（原标题：深走访?提质效丨湖北能源：加快培育新质生产力 迈向综合能源供应解决方案服务商） 编者按：上市公司是经济高质量发展的重要微观基础。深交所自2024年11月以来，围绕"提高上市公司 质量"核心任务，系统推进上市公司大走访工作，通过建立常态化走访上市公司机制，以"深扎根"式的 服务，直抵企业发展痛点与创新内核，助力新质生产力蓬勃生长。证券时报推出"深走访·提质效"系列 报道，跟随监管部门走进上市公司，探寻资本市场强化功能发挥、更好支持经济高质量发展的新态势， 敬请关注。 证券时报记者 吴少龙 从2005年由两家地方能源企业合并组建，到2010年登陆深交所实现资本化运作，再到2015年引入三峡集 团作为控股股东，湖北能源的二十载发展历程，在资本市场的赋能下，不断破解发展瓶颈，向着"一流 区域千亿综合能源集团"稳步迈进。 打通融资渠道 构建多元能源生态 2010年12月29日，随着深交所的上市钟声响起，湖北能源正式登陆A股市场，成为湖北省能源领域首家 上市公司。彼时，公司主营业务以水电和火电为主，资产规模有限，能源保障能力尚处于区域拓展阶 段。公司相关负责人表示，资本市场不仅提供了重要的资金支持，更推动公司治 ...

筑牢能源保障夯实转型根基 证券时报记者吴少龙 从2005年由两家地方能源企业合并组建，到2010年登陆深交所实现资本化运作，再到2015年引入三峡集 团作为控股股东，湖北能源的二十载发展历程，在资本市场的赋能下，不断破解发展瓶颈，向着"一流 区域千亿综合能源集团"稳步迈进。 打通融资渠道构建多元能源生态 2010年12月29日，随着深交所的上市钟声响起，湖北能源正式登陆A股市场，成为湖北省能源领域首家 上市公司。彼时，公司主营业务以水电和火电为主，资产规模有限，能源保障能力尚处于区域拓展阶 段。公司相关负责人表示，资本市场不仅提供了重要的资金支持，更推动公司治理结构向现代化、规范 化转型，为后续业务扩张奠定了制度基础。 十余年来，湖北能源精准运用资本市场工具，持续充实发展"弹药库"。公司先后于2012年、2015年及 2025年实施三次非公开发行股票，资金如同"活水"，源源不断注入能源主业的各个领域。2015年的非公 开发行更是成为公司发展的重要时刻。通过此次定增，三峡集团以认购股份的方式成为湖北能源实际控 制人，这一央企与地方国企的深度合作，不仅为湖北能源带来了资金支持，更实现了资源、技术与管理 的全方位协 ...

分红方面，湖北能源A股上市后累计派现82.44亿元。近三年，累计派现16.26亿元。 湖北能源今年以来股价跌5.53%，近5个交易日跌3.56%，近20日跌2.74%，近60日跌0.43%。 资料显示，湖北能源集团股份有限公司位于湖北省武汉市洪山区徐东大街137号能源大厦，成立日期 1993年3月9日，上市日期1998年5月19日，公司主营业务涉及能源投资、开发与管理,从事或投资的主要 业务包括水电、火电、核电、新能源发电、天然气输配、煤炭贸易和金融投资。主营业务收入构成为： 电力业务89.49%，天然气业务6.43%，物业、工程及其他1.72%，热力供应1.70%，煤炭贸易及中转仓储 0.66%。 湖北能源所属申万行业为：公用事业-电力-电能综合服务。所属概念板块包括：证金汇金、央企改革、 MSCI中国、绿色电力、海上风电等。 截至9月30日，湖北能源股东户数7.56万，较上期减少5.09%；人均流通股85666股，较上期增加5.36%。 2025年1月-9月，湖北能源实现营业收入135.21亿元，同比减少12.24%；归母净利润23.36亿元，同比减 少5.07%。 11月21日，湖北能源盘中下跌2.12 ...

Core Viewpoint - Hubei Energy has successfully completed a private placement of 2.9 billion yuan, increasing the stake of its controlling shareholder, Three Gorges Group, from 15.75% to 22.87% [1][2] Group 1: Fundraising and Shareholding Changes - The private placement raised 2.9 billion yuan, which will be fully invested in the Luotian Pingtan Yuan Pumped Storage Power Station project [1] - After the issuance, Three Gorges Group's shareholding increased from 1.021 billion shares to 1.619 billion shares, raising its stake from 15.75% to 22.87% [2] - The total share capital increased from 6.481 billion shares to 7.079 billion shares following the issuance [2] Group 2: Project Details - The Luotian Pingtan Yuan Pumped Storage Power Station is located in Hubei Province, with a planned total installed capacity of 1.4 million kilowatts [2] - The project involves the installation of four reversible pump turbine generator units, each with a capacity of 350,000 kilowatts, and has a total investment of 9.31 billion yuan [2] Group 3: Financial Performance - For the first three quarters of 2025, Hubei Energy reported operating revenue of 13.521 billion yuan and a net profit attributable to shareholders of 2.336 billion yuan, indicating operational pressure due to reduced hydropower generation and declining profits from new energy and coal trading [2] - The company aims to maintain a multi-energy complementary strategy, with expectations to add over 1 million kilowatts of new installed capacity in 2025, primarily from thermal and new energy projects [3]

每经AI快讯，京运通（SH 601908，收盘价：4.37元）11月13日晚间发布公告称，北京京运通达兴科技 投资有限公司持有公司股份数量7亿股，占公司总股本比例为28.99%，持有公司股份累计质押数量（含 本次）1.75亿股，占其持股数量比例为25%。 2025年1至6月份，京运通的营业收入构成为：新材料业务占比53.87%，新能源发电业务分部占比 36.0%，其他业务占比5.26%，节能环保业务占比4.84%，设备占比0.03%。 每经头条（nbdtoutiao）——"银行直供房，不计成本卖！"有的半价出售，众多刚需还不知道！银行用 过的房很抢手，有人加价100万元抢拍 （记者 王瀚黎） 截至发稿，京运通市值为106亿元。 ...

Core Viewpoint - Citigroup has raised the target price for Evergy Inc. (EVRG.US) from $79 to $89 while maintaining a "Buy" rating, citing clearer information on the company's growing data center load from its Q3 earnings call [1] Group 1: Company Performance - Evergy reported progress in partnerships with two major data center clients, signing service agreements totaling approximately $200 million, which are expected to generate about 600 megawatts of peak demand by 2029 [1] - The company has adjusted its load growth forecast to a compound annual growth rate of 4%-5% due to these developments [1] - Evergy has also introduced a third data center project, indicating significant advancements in early agreements and project expansions [1] Group 2: Financial Guidance - Evergy has narrowed its adjusted EPS guidance for 2025 to a range of $3.92 to $4.02, impacted by lower-than-expected summer temperatures [2] - The management emphasized the company's long-term fundamentals remain strong, supported by what they describe as "generational economic development opportunities" and the necessary investments to achieve this growth [2] - On November 6, the company announced a 4% increase in its quarterly dividend, marking the 20th consecutive year of dividend growth [2]

Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating a positive outlook for the sector's fundamentals and an expectation that the industry index will outperform the benchmark index [2][7]. Core Insights - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the consumption and regulation of renewable energy, aiming for a high-quality development phase in the renewable energy sector [1][5]. - By 2030, a multi-level renewable energy consumption regulation system is expected to be established, ensuring efficient integration and utilization of renewable energy sources [5]. - The report emphasizes the need for differentiated strategies for various types of renewable energy to enhance policy implementation efficiency and promote new consumption models and industry upgrades [5]. Industry Overview - As of September 2025, the installed capacity of wind and solar power accounts for approximately 46% of the total energy mix, highlighting the rapid expansion of renewable energy in China [5]. - The report notes significant regional challenges in energy consumption, with wind and solar abandonment rates reaching 6.6% and 5.7% respectively in the first half of 2025, indicating severe regional consumption issues [5]. - The guidelines categorize renewable energy development and consumption into five types, including "desert" bases and offshore wind power, to optimize energy distribution and enhance local consumption [5]. Investment Recommendations - The report suggests focusing on leading national renewable energy companies such as Longyuan Power and Three Gorges Energy, as well as high-quality local offshore wind enterprises like Funiu Co. and Zhongmin Energy [5].

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have released guidelines to promote the consumption and regulation of renewable energy, aiming to establish a multi-level renewable energy consumption and regulation system by 2030, ensuring that new electricity demand is primarily met by renewable energy generation [1][3][5]. Group 1: Renewable Energy Consumption and Regulation - By 2030, a collaborative and efficient multi-level renewable energy consumption and regulation system is expected to be established, ensuring smooth grid connection, diversified utilization, and efficient operation of renewable energy [5][6]. - The guidelines aim to meet the annual renewable energy consumption demand of over 200 million kilowatts nationwide, contributing to carbon peak goals [5]. - The guidelines emphasize the need for a unified national electricity market system to facilitate renewable energy consumption [7][9]. Group 2: Development and Integration of Renewable Energy - The guidelines propose optimizing the development and consumption of water and wind power bases, leveraging the characteristics of hydropower for better configuration of renewable energy [5][6]. - There is a focus on promoting the orderly development and consumption of offshore wind power, with an emphasis on optimizing offshore transmission networks [6][10]. - The guidelines encourage the integration of renewable energy with industrial development, promoting the transfer of high-energy industries to regions with clean energy advantages [6][10]. Group 3: Market Mechanisms and Pricing - The guidelines call for the expansion of a market-oriented system for renewable energy consumption, including flexible trading mechanisms and long-term power purchase agreements [8][9]. - There is a push for innovative pricing mechanisms to facilitate renewable energy consumption, including adjustments to cross-province and cross-region transmission pricing [9][10]. - The guidelines highlight the importance of developing a green certificate market and coordinating the "electricity-certificates-carbon" market to reflect the environmental value of renewable energy [9]. Group 4: Enhancing Grid Capacity and Flexibility - The guidelines stress the need to enhance the grid's capacity to accommodate renewable energy, including the construction of new grid platforms and the optimization of electricity flow [10]. - There is an emphasis on the development of advanced storage technologies and the construction of pumped storage power stations to improve system regulation capabilities [10]. - The guidelines advocate for the construction and intelligent upgrading of distribution networks to support large-scale distributed renewable energy integration [10].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][10][14] Core Views - The company has shown steady growth in the rail transit sector and is capitalizing on opportunities in emerging equipment fields [1][10] - For the first three quarters of 2025, the company achieved revenue of 18.83 billion yuan, a year-on-year increase of 14.86%, and a net profit attributable to shareholders of 2.72 billion yuan, up 10.85% year-on-year [5][9] - The company is positioned as a leading supplier of traction and conversion systems in China's rail transit industry, with a focus on domestic market leadership and breaking international monopolies [10] Financial Performance Summary - Revenue and Profitability: - Revenue for 2025 is projected to reach 27.60 billion yuan, with a year-on-year growth of 10.8% [7][12] - Net profit for 2025 is estimated at 4.31 billion yuan, reflecting a year-on-year increase of 16.3% [7][12] - Gross margin is expected to be around 32.0% in 2025, with a net margin of 15.6% [12] - Earnings Per Share (EPS): - EPS is projected to be 3.17 yuan for 2025, increasing to 4.00 yuan by 2027 [7][12] - Valuation Ratios: - Price-to-Earnings (P/E) ratio is expected to decrease from 19.0 in 2024 to 12.9 in 2027 [12] - Price-to-Book (P/B) ratio is projected to decline from 1.7 in 2024 to 1.3 in 2027 [12] Revenue Breakdown - Rail Transit Equipment: - Revenue from rail transit equipment reached 10.30 billion yuan in the first three quarters of 2025, a growth of 9.23% year-on-year [9][10] - Emerging Equipment: - Revenue from emerging equipment products was 8.43 billion yuan, with a year-on-year increase of 22.26% [9][10] Future Outlook - The company is expected to continue its growth trajectory, with net profits projected at 4.31 billion yuan in 2025, 4.90 billion yuan in 2026, and 5.43 billion yuan in 2027 [10][11] - The focus on expanding into new sectors such as basic components, electric drive systems for new energy vehicles, and renewable energy generation is anticipated to create new growth points [10]

Core Insights - Changyuan Power (000966) reported a significant decrease in electricity generation for October, with a total output of 2.149 billion kilowatt-hours, representing a year-on-year decline of 32.25% [1] Summary by Category Electricity Generation Performance - In October, the thermal power generation decreased by 42.48% year-on-year, while hydropower generation saw a substantial increase of 689.27% [1] - New energy generation also experienced a decline, with a year-on-year decrease of 36.22% [1] Cumulative Performance (January to October) - The cumulative electricity generation from January to October reached 29.481 billion kilowatt-hours, reflecting a year-on-year decrease of 10.55% [1] - Thermal power generation for the same period decreased by 12.70% year-on-year, while hydropower generation increased by 12.96% [1] - New energy generation showed a modest growth of 2.42% year-on-year [1]