary of Key Points Core Viewpoint - The latest financing balance of the ChiNext market is 336.92 billion yuan, showing a decrease of 0.7 billion yuan compared to the previous period, with 19 stocks experiencing a financing balance growth of over 10% and 12 stocks seeing a decline of over 10% [1]. Financing Balance Overview - As of April 24, the ChiNext index fell by 0.68%, with a total margin balance of 337.83 billion yuan, down by 0.7 billion yuan from the previous trading day. The financing balance specifically is 336.92 billion yuan, a decrease of 0.7 billion yuan, while the securities lending balance is 91.3 million yuan, down by 3.22 million yuan [1]. - A total of 417 stocks saw an increase in financing balance, with 19 stocks increasing by more than 10%. The largest increase was observed in Changhua Chemical, with a financing balance of 54.14 million yuan, up by 29.08% [1][3]. Stocks with Increased Financing Balance - The stocks with significant financing balance increases include: - Changhua Chemical: 54.14 million yuan, +29.08%, closing price 19.90 yuan, +1.38% [3]. - Zhonghuan Hailu: 71.04 million yuan, +23.90%, closing price 21.61 yuan, -5.67% [3]. - Weihai De: 92.84 million yuan, +23.53%, closing price 29.20 yuan, -4.58% [3]. - The average increase for stocks with over 10% growth was 1.85%, with notable performers including Jinkai Biotechnology, Zhaomin Technology, and Haitai Technology, with increases of 16.88%, 14.03%, and 6.96% respectively [1][3]. Stocks with Decreased Financing Balance - A total of 520 stocks experienced a decrease in financing balance, with 12 stocks declining by more than 10%. The largest decrease was seen in Pulaide, with a financing balance of 19.71 million yuan, down by 24.07% [4]. - Other notable declines include: - Jingang Photovoltaic: 33.29 million yuan, -23.39% [4]. - Tianyuan Pet: 68.45 million yuan, -19.54% [4]. Capital Flow Insights - On April 24, among the stocks with increased financing balance, 12 stocks saw net inflows of main funds, with Jinkai Biotechnology leading at 137 million yuan, followed by Jinyang Co. at 66.30 million yuan and Shengyuan Environmental Protection at 32.23 million yuan [2]. - Conversely, 7 stocks experienced net outflows, with Zhaomin Technology leading at 129 million yuan, followed by New Aluminum Era at 74.46 million yuan and Hengbo Co. at 61.49 million yuan [2].

同兴科技（003027）公告，公司与中国科大签署了《合同终止协议书》，自本协议签署之日起，双方签 署的《中国科学技术大学同兴环保科技股份有限公司共建"中国科大-同兴环保储能电池材料及器件联合 实验室"合作协议》等均根据本协议内容同步终止。原合作协议签署后，公司向联合实验室支付1500万 元研发经费。 ...

日前，第50届日内瓦国际发明展在日内瓦国际会展中心举行。作为全球规模最大的发明类专门展览，本 届展览吸引了40多个国家和地区的1400余个参展主体。发明展涵盖了工业生产、家庭生活、环境保护、 医疗健康等领域。在众多参展主体和展品主题中，由中国香港多所高校团队带来的绿色环保类创新产品 技术路径新颖、应用前景广阔，并且直接服务于可持续发展目标，得到了参观者重点关注，成为本届发 明展的亮点。 香港理工大学团队展出的高效能无刷双电机对转风力发电机，与传统风力发电机在外观上最明显的区别 是在电机舱段的前后两端各设置一组桨叶，迎风面桨叶尺寸偏大，背风面桨叶尺寸偏小，两组桨叶在风 力驱动下反向对转并驱动两台无刷电机同步发电。此次展出的方案通过创新采用了双桨叶、双电机设 计，能够使整个发电机组单元更加紧凑，风电转化效能提升10%至20%。另外，通过运用无刷电机和电 磁齿轮箱，取消了传统的机械结构，避免了机械磨损，实现了运行期间无需维护。 香港浸会大学团队展出的生物质废弃物制氢先进催化体系依靠创新发明的催化剂，对绿氢生产的全链条 带来了效能的优化和安全性的提升。据展出团队介绍，技术方案中的制氢生物质废弃物包括厨余垃圾、 废纸以 ...

在当今商业世界，ESG（环境、社会和公司治理）理念正成为衡量企业可持续发展能力的关键标尺。近年来， 证监会等监管机构纷纷出台一系列 ESG 政策，国内 ESG 信息披露体系也日益完善。从理念到行动，越来越多 的企业开始将 ESG 纳入战略规划，而力合科创无疑是这场变革中的先行者。 作为一家在科技创新领域深耕多年的企业，力合科创不仅在商业上取得了显著成就，更在社会责任和可持续发 展方面交出了一份令人瞩目的答卷。从推动行业绿色转型，到助力科技创新服务社会，再到关爱社会弱势群 体，力合科创以实际行动诠释了 ESG 理念的深刻内涵。 0 1 零碳征途的科技答卷 科技向善的先锋实践 力合科创在科技创新领域的布局同样令人瞩目。2024 年，其投资孵化的氢致能源凭借电解海水制氢技术的突 破性进展登上央视《新闻联播》。这一技术的成功研发，不仅突破了传统制氢技术对淡水资源的依赖，更为氢 能的大规模应用提供了新的可能。氢致能源的成功并非偶然。公司成功研发的高性能电解海水催化剂和电极材 料，首次实现了大规模稳定电解海水制氢。这一创新成果不仅大幅拓展了制氢原料来源，降低了生产成本，更 为全球能源转型提供了新的解决方案。同年，氢致能源 ...

Group 1 - The core viewpoint of the article highlights the shift in the internal dynamics of state-owned enterprises (SOEs) in China, where competition for positions has replaced the previous notion of stability [1][2][3] - The article discusses the impact of the "three-year action plan for SOE reform" which concluded in 2022, emphasizing the need for SOEs to transition towards market-oriented operations [9][48] - The narrative illustrates the personal experiences of employees within an SOE, particularly focusing on the competitive job environment and the emotional toll it takes on individuals [20][36][40] Group 2 - The article details the changes in the work environment of SOEs, where employees are now facing increased pressure to perform and compete for their positions, leading to a breakdown of previously strong interpersonal relationships [4][11][12] - It mentions the significant number of private enterprises that have closed, with 460,000 reported by mid-2022, which has influenced the competitive landscape within SOEs [10] - The experiences of three women in the article reflect broader trends in the workforce, particularly how women in SOEs are often expected to prioritize family responsibilities amidst job insecurity [23][24][41] Group 3 - The article outlines the historical context of SOEs in China, detailing the transition from a planned economy to a market-oriented one, and the subsequent challenges faced by employees during this transformation [45][48] - It highlights the generational differences in employment experiences, with older employees recalling a time of stability that has since eroded due to reforms and market pressures [51][52] - The narrative concludes with the anticipation of a second round of competitive hiring within the SOE, reflecting ongoing reforms and the uncertain future for employees [52][53]