Core Viewpoint - Tianyu Biological (601717) has reached a cooperation consensus with Ant Group and its ecological partners to integrate "new energy asset operation experience + AI large models/intelligent agents + blockchain" into core scenarios such as power station operation and electricity trading, while exploring digital output for overseas infrastructure projects [1][2] Group 1: Cooperation and Technology Integration - The cooperation aims to combine Tianyu Biological's extensive experience in new energy asset operation, particularly in photovoltaic power plants, with Ant Group's advanced technology to create comprehensive solutions [2] - Ant Group's energy technology subsidiary, Ant Xinneng, will provide a decision-making system for electricity trading that quickly analyzes policies and combines Tianyu Biological's trading strategies to optimize revenue in a complex electricity market [2] Group 2: Business Strategy Upgrade - This partnership signifies a strategic upgrade for Tianyu Biological, transitioning from a traditional new energy investment and operation company to a specialized AI new energy operation service provider [2] - The company plans to collaborate widely with small and medium-sized new energy asset enterprises to develop AI intelligent operations, electricity trading, and data infrastructure based on trusted assets, creating a digital operation and asset integration ecosystem [2] Group 3: International Expansion - In addition to focusing on domestic new energy operations, Tianyu Biological will initiate an overseas expansion strategy, replicating the "new energy + AI" model in international markets to support Chinese overseas infrastructure projects [3] - This move aims to establish a new competitive advantage for China's new energy industry on the global stage [3]

这场合作是中环新能源面向未来的核心能力建设，旨在打造融合绿色能源实体、数字化技术、全球金融 资本的闭环生态系统。公司的角色将从重资产的"建造者"和"运营商"，升级为轻资产的"管理者"和"价 值整合者"，在新能源行业的下半场竞争中占据更有利的战略位置。 （文章来源：证券日报） 凭借其行业领先的低负债水平和稳健的财务基础，中环新能源为资产通证化提供了有力支撑。中环新能 源的光伏电站、零碳园区、综合能源站等绿色实体资产，成为蚂蚁链上通证化的核心底层资产之一。这 意味着中环不再仅仅是"卖电"的传统能源企业，而是升级为数字化绿色资产的提供者与管理方，与蚂蚁 集团共同构建"绿色实体资产-链上通证-全球资本"的闭环。 本报讯 9月19日，中环新能源控股集团有限公司（以下简称"中环新能源"）宣布与蚂蚁集团达成战略合 作，双方将围绕新能源资产通证化、智能运营及绿证碳资产服务三大领域展开深度协作。这一合作标志 着中环新能源正从传统的"重资产运营"模式，向"数字资产管理者"的战略转型迈进。 据了解，中环新能源作为光伏电站、零碳园区、综合能源站等多元新能源资产的重要运营商，已具备全 球零碳产业园的绿色实体运营经验。其与蚂蚁集团的合作 ...

更进一步来看，中环新能源还直接参与投资由蚂蚁发起或支持的海外新能源产业基金，协同遴选全 球绿色能源资产。这表明中环新能源已从单纯的合作方，转变为蚂蚁全球通证化战略中的资本与产业协 同方，具备更强的生态话语权。 这意味着中环不再仅仅是"卖电"的传统能源企业，而是升级为数字化绿色资产的提供者与管理方， 与蚂蚁共同构建"绿色实体资产-链上通证-全球资本"的闭环。 运营提效：从"人工经验"到"AI智能体"的精准决策 智通财经APP获悉，当全球通证经济(RWA)浪潮从虚拟资产转向实体经济，中国新能源产业正在迎 来一场前所未有的价值重估。实体经济是RWA的价值根基。通过将绿色实体资产如新能源电站、基础 设施等数字化，RWA有效打通传统资产与全球资本的连接，提升资产流动性、降低交易成本、增强信 任机制，最终实现资源高效配置与实体经济的真实价值释放。 9月19日，中环新能源(01735)宣布与蚂蚁集团达成战略合作，双方将围绕新能源资产通证化、智能 运营及绿证碳资产服务三大领域展开深度协作。这一合作标志着中环新能源正从传统的"重资产运营"模 式，向"数字资产管理者"的战略转型迈进。 中环新能源作为光伏电站、零碳园区、综合能源站 ...

Core Insights - The collaboration between China National Renewable Energy (中环新能源) and Ant Group marks a strategic shift from traditional asset-heavy operations to digital asset management, focusing on tokenization of renewable energy assets and smart operations [1][2][5] Group 1: Strategic Transformation - The partnership aims to enhance the management of renewable energy assets through tokenization, which will improve liquidity, reduce transaction costs, and foster trust in the market [1] - By collaborating with Ant Group, the company is transitioning from merely selling electricity to becoming a provider and manager of digital green assets, creating a closed-loop system connecting green assets, blockchain tokens, and global capital [2][5] Group 2: Operational Efficiency - The integration of Ant Group's AI technology is expected to significantly improve operational efficiency by enhancing power generation and load forecasting accuracy, maximizing the value of virtual power plants, and reducing operational costs [3] - This shift from reliance on human experience to AI-driven decision-making is anticipated to lead to a qualitative leap in operational efficiency and establish a new competitive edge based on data intelligence [3][6] Group 3: Carbon Asset Monetization - The collaboration will enable automated carbon accounting and intelligent carbon trading, transforming carbon assets from a compliance burden into a new revenue stream [4][5] - The creation of a carbon financial platform will facilitate the tokenization of green certificates and carbon reduction credits, establishing a standardized and liquid market for these digital assets [4][5] Group 4: Global Expansion and Market Positioning - The company is actively pursuing global expansion, having established partnerships with enterprises across Europe, the Middle East, Africa, and Southeast Asia, which will support its asset management and digital service offerings [5][6] - This strategic shift positions the company favorably in the competitive landscape of the renewable energy sector, transitioning from a heavy asset builder to a light asset manager and value integrator [6]

Group 1: Federal Reserve Insights - The September FOMC meeting emphasized the risks of employment slowdown and raised the expectation for interest rate cuts in 2025, with a 25 basis point reduction in the federal funds target rate, marking the first cut of the year [2][24] - The statement highlighted the increased risks of employment decline, removing the phrase "labor market remains robust" and adding "employment growth has slowed" [2][24] - The economic forecast showed improved growth expectations and a slight upward adjustment in inflation, with the dot plot indicating three rate cuts in 2025 [2][24][26] Group 2: Banking Sector Analysis - The report indicates that while redemption pressure on banks is generally manageable, there is a notable differentiation among institutions, with smaller banks facing relatively higher pressures [4][38] - Current liquidity management indicators for banks are deemed sufficient, and large-scale asset disposals for liquidity management are not anticipated [4][38] - The trading purpose holdings in bank fund investments are low, suggesting a preference for medium to long-term bond funds, with new regulations on redemption fees not significantly impacting investment behavior [4][38] Group 3: Medical Equipment Market - In August 2025, the total bid amount for medical devices reached 13.065 billion yuan, reflecting a year-on-year growth of 17% and a month-on-month increase of 2% [5][8] - Domestic medical equipment bids showed a strong recovery, with significant growth in categories like endoscopes, while imported brands experienced a slight decline [5][8] - Notable companies like Siemens and GE Medical reported substantial year-on-year growth in their bid amounts, indicating a robust market for medical devices [5][8] Group 4: Coal and Energy Sector - Huabei Mining is positioned as a low-valued coal leader with expected production increases in the next three years, projecting net profits of 1.8 billion, 2.65 billion, and 3.8 billion yuan for 2025, 2026, and 2027 respectively [8][36] - The company has a coal production capacity of 35.85 million tons per year, with ongoing projects expected to enhance profitability [8][36] - The coal chemical business is also expanding, with various projects successfully producing qualified products, indicating a positive outlook for the sector [8][36] Group 5: Renewable Energy Subsidy Situation - The report highlights a growing subsidy gap in the renewable energy sector, with companies like Three Gorges Energy and Huadian New Energy having receivables exceeding 40 billion yuan [10] - Recent acceleration in subsidy recovery is expected to improve cash flow for operators, which could alleviate pressure from receivables [10] - The report suggests focusing on various renewable energy operators and companies transitioning from thermal to renewable energy [10]

Group 1 - The core viewpoint indicates that the renewable energy subsidy recovery has accelerated significantly in 2025, with the amount recovered in the first eight months exceeding the total for the entire year of 2024 [1][6] - The report highlights that the renewable energy sector is facing pressure on cash flow due to the transition to a fully market-based electricity pricing system by the end of 2025, which may impact the pricing of renewable energy [2][3] - The subsidy gap has been a growing issue since 2016, as the funds collected from electricity price surcharges have not kept pace with the rapid growth in installed renewable energy capacity, leading to significant subsidy arrears [3][4] Group 2 - As of the end of 2024, major companies like Three Gorges Energy and Huadian New Energy have receivables exceeding 40 billion yuan, indicating a high level of outstanding subsidies in the industry [4] - The recent acceleration in subsidy recovery is expected to improve cash flow for operators, with specific examples showing a 232.23% year-on-year increase in subsidy recovery for solar energy companies in the first eight months of 2025 [5][6] - The report suggests that resolving the subsidy arrears will alleviate pressure on accounts receivable for related companies, thereby enhancing their cash flow and supporting the sustainable development of the renewable energy sector in the long term [6]

此外，天风证券（601162）此前指出，2025年1月，DeepSeek发布，带动中国第三方数据中心上架率显 著上升。中国信通院预测2030年中国数据中心用电需求将达3000-7000亿千瓦时，占全社会用电量的 2.3%-5.3%，对应2024-2030年复合增速10.4%-27.1%。数据经济时代，算力成为新的生产力，进而带动 电力需求高增。综合考虑算力绿色化变革，建议关注新能源运营商，包括中广核新能源等。 消息面上，华源证券此前指出，上半年公司风电电价0.55元/千瓦时，同比下降0.02元/千瓦时，风电电 价基本企稳。该行认为，公司作为"小而美"新能源运营商，近几年在新能源运营压力加大的背景下持续 减少投资，今年上半年在全市场光伏装机持续走高的背景下，公司新增新能源装机仅为11万千瓦(均为 光伏)，当期资本开支仅4亿美元(28.5亿元)，维持在较低水平，资本开支主要投向为韩国燃气项目。该 行认为，此举体现了公司倾向于减少盲目资本开支，追求高质量发展，保障股东权益。 中广核新能源(01811)涨近6%，高见2.92港元创去年6月以来新高。截至发稿，涨5.93%，报2.86港元， 成交额1.22亿港元。 ...

行业报告 | 行业专题研究 公用事业 证券研究报告 绿电公司可再生能源补贴情况梳理 专题 136 号文提出推动新能源上网电量全面进入电力市场，此前《关于全面加快 电力现货市场建设工作的通知》也已明确 2025 年底前基本实现电力现货市 场全覆盖，我们认为新能源电价或有所承压，企业现金流也将面临一定压力。 与此同时，第一批可再生能源发电补贴合规项目清单已公布两年有余，补贴 缺口问题也曾明确通过专项融资解决。近期补贴发放也有所加速。我们认为 在推动新能源全面入市的背景下，可再生能源补贴拖欠问题有望加速解决。 故而本篇专题我们以补贴为主题，梳理各公司应收补贴及近期补贴回收情 况。 核心观点 风光快速发展，补贴缺口问题凸显 2011 年可再生能源发展基金正式设立。国家财政征收可再生能源电价附加 后形成可再生能源发展基金，以电价补贴形式拨付至国家电网、南方电网等 电网公司和地方性独立电网所在省财政部门，再分项目按上网电量核算的补 贴数额兑付给纳入补贴清单管理的发电企业。2016 年以来，新能源行业进 入快速发展阶段。虽然电价附加征收标准多次上调，但仍无法追赶新能源行 业的装机增速，所获资金低于补贴需求，补贴拖欠问题开始 ...

Group 1: Macro Economic Environment - The A-share market is showing a fluctuating upward trend driven by policy support and capital inflow as the global macroeconomic environment stabilizes [1] Group 2: Petrochemical Industry - The petrochemical industry is expected to see strong profit recovery due to the ongoing "anti-involution" policies, which include capacity elimination, technological upgrades, and collaborative innovation across the industry chain [3] - In August, the China Chemical Product Price Index (CCPI) decreased by 7.48% month-on-month, but the elimination of inefficient capacity is accelerating, leading to significant improvements in supply-demand structures in refining, ethylene, and fluorochemical sectors [3] Group 3: Related Companies in Petrochemical - Key companies in the petrochemical sector include Lingpai Technology, Xiangtan Electric, Putailai, Lushan New Materials, Xiamen Tungsten New Energy, New Agricultural Shares, Jinniu Chemical, Taihe Technology, China Baoan, Xiangfenghua, Tianci Materials, and Dinglong Technology [4] Group 4: Banking Sector - Large commercial banks are enhancing their intermediate income through wealth management in a low-interest-rate environment, while regional banks are flexibly adjusting asset structures based on local advantages [5] - In the first half of 2025, the total profit of the banking industry is expected to grow by 57.9% year-on-year, with an ongoing trend of asset expansion [5] Group 5: Insurance Market - The Hong Kong insurance market's premium income increased by 6.2% year-on-year, driven by strong demand for long-term savings and health insurance products [5] - Domestic insurance companies are expanding service boundaries through models like "insurance + health management" and "insurance + green energy," maintaining a stable dividend realization rate above 100% [5] Group 6: Related Companies in Insurance - Key players in the insurance sector include China Pacific Insurance, Ping An Insurance, China Life Insurance, China People’s Insurance, COFCO Capital, and New China Life Insurance [6] Group 7: Securities Industry - The concentration of leading securities firms is increasing, with new public fund regulations promoting a return to long-term investment strategies and heightened activity in mergers and acquisitions [7] - The industry is expected to see a 9% year-on-year increase in net profit by 2025, with a high probability of the securities index breaking upward [8] Group 8: Tourism and Hospitality Sector - The tourism consumption data from Sichuan shows impressive results, with visitor spending exceeding 912.5 billion yuan, indicating a release of consumption potential through the "tourism + various industries" model [9] - Online booking via mobile devices accounts for over 70%, with young users aged 20-30 becoming the main consumer force [9] Group 9: Renewable Energy Sector - The global energy transition is driving continuous growth in installed capacity for photovoltaics and wind power, with urgent demand for energy storage solutions [11] - The expansion of the green electricity trading market is supported by breakthroughs in ultra-high voltage transmission technology [11] Group 10: Related Companies in Renewable Energy - Key companies in the renewable energy sector include Yangtze Power, Luxin Technology, Jidian Co., Jingyun Tong, Shanghai Electric, Zhaoxin Shares, Huaguang Huaneng, Meiyan Jixiang, and Guotou Power [11] Group 11: Consumer Goods and High-End Products - The government is increasing support for sectors like food and beverage, home appliances, and pharmaceuticals, with a rising penetration of high-end and differentiated products [12] - Leading brands like Moutai and Wuliangye have strong pricing power, while smart home appliance companies like Ecovacs benefit from consumption upgrades [12] Group 12: Infrastructure Development - The "14th Five-Year Plan" emphasizes continued investment in traditional infrastructure such as transportation, energy, and water conservancy, alongside an increased focus on new infrastructure like 5G base stations and data centers [12] - Companies involved in engineering contracting and design consulting are expected to benefit from policies supporting regional development initiatives [12]

Group 1 - The company, Tianjin Lingang Investment Holding Group, has successfully issued a 3-year $41 million senior unsecured green bond with a coupon rate of 5.5%, marking the first issuance of dollar green bonds by a local state-owned enterprise in Tianjin's overseas market [1][3] - The bond issuance reflects the company's commitment to green development and showcases the confidence of domestic and international investors in the company's credit quality and growth prospects [1][3] - The issuance is expected to lower the company's overall financing costs and provide funding support for industrial upgrades and infrastructure development in the Tianjin Port Free Trade Zone [3] Group 2 - The company is focusing on strategic emerging industries such as high-end equipment manufacturing, new energy, and biomedicine, leveraging the core resource advantages of the Free Trade Zone [3][4] - The company has established a multi-tiered credit matrix with one AAA-rated and two AA+ rated entities, enhancing its capital market presence [3] - The company operates 140 hydrogen heavy trucks, 60 trailers, and 2 hydrogen refueling stations, and has initiated multiple green transport routes radiating to the Beijing-Tianjin-Hebei region [3]