银河定投宝腾讯济安指数（519677）基金经理为黄栋。 截至发稿，黄栋累计任职时间13年101天，现任基金资产总规模16.31亿元，任职期间最佳基金回报 107.54%， 任职期间最差基金回报-21.5%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 12月31日，明阳智能涨1.05%，截至发稿，报14.50元/股，成交2765.57万元，换手率0.08%，总市值 327.92亿元。 资料显示，明阳智慧能源集团股份公司位于广东省中山市火炬开发区火炬路22号，成立日期2006年6月2 日，上市日期2019年1月23日，公司主营业务涉及新能源高端装备制造,新能源电站投资运营及智能管理 业务。主营业务收入构成为：销售商品100.00%。 从基金十大重仓股角度 数据显示，银河基金旗下1只基金重仓明阳智能。银河定投宝腾讯济安指数（519677）三季度减持7400 股，持有股数25.43万股，占基金净值比例为1.23%，位居第十大重仓股。根据测算，今日浮盈赚取约 3.81万元。 ...

Core Viewpoint - Beijing Oriental Garden Environment Co., Ltd. (Oriental Garden) announced two significant initiatives on December 16, marking a key step in its strategic transformation towards the renewable energy sector [1][3] Group 1: Acquisition Details - The acquisition will be conducted through a newly established entity, Oriental New Energy (Beijing) Enterprise Management Center (Limited Partnership), funded by Oriental Garden and its wholly-owned subsidiary [3] - The acquisition includes two transactions: one involves bidding for 100% equity of Haicheng Ruihai New Energy Wind Power Co., Ltd. at a base price of 14.1 million yuan, and the other involves acquiring 80% equity of Beijing Electric Investment Ruixiang New Energy Development Co., Ltd. [3] - Haicheng Ruihai focuses on distributed wind power, with a grid-connected capacity of 41 megawatts expected by June 30, 2025, while Electric Investment Ruixiang operates centralized wind farms and distributed photovoltaic power stations with a total grid-connected capacity of 761.62 megawatts across several provinces [3] Group 2: Strategic Transformation - The transaction aims to implement the company's restructuring plan by enhancing its renewable energy business, which includes investment, development, construction, and operation of photovoltaic and wind power projects [3][4] - Following its judicial restructuring completed by the end of 2024, Oriental Garden has successfully divested its traditional ecological and environmental protection business, establishing renewable energy as its core business [4] - The company reported a significant reduction in net profit loss to 2.0659 million yuan for the first three quarters of 2025, with net cash flow from operating activities reaching 66.7869 million yuan, a year-on-year increase of 170.84% [4]

Core Viewpoint - Oriental Garden's wholly-owned subsidiary plans to acquire 100% equity of Haicheng Ruihai and 80% equity of Electric Investment Ruixiang, marking a significant asset restructuring and a strategic shift towards renewable energy [2][5]. Group 1: Acquisition Details - The acquisition involves cash payment, with the purchase of Haicheng Ruihai's 100% equity to be conducted through a public listing at the Tianjin Property Rights Exchange, with a minimum transfer price set at 14.1 million yuan [5]. - The valuation and transaction price for the target assets have not yet been finalized as the auditing and evaluation work is still ongoing [5]. Group 2: Business Transformation - Following the completion of judicial restructuring in 2024, Oriental Garden aims to divest its traditional ecological and environmental protection business and focus on a strategic layout in the renewable energy sector [5]. - The company plans to engage in the development and operation of centralized power stations, distributed energy projects, and the securitization of renewable energy resources [5]. Group 3: Financial Performance - Since 2020, Oriental Garden has faced significant financial losses, with a reported total revenue of 156 million yuan for the first three quarters of 2025, representing a 77.18% year-on-year decline [5]. - The net profit attributable to shareholders showed a loss of 2.0659 million yuan, compared to a loss of 2.28 billion yuan in the same period last year [5]. Group 4: Legal Issues - The company is currently involved in multiple lawsuits, with a total amount of 317 million yuan in litigation and arbitration cases, accounting for approximately 20.61% of its latest audited net assets [7]. - In November, Oriental Garden disclosed a significant lawsuit related to securities false statement liability, with the amount in question reaching 170 million yuan [10].

东方园林表示，本次交易前，上市公司于2024年完成司法重整并成功剥离传统生态环保业务。根据《北 京东方园林环境股份有限公司重整计划》，上市公司拟实施新能源业务战略布局，开展集中式电站开发 和运营、分布式能源项目开发和运营、新能源资源证券化运营。通过本次交易，上市公司新增光伏电 站、风电场的投资、开发、建设和运营等新能源业务，帮助上市公司按照《重整计划》持续推进新能源 业务战略布局，加快公司业务转型，不断提高上市公司的盈利能力和抗风险能力。 北京商报讯（记者 马换换 王蔓蕾）12月15日晚间，东方园林（002310）披露重大资产购买预案显示， 东方新能（上市公司及其全资子公司合计持有全部出资份额的合伙企业）拟以现金支付方式购买海城锐 海100%股权和电投瑞享80%股权。其中，海城锐海100%股权拟通过在天津产权交易中心摘牌方式购 买。 预案显示，标的资产的审计和评估工作尚未完成，评估值及交易价格均尚未确定；海城锐海100%股权 在天津产权交易所的挂牌转让底价为1410万元。本次交易构成重大资产重组、不构成关联交易、不构成 重组上市。 ...

Group 1 - The company currently has a total of 15 subsidiaries within its consolidated financial statements [2] - The main business focuses are high-end carbon materials and new energy storage [2] - The industry layout includes multiple sectors in the new energy and new materials industries, with key activities in new energy including the development, construction, and operation of new energy and energy storage power stations, as well as lithium-ion batteries and photovoltaic battery components [2] Group 2 - In the new materials sector, the primary business involves ultra-high power graphite electrodes and anode materials [2]

Core Insights - Jinko Power Technology Co., Ltd. reported a revenue of 2.124 billion yuan for the first half of 2025, representing a year-on-year growth of 10.47%, and a net profit attributable to the parent company of 123 million yuan, up 39.76% [2] - The revenue growth is attributed to the expansion of the household photovoltaic power station business, while the increase in net profit is due to a rise in the scale of productized transactions of power stations [2] - The company has a self-owned power station capacity of approximately 5,953 MW and an independent energy storage capacity of about 657 MWh, with a total power generation of approximately 3.591 billion kWh in the first half of 2025 [2] Industry Policy and Market Environment - The introduction of policies such as the "Management Measures for the Development and Construction of Distributed Photovoltaic Power Generation" marks a transition in the renewable energy sector towards high-quality sustainable development [3] - Companies, including Jinko, are adjusting investment decisions and business rhythms in response to these policy changes and are enhancing operational capabilities across various business lines [3] Project Development and Operations - Jinko actively controlled the investment pace of self-invested projects, adding approximately 233 MW of new installed capacity in the first half of the year [4] - The company secured development indicators totaling 1,465 MW, including 330 MW of wind power, maintaining its leading position in the private sector [4] - In the commercial distributed sector, Jinko added 124 MW of new installed capacity, collaborating with major clients such as Alibaba Cloud and JD.com [4] Asset Management and Financial Performance - The company achieved a turnover rate exceeding 60% in its household photovoltaic business, selling 652 MW of inventory compared to 1,077 MW at the beginning of the year [4] - Jinko expects the overall scale of power station transfers to increase further this year, covering various types of power station products [4] Market Strategy and Innovations - Jinko is focusing on refined operations in power generation, optimizing market trading strategies, and participating in green electricity trading [5] - The company has made significant progress in its energy storage business, with a new independent energy storage capacity of 360 MWh added in Gansu Province [6] - Jinko's electricity sales business remains profitable, signing contracts with 686 new customers across nine provinces, with a total signed electricity volume of 1.6 billion kWh [6] Global Expansion - Jinko has been accelerating its overseas market development, leveraging its project development capabilities and strong relationships with financial institutions [7] - As of the report's end, the company has an operational scale of 444 MW in overseas power stations, with an additional 900 MW of photovoltaic and energy storage projects developed during the reporting period [7]