Group 1 - The maximum national electricity load reached 1.465 billion kilowatts, setting a historical record, which accelerates the construction of a new power system and enhances response capabilities [1] - The National Development and Reform Commission reported that the power supply capacity is being improved, with the power supply and demand situation for the summer peak being better than last year, ensuring overall balance [1] - The State Grid is deepening the application of "AI + repair" to enhance efficiency in energy management and fault recovery [1] Group 2 - In 2025, the total investment in the two grids is expected to reach a historic high of 825 billion yuan, with a focus on transmission grid investments [2] - The State Grid has initiated reforms to support incremental distribution reform trials and is actively researching virtual power plants and new energy storage [2] Group 3 - The Southern Power Market has transitioned to continuous settlement trial operation, allowing for daily trading and real-time cross-province electricity transactions [3] - The market now includes 220,000 market participants with daily trading volume of 3.8 billion kilowatt-hours, indicating a shift towards a more diversified electricity trading environment [3] - The upcoming summer peak demand and the acceleration of the national unified electricity market construction are expected to positively impact the electricity sector [3] Group 4 - Relevant Hong Kong stocks in the electricity sector include China Huadian Corporation (01071), Huaneng International Power Development (00902), China Power International Development (02380), China Resources Power (00836), Datang International Power Generation (00991), and China General Nuclear Power (01816) [4] Group 5 - Key companies in the power equipment sector include Dongfang Electric (01072), Shanghai Electric (02727), and Harbin Electric (01133) [5]

Investment Rating - The report maintains a "Positive" investment rating for the power industry [11] Core Insights - The performance outlook for thermal power remains positive despite a decline in electricity prices and generation in Q2, driven by a significant decrease in coal prices [2][6] - Hydropower generation faces pressure due to high base effects and reduced rainfall, but some companies may achieve stable growth through optimized reservoir management [7][28] - Nuclear power generation continues to grow, but performance may vary by region due to differing impacts from market electricity prices [7][29] - Renewable energy generation (wind and solar) shows steady growth, but performance disparities exist across regions, influenced by local utilization hours [8][33] Summary by Sections Thermal Power - Key factors affecting thermal power profitability include coal prices, electricity prices, and generation volume. In Q2, coal prices decreased significantly, with the Qinhuangdao Q5500 coal price averaging 631.61 yuan/ton, down 216.85 yuan/ton year-on-year [20][21] - The overall electricity price across regions has declined, but northern regions like Inner Mongolia and Xinjiang show relatively strong performance [6][17] - Despite a year-on-year decline in thermal power generation hours and prices, the significant drop in coal prices is expected to stabilize thermal power operations, particularly in northern and eastern regions [26][21] Hydropower - Hydropower generation saw a year-on-year decline of 11.02% in April-May due to high base effects and less rainfall [28][31] - Major hydropower companies with better asset quality may still achieve stable growth through effective water management strategies [28] Nuclear Power - Nuclear power generation increased by 9.57% year-on-year in April-May, supported by a larger installed capacity and fewer maintenance days [29][31] - The impact of market electricity price fluctuations varies, with companies like China Nuclear Power being less affected compared to others [29] Renewable Energy - Wind and solar generation increased by 11.87% and 11.68% year-on-year, respectively, but utilization hours have decreased [33][36] - Regional disparities in performance are evident, with eastern and central provinces showing improved wind utilization hours, while coastal provinces like Guangdong and Fujian experienced significant declines [33][39] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huadian International, Huaneng International, and China Power, as well as major hydropower companies like Yangtze Power and Guotou Power [9][44] - For renewable energy, companies with balanced national layouts like Longyuan Power and China Nuclear Power are expected to perform well [9][44]

金融界6月23日消息，上证指数低开高走，中证中国内地企业全球公用事业综合指数(CN公用综合， H30384)报2593.80点。 数据统计显示，中证中国内地企业全球公用事业综合指数近一个月下跌2.72%，近三个月上涨2.15%， 年至今下跌1.15%。 据了解，中证中国内地企业全球行业综合指数系列从中证中国内地企业全球综合指数样本中按中证行业 分类标准进行分类，再以各自行业全部证券作为相应行业指数的指数样本，形成中证中国内地企业全球 行业综合指数系列，以反映中国内地企业中不同行业证券的整体表现。该指数以2004年12月31日为基 日，以1000.0点为基点。 从指数持仓来看，中证中国内地企业全球公用事业综合指数十大权重分别为：长江电力（22.5%）、中 国核电（4.68%）、三峡能源（3.65%）、新奥能源（2.75%）、国电电力（2.52%）、华润电力 （2.14%）、国投电力（2.14%）、华能国际（1.95%）、川投能源（1.88%）、昆仑能源（1.84%）。 从中证中国内地企业全球公用事业综合指数持仓的市场板块来看，上海证券交易所占比66.03%、香港 证券交易所占比18.03%、深圳证券交易所占比1 ...

Core Viewpoint - The Xinjiang Tianshan North Gobi Energy Base, developed by China Huadian and China Resources Group, has successfully completed the trial operation of its first two 1 million kilowatt coal power units, marking the production of China's first "desert-gobi" renewable energy export base [1][9]. Group 1: Project Overview - The Xinjiang Tianshan North Gobi Energy Base is located in the Hami Santanghu Gobi area and is a key project under the "14th Five-Year Plan" for the "Xinjiang Electricity into Chongqing" ultra-high voltage transmission project [1][4]. - The total investment for the base is 54.7 billion yuan, with a total power generation capacity of 14.2 million kilowatts, including 4 million kilowatts of coal power, 7 million kilowatts of wind power, 3 million kilowatts of solar power, and 200,000 kilowatts of thermal power [5][7]. Group 2: Strategic Importance - The construction of the "desert-gobi" base is aimed at enhancing renewable energy supply capacity, reducing construction costs, restoring ecological environments, and promoting local economic development [2][3]. - Xinjiang is recognized as a strategic energy resource base, with significant coal reserves of 5.708 billion tons, accounting for 31.7% of the region and 12.5% of the national total [3]. Group 3: Energy Supply and Demand - The energy base is expected to deliver over 36 billion kilowatt-hours of electricity annually to Chongqing, which will account for nearly one-quarter of the city's electricity supply by 2025 [4][9]. - The project aligns with the national strategy to meet the increasing electricity demand in Chongqing, which is projected to reach 162 billion kilowatt-hours by 2025 [4]. Group 4: Technological Innovations - The project has overcome significant technical challenges, including the construction of the world's largest hyperbolic steel structure cooling tower and the first asynchronous motor bidirectional control pump group [6]. - The energy base features a high proportion of renewable energy, with 71.8% of its installed capacity coming from renewable sources, exceeding the "14th Five-Year" renewable energy planning target of 50% [7]. Group 5: Environmental and Economic Impact - The project is expected to reduce coal consumption by approximately 6 million tons and carbon dioxide emissions by about 16 million tons annually [7]. - The construction has created 23,000 job opportunities and incorporates ecological restoration measures to enhance the overall benefits of the clean energy base [8].

Investment Rating - The report maintains a "Positive" investment rating for the public utility sector in Hong Kong [7]. Core Insights - The significant decline in Hong Kong HIBOR since May has created a favorable environment for investment in the public utility sector, particularly in electricity, which is seen as a defensive asset amid external market volatility [10][11]. - The report highlights that the electricity sector is experiencing a dual benefit from both external market conditions and internal performance improvements, with a notable decrease in coal prices and an increase in renewable energy generation [10][11]. Summary by Sections Market Overview - Since May, the Hong Kong banking sector has seen a 285% increase in interbank liquidity, with HIBOR dropping by 337 basis points, marking the largest monthly decline since 2002. As of June 13, the 1-month HIBOR stabilized around 0.60%, maintaining a near three-year low [10][11]. - The Hang Seng Index rose by 8.02% from May 1 to June 13, outperforming the Shanghai Composite Index, which only increased by 2.48% during the same period [10][11]. Performance of the Electricity Sector - The report notes that the electricity sector is uniquely positioned to benefit from both defensive and offensive strategies, with improved profitability expected due to lower coal prices and stable electricity prices. For instance, the Q5500 coal price at Qinhuangdao port fell to 635.64 CNY/ton, a year-on-year decrease of 212.81 CNY/ton [10][11]. - Renewable energy generation is also on the rise, with wind power generation growth rates improving significantly in recent months, indicating a robust recovery in the sector [10][11]. Investment Recommendations - The report suggests that the "carbon neutrality" initiative and ongoing electricity market reforms will lead to a comprehensive reassessment of the intrinsic value of electricity operators throughout the 14th Five-Year Plan period. Key companies to watch include Huadian International, China Resources Power, and Huaneng International, among others [10][11]. - The report emphasizes the potential for long-term growth in the renewable energy sector, recommending investments in companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes and market conditions [10][11].

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing down 0.48% amid concerns over U.S. stock performance and anticipation of non-farm payroll data [1] - Goldman Sachs has initiated risk control measures by reducing risk exposure and accumulating liquidity in response to the economic environment [1] Corporate Developments - Tesla's stock plummeted over 14%, resulting in a market value loss of approximately $152 billion (around 1.09 trillion RMB) due to a public dispute between Elon Musk and Donald Trump [1] - The conflict centers around Trump's proposed tax reform, which aims to eliminate electric vehicle tax credits and reduce clean energy subsidies, potentially harming Tesla and SpaceX's interests [1] Precious Metals Market - Silver prices surged by 4.5%, reaching $36.06 per ounce, the highest since February 2012, while platinum prices increased by 4.8%, hitting $1,152 per ounce, the highest since March 2022 [3] - Companies such as China Silver Group and WanGuo Gold Group saw significant stock price increases, with gains exceeding 26% and 10% respectively [3] AI and Technology Sector - Kuaishou's AI platform, Keling AI, achieved an annualized revenue run rate exceeding $100 million within 10 months of launch, indicating strong market performance [5] - The collaboration between Keling AI and Lovart enhances video generation capabilities, significantly improving content creation efficiency [5] Energy Sector - The Hainan Free Trade Port's recent announcement to open global internet access is expected to boost demand for international internet resources and enhance network infrastructure [6] - Major telecommunications companies like China Mobile, China Telecom, and China Unicom are likely to benefit from this policy change [6] Battery Technology - Domestic leading companies in the solid-state battery sector have made significant progress, with energy density reaching 350 Wh/kg and plans for road testing solid-state batteries within the year [7] - Shanghai Xiba's first-generation high-energy soft-pack solid-state lithium-ion battery has surpassed its target energy density, indicating advancements in battery technology [7] Power Sector - China Resources Power is expected to benefit from favorable policies aimed at enhancing its performance, with a focus on new energy systems and a projected renewable energy capacity nearing 50% by the end of 2024 [9][10] - The company has maintained profitability since its listing and has a strong track record of dividend distribution, indicating robust management and operational capabilities [10][11]

金融界6月3日消息，上证指数低开高走，中证香港300基建指数 (H300基建，H30327)报1857.90点。 数据统计显示，中证香港300基建指数近一个月上涨4.41%，近三个月上涨7.48%，年至今上涨7.41%。 据了解，中证香港300行业主题指数系列从中证香港300指数样本中选取银行、运输、资源、基建、物流 和休闲等行业主题上市公司证券作为指数样本，以反映香港市场不同主题上市公司证券的整体表现。该 指数以2004年12月31日为基日，以1000.0点为基点。 从中证香港300基建指数持仓样本的行业来看，电信服务占比52.05%、公用事业占比40.92%、建筑装饰 占比4.75%、交通运输占比2.28%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 本文源自：金融界 作者：行情君 从指数持仓来看 ...

活动当日还举行了三场主题演讲论坛，邀请两地专家就香港智慧低碳能源主题进行主题分享。未来，联 盟表示将持续汇聚各方力量，致力于推动政商学研深度融合，助力香港打造智慧低碳领域国际领先的技 术创新高地、国际化标准前沿阵地、产业生态投资重地。 香港特区政府财政司司长陈茂波致辞表示，香港作为国家的金融和创科中心，在资金和技术上贡献全球 低碳转型的目标。"我们的愿景，是把香港建设成为国际绿色金融和绿色科技中心。"陈茂波建议，要充 分利用联盟成员的资源和网络，打造联盟成为绿色低碳技术的示范窗口。此外，要积极拓展海内外的网 络，他表示，期望联盟积极推动先进的绿色技术出海，在支持全球低碳转型的同时，也为香港和国家的 相关企业带来新的发展蓝海。 华润集团董事长王祥明指出，践行绿色低碳和创新发展、植根服务香港是集团建设具有华润特色世界一 流国有资本投资公司的必然选择，发起设立联盟是集团重塑香港业务的重要战略组成部分。他表示，集 团将加大在港投资力度，拓展业务范畴，为香港高质量发展和繁荣稳定贡献华润力量。 新华财经香港6月3日电（记者林迎楠）由华润创业、华润电力及华润科学技术研究院发起的"香港智慧 低碳发展创新联盟"6月2日在香港举 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the electricity market in China, particularly focusing on the implementation of the New Energy 136 Document and the acceleration of the spot market, which signifies a shift towards market-oriented electricity pricing [1][1]. Key Points and Arguments - The New Energy 136 Document, effective from June 1, marks a significant step in the marketization of the electricity sector, particularly for new energy sources, which now account for the second-largest share of electricity generation [1][1]. - Over ten provinces have begun long-cycle trial operations of the electricity spot market this year, enhancing the supply-demand relationship in electricity pricing [1][1]. - The introduction of the spot market has led to increased price volatility, with some pilot provinces like Shandong and Shanxi experiencing intraday price fluctuations exceeding 50% [2][2]. - As renewable energy capacity continues to grow, it is expected that more trading cycles will be dominated by renewable sources, which will lower overall price levels. However, traditional thermal power will still play a crucial role during periods of insufficient renewable output, maintaining higher prices during those times [3][3]. - The volatility in price curves is leading to a compression of trading cycles, pushing for weekly, multi-day, and even daily trading to become mainstream [4][4]. - The comprehensive electricity price for thermal power has risen during periods of declining coal prices, indicating a shift towards a model where thermal power is not just about generation but also about price regulation [4][4]. Recommendations - The report recommends focusing on national comprehensive power companies and northern thermal power companies with performance elasticity, such as: - Jintou Energy - Datang Power (H) - Huaneng International (H+A) - Huadian International (H+A) - Continued recommendations for Waneng Power, Sheneng Co., Huaneng Hydropower, and Guodian Power [4][4]. - For green energy, companies like Xintian Green Energy, Datang New Energy, and Longyuan Power (H) are highlighted. - In the hydropower sector, recommended companies include Yangtze Power, Chuan Investment Energy, Guotou Power, and Huaneng Hydropower [4][4]. Risks - The report outlines several risks associated with the marketization of electricity trading, including: - Price volatility risks due to market fluctuations - Risks from variations in wind and water resources - Significant increases in thermal coal prices - Delays in resource approval for new energy projects - Risks from macroeconomic downturns affecting electricity demand [4][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is planning to spin off its renewable energy segment for a listing on the A-share market, which is expected to enhance its valuation significantly [5][10] - The company has demonstrated strong operational capabilities and management mechanisms, which are crucial for navigating through market cycles [10][27] - The company has a solid track record, having never reported a loss since its listing, and has maintained a stable return on equity (ROE) [7][16] Financial Performance and Valuation - The projected revenue for the company is expected to grow from 103,334 million HKD in 2023 to 131,238 million HKD by 2027, with a compound annual growth rate (CAGR) of approximately 6.48% [6] - The net profit attributable to shareholders is forecasted to increase from 11,003 million HKD in 2023 to 16,635 million HKD in 2027, reflecting a significant growth trajectory [6] - The price-to-earnings (P/E) ratio is projected to be 6.8, 6.6, and 6.3 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation compared to peers [8] Renewable Energy Segment - By the end of 2024, the company's renewable energy capacity is expected to account for nearly 50% of its total installed capacity, with significant investments planned for further expansion [7][27] - The company has a competitive edge in unit profitability for its renewable energy segment, outperforming major competitors in terms of net profit [35] - The planned IPO of the renewable energy segment is anticipated to raise 24.5 billion RMB for new projects, which could lead to a valuation exceeding 150 billion HKD post-listing [38][43] Market Position and Strategy - The company has a unique market position due to its historical roots and strategic focus on both traditional and renewable energy sectors [14][19] - The operational strategy emphasizes a balanced approach to energy generation, with a significant focus on renewable energy development in regions with higher electricity prices [27][32] - The company’s management has effectively navigated market challenges, maintaining a strong performance even during periods of industry downturns [20][24]