Core Viewpoint - The Chinese government has announced the "National Energy Conservation and Carbon Reduction Technology Equipment Recommendation Directory (2025 Edition)" to promote energy-saving and carbon-reduction technologies across key industries, providing a clear reference for enterprises' green transformation [1] Group 1: Policy and Industry Response - The directory focuses on energy conservation and carbon reduction technologies in industrial sectors, covering ten key industries such as steel, petrochemicals, and building materials, as well as information technology scenarios like data centers and communication bases [1] - Companies are leveraging their core strengths and focusing on technological innovation to actively engage in energy-saving and carbon-reduction practices, with distinct transformation paths emerging across different industries due to variations in industrial foundations and technological endowments [1] Group 2: Company Practices in Energy Conservation - In the traditional energy sector, Zhejiang Zheneng Power Co., Ltd. has invested over 1 billion yuan in comprehensive upgrades to its power plant, achieving emissions standards comparable to natural gas power generation and creating a closed-loop system for resource recycling [2] - In the refining sector, Rongsheng Petrochemical Co., Ltd. has achieved breakthroughs in energy conservation and emissions reduction through resource cascading utilization and low-temperature waste heat recovery technologies [2] Group 3: Innovations in Environmental Technology - Zhejiang Feida Environmental Technology Co., Ltd. has developed a carbon capture, utilization, and storage (CCUS) technology that captures over 90% of CO₂, significantly reducing the carbon footprint of its products and aiming to capture costs lower than traditional methods [3] - Visionox Technology Co., Ltd. has focused on material innovation to eliminate the use of harmful chemicals in its production processes, successfully developing over 20 PFAS-free materials [3] Group 4: Future Trends in Corporate Competitiveness - Under the dual carbon goals, companies are shifting their core competitiveness from traditional scale and cost advantages to a combination of "green technology + sustainable operations," with technology reserves and industry chain integration becoming essential [4] - The manufacturing industry's green transformation is entering a new phase characterized by standardized technology, normalized collaboration, and visible value, with companies needing to focus on core technology breakthroughs and integrating green concepts into their strategic operations [4]

Group 1 - The core viewpoint of the article is that coal-electricity joint operations can help smooth profit fluctuations for the company, which has had good practices in this area, such as with Huai-Zhe coal-electricity [1] - The company expressed willingness to participate in good investment targets if available [1]

Investment Rating - The report maintains a "Buy" rating for the public utility sector [5] Core Views - The report emphasizes the importance of green electricity consumption and solid waste management in the context of the "dual carbon" goals set for 2026, suggesting a focus on the green electricity sector for potential valuation recovery [4][8] - The report highlights the ongoing decline in electricity prices and the need for adjustments in the installation rhythm of new green electricity projects based on regional supply and demand [4][3] - The report suggests that the electricity market reform is progressing, with a focus on expanding the electricity spot market and auxiliary services, while also noting the transformation of thermal power's functional positioning [4] Summary by Sections Market Review - The SW public utility sector experienced a slight decline of 0.09% this week, ranking 11th among 31 SW sectors, while the Shanghai Composite Index fell by 0.34% [23] - Among sub-sectors, thermal power increased by 0.22%, while hydropower decreased by 0.26% [23] - The top five performing stocks in the public utility sector this week were: Jiaze New Energy (+9.71%), Yinxing Energy (+8.58%), Zhongtai Co. (+7.79%), Xichang Power (+5.38%), and Chenzhou International (+4.14%) [29] Price Updates - The report notes a significant drop in thermal coal prices, with Qinhuangdao port's 5500 kcal thermal coal price decreasing by 39 CNY/ton this week [2][9] - The average settlement price for electricity in Guangdong was reported at 292.88 CNY/MWh, down from 354.64 CNY/MWh the previous week [10] Key Events - Various provinces have begun releasing results for the "136" document's incremental project bidding, with significant volumes of green electricity being auctioned at varying prices [3][7] - The Central Economic Work Conference reiterated the commitment to the "dual carbon" goals, emphasizing the need for a comprehensive green transition and the expansion of green electricity applications [8]

Group 1 - The company announced the resignation of three senior executives: Liu Weimin (General Manager), Wu Hao (Deputy General Manager), and Xie Weiyang (Chief Engineer) due to work adjustments and age reasons [1][4][6] - Liu Weimin will continue to serve as the Chairman and Party Secretary after resigning as General Manager, while Wu Hao will remain as the Deputy Secretary of the Party Committee [1][4][5] - The resignations will not affect the normal operations of the company, and the resignation reports will take effect upon delivery to the board of directors [6][4] Group 2 - The original term for the positions of the resigning executives was set to expire on December 11, 2025, with the next scheduled term ending on August 19, 2027 [5] - The reasons for resignation include work adjustments for Liu Weimin and Wu Hao, while Xie Weiyang's resignation is due to age [5][4] - There are no outstanding public commitments that remain unfulfilled by the resigning executives [5]

Group 1 - The core viewpoint of the article highlights the growth in China's electricity generation, with a reported production of 800.2 billion kilowatt-hours in October 2025, reflecting a year-on-year increase of 7.9% [1] - Cumulative electricity generation from January to October 2025 reached 8,062.55 billion kilowatt-hours, showing a cumulative growth of 2.3% [1] - The article references a market research report by Zhiyan Consulting, which assesses the investment prospects in the Chinese energy industry from 2026 to 2032 [1] Group 2 - The listed companies in the energy sector include Huaneng International (600011), Datang Power (601991), Guodian Power (600795), Huadian International (600027), Changjiang Power (600900), State Power Investment (600886), Chuanwei Energy (600674), Guiguan Power (600236), Inner Mongolia Huadian (600863), and Zhejiang Energy (600023) [1] - The data source for the statistics mentioned is the National Bureau of Statistics, with the information organized by Zhiyan Consulting [1]

Core Insights - The 7th Zhejiang International Smart Transportation Industry Expo opened on December 11 in Hangzhou, showcasing the achievements of the comprehensive transportation industry in Zhejiang and fostering new productive forces in the transportation sector [1][2] Group 1: Event Overview - The expo features "5 major theme pavilions + 2 special exhibition areas + X supporting activities," providing a comprehensive display of the development results in the transportation industry [1][2] - A significant model called "Four Ports Intelligent Transportation" was officially released, developed under the guidance of the Provincial Transportation Department and the Provincial Data Bureau, aimed at enhancing logistics efficiency through AI [1][2] Group 2: Participation and Exhibits - A total of 280 enterprises participated in the expo, including 77 leading domestic and international companies such as CRRC, Tianmushan Laboratory, Zhenhua Heavy Industries, Hikvision, Huawei, Geely, and Zhejiang Energy [1][2] - The event showcased 695 new technologies, products, and equipment, with 57 highlighted exhibits, covering various sectors including highways, railways, ports, logistics, aviation, low-altitude economy, green and low-carbon initiatives, and digital transportation [1][2] Group 3: Investment Projects - Several comprehensive transportation industry investment projects spanning multiple fields are set to be signed at the expo, indicating a strong interest in advancing the sector [1][2]

证券日报网讯 12月12日晚间，浙能电力发布公告称，公司近日收到公司董事长、总经理刘为民，副总 经理、党委委员吴皓和党委委员、总工程师谢尉扬的书面辞职报告。刘为民因工作调整原因申请辞去公 司总经理职务，辞职后仍担任公司董事长、党委书记。吴皓因工作调整原因申请辞去副总经理职务，辞 职后担任公司党委副书记。谢尉扬因年龄原因申请辞去总工程师职务。 （文章来源：证券日报） ...

Company Changes - Liu Weimin has resigned as the General Manager of Zhejiang Energy Power due to work adjustments but will continue to serve as the Chairman and Party Secretary [1] - Wu Hao has also resigned from the position of Deputy General Manager for similar reasons, while remaining as the Deputy Secretary of the Party Committee [1] - Xie Weiyang has stepped down as Chief Engineer due to age reasons [1] Financial Overview - For the year 2024, the revenue composition of Zhejiang Energy Power is as follows: 88.45% from electricity and heat production and supply, 6.5% from other businesses, and 5.04% from photovoltaic manufacturing [1] - As of the report date, the market capitalization of Zhejiang Energy Power is 69.2 billion yuan [1]

Company Overview - Zhejiang Energy Power announced the convening of its 14th meeting of the 5th Board of Directors on December 12, 2025, via communication methods, which included the review of the proposal for appointing the company's general manager [1] - As of the report date, Zhejiang Energy Power has a market capitalization of 69.2 billion yuan [1] Revenue Composition - For the year 2024, the revenue composition of Zhejiang Energy Power is as follows: 88.45% from electricity and heat production and supply, 6.5% from other businesses, and 5.04% from photovoltaic manufacturing [1]

浙江浙能电力股份有限公司（以下简称"公司"）近日收到公司董事长、总 经理刘为民,副总经理、党委委员吴皓和党委委员、总工程师谢尉扬的书面辞职 报告。刘为民因工作调整原因申请辞去公司总经理职务，辞职后仍担任公司董事 长、党委书记。吴皓因工作调整原因申请辞去副总经理职务，辞职后担任公司党 委副书记。谢尉扬因年龄原因申请辞去总工程师职务。 | | | | | | | 是否继续在 | | 是否存在 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | | 离任时间 | 原定任期到期日 | 离任原因 | 公司及其控 股子公司任 | 具体职务 | 未履行完 毕的公开 | | | | | | | | 职 | | 承诺 | | 刘为民 | 总经理 | 2025 | 年 12 月 11 日 | 2027 年 8 月 19 日 | 工作调整 | 是 | 董事长、党委 书记 | 否 | | 吴皓 | 副总经理 | 2025 | 年 12 月 11 日 | 2027 年 8 月 19 日 | 工作调整 | 是 | 党委副书记 | 否 | | 谢尉 ...