浙能电力公告，公司董事会近日收到董事长虞国平的辞职报告，因年龄原因，虞国平申请辞去第五届董 事会董事、董事长职务及董事会战略与投资委员会召集人职务。虞国平辞职后不再在公司及其控股子公 司任职。公司将尽快完成董事长的选举及董事会专门委员会补选等相关工作。 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the Guangdong region, particularly those expected to experience performance reversals due to the recent adjustments in electricity capacity pricing [5][12]. Core Insights - Guangdong has raised the capacity price for coal and gas power plants, with coal power capacity price set to increase to 165 RMB per kW per year starting January 1, 2026. Gas power plants will see varied increases based on the type of unit, with adjustments ranging from 165 to 396 RMB per kW per year [2][3][12]. - Nationally, renewable energy installations account for nearly 60% of total capacity, with renewable energy generation making up about 40% of total electricity generation. In the first half of 2025, renewable energy installations increased by 99.3% year-on-year, contributing significantly to the overall power supply [4][12]. Summary by Sections Industry Insights - The adjustment in capacity pricing in Guangdong is expected to alleviate electricity pricing risks and improve profitability for gas power plants, which have faced significant cost pressures [3][12]. - The report highlights that renewable energy generation has surpassed the combined electricity consumption of the tertiary industry and urban residents, indicating a strong shift towards sustainable energy sources [4][12]. Market Performance - The Shanghai Composite Index closed at 3559.95 points, down 0.94%, while the CSI 300 Index fell by 1.75%. The CITIC Power and Utilities Index decreased by 1.88%, underperforming the CSI 300 by 0.13 percentage points [60][61]. - Over half of the listed companies in the power and utilities sector experienced declines in their stock prices during the week [60]. Key Companies - Recommended companies include Huaneng International, Huadian International, and Baoneng New Energy, which are expected to show resilient quarterly performance in the thermal power sector [5][9]. - The report also suggests focusing on leading companies in flexible thermal power modifications, such as Qingda Environmental Protection [5][9].

Core Points - The Shanghai Composite Index decreased by 0.37%, while the Shanghai 180 Public Utilities Index increased by 0.06%, closing at 2196.95 points with a trading volume of 6.137 billion [1] - The Shanghai 180 Public Utilities Index has seen a decline of 4.87% over the past month, 3.01% over the past three months, and 5.63% year-to-date [1] - The Shanghai 180 Industry Index Series is categorized based on the CSI industry classification standard, reflecting the overall performance of different industry securities within the Shanghai 180 Index sample [1] Index Holdings - The top ten weights in the Shanghai 180 Public Utilities Index are as follows: - Changjiang Electric Power (48.84%) - China Nuclear Power (10.75%) - Three Gorges Energy (8.8%) - Guodian Power (5.79%) - State Power Investment (5.34%) - Huaneng International (4.57%) - Chuanwei Energy (4.32%) - Zhejiang Energy (2.98%) - Huadian International (2.78%) - Xin'ao Co. (2.46%) [1] - The market segment of the Shanghai 180 Public Utilities Index is entirely composed of the Shanghai Stock Exchange, with a 100% share [2]

Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Power Index reported at 2665.82 points, with a decline of 1.66% over the past month, 0.39% over the past three months, and 3.40% year-to-date [1] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing analytical tools for investors [1] - The CSI 300 Power Index's top ten holdings include: Changjiang Electric Power (48.42%), China Nuclear Power (10.51%), Three Gorges Energy (8.64%), Guodian Power (5.78%), State Power Investment (5.27%), Huaneng International (4.62%), Chuanwei Energy (4.29%), China General Nuclear Power (4.1%), Zhejiang Energy (2.91%), and Huadian International (2.77%) [1] Group 2 - The industry composition of the CSI 300 Power Index shows that hydropower accounts for 60.31%, thermal power for 16.08%, nuclear power for 14.61%, and wind power for 9.00% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In the event of special occurrences affecting a sample company's industry classification, the CSI 300 Industry Index samples will be adjusted accordingly [2]

每经AI快讯，有投资者在投资者互动平台提问：贵司最近投资了核聚变业务了吗？ 浙能电力（600023.SH）7月30日在投资者互动平台表示，浙能电力参股中国聚变公司。 （文章来源：每日经济新闻） ...

Core Viewpoint - Zhejiang Energy Power's stock price closed at 5.20 yuan on July 29, 2025, reflecting a decrease of 0.02 yuan or 0.38% from the previous trading day [1] Company Overview - Zhejiang Energy Power is the core power asset operation platform under Zhejiang Energy Group, primarily engaged in thermal power and nuclear power businesses [1] - The company holds shares in China Nuclear Liaoning Nuclear Power Co., Ltd., which recently increased its registered capital from 9.26 billion yuan to 12.54 billion yuan [1] - The operational scope of this company includes nuclear power plant construction and operation, as well as renewable energy generation [1] Financial Performance - On July 29, 2025, the net outflow of main funds for Zhejiang Energy Power was 32.8784 million yuan [1] - The current price-to-earnings (P/E) ratio for the company is 16.22 times, and the price-to-book (P/B) ratio is 0.98 times [1]

Investment Rating - The report maintains a rating of "Buy" for the industry [3]. Core Viewpoints - The report indicates a significant drop in new installations of solar and wind power in June, suggesting that the supply-side pressure is easing, and green electricity is expected to experience a reversal [2][10]. - The increase in the proportion of renewable energy is expected to stimulate the demand for flexible power generation, benefiting coal-fired power plants and aiding in the absorption of renewable energy [2]. - The report emphasizes the importance of focusing on the power sector, particularly coal-fired power companies with resilient quarterly performance and leading firms in flexible coal-fired power transformation [2]. Summary by Sections Industry Overview - As of June 30, the total installed power generation capacity in the country reached 3.65 billion kilowatts, a year-on-year increase of 18.7%. Solar power capacity was 1.1 billion kilowatts, up 54.2%, and wind power capacity was 570 million kilowatts, up 22.7% [7][13]. - In June, new installations of solar and wind power dropped significantly, with solar power adding 14.36 GW and wind power adding 5.11 GW, down 78.56% and 21.21% respectively from May [7][13]. - The average utilization hours of power generation equipment decreased by 162 hours year-on-year to 1504 hours [7][13]. Electricity Demand - In June, the total electricity consumption increased by 5.4%, with the first, second, and third industries, as well as residential electricity consumption, showing growth rates of 8.7%, 2.4%, 7.1%, and 4.9% respectively [7][10]. - The third industry's electricity demand showed resilience, with internet and related services growing by 27.4% year-on-year [7][10]. Investment Recommendations - The report recommends focusing on coal-fired power companies such as Huaneng International, Huadian International, and Baoneng New Energy, as well as leading firms in flexible coal-fired power transformation like Qingda Environmental Protection [2]. - It also suggests prioritizing undervalued green electricity operators, particularly in the Hong Kong market, and companies with high stock project ratios and short-term revenue certainty [2]. Market Performance - The report notes that during the week of July 21-25, the Shanghai Composite Index rose by 1.67%, while the electricity and public utilities sector index fell by 0.03%, underperforming the broader market [55][56].

Core Insights - Two major nuclear power companies, China Nuclear Power Co., Ltd. and Zhejiang Energy Power Co., Ltd., announced investments in China Fusion Energy Co., Ltd., with China Nuclear Power investing 1 billion yuan for a 6.65% stake and Zhejiang Energy Power investing approximately 751 million yuan for a 5% stake [2][3] Investment Details - The total investment from multiple parties, including Kunlun Capital and Shanghai Fusion, exceeds 10 billion yuan, with a collective investment of approximately 11.49 billion yuan for new registered capital [3][4] - After the investment, the registered capital of Fusion Company will reach 15 billion yuan, with China National Nuclear Corporation's shareholding reduced to 50.35% [4] Company Background - China Fusion Energy Co., Ltd. was established in 1983 and is the implementation body for the nuclear fusion energy industry under the China National Nuclear Corporation [3] - The company has not yet generated revenue and reported a net loss of over 200 million yuan for 2024 [7] Strategic Importance - The investments are seen as strategically significant for both China Nuclear Power and Zhejiang Energy Power, aligning with national energy security and environmental protection goals [8][9] - The investment allows Zhejiang Energy Power to enter the nuclear fusion sector, marking a strategic shift towards future energy development [8] Market Context - The controlled nuclear fusion technology is still in development, facing high technical challenges and requiring substantial funding, with no clear commercial pathway established yet [8][9] - Industry experts note that while nuclear fusion represents a clean energy future, significant technical and economic hurdles remain before commercialization can be achieved [9]

Group 1 - Zhejiang Zheneng Electric Power Co., Ltd. plans to invest 751 million yuan for a 5% stake in China Fusion Energy Co., Ltd., marking its entry into the nuclear fusion energy sector [1] - The total investment from all parties involved amounts to approximately 11.49 billion yuan, with significant participation from major state-owned enterprises [1] - The investment has been approved by the company's board and the State-owned Assets Supervision and Administration Commission, meeting the conditions for delivery [1] Group 2 - Controlled nuclear fusion is viewed as a potential ultimate energy source, with broad fuel sources, high safety, and minimal carbon emissions, making it a key solution for energy shortages and environmental pollution [2] - Global investments in controlled nuclear fusion have been increasing, leading to technological breakthroughs and enhanced market expectations for commercialization [2] - Despite being in the early stages with high investment and long return cycles, nuclear fusion is attracting more enterprises and capital, especially in the context of tightening fossil fuel supplies and the volatility of renewable energy [2] Group 3 - Zhejiang Zheneng Electric Power is diversifying from traditional energy to clean energy, with ongoing projects in thermal power and energy-saving initiatives [2] - The company has been deepening its nuclear power business through stakes in various nuclear power projects, including Zhejiang Jin Qimen Nuclear Power Station [3] - The move into nuclear fusion is seen as a strategic response to the "dual carbon" goals, positioning the company to avoid marginalization in the future energy landscape [3]

A股电力板块震荡走低，华电新能、大唐发电跌超4%，京运通、华电辽能、浙能电力、川投能源、国 电电力跟跌。 ...