Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, recommending specific companies for investment based on their performance and market conditions [4][16]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [4][7]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, with significant contributions from the secondary and tertiary industries as well [8][9]. - The report highlights the impact of high temperatures on electricity demand, noting that July was the hottest month since 1961, which significantly boosted residential electricity usage [8][9]. - Natural gas prices in Europe have rebounded due to geopolitical tensions, while prices in Asia and the US have decreased, indicating a mixed market environment [16][20]. - The report emphasizes the potential for improved profitability in the biomass energy sector following the introduction of new methodologies for carbon emissions reduction [4][16]. Summary by Sections Electricity - July's total electricity consumption reached 10,226 billion kWh, marking a historic milestone with an 8.6% year-on-year growth [4][7]. - The first, second, and third industries, along with urban and rural residents, contributed to the overall electricity consumption growth, with the second industry showing a recovery in electricity usage [8][9]. - Recommendations include investing in hydropower, green energy, nuclear power, and thermal power companies such as Guodian Power and Huaneng International [14][15]. Natural Gas - The report notes a stable supply-demand balance in the natural gas market, with US prices dropping to $2.76/mmBtu, while European prices have seen fluctuations due to geopolitical risks [16][20]. - Recommendations for investment include companies in the city gas sector and integrated natural gas traders, highlighting firms like Kunlun Energy and New Hope Energy [41][42]. Environmental Sector - The introduction of new methodologies for biomass energy projects is expected to enhance profitability, with a focus on companies like Evergreen Group and China Everbright [4][16]. Market Performance - The report reviews market performance from August 18 to August 22, indicating that the gas, public utility, electricity, and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 index [43][44].

Investment Rating - The report maintains a positive outlook on the electricity and gas sectors, indicating a favorable investment environment [5]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [10][11]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, while the secondary and tertiary industries contributed 33% and 25%, respectively [11]. - The report highlights the impact of high temperatures in July, which were 1.3°C above the historical average, leading to increased electricity demand from residential sectors [11]. - In the gas sector, European gas prices have rebounded due to geopolitical tensions, while Asian and US gas prices have declined [19][30]. - The report suggests that the gas supply-demand balance remains loose, with US gas production at historical highs, contributing to lower prices [22][23]. Summary by Sections 1. Electricity: July National Electricity Consumption Exceeds 1 Trillion kWh - The national electricity consumption reached 10,226 billion kWh in July, marking a historic milestone [10]. - The first industry saw a 20.2% increase in electricity consumption, while the second and third industries grew by 4.7% and 10.7%, respectively [12]. - Cumulative electricity consumption from January to July was 58,633 billion kWh, a 4.5% year-on-year increase [14]. 2. Gas: Gas Supply-Demand Remains Loose, Geopolitical Tensions Affect European Gas Prices - As of August 22, the Henry Hub spot price in the US was $2.76/mmBtu, a weekly decrease of 7.19% [19]. - The TTF spot price in Europe rose to €33.10/MWh, reflecting an 8.17% increase due to geopolitical tensions [20]. - The report notes that European gas inventories are significantly lower than last year and the five-year average, raising concerns about supply stability [30]. 3. Weekly Market Review - The report indicates that the gas, public utilities, electricity, and environmental sectors underperformed relative to the CSI 300 index during the period from August 18 to August 22 [47]. 4. Company and Industry Dynamics - The report mentions the release of a notice regarding the bidding arrangement for new energy projects in Gansu Province, indicating ongoing developments in the renewable energy sector [54]. - Key announcements from companies such as Guodian Power and Kunlun Energy highlight their financial performance and strategic initiatives [55][58]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility sector, indicating buy ratings for several firms, including China Nuclear Power and Huaneng International [59].

Core Viewpoint - The article discusses the significant investment and development in China's energy sector, particularly focusing on the construction of the Yarlung Tsangpo River downstream hydropower project, which has a total investment of 1.2 trillion yuan and a capacity of 60 million kilowatts, equivalent to three Three Gorges power stations [3]. Group 1: Company Overview - Harbin Electric (01133.HK) is one of the largest power equipment manufacturers in China, with an annual production capacity of 30 million kilowatts [8]. - The company was established in 1999 and is controlled by Harbin Electric Group, which is wholly owned by the State-owned Assets Supervision and Administration Commission [6][7]. - Harbin Electric's main products include coal, hydropower, nuclear power, gas power equipment, and clean energy solutions [10]. Group 2: Financial Performance - In 2021, Harbin Electric reported a revenue of 21.57 billion yuan, a year-on-year decline of 10.12%, with a significant net loss of 4.5 billion yuan due to various factors including increased costs from the pandemic [11]. - From 2022 to 2024, the company's revenue is projected to grow significantly, with expected revenues of 24.98 billion, 29.2 billion, and 38.72 billion yuan, representing year-on-year growth rates of 15.8%, 17%, and 32% respectively [12]. - The net profit forecast for the first half of 2025 is 1.02 billion yuan, a substantial increase of 95% year-on-year, indicating a positive trend in financial performance [13][14]. Group 3: Market Position and Growth Drivers - Harbin Electric holds a significant market share in various segments, including approximately one-third of the national installed capacity for coal power equipment and a similar share for nuclear power equipment [16][17]. - The company is expected to benefit from the Yarlung Tsangpo project, which could bring in approximately 36 billion yuan in new hydropower equipment orders [17]. - The overall investment in the electrical machinery and equipment manufacturing industry in China has increased by 32.2% year-on-year, contributing to the growth in Harbin Electric's revenue and profitability [15]. Group 4: Comparison with Competitors - In terms of revenue, Harbin Electric's figures are lower compared to its peers, with projected revenues of 38.7 billion yuan for 2024, while Shanghai Electric and Dongfang Electric are expected to generate 116.2 billion and 69.7 billion yuan respectively [22]. - Despite being the smallest in terms of revenue and net profit among the three major electrical companies, Harbin Electric maintains a strong position in the market, benefiting from the overall growth in the energy sector [28].

Core Viewpoint - The company, Harbin Electric Group Jiamusi Electric Machine Co., Ltd., has approved a proposal to increase capital for its wholly-owned subsidiary, Jiamusi Electric Machine Co., Ltd., to implement fundraising projects, aiming to diversify its business structure and enhance resilience against market fluctuations [1]. Group 1: Company Actions - The company held its 37th meeting of the 9th Board of Directors and the 30th meeting of the 9th Supervisory Board on March 27, 2025, where the capital increase proposal was approved [1]. - The subsidiary, Jiamusi Electric Machine Co., Ltd., has completed the necessary business registration changes and received a new business license from the Jiamusi Market Supervision Administration [1]. Group 2: Business Scope Expansion - The subsidiary plans to expand its business scope to include manufacturing and sales of communication equipment, instruments, IoT devices, information system integration services, industrial internet data services, and sales of mechanical parts [1][3]. - The updated business scope also includes general projects such as electric motor manufacturing, electrical equipment sales, and various technical services [3]. Group 3: Company Information - The registered capital of Jiamusi Electric Machine Co., Ltd. is 12.193981 billion yuan, and it was established on June 23, 2000 [2]. - The company operates under the jurisdiction of Jiamusi City, Heilongjiang Province, with multiple business locations [2].

Group 1 - The core viewpoint emphasizes the importance of technological innovation in driving the high-quality development of traditional manufacturing in Harbin, Heilongjiang Province [1] - In September 2023, President Xi Jinping highlighted the need to leverage existing industrial foundations to promote advanced manufacturing and optimize economic and industrial structures [1] Group 2 - Harbin Electric Group's turbine company reported a profit increase of 25.2% and a production increase of 49.8% in the first half of the year, showcasing the impact of digital transformation [2] - The company plays a significant role in the domestic power generation equipment market, with coal, nuclear, and heavy gas turbines accounting for one-third of the total installed capacity [2] - Industrial technology investment in Harbin increased by 49.5% year-on-year, while revenue from high-end equipment manufacturing grew by 18.5% [2] Group 3 - Harbin aims to lead the development of strategic emerging industries through innovation, focusing on sectors such as aerospace, electronic information, high-end equipment, and biomedicine [3] - The Harbin Institute of Technology has established over 30 new enterprises and has more than 60 quality projects in reserve, facilitating the transformation of scientific research into marketable products [3] - In the previous year, Harbin achieved the local transformation of 1,080 scientific achievements, resulting in an industrial investment of 9.38 billion yuan [3] Group 4 - The Harbin aerospace cluster, which includes major companies like AVIC Harbin Aircraft Industry Group and China Aviation Engine Group, has developed a comprehensive industrial chain covering general aviation, drones, satellites, and engines [4] - The city has seen significant growth in various sectors, with output value increases of 22.5% in energy conservation and environmental protection, 7.6% in aerospace, and 10.3% in new energy [4] - Harbin's commitment to high-quality development is reinforced by the local government's focus on building a new industrialization base [4]

Group 1 - The company’s subsidiary, Harbin Electric Power Equipment Co., Ltd., has received a bid notification confirming it as the winning bidder for the procurement of reactor coolant pump equipment for the Shandong Haiyang Xinan Nuclear Power Project Units 1 and 2, with a bid amount of 608.98 million yuan [1] - The project is part of the subsidiary's routine business contracts, and its execution is expected to have a positive impact on the company's future operating performance [1][2] - The company has the necessary funds, technology, equipment, and personnel to ensure the smooth execution of the project [2] Group 2 - There is currently no signed contract with the bidder, and the terms of the contract remain uncertain; the company will fulfill its information disclosure obligations after the contract is signed [3] - Potential risks include the possibility of unforeseen circumstances or force majeure affecting the execution of the contract after it is signed [3] Group 3 - The bid notification document from China Nuclear (Shanghai) Supply Chain Management Co., Ltd. is available for review [4] - The announcement was made by the board of directors of Harbin Electric Group Jiamusi Electric Machine Co., Ltd. on August 14, 2025 [6]

Core Viewpoint - On August 13, three major state-owned enterprises in China, including China Huaneng, State Power Investment Corporation, and China Energy Group, held high-level meetings with Harbin Electric Group to discuss deepening cooperation in energy security and technological innovation. Group 1: China Huaneng and Harbin Electric Group - China Huaneng's leadership expressed gratitude for Harbin Electric Group's long-term support and highlighted the importance of their strategic partnership [4][6] - Both parties aim to enhance collaboration in clean energy generation and low-carbon transformation of coal power, contributing to the establishment of a new energy system [4][6] Group 2: State Power Investment Corporation and Harbin Electric Group - State Power Investment Corporation's leadership acknowledged Harbin Electric Group's contributions to national energy security and expressed a desire to deepen cooperation in new coal power technologies and international business development [9][7] - Harbin Electric Group aims to leverage its strengths to support State Power Investment Corporation's high-quality development [9][7] Group 3: China Energy Group and Harbin Electric Group - China Energy Group's leadership welcomed Harbin Electric Group and emphasized the need for ongoing collaboration in energy security and technological innovation [15][13] - Both companies aim to establish a regular communication mechanism to enhance cooperation in supporting national strategies and energy transition [15][13]

Group 1 - The company has completed the deregistration of its wholly-owned subsidiary, Jiamusi Jiasili Investment Consulting Co., Ltd. (Jiasili), following the approval of the board and supervisory committee [1][2] - The transfer of Jiasili's equity in Jiamusi Electric Co., Ltd. and Suzhou Jiadian Permanent Magnet Motor Technology Co., Ltd. has been finalized, leading to the subsidiary's deregistration [1][2] - The deregistration of Jiasili will not have a substantial impact on the company's overall business development and operating results, nor will it harm the interests of shareholders, especially minority shareholders [2]

格隆汇8月12日丨哈尔滨电气(01133.HK)公告，公司将于2025年8月28日(星期四)召开董事会会议，藉此 考虑批准(其中包括)刊发公司及其附属公司截至2025年6月30日止半年度业绩。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1133） 董事會召開日期 本公告乃根據香港聯合交易所有限公司證券上市規則第13.43條之規定 而 發 佈。 哈 爾 濱 電 氣 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 公 告，本 公 司 將 於 二 零 二 五 年 八 月 二 十 八 日（星 期 四）召 開 董 事 會 會 議，藉 此 考 慮 批 准（其 中 包 括）刊 發 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 五 年 六 月 三 十 日 止 半 年 度 業 績。 承董事會命 哈爾濱電氣股份有限公司 公司秘書 二零二五年八月十 二 日 艾立松 於 本 公 告 日 期，本 公 司 執 行 董 事 為：黃 偉 先 生 及 都 興 開 先 生；以 及 本 公 司獨立非執行董事為：賀禹先生、 ...