文 | 华夏能源网 据行业媒体不完全统计，近几个月来，三峡集团、东方电气、国家电投、中交集团、山东能源集团等5家央国企先后转让 19家光伏业务公司。这些被甩卖的多为分布式光伏资产。 华夏能源网注意到，与此同时，华能集团、中国大唐、国家电投集团等电力央企近期召开的月度工作会议，齐刷刷将风光 大基地项目建设列为下一步工作重点。 这表明，"十四五"最后一年，电力央企新能源开发开始了战略性调整。从之前的"四面开花"，转向强化风光大基地的"基本 盘"。这将带来整个光伏市场的变局，集中式大型地面电站将迎来新一轮建设热潮。 8月11日，华能集团召开7月份经济活动分析会。会议强调，要锚定目标任务，强化项目接续和投资计划接续，大力推进大 基地开发建设，持续推动火电结构升级，按时序节点有序推进"十五五"规划编制，全力提升绿色发展质效。 华夏能源网注意到，7月22日，在华能集团2025年年中工作会议上，董事长、党组书记温枢刚讲话指出，"要坚定不移推动 新能源高质量发展，坚持基地型规模化开发，全链条打造优质'基因工程'，推动绿色发展质效再提升。" 值得一提的是，早在今年4月，彼时外界即盛传华能集团已经在内部停掉了分布式光伏项目。彼时 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 安科瑞（300286.SZ） Q2 业绩显著提速，后续有望重点受益零碳园区建设 Q2 业绩显著提速符合预期，后续市占率有望稳步提升。公司 25H1 实现营收 5.4 亿元，同增 1.5%；实现归母净利润 1.26 亿元，同增 25%；实现扣非后归母净利 润 1.09 亿元，同增 23%。上半年营收业绩增长符合我们预期。其中业绩增速快于 收入，主因公司 25H1 毛利率提升、费用率下降。分季度看，公司 Q1/Q2 分别实 现营收 2.4/3.0 亿元，分别 YoY+0.6%/+2.3%，营收增速稳步提升；分别实现归 母净利润 0.52/0.73 亿元，分别 YoY+15.3%/+32.6%，Q2 业绩增速明显提速，主 因 Q2 毛利率提升与费用率下降幅度较为显著。分业务看，公司 25H1 电力监控及 变电站综合监测系统/能效管理产品及系统/消防及用电安全产品/企业微电网-其 他/ 电量 传感 器业务 分别实 现营收 2.26/1.75/0.41/0.32/0.63 亿元，分别 YoY+0.01%/-0.12%/-0.85% ...

Investment Rating - The report initiates coverage with a "Buy" rating for Hong Kong and China Gas Company Limited [5] Core Views - The company has a robust profit and cash flow base from its Hong Kong gas business, while its growth-oriented businesses provide new momentum for expansion [2][18] - The flexible pricing adjustment mechanism is a key reason for the high profit margins in the Hong Kong gas business [2][34] - The company is expanding its gas business in mainland China, with significant growth in sales volume and recovery of profit margins [4][57] Summary by Sections Hong Kong Gas Business - The gas tariff consists of an effective charging table and fuel adjustment fee, with a tiered pricing model that encourages higher consumption [2][28] - Hong Kong's natural gas consumption has remained stable, with a projected consumption of 27,159 TJ (approximately 730 million cubic meters) in 2024, reflecting a year-on-year increase of 0.1% [3][35] - The EBIT for the Hong Kong utility business has been stable, with a projected increase to nearly HKD 50 billion in 2024, resulting in an EBIT margin of 46.3% [3][48] Mainland Gas Business - The company has expanded its mainland gas business since 1994, with sales volume increasing from 19.5 billion cubic meters in 2017 to 36.36 billion cubic meters in 2024, representing a CAGR of 9.3% [4][51] - The unit sales price difference in the mainland gas business has improved to HKD 0.52 per cubic meter by the end of 2024 [4][60] Growth-Oriented Businesses - The renewable energy business, primarily through the subsidiary Honghua Smart Energy, has seen rapid growth, with a compound annual growth rate of 154% in distributed photovoltaic installations from 2021 to 2024 [74] - The company is actively developing green methanol and hydrogen fuel supply, with significant production targets set for 2028 [81][84] Financial Projections - The company is expected to achieve revenues of HKD 578.1 billion, HKD 605.6 billion, and HKD 632.8 billion from 2025 to 2027, with respective year-on-year growth rates of 4.2%, 4.7%, and 4.5% [5][92] - The net profit forecast for the same period is HKD 61.6 billion, HKD 65.9 billion, and HKD 69.4 billion, with year-on-year growth rates of 7.9%, 6.9%, and 5.4% [5][92]

Core Insights - The total investment in key energy projects in China exceeded 1.5 trillion yuan in the first half of the year, marking a year-on-year increase of 21.6% [3] - Investment in renewable energy generation continues to grow rapidly, with significant increases in onshore wind and solar energy investments [3] - Private enterprises are increasingly investing in the energy sector, with a year-on-year growth of 27.8% in investment [3] Investment Growth - Investment in renewable energy generation saw substantial growth, with onshore wind investment in Guangxi and Xinjiang doubling compared to the same period last year [3] - Centralized solar power investment increased by 24.5%, while distributed solar power investment grew by over 70% [3] - Investment in solar thermal power nearly doubled compared to last year [3] Power Supply Investment - Investment in coal and nuclear power sectors maintained rapid growth, with key coal power projects in East China, Central China, and Western Inner Mongolia being completed [3] - Investments in power grids and pumped storage also showed steady growth [3] New Energy Investment - Investment in hydrogen energy projects doubled in the first half of the year, with multiple green hydrogen projects in Jilin accelerating [3] - Investment in charging and swapping infrastructure grew by nearly 70% [3] - New energy storage and integrated source-grid-load-storage projects saw investment growth of over 30% [3] Private Sector Involvement - Private enterprises completed investments in the energy sector with a year-on-year increase of 27.8% [3] - Investments in distributed solar and onshore wind by private companies grew by over 40% [3] - Investment in charging and swapping infrastructure and centralized solar power by private enterprises increased by around 15% [3]

文件指出，一是优先支持绿色区域内的分布式光伏项目开发建设；黄色区域确需接入的分布式光伏项 目，应开展专题分析，落实消纳条件后，再行开发建设；红色区域在电网承载力未得到有效改善前，暂 停分布式光伏接入。二是鼓励户用光伏"自发自用、余电上网"、工商业光伏"全部自发自用"，实现用户 侧就近就地消纳，减小公共电网运行压力。三是鼓励通过配置储能、汇集升压10千伏及以上电压等级接 入等措施，提高分布式光伏接入承载能力。 中化新网讯 为提升分布式光伏消纳水平，促进分布式光伏持续健康发展，8月6日，甘肃兰州市发改委 公示兰州市2025年第三季度分布式光伏承载能力评估等级结果。根据公示文件，兰州市11个区县分布式 光伏承载能力评估等级为红色，将暂停分布式光伏接入。 ...

Group 1 - The core viewpoint of the articles highlights significant growth in energy investment in China, with over 1.5 trillion yuan invested in key energy projects in the first half of the year, marking a year-on-year increase of 21.6% [1][2] - Investment in renewable energy generation has seen rapid growth, with land-based wind power investments in Guangxi and Xinjiang doubling compared to the same period last year. Centralized photovoltaic investments increased by 24.5%, while distributed photovoltaic investments surged by over 70% [1] - Investment in power supply security continues to expand, with coal and nuclear power sectors maintaining robust growth. Key coal power projects in East China, Central China, and Western Inner Mongolia have been completed and put into operation [1] Group 2 - Investment in new energy sectors is accelerating, with hydrogen energy project investments doubling in the first half of the year. Multiple green hydrogen projects in Jilin are progressing rapidly [1] - The investment in charging and swapping infrastructure has increased by nearly 70% year-on-year, while new energy storage and integrated source-grid-load-storage projects have also seen over 30% growth [1] - Private enterprises in the energy sector have experienced rapid investment growth, with a year-on-year increase of 27.8% in the first half of the year. Investments in distributed photovoltaic and land-based wind power have surged by over 40% [2]

《细则》针对分布式光伏(尤其是户用项目)规模小、主体散的特点，创新设计"自主+代理"双参与模 式。其中，自主申报的自然人户用分布式光伏项目免除履约保函要求，显著降低了户用分布式光伏的竞 价门槛，使户用光伏业主能以更低成本、更小风险参与竞价。《细则》还要求分布式项目并网需满 足"四可"(可观、可测、可调、可控)条件，推动碎片化分布式新能源融入电力系统调度体系。 8月7日印发的《山东省新能源上网电价市场化改革实施方案》明确，全省风电、太阳能发电等新能源项 目上网电量原则上全部进入电力市场，上网电价通过市场交易形成。8月8日，山东省对外发布《山东省 新能源机制电价竞价实施细则》(下称《细则》)，形成了全流程标准化的机制电价竞价机制。该《细 则》是全国首个针对新能源增量项目机制电价竞价的省级实施细则。 《细则》采用"边际出清+动态调整"机制，将同类型项目按申报电价从低到高排序，以最后一个入选项 目报价作为统一机制电价，确保市场的竞争性和公平性；同时针对边际机组特殊情况设置50%的比例限 制——当边际机组入选电量不足申报量的50%时，取消其资格并以前一项目报价作为出清价，有效避免 边际项目因入选电量过少造成的经济损失。 ...

Core Insights - "China Green Port" is positioned as a key hub for green energy in Hangzhou, integrating wind power equipment, energy-efficient equipment, and future industries like solid-state batteries, aiming to create a trillion-level green energy ecosystem [1][3] - The zero-carbon demonstration park, Reeling SPACE, is the first private low-carbon industrial demonstration park in Zhejiang, utilizing distributed photovoltaics, energy-saving renovations, and carbon credits to achieve a 63.2% share of green energy and a 59% reduction in carbon emissions per industrial output [1][2] - By 2024, the total output value of green energy enterprises in Linping District is projected to reach 53.182 billion yuan, with long-term goals to establish it as a new landmark for green energy in China and achieve over 100 billion yuan in industrial output by 2030 [3] Project Highlights - The Reeling SPACE project is self-funded by Hangzhou Jieneng Technology Company, designed for easy replication and scalability, with a payback period of approximately six years [2] - The project emphasizes improving energy management systems and optimizing end-use efficiency to support the green and low-carbon transformation of industries, contributing to China's dual carbon goals [2] Future Goals - The Linping District aims to lead in green energy innovation with over 16 provincial-level R&D projects and more than 15 national-level green factories by 2030, establishing a comprehensive green energy industrial ecosystem [3]

Group 1 - "China Green Port" is located in Linping District, Hangzhou, serving as a bridgehead for integration into the Yangtze River Delta, with key industries including wind power equipment and energy-efficient equipment, and a focus on future industries like solid-state batteries [1] - The construction of the "China Green Port" has led to the implementation of seven green low-carbon projects, including the VOCs waste gas treatment project by Jili Insulation Materials, and three projects selected as top ten low-carbon application scenarios in Hangzhou [1][2] - The zero-carbon demonstration park at the Cocoon SPACE industrial park is the first private low-carbon industrial demonstration park in Zhejiang, featuring a model that combines distributed photovoltaics, energy-saving renovations, and carbon credit purchases [1][2] Group 2 - The Cocoon SPACE industrial park project is funded and managed by Hangzhou Jieneng Technology Company, with a payback period of approximately six years, generating sustainable cash flow without increasing the company's burden [2] - The project utilizes commonly available technologies, making it replicable and adaptable for various industrial parks, showcasing a mixed-use model of office and production [2] - The zero-carbon industrial park is considered a minimal implementation unit for China's "3060" dual carbon goals, emphasizing the need for numerous zero-carbon parks to support the overall objectives [2] Group 3 - In 2024, the total output value of green energy enterprises in Linping District is projected to reach 53.182 billion yuan, with future goals to establish "China Green Port" as a new landmark for green energy industry in China and a new model for low-carbon applications in the Yangtze River Delta [3] - By 2030, the aim is to lead over 16 provincial-level R&D projects and establish more than 15 national-level green factories, with the green energy industrial ecosystem's output value exceeding 100 billion yuan [3]

Group 1 - The company is a public utility platform under the Zhongshan State-owned Assets Supervision and Administration Commission, focusing on three main sectors: water services, solid waste management, and renewable energy [1] - Water services serve as the core business, ensuring stable revenue, with a water supply capacity of 2.65 million tons per day and a market share of 94%. A potential price adjustment of 20% to 30% could increase net profit by 120 to 180 million yuan, representing a 10% to 15% increase in net profit for 2024 [1] - The solid waste management sector is expanding through acquisitions, with a projected capacity of 6,120 tons per day by 2025 [1] - In renewable energy, the company is establishing joint ventures and Pre-REITs funds, focusing on distributed photovoltaic and integrated energy storage, with approximately 500 MWp currently connected or under construction [1] Group 2 - The company holds a 10.55% stake in GF Securities, contributing significantly to its profits, with an estimated net profit of 1.199 billion yuan in 2024, of which 1.008 billion yuan comes from investment income [2] - GF Securities is expected to see improvements in performance and valuation due to structural changes and a stronger market, which could positively impact the company's overall performance [2] - The company plans to implement a three-year shareholder return plan and promote equity incentives, with a special dividend payout ratio of 53% expected in 2024 [2] - Forecasted net profits for the company from 2025 to 2027 are 1.428 billion, 1.775 billion, and 2.072 billion yuan, respectively, with a reasonable valuation estimated at 18.3 to 19.4 billion yuan, indicating a potential upside of 29% to 36% from the current market value [2]