2025年7月16日上午，华电新能源集团股份有限公司（以下简称：华电新能）首次公开发行股票即将在 上海证券交易所主板上市，股票代码600930，将成为A股市场最大的新能源发电行业上市企业和中国华 电旗下第一家千亿市值上市公司。 优势聚合：唯一平台定位打造新能源旗舰企业"蓝筹股" 中国华电围绕做强做优做大国有资本，推动优质资产向上市公司集中的核心目标，在主要央企发电集团 中率先完成专业化整合，并作出避免同业竞争的有力承诺，实现资本聚焦、结构优化和效率提升。 华电新能依托中国华电在能源领域的领先优势，以及自身在新能源行业的长期专业运营优势，打造风光 核储多能互补的旗舰平台，以集约化运营实现跨越式发展，成为市场稀缺的优质企业。截至2024年底， 公司控股装机容量达6862万千瓦，持续保持高质量发展强劲势头。 华电新能资产遍布国内31个省（自治区、直辖市），除风光电主营业务外，还是少数参股核电的新能源 企业之一，积极布局"新能源+储能""新能源+氢能"等新兴业态，着力打造风光核储多能互补的旗舰平 台，展现出卓越的战略前瞻性,成为行业地位突出、抗风险能力强的"大盘蓝筹"，在资本市场扬起了一 面新能源行业的领航风帆，引领 ...

Group 1 - The A-share market has seen a strong rise in stock prices of several ESG-related companies from Shenzhen, particularly in the hydrogen energy and photovoltaic sectors, indicating high market attention towards ESG and green low-carbon industries [1] - Hemei Group reported a 365.39% year-on-year increase in revenue for Q1 2025, with a significant focus on hydrogen energy development and a complete hydrogen energy industry chain, as well as an increase in its ESG rating [1] - Tuori New Energy's stock price increased by 34.83% this week, with a total market capitalization of 6.344 billion, driven by favorable policies in the photovoltaic industry [1] Group 2 - As of April 30, 2025, the ESG report disclosure rate among A-share listed companies has risen to 45.6%, with a year-on-year growth of 17%, highlighting a growing trend in sustainability reporting [2] - Shenzhen companies have shown outstanding performance in ESG ratings, with several achieving AAA and AA ratings, and notable stock price increases for companies like Gongjin Co., Green Union Technology, and China Merchants Bank [2] - The recent activity in ESG concept stocks is attributed to strong policy guidance, accelerated industrial green transformation, and the influx of international ESG investment trends [2]

Core Points - Gansu Electric Power Investment Development Co., Ltd. has received approval for the Minqin 1 million kW wind-solar integrated project, which is expected to exceed 10% of the company's installed capacity by the end of 2024 [1] - The project is a collaboration between Gansu Electric Power Investment, Northwest Electric Power Design Institute, China Shipbuilding Industry Corporation, and China Energy Construction Group [1] - The project will require various approvals and permits, including planning, land use, resource utilization, environmental impact assessment, safety production, and grid connection design [2] Summary by Category Project Approval - The Minqin 1 million kW wind-solar integrated project has been officially approved by the Minqin County Development and Reform Bureau [1] - The project is significant as it represents over 10% of the company's expected installed capacity by the end of 2024 [1] Collaboration and Investment - The project is being developed by a joint venture named Gansu Electric Power Minqin New Energy Co., Ltd., formed by multiple companies [1] - The collaboration includes major players in the energy sector, indicating a strong investment backing for the project [1] Implementation Challenges - The project faces uncertainties related to investment decision-making processes and the ability to proceed with construction [2] - There are several necessary procedures to complete before construction, which may introduce delays and uncertainties [2] - Potential risks include changes in market conditions, policy shifts, and challenges in securing funding [2]

Group 1 - In Q1 2025, the company reported a net loss of RMB 263.01 million, with total revenue of RMB 3,198.89 million and operating costs of RMB 3,006.23 million, indicating multiple negative factors have been released [1] - The multi-crystalline silicon supply-demand situation is slowly improving, with the industry expected to remain under pressure in 2025 due to high inventory levels and weak demand [1] - The company’s revenue composition for 2024 shows that multi-crystalline silicon accounts for 37.4%, while wind and solar power station construction and operation account for 35.9% and 11.3% respectively, suggesting that the company's value is severely underestimated when considering its renewable energy assets [1] Group 2 - The company has been given a "Buy" rating with a target price of HKD 5.66 per share, representing a potential upside of 32% based on a projected 8x PE for 2026 [2]

Core Viewpoint - Jiuzhou Group is a leading provider of new power and energy infrastructure, focusing on smart distribution networks and network energy, with a strong emphasis on the new energy industry chain [1] Group 1: Business Overview - Jiuzhou Group has three main business segments: smart equipment manufacturing, new energy generation, and comprehensive smart energy, forming a dual-engine business model of wind and solar energy plus smart equipment manufacturing [1] - The company has over 200 patents and its products are distributed in more than 70 countries and regions, showcasing a strong integration advantage across the industry chain [1] Group 2: New Energy Generation Capacity - As of the end of 2024, Jiuzhou Group's wind power capacity is 246 MW, a year-on-year increase of 100 MW, while solar power capacity remains at 298.6 MW [2] - The company expects to achieve over 1 billion kWh of electricity generation from its controlled wind and solar power stations in 2024, with high grid connection rates of 90%-95% for wind and 95%-97% for solar [2] Group 3: Strategic Focus and Growth Plans - The management aims to enhance the performance of the smart equipment manufacturing segment by increasing capacity utilization and investing in R&D and market expansion [2] - For 2024, the smart distribution network business is projected to have an order volume exceeding 800 million yuan, a year-on-year growth of over 30% [2] - Jiuzhou Group plans to maintain its equity capacity between 1.5 GW and 2 GW, focusing on long-term holdings of new projects while gradually selling older projects [3] Group 4: Project Development and Future Outlook - The company has over 1 GW of projects under construction or with secured indicators, and an additional 2 GW to 3 GW in the development phase, ensuring sustained growth for the new energy generation segment over the next 3 to 5 years [3] - Jiuzhou Group's revenue growth targets for 2025 are set at 30% for the smart distribution network business, 10% for the new energy generation business, and 10% for the comprehensive smart energy business [4]

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：看好股市的新人 来源：雪球 特高压新能源大基地项目的投资主要是三块： 1、特高压输送线路。一般都是电网投资，有的受端省也会出一部分钱。投资回报主要是收取输电 费用。这个费用按照千瓦时固定费用计价。也就是按照额定功率全容量输电，和只输一度电的每 千瓦时输电费是一样的。这样的费用设计方式，如果输送电量达不到设计容量的一定比例，项目 是要亏钱的。一般，特高压项目盈亏点是设计容量的80%，也就是每年送电量必须达到设计容量 的80%，特高压项目才能不亏钱。而要达到预期收益率，估计要达到90%以上。 另外，特高压项目的度电输电费用不能高于地区电价差，否则就没经济价值了。以陕电入皖为 例，陕西目前的电价约0.34，安徽是0.4，价差6分。所以，陕西-安徽特高压的输电费用，每千瓦 时不能高于这个价差，否则，无论是陕西，还是安徽，都没太大兴趣推进这个项目了。输电费受 电价价差限制，如果铜铝价格过快上涨，特高压的投资额上涨（铜铝成本占特高压输电线路造价 的大头），而输电费受制于两地电价差而无法同步上升，这个项目也是无法推进的。 目前的问题 ...

Group 1 - The company, CATL, plans to globally issue 118 million shares, with 8.8421 million shares for Hong Kong and 109 million shares for international offering, plus an over-allotment option of 17.6841 million shares [1] - The subscription period for the shares is from May 12 to May 15, with a maximum offer price of 263.00 HKD per share and an entry fee of approximately 26,565.24 HKD for 100 shares [1] - The total expected fundraising amount is 31.006 billion HKD, with a net amount of 30.718 billion HKD, intended for the construction of phases one and two of the Hungary project, working capital, and other general corporate purposes [1] Group 2 - The company's main business includes the development, production, and sales of lithium-ion batteries, lithium polymer batteries, fuel cells, power batteries, large-capacity energy storage batteries, supercapacitors, battery management systems, and related services [2] - The net profit for the company is projected to be 44.702 billion CNY for 2023, 52.033 billion CNY for 2024, and 13.963 billion CNY for the first quarter of 2025, with year-on-year changes of 45.47%, 16.40%, and 31.94% respectively [2]

深度报告——碳排放 中国电力部门何时能够碳达峰？ [T走ab势le_评R级an：k] CEA：看跌 ★中国电力行业供需格局 中国电力行业正经历清洁化转型与供需结构重构的双重变革。供应 端，非化石能源装机及发电量占比持续提升，但长期需要依赖电力 系统调节能力的协同发展，短期煤电仍是最重要的支撑性电源；需 求侧，用电量呈现增速放缓、结构分化的特征，高耗能产业用电见 顶与新兴产业、居民用电增长并存，区域供需矛盾凸显，叠加极端 气候扰动与调峰资源不足，电力紧平衡或常态化。 能 源 ★电力部门供应结构预测 与 碳 中 和 2030 年前，我国主要的用电增长领域包括高技术及装备制造业、 新能源汽车产业链、数字经济相关产业以及智能家居相关产业。预 计到 2030 年，我国全社会用电量将达到 13.5 万亿千瓦时。电力供 应结构方面，风光大基地是可再生能源建设的主战场，风光电仍将 是增长最快的电源，低效煤电将逐渐向调节性电源和备用电源转 变，气电、抽水蓄能等将主要发挥调峰作用。在风光发电量增长偏 乐观的情形下，预计我国燃煤发电量或在 2025 年达峰，峰值约为 5.6 万亿千瓦时，并顺利进入下行周期；在风光发电量增长偏保守 ...