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].

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].

Core Points - The Shanghai Composite Index decreased by 0.37%, while the Shanghai 180 Public Utilities Index increased by 0.06%, closing at 2196.95 points with a trading volume of 6.137 billion [1] - The Shanghai 180 Public Utilities Index has seen a decline of 4.87% over the past month, 3.01% over the past three months, and 5.63% year-to-date [1] - The Shanghai 180 Industry Index Series is categorized based on the CSI industry classification standard, reflecting the overall performance of different industry securities within the Shanghai 180 Index sample [1] Index Holdings - The top ten weights in the Shanghai 180 Public Utilities Index are as follows: - Changjiang Electric Power (48.84%) - China Nuclear Power (10.75%) - Three Gorges Energy (8.8%) - Guodian Power (5.79%) - State Power Investment (5.34%) - Huaneng International (4.57%) - Chuanwei Energy (4.32%) - Zhejiang Energy (2.98%) - Huadian International (2.78%) - Xin'ao Co. (2.46%) [1] - The market segment of the Shanghai 180 Public Utilities Index is entirely composed of the Shanghai Stock Exchange, with a 100% share [2]

7月29日，成都市2025年省级电网侧新型储能项目建设启动会暨储能推广应用供需对接活动在成都市新 津区举办。活动现场发布《成都市新型储能+分布式光伏推广应用供需对接机会清单》（以下简称《机 会清单》），涵盖储能电池、电芯、系统、综合能源解决方案以及"储能系统一揽子保险"等产品服务， 20余家代表企业现场设展，开展供需对接，有效聚合链接技术、资本、场景资源，为供需双方交流合作 搭建了高效务实的对接平台。 努曼陀罗商业战略咨询创始人霍虹屹对《证券日报》记者表示："成都此次举办的储能推广应用供需对 接活动，是一次典型的政府在新兴赛道中主动作为的体现。当前，新型储能正处于由政策驱动向市场驱 动过渡的关键阶段，而供需两侧往往信息不对称、节奏不匹配，此时政府搭平台、聚资源、引导合作， 正好打通产业链上下游的'毛细血管'。" 近年来，成都通过统筹规划布局，落实政策措施，促进供需协同，有力推动新型储能技术产品落地转 化。截至6月末，成都全市已投运新型储能项目装机规模超42万千瓦，在建储能项目装机规模22.8万千 瓦，19个项目被纳入省级电网侧新型储能项目清单。 江瀚表示，四川拥有丰富的水电资源，这为储能技术的应用提供了得天独 ...

Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Power Index reported at 2665.82 points, with a decline of 1.66% over the past month, 0.39% over the past three months, and 3.40% year-to-date [1] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing analytical tools for investors [1] - The CSI 300 Power Index's top ten holdings include: Changjiang Electric Power (48.42%), China Nuclear Power (10.51%), Three Gorges Energy (8.64%), Guodian Power (5.78%), State Power Investment (5.27%), Huaneng International (4.62%), Chuanwei Energy (4.29%), China General Nuclear Power (4.1%), Zhejiang Energy (2.91%), and Huadian International (2.77%) [1] Group 2 - The industry composition of the CSI 300 Power Index shows that hydropower accounts for 60.31%, thermal power for 16.08%, nuclear power for 14.61%, and wind power for 9.00% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In the event of special occurrences affecting a sample company's industry classification, the CSI 300 Industry Index samples will be adjusted accordingly [2]

A股电力概念短线异动，华能国际涨停，国电电力、龙源电力、上海电力、川投能源、*ST宝实、国投 电力等跟涨。 ...

众和昆仑（北京）资产管理有限公司董事长柏文喜对《证券日报》记者表示："随着水电装机规模的增 加，水电站之间的协同调节作用增强，将促进公司发电量增加，增厚发电收入。" 同时，水电行业多个定增、资产重组项目也正在进行中，水电装机容量未来仍有较大提升空间。据业内 人士分析，水电公司不只瞄准装机容量的提升，还计划与新能源结合打造低碳综合能源服务体系。 发电量及收入有望齐增 近日，多家上市公司公布上半年发电量情况。 华能澜沧江水电股份有限公司（以下简称"华能水电"）、国家能源投资集团有限责任公司、国投电力控 股股份有限公司（以下简称"国投电力"）等公司正在紧锣密鼓地推进水电项目建设。今年下半年，多个 大型水电工程有望进入投产高峰期。 此外，7月23日，国投电力与印尼国家电力公司合作投资的51万千瓦印尼巴塘水电站大坝金属结构安装 主体工程圆满完成，计划在今年年底建成投产。四川川投能源股份有限公司（以下简称"川投能源"）旗 下39万千瓦金沙江中游银江水电站，同样计划于今年投产。 定增重组专业化整合加速 当前，多家上市公司通过定增方式积极布局水电产业，旨在增强能源供给稳定性、抢占发展先机。 3月4日，国投电力向特定对象发行A ...

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].

略重组的进展公告》（公告编号：2024-082 号、2025-003 号、 2025-008 号），公告了关于公司的控股股东川投集团与四川省能 源投资集团有限责任公司实施新设合并设立四川能源发展集团事宜 （以下简称"本次合并"）。 四川川投能源股份有限公司 关于公司控股股东权益变动的进展公告 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 承担个别及连带责任。 重要内容提示： 本次控股股东权益变动系四川能源发展集团有限责任公司 （以下简称"四川能源发展集团")承继四川省投资集团有限责任 公司（以下简称"川投集团"）直接及间接持有的四川川投能源 股份有限公司（以下简称"公司"）股份从而成为公司控股股东， 公司实际控制人仍为四川省政府国有资产监督管理委员会（以下 简称"四川省国资委"）。 一、本次控股股东权益变动的基本情况 公司于 2024 年 11 月 30 日发布了《四川川投能源股份有限公 司关于控股股东四川省投资集团有限责任公司与四川省能源投资集 团有限责任公司筹划战略重组的提示性公告》（公告编号：2024- 076 号），并分别于 20 ...

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].