Core Points - The eighth China International Import Expo (CIIE) is being held in Shanghai, with the State Grid Shanghai Electric Power Company implementing a comprehensive power supply guarantee system, Smart Power Supply 8.0, based on experiences from previous expos [1][11] - The company has introduced a "four proactive" work model (proactive operation, proactive transformation, proactive repair, proactive service) to enhance power supply security during the event [1][11] Group 1: Power Supply Security Measures - The safety and stability of the Shanghai main power grid are crucial for the expo, with digital inspection technologies being utilized to enhance equipment reliability [2] - The "Tianshu" autonomous inspection robot is deployed to monitor equipment at key substations, capable of performing various detection tasks autonomously [4] - The "Tianqing" high-voltage transmission line robot enhances the grid's ability to respond to diverse risks, significantly improving operational efficiency compared to traditional methods [6] Group 2: Smart Power Supply System - The Smart Power Supply 8.0 system integrates digital operation and maintenance methods, enabling real-time monitoring of equipment status and creating an intelligent closed-loop for data utilization [7][8] - A comprehensive inspection was conducted prior to the expo, covering 2,385 cable inspections and 8,081 kilometers, with 1,520 personnel involved [10] Group 3: Green Energy Initiatives - The expo is being powered entirely by green energy for the third consecutive year, with a total green electricity transaction of approximately 1.3 billion kilowatt-hours [18][20] - The green energy transactions are expected to reduce carbon dioxide emissions by 798,000 tons, showcasing Shanghai's commitment to green and low-carbon development [19] Group 4: Enhanced Monitoring and Support - The company has integrated advanced monitoring systems, including 6,013 data collection points and various detection devices, to ensure real-time health evaluation and fault prediction of power supply equipment [15] - A dedicated team of 2,500 professionals is on standby to monitor critical stations and lines during the expo, ensuring comprehensive power supply support [17]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [5][11]. Core Views - The report highlights the introduction of the "Ecological Environment Monitoring Regulations," which will enhance the automation, digitalization, and intelligence of ecological monitoring systems starting January 1, 2026 [15][17]. - The public utility and environmental sectors have seen a decrease in fund holdings, with a total market value of 49.695 billion yuan, down 29.64% from the previous quarter [2][17]. - The report emphasizes investment opportunities in the renewable energy sector and comprehensive energy management, particularly in the context of carbon neutrality [27]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.82%, while the public utility index increased by 2.42% and the environmental index by 2.71% [14][29]. - Within the electricity sector, coal-fired power increased by 2.09%, hydropower by 2.00%, and renewable energy generation by 3.08% [30]. Important Policies and Events - The "Ecological Environment Monitoring Regulations" were signed into law, aiming to establish a modern ecological monitoring system [15][17]. - A significant achievement in nuclear fuel conversion was reported, marking a milestone in thorium-uranium fuel technology [16]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional electricity companies such as Shanghai Electric due to stable profitability [3][27]. - The report suggests investing in leading renewable energy firms like Longyuan Power and Three Gorges Energy, as well as high-quality offshore wind power companies [3][27]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are expected to maintain stable profitability [3][27]. - High-dividend hydropower stocks like Yangtze Power are recommended for their defensive attributes [3][27]. - In the environmental sector, companies like China Science Instruments and Shandong High Energy are highlighted for their growth potential [27]. Key Company Earnings Forecasts and Investment Ratings - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.49 yuan for 2024 and 0.62 yuan for 2025 [5]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.76 yuan for 2024 and 0.81 yuan for 2025 [9]. Fund Holdings Analysis - As of Q3 2025, the public utility and environmental sectors had 122 stocks heavily held by funds, a decrease of 4 from the previous quarter [2][17]. - The electricity sector accounted for 55 of these stocks, with a total market value of 42.276 billion yuan, down 30.82% from the previous quarter [17]. Environmental Sector Insights - The water and waste incineration industries are entering a mature phase, with improved free cash flow and declining risk-free rates [27]. - The domestic waste oil recycling industry is expected to benefit from the EU's SAF blending policy [27].

11月11日，上海电力盘中上涨2.10%，截至09:52，报28.73元/股，成交7.38亿元，换手率0.92%，总市值 810.53亿元。 资金流向方面，主力资金净流入2885.72万元，特大单买入1.13亿元，占比15.33%，卖出6837.51万元， 占比9.27%；大单买入1.78亿元，占比24.19%，卖出1.94亿元，占比26.34%。 上海电力今年以来股价涨223.17%，近5个交易日跌0.14%，近20日涨30.41%，近60日涨173.36%。 今年以来上海电力已经7次登上龙虎榜，最近一次登上龙虎榜为10月10日。 上海电力所属申万行业为：公用事业-电力-火力发电。所属概念板块包括：央企改革、绿色电力、清洁 能源、超超临界发电、海上风电等。 截至9月30日，上海电力股东户数18.95万，较上期增加31.64%；人均流通股14884股，较上期减少 18.12%。2025年1月-9月，上海电力实现营业收入321.54亿元，同比减少1.26%；归母净利润30.50亿元， 同比增长24.04%。 分红方面，上海电力A股上市后累计派现68.21亿元。近三年，累计派现14.51亿元。 机构持仓方面，截止 ...

Investment Rating - The report maintains a positive outlook on the public utility sector, particularly focusing on the ESG performance of central enterprises in A-shares [3][11]. Core Insights - Over 80% of the evaluated companies scored well, with high scores in environmental and social aspects, while responsibility indicators and regulatory compliance need improvement [3][11]. - 88% of the companies scored above 60 points, indicating a generally comprehensive disclosure of ESG content, although only one company scored above 90 [3][11]. - All 26 central enterprises published ESG reports, but only 5 disclosed third-party verification reports, highlighting a gap in independent assessment [3][13]. Summary by Sections Overall Performance - The overall performance of the companies is rated positively, with over 80% achieving good scores, particularly in environmental and social dimensions, while responsibility indicators require enhancement [11][79]. General Indicators - All companies released ESG reports and detailed their compilation basis, but only 19% disclosed third-party verification reports [13][19]. Environmental Indicators - 88% of companies scored above 10 points in environmental disclosures, with comprehensive reporting on emissions and pollution management, but less focus on resource utilization and clean energy strategies [20][22]. - The disclosure rates for pollution emissions, climate change response, waste management, and ecosystem protection are high, with no companies facing environmental penalties [20][23]. Social Indicators - The report highlights that social issues, particularly rural revitalization and social contributions, are well-disclosed, with 100% disclosure on rural revitalization [47][49]. - However, transparency on technology ethics and intellectual property protection remains relatively low, with only 38% and 42% disclosure rates, respectively [47][58]. Responsibility Indicators - Responsibility indicators, including compliance and party-building, are well-disclosed, with a high rate of reporting on governance structures and stakeholder communication [79][80]. - There is a noted lack of disclosure regarding overseas compliance and executive compensation rationality [79].

Core Viewpoint - The eighth China International Import Expo (CIIE) emphasizes the integration of "carbon" into various aspects such as green practices, energy security, technology display, and project signing, signaling a global consensus on green and low-carbon development, a firm commitment to China's dual carbon goals, and accelerated commercialization of industries [1] Group 1: Zero Carbon Initiatives - The "Zero Carbon CIIE" initiative aims to achieve carbon neutrality, with various stakeholders actively participating, including the signing of green electricity supply commitments and agreements for mutual assistance in pumped storage capacity [2] - The Long Triangle region is expected to deliver over 130 million kilowatt-hours of green electricity to Shanghai in November, with monthly green electricity consumption in Shanghai projected to exceed 1 billion kilowatt-hours for the first time [2] - The collaboration between Shanghai and Anhui aims to reduce local coal-fired power generation during the six-day expo, contributing to a reduction of 798,000 tons of CO2 emissions [2] Group 2: Carbon Offset and Green Projects - China Pacific Insurance Group purchased 3,300 tons of "Longjiang Green Carbon" to offset the carbon emissions generated by the CIIE, demonstrating a commitment to green practices [3] - The Gansu delegation highlighted a significant investment of 1 billion yuan in a zero-carbon renewable energy recovery project, showcasing the trend of combining energy substitution with carbon offsetting [3] Group 3: Industry Development and Policy Support - The Ministry of Ecology and Environment reported that by 2024, China's CO2 emissions per unit of GDP will continue to decline compared to 2005 levels, with non-fossil energy consumption reaching 19.8% of total energy consumption [4] - The total installed capacity of renewable energy generation in China is projected to reach 2.16 billion kilowatts by mid-2025, accounting for over 40% of the global total [4] - The CIIE showcased numerous low-carbon technologies, including Bosch's magnetic drive transmission system, which can reduce energy consumption by over 30% [4] Group 4: Carbon Accounting and Supply Chain Management - China has established a comprehensive carbon accounting certification system and green supply chain management framework, with over 80% of large enterprises regularly disclosing operational carbon emissions [5] - Key supporting technologies such as AI-driven energy efficiency optimization and big data-supported supply chain traceability are being deeply applied across various scenarios [5] - The rapid advancement of policies and practices in carbon footprint accounting and data disclosure is enhancing the efficiency of carbon management [5] Group 5: Future Directions and Challenges - The focus for future technological innovation will be on breakthroughs in "hard technology" in the green and low-carbon sector, such as low-cost hydrogen production and storage, and next-generation photovoltaic and energy storage technologies [6] - Strengthening the alignment of domestic standards with international rules and addressing data barriers are critical for improving the efficiency and credibility of carbon footprint accounting [6] - Active participation in global green rule-making and accelerating international recognition of carbon footprint standards for key export products will enhance China's position in the global green value chain [6]

Group 1: Green Power ETF Performance - The Green Power ETF has a turnover rate of 2.02% with a transaction volume of 9.0205 million yuan [2] - The latest scale of the Green Power ETF reached 444 million yuan, marking a one-year high and ranking first among comparable funds [2] - Over the past two weeks, the Green Power ETF's shares increased by 2 million shares [2] - In the last 21 trading days, there were net inflows on 11 days, totaling 92.1118 million yuan [2] - As of November 6, the net value of the Green Power ETF has risen by 24.10% over the past two years [2] - The highest monthly return since inception was 9.19%, with the longest consecutive monthly gains being 6 months and the highest cumulative gain being 14.85% [2] - The Green Power ETF outperformed its benchmark with an annualized excess return of 5.14% over the past 6 months, ranking first among comparable funds [2] Group 2: Electricity Consumption and Generation - From January to September, the total electricity consumption reached 77,675 billion kWh, a year-on-year increase of 4.6% [3] - The industrial electricity generation for the same period was 72,557 billion kWh, showing a year-on-year growth of 1.6% [3] - Breakdown of electricity generation from major sources shows thermal power and hydropower decreased by 1.2% and 1.1% respectively, while nuclear, solar, and wind power increased by 9.2%, 24.2%, and 10.1% respectively [3] - The total electricity consumption is expected to grow by around 5% for the entire year, with fourth-quarter growth anticipated to exceed that of the third quarter [3] - It is projected that by the end of 2025, the total installed power generation capacity will reach approximately 3.9 billion kW, a year-on-year increase of 16.5% [3] Group 3: Key Stocks in Green Power Sector - The top ten weighted stocks in the National Green Power Index account for 56.15% of the index, including companies like Three Gorges Energy, China Nuclear Power, and Yangtze Power [2] - The individual weightings of these stocks range from 9.60% for Three Gorges Energy to 2.82% for Huaneng International [5]

Core Insights - The report indicates a positive outlook for the semiconductor and communication sectors, with A-shares showing a steady upward trend, particularly in the context of recent macroeconomic developments and trade negotiations [5][9][10] - The report highlights the ongoing recovery in the photovoltaic industry, with signs of performance improvement despite challenges such as overcapacity and price declines [18][19][20] - The automotive interior and exterior parts industry is experiencing significant growth, driven by the increasing demand for electric vehicles and the shift towards smart and lightweight designs [35][36][37] Domestic Market Performance - The Shanghai Composite Index closed at 4,007.76, with a daily increase of 0.97%, while the Shenzhen Component Index rose by 1.73% to 13,452.42 [3] - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are 16.26 and 49.50, respectively, indicating a favorable environment for medium to long-term investments [9][14] International Market Performance - The Dow Jones Industrial Average closed at 30,772.79, down 0.67%, while the S&P 500 and Nasdaq also experienced declines of 0.45% and 0.15%, respectively [4] Industry Analysis - The semiconductor industry continues to show robust growth, with global sales increasing by 21.7% year-on-year, indicating strong demand and market resilience [23] - The photovoltaic sector is witnessing a gradual recovery, with improvements in quarterly performance attributed to increased efficiency and reduced costs [18][19] - The automotive interior and exterior parts market is projected to grow significantly, with China's market share exceeding 30% globally, driven by rising production and sales of electric vehicles [35][36] Key Data Updates - The report notes a significant increase in the production and sales of lithium batteries, with the industry expected to reach a scale of 1.2 trillion yuan by 2024, highlighting China's competitive advantage in this sector [17] - The photovoltaic industry index has shown a slight decline of 1.39% in October, reflecting ongoing adjustments in the market [32] Monthly Strategy - The report suggests a strategy of increasing allocation to value assets while waiting for growth assets to regain cost-effectiveness, indicating a balanced approach to investment [10][13]

本公司的关联方国家电投集团财务有限公司参与本期债务融资工具认购，最终获 配金额为3亿元。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海电力股份有限公司于2025年11月5日发行了2025年度第十五期超短期融资券， 现将发行结果公告如下： | 债务融资工 | 上海电力股份有限公司2025年 | 债务融资工具 | 25沪电力SCP015 | | --- | --- | --- | --- | | 具名称 | 度第十五期超短期融资券 | 简称 | | | 代码 | 012582690 | 债务融资工具 期限 | 120日 | | 计息方式 | 付息固定利率 | 发行总额 | 15亿元/人民币 | | 起息日 | 2025年11月6日 | 兑付日 | 2026年3月6日 | | 发行价格 | 100元/百元 | 票面利率 （年化） | 1.63% | | 承销商 | 中国光大银行股份有限公司 | | | 本期超短期融资券通过簿记建档集中配售的方式在全国银行间债券市场公开发 行，募集资金主要用于归还金融机构借款。 证券简称：上海 ...

Core Points - Shanghai Electric Power Co., Ltd. announced the issuance of the 15th phase of ultra-short-term financing bonds for the year 2025 on November 5, 2025 [2] Company Summary - The company is actively engaging in financing activities through the issuance of ultra-short-term bonds, indicating a strategy to manage liquidity and fund operations [2] - The announcement was made on the evening of November 6, suggesting timely communication with stakeholders regarding financial activities [2] Industry Summary - The issuance of ultra-short-term financing bonds is a common practice in the power industry, reflecting the sector's need for flexible financing solutions to support ongoing projects and operational costs [2] - This move may also indicate broader trends in the energy sector regarding capital management and funding strategies [2]

Core Insights - The A-share market has seen a strong performance in the power sector, with several stocks reaching their daily limit up, indicating positive investor sentiment and potential growth in this industry [1]. Company Performance - Meiyan Jixiang (600868) experienced a 10% increase, with a total market capitalization of 6.264 billion and a year-to-date increase of 33.06% [2]. - Mindong Electric Power (000993) rose by 9.97%, with a market cap of 6.466 billion and a year-to-date increase of 69.10% [2]. - Leshan Electric Power (600644) saw an 8.05% increase, with a market cap of 7.293 billion and a year-to-date increase of 106.05% [2]. - Huayin Electric Power (600744) increased by 5.07%, with a market cap of 14.3 billion and a year-to-date increase of 126.69% [2]. - Datang Power (601991) rose by 4.61%, with a market cap of 71.4 billion and a year-to-date increase of 37.83% [2]. - Shanghai Electric (600021) increased by 4.41%, with a market cap of 84.9 billion and a year-to-date increase of 238.53% [2]. - Guangzhou Development (600098) saw a 3.53% increase, with a market cap of 2.57 billion and a year-to-date increase of 19.05% [2]. - Chuaneng Power (000155) rose by 3.05%, with a market cap of 2.31 billion and a year-to-date increase of 18.83% [2].