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]

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。 ...

Core Viewpoint - China's investment in controllable nuclear fusion projects has reached a total scale of 136.2 billion yuan, with the next 3-5 years being a critical bidding window for infrastructure construction [1][7]. Group 1: Investment Background - As of July 22, 2025, China Nuclear Power (601985.SH) announced a planned investment of 1 billion yuan to acquire a 6.65% stake in China Fusion Energy Co., marking an acceleration in the commercialization of nuclear fusion in China [4][7]. - Zhejiang Energy Power (600023.SH) also announced an investment of 751 million yuan for a 5% stake in the same company, further indicating the momentum in the nuclear fusion sector [4][13]. - Currently, there are 14 major controllable nuclear fusion projects under construction in China, with a total investment scale of 136.2 billion yuan [1][7]. Group 2: Key Participants - China Nuclear Power is a core participant, investing 1 billion yuan and holding a 6.65% stake in China Fusion Energy Co., which is under the China National Nuclear Corporation [11][12]. - Zhejiang Energy Power, as a traditional power enterprise, is leveraging its background to promote the commercialization of fusion technology through its 751 million yuan investment [14]. - West Superconducting Technologies (688122) is the only domestic supplier of low-temperature superconducting wire for the ITER project, breaking international monopolies in this technology [15][16]. Group 3: Strategic Significance - The investments by state-owned enterprises respond to national strategic requirements for future industries and aim to solidify their core positions in the nuclear fusion sector [12][14]. - The focus on nuclear fusion aligns with the country's energy transition goals, emphasizing the importance of clean energy development [14].

Core Viewpoint - The article highlights the significant investment and strategic importance of controlled nuclear fusion technology in China's energy landscape, emphasizing the establishment of the China Fusion Energy Company and the involvement of major state-owned enterprises in funding this initiative [2][4][5]. Investment and Company Formation - On July 22, 2023, the China Fusion Energy Company was officially established, with major stakeholders including China National Nuclear Corporation and China Nuclear Power announcing a joint investment of approximately 11.49 billion yuan [2][3]. - China Nuclear Power plans to invest 1 billion yuan for a 6.65% stake in the fusion company, which is currently a wholly-owned subsidiary of the China National Nuclear Corporation [2][3]. Financial Overview - As of December 31, 2024, the total assets of the fusion company are reported at approximately 611.56 million yuan, with owner equity at about 611.03 million yuan. The company has not generated any revenue and reported a net loss of approximately 202.60 million yuan for the same period [3]. - For the first half of 2025, the company is projected to have total assets of around 5.37 billion yuan, with a net loss of approximately 4.33 million yuan [3]. Strategic Importance - The investment in the fusion company aligns with China's national energy strategy and aims to solidify the position of state-owned enterprises in the nuclear fusion industry, which is seen as crucial for energy security and environmental protection [4][5]. - The controlled nuclear fusion technology is regarded as a key solution to global energy challenges and is positioned as a competitive frontier in international technology [5]. Market Trends and Future Outlook - The global investment in the fusion sector is expected to accelerate, with significant funding from both China and the United States, indicating a growing interest in fusion research and development [6]. - The article notes that the nuclear power sector in China is set for expansion, with projections indicating that installed nuclear capacity could reach 110 million kW by 2030 and 150 million kW by 2035 [8]. Uranium Market Dynamics - The article discusses the increasing demand for uranium, with projections indicating a compound annual growth rate of over 4% from 2024 to 2040, driven by the global nuclear power revival [9]. - The supply of uranium is expected to tighten due to high resource concentration and declining exploration investments, which may lead to sustained high prices in the long term [9].

Group 1 - The controlled nuclear fusion sector opened high, with stocks such as Zhejiang Fu Holdings (002266), Dongfang Electric (600875), and China Energy Engineering (601868) experiencing three consecutive trading limits [1] - Other companies like Zhejiang Energy Power (600023), China Nuclear Engineering (601611), and China National Nuclear Technology (000777) also opened high [1] - The establishment of China Fusion Energy Co., Ltd. in Shanghai, a subsidiary of China National Nuclear Corporation, is a significant development in the sector [1]

Group 1 - The State Administration of Foreign Exchange reported that the RMB exchange rate remained stable in the first half of 2025, appreciating by 1.9% against the USD [1] - The People's Bank of China indicated that as of the end of Q2 2025, the balance of real estate loans in RMB was 53.33 trillion yuan, a year-on-year increase of 0.4% [1] - Bloomberg reported that U.S. regulators plan to modify a controversial rule to ease day trading restrictions for retail investors, which is expected to attract more retail participation in the U.S. stock market [1] Group 2 - U.S. Treasury Secretary stated that the next round of U.S.-China tariff negotiations may include discussions on China's purchases of oil from Russia and Iran [2] - The Chinese Foreign Ministry emphasized the importance of dialogue and cooperation to stabilize U.S.-China relations [2] Group 3 - The United Nations reported that over 93,000 people have been displaced due to conflict in Syria's Suweida province, with significant disruptions to healthcare and basic supplies [3] - Shenzhen's authorities are enhancing communication with central ministries to support the capital market and facilitate the listing of companies in the Guangdong-Hong Kong-Macao Greater Bay Area [3] Group 4 - The National Energy Administration is rumored to have issued a notice to regulate coal mine production and ensure stable coal supply, although this has not been officially confirmed [4] - The World Health Organization is developing new guidelines for GLP-1 therapies for adult obesity, expected to be released in September 2025 [4] Group 5 - Hive Energy plans to begin trial production of its first-generation semi-solid battery with a capacity of 140Ah in Q4 2025, aimed at supplying BMW's next-generation models [6] - The company is also set to produce semi-solid batteries with an energy density of 300Wh/kg this year, with plans for a second generation reaching 360Wh/kg [6] Group 6 - China Nuclear Power plans to invest 1 billion yuan in China Fusion Energy Co., which is a subsidiary of China National Nuclear Corporation [9] - Zhejiang Energy intends to invest 751 million yuan for a 5% stake in China Fusion Energy Co. as part of its strategy in the nuclear fusion energy sector [9] Group 7 - Sichuan Chengyu is part of a consortium that has been selected as the first candidate for the G5 Jingkun Expressway expansion project, with an estimated total investment of approximately 28.55 billion yuan [10] - Gotion High-Tech received a development notice from GAC Group for battery pack assembly, indicating increased market recognition for its SPS battery products [10] Group 8 - GoerTek is in preliminary discussions to acquire 100% equity of Hong Kong Mia and Changhong Limited for approximately 10.4 billion HKD (about 9.5 billion yuan) [11] - Hunan YN plans to establish an investment company in Singapore to invest in a lithium battery cathode material project in Malaysia, with a total investment of about 9.5 billion yuan [11]