扫描二维码 立即订阅 彭博ESG双周报 本期主题：分布式能源与AI股票的相关性上升：涉及哪些基金？ （彭博行业研究）——分布式能源是年初至今表现最佳的彭博行业研究(BI)主题之一，涨幅 达 5 6%； 若 这 一 趋 势 延 续 ， 对 该 主 题 敞 口 最 大 的 基 金 —— 包 括 Swe d b a n k 和 First Tr u st 旗 下 基金——将占据有利地位。该主题与AI股票的相关性显著上升，这能提供支撑，但也使其在 AI市场情绪转弱时面临风险。在我们追踪的2 , 0 0 0多只清洁能源、气候、可持续发展及ESG 基金中，仅5%具有明显敞口。 Swedbank和First Trust旗下基金对分布式能源的敞口最大 Swe d b a n k Ro b u r New En e rg y Fu n d和First Tr u st Na s d a q Cl e a n Ed g e Sma rt Gri d I n fr a str u c t u r e ETF对分布式能源的敞口最大，二者投资组合中与该主题相关的股票配置权 重均超5 0%，若该主题年初至今5 6%的涨幅得以延续，将对这两 ...

Core Insights - China Resources Power Holdings Company Limited (CR Power) is one of the most efficient and profitable integrated energy companies in China, involved in various sectors including wind power, thermal power, photovoltaic power, hydropower, distributed energy, electricity sales, and comprehensive energy services [1][6] - CR Power is a subsidiary of China Resources Group, a diversified enterprise with over 80 years of history, ranking 72nd in the 2024 Fortune Global 500 [3][8] - The company operates across all 31 provinces, autonomous regions, municipalities, and special administrative regions in China, emphasizing its commitment to green energy and improving the quality of life [1][6] Company Overview - CR Power was established in August 2001 and listed on the Hong Kong Stock Exchange in November 2003 under stock code 836 [1][6] - The parent company, China Resources Group, has a diverse business portfolio covering six major sectors: consumer goods, integrated energy, urban construction and operation, health care, industrial finance, and technology and emerging industries [3][8] - CR Power's Zhejiang Company, established in January 2021, manages various energy projects including thermal, wind, and photovoltaic power, as well as electricity sales [3][8] Employment Opportunities - CR Power is actively recruiting for various positions in Zhejiang, including roles in electrical engineering, project management, and safety supervision, with requirements typically ranging from 2 to 5 years of experience and a bachelor's degree [4][5][9][10]

Core Viewpoint - China Resources Power (00836.HK) is focusing on achieving its "dual carbon" goals, with significant growth in electricity sales from its photovoltaic power stations [1][3]. Sales Performance - In the first nine months of 2025, the total electricity sales from China Resources Power's subsidiary power plants reached 161 million megawatt-hours, an increase of 4.2% year-on-year [2][3]. - The electricity sales from subsidiary photovoltaic power stations amounted to 7.0886 million megawatt-hours, reflecting a year-on-year increase of 35.1% [2][3]. - In September 2025, the electricity sales from subsidiary photovoltaic power stations were 0.9224 million megawatt-hours, showing a substantial increase of 49.7% year-on-year [2]. Installed Capacity - As of June 30, 2025, the total installed capacity of wind, water, and photovoltaic power generation rights reached 38,955 megawatts, accounting for approximately 49.9% of the total installed capacity [1][3]. - The company operates 50 coal-fired power plants, 209 wind farms, 205 photovoltaic power stations, 20 hydropower stations, and 6 gas-fired power plants [3]. Future Plans - China Resources Power plans to add 10,000 megawatts of new wind and photovoltaic projects by the end of 2025, with steady progress expected in the second half of the year [1][5]. - The company anticipates that by the end of the 14th Five-Year Plan (end of 2025), the proportion of renewable energy in its installed capacity will exceed 50% [1][5]. Financial Investment - The company expects a cash capital expenditure of approximately HKD 56.8 billion for 2025, with around HKD 42 billion allocated for the construction of wind and photovoltaic power stations [4][5]. - Research and development investment for 2024 is projected to be HKD 1.398 billion, representing a year-on-year increase of 89% [4].

业绩大幅下滑，华润燃气股价遭遇大跌。 今日，华润燃气跳空低开，最新跌17.55%，报23.25港元/股，总市值538.01亿港元。 近年来，华润燃气股价持续走低，自2021年6月的高点至今，公司股价在3年多的时间内累计跌超50%。 华润燃气表示，该业务的渗透率仍处于低位，未来有望成为公司的重要业务组成部分。 综合能源业务上，截至2024年底，华润燃气的分布式能源、分布式光伏、交通充能累计签约3.2GW、286MW，478MW，累计投运2.6GW、94.7MW、 415MW。 2024年的能源销售量同比高增27.2%至37.4亿千瓦时，实现综合能源毛利3.6亿港元，同比增长33.6%。 业绩低于预期 财报显示，华润燃气2024年实现营收1026.76亿港元，同比增长1.4%；核心利润为41.48亿港元，同比增长0.02%；股东应占溢利为40.88亿港元，同比下降 21.7%；基本每股收益为1.8港元。 华润燃气去年的毛利率为17.8%，较前一年同期下降0.4个百分点，主要是由于毛利率相对较高的接驳收入占比由10.8%下降至9%。 券商普遍认为，华润燃气的这份业绩低于预期。 | | | | 增加 / | | -- ...