企业强则国家强，企业兴则国家兴。国有企业是中国特色社会主义经济的"顶梁柱"，随着我国经济结构 不断调整优化，如何推动国资国企高质量发展，充分发挥国民经济"领头羊"作用？广西壮族自治区出台 了一系列政策措施，做好"原字号""老字号""新字号""外字号"四篇强产业文章，着力培育经济增长新动 力、做优做强传统产业、加快提升国际化经营水平，国资国企不断"破圈"成长。 今年是国有企业改革深化提升行动的收官之年，改革如何走深走实？科技创新持续加力，产业发展向新 求质，国企改革扎实推进……诸多新成效传递着地方国资国企加快高质量发展的积极信号。 为充分发挥国有企业引领高质量发展的主力军作用，近年来，广西壮族自治区国资委出台政策措施鼓励 国有企业培育壮大"新字号"、转型升级"老字号"、科技赋能"原字号"、加快发展"外字号"，产业发展焕 发勃勃生机。数据显示，2025年上半年，广西国资委监管企业利润总额、战略性新兴产业投资、主业投 资占比同比分别增长13.56%、20.66%、2.55%。 培育壮大"新字号" 在今年的上海车展上，柳州五菱汽车工业有限公司成为众人瞩目的焦点。这是五菱工业公司第三次亮相 全球顶级车展。他们自主研发的 ...

证券研究报告 华润电力 (836 HK) 港股通 业绩低于预期，可再生能源利润增长 华泰研究 中报点评 投资评级(维持): 买入 目标价(港币): 25.49 王玮嘉 研究员 SAC No. S0570517050002 SFC No. BEB090 黄波 研究员 huangbo@htsc.com +(86) 755 8249 3570 李雅琳 研究员 SAC No. S0570523050003 SFC No. BTC420 胡知* 研究员 SAC No. S0570523120002 huzhi019072@htsc.com +(86) 21 2897 2228 康琪* 联系人 SAC No. S0570124070105 kangqi@htsc.com +(86) 10 6321 1166 基本数据 公司公布 1H25 业绩：营收同比-1.7%至 502.67 亿港币；股东应占利润同比 -15.9%至 78.72 亿港币，低于我们预期的 93.22 亿港币，主要系：1）火电 业务股东应占核心利润同比-2.7%至 26.41 亿港币，低于我们预期；2）公 司计提减值损失 4.08 亿港币。1H25，公司可 ...

证券研究报告 福能股份 (600483 CH) 业绩符合预期，拟首次中期派息 2025 年 8 月 22 日│中国内地 发电 福能股份发布半年报，1H25 实现营收 63.69 亿元（yoy-4.4%），归母净利 13.37 亿元（yoy+12.5%），扣非净利 13.17 亿元（yoy+12.8%）。其中 Q2 实现营收 32.72 亿元（yoy-8.5%，qoq+5.6%），归母净利 5.85 亿元 （yoy-11.7%，qoq-22.2%）。归母净利和业绩快报一致。1H25 新能源净 利润同比+14%，预计 2025 年盈利保持高水平。1H25 火电与其他业务净利 润 yoy+16%，煤价下行有望抬升 2025 年盈利。公司拟首次派发中期 DPS 0.073、派息比例 15%。维持"买入"评级。 新能源：1H25 净利润同比+14%，预计 2025 年盈利保持高水平 1H25公司风电发电量 yoy+8.4%至28.67亿千瓦时，其中海上风电 yoy+10% 至 16.90 亿千瓦时；公司风电项目上网电价相对稳定，因此电量增长的规模 效应较为显著，我们测算 1H25 新能源净利润 yoy+14%、占比达到 ...

Revenue Composition - In the first half of 2025, the revenue composition of Northern International is as follows: Engineering construction and services account for 46.02%, goods trade for 39.54%, metal packaging container sales for 9.19%, power generation income for 4.83%, and other businesses for 0.42% [1] Guarantee and Financial Metrics - On August 21, Northern International announced that the total approved guarantee amount for the company and its subsidiaries is 12.304 billion yuan, which represents 130.08% of the company's most recent audited net assets [3] - The total balance of external guarantees by the company and its subsidiaries is 10.969 billion yuan, accounting for 115.96% of the company's most recent audited net assets [3] - The total balance of guarantees for entities outside the consolidated financial statements is 7.754 billion yuan, which is 81.97% of the company's most recent audited net assets [3]

一、4年仅新增装机300MW对标3GW年开工目标，度电成本0.48元、收益率8.96%！这种"小众发 电技术"或迎来爆发，产业链四大核心环节谁是下一个投资风口； 二、2030年浸没式冷却液市场有望达到9.7亿美元、复合增速21.2%！这种冷却液材料占据94.2% 份额，两家最具潜力公司已找到。 前言 券商研报信息复杂？机构调研数据过时？屡屡错失投资机会？那是你不会挖！想知道哪份研报有用？什 么时候该看？《研报金选》满足你！每日拆解热门产业链或核心公司，快市场一步的投研思维+严苛的 研报选择标准+几近偏执的超预期挖掘，游资私募都在用！ 点击付费阅读，解锁市场最强音，把握投资机会！ ...

Investment Rating - The investment rating for the company is "Buy" for both A-shares and H-shares, maintained from previous assessments [7]. Core Views - The company reported better-than-expected performance in its interim results, with a proposed interim dividend of 0.1 CNY per share, totaling 836 million CNY, representing a payout ratio of 24.77% [1]. - The company anticipates a revaluation of its value due to the compliance and confirmation of national subsidies [4]. - The company has adjusted its profit forecasts slightly downward for 2025-2027, with a projected compound annual growth rate (CAGR) of 10.1% for net profit [5]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 15.657 billion CNY, a year-on-year decrease of 18.6%, and a net profit attributable to shareholders of 3.375 billion CNY, down 13.8% year-on-year [1]. - The second quarter saw revenue of 7.517 billion CNY, a year-on-year decrease of 18.2% and a quarter-on-quarter decrease of 7.7% [1]. Installed Capacity and Generation - The company added 2,053.54 MW of installed capacity in the first half of 2025, bringing the total to 43.197 GW, with wind power contributing 986.95 MW and solar power 1,096.59 MW [2]. - The company's electricity generation increased by 12.7% year-on-year, with wind power generation up 6.1% to 33,502 GWh, primarily due to new installations [2]. Profitability Analysis - The operating profit from the wind power segment decreased by 11% year-on-year to 6.213 billion CNY, with a corresponding profit per MWh down 16% to 185 CNY/MWh [3]. - The photovoltaic segment saw a 51% increase in operating profit to 550 million CNY, with a profit per MWh of 89 CNY/MWh, down 12% year-on-year [3]. Cash Flow and Receivables - As of June 2025, the company's receivables financing increased by 5.96 billion CNY compared to the beginning of the year, accounting for 55.7% of net assets, indicating a rising trend since the end of 2022 [4]. - The operating cash flow for the first half of 2025 decreased by 8.5% year-on-year to 6.673 billion CNY, but the second quarter saw a year-on-year increase of 7.3% to 3.977 billion CNY [4]. Valuation Adjustments - The target price for A-shares is adjusted to 18.72 CNY, down from 18.96 CNY, based on a 24x PE for 2025, while the target price for H-shares is adjusted to 7.63 HKD from 7.73 HKD, based on a 9x PE for 2025 [5].

Core Viewpoint - Meiyan Jixiang (600868) is initiating a cross-industry acquisition by planning to acquire 65% of Shanghai Xinjiyu Information Technology Service Co., Ltd. for 106 million yuan, aiming to enter the service outsourcing industry [2][5]. Group 1: Acquisition Details - The valuation of Shanghai Xinjiyu's total equity is 163 million yuan, representing a 266.03% increase over its book value [2][3]. - Shanghai Xinjiyu, established in 2013, has a registered capital of 10 million yuan, with its shareholders being Hou Xinggang (65%) and Wu Haiyan (35%) [2][3]. - After the acquisition, the shareholding structure will change to Meiyan Jixiang holding 65%, Hou Xinggang 20%, and Wu Haiyan 15% [2]. Group 2: Financial Performance - For the fiscal year 2024, Shanghai Xinjiyu is projected to generate revenue of 171 million yuan and a net profit of 7.44 million yuan [3][5]. - In the first five months of 2025, the company reported revenue of 66.76 million yuan and a net profit of 4.92 million yuan [3]. - As of May 2025, Shanghai Xinjiyu's total assets were valued at 97.89 million yuan, with net assets of 44.59 million yuan [3]. Group 3: Market Position and Future Outlook - Shanghai Xinjiyu has approximately 180 active orders, serving clients across various industries, including NIO, Daikin, and Adidas [4]. - The BPO industry is expected to maintain a continuous upward trend, with a fragmented competitive landscape and significant market demand [4]. - The gross profit margin for Shanghai Xinjiyu in 2024 is estimated at 8.79%, with projections for 2026-2030 ranging between 12.24% and 12.75% [5]. Group 4: Regulatory Scrutiny - The high premium in the acquisition has attracted the attention of regulatory authorities, leading to inquiries regarding the necessity and rationality of the transaction [2][6]. - The acquisition is expected to create approximately 76 million yuan in goodwill on the consolidated balance sheet of Meiyan Jixiang [6]. - The Shanghai Stock Exchange has requested explanations regarding the significant increase in the valuation of Shanghai Xinjiyu compared to previous assessments [6].

Consumption - Travel and tourism activity remains high, with significant recovery in urban and intercity population movement, reflected in increased subway ridership and flight operations[7] - Retail and wholesale volumes for automobiles have slightly declined, indicating a weakening effect of promotional activities and subsidies[7] - Movie attendance and box office revenues have significantly decreased post-summer, indicating a drop in consumer interest[7] Investment - New special bonds issued reached CNY 3.08 trillion as of August 16, with a recent acceleration in issuance[20] - Real estate transaction volumes remain subdued, with new home sales in 30 cities showing a slight recovery but still down year-on-year[20] - Construction activity is marginally improving, with asphalt operating rates increasing and cement shipment rates recovering seasonally[20] Trade and Prices - Import and export volumes are showing divergence, with a 11.1% decline in imports from China to South Korea and a 4.3% drop in global exports[26] - Domestic export freight rates have decreased for seven consecutive weeks, reflecting a retreat from previous shipping surges due to tariff concerns[26] - The Producer Price Index (PPI) remains flat overall, with industrial prices showing little change except for a notable 15% increase in lithium carbonate prices[44] Liquidity - The 10-year government bond yield rose by 5.7 basis points to 1.75%, indicating a tightening liquidity environment[47] - The US dollar index fell by 42 basis points, influenced by moderate inflation data from July, which strengthened expectations for a potential interest rate cut in September[47]

Core Viewpoint - China Shenhua (SH 601088, closing price: 37.56 yuan) announced on August 15 that its sixth board meeting was held to review proposals regarding the issuance of shares and cash for asset purchases, as well as related fundraising and transactions [2] Financial Performance Summary - For the year 2024, the revenue composition of China Shenhua is as follows: coal segment accounts for 79.38%, power generation segment for 27.84%, railway segment for 12.74%, port segment for 2.02%, and coal chemical segment for 1.66% [2]

Group 1 - The establishment of Shenneng Yudong Environment (Longchuan) Co., Ltd. has been officially registered with a capital of 10 million yuan, focusing on kitchen waste treatment, power generation, and environmental protection services [1][2]. - The company is co-owned by Shenneng International Environment (Shenzhen) Co., Ltd. and Shenzhen Energy Environmental Protection Co., Ltd., among others [1][3]. - The legal representative of the new company is Li Jinxiang, and it is located in Longchuan County, Heyuan City, Guangdong Province [2][3]. Group 2 - The company is classified under solid waste management (N7723) in the national industry standards [2]. - The shareholding structure indicates that Shenneng International Environment holds 51% of the shares, while Longchuan Kending Environmental Technology Co., Ltd. holds 43%, and Shenzhen Energy Environmental Protection Co., Ltd. holds 6% [3].