从持股特征分析，南向资金高比例持有的个股中，有超过半数为AH概念股。数据显示，在持股比例超 过20%的247只个股中，同时在内地和香港上市的AH股共有128只，占比为51.82%。（市场有风险，投 资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。） 本文源自：市场资讯 作者：观察君 在持股比例最高的个股中，中国电信以72.27%的持股比例位居首位，绿色动力环保、大众公用分别以 70.08%和69.75%的持股比例紧随其后。从行业分布看，南向资金高比例持有的个股主要集中在医疗保 健业、工业、金融业，分别有56只、36只和34只。 截至12月17日，港股通标的股中，南向资金合计持股量占标的股总股本的比例为19.33%，合计持股市 值达60627.61亿港元。具体来看，南向资金持股比例超过20%的个股有247只。 ...

南向资金对港股通标的股的整体持股比例为19.33%，247只个股南向资金持股比例超20%。 互联互通机制下，内地投资者成为港股市场的重要参与者。证券时报•数据宝统计显示，截至12月17 日，港股通标的股中，南向资金合计持有4915.49亿股，占标的股总股本的比例达19.33%，合计持股市 值60627.61亿港元，占标的股总市值的比例为14.57%。 具体到单只标的股来看，南向资金持股量占总股本比例20%以上的有247只，持股比例在10%~20%的有 130只，持股比例在5%~10%的有94只，1%~5%的有84只，持股比例低于1%的为26只。南向资金持股比 例最高的是中国电信，最新持有100.31亿股，占港股已发行股份的比例为72.27%，其次是绿色动力环 保、大众公用，持股占比分别为70.08%、69.75%。 从特征来看，南向资金高比例持有的个股，多数为AH概念股，统计显示，南向资金持股超20%的个股 中，AH股共有128只，占比为51.82%；持有比例在10%~20%的个股中，AH股占比为18.46%。 以港交所行业分类进行统计，南向资金持股比例超20%的个股主要集中在医疗保健业、工业、金融业等 行业 ...

3、港股通最近5个交易日减持榜（前10名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 100.31亿股 | 72.27% | | 绿色动力环保(01330) | 2.83亿股 | 70.08% | | 大眾公用(01635) | 3.72亿股 | 69.75% | | 凯盛新能(01108) | 1.70亿股 | 67.86% | | 天津创业环保股份(01065) | 2.27亿股 | 66.77% | | 中国神华(01088) | 22.44亿股 | 66.44% | | 中远海能(01138) | 8.26亿股 | 63.69% | | 南方恆生科技(03033) | 87.26亿股 | 63.48% | | 弘业期货(03678) | 1.54亿股 | 61.48% | | 广汽集团(02238) | 17.21亿股 | 61.16% | | 昊天国际建投(01341) | 67.83亿股 | 61.13% | | 万科企业(02202) | 13.09亿股 | 59.31% | | 广发証券(01776) | 10.0 ...

根据2025年12月15日披露数据，中国电信（00728）、绿色动力环保（01330）、大眾公用（01635）位 居港股通持股比例前3位，分别为72.41%、70.03%、69.99%。此外，小米集团－Ｗ（01810）、招商银 行（03968）、美团-W（03690）在最近有统计数据的5个交易日内，持股额增幅最大，分别为+21.69亿 元、+19.12亿元、+10.96亿元;盈富基金（02800）、中芯国际（00981）、中国海洋石油（00883）在最 近有统计数据的5个交易日内，持股额减幅最大，分别为-15.25亿元、-9.34亿元、-7.82亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 100.50亿股 | 72.41% | | 绿色动力环保(01330) | 2.83亿股 | 70.03% | | 大眾公用(01635) | 3.74亿股 | 69.99% | | 凯盛新能(01108) | 1.70亿股 | 68.03% | | 天津 ...

Investment Rating - The report maintains a positive outlook on the power sector, particularly following the increase in coal power capacity pricing in Yunnan, which is expected to stabilize revenue for coal power companies [6][8]. Core Insights - Yunnan has announced an increase in the coal power capacity price recovery of fixed costs to 100%, effective from 2026, which will enhance the stability of coal power revenues and support the integration of renewable energy sources [6][7]. - The report highlights a significant drop in natural gas prices in the U.S. and Northeast Asia, with the latter reaching a 20-month low, indicating a favorable environment for gas companies [10][24]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity, capacity, and ancillary service revenues [8]. Summary by Sections 1. Power Sector - Yunnan's new policy sets the coal power capacity price at 330 RMB per kilowatt per year, allowing full recovery of fixed costs, which is expected to improve the profitability of coal power plants [6][7]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% being green energy, necessitating coal power for peak load support [7]. - The report recommends several companies, including Guodian Power and Inner Mongolia Huadian, for their integrated coal power operations [8]. 2. Natural Gas Sector - U.S. Henry Hub spot prices fell to $4.07/mmBtu, a decrease of 21.56% week-on-week, while Northeast Asia LNG prices dropped to $10/mmBtu, down 6.19% [10][11]. - The report notes that strong supply and high inventory levels in Northeast Asia are contributing to the price decline, with expectations of further price sensitivity from buyers as prices approach $10/mmBtu [24][26]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower costs and improved margins [31][32]. 3. Market Performance - The report indicates that the power and equipment sectors outperformed the Shanghai Composite Index during the review period, while the gas and environmental sectors lagged [34]. - It provides a detailed valuation table for key utility companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios [46]. 4. Company and Industry Dynamics - Recent government policies emphasize the development of a clean, low-carbon energy system, with a target of 25% non-fossil energy consumption by 2030 [40][41]. - The report discusses the ongoing transition in the energy sector towards market-driven growth, particularly in new energy storage solutions [41].

Investment Rating - The report initiates coverage with an "Accumulate" rating for Dynagreen Environmental Protection Group, targeting a price of HKD 6.05 based on a PE ratio of 10.4x for 2026 [3]. Core Insights - The company is expanding its overseas market presence and has commenced construction on the Guangyuan Phase II project, which is a key initiative in its growth strategy [3][4]. - The company has shown a significant increase in net profit, with a year-on-year growth of 24.41% in Q3 2025, attributed to cost reduction and efficiency improvements [4]. - The Guangyuan Phase II project, with a total investment of HKD 1.4 billion, aims to enhance the city's waste incineration capacity and is part of the city's "14th Five-Year Plan" [4]. Financial Performance and Forecast - The projected revenue for Dynagreen is expected to grow from HKD 3,399 million in 2024 to HKD 3,801 million in 2027, with a compound annual growth rate (CAGR) of approximately 4.2% [4]. - The net profit forecast for 2025-2027 is estimated at HKD 6.97 billion, HKD 7.35 billion, and HKD 7.79 billion respectively, reflecting a positive growth trajectory [3][4]. - The earnings per share (EPS) is projected to increase from HKD 0.42 in 2024 to HKD 0.56 in 2027, indicating a steady improvement in profitability [4]. Market Position and Strategy - Dynagreen is one of the earliest companies in China to engage in waste incineration power generation, with a broad market presence across 20 provinces and regions [8]. - The company is actively pursuing international projects, including a bid for a waste-to-energy project in Malaysia, which signifies its strategic intent to diversify and expand its operational footprint [4].

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power Investment Corporation, Inner Mongolia Huadian, and China Resources Power [48]. Core Insights - Yunnan Province has increased the coal power capacity price recovery of fixed costs to 100%, which is expected to stabilize revenue for coal power companies and enhance their role in supporting renewable energy integration [7][8]. - The report highlights a significant drop in natural gas prices, with Northeast Asia LNG prices reaching a 20-month low, driven by strong supply and mild weather conditions [12][26]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity revenue, capacity income, and ancillary service income [9]. Summary by Sections 1. Power: Yunnan Increases Coal Power Capacity Price - Yunnan has announced a new mechanism for coal power capacity pricing, allowing for full recovery of fixed costs starting in 2026, set at 330 RMB per kilowatt per year [7][8]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% from green energy sources, necessitating coal power for peak load support [8]. 2. Gas: Global Gas Price Trends - As of December 12, the Henry Hub spot price in the U.S. was $4.07/mmBtu, down 21.56% week-on-week, while Northeast Asia LNG prices fell to $10/mmBtu, a decrease of 6.19% [12][13]. - The report notes that the overall supply of natural gas remains robust, contributing to lower prices in Northeast Asia [26][28]. 3. Weekly Market Review - The power and power equipment sectors outperformed the CSI 300 index, while the public utility, gas, and environmental protection sectors lagged behind [36]. 4. Company and Industry Dynamics - Recent government meetings and policy announcements emphasize the importance of a clean, low-carbon energy system and the development of a new energy system by 2030 [40][43]. - The report includes updates on major companies, such as China Resources Power and Longyuan Power, highlighting their financial activities and operational performance [44][46].

南向资金对港股通标的股的整体持股比例为19.36%，246只个股南向资金持股比例超20%。 互联互通机制下，内地投资者成为港股市场的重要参与者。证券时报·数据宝统计显示，截至12月12 日，港股通标的股中，南向资金合计持有4924.06亿股，占标的股总股本的比例达19.36%，合计持股市 值62000.23亿港元，占标的股总市值的比例为14.59%。 具体到单只标的股来看，南向资金持股量占总股本比例20%以上的有246只，持股比例在10%~20%的有 132只，持股比例在5%~10%的有92只，1%~5%的有84只，持股比例低于1%的为26只。南向资金持股比 例最高的是中国电信，最新持有100.50亿股，占港股已发行股份的比例为72.41%，其次是绿色动力环 保、大众公用，持股占比分别为69.93%、69.81%。 从特征来看，南向资金高比例持有的个股，多数为AH概念股，统计显示，南向资金持股超20%的个股 中，AH股共有129只，占比为52.44%；持有比例在10%~20%的个股中，AH股占比为18.18%。 以港交所行业分类进行统计，南向资金持股比例超20%的个股主要集中在医疗保健业、工业、金融业等 行业 ...

根据2025年12月12日披露数据，中国电信（00728）、绿色动力环保（01330）、大眾公用（01635）位 居港股通持股比例前3位，分别为72.41%、69.93%、69.81%。此外，小米集团－Ｗ（01810）、招商银 行（03968）、农业银行（01288）在最近有统计数据的5个交易日内，持股额增幅最大，分别为+23.77 亿元、+16.55亿元、+8.15亿元;万国黄金集团（02979）、盈富基金（02800）、中国石油股份（00857） 在最近有统计数据的5个交易日内，持股额减幅最大，分别为-37.68亿元、-11.84亿元、-6.24亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 100.50亿股 | 72.41% | | 绿色动力环保(01330) | 2.83亿股 | 69.93% | | 大眾公用(01635) | 3.73亿股 | 69.81% | | 凯盛新能(01108) | 1.70亿股 | 67.96% | | ...

Core Insights - The report emphasizes the investment themes for 2026 in the environmental sector, focusing on overseas expansion, carbon reduction, and pollution control as key strategies under the "14th Five-Year Plan" [3][6] - The environmental industry is experiencing a transition as domestic infrastructure peaks, with a projected 4.9% year-on-year growth in sector performance for the first three quarters of 2025 [6][28] Policy Guidance - The "14th Five-Year Plan" has not yet met carbon reduction targets, indicating a need for continued efforts in this area, while other environmental goals have been largely achieved [22][24] - The "15th Five-Year Plan" aims to synergize carbon peak and neutrality goals with pollution reduction and green growth initiatives [6][24] Overseas Expansion - The report identifies significant market opportunities in Southeast Asia and Central Asia for waste incineration, with a potential market size in the hundreds of billions [7] - Indonesia's upcoming waste incineration projects are highlighted, with expectations for rapid development starting in Q1 2026, supported by sovereign fund investments [7] - Key companies positioned for overseas expansion include Weiming Environmental, China Everbright, and others [7] Carbon Reduction - The carbon market is evolving, with ongoing improvements in the carbon emission control system and an expected rise in carbon prices [8] - Non-electric green energy sectors, such as renewable energy heating and biofuels, are anticipated to benefit from policy support and growing domestic demand [8] - Companies like Zhuoyue New Energy are noted for their potential in the biofuel sector, particularly in the context of EU anti-dumping influences subsiding [8] Pollution Control - The water and air sectors are expected to see continued investment in pollution control, with companies like Xingrong Environment and Aofu Technology highlighted for their growth potential [9] - The report notes that the implementation of the National VI emissions standards will create opportunities in the automotive emissions control market [9] Diverse Investment Opportunities - The report outlines various investment opportunities arising from new production capabilities, cyclical trends, and debt management strategies within the environmental sector [10] - Companies involved in smart technologies and battery materials are identified as potential beneficiaries of these trends [10]