格隆汇8月27日丨青达环保(688501.SH)公布2025年半年度报告，报告期实现营业收入11.86亿元，同比增长130.76%；归属于上市公司股东的净利润1.08亿元，同比增长351.78%；归属于 报告期内，公司营业收入同比增长130.76%，主要系炉渣节能环保处理系统和全负荷脱硝系统有较大幅度增长，另外新增光伏项目收入。受益于营业收入的增长，归属于上市公司股东的净利润同 ...

转自：新华财经 固废循环利用上，依托全球领先的转底炉和钢渣处理线，实现99%的固废资源化率，获评江苏省首 家"无废集团"试点，并成功入选巴塞尔公约亚太区域中心的"无废城市"减污降碳协同增效典型案例首批 推荐名单。 能源结构优化上，推进"燃气-蒸汽联合循环（CCPP）高效资源综合利用发电机组"项目建设，外购风 电、核电等"绿电"能源，充分挖掘新能源及可再生能源利用潜力，结合分布式光伏，构建起多能互补的 智慧能源网络。 当前，沙钢的低碳实践正逐步形成闭环：以绿电生产绿色材料，再服务于清洁能源装备制造。该模式不 仅助力国家"双碳"目标实现，还能重塑钢铁产业的价值链，为行业提供可复制的绿色转型样本。（毛昕 桐） 编辑：穆皓 八月，沙钢新硅钢厂区的屋顶上深蓝色的光伏板铺展于烈日之下。随着新一轮11.82MW光伏项目逐步 建成，江苏沙钢集团的绿色电力供应能力进一步增强，为实现"零碳"目标再添重要支撑。 据了解，此次光伏项目创新引入AI数字化运维系统，实现组件级IV诊断和智能调度，推动发电效率提 升5%～8%；打造无人机运维基站，开展全屋面周期性巡检，极大降低了安全事故发生概率；同步实施 的冷轧产线电机变频改造，可使综合能 ...

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 6.735 billion yuan, down 35.34% year-on-year, and net profit at 309 million yuan, down 42.71% year-on-year [1][2] Business Performance - The company's main business segments include engineering construction and services, resource supply chain, power operation, and industrial manufacturing [1] - The company leveraged its brand advantage in major projects and focused on collaborative development, achieving breakthroughs in mid-to-high-end markets such as Egypt and the UAE [1] Major Projects - Key signed and effective projects in the first half include: - Alexandria Abu Qir Metro Vehicle Project in Egypt valued at 288 million USD - Lamikayuan Network Integration Project in Congo valued at 66.6 million USD - Komanyeshan 125MW Photovoltaic Project in Bosnia valued at 81.73 million USD - MBJ Comprehensive Infrastructure Project in Indonesia valued at 77.11 million USD - KENT Housing Project in Abu Dhabi valued at 10.86 million USD [1] Operational Projects - Six operational projects showed stable performance and quality, contributing significantly to the annual goals [2] - The brand advantage of operational projects has positively impacted market development and project acquisition in local and neighboring countries [2] - Specific project highlights include: - Mongolia Integrated Mining Project with 19.9 million cubic meters mined and 2 million tons transported - Croatia Sini Wind Power Project generating 215 million kWh and completing maintenance on 8 wind turbines - Nigeria Gold Mine Project achieving a 3% higher equipment operation rate and processing 15% more ore, producing 40,300 ounces of gold [2]

以下文章来源于科创板日报 ，作者牛占林 科创板日报 . 科创圈都在关注的新型主流媒体，上海报业集团主管主办，界面财联社出品。 当地时间周三，美国总统特朗普表示，他的政府将不会批准光伏或风力发电项目，即便在那些电力供应不足的地区。 特朗普当天在Truth Social平台发文称："我们不会再批准破坏农田的风电或光伏项目。美国的愚蠢时代已经结束！"他此前也数次表态，任 期内不会批准风电或光伏项目。 此番表态之前，联邦政府已于上月收紧可再生能源的联邦许可流程。目前，所有审批权被收归内政部长道格·伯格姆办公室。 特朗普将美国电价上涨归咎于可再生能源。他指出，随着燃煤电厂等传统机组不断退役，而数据中心及其他行业的用电需求快速增长，美国 最大电网运营商PJM Interconnection出现供需紧张，推动电价上涨。 在上月举行的一次容量拍卖中，PJM新发电力容量的价格同比上涨了22%。PJM电网覆盖美国中西部和南部的13个州，PJM通过年度容量 拍卖设定电价，电力供应商通过竞标来满足该地区预期需求。 但根据劳伦斯伯克利国家实验室的数据，能够最快缓解供需缺口的，恰恰是光伏与电池储能项目，这两类项目几乎占据了电网排队并网项 ...

Group 1 - Jiadian Co., Ltd. announced that its subsidiary, Harbin Electric Power Equipment Co., Ltd., has won a bid for the Shandong Haiyang Xinan Nuclear Power Project with a contract value of 608.98 million yuan [1] - In the past month, over 130 major contract announcements have been made by listed companies, involving more than 60 companies, indicating a robust activity in the infrastructure sector [1] - The infrastructure investment in the first half of the year has grown by 4.6% year-on-year, outpacing the overall fixed asset investment growth by 1.8 percentage points [2] Group 2 - Companies like Hengtong Optic-Electric have secured contracts for marine energy projects totaling 1.509 billion yuan, highlighting the emergence of new infrastructure projects in renewable energy and communication [1][2] - The government has fully allocated an 800 billion yuan construction project list, supporting various infrastructure initiatives, including rural road improvements [2] - The trend of large contracts in the infrastructure sector reflects a shift towards new development drivers, including big data, cloud computing, and semiconductors [2][3] Group 3 - Qidi Design signed a contract worth approximately 860 million yuan for the construction of a computing power and supercomputing center in Henan [3] - Companies are increasingly signing large contracts in the new economy sectors, such as automation and digitalization, indicating a growing demand for advanced technologies [3] - The number of overseas contracts signed by listed companies has increased, showcasing their efforts to expand into international markets [4] Group 4 - Zhongcheng Co. signed a contract for a photovoltaic project in Azerbaijan valued at approximately 853 million yuan, reflecting the international expansion of Chinese companies [4] - Enjie Co. has entered into a supply agreement with LG Energy Solution for lithium battery separator films, indicating a strong demand for high-end manufacturing products [4][5] - The improvement in Chinese companies' technological capabilities is enhancing their export competitiveness, contributing to the growth of overseas contracts [5]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The domestic large storage enterprises are consolidating their global market position, with the launch of bidding for Shandong Document No. 136 [1] - The wind power index increased by 2.89%, outperforming the CSI 300 index by 1.66 percentage points [4][11] - The overall price-to-earnings ratio (PE TTM) for the wind power index is currently 21.24 times [4][11] Summary by Sections Wind Power - The U.S. has paused all new offshore wind power project developments, affecting over 3.5 million acres of previously designated areas [5][10] - The GWEC predicts a 48% reduction in the forecast for new offshore wind installations in the U.S. from 2025 to 2029, now estimated at 5.8 GW [5][10] - Domestic demand for wind power remains high, improving overall supply-demand conditions and corporate profitability [6] Solar Power - The Shandong Development and Reform Commission has initiated bidding for new energy pricing mechanisms, with a total scale of 9.467 billion kWh for wind and solar projects [5][6] - The solar power segment's overall PE ratio is approximately 34.33 times [4] Energy Storage & Hydrogen - Tesla leads the global battery energy storage system integrators with a 15% market share, followed closely by Sungrow with 14% [6] - The report highlights the growing competitiveness of Chinese enterprises in the global energy storage market [6] - Investment opportunities are identified in overseas non-U.S. large storage markets, particularly for companies like Sungrow and Haibo [6] Investment Recommendations - For wind power, focus on domestic demand growth and potential breakthroughs in offshore wind technology, recommending companies like Mingyang Smart Energy and Goldwind [6] - In solar power, structural opportunities are suggested, with recommended stocks including Dier Laser and LONGi Green Energy [6] - For energy storage, companies with strong global competitiveness and low valuations are recommended, such as Sungrow and Haibo [6] - In hydrogen, companies involved in green hydrogen project investments are highlighted, with a focus on Jidian [6]

Core Viewpoint - Northern International plans to raise up to 960 million yuan through a private placement to enhance its investment in the renewable energy sector, aligning with its transformation goals of integrated investment and operation [1][2]. Fundraising Details - The private placement aims to raise a maximum of 960 million yuan, targeting no more than 35 specific investors. The issue price will be no less than 80% of the average trading price over the previous 20 trading days [2]. - The total number of shares issued will not exceed 105 million, representing no more than 30% of the company's total share capital prior to the issuance [2]. - The net proceeds will primarily fund the 125MWp solar project in Bosnia and Herzegovina, with an estimated total investment of approximately 755 million yuan, of which about 724 million yuan will come from the raised funds [2]. Project Significance - The solar project in Bosnia is crucial as it adopts the Build-Own-Operate (BOO) model, aligning with the company's strategic direction and facilitating its integrated investment and operation transformation [2]. - Bosnia is a net electricity exporter, with a total electricity export of 3.7 billion kWh in 2023, indicating a favorable market for the project's output. The EU's 2050 energy roadmap aims to phase out coal power by 2030, increasing the demand for renewable energy generation [3]. Business Model Development - Northern International is transitioning its engineering and service business from traditional EPC (Engineering-Procurement-Construction) models to BOO and BOT (Build-Operate-Transfer) models [4]. - The company aims to enhance its competitive advantage across the entire industry chain and develop a multi-business operational structure, integrating investment, operation, and various EPC business models [4]. Financial Performance - In the first quarter of 2025, Northern International reported revenues of 3.65 billion yuan, a year-on-year decrease of 27.22%, and a net profit attributable to shareholders of 177 million yuan, down 32.97% year-on-year, primarily due to fluctuations in coal prices affecting its supply chain business [4].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 0.61 per share, indicating a potential upside of 47% from the current price of HKD 0.415 [6][12]. Core Insights - The company reported a revenue of HKD 1.4 billion for the first half of 2025, a decrease of 6.6% year-on-year, and a profit of HKD 282 million, down 43.8% year-on-year, primarily due to declining resource availability, lower comprehensive electricity prices, and power restrictions [3][9]. - The company has expanded its project portfolio, adding 191 MW of new capacity in the first half of 2025, with a total installed capacity of 4,778 MW, representing an 18% increase year-on-year [4][10]. - Financing costs have decreased, with an average financing cost of 3.15% and a comprehensive financing rate of 3.63%, both at historical lows, enhancing the company's long-term investment appeal [5][11]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a profit of HKD 282 million, with basic earnings per share of 3.58 cents. The average utilization hours for wind farms decreased by 6.4% to 1,142 hours, and the average comprehensive electricity price fell by 1.85 cents to HKD 0.3653 per kWh [3][9]. Project Development - The company has successfully secured new projects, including 600 MW of wind power in China and additional solar and energy storage projects outside China, maintaining a focus on high-quality project development with an internal rate of return (IRR) above 8% [4][10]. Valuation Metrics - As of June 30, 2025, the company's net assets stood at HKD 8.9 billion, with a book value per share of HKD 1.11. The current price-to-book (PB) ratio is 0.34, and the projected dividend yield for 2025 is approximately 9.64% [5][11].

Core Viewpoint - The company reported a decline in revenue and a decrease in operating profit for the first half of 2025, while continuing to expand its project development capabilities in key global markets [1] Financial Performance - Revenue from continuing operations for the six months ended June 30, 2025, was 1.4 billion, a decrease of 6.6% compared to the same period last year [1] - Profit attributable to equity holders was 282 million, with a net profit margin of 20% [1] - Basic earnings per share were 3.58 cents [1] - As of June 30, 2025, the company's net asset value was 8.9 billion, with a net asset value per share of 1.11 [1] Project Development - The company continued to enhance its project development capabilities, acquiring new wind power investment projects in China with an annual construction target of 600 MW [1] - Outside of China, the company secured 152.5 MW of photovoltaic projects and 300 MW of energy storage projects [1] - The company experienced significant growth in new contracts for external clients in power plant operation and design consulting services [1]

Core Viewpoint - The development of renewable energy projects in the Hubei County of Xinjiang is significantly contributing to local economic growth and ecological protection, with substantial investments in wind and solar energy projects [1][2]. Group 1: Economic Growth - The general public budget revenue of Hubei County increased by 15.2% year-on-year in the first half of 2025 [1]. - Urban residents' per capita disposable income grew by 6.5% in the first quarter, while rural residents' per capita disposable income rose by 7.6% [1]. - The implementation of renewable energy projects is expected to enhance the local economy by diversifying the industrial structure beyond mining and agriculture [2]. Group 2: Renewable Energy Projects - The State Grid Energy and Feng Coal Power Co., Ltd. is investing 1.977 billion yuan in a 500,000 kW wind power project, with an expected annual electricity generation of 1.112 billion kWh, replacing approximately 340,000 tons of standard coal and reducing CO2 emissions by about 900,000 tons [2]. - The Sheneng 2 million kW photovoltaic project has a total investment of around 5 billion yuan, with an anticipated annual power generation of approximately 3.2 billion kWh [2]. - The construction of these renewable energy projects includes the installation of about 1.53 million foundation piles and approximately 3.99 million photovoltaic components, benefiting from favorable transportation conditions and abundant sunlight in the Gobi Desert [2]. Group 3: Environmental Impact - The renewable energy initiatives are expected to provide significant environmental benefits, including substantial reductions in carbon emissions and a shift towards cleaner energy sources [2]. - The projects are designed to support both economic development and ecological protection, creating a sustainable model for high-quality development in the region [2].