Core Viewpoint - Fuzhou Energy Co., Ltd. (Fuzhou Energy) attributes the growth in accounts receivable to business expansion, an increase in the proportion of clean energy subsidy payments, and industry settlement characteristics, indicating a low risk of bad debts due to good customer credit [1] Group 1 - The increase in accounts receivable is primarily due to the expansion of business scale [1] - The proportion of clean energy subsidy payments has risen, contributing to the growth in accounts receivable [1] - The company reports that customer credit is good, resulting in a low risk of bad debts [1] Group 2 - The company's ongoing construction projects mainly include pumped storage projects and coal-fired combined heat and power projects [1] - Funding sources for these projects include contributions from project company shareholders and bank loans [1] - The company plans to use funds raised from convertible bonds to increase capital or provide loans to the project companies for investment projects, indicating a stable financial structure [1]

Core Insights - The "shared QR code electricity" project in Zhangjiagang City, Suzhou, aims to enhance the convenience and efficiency of agricultural irrigation electricity usage through digital services [1][2] - The project addresses the seasonal and temporary nature of electricity demand in agricultural production, which previously required 5 to 7 days for temporary electricity applications [1] - The initiative is designed to eliminate safety hazards associated with unauthorized electrical connections and disputes over electricity bill sharing among neighbors [1] Group 1 - The project was launched in June 2025 at the Fengtai Family Farm, covering an area of over 300 acres, with a total equipment capacity of 36 kilowatts [1] - It features 220-volt 10-amp single-phase and 380-volt 25-amp three-phase sockets, along with clear operational guidelines and QR codes for easy access [1] - The system allows for one installation to be shared among multiple users, providing immediate electricity access during peak agricultural periods [1] Group 2 - Farmers can use the "State Grid" app to scan QR codes and prepay for electricity, enabling immediate power supply for agricultural machinery like drones and water pumps [2] - After usage, the system automatically settles accounts and refunds any remaining balance, enhancing transparency in electricity consumption and costs [2] - The company plans to expand this project to other rural areas in the city and explore applications in various urban settings, such as night markets and temporary vendors, to provide sustainable energy support [2]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [10] Core Insights - In November, the national trading volume of green certificates reached 132.12 million, a year-on-year increase of 143%, marking a historical high for monthly trading scale. From January to November, the trading of green certificates accounted for 41.81% of the issued tradable scale, an increase of 27.65 percentage points compared to the entire year of 2024, indicating a continuous alleviation of the oversupply issue in green certificates [2][12] - The average trading price of green certificates in November was 4.96 yuan per certificate, showing a month-on-month increase of 10.80%. The improvement in both supply and demand sides is expected to provide long-term support for green certificate prices, further catalyzing the recovery of the utility sector's attributes and growth narrative [2][12] - The report highlights a significant increase in new installed capacity for thermal power, with a historical high of 77.52 million kilowatts added from January to November, representing a year-on-year growth of 63.41%. This expansion is expected to enhance the power system's regulation capacity and alleviate the pressure on renewable energy consumption and electricity prices [2][12] Summary by Sections Green Certificate Trading - The trading volume of green certificates in November reached 132.12 million, a 143% increase year-on-year, with the trading scale hitting a historical high. The trading of green certificates from January to November totaled 728 million, a 119% increase year-on-year. The proportion of traded green certificates to the issued tradable scale reached 41.81%, up 27.65 percentage points from 2024 [2][12] - The average trading price for green certificates in November was 4.96 yuan per certificate, reflecting a month-on-month increase of 10.80%. The price stability is supported by the synchronized improvement in supply and demand, with expectations of rational expansion in supply due to policy changes [2][12] Installed Capacity - From January to November, the total new installed capacity was 44.557 million kilowatts, with November alone contributing 4.773 million kilowatts, a year-on-year increase of 27.86%. Wind and solar power installations saw significant growth, with wind power increasing by 59.42% and solar power by 33.25% year-on-year [2][12] - The report emphasizes that the substantial expansion of thermal power capacity will significantly enhance the power system's ability to accommodate fluctuating renewable energy outputs, thereby stabilizing electricity prices [2][12] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, Guodian Power, and Huadian International, as well as hydropower companies like Yangtze Power and State Power Investment Corporation. It also highlights opportunities in the renewable energy sector, suggesting companies like Longyuan Power and New天绿色能源 [2][12]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The annual long-term contract electricity prices are reaching a bottom, with a focus on the dividend value of the sector. The electricity price in Guangdong is 0.372 CNY/kWh, down 0.02 CNY/kWh year-on-year, reflecting a 20% decrease from the benchmark. In Jiangsu, the price is 0.344 CNY/kWh, down 0.07 CNY/kWh year-on-year, a 12% drop from the benchmark. The market has reacted negatively to these price drops, but the long-term outlook suggests limited further declines as supply and demand improve [6][17][24]. Summary by Sections 1. Annual Long-term Contract Electricity Results - The annual electricity trading results for 2026 show significant price reductions in Guangdong and Jiangsu, with declines of 20% and 12% respectively. The transition from annual to monthly contracts is noted, with a high proportion of medium to long-term market electricity remaining stable [17][24]. 2. Weekly Review - The report highlights the recent implementation of local electricity pricing mechanisms, with a focus on the impact of coal prices and the stability of natural gas prices compared to previous years [10][18]. 3. Industry High-frequency Data Tracking - The report tracks the rapid decline in spot coal prices and the decrease in coal inventories at northern ports. The domestic natural gas prices are lower than the previous year, while overseas prices are fluctuating upwards [10][18]. 4. Key Company Announcements and Sector Performance Tracking - The report emphasizes the acquisition by Guiguan Electric Power of assets from its parent group, which is expected to enhance its growth potential. The company plans to lead the development of hydropower and new energy in Tibet, which could significantly boost profits in the coming quarters [6][10][18]. 5. Focus on Investment Opportunities - The report identifies several companies with strong dividend yields and market management strategies, including Huaneng International, Huadian International, and Guiguan Electric Power. The focus is on high dividend stocks and companies with robust market management practices, which are expected to enhance their valuation [6][10][18]. 6. Valuation and Financial Analysis of Key Companies - The report provides a detailed valuation analysis of key companies in the sector, indicating potential upside in their stock prices based on projected earnings and dividend increases. For instance, Guiguan Electric Power's acquisition is valued at 2.025 billion CNY, with a price-to-book ratio of 1.06 [7][10]. 7. Market Positioning and Future Outlook - The report concludes with a positive outlook for the public utility sector, suggesting that the current valuation levels are attractive for new investments, especially as the market begins to stabilize and recover from recent price declines [6][10][18].

兴业证券股份有限公司 关于福能股份有限公司 2025 年度持续督导现场检查报告 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为福建 福能股份有限公司（以下简称"福能股份"、"上市公司"）2025 年向不特定对象 发行可转换公司债券的项目的保荐机构，根据中国证监会《证券发行上市保荐业 务管理办法》（以下简称"《保荐办法》"）以及《上海证券交易所上市公司自律 监管指引第 11 号——持续督导》的相关规定，于 2025 年 12 月 24 日对上市公司 进行了现场检查。现将本次现场检查情况报告如下： 一、本次现场检查的基本情况 福能股份本次发行的可转债于 2025 年 10 月 30 日于上海证券交易所上市， 根据《保荐办法》，保荐机构持续督导期间为 2025 年 10 月 30 日至 2026 年 12 月 31 日。 保荐机构于 2025 年 12 月 24 日对福能股份进行了现场检查。参加人员为戴 劲、陈霁姗。 在现场检查过程中，保荐机构结合福能股份的实际情况，查阅、收集了福能 股份自 2025 年 10 月 30 日至现场检查日的有关文件、资料，与上市公司管理人 员和员工进行了访谈，检查了公 ...

Core Viewpoint - Fuzhou Energy Co., Ltd. (福能股份) stated that its stock price is influenced by multiple factors including macroeconomic environment, industry cycles, and market sentiment, while confirming that its production and operations are normal and there are no undisclosed significant matters [1] Group 1 - The company is currently operating normally and does not have any undisclosed significant events [1] - The stock price is affected by various factors such as macroeconomic conditions and market emotions [1] - The company adheres to information disclosure rules and fulfills its obligations [1]

Core Viewpoint - The article emphasizes the growth potential of Funiu Co., Ltd. in the renewable energy sector, highlighting its strategic positioning in both traditional and green energy sources, and its robust financial performance. Group 1: Company Overview - Funiu Co., Ltd. is primarily engaged in clean energy generation and efficient cogeneration, focusing on the Fujian province, with a total installed capacity of 6.1252 million kilowatts as of mid-2025, including 1.809 million kilowatts of wind power and 1.56 million kilowatts of natural gas generation [4][5]. - The company has a clean energy installed capacity ratio of 56.55% [5]. Group 2: Financial Performance - In the first three quarters of 2025, Funiu Co., Ltd. achieved a net profit of 1.989 billion yuan, a year-on-year increase of 12.17%, despite a 4.29% decline in revenue to 10.035 billion yuan [10]. - The gross profit margin for 2024 is projected to be 26.6%, an increase of 2.7 percentage points year-on-year, while the gross profit margin for the first three quarters of 2025 reached 26.04%, up 4.05 percentage points from the previous year [10]. Group 3: Wind Power Business - The wind power segment, although not the largest in installed capacity, is a major profit contributor, with a projected gross margin of 64.1% in 2024, significantly higher than other energy sources [7]. - Funiu Co., Ltd. holds a 22.5% share of the total wind power capacity in Fujian province, positioning it as a leader in the local market [7]. Group 4: Project Pipeline and Future Growth - The company has a robust project pipeline, with plans to expand its installed capacity to 15 million kilowatts by the end of 2025, representing a 145% increase from current levels, and aims to reach 20 million kilowatts by 2030 [18][19]. - Key projects include a combined heat and power project with a total capacity of 2.64 million kilowatts and offshore wind projects totaling 656,000 kilowatts, with expected completion dates in 2025 and 2026 [15]. Group 5: Dividend Policy - Funiu Co., Ltd. has maintained a dividend payout ratio of 30% historically, with a planned mid-term dividend distribution of 203 million yuan in 2025, marking the first occurrence of such a distribution in the company's history [23].

Group 1 - The core viewpoint of the article is that Funiu Co., Ltd. (600483) clarified its non-market electricity statistics, which include specific electricity volumes from various sources, and stated that there will be no impact on the on-grid electricity price until new policies are introduced [1] Group 2 - The non-market electricity statistics primarily consist of the "West-to-East Power Transmission" electricity from Funiu Guidian, the on-grid electricity from Jinjiang Gas Power, and a portion of photovoltaic electricity [1] - The company indicated that the current situation remains unchanged in the absence of new relevant policies from national or local authorities regarding electricity pricing [1]

Investment Rating - The report maintains a "Buy" rating for Funiu Co., Ltd. and China Nuclear Power [9] Core Insights - The industrial heating market in China is projected to reach a scale of 490.8 billion yuan (~25 million tons of steam) by 2024, with industrial heating demand accounting for 75% of total heat consumption [1][3] - China's per capita heating consumption is significantly lower than the global average, indicating potential for growth in heating intensity as clean energy heating ratios increase [2][20] - The report forecasts that by 2030, power generation units such as coal, nuclear, waste incineration, and biomass will contribute an additional 225.9 billion yuan to the industrial heating market [4] Summary by Sections Heating Market Overview - In 2023, China's residential heating consumption reached 570.3 PJ, ranking first among major economies, but per capita heating is only 4.0 GJ/person, which is 67% lower than the global average of 12.22 GJ/person [2][17][20] - The disparity in heating intensity is attributed to China's vast territory and diverse climate zones, along with a fragmented heating model in southern regions [21] Industrial Heating Demand - Industrial heating accounted for 75% of China's total heat consumption in 2022, with the manufacturing sector being the largest consumer [44] - The report highlights that industrial heating is a continuous demand, primarily using steam, and is less seasonal compared to residential heating [43] Economic Analysis - The report indicates that the economic viability of industrial steam (cogeneration) is significantly better than pure electricity generation, enhancing profitability for power companies [3][44] - The cost of heating is linked to coal prices, with a projected increase in profitability for coal, nuclear, and waste incineration power plants due to additional heating services [3][4] Future Trends - By 2030, it is estimated that coal, nuclear, waste incineration, and biomass will supply 5.4, 0.7, 3.1, and 2.1 million tons of industrial steam respectively, contributing to a total market size of 225.9 billion yuan [4] - The report suggests that future power generation units will increasingly be equipped with heating capabilities, reflecting a shift in market dynamics [4]