Analysis of the Strong Performance of Meiyan Jixiang (600868): Driven by Clean Energy Policies and Market Dynamics

This analysis is based on Tushare’s strong stock pool data [0]. Meiyan Jixiang (600868) performed strongly. Core driving factors include the rotation of the clean energy sector and favorable new energy policies, with Northbound funds having a net purchase of 30.3672 million yuan [1]. The company’s net profit attributable to parent company in the first three quarters of 2025 was -30.8486 million yuan [0], showing a differentiated performance.

Meiyan Jixiang’s main business is dominated by hydropower generation (accounting for 61.89%) [0]. In 2025, it benefited from the increased attention to the clean energy sector and policy promotion [0]. The net purchase by Northbound funds reflects short-term optimistic sentiment in the market [1]. The global renewable energy growth trend and expectations of new energy policies in 2025 (such as subsidies and incentives) provide support for the industry [4].

1. Policy and Capital Resonance
   : Favorable new energy policies and inflows of Northbound funds form a short-term driving force.
2. Business Structure Characteristics
   : The hydropower-dominated business structure is greatly affected by seasonality and policies.
3. Performance Differentiation
   : The short-term market performance contrasts with the loss in the first three quarters; long-term profitability needs attention.

: Short-term performance losses may affect investor confidence; volatility risks brought by sector rotation [0].
: Industry growth opportunities under the continuous support of clean energy policies; the company’s diversified businesses (such as energy storage power stations) may become growth points [0].

Meiyan Jixiang’s strong performance is mainly driven by sector rotation and policies, with inflows of Northbound funds providing short-term support. However, attention should be paid to the fundamental situation of negative net profit in the first three quarters; investors should make comprehensive judgments based on policy trends and expectations of the company’s performance improvement.