Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power, Huaneng International, and Kunlun Energy, among others [49][51]. Core Insights - The adjustment of capacity prices for coal and gas power plants in Guangdong is expected to improve profitability for gas power plants significantly, with capacity prices increasing by 65% to 296% depending on the type of gas plant [4][10]. - The rapid development of renewable energy installations in Guangdong has increased the reliance on coal power for flexible peak regulation, with renewable energy capacity reaching 59.13 million kW by the end of 2024, accounting for 26.6% of the total installed capacity [9][10]. - The report highlights the geopolitical factors affecting natural gas prices, with European gas prices experiencing a slight increase due to renewed geopolitical tensions, while U.S. gas prices remain stable [13][20]. Summary by Sections 1. Power Sector - Guangdong has raised the capacity price for coal power plants to 165 RMB per kW per year starting January 1, 2026, and for gas power plants, prices will range from 165 to 396 RMB per kW per year starting August 1, 2025 [8][10]. - The increase in capacity prices is expected to provide annual revenue boosts of 1.72 billion RMB for Guangdong Power A and 350 million RMB for Guangzhou Development [11]. 2. Gas Sector - As of August 1, 2025, the Henry Hub spot price is $3.00/mmBtu, while the TTF spot price in Europe is €32.95/MWh, reflecting a week-on-week increase of 2.74% [13][14]. - The report notes that the domestic LNG price is 4388 RMB per ton, showing a week-on-week decrease of 1.06% [32]. 3. Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, power, and environmental sectors lagged behind [39]. 4. Company and Industry Dynamics - The National Energy Administration has released guidelines to enhance the management of natural gas pipeline transportation prices, promoting transparency and optimizing resource allocation [37]. - The report discusses the performance of key companies, including Huaneng International and Inner Mongolia Huadian, with varying revenue and profit trends [44].

Group 1 - The Shanghai Composite Index closed at 3567.02 points, above the annual line, with a change of 0.20% [1] - The total trading volume of A-shares reached 932.32 billion yuan [1] - A total of 19 A-shares have surpassed the annual line today, with notable stocks including CITIC Hanzhi, Shanghai Jianke, and ST Lifang, showing significant deviation rates of 4.72%, 2.04%, and 1.68% respectively [1] Group 2 - The stocks with the highest deviation rates from the annual line include: - CITIC Hanzhi (6.26% increase, 7.31% turnover rate, latest price 23.41 yuan, deviation rate 4.72%) - Shanghai Jianke (2.61% increase, 3.48% turnover rate, latest price 18.06 yuan, deviation rate 2.04%) - ST Lifang (3.86% increase, 5.71% turnover rate, latest price 5.92 yuan, deviation rate 1.68%) [1] - Other stocks with smaller deviation rates that have just crossed the annual line include: - Guangdong Hai Feed, Longtou Shares, and Aibulu [1]

Investment Rating - The report maintains a "Positive" investment rating for the green electricity industry [8] Core Insights - The price of green certificates has shown a significant recovery, with the trading price for 2025 electricity corresponding to green certificates reaching 6.48 yuan per certificate, a month-on-month increase of 31.99% [2][11] - The issuance of green certificates remains high, with 278 million certificates issued in June, a month-on-month increase of 29.33%, indicating a strong supply [6] - The demand for green electricity is expected to increase due to mandatory assessments for high-energy-consuming industries, which will further support the price recovery of green certificates [2][11] Summary by Sections Green Certificate Issuance and Trading - In June, 278 million green certificates were issued, with 196 million being tradable, accounting for 70.64% of the total [6] - The total number of tradable green certificates issued from January to June 2025 reached 958 million [6] - The average trading price of green certificates in June was 3.40 yuan per certificate, reflecting a month-on-month increase of 24.77% [11] Market Dynamics - The report highlights a potential imbalance in supply and demand for green certificates, with expectations of a decrease in supply due to policy changes [2][11] - The green electricity industry is under long-term pressure from market pricing, but the recovery in green certificate prices is seen as a key catalyst for restoring the narrative of public utilities and growth [2][11] Investment Recommendations - The report suggests focusing on quality transformation power operators such as Huaneng International, Huadian International, and China Power, as well as large hydropower companies like Yangtze Power and Guotou Power [11][15][17] - It also recommends investing in renewable energy companies like Longyuan Power and China Nuclear Power, which are expected to benefit from policy changes and market dynamics [11][17][18]

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].

Investment Rating - The report maintains an "Overweight" rating for the power and utilities sector, indicating a positive outlook for the industry [1][9]. Core Views - The report highlights the establishment of the China Fusion Energy Company and the launch of the world's largest single green ammonia project in Jilin, showcasing significant advancements in the energy sector [3][40]. - The report notes that the cumulative installed power generation capacity in China reached 3.65 billion kilowatts in the first half of 2025, reflecting a year-on-year growth of 18.7% [35]. - The report emphasizes the importance of coal prices in maintaining profitability for thermal power companies, with a stable trend expected in coal prices [9]. Market Performance - The report states that the Shenwan Utilities Index decreased by 0.27% during the week of July 21-27, underperforming compared to the Shanghai Composite Index by 1.94 percentage points [2][15]. - The report provides detailed performance metrics for various segments within the utilities sector, including thermal power, hydropower, and renewable energy sources [15][21]. Industry Dynamics - The report discusses the implementation of the "136 Document" in Liaoning, which sets a mechanism price of 0.3749 yuan/kWh for existing projects and a bidding range of 0.18 to 0.33 yuan/kWh for new projects [36][37]. - The establishment of the China Fusion Energy Company is noted as a significant development, with a total investment of nearly 11.5 billion yuan from various state-owned enterprises [38][39]. Key Data Tracking - The report tracks coal prices, indicating that the price of Shanxi mixed coal (5500) was 645 yuan/ton as of July 25, 2025, with a week-on-week increase of 1.74% [44]. - The report also provides data on green certificate transactions, with a total of 31.05 and 15.68 million certificates traded for wind and solar power, respectively, during the week of July 21-27 [47].

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].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expectations for the industry to perform better than the market in the next six months [4][63]. Core Insights - The national electricity consumption in June 2025 increased by 5.4% year-on-year, with total consumption reaching 867 billion kilowatt-hours [3][36]. - The Yarlung Tsangpo River downstream hydropower project has commenced, with a total investment of approximately 1.2 trillion yuan [3][37]. - The national power load reached a historical high of 1.5 billion kilowatts on July 16, 2025, marking a significant increase compared to previous records [3][38]. Market Performance - The Shenwan Public Utilities Index fell by 1.37% during the week of July 14-20, 2025, underperforming compared to the Shanghai Composite Index by 2.06 percentage points [2][12]. - The industry valuation as of July 18, 2025, shows a Price-to-Earnings (PE) ratio of 17.2, down from 17.43 the previous week, and a Price-to-Book (PB) ratio of 1.73, down from 1.75 [1][23][26]. Stock Performance - Top-performing stocks for the week included Mindong Electric (+6.75%), Jiufeng Energy (+5.52%), and Langfang Development (+4.79%) [2][29]. - Underperforming stocks included Wanqing Energy (-9.25%), Shaoneng Shares (-7.04%), and Huayin Electric (-6.53%) [2][29]. Industry Dynamics - The report highlights the ongoing trend of stable coal prices, with the Qinhuangdao Shanxi mixed coal price at 634 yuan per ton, reflecting a week-on-week increase of 1.6% [3][42]. - The report also notes the significant trading volumes in green certificates, with a total of 17.42 thousand wind power and 6.43 thousand photovoltaic power certificates traded from July 14 to July 20, 2025 [3][45]. Recommendations - For thermal power, the report suggests a long-term view on demand-side supply and peak regulation, with expectations for stable profit margins [7]. - For hydropower, it recommends positioning in relatively undervalued leading stocks during times of reduced risk appetite [8]. - In the green energy sector, the report advises focusing on leading companies and regions with declining electricity prices [8].

Group 1 - Airo Energy (688717.SH) plans to reduce its shareholding by up to 0.78% of the total share capital within three months after 15 trading days due to personal funding needs [1] - Aopu Optoelectronics (002338.SZ) intends to reduce its shareholding by up to 240,000 shares, representing 1% of the total share capital, within 90 days after 15 trading days [1] - Placo New Materials (300811.SZ) completed a reduction of 1.01% of its shares, while shareholder Mei Jianjun reduced 8,134 shares, accounting for 0.0476% of the total share capital [1] Group 2 - Boqian New Materials (605376.SH) plans to reduce its shareholding by up to 261,600 shares, which is 1% of the total share capital, through block trading within three months after 15 trading days [1] - Boying Special Welding (301468.SZ) completed a reduction of 3.99% of its shares, totaling 394,480 shares [1] - Surveying and Mapping Co., Ltd. (300826.SZ) plans to reduce its shareholding by up to 50,000 shares, accounting for 0.03% of the total share capital, within three months after 15 trading days [1] Group 3 - Deyi Cultural Creation (300640.SZ) plans to reduce its shareholding by up to 300,000 shares, which is 0.0965% of the total share capital, within three months after 15 trading days [3] - Dingsheng New Materials (603876.SH) intends to reduce its shareholding by up to 3% of the total share capital through various trading methods within three months after 15 trading days [3] - Pan-Asia Micro透 (688386.SH) terminated its reduction plan early, having reduced 2.38% of its shares, bringing its holding to 4.95% [3] Group 4 - Guangpu Co., Ltd. (300632.SZ) plans to reduce its shareholding by up to 8,474,900 shares, which is 3% of the total share capital, within three months after 15 trading days [3] - Guorui Technology (300600.SZ) has reduced its shareholding by 7,297,300 shares, accounting for 2.48% of the total share capital, bringing its holding to 19.97% [3] - Hengtong Co., Ltd. (603223.SH) plans to reduce its shareholding by up to 21,425,600 shares, which is 3% of the total share capital, within three months after 15 trading days [4] Group 5 - Hongbao Li (002165.SZ) plans to reduce its shareholding by up to 14,705,400 shares, representing 2% of the total share capital, within three months after 15 trading days [4] - Hongquan IoT (688288.SH) reduced its shareholding by 869,977 shares, accounting for 0.86% of the total share capital, bringing its holding to 12.80% [4] - Huace Film and Television (300133.SZ) reduced its shareholding by 2.6 million shares, which is 0.14% of the total share capital, bringing its holding to 18.19% [4] Group 6 - Huada Jiutian (301269.SZ) plans to reduce its shareholding by up to 8,144,100 shares, which is 1.5% of the total share capital, within three months after 15 trading days [5] - Huqi Environmental Protection (300929.SZ) plans to reduce its shareholding by up to 1,312,500 shares and 8,800 shares by its concerted actors [5] - Huazheng New Materials (603186.SZ) plans to reduce its shareholding by up to 114,600 shares and 10,300 shares by its management [5] Group 7 - Jinan Technology (300412.SZ) plans to reduce its shareholding by up to 14,932,700 shares and 1,683,000 shares by its board member [5] - Jinma Amusement (300756.SZ) plans to reduce its shareholding by up to 4,712,000 shares, 2,017,000 shares, 508,200 shares, and 372,800 shares by its shareholders [6] - Longxin Zhongke (688047.SH) completed its reduction plan, with shareholders reducing a total of 588,000 shares [6] Group 8 - Limin Co., Ltd. (002734.SZ) completed its reduction plan, with a total reduction of 1.5 million shares, accounting for 0.3434% of the total share capital [7] - Longhua New Materials (301149.SZ) completed its reduction plan, with a total reduction of 986,600 shares, accounting for 0.2294% of the total share capital [7] - Lvtong Technology (301322.SZ) plans to reduce its shareholding by up to 4,829,300 shares, which is 3.39% of the total share capital, within three months after 15 trading days [7] Group 9 - Meidixi (688202.SH) plans to reduce its shareholding by up to 2 million shares, which is 1.49% of the total share capital, within three months after 15 trading days [8] - Nanjing Julong (300644.SZ) completed its reduction plan, with shareholders reducing a total of 62,300 shares [8] - Run Du Co., Ltd. (002923.SZ) plans to reduce its shareholding by up to 10,046,800 shares, which is 3% of the total share capital, within three months after 15 trading days [8]

证券代码：600163 证券简称：中闽能源 公告编号：2025-026 中闽能源股份有限公司 关于控股股东及其一致行动人权益变动触及 1%刻度 的提示性公告 控股股东的一致行动人福建华兴新兴创业投资有限公司保证向本公司 提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 重要内容提示： 权益变动方向 比例增加□ 比例减少? 权益变动前合计比例 66.25% 权益变动后合计比例 65.97% 本次变动是否违反已作出的承 是□ 否? 诺、意向、计划 是否触发强制要约收购义务 是□ 否? 一、 信息披露义务人及其一致行动人的基本信息 ?控股股东/实际控制人及其一致行动人 □其他 5%以上大股东及其一致行动人 投资者及其一致行动人的身份 □合并口径第一大股东及其一致行动人（仅适 用于无控股股东、实际控制人） □其他______________（请注明） 信息披露义务人名称 投资者身份 统一社会信用代码 □ 控股股东/实控人 福建华兴新兴创业投 ? 控股股东/实控人的一致 ? 913500000641347881 资有限公司 行动人 □ ...