China Resources New Energy (001248.SZ) made a dazzling debut on the A-share market: highest increase exceeding 198%, state-owned new energy leader receiving hot market reception.

China Resources New Energy (001248.SZ) officially debuted on the main board of the Shenzhen Stock Exchange today, opening at 21.60 yuan, a 113.65% increase from the issue price of 10.11 yuan. The intraday high reached 30.16 yuan, with the increase once expanding to 198.32%; by the end of morning trading, the stock price was 25.18 yuan, up 149.06%, with a total market value of 327.4 billion yuan. As the largest IPO in the history of the Shenzhen market, China Resources New Energy's performance on the first day can be described as a "great start". It is reported that this fundraising amounted to approximately 24.5 billion yuan (fully exercised oversubscription rights), setting a new IPO financing record for the Shenzhen Stock Exchange in its 36-year history, surpassing the previous record held by Yihai Kerry Arawana Holdings. More importantly, China Resources New Energy is the first red-chip structured enterprise to go public on the main board of the Shenzhen Stock Exchange, and it is also the first case of a company listed in Hong Kong returning to the Shenzhen market. The company's core operating indicators have performed outstandingly, with wind and photovoltaic average utilization hours reaching 2307 hours and 1295 hours respectively by 2025, 16.6% and 19% higher than the industry average; net cash flow generated from operating activities has also steadily increased from 137.22 billion yuan in 2023 to 200.06 billion yuan in 2025, demonstrating solid and reliable profitability. In terms of existing assets, the company's leading utilization hours in the industry and full-chain cost control capabilities make China Resources New Energy's existing assets more resilient in terms of returns, maintaining stable profitability amidst market-driven electricity price fluctuations. On the trading side, the company has laid out plans for electricity market trading in advance, with the volume of market-driven electricity sales increasing from 135.54 billion kilowatt-hours in the reporting period (from 2023 to 2025) to 337.16 billion kilowatt-hours, with the proportion rising from 29.62% to 50.36%. They have accumulated mature pricing strategies, load forecasts, and trading execution capabilities, allowing them to explore more profit opportunities in a fully marketized environment. In terms of incrementality, the company's raised funds will focus on four categories of projects: new energy bases, integrated multiple energy complementarity, comprehensive utilization of green ecological development, and integrated development of new energy. This will further optimize asset structure, expand business boundaries, and inject sustainable growth momentum for long-term growth.