智通财经APP获悉，国盛证券发布研报称，各省2026年新能源竞价结果区域分化突出，整体表现为华 东、华北电价优于西部、南部;风电电价优于光伏。新能源市场化竞价引导供给过剩地区延缓扩张节 奏，消纳较好地区有望获得稳定效益，新能源盈利模式逐步清晰。推荐优先关注拥有优质资源区位优 势、项目开发效率高且融资成本低的绿电运营商，尤其关注风电的相对优势。同时，新能源全面入市背 景下电力市场化进一步深化，叠加现货市场基本全覆盖，峰谷价差有望拉大，建议关注储能板块的投资 价值。 国盛证券主要观点如下： 2026年各地新能源竞价结果陆续公布，区域分化明显 截至12月8日，全国已有19个省份陆续公布2026年增量新能源项目机制电价竞价结果，其中山东于9月9 日首个公布，9月30日云南公布，10月甘肃、新疆、广东公布，11月江西、安徽、青海、黑龙江、上 海、天津6省先后公布，12月浙江、福建、河北、辽宁等省陆续公布。整体来看，区域间资源禀赋、消 纳能力和电网结构的差异导致各地政策节奏与价格水平存在显著分化。 从出清价格来看，目前价格最高的是上海，风、光均为0.4155元/千瓦时，最低的是甘肃，风、光均为 0.1954元/千瓦时;风 ...

2025年，中国新能源行业正处于从"规模扩张"向"提质增效"切换的关键阶段。随着平价上网全面铺开与 电力市场化交易深化，行业贝塔（Beta）红利逐步消退，企业阿尔法（Alpha）能力的构建成为了资本 市场关注的核心。 该基金的设立，是协合新能源向资产管理领域迈进的一步，强化了企业的增长逻辑，尽管这一角色升级 的成效仍需市场长期检验，但已为协合新能源新的增长曲线带来了想象空间。 这一阶段的行业分化与转型诉求愈发凸显，无论是储能技术的商业化落地能力，还是光伏电站的度电成 本控制、风电项目的运维效率提升，每一个新增量的挖掘，都可能成为衡量企业阿尔法的核心标尺。 在此背景下，12月3日，协合新能源集团及旗下协合资管，携手泰康，共同发起设立18亿人民币新能源 投资基金，释放出了企业发展层面的积极信号。 笔者认为，这不仅是应对行业周期压力的战术动作，更是业务迈向"投资运营+专业管理"双轮驱动的一 次升维，有望重构公司的盈利逻辑。 一、绿电行业逻辑切换："规模红利"转向"以运营为核心" 关于协合新能源与泰康共同设立18亿新能源投资基金背后的逻辑，必须将其置于行业环境下看待。 2025 年以来，绿电行业呈现"装机高增与盈利承 ...

Core Viewpoint - Jinko Power Technology Co., Ltd. (Jinko Technology) demonstrates robust growth in its Q3 2025 report, highlighting the company's long-term value resilience with significant increases in revenue and net profit [1][2]. Financial Performance - In Q3, Jinko Technology achieved operating revenue of 998 million yuan and a net profit attributable to shareholders of 233 million yuan, marking a year-on-year increase of 76.49% [1]. - For the first three quarters, the net profit attributable to shareholders reached 356 million yuan, up 61.82% year-on-year, surpassing the total net profit for the previous year [1]. Cash Flow and Operational Efficiency - The company reported a net cash flow from operating activities of 3.273 billion yuan, a remarkable increase of 454.05% compared to the same period last year, indicating enhanced cash generation capabilities [2]. - As of the end of Q3, Jinko Technology's cash and cash equivalents amounted to 5.394 billion yuan, reflecting an increase of approximately 360 million yuan from the end of the previous year, showcasing improved operational efficiency [2]. Strategic Developments - Jinko Technology is actively expanding into new business areas such as integrated solar storage, electricity sales, virtual power plants, and microgrids, leveraging its advantages in power generation and customer base to enhance service offerings and revenue potential [2]. - The company is implementing a "rolling development" light asset operation strategy, with the Antequera solar project nearing completion and expected to commence commercial operations in Q4 2025 [2]. Energy Storage Business - The energy storage sector is identified as a core strategic focus for Jinko Technology in 2025, with significant progress made since entering the market in 2022, including the establishment of multiple storage application scenarios across various provinces [3]. - In 2023, Jinko Technology added 6 GWh of new energy storage capacity, with 3 GWh of projects either operational or under construction [3]. - The successful grid connection of the 100 MW/200 MWh energy storage project in Feidong marks a significant milestone, contributing to local grid services and supporting market-driven electricity consumption [3]. - The company plans to adopt a mixed commercial model for its energy storage business, aiming for rapid scaling while balancing ownership and transfer strategies, positioning energy storage as a new profit growth point [3].

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 3.122 billion yuan and a net profit attributable to shareholders of 356 million yuan, continuing a steady growth trend [1] - The net profit for the first three quarters increased by 61.82% year-on-year, surpassing the total net profit for the entire year of 2024 [1] - The net cash flow from operating activities significantly increased by 454.05% year-on-year, reaching 3.273 billion yuan, indicating improved profit quality and market competitiveness [1] Group 2: Cash Flow and Financial Stability - As of the end of the third quarter, the company had cash and cash equivalents of 5.394 billion yuan, providing a solid financial foundation for operational flexibility and strategic upgrades [1] - The company is actively exploring investment and merger opportunities, focusing on new financial models such as digital assets to inject liquidity into the industry [1] Group 3: Energy Storage Business Development - The domestic energy storage industry is experiencing rapid growth, with the company successfully connecting the 100MW/200MWh energy storage project in Feidong, marking it as the first large-scale grid-side storage project in Hefei [2] - Since entering the new energy storage business in 2022, the company has established multiple applications across various provinces, with a planned additional storage capacity of 6GWh in 2025 [2] - The company plans to adopt a mixed commercial model for its energy storage business, which is expected to become a new profit growth point [2] Group 4: Strategic Initiatives - The company is actively advancing in areas such as solar-storage integration, overseas projects, and market-oriented electricity trading, aiming to build a competitive moat for future development [2] - By engaging in emerging businesses like solar-storage integration, power sales, virtual power plants, and microgrids, the company aims to provide more services to customers while generating greater revenue [2]

Core Viewpoint - The investment landscape is shifting towards a "quality equity era," driven by favorable macroeconomic conditions and a changing interest rate environment [1][2]. Macro Perspective - The transition in investment mindset from defensive to a stronger market perspective is influenced by increased political support for finance and a favorable interest rate environment [4]. - The current interest rate environment has reduced the opportunity cost of investing in equity assets, potentially leading to increased capital inflow into quality equities [4][5]. - Expectations of a declining US dollar and potential appreciation of the RMB could benefit A-shares, Hong Kong stocks, and Chinese concept stocks, attracting global capital [4]. Investment Opportunities - Focus on two main directions: 1. Value reassessment in traditional industries with stable cash flows and low valuations [5]. 2. High-quality growth driven by technology advancements in sectors like new energy materials, AI applications, and innovative pharmaceuticals [5][6]. - The swine breeding industry and green electricity operators are also highlighted as sectors with potential opportunities [6]. Market Outlook - The overall market sentiment remains optimistic, with a belief that the stock market is currently undervalued and has limited downside potential [7]. - Anticipation of monetary policy easing in both China and the US could bring additional capital into A/H shares [4][7]. Innovative Pharmaceuticals - The innovative pharmaceutical sector is expected to continue its strong performance, driven by improvements in fundamentals and market sentiment [8][9]. - The rebound in the innovative drug sector is attributed to significant advancements in technology and a favorable regulatory environment, with a notable increase in business development (BD) transactions [9]. AI and Robotics - AI is recognized as a key direction for future technological transformation, although short-term uncertainties remain regarding its industrialization and application [10][11]. - Investment in the robotics sector is still in its early stages, with ongoing research needed to identify opportunities as the industry matures [11]. Growth Stock Investment - There are two main contradictions in growth stock investment: the conflict between short-term high valuations and long-term trends, and the misalignment between long-term trends and short-term performance evaluations [12]. - Emphasis on investing in established companies with stable cash flows that are transitioning to innovative drug development, as they offer a sustainable competitive advantage [12][13].

Core Viewpoint - Jinko Power Technology Co., Ltd. (晶科科技) continues to demonstrate robust growth, with significant improvements in revenue and net profit in Q1 2025, reflecting strong operational efficiency and cash flow generation [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 1.112 billion yuan, a year-on-year increase of 43% [1]. - The net profit showed a substantial reduction in losses, indicating a significant improvement in performance [1]. - The net cash flow from operating activities reached 1.199 billion yuan, marking a strong recovery [1]. - As of the end of Q1, the company's cash and cash equivalents amounted to 6.515 billion yuan, an increase of nearly 1.5 billion yuan from the end of the previous year [1]. Group 2: Business Strategy and Operations - The company has established a unique productization path for its power stations, emphasizing a light asset operation strategy that promotes healthy asset turnover from development to sale [1]. - Jinko Power has diversified its business layout, enhancing its ability to withstand risks and adapt to industry cycles [1]. - A significant transaction was made with CITIC Financial Leasing Co., Ltd. for a 320MW household photovoltaic asset package, improving asset turnover efficiency [1]. Group 3: Project Development and Partnerships - The company launched a demonstration project in the integrated microgrid field in Q1, optimizing resources across power generation, grid, and load sides [2]. - Jinko Power has successfully operated multiple microgrid and large-scale integrated projects, with a distributed photovoltaic installed capacity of nearly 1.4GW [2]. - The company has established long-term partnerships with major industry players such as Alibaba Cloud, Tencent Cloud, JD.com, and SF Express [2]. Group 4: Future Outlook - The year 2024 is critical for achieving the goals set in the 14th Five-Year Plan, with a record increase in new energy installed capacity and accelerated power market reforms [2]. - The company is focused on deepening regional market development while controlling the pace of self-invested power stations, targeting economically strong areas with high consumption and electricity prices [3]. - Jinko Power aims to enhance its business model through a combination of light and heavy asset strategies, ensuring steady growth in core operational metrics [3].