Group 1 - The core viewpoint indicates that the renewable energy subsidy recovery has accelerated significantly in 2025, with the amount recovered in the first eight months exceeding the total for the entire year of 2024 [1][6] - The report highlights that the renewable energy sector is facing pressure on cash flow due to the transition to a fully market-based electricity pricing system by the end of 2025, which may impact the pricing of renewable energy [2][3] - The subsidy gap has been a growing issue since 2016, as the funds collected from electricity price surcharges have not kept pace with the rapid growth in installed renewable energy capacity, leading to significant subsidy arrears [3][4] Group 2 - As of the end of 2024, major companies like Three Gorges Energy and Huadian New Energy have receivables exceeding 40 billion yuan, indicating a high level of outstanding subsidies in the industry [4] - The recent acceleration in subsidy recovery is expected to improve cash flow for operators, with specific examples showing a 232.23% year-on-year increase in subsidy recovery for solar energy companies in the first eight months of 2025 [5][6] - The report suggests that resolving the subsidy arrears will alleviate pressure on accounts receivable for related companies, thereby enhancing their cash flow and supporting the sustainable development of the renewable energy sector in the long term [6]

行业报告 | 行业专题研究 公用事业 证券研究报告 绿电公司可再生能源补贴情况梳理 专题 136 号文提出推动新能源上网电量全面进入电力市场，此前《关于全面加快 电力现货市场建设工作的通知》也已明确 2025 年底前基本实现电力现货市 场全覆盖，我们认为新能源电价或有所承压，企业现金流也将面临一定压力。 与此同时，第一批可再生能源发电补贴合规项目清单已公布两年有余，补贴 缺口问题也曾明确通过专项融资解决。近期补贴发放也有所加速。我们认为 在推动新能源全面入市的背景下，可再生能源补贴拖欠问题有望加速解决。 故而本篇专题我们以补贴为主题，梳理各公司应收补贴及近期补贴回收情 况。 核心观点 风光快速发展，补贴缺口问题凸显 2011 年可再生能源发展基金正式设立。国家财政征收可再生能源电价附加 后形成可再生能源发展基金，以电价补贴形式拨付至国家电网、南方电网等 电网公司和地方性独立电网所在省财政部门，再分项目按上网电量核算的补 贴数额兑付给纳入补贴清单管理的发电企业。2016 年以来，新能源行业进 入快速发展阶段。虽然电价附加征收标准多次上调，但仍无法追赶新能源行 业的装机增速，所获资金低于补贴需求，补贴拖欠问题开始 ...

Investment Rating - The report maintains a "Buy" rating for renewable energy operators due to the accelerated recovery of renewable energy subsidies, which is expected to alleviate cash flow pressures for green electricity operators [3][6][7]. Core Viewpoints - The "Document 136" promotes the full market entry of renewable energy, intensifying competition in the sector. The accelerated recovery of national renewable energy subsidies is anticipated to significantly ease cash flow pressures for green electricity operators, benefiting their recovery and long-term development [3][12]. - Recent data shows that several renewable energy operators have received substantial renewable energy subsidy funds, with notable increases in funding compared to the previous year. For instance, Jin Kai New Energy received CNY 1.214 billion, a 341.67% increase year-on-year, while Solar Energy received CNY 2.319 billion, a 232.23% increase [13][13][13]. Summary by Sections Industry Trends - The report indicates a 0.51% increase in the CITIC Power and Utilities Index, outperforming the CSI 300 Index by 1.33 percentage points during the week of September 1-5, 2025 [4][67]. - The coal price has dropped to CNY 687 per ton, which may impact the thermal power sector positively [15]. Renewable Energy - The price of silicon materials has risen to CNY 48 per kg, while the price of mainstream silicon wafers remains stable at CNY 1.42 per piece. This trend is expected to enhance the profitability of photovoltaic projects in the long run [50]. Hydropower - As of September 5, 2025, the inflow and outflow of the Three Gorges Reservoir have increased by 31.71% and 69.81% year-on-year, respectively, indicating a robust performance in hydropower generation [38]. Carbon Market - The national carbon market saw a 4.50% decrease in trading prices, with a total trading volume of 2.1243 million tons and a total transaction value of CNY 144 million during the week [60][64]. Key Stocks - The report highlights several key stocks with "Buy" ratings, including Zhejiang Energy, Anhui Energy, and Huaneng International, with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating potential growth [7].

Core Points - The company, Jidian Co., Ltd. (000875.SZ), announced that it received a total of 1.271 billion yuan in national renewable energy subsidies from January 1 to August 31, 2025, which represents a 154.2% increase compared to the same period last year [1] - The subsidies received in the first eight months of 2025 accounted for 135.36% of the total subsidies received in the entire year of 2024 [1] - In August 2025 alone, the company received 913 million yuan in renewable energy subsidies [1]

Core Viewpoint - Linyang Energy (601222) announced on September 5 that its subsidiary photovoltaic power generation project company received renewable energy subsidy funds of 203 million yuan in August 2025, indicating a significant increase in financial support for the company's operations [1] Summary by Relevant Categories Financial Performance - From January to August 2025, the company received a total of 306 million yuan in renewable energy subsidy funds, representing a year-on-year increase of 210.1% [1] - The subsidies received in the first eight months of 2025 accounted for 177.09% of the total renewable energy subsidies received in 2024 [1] Operational Impact - The recovery of the renewable energy subsidy funds is expected to improve the cash flow of the company's power stations, positively impacting the future operations of these stations [1]

Group 1 - Tianhua New Energy's subsidiary Jiangsu Yili has achieved mass production of medium/high nickel high voltage ternary cathodes and lithium cobalt oxide products [1] - The company has developed lithium-rich manganese-based and spinel nickel manganese lithium cathode materials, which have received positive evaluations from multiple clients and have begun partial sales [1] - Tianhua New Energy is advancing the research and industrialization of lithium sulfide materials for sulfide solid-state electrolytes, having sent samples to leading companies in the field and received favorable feedback [1] Group 2 - Tongrun Equipment's shareholder Zhuhai Yuening has reduced its holdings by 3.667 million shares, representing a decrease of 1.0095% in ownership [2] - Following the reduction, Zhuhai Yuening and its concerted parties now hold a combined ownership of 8.9003% in the company [2] - This change may impact the company's equity structure and future governance, warranting investor attention [2] Group 3 - Jinko Technology received renewable energy subsidy funds of 646 million yuan in August 2025 [3] - From January to August 2025, the company received a total of 891 million yuan in subsidies, marking a 248% increase compared to the same period last year [3] - The increase in subsidy funds is expected to enhance the company's cash flow and support project development, strengthening its market position in the photovoltaic industry [3]