智通财经APP获悉，根据2025年12月19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72.10%、70.23%、68.80%。此外，小米集团－Ｗ （01810）、中国平安（02318）、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+30.14亿元、+17.26亿元、+17.09亿元;中国移动（00941）、中国石油股份（00857）、华虹 半导体（01347）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-14.34亿元、-10.05亿 元、-7.97亿元。 具体数据如下（交易所数据根据T+2日结算）： | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 100.07亿股 | 72.10% | | 绿色动力环保(01330) | 2.84亿股 | 70.23% | | 大眾公用(01635) | 3.67亿股 | 68.80% | | 凯盛新能(01108) | 1.70亿股 | 67.92% | | 天津创业环保股份( ...

Group 1 - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.22%, Green Power Environmental (01330) at 70.20%, and Da Zhong Public Utilities (01635) at 69.39% [1][2] - The companies with the largest increase in holding amounts over the last five trading days are Xiaomi Group-W (01810) with an increase of 51.02 billion, Meituan-W (03690) with 43.47 billion, and Beike-W (02423) with 18.61 billion [1][2] - The companies with the largest decrease in holding amounts over the last five trading days are Alibaba-W (09988) with a decrease of 39.24 billion, SMIC (00981) with 18.55 billion, and Tencent Holdings (00700) with 16.86 billion [1][3] Group 2 - The latest holding ratios for the top 20 companies in Hong Kong Stock Connect show that China Telecom has 100.23 billion shares, Green Power Environmental has 2.84 billion shares, and Da Zhong Public Utilities has 3.70 billion shares [2] - The top 10 companies with the largest increase in holdings over the last five trading days include China Ping An (02318) with an increase of 16.11 billion and Hong Kong Exchanges (00388) with 8.47 billion [2] - The top 10 companies with the largest decrease in holdings over the last five trading days include China Petroleum (00857) with a decrease of 14.21 billion and China Mobile (00941) with 14.17 billion [3]

Group 1 - As of December 17, the total shareholding of southbound funds in Hong Kong Stock Connect stocks accounts for 19.33% of the total share capital, with a total market value of HKD 60,627.61 billion [1] - There are 247 stocks where the shareholding ratio of southbound funds exceeds 20% [1] Group 2 - China Telecom has the highest shareholding ratio at 72.27%, followed by Gree Power and China Gas with 70.08% and 69.75% respectively [3] - The stocks with high southbound fund holdings are primarily concentrated in the healthcare, industrial, and financial sectors, with 56, 36, and 34 stocks respectively [3] - Over half of the stocks with high southbound fund holdings are AH concept stocks, with 128 out of the 247 stocks also listed in mainland China and Hong Kong, representing 51.82% [3]

Core Insights - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 19.33%, with 247 stocks having a shareholding ratio exceeding 20% [1] - Southbound funds hold a total of 4,915.49 million shares, accounting for 19.33% of the total share capital of the stocks, with a market value of 60,627.61 billion HKD, representing 14.57% of the total market value [1] Group 1: Shareholding Distribution - 247 stocks have a shareholding ratio of over 20%, 130 stocks between 10% and 20%, 94 stocks between 5% and 10%, 84 stocks between 1% and 5%, and 26 stocks below 1% [1] - The stock with the highest shareholding ratio by southbound funds is China Telecom, holding 1,003.09 million shares, which is 72.27% of the issued shares [2] - Other notable stocks with high shareholding ratios include Green Power Environmental (70.08%) and China Resources Power (69.75%) [2] Group 2: Industry Concentration - Southbound funds with a shareholding ratio exceeding 20% are primarily concentrated in the healthcare, industrial, and financial sectors, with 56, 36, and 34 stocks respectively [2] - The healthcare sector shows significant representation among high-shareholding stocks, with several companies like WuXi AppTec (57.49%) and Fosun Pharma (57.43%) [3] - The industrial sector also features prominently, with companies such as China Shenhua (66.44%) and COSCO Shipping Energy (63.69%) [2][3]

Core Insights - The top three companies by stockholding ratio in the Hong Kong Stock Connect are China Telecom (00728) at 72.27%, Green Power Environmental (01330) at 70.08%, and Da Zhong Public Utilities (01635) at 69.75% [1][2] Group 1: Stockholding Ratios - China Telecom (00728) has a stockholding ratio of 72.27% with 10.031 billion shares held [2] - Green Power Environmental (01330) has a stockholding ratio of 70.08% with 283 million shares held [2] - Da Zhong Public Utilities (01635) has a stockholding ratio of 69.75% with 372 million shares held [2] Group 2: Recent Increases in Holdings - Xiaomi Group-W (01810) saw an increase of 4.592 billion yuan in holdings, with a change of 11.139 million shares [2] - Meituan-W (03690) experienced an increase of 4.116 billion yuan in holdings, with a change of 4.063 million shares [2] - Beike-W (02423) had an increase of 1.644 billion yuan in holdings, with a change of 3.873 million shares [2] Group 3: Recent Decreases in Holdings - Alibaba-W (09988) experienced a decrease of 3.329 billion yuan in holdings, with a change of -2.280 million shares [3] - Tencent Holdings (00700) saw a decrease of 1.883 billion yuan in holdings, with a change of -311,300 shares [3] - Hua Hong Semiconductor (01347) had a decrease of 1.456 billion yuan in holdings, with a change of -2.134 million shares [3]

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].

Core Insights - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 19.36%, with 246 stocks having a shareholding ratio exceeding 20% [1] - Southbound funds hold a total of 4,924.06 million shares, representing 19.36% of the total share capital of the stocks, with a market value of 62,000.23 million HKD, accounting for 14.59% of the total market value [1] Group 1: Shareholding Distribution - 246 stocks have a shareholding ratio of over 20%, 132 stocks between 10% and 20%, 92 stocks between 5% and 10%, 84 stocks between 1% and 5%, and 26 stocks below 1% [1] - The stock with the highest southbound fund shareholding is China Telecom, holding 1,004.99 million shares, which is 72.41% of its issued shares [2] - Other notable stocks with high southbound fund shareholding include Green Power Environmental (69.93%) and China Resources Power (69.81%) [2] Group 2: Industry Concentration - Southbound funds with a shareholding ratio exceeding 20% are primarily concentrated in the healthcare, industrial, and financial sectors, with 56, 37, and 34 stocks respectively [2] - The majority of stocks with high southbound fund holdings are AH concept stocks, with 129 out of 246 stocks (52.44%) having a shareholding ratio over 20% [1] Group 3: Notable Stocks and Performance - Key stocks with high southbound fund holdings include: - China Telecom: 1,004.99 million shares, 72.41% shareholding, closing price 5.650 HKD, daily change +0.89% [2] - Green Power Environmental: 28,282.20 million shares, 69.93% shareholding, closing price 5.300 HKD, daily change -0.75% [2] - China Shenhua: 225,184.39 million shares, 66.66% shareholding, closing price 38.820 HKD, daily change -0.15% [2] - Other significant stocks include: - Huatai Securities: 99,083.41 million shares, 57.63% shareholding, closing price 18.970 HKD, daily change +2.71% [3] - Fosun Pharma: 31,772.50 million shares, 57.55% shareholding, closing price 22.520 HKD, daily change +1.08% [3]