Group 1 - The first central enterprise gas project, Huaxia Huadian Clean Energy REIT, was listed on the Shanghai Stock Exchange with a total fundraising scale of 1.895 billion yuan [1] - The external strategic investment ratio for the Huaxia Huadian Clean Energy REIT is 2.6%, with only four institutions sharing the investment [1] - The public subscription multiple reached 516.47 times, and the offline investors' effective subscription multiple was 205.43 times, with total subscription funds exceeding 170 billion yuan, setting new records for energy products [1] Group 2 - The original equity holders of Huaxia Huadian Clean Energy REIT include Huadian International Power Co., Ltd., Hangzhou Gas Group Co., Ltd., and Hangzhou Qiantang New District Industrial Development Group Co., Ltd. [2] - The underlying asset is the Huadian Hangzhou Jiangdong natural gas cogeneration project, which has been operational for nearly ten years and is a key power and heat source for Hangzhou [2] - Huadian International Power Co., Ltd. is a major comprehensive energy company in China, with a total installed capacity of 59.8186 million kilowatts, of which coal-fired power accounts for approximately 78.15% and clean energy sources account for about 21.85% [2] Group 3 - Guoshou Capital, a wholly-owned fund management platform under China Life, focuses on strategic investments in new infrastructure, new energy, and new industries, managing over 30 funds with a total signed scale exceeding 230 billion yuan [2]

数据来源：全国总工会 版式设计：汪哲平 昔日学徒工，成长为企业管理者；曾经的快递小哥，如今是管理百余名员工的门店运营主管；学历提升 班上的学员，几年后站上了讲台……他们的成长故事，都有一个共同的关键词——求学圆梦行动。这个 由教育部和中华全国总工会联合实施的农民工学历与能力提升行动，从2016年启动实施，到今年迎来升 级。求学圆梦行动如何引入优质教学资源、赋能产业工人学习成长？记者进行了采访。 从学徒工到企业管理者 "学历提升让我拥有了更大舞台" 一上午，袁彩凤的手机响个不停。准备组织招聘，如何设置岗位？企业人力资源管理要创新，有什么金 点子？作为江苏无锡高新人才发展集团有限公司党委副书记，无锡高新区不少企业负责人都来找她"取 经"。 连袁彩凤自己也没有想到，初中毕业后就出来打工的自己，如今可以从事人力资源工作，还做得风生水 起。 从安徽滁州的小山村走出来，袁彩凤选择南下打工。2004年，她进入电装天电子（无锡）有限公司，成 为一名学徒工。"进了厂，我不满足于'打螺丝'。虽然知道提升学历、提高技能很重要，却因为工作繁 忙、经济条件有限，继续求学看起来遥不可及。"袁彩凤说。 2017年，袁彩凤关注到江苏省求学圆 ...

Group 1 - The A-share power sector experienced a significant rally, with Huaneng International hitting the daily limit up [1] - Other companies such as Huadian International, Datang Power, Guodian Power, Longyuan Power, and China General Nuclear Power also saw increases in their stock prices [1]

据介绍，玻雅公司由华电海外投资有限公司与印尼国有煤炭公司联合投资建设。 人民网雅加达7月30日电 （记者李培松）近日，印度尼西亚穆拉埃宁县政府向华电（印尼）玻雅发 电公司颁发表彰证书，表彰其严格遵守当地税收法规的突出表现。穆拉埃宁县县长颁奖，充分肯定了玻 雅公司依法合规经营，对地方经济和社会发展的贡献，进一步提升了中国华电在印尼的品牌影响力和美 誉度。 作为印尼国家级战略项目和中国华电在印尼投资的最大电源项目，玻雅公司在保障电力供应的同 时，坚持高标准践行企业的经济责任和社会责任，依规缴纳相关费用，成为同行业中的标杆企业。这些 举措有效增加了当地的财政收入，对当地基础设施和公共服务的建设作出了积极贡献，充分体现了印尼 中资企业践行"共商共建共享"原则，是成果共享的先进典范。 ...

Core Viewpoint - The successful issuance and listing of the Huaxia Huadian Clean Energy REIT marks a significant achievement for China Huadian Group in promoting green and low-carbon energy transformation, aligning with national policies to revitalize existing assets and expand effective investment [4][6]. Group 1: Project Overview - The Huaxia Huadian Clean Energy REIT, a collaboration between Huadian International, Huaxia Fund, and CITIC Securities, was launched from July 7 to July 8, 2023, with a fundraising target of 1.8945 billion yuan [2]. - The underlying asset is the Hangzhou Huadian Jiangdong natural gas cogeneration project, which has demonstrated excellent asset quality and sustainable operational capability over nearly a decade [2]. - The expected distribution rates for the fund are projected to be 5.66% and 5.37% for 2025 and 2026, respectively [2]. Group 2: Market Response - The public offering of the REIT was met with enthusiastic market response, with subscription rates reaching 516.47 times for public investors and 205.43 times for institutional investors, totaling over 170 billion yuan in subscription funds [3]. - This issuance has set new records in the clean energy REITs sector, reflecting strong market recognition of the value of clean energy assets and professional management capabilities [3]. Group 3: Industry Impact - The Huaxia Huadian Clean Energy REIT contributes to the growing landscape of clean energy REITs in China, which now includes eight listed products with a total fundraising scale exceeding 20.7 billion yuan [3]. - The REIT serves as a vital tool for capital markets to support the green transformation of the real economy, enhancing the product matrix of clean energy REITs and providing replicable financial solutions for energy structure optimization [3][4]. Group 4: Future Outlook - The issuance of the REIT is expected to enhance asset operation efficiency and capital operation levels, facilitating a strong capital momentum for the group's green and low-carbon transition [6]. - As the national green transition progresses, clean energy REITs are anticipated to play a crucial role in integrating production and finance, enabling the exploration of innovative development paths that combine finance, industry, and ecology [6].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][10]. Core Views - The completion of the preliminary design for China's first 1 million kilowatt fourth-generation commercial fast reactor marks a significant advancement in the country's nuclear energy strategy [2][16]. - The public utility sector saw a 7.64% increase in the total market value of fund holdings, reaching 63.28 billion yuan in Q2 2025, with a focus on hydropower companies [3][17]. - The report emphasizes the importance of coal and electricity prices moving in tandem, which is expected to sustain reasonable profitability for thermal power companies [4][25]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.69%, while the public utility index fell by 0.27% and the environmental index increased by 1.66% [1][15]. - Within the power sector, thermal power decreased by 0.29%, hydropower by 1.31%, while new energy generation rose by 1.24% [1][28]. Important Events - The preliminary design of the CFR1000 fast reactor has been completed, which is crucial for energy security and sustainable development in nuclear energy [2][16]. - In August 2025, the electricity trading price in Jiangsu was 393.8 yuan per megawatt-hour, with a total transaction volume of 12.353 billion kilowatt-hours [2][16]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [4][25]. - The report suggests focusing on high-dividend hydropower stocks like Yangtze Power for their defensive attributes [4][25]. Fund Holdings - In Q2 2025, the total market value of fund holdings in the public utility sector was 63.28 billion yuan, with a notable increase in hydropower and gas sectors, while thermal power saw a reduction [3][19]. - The environmental sector's fund holdings totaled 7.352 billion yuan, showing a slight decrease from the previous quarter [21][24]. Key Company Predictions and Ratings - Companies such as Huadian International, Longyuan Power, and China Nuclear Power are highlighted with an "Outperform" rating, indicating strong future performance expectations [10][25]. - The report identifies significant investment opportunities in the environmental sector, particularly in waste management and renewable energy technologies [26][24].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][10]. Core Views - The completion of the preliminary design for China's first 1 million kilowatt fourth-generation commercial fast reactor marks a significant advancement in the country's nuclear energy strategy [2][16]. - The public utility sector saw a 7.64% increase in the total market value of fund holdings, reaching 63.28 billion yuan in Q2 2025, with a focus on hydropower companies [3][17]. - The report emphasizes the importance of coal and electricity prices moving downward, which is expected to maintain reasonable profitability for thermal power companies [4][25]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.69%, while the public utility index fell by 0.27% and the environmental index increased by 1.66% [1][15]. - Within the power sector, thermal power decreased by 0.29%, hydropower by 1.31%, while new energy generation rose by 1.24% [1][28]. Important Events - The preliminary design of the CFR1000 fast reactor has been completed, which is crucial for energy security and sustainable development in China [2][16]. - In August 2025, the electricity trading price in Jiangsu was 393.8 yuan per megawatt-hour, with a total transaction volume of 12.353 billion kilowatt-hours [2][16]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [4][25]. - The report suggests focusing on water and waste incineration sectors, which are entering a mature phase, and highlights investment opportunities in companies like China Everbright Environment and Zhongshan Public Utilities [4][26]. Fund Holdings - In Q2 2025, the total market value of fund holdings in the public utility sector was 63.28 billion yuan, with a notable increase in hydropower and gas sectors, while thermal power saw a decrease [3][19]. - The environmental sector's fund holdings totaled 7.352 billion yuan, showing a slight decrease from the previous quarter [21][23]. Key Company Predictions and Ratings - Huadian International, Longyuan Power, and China Nuclear Power are among the recommended companies with an "Outperform" rating [10][25]. - The report highlights the strong growth potential in the domestic waste oil recycling industry, recommending companies like Shanggou Environmental [4][26].

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - The report highlights a recovery in electricity consumption in June, driven by the tertiary sector and residential usage, with a total electricity consumption of 8,670 billion kWh, representing a year-on-year growth of 5.4% [15][17]. - Natural gas consumption showed a slight increase in June, with a total apparent consumption of 35.05 billion m³, up 1.4% year-on-year, indicating a recovery in industry sentiment [21][48]. - The report emphasizes the ongoing optimization of energy structure in China, with significant contributions from renewable energy sources, particularly solar and nuclear power [2][8]. Summary by Sections 1. Electricity: June Consumption Growth Accelerates - In June, the industrial electricity generation reached 7,963 billion kWh, a year-on-year increase of 1.7% [7][9]. - The breakdown of electricity generation types shows a decline in hydropower by 4.0%, while nuclear power grew by 10.3%, and solar power surged by 18.3% [9][15]. - The report notes that the second industry contributed significantly to the electricity increment, accounting for 38% of the total increase [16][17]. 2. Natural Gas: Global Price Decline and June Consumption Growth - The report states that the apparent consumption of natural gas in June was 35.05 billion m³, marking a 1.4% increase year-on-year [21][48]. - The average price of LNG in Northeast Asia decreased to $11.90/mmBtu, reflecting a broader trend of declining global gas prices [22][41]. - The report anticipates that the long-term outlook for natural gas will improve due to rising LNG export capacities from the US and the Middle East [48]. 3. Weekly Market Review - The public utilities and environmental sectors underperformed compared to the CSI 300 index, while the electrical equipment sector outperformed [50]. 4. Company and Industry Dynamics - The report mentions the increase in installed capacity for solar and wind energy, with solar capacity growing by 54.2% year-on-year [53]. - It highlights the ongoing construction of large seawater desalination projects in coastal provinces to support high water-consuming industries [53]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utilities and environmental sectors, indicating potential investment opportunities [60].

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].

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) held a meeting in Lhasa to promote high-quality development in Tibet, resulting in 16 central enterprises signing 75 investment agreements totaling 317.54 billion yuan [1][2] - The signed projects focus on critical areas such as clean energy, green minerals, power communication, and infrastructure, which are expected to create over 11,400 new jobs upon completion [1][4] - SASAC reported that central enterprises have undertaken 10,101 projects in transportation, electricity, and communication in Tibet, with a total contract amount of 166.81 billion yuan [1][4] Group 2 - The meeting emphasized the importance of implementing Xi Jinping's directives on Tibet work and the new era's governance strategies, aiming to enhance stability, development, ecology, and border security [2][5] - The central enterprises are encouraged to strengthen organizational leadership and support for investment projects in Tibet, focusing on sustainable development and high-quality project implementation [6][7] - Various central enterprises, including China Datang and China Huadian, expressed their commitment to supporting Tibet's economic and social development through energy projects and community assistance [9][12] Group 3 - China Datang highlighted its role in developing clean energy in Tibet, including significant projects like the Zala million-kilowatt hydropower project and the world's highest-altitude wind power project [9][10] - China Huadian committed to ensuring energy security and ecological protection while actively participating in local economic development [12] - The National Energy Group emphasized its responsibility in developing key clean energy projects and supporting local economic growth [13][15] Group 4 - The meeting included a signing ceremony for key aid projects, with participation from major central enterprises like State Grid, China Datang, and China Huadian, showcasing their collaborative efforts in Tibet [8][19] - Companies like China Huadian and China Datang are focusing on enhancing their technological capabilities and infrastructure development in Tibet [10][12] - The meeting underscored the importance of integrating ethnic work with aid efforts to promote national unity and improve living standards in Tibet [8][19]