Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their performance and market conditions [3][16][18]. Core Insights - The report highlights that in August, the total electricity consumption reached 10,154 billion kWh, marking a year-on-year growth of 5.0%. The second industry contributed the largest increase, accounting for 59% of the total electricity increment [3][8][9]. - The report notes that global gas prices are experiencing slight fluctuations, with the Henry Hub spot price at $2.90/mmBtu and the TTF spot price at €32.15/MWh as of September 26 [18][19]. - The report emphasizes the stable growth in electricity consumption driven by high temperatures and government policies aimed at boosting consumption [8][9]. Summary by Sections 1. Electricity Sector - In August, the second industry saw a significant increase in electricity consumption, with a year-on-year growth of 5.0% and contributing 59% to the total electricity increment [3][9]. - The manufacturing sector achieved a record monthly growth rate, particularly in high-tech and equipment manufacturing, which grew by 9.1% year-on-year [9][10]. - The report recommends investments in hydropower, green energy, nuclear power, and thermal power companies, citing favorable conditions for growth and profitability [16][17]. 2. Gas Sector - The report indicates that the supply-demand dynamics for gas remain stable, with slight fluctuations in global gas prices. The LNG price in Northeast Asia decreased by 2.61% to $11.20/mmBtu [18][19]. - It highlights the steady increase in U.S. natural gas inventories and the impact of mild weather on heating and cooling demands, leading to low price volatility [21][27]. - The report suggests focusing on integrated gas companies and city gas firms that are expected to benefit from cost reductions and improved profitability [41][42]. 3. Market Performance Review - The report notes that the public utility and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 indices, while the power equipment sector outperformed [43][44]. 4. Company and Industry Dynamics - Recent government initiatives aim to enhance the quality of energy equipment and promote the development of renewable energy sources [52]. - The report includes updates on major companies' announcements, including contract wins and strategic investments, which are expected to positively impact their future performance [52][53]. 5. Key Company Valuation Table - The report provides a valuation table for key companies in the public utility and environmental sectors, indicating their market positions and potential for growth [54].

Core Viewpoint - Harbin Electric Group is committed to leading the green transformation of the economy and society through technological innovation and high-end equipment manufacturing, aligning with national strategies and focusing on customer satisfaction [1][2][3]. Group 1: National Strategy and Responsibility - The company emphasizes its role in supporting national strategies, particularly in achieving the "dual carbon" goals, having produced approximately 560 million kilowatts of power generation equipment over 70 years and serving over 800 large and medium-sized power plants globally [1]. - Harbin Electric Group aims to accelerate the high-end development of power equipment in line with the new energy security strategy [1]. Group 2: Technological Innovation - The company prioritizes technological innovation as the primary driver for development, maintaining a research and development expenditure intensity of over 5% and contributing to over 430 international and national standards [2]. - It aims to enhance innovation capabilities and develop reliable, controllable, intelligent, flexible, and efficient power equipment to support the creation of a new power system [2]. Group 3: Green Development - Harbin Electric Group integrates green and low-carbon principles into its development strategy, with 60% of revenue coming from strategic emerging industries, and all manufacturing enterprises recognized as national green factories [2]. - The company plans to strengthen its core industries while expanding into new energy sectors such as pumped storage, solar thermal, and hydrogen energy [2]. Group 4: Collaborative Innovation - The company is building an innovation ecosystem that integrates production, education, research, and application, supported by national-level innovation platforms [3]. - It actively participates in the "Belt and Road" energy cooperation and aims to enhance overall innovation efficiency through global clean energy technology networks [3]. Group 5: Energy Security and Supply - Harbin Electric Group focuses on building a robust heavy equipment manufacturing base and aims to provide 100 million kilowatts of power generation equipment during the 14th Five-Year Plan period [3]. - The company is dedicated to delivering safe, reliable, and low-carbon power equipment and services to support energy supply and high-quality economic development [3].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Views - The report highlights that in August 2025, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with a total industrial power generation of 936.3 billion kilowatt-hours, reflecting a year-on-year growth of 1.6% [4][7][53] - The report emphasizes the continuous improvement in the power generation structure, with significant contributions from clean energy sources such as wind and solar power, amidst ongoing dual carbon policies and the development of a new power system [8][9][12] Summary by Sections 1. Power Generation - In August 2025, the total power generation reached 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [4][7] - The breakdown of power generation types shows that thermal power generation increased by 1.7%, nuclear power by 5.9%, wind power by 20.2%, and solar power by 15.9%, while hydropower decreased by 10.1% [9][12] - Wind power contributed the most to the increase in power generation, adding 12.4 billion kilowatt-hours compared to the same month last year [8][9] 2. Natural Gas - The report indicates a stable supply-demand balance in the natural gas market, with global gas prices experiencing slight fluctuations [18][19] - As of September 19, 2025, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80% [19][21] - The report suggests that the LNG prices in Northeast Asia remained stable at $11.50/mmBtu, with expectations of a further decline in prices as summer heat waves end [18][35] 3. Investment Analysis - Recommendations for investment include: - Hydropower: Favorable financial conditions due to interest rate cuts, with suggested companies being Guotou Power, Chuan Investment Energy, and Yangtze Power [16] - Green Energy: Increased stability in returns for renewable energy operators, with a focus on companies like Xintian Green Energy and Longyuan Power [16] - Nuclear Power: Continued approval of new units, with recommendations for China Nuclear Power and China General Nuclear Power [16] - Thermal Power: Improved profitability due to falling coal prices, with recommendations for Guodian Power and Huaneng International [16] - Gas Utilities: Favorable conditions for city gas companies, with recommendations for Kunlun Energy and New Hope Energy [40]

国电力报 哈尔滨电气集团有限公司官网 来源：中 转自：北京日报客户端 哈尔滨电气集团有限公司领导班子成员调整 2025年9月18日，哈尔滨电气集团有限公司召开领导班子（扩大）会议，通报了中央组织部有关决定： 陈辉同志任哈尔滨电气集团有限公司副总经理、党委常委。相关任职按有关法律和章程的规定办理。 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for these industries [4]. Core Insights - In August, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with total industrial power generation reaching 936.3 billion kilowatt-hours, a year-on-year increase of 1.6% [9][57]. - The report highlights the continued growth of thermal power and the significant contribution of renewable energy sources, particularly wind and solar power, to the overall power generation increase [10][11]. - Global gas prices are experiencing narrow fluctuations, with a stable supply-demand balance in the market, particularly in the U.S. and Europe [20][29]. Summary by Sections 1. Power Generation - In August, the total power generation was 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [9][57]. - The breakdown of power generation types shows thermal power at 6,274 billion kilowatt-hours (up 1.7%), hydropower at 1,479 billion kilowatt-hours (down 10.1%), nuclear power at 645 billion kilowatt-hours (up 5.9%), wind power at 738 billion kilowatt-hours (up 20.2%), and solar power at 538 billion kilowatt-hours (up 15.9%) [11][58]. - The report emphasizes the strong growth of renewable energy, with wind and solar power showing significant year-on-year increases of 20.2% and 15.9%, respectively [10][11]. 2. Natural Gas - As of September 19, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80%, while the TTF spot price in Europe remained stable at €32.00/MWh [20][21]. - The report notes that U.S. natural gas production remains high, contributing to a stable supply-demand balance and low price fluctuations [23][29]. - The LNG ex-factory price in China was 4,019 yuan/ton, with a weekly decrease of 0.84%, indicating a softening market due to weak domestic demand [41][44]. 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Yangtze Power due to stable growth and financial benefits from interest rate cuts [18]. - In the renewable energy sector, companies such as Xintian Green Energy and Funi Co. are highlighted for their stable returns and high profitability [18]. - The report suggests focusing on integrated natural gas traders like New Hope Energy and Shenzhen Gas, as well as city gas companies benefiting from cost reductions [44].

Core Viewpoint - The appointment of Chen Hui as a member of the Standing Committee and Vice General Manager of Harbin Electric Group signifies a strategic move towards enhancing leadership in the company, aiming to drive high-end and intelligent manufacturing in the equipment sector [1][2][6]. Group 1: Leadership Changes - Chen Hui has been appointed as a member of the Standing Committee and Vice General Manager of Harbin Electric Group [1][2]. - The leadership team is focused on aligning with national strategies and promoting innovation to achieve user success [1]. Group 2: Company Background - Harbin Electric Group originated from six key construction projects aided by the Soviet Union during the "First Five-Year Plan," evolving from the three major power plants established in 1951 [6]. - The company is recognized as one of the earliest bases for power generation equipment research and complete equipment exports in China, playing a crucial role in national security and the economy [6].

Core Insights - The 2025 Yantai International Nuclear Power Industry and Equipment Expo will be held from September 15 to 17 in Yantai, Shandong, focusing on the theme of "Green Development, Low-Carbon Future" [1] - The expo will feature over 300 exhibitors, including major state-owned enterprises and innovative companies, showcasing the entire nuclear power industry chain from design and manufacturing to operation and maintenance [1] - The event aims to promote the nuclear energy sector's transition towards a "dual carbon" era, emphasizing safety, low-carbon benefits, and a sustainable future [1] Group 1 - The exhibition area will cover 20,000 square meters, highlighting technological advancements and industry upgrades in the nuclear energy sector [1] - Major participants include China National Nuclear Corporation, State Power Investment Corporation, China General Nuclear Power Group, and China Huaneng Group, each presenting various models and technologies [1] - The expo will feature models such as "Hualong One," "China's Circulating Three," and advanced technologies in clean energy like wind, solar, and energy storage [1] Group 2 - A series of supporting activities will take place during the expo, including conferences on digital transformation, safety, and innovation in nuclear power [2] - Over 30 representatives from research institutions, state-owned enterprises, and industry leaders will discuss key topics such as digitalization, safety, and collaborative innovation in the nuclear power industry [2] - The event is organized by the China Machinery Industry Federation and supported by various industry associations and research institutions [2]

Core Viewpoint - UBS has included Harbin Electric (01133) in its key recommendations for the Asia-Pacific region, upgrading its rating to "Buy" and raising the target price from HKD 9.6 to HKD 18 [1] Financial Projections - UBS has increased its earnings per share (EPS) forecasts for Harbin Electric for the years 2025 to 2027 by 27% to 31% [1] - The expected compound annual growth rate (CAGR) for EPS from 2024 to 2029 is projected to be 27% [1] - Forecasted dividend yields for 2025 to 2027 are 5.9%, 8.7%, and 10.2%, with payout ratios adjusted from 34%, 35%, and 36% to 41%, 50%, and 50% respectively [1] Revenue and Profitability - Revenue growth is expected to accelerate, with increases of 5%, 5%, and 7% for the years 2025 to 2027 [1] - Despite maintaining the gross margin forecasts, the net profit margin estimates have been raised from 4% in 2024 to 6% to 7% for 2025 to 2027 due to improved revenue and enhanced cost control [1] Market Opportunities - There is potential for Harbin Electric's shares to be included in the Southbound Trading list, alongside a strong approval cycle for nuclear power projects in mainland China, which may provide further upside [1]

Core Viewpoint - UBS has included Harbin Electric (01133) in its key recommendations for the Asia-Pacific region, upgrading its rating to "Buy" and raising the target price from HKD 9.6 to HKD 18 [1] Financial Projections - UBS has increased its earnings per share (EPS) forecasts for Harbin Electric for the years 2025 to 2027 by 27% to 31% [1] - The expected compound annual growth rate (CAGR) for EPS from 2024 to 2029 is projected to be 27% [1] - Forecasted dividend yields for 2025 to 2027 are 5.9%, 8.7%, and 10.2%, with payout ratios adjusted from 34%, 35%, and 36% to 41%, 50%, and 50% respectively [1] Revenue and Profitability - Revenue growth is expected to accelerate, with increases of 5%, 5%, and 7% for the years 2025 to 2027 [1] - Despite maintaining the gross margin forecast, net profit margin estimates have been raised from 4% in 2024 to 6% to 7% for 2025 to 2027 due to improved revenue and enhanced cost control [1] Market Opportunities - There is potential for Harbin Electric's shares to be included in the Southbound Trading program, alongside a strong approval cycle for nuclear power projects in mainland China, which may provide further upside [1]

Core Viewpoint - Harbin Electric (01133) has seen a significant stock price increase of over 360% year-to-date, with a current rise of 13.69% to HKD 10.55, supported by a report from UBS recommending the stock as a "buy" and raising its target price from HKD 9.6 to HKD 18 [1][1][1] Financial Performance - UBS has adjusted its earnings per share forecast for Harbin Electric for the years 2025 to 2027 upwards by 27% to 31% [1] - The net profit margin forecast has been increased from 4% in 2024 to a range of 6% to 7% for 2025 to 2027, despite maintaining the gross margin predictions [1][1] Market Position and Outlook - The stock is expected to have the potential for inclusion in the southbound trading list, which could provide additional upward momentum [1] - The ongoing strong approval cycle for nuclear power projects in mainland China is anticipated to further enhance growth opportunities for the company [1][1]