本周行情回顾：本周（7.28-8.1）上证指数报收 3559.95 点，下跌 0.94%，沪深 300 指数报收 4054.93 点，下跌 1.75%。中信电力及公用事业指数报收 2959.01 点，下跌 1.88%，跑输沪深 300 指数 0.13pct，位列 30 个中信一级板块涨跌幅榜 第 13 位。 个股方面，电力及公用事业板块上市公司超半数下跌。 本周行业观点： 证券研究报告 | 行业周报 gszqdatemark 2025 08 03 年 月 日 电力 广东上调火电容量电价，全国可再生能源电量占比已近 4 成 ➢ 广东上调煤电气电容量电价，建议关注有望业绩反转的广东运营商。近日， 广东省发展改革委、广东省能源局、国家能源南方监管局发布了《关于调整 我省煤电气电容量电价的通知》，提出提升广东省煤电、气电机组容量电价。 （1）煤电机组：容量电价调整为每年每千瓦 165 元（（含税），自 2026 年 1 月 1 日起执行。 （2）气电机组：①广东省使用澳大利亚进口合约天然气的配套气电机组： 容量电价调整为每年每千瓦 165 元；②9E 及以上的其他常规机组：调整为 每年每千瓦 264 元；③6F 及以 ...

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index at 3590.38 points, down 0.70%, while the total trading volume reached 1,525.045 billion yuan, indicating a mixed performance among stocks breaking through the annual line [1] Summary by Category Market Performance - The Shanghai Composite Index is currently at 3590.38 points, with a decline of 0.70% [1] - Total trading volume in the A-share market is 1,525.045 billion yuan [1] Stocks Breaking Through Annual Line - A total of 14 A-shares have surpassed the annual line today, with notable stocks including: - Jingjiawei (300474) with a deviation rate of 3.17%, closing at 80.46 yuan after a rise of 4.14% [1] - Zhuhai Zhongfu (000659) with a deviation rate of 3.15%, closing at 2.85 yuan after a rise of 3.64% [1] - Zhenjiang Co. (603507) with a deviation rate of 2.51%, closing at 24.54 yuan after a rise of 4.38% [1] Deviation Rates of Selected Stocks - Stocks with higher deviation rates include: - Jingjiawei (3.17%), Zhuhai Zhongfu (3.15%), and Zhenjiang Co. (2.51%) [1] - Stocks with lower deviation rates include: - Datang Telecom (600198) with a deviation rate of 0.07% and closing price of 8.52 yuan [1] - Zhongke Software (603927) with a deviation rate of 0.17% and closing price of 20.07 yuan [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].

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The report highlights a continued performance divergence within the power sector, with thermal power companies showing improved performance in regions like Beijing-Tianjin-Hebei, Guangdong, and Shanghai, while new energy companies exhibit significant individual performance differences [5][6] - Hydropower and nuclear power maintain stable performance, with hydropower's unique business model and resource scarcity being emphasized as key investment considerations [5] - The report suggests focusing on companies with resilient business models that can navigate annual cycles and have higher certainty with lower downside risks [5] Summary by Sections Performance Analysis - The report anticipates that thermal power companies will see improved performance in regions with smaller declines in electricity prices, particularly in Beijing-Tianjin-Hebei and Central China [5] - New energy performance is expected to vary significantly based on regional wind conditions, electricity price declines, and installed capacity growth [5] - Hydropower's pricing impact is expected to be controllable in the short term, with a focus on low-valuation and growth-oriented companies [5] Investment Recommendations - The report provides three stock selection strategies: prioritize resilient hydropower assets, continue to monitor low-valuation or growth-oriented wind power operators, and focus on quality thermal power assets and power equipment manufacturers [5] - Key recommended companies include: 1. Quality Hydropower: Chuan Investment Energy, Yangtze Power, Huaneng Hydropower, State Power Investment [5] 2. Hong Kong Wind Power: Longyuan Power (H), Datang New Energy, CGN New Energy, New天绿色能源 [5] 3. Quality Thermal Power: China Resources Power, Anhui Energy, Sheneng Co., Guangzhou Development [5] 4. Traditional Power Equipment Manufacturers: Dongfang Electric [5]

Group 1: Liquidity and Scale of Green Power ETF - The Green Power ETF had an intraday turnover of 3.03%, with a transaction volume of 9.51 million yuan. Over the past week, the average daily transaction volume reached 22.38 million yuan [2] - The Green Power ETF experienced a scale increase of 13.62 million yuan over the past week, ranking first among comparable funds. The number of shares increased by 8.40 million, also the highest among comparable funds [2] - In terms of net fund inflow, the Green Power ETF saw continuous inflows over three days, with a maximum single-day net inflow of 7.04 million yuan, totaling 9.82 million yuan [2] Group 2: Valuation and Index Composition - The latest price-to-earnings ratio (PE-TTM) of the index tracked by the Green Power ETF is 18.77 times, which is below the 81.36% historical level over the past three years, indicating a low valuation [2] - As of June 30, 2025, the top ten weighted stocks in the National Green Power Index include Changjiang Electric Power, Three Gorges Energy, China Nuclear Power, and others, collectively accounting for 56.91% of the index [2] Group 3: Market Dynamics and Policy Changes - The National Development and Reform Commission has released a plan for a normalized electricity trading mechanism across grid operation areas, aiming for optimized resource allocation during peak summer periods in 2025 [3] - The number of market participants in the national electricity market is projected to reach 816,000 in 2024, a year-on-year increase of 8.9%, with 35,000 power generation companies and 777,000 electricity users [3] - The release of three major factors—consumption, electricity prices, and subsidies—will likely lead to a reversal for green electricity operators, with market-driven pricing expected to guide renewable energy investments back to actual demand [3]

Group 1 - Toyota Motor Corporation and Sheneng Co., Ltd. have officially signed a strategic cooperation agreement [1] - The collaboration aims to explore the cascading utilization of Toyota's nickel-hydrogen batteries in energy storage scenarios [1] - The focus will be on developing the application value of these batteries in the field of power frequency regulation [1]

Core Viewpoint - On July 21, a total of 23 listed companies had their restricted shares unlocked, with a total market value of approximately 5.36 billion yuan [1] Summary by Category Restricted Share Unlocking - The specific details of the restricted share unlocking include: - Shandong High Energy (000803): 1.2772 million shares from equity incentive - Yueyang Xingchang (000819): 2.1525 million shares from equity incentive - Zhangyu A (000869): 2.0357 million shares from equity incentive - Sheneng Co., Ltd. (600642): 9.7161 million shares from equity incentive - Batian Co., Ltd. (002170): 1.2 million shares from equity incentive - Wanma Co., Ltd. (002276): 2.6112 million shares from equity incentive - Chuanfa Longmang (002312): 12.5 million shares from A-share issuance - Chengda Pharmaceutical (301201): 6.15594 million shares with extended lock-up period - Maoshuo Power (002660): 8.22983 million shares from A-share issuance - Laobaixing (603883): 193.6 thousand shares from equity incentive - Zhenbaodao (603567): 726.9 thousand shares from equity incentive - Lifang Pharmaceutical (003020): 234 thousand shares from equity incentive - Triangle Defense (300775): 110.4 thousand shares from equity incentive - Yidao Information (001314): 46.26 thousand shares from equity incentive - Honghe Technology (603256): 252.65 thousand shares from equity incentive - Guomao Co., Ltd. (603915): 165.8 thousand shares from equity incentive - Arrow Home (001322): 135.28 thousand shares from equity incentive - Hongying Intelligent (001266): 18 thousand shares from equity incentive - Kangpeng Technology (688602): 4.6189 million shares - Juyi Technology (688162): 108.1 thousand shares - Xidiwei (688173): 15.4 million shares - Aike Optoelectronics (688610): 68 thousand shares - Hangcai Co., Ltd. (688563): 180 thousand shares [1]

Core Viewpoint - The company announced the repurchase and cancellation of 15,300 restricted shares, which represents 0.00031% of the total share capital before the repurchase, due to the departure of an incentive object. The repurchase price has been adjusted to 1.68 yuan per share, and the total funds used for the repurchase will be approximately 25,704.00 yuan, sourced from the company's own funds [1][4]. Group 1: Repurchase Details - The repurchase involves 15,300 restricted shares that have been granted but not yet released from restrictions, affecting one incentive object [1]. - After the repurchase, the total share capital will decrease from 4,894,094,676 shares to 4,894,079,376 shares [2]. - The adjusted repurchase price is set at 1.68 yuan per share, down from the initial price of 2.89 yuan per share, due to a total dividend payout of 1.21 yuan per share [1][4]. Group 2: Financial Impact - The repurchase will not significantly impact the company's financial status or operational results, nor will it affect the management team's responsibilities [4]. - The repurchase process has been deemed legal and compliant with relevant regulations by the company's remuneration and assessment committee [4]. Group 3: Share Capital Structure - Post-repurchase, the structure of the company's share capital will be as follows: 15,038,870 shares with restricted conditions (0.31%) and 4,879,040,506 shares without restrictions (99.69%) [3]. - The total number of shares will remain at 100% with no change in the distribution of control among major shareholders [3].

Group 1 - The board of directors of Sheneng Co., Ltd. held its 14th meeting of the 11th session on July 2025, with all 11 directors participating in the vote [1] - The meeting unanimously approved the appointment of Chen Tao as a member of the board's strategic committee, with the new committee members being Hua Shichao (Chairman), Liu Wei, Chen Tao, Shao Jun, and Qin Haiyan [1] - Liu Wei was also unanimously approved as a member of the board's audit committee, with the committee now consisting of Huang Jun (Chairman), Liu Wei, and Yu Weifeng [1] - Chen Yunbo was appointed to the board's remuneration and assessment committee, replacing Liu Xianjun, with the committee now including Wu Baijun (Chairman), Chen Yunbo, and Yu Weifeng [1] - Chen Haoying was appointed as the company's vice president, with his qualifications previously approved by the independent directors [1][2] Group 2 - The board approved a proposal to repurchase and cancel part of the restricted stock and adjust the repurchase price of the restricted stock, which had been reviewed by the remuneration and assessment committee [2]

证券代码：600642 证券简称：申能股份 公告编号：2025-029 一、通知债权人的原因 申能股份有限公司 关于回购注销部分限制性股票减资暨通知债权人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 申能股份有限公司（以下简称"公司"）于2025年7月18日召开第十一届董事会第 十四次会议，审议通过了《关于回购注销部分限制性股票及调整限制性股票回购价格的 议案》，鉴于《申能股份有限公司A股限制性股票激励计划（草案）》（以下简称"激 励计划"）首次授予的1名激励对象在激励计划有效期内离职，根据激励计划的相关规定， 公司拟以1.68元/股的价格回购注销其已获授但尚未解除限售的限制性股票共计15,300股， 具体内容详见公司于2025年7月19日在上海证券交易所网站（www.sse.com.cn）披露的 相关公告文件。 本次回购注销完成后，公司总股本将由4,894,094,676股减少至4,894,079,376股，公 司注册资本将由4,894,094,676元减少至4,894,079,376元。 二、需债权人知晓的相关信 ...