黔源电力分析师会议 调研日期：2025年09月12日 调研行业：电力行业 参与调研的机构：黔源电力2025年半年度业绩说明会采用网络远 程方式进行,面向全体投资者等 / 机构调研pro小程序 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | ...

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以中证A500成长指数和中证A500价值指数为例，中证A500成长指数从中证A500指数样本中，选取成长 因子得分最高的100只证券作为指数样本，并采用成长因子得分调整后的自由流通市值加权，反映中证 A500指数样本中具有成长特征的上市公司证券的整体表现；中证A500价值指数则侧重于反映中证A500 指数样本中具有价值特征的上市公司证券的整体表现。 9月11日，中证指数有限公司发布中证A500相对成长指数、中证A500相对价值指数、中证A500纯成长 指数和中证A500纯价值指数，为市场提供多样化的投资标的。此外，中证A500成长指数和中证A500价 值指数已在9月10日发布。 上述六条指数均从中证A500指数样本中选取100只证券作为指数样本。受访专家普遍认为，六条新指数 体现出不同的风格，为市场和投资者提供了更精细化的投资工具。 提供多样化投资标的 自去年9月23日正式发布以来，中证A500指数持续受到市场关注。Wind数据显示，截至9月10日，跟踪 中证A500指数的基金产品规模已达2770亿元。 前海开源基金首席经济学家杨德龙向《证券日报》记者表示，中证A500指数是A股市场代表性强、行业 分布较为均 ...

Policy Overview - The Ministry of Finance of China released the "Green Sovereign Bond Framework," promoting the issuance of green sovereign bonds in overseas markets, reflecting the country's commitment to sustainable development and enhancing the diversity of high-quality green bond products in the international market [3][4]. Green Bond Market Update - In the first half of 2025, China saw the issuance of 251 new green bonds, with a total issuance scale of approximately 4749.87 billion yuan, marking a 25.5% increase in the number of bonds and an 89.5% increase in issuance scale compared to the same period in 2024 [8][9]. - The structure of green bonds showed significant growth in financial bonds (+330%), medium-term notes (+53%), and short-term debt financing tools (+126%), indicating strong demand for long-term green infrastructure financing [9][10]. Transition Bonds - A total of 43 transition bonds were issued in the first half of 2025, with a new issuance scale of approximately 289.50 billion yuan, reflecting a 0.49% increase in the number of bonds but a 25.4% decrease in issuance scale compared to the previous year [37][42]. Case Studies - The first issuance of RMB green sovereign bonds by the Ministry of Finance in London amounted to 6 billion yuan, with a dual structure of 3-year and 5-year bonds, showcasing strong international investor confidence with a subscription rate of 6.9 times [26][27]. - Huaneng Lancangjiang issued "twin green bonds," marking the first application of the "Li Sheng Green Bond" model in the domestic interbank market, which aims to quantify the market performance differences between green and non-green bonds [30][31]. Sustainable Development Linked Bonds - In the first half of 2025, 27 sustainable development linked bonds were issued, with a total scale of 176.00 billion yuan, focusing on various key performance indicators related to energy efficiency and renewable energy development [45]. - The issuance of low-carbon transition linked corporate bonds totaled 13, with a scale of approximately 73.50 billion yuan, primarily concentrated in the power and energy sectors [46]. Issuer Information - State-owned enterprises dominated the green bond issuance in the first half of 2025, accounting for 86.85% of the number of bonds and 82.06% of the issuance scale, indicating a stable market foundation but highlighting the need for policy support to enhance participation from private enterprises [17][19].

Company Overview - The company is engaged in the electricity and heat production and supply industry, with main operations including power generation, transmission, and distribution, as well as port operations [1][5]. - The company is a limited liability company established on September 16, 2023, with a registered capital of RMB 761.2 million [5][6]. Financial Reporting - The financial statements are prepared based on the going concern principle and comply with the accounting standards issued by the Ministry of Finance [2][3]. - The accounting period is from January 1 to December 31 each year, with the company using RMB as its functional currency [3]. Accounting Policies - The company follows specific accounting policies and estimates tailored to its operational characteristics, including revenue recognition and financial instruments [3][7]. - Financial assets are classified based on the business model and cash flow characteristics, with categories including amortized cost and fair value [7][8]. Asset Management - Fixed assets are recognized when economic benefits are likely to flow to the company, and they are measured at cost, considering depreciation and impairment [19][21]. - The company assesses fixed assets for impairment at each reporting period, and any impairment loss is recognized in the current period [21][22]. Revenue Recognition - Revenue is recognized when the company fulfills its performance obligations in contracts, which occurs when customers obtain control of the related goods or services [31][32]. - The company allocates transaction prices to performance obligations based on their standalone selling prices [32][33]. Government Grants - Government grants are classified into asset-related and income-related grants, with recognition based on the conditions attached to the grants [35].

每经AI快讯，"A股绿色报告"项目监控到的数据显示，大唐发电（SH601991）控股子公司内蒙古大唐国际托克托发电有限责任公司 第三煤场北煤场改造炉渣中转场项目环评审批获同意。该项目总投资额达297万元。该审批信息于2025年8月20日被相关监管机构披 露。 "A股绿色报告"项目由每日经济新闻联合环保领域知名NGO公众环境研究中心（IPE）共同推出，旨在让上市公司环境信息更加阳光 透明。本项目基于31个省（区、市）、337个地级市政府发布的权威环境监管数据，筛选监控上市公司及其旗下公司（包括分公司、 参股公司和控股公司）的环境表现，加以专业数据分析及深入解读，每日智能写作及时发布上市公司AI绿报，每周推出A股绿色周 报，定期动态更新上市公司环境风险榜。 上期（总第212期）A股绿色周报显示，共有6家上市公司在近期暴露了环境风险。 2024年年报显示，大唐发电的主营业务为电力行业、其他行业、其他业务，占营收比例分别为：93.85%、4.79%、1.36%。 | 市值(亿元) | 时间 | 2023Y | 2024Y | 2025H1 | | --- | --- | --- | --- | --- | | 569 ...

证券日报网讯山大电力（301609）9月4日在互动平台回答投资者提问时表示，公司目前不涉及虚拟电厂 业务。 ...

Group 1: Logistics and Trade - In August, China's logistics industry prosperity index reached 50.9%, an increase of 0.4 percentage points from the previous month, with the total business volume index remaining in the expansion range for six consecutive months and the new orders index for seven consecutive months [1] - The Ningbo China-CEEC Economic and Trade Cooperation Demonstration Zone reported a trade volume exceeding 36 billion yuan with Central and Eastern European countries, marking a 12% year-on-year growth [2] Group 2: Banking Sector Performance - As of the end of August, 42 A-share listed banks reported a total operating income of over 2.9 trillion yuan in the first half of the year, a year-on-year increase of over 1%, and a net profit of 1.1 trillion yuan, up 0.8% [4] - Major banks have significantly increased their support for the technology sector, with Industrial and Commercial Bank of China reporting a technology loan balance of 6 trillion yuan, an increase of over 1 trillion yuan since the beginning of the year [5] - Consumer loans, excluding housing and auto loans, have also seen substantial growth, with Postal Savings Bank's consumer loans increasing by over 100% year-on-year [6] Group 3: Corporate Earnings - A-share listed companies reported a total operating revenue of 35.01 trillion yuan in the first half of the year, a year-on-year growth of 0.16%, and a net profit of 3 trillion yuan, up 2.54%, with nearly 60% of companies experiencing revenue growth [7] Group 4: Film Industry - The summer box office for 2025 reached 11.966 billion yuan, with a total of 321 million admissions, reflecting a year-on-year increase of 2.76% and 12.75% respectively, with domestic films accounting for 76.21% of the box office [8]

Core Viewpoint - The article highlights the charm and unique characteristics of Neijiang, a small city in Sichuan, often referred to as the "Sweet City" due to its historical sugar production and rich cultural heritage [4][37]. Group 1: City Characteristics - Neijiang is described as a city with a romantic and sweet atmosphere, contrasting with the hustle of larger cities like Chongqing and Chengdu [4][7]. - The city has a rich history, being the hometown of famous artist Zhang Daqian and known for its sugar production, which has shaped its identity over centuries [4][37]. - The local culture is characterized by a blend of sweetness and nostalgia, with references to the past and a unique lifestyle that resonates with both locals and visitors [7][49]. Group 2: Cultural and Historical Significance - Neijiang's sugar industry played a crucial role in its development, with the city being a major sugar production hub in China, especially during the mid-20th century [37][39]. - The city is home to historical sites such as the Saint Water Temple, which reflects its cultural depth and attracts visitors for both religious and historical reasons [25][54]. - The article emphasizes the importance of local cuisine, particularly the famous Neijiang beef noodles, which are a significant part of the city's culinary identity [51][49]. Group 3: Tourism and Exploration - The article suggests a walking route for visitors to explore Neijiang, highlighting key locations such as Daqian Garden, the old city area, and Meishan Park, which showcase the city's scenic beauty and cultural heritage [53][54]. - The experience of walking through the old streets and interacting with local vendors is portrayed as a way to connect with the city's vibrant life and history [10][12]. - The film "Walk, Stop, Walk," which was shot in Neijiang, has contributed to increasing the city's visibility and attracting more tourists [47][39].

Core Viewpoint - The company intends to reappoint Tianzhi International Accounting Firm as its auditor for the fiscal year 2025, pending approval from the shareholders' meeting [1][5]. Group 1: Auditor Information - Tianzhi International Accounting Firm was established in December 1988 and is headquartered in Beijing, specializing in audit assurance, capital market services, management consulting, and other consulting services [1]. - As of December 31, 2024, Tianzhi International has 90 partners and 1,097 registered accountants, with 399 of them having signed audit reports for securities services [2]. - In 2024, Tianzhi International reported total audited revenue of 2.501 billion yuan, with audit service revenue of 1.938 billion yuan and securities service revenue of 912 million yuan [2]. Group 2: Audit Project Information - The project partner and signing registered accountants have extensive experience, with the main project partner, Li Xiaoyang, having signed audit reports for 7 listed companies in the last three years [4]. - Tianzhi International has not faced any criminal penalties in the last three years, with only one administrative penalty and several supervisory measures [3][4]. Group 3: Appointment Process - The company's audit committee reviewed Tianzhi International on August 29, 2025, and recommended its reappointment based on its qualifications and past performance [5]. - The board of directors has agreed to submit the reappointment proposal to the shareholders' meeting for approval [5].