点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 （王招华/方驭涛） 2025-11-23 您可点击今日推送内容的第2条查看 【电新环保】看好风电及氢氨醇板块，美国缺电寻找超跌反弹机会——电新环保行业周报20251123 1）氢氨醇作为新能源消纳和绿电非电领域应用的重要方向有望获得更多投资，氢氨醇板块当前市场预期 较低，亦可与风电板块形成共振，重点关注。2）美国缺电逻辑持续演绎，未来科技仍为主线，重点关注 海外储能、SST等板块超跌反弹的机会。3）2026年国内独立储能招标有望维持2025年的较好水平。4）锂 电方面重点关注供给变数较大的锂矿及盈利尚不支持扩产的隔膜环节的投资机会。 （殷中枢/郝骞/陈无忌/和霖/邓怡亮） 2025-11-23 您可点击今日推送内容的第3条查看 今 日 ...

电力设备新能源、环保 看好风电及氢氨醇板块，美国缺电寻找超跌反弹机会 ——电新环保行业周报 20251123 电力设备新能源 买入（维持） 环保 买入（维持） 2025 年 11 月 23 日 作者 分析师：殷中枢 执业证书编号：S0930518040004 010-58452071 yinzs@ebscn.com 分析师：郝骞 执业证书编号：S0930520050001 021-52523827 haoqian@ebscn.com 分析师：陈无忌 执业证书编号：S0930522070001 021-52523693 chenwuji@ebscn.com 分析师：和霖 执业证书编号：S0930523070006 021-52523853 helin@ebscn.com 分析师：邓怡亮 执业证书编号：S0930525070003 021-52523802 dengyiliang@ebscn.com 行业与沪深 300 指数对比图 -40% -20% 0% 20% 40% 60% 2024/11/21 2025/3/23 2025/7/23 2025/11/22 电力设备(申万) 环保(申万) 沪深300 资料来 ...

Core Viewpoint - Company has established a global strategic partnership with the Hemingway Family Foundation's Yingzhi Hemingway Growth Income Fund to accelerate its global expansion in the renewable energy sector [1][2] Group 1: Partnership Details - The partnership aims to create a long-term, stable, and mutually beneficial relationship, leveraging both parties' strengths and international resources [1][2] - Yingzhi Hemingway Growth Income Fund, managed by the Hemingway Family Foundation, has an asset management scale of $1 billion and plans to acquire or hold up to 20% equity in the company [3] Group 2: Strategic Goals - The partnership includes multiple clear objectives, such as expanding market orders and investments in Africa, the Middle East, and Eastern Europe [4] - Financial support will be provided through relationships with family offices, sovereign funds, and institutional investors to assist in technology iteration and business model updates [4] - The company will utilize its technological advantages in photovoltaic manufacturing, zero-carbon park solutions, and hydrogen energy to assist the Hemingway Family in expanding and investing in these areas [4] - Brand building efforts will be enhanced through the influence and reputation of both parties in their respective fields and regions [4] Group 3: Future Outlook - The company anticipates accelerated overseas market expansion with comprehensive support from Hemingway Capital, aiming to seize global market transformation opportunities and develop a "domestic + overseas" dual circulation system [4] - The ultimate goal is to become a leader in the global zero-carbon industry [4]

Core Viewpoint - The Chinese new energy industry is undergoing an unprecedented wave of globalization, with companies like Zhonghuan New Energy accelerating their global expansion to seize opportunities in the green transition and address domestic market competition [1][3]. Group 1: Strategic Partnership - Zhonghuan New Energy has formed a global strategic partnership with the Hemingway Family Foundation's Yingzhi Hemingway Growth Income Fund to enhance its global expansion efforts [1][3]. - The Yingzhi Hemingway Growth Income Fund plans to acquire up to 20% equity in Zhonghuan New Energy, indicating a long-term investment commitment [3][4]. - This partnership aims to leverage both parties' strengths and international resources to ensure mutual benefits and accelerate Zhonghuan's globalization [1][3]. Group 2: Global Expansion Goals - The partnership will focus on promoting Zhonghuan's global expansion, particularly in Africa, the Middle East, and Eastern Europe, with priority given to countries like Romania, Bulgaria, Serbia, and Poland [4][5]. - Financial collaboration will support Zhonghuan's technological advancements and business model iterations, helping the company capture a larger market share [4][5]. - The partnership will also enhance both parties' reputations and brand influence in their respective fields and regions [5]. Group 3: Financial Performance - In 2024, Zhonghuan New Energy reported a revenue increase of 49.8%, reaching HKD 6.032 billion, and continued this growth trend in the first half of 2025 with a 59.92% year-on-year increase [6]. - The company achieved profitability in 2023, recording a net profit of HKD 76.437 million, validating its business model and growth potential in the new energy sector [6]. - The partnership with the Yingzhi Hemingway Growth Income Fund is expected to bolster market confidence in Zhonghuan's future growth and mark a new phase in its globalization strategy [6][8]. Group 4: Future Outlook - With comprehensive support from the Hemingway Capital, Zhonghuan New Energy is positioned to accelerate its overseas market expansion and build a dual-circulation development system [8]. - The ongoing high growth in performance is anticipated to enhance the company's intrinsic value, potentially providing sustainable long-term returns for investors [8].

Core Insights - The environmental industry is being reshaped by three driving forces: "debt resolution," "marketization," and "green dual carbon" initiatives [1] Group 1: Investment Opportunities - Environmental investment is focusing on three main lines: systematic green transformation driven by dual carbon goals, marketization reforms in resource pricing, and debt resolution policies improving financial health of environmental companies [1] - The non-electric utilization of renewable energy, particularly hydrogen and ammonia, is becoming a significant avenue for green electricity consumption, with European regulations boosting demand for sustainable aviation fuel [2] - The dual drivers of "soil remediation" and "capacity replacement" are creating new opportunities in environmental monitoring and soil restoration sectors [3] Group 2: Asset Valuation and Market Trends - Water and waste incineration operational assets are expected to experience a "Davis double hit" due to increasing environmental quality demands and improved cash flows from debt resolution policies [4] - The market for solid waste management and wastewater treatment is anticipated to grow, with a focus on companies that can provide comprehensive solutions and have stable cash flows [5]

Core Insights - The "14th Five-Year Plan" emphasizes the promotion of hydrogen energy as a key economic growth point, with expectations for large-scale applications in the future [1] - The hydrogen energy industry is advancing rapidly with cost reductions and diverse applications, potentially unlocking a trillion-yuan market [1] Industry Developments - A distributed tri-generation demonstration project using hydrogen fuel cells has been implemented in Foshan, Guangdong, providing power to over 1,700 households [1] - The first mobile zero-carbon hydrogen generation vehicle has been launched, capable of producing 80 cubic meters of hydrogen per hour for 10 hours of power generation [1] - A major integrated green hydrogen and ammonia project in Songyuan, Jilin, with a total investment of 29.6 billion yuan, is set to commence production in November, establishing a complete industrial chain [1] Future Projections - Experts indicate that the "14th Five-Year Plan" period is crucial for transitioning green hydrogen and ammonia from small-scale demonstrations to commercial applications [1] - By around 2030, the price of green hydrogen is expected to reach approximately 10 yuan per kilogram, positioning it as a "green oil" that transcends geopolitical issues [1]