截至2025年7月22日 13:18，国证绿色电力指数上涨0.84%，成分股大唐发电上涨9.89%，南网储能上涨3.28%，节能风电上涨2.62%，国投电力上涨2.57%，华 能水电上涨2.20%。绿色电力ETF(159625)上涨0.68%， 冲击4连涨。 流动性方面，绿色电力ETF盘中换手3.03%，成交951.28万元。拉长时间看，截至7月21日，绿色电力ETF近1周日均成交2238.34万元。 规模方面，绿色电力ETF近1周规模增长1361.77万元，实现显著增长，新增规模位居可比基金第一。份额方面，绿色电力ETF近1周份额增长840.00万份，新 增份额位居可比基金第一。 场外投资者可通过对应的绿色电力ETF联接基金（017057）把握投资机会。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 从估值层面来看，绿色电力ETF跟踪的国证绿色电力指数最新市盈率（PE-TTM）仅18.77倍，处于近3年18.64%的分位，即估值低于近3年81.36%以上的时 间，处于历史低位。 数据显示，截至2025年6月30日，国证绿色电力指数前十大权重股分别为长江电力、三峡能源、中国核电、国投 ...

行 业 及 产 业 公用事业 2025 年 07 月 21 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 雅江水电正式开工 欧亚气价回落 看好 ——申万公用环保周报(25/07/14~25/07/18) 本期投资提示： 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 研究支持 朱赫 A0230524070002 zhuhe@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 电力：雅鲁藏布江下游水电站开工，水电设备双寡头有望直接受益。7 月 19 日国资委发布公告， 经国务院批准，组建中国雅江集团有限公司。同日，雅鲁藏布江下游水电工程 ...

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 07 月 20 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 邱达治 SAC：S1350525050001 qiudazhi@huayuanstock.com 板块表现： 重视港股电力设备核心资产 6 月能源数据分析 风电设备：（1）风机快速大型化导致新产品的推出周期大幅变短，而大型电力设备的新产品利润率此时 通常会走低（前期更注重份额且成本不易控制）；（2）整机环节集中度持续走高且无新竞争者进入足以 证明风电整机壁垒够高。当前风机大型化速度显著放缓，因此我们看好风电整机利润改善。 投资分析意见：重视港股电力设备核心资产投资机会，煤电核准强度超出预期，抽蓄建设维持高位，风 电需求稳 ...

股票代码：600674 股票简称：川投能源 公告编号：2025-040 号 四川川投能源股份有限公司 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 股东四川能源发展集团有限责任公司及其一致行动人保证向本 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 50.07% 权益变动后合计比例 51.00% 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 ? 合并口径第一大股东及其一致行动人 人的身份 （仅适用于无控股股东、实际控制人） ?其他__________ 信息披露义务人名 投资者身份 统一社会信用代码 称 ? 控股股东 ?控股股东的一致 四 川 能源 发展 集 团 ?91510100MAEBRC2R6L 行动人 有限责任公司 ?不适用 ...

股票代码：600674 股票简称：川投能源 公告编号：2025-040 号 四川川投能源股份有限公司 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 股东四川能源发展集团有限责任公司及其一致行动人保证向本 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。 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 | |  控股股东/实际控制人及其一致行动人 | | --- | --- | | 投资者及其一致行动 | 其他 5%以上大股东及其一致行动人 | | | 合并口径第一大股东及其一致行动人 | | 人的身份 | （仅适用于无控股股东、实际控制人） | | | 其他__________ | 2.信息披露义务人信息 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 50.07% 权益变动后合计比例 51.00% 本次变动是否违反已作出的承 诺、意向、计划 是 否 是否触发强制要约收购义务 是 否 二、权益变动触及1%刻度的基本情况 公司控股股东四川能源发展集团有限责任公司（ ...

从中证公用事业指数持仓样本的行业来看，公用事业占比100.00%。 从指数持仓来看，中证公用事业指数十大权重分别为：长江电力（15.15%）、中国核电（10.46%）、 三峡能源（8.35%）、国电电力（5.66%）、国投电力（4.81%）、川投能源（4.29%）、永泰能源 （4.2%）、华能国际（4.15%）、中国广核（3.92%）、浙能电力（2.8%）。 从中证公用事业指数持仓的市场板块来看，上海证券交易所占比83.15%、深圳证券交易所占比 16.85%。 金融界7月17日消息，上证指数低开高走，中证公用事业指数 (800公用，000937)下跌0.26%，报2486.53 点，成交额94.21亿元。 数据统计显示，中证公用事业指数近一个月下跌1.23%，近三个月上涨0.59%，年至今下跌3.17%。 据了解，为反映中证800指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将中证800 指数样本按中证行业分类分为11个一级行业与35个二级行业，再以进入各一、二级行业的全部证券作为 样本编制指数，形成中证800行业指数。该指数以2004年12月31日为基日，以1000.0点为基点。 资料显示， ...

Investment Rating - The report maintains a "Positive" outlook on the public utility sector, indicating an expectation for the industry to outperform the overall market [2]. Core Insights - The report highlights significant improvements in coal-fired power profitability due to a notable decrease in coal prices, with a 25.5% year-on-year drop in the average spot price of 5500 kcal thermal coal [2]. - Hydropower performance varies across regions, with major hydropower companies in Sichuan and Yunnan showing increased generation hours, leading to a strong performance in the first half of 2025 [2]. - Nuclear power generation is expected to grow steadily with the expansion of new units and ongoing approvals for additional reactors, ensuring long-term growth potential [2]. - Natural gas consumption faced short-term pressure but is anticipated to recover in the medium to long term as costs decrease and residential gas prices adjust [2]. Summary by Sections Coal Power - In Q2 2025, the average utilization hours for coal-fired power plants decreased by 118 hours year-on-year, but profitability is expected to improve due to lower coal prices [2]. - Companies like Jingneng Power and Jiantou Energy reported over 100% growth in net profit for the first half of 2025 [2]. Hydropower - National hydropower utilization hours reached 1023 hours from January to May 2025, a decrease of 70 hours year-on-year, but major hydropower companies reported significant increases in generation [2]. - Companies such as China Yangtze Power and Huaneng Hydropower saw their hydropower generation increase by 5.01% and 10.93% respectively in the first half of 2025 [2]. Nuclear Power - Nuclear power generation for China Nuclear Power and China General Nuclear Power increased by 12.01% and 6.11% respectively in the first half of 2025 [2]. - The approval of new nuclear units is expected to support future growth, with 10 new units approved in April 2025 [2]. Natural Gas - Natural gas consumption in China decreased by 1.3% year-on-year in the first five months of 2025, but there is an upward trend in terminal consumption [2]. - The report anticipates a recovery in natural gas prices due to increased LNG exports from major producing regions [2]. Performance Forecast - The report forecasts significant profit growth for key companies in the public utility sector for the first half of 2025, with various companies expected to see net profit growth rates ranging from 0% to over 100% [2][3]. - Recommendations include focusing on companies with strong growth potential in hydropower, nuclear power, and natural gas sectors [2].

Group 1 - The A-share market indices closed mixed, with the Shanghai 180 risk-weighted index at 5107.99 points, showing a 2.82% increase over the past month, a 6.34% increase over the past three months, and a 2.48% increase year-to-date [1] - The Shanghai 180 risk-weighted index and the Shanghai 380 risk-weighted index are designed to equalize the risk contribution of each sample, allowing for risk diversification and a higher Sharpe ratio compared to market capitalization-weighted indices [1] - The index is based on a reference date of December 31, 2004, with a base point of 1000.0 [1] Group 2 - The top ten holdings in the Shanghai 180 risk-weighted index include: Yangtze Power (1.85%), China Construction Bank (1.77%), Agricultural Bank of China (1.62%), Industrial and Commercial Bank of China (1.54%), Bank of China (1.34%), Sichuan Investment Energy (1.27%), Guotou Power (1.17%), Shandong High-Speed (1.12%), China Mobile (1.05%), and Ninghu Expressway (1.04%) [1] - The index's holdings are entirely composed of stocks listed on the Shanghai Stock Exchange, with a 100% allocation [1] Group 3 - In terms of industry allocation, the financial sector accounts for 27.44%, industrial sector for 23.49%, utilities for 10.34%, materials for 9.22%, information technology for 8.17%, consumer discretionary for 5.83%, energy for 5.07%, healthcare for 4.28%, consumer staples for 3.22%, communication services for 2.55%, and real estate for 0.39% [2] - The index samples are adjusted quarterly, with adjustments occurring on the next trading day following the second Friday of March, June, September, and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

证券研究报告|行业周报 2025 年 07 月 14 日 电力及公用事业 行业周报（7.7-7.13）：可再生能源电力消纳责任权重发布，浙江、 海南出台 136 号文承接方案 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2025E | 2026E | 2025E | 2026E | | 001289.SZ | 龙源电力 | 增持 | 0.79 | 0.9 | 21.06 | 18.49 | | 600674.SH | 川投能源 | 增持 | 1.05 | 1.13 | 15.35 | 14.27 | | 600795.SH | 国电电力 | 买入 | 0.42 | 0.49 | 11.26 | 9.65 | 资料来源：公司财报，长城证券产业金融研究院 板块市场表现： （1）行业估值：本周（2025.7.11）申万公用事业行业指数 PE（TTM） 为 17.43 倍，上周为 17.38 倍，2024 年同期为 18.94 倍；本周（2025.7.11） 申万公用事 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Viewpoints - The issuance of renewable energy power consumption responsibility weights for 2025 mandates green electricity consumption in five major industries, which is expected to alleviate renewable energy consumption issues [3][11] - The assessment scope has expanded to include steel, cement, polysilicon, and data centers, enhancing the focus on energy-intensive industries [3][12] - The provincial assessment targets for renewable energy consumption responsibility weights will range from 24.2% to 70% in 2025, with 19 provinces aiming for over 30% [3][15] Summary by Sections Industry Trends - The electricity and public utilities index rose by 1.60% during the week, outperforming the CSI 300 index by 0.78 percentage points [5][55] - The report highlights that over half of the listed companies in the electricity and public utilities sector experienced stock price increases [55] Key Industry Insights - The coal price has rebounded to 627 CNY/ton [13] - The inflow and outflow of water at the Three Gorges Dam decreased by 17.86% and 24.19% year-on-year, respectively [31] - The price of silicon materials remained stable, while mainstream silicon wafer prices decreased slightly [39] Investment Recommendations - Focus on the electricity sector due to the high temperatures across the country and the upcoming performance period [3] - Recommended stocks include Huaneng International, Jiantou Energy, Huadian International, and Qingda Environmental Protection, which are expected to have resilient quarterly earnings [3] - Emphasis on undervalued green electricity operators, particularly in Hong Kong and wind power sectors, such as Xintian Green Energy and Longyuan Power [3][8]