南方中证500ETF（510500）基金经理为罗文杰。 12月24日，京能电力涨4.48%，截至发稿，报5.36元/股，成交7.39亿元，换手率2.11%，总市值358.83亿 元。京能电力股价已经连续6天上涨，区间累计涨幅17.25%。 资料显示，北京京能电力股份有限公司位于北京市石景山区和平西路53号院中海时代广场B座，成立日 期2000年3月10日，上市日期2002年5月10日，公司主营业务涉及电力、热力产品的生产及销售。主营业 务收入构成为：售电业务89.74%，售热业务9.29%，其他(补充)0.50%，电力服务0.46%。 从京能电力十大流通股东角度 数据显示，南方基金旗下1只基金位居京能电力十大流通股东。南方中证500ETF（510500）三季度减持 61.07万股，持有股数2913.52万股，占流通股的比例为0.44%。根据测算，今日浮盈赚取约670.11万元。 连续6天上涨期间浮盈赚取2301.68万元。 南方中证500ETF（510500）成立日期2013年2月6日，最新规模1400.98亿。今年以来收益28.89%，同类 排名1688/4197；近一年收益26.83%，同类排名1768/ ...

证券之星消息，12月23日电力板块较上一交易日上涨0.07%，京能电力领涨。当日上证指数报收于 3919.98，上涨0.07%。深证成指报收于13368.99，上涨0.27%。电力板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日电力板块主力资金净流出4.87亿元，游资资金净流入1.52亿元，散户资金净流 入3.34亿元。电力板块个股资金流向见下表： ...

格隆汇12月16日｜根据上海证券交易所此前公告，上证50指数更换4只样本，其中，上汽集团、北方稀 土、华电新能、中科曙光调入上证50指数样本。上汽集团方面认为这一调整不仅印证了公司在市值规 模、市场流动性等核心指标上的实力，更标志着其全面深化改革与创新转型成效获得资本市场高度认 可。 ...

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]

Core Viewpoint - The adjustment of the SSE 50 Index reflects a shift between traditional and emerging industries, indicating changes in market liquidity rather than a direct correlation with the fundamental performance of the companies involved [1][5]. Group 1: Index Adjustment Details - The SSE 50 Index will see the removal of China Mobile, Poly Developments, China Aluminum, and CRRC, while SAIC Motor, Northern Rare Earth, Huadian New Energy, and Zhongke Shuguang will be added, effective December 12 [1]. - The index is based on the SSE 180 Index, selecting the top 50 securities with the largest market capitalization and liquidity, with adjustments occurring semi-annually [2]. Group 2: Performance of Removed Companies - China Mobile reported a net profit of 842 billion yuan in the first half of the year, a 5% increase year-on-year, but was removed due to low average daily trading volume [3]. - Poly Developments, despite being the highest market cap in the real estate sector with a market value of 760.12 billion yuan, was also removed for similar liquidity reasons, although it demonstrated strong sales recovery and cash flow capabilities [3]. - China Aluminum and CRRC's removal is attributed to decreased trading activity linked to macroeconomic cycles affecting their respective industries [4]. Group 3: Market Reactions and Future Outlook - Analysts view the index adjustment as a normal operation within the rules, emphasizing that it does not strongly correlate with the companies' fundamentals [5]. - Both China Mobile and Poly Developments remain industry leaders, with China Mobile having 980 million mobile users and a significant role in 5G infrastructure [5][6]. - Poly Developments is transitioning from merely selling properties to managing them, aligning with national economic goals, and continues to hold a substantial market share in the real estate sector [6]. - Historical data shows that companies removed from indices can still perform well based on their fundamentals, indicating that long-term value is determined by core business performance rather than index inclusion [7].

Investment Rating - The report maintains a "Buy" rating for the public utility sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The report highlights a significant decline in thermal coal prices, with specific price drops noted for various coal types at different ports. For instance, the price of 5500 kcal thermal coal at Qinhuangdao port decreased by 24 CNY/ton this week [2][10]. - The report also discusses the ongoing electricity market reforms, particularly in Guangdong, where the 2026 annual trading process has commenced, involving various trading methods [3][4]. - The renewable energy sector is expected to see valuation recovery due to new policies promoting green electricity consumption and accelerated subsidy distribution [4]. Summary by Sections Market Overview - The SW public utility sector saw a slight increase of 0.12% this week, ranking 17th among 31 SW sectors. In comparison, the CSI 300 index rose by 1.28% [26]. - Notable stock performances included Min Dong Power (+16.86%) and Zhong Min Energy (+12.62%), while Shanghai Electric saw a decline of -13.53% [32]. Coal and Electricity Pricing - Thermal coal prices have rapidly decreased, with specific reductions of 24 CNY/ton at Qinhuangdao, 20 CNY/ton at Fangchenggang, and 10 CNY/ton at Guangzhou [2][11]. - Average settlement prices for electricity in Guangdong increased to 354.64 CNY/MWh, reflecting a rise from the previous week [11]. Key Events - The report notes the release of competitive bidding results for renewable energy projects under the "136" document, with significant volumes and pricing established for solar and wind energy [3][9]. - The Guangdong Electricity Trading Center has initiated the 2026 annual trading process, which will occur in phases from December 5 to December 22 [3][4]. Sector Outlook - The renewable energy sector is anticipated to benefit from policy changes aimed at enhancing green electricity consumption, suggesting a potential for valuation recovery [4]. - The report recommends focusing on national thermal power operators like Huaneng International and Guodian Power, which are expected to maintain stable earnings despite market uncertainties [4].

Core Insights - The CSI 500 Quality Growth Index has shown a positive performance, with notable increases in stocks such as Jerry Holdings (10.00%) and Giant Star Technology (5.77) [1] - The Federal Reserve's interest rate decisions and the Central Economic Work Conference's directives are key variables affecting the market in December [1] - Artificial intelligence is identified as a crucial factor for China's economic development, presenting investment opportunities in infrastructure, AI applications, and edge devices [1] Group 1: Index Performance - As of December 3, 2025, the CSI 500 Quality Growth Index increased by 0.43%, with the CSI 500 Quality Growth ETF rising by 0.52% [1] - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 21.53% of the index [2] Group 2: Key Stocks - The top ten stocks by weight include Huagong Technology (3.37%), Kaiying Network (2.96%), and Dongwu Securities (2.46%) [3] - Jerry Holdings and Jinchengxin have shown significant increases in their stock prices, contributing to the overall index performance [1][3] Group 3: Investment Focus - The focus for investment should be on sectors such as traditional manufacturing and resource industries, as well as companies expanding overseas [1] - The CSI 500 Quality Growth ETF selects 100 companies with strong profitability, sustainable earnings, and robust cash flow from the CSI 500 Index [1]

Core Viewpoint - The power sector experienced significant stock price increases, with several companies reaching their daily limit up [1]. Group 1 - Companies such as Huitian Thermal Power, Zhongmin Energy, and Mindong Electric Power hit the daily limit up [1] - Other companies including Hengsheng Energy, Shenzhen Nanshan Electric Power, and Jingneng Power also saw their stock prices rise [1]

Core Points - Beijing Jingneng Power Co., Ltd. has announced a change in its signing registered accountants for the 2025 annual audit [1][2] - The company has appointed Li Yang and Gu Weitao as the new signing registered accountants due to the previous accountants' work changes [1][2] Group 1: Change of Signing Accountants - The company held meetings on April 24 and June 20, 2025, to approve the appointment of Crowe Horwath as the auditing firm for the 2025 fiscal year [1] - The original signing accountants, Dong Yangyang and Wang Shuai, will no longer serve due to their work changes [1] Group 2: Background of New Accountants - Li Yang, a project partner, has been a registered accountant since 2004 and has been with Crowe Horwath since 2018, signing two audit reports for listed companies in the past three years [2] - Gu Weitao became a registered accountant in 2008 and started working with Crowe Horwath in 2024, with no audit reports signed in the last three years [2] - Both accountants have not faced any criminal penalties or administrative sanctions in the past three years and comply with the independence requirements of the Code of Ethics for Chinese Certified Public Accountants [2]

Core Points - 京能电力 announced the appointment of new auditors for the 2025 annual audit due to the departure of the previous auditors [1] Group 1 - 京能电力 appointed Deloitte Touche Tohmatsu Certified Public Accountants LLP as the auditing firm for the 2025 fiscal year [1] - The original signing auditors, Dong Yangyang and Wang Shuai, will no longer serve due to job changes [1] - New signing auditors, Li Yang and Gu Weitao, have been appointed to continue the auditing work for the 2025 annual audit [1]