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].

Group 1 - The collaboration focuses on developing new electrochemical energy storage and virtual power plant projects in Sichuan, enhancing energy supply stability and reducing electricity costs for the Chengdu High-tech Zone's zero-carbon park initiative [3][4] - The project aims to support Sichuan's goal of reaching 5 million kilowatts of new energy storage capacity by 2027, serving as a benchmark for large-scale energy storage development in the region [4] - Chengdu High-tech Zone has established a "4+1" new energy and materials industry framework, including digital energy and new energy storage, with ongoing projects like the Huawei Clean Energy Innovation Center [5] Group 2 - The partnership integrates capital operation capabilities, technological advantages, and localized service resources to create a comprehensive "technology + capital + scenario" empowerment model [4] - The project will act as a flexible and adjustable resource for the Chengdu virtual power plant, addressing peak electricity demand and contributing to grid stability [4] - Chengdu High-tech Zone aims to build a replicable digital energy application model, enhancing the attraction of upstream and downstream enterprises to the region [5]

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]

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].

Core Viewpoint - The commencement of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly reshape China's energy landscape, positively impacting the hydropower sector in the A-share market [1] ESG Reporting and Ratings - Among the 10 listed companies in the A-share hydropower industry, 7 have disclosed their 2024 ESG reports, resulting in a disclosure rate of 70% [1][2] - 9 out of 10 companies in the hydropower sector have received an A rating (including A and A+), while only 1 company is rated C [2] - Only 3 companies have disclosed Scope 1 and Scope 2 carbon emissions data, with no companies reporting Scope 3 emissions [2][4] Environmental and Social Dimensions - The protection of biodiversity is crucial for sustainable operations in hydropower projects, as highlighted by Guotou Power, which emphasizes ecological restoration and monitoring [5] - Jiangsu Power focuses on community relations and resettlement management to minimize the impact on local residents, ensuring long-term harmony [5] - The assessment of both environmental and social impacts is essential for determining the "green" status of hydropower projects, as improper management can lead to new environmental and social liabilities [6] International Expansion and Compliance - Leading hydropower companies are exploring overseas projects, such as Yangtze Power's clean energy initiatives in Peru and Huaneng Hydropower's first overseas large-scale hydropower BOT project in Myanmar [7][8] - The global shift away from coal has created a strong demand for clean energy, making countries with abundant water resources attractive for investment [8] - Compliance with local laws and regulations is critical for the success of offshore projects, as they face more complex risks compared to domestic projects [8]

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]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their potential benefits from recent developments [3][4]. Core Insights - The commencement of the Yarlung Tsangpo River downstream hydropower project is expected to significantly boost demand for hydropower equipment, benefiting leading companies in the sector [4][14]. - The report highlights a decline in European and Asian gas prices due to varying supply and demand dynamics, suggesting a potential opportunity for gas companies [17][18]. Summary by Sections 1. Power: Yarlung Tsangpo Downstream Hydropower Project Commencement - The Yarlung Tsangpo River has substantial hydropower resources, with a theoretical capacity of 113 million kilowatts, making it one of the richest rivers in Tibet [8]. - The project involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan, primarily for power transmission outside Tibet [9][10]. - The project is expected to create a demand for hydropower equipment, with estimated annual orders of 4 billion yuan for Dongfang Electric and Harbin Electric, ensuring stable long-term performance for these companies [14][16]. 2. Gas: Global Supply and Demand Variations - As of July 18, the Henry Hub spot price in the US was $3.57/mmBtu, reflecting a weekly increase of 7.57%, while European gas prices showed a decline [17][19]. - The report notes that despite high temperatures increasing gas demand in the US, the overall supply remains stable, leading to a mixed outlook for gas prices [20][26]. - Recommendations include focusing on integrated gas companies like Kunlun Energy and New Hope Energy, which are expected to benefit from cost reductions and improved profitability [37]. 3. Weekly Market Review - The report indicates that the public utility, power, power equipment, environmental protection, and gas sectors underperformed compared to the CSI 300 index during the week [41]. 4. Company and Industry Dynamics - Recent government initiatives in Qingdao aim to accelerate the development of non-fossil energy and offshore wind projects, indicating a supportive policy environment for renewable energy [45]. - The report also highlights significant developments in nuclear power and energy storage projects in various provinces, showcasing ongoing investments in clean energy [47][48]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility and environmental sectors, providing insights into their market positions and potential for growth [51].

从增持金额看，近5日增持金额在千万元以上的有10家，增持金额最多的是川投能源，其间累计增持 4523.90万股，增持金额合计7.31亿元；其次是天音控股，增持量为1752.00万股，增持金额1.79亿元；东 湖高新近5日获股东增持1.22亿元，增持金额位居第三。 板块分布显示，近5个交易日重要股东增持股中，创业板有3只，主板包含10只，科创板有2只，增持金 额上，创业板增持2981.21万元，主板增持11.70亿元，科创板增持3086.11万元。行业方面，重要股东增 持股主要集中在医药生物、基础化工等行业，分别包含3股、2股。 市场表现方面，获股东增持个股近5日平均上涨1.85%，整体强于其间沪指表现。从个股看，近5日涨幅 居前的有融捷股份、南模生物、杭氧股份等，涨幅分别为11.69%、8.74%、5.74%。跌幅居前的有中铁 装配、天音控股等，分别下跌5.46%、3.00%。 证券时报·数据宝以股权变动日为基准进行统计，近5个交易日（7月14日~7月18日）共有15家公司股份 获重要股东增持，累计增持数量达9754.19万股，增持金额合计12.30亿元。同期共有124家公司重要股东 涉及减持，合计减持金额8 ...

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Insights - The report emphasizes the importance of core assets in Hong Kong's electric power equipment sector, highlighting the strong approval of coal power installations and the ongoing demand for pumped storage [5][6] - The report indicates that the approval of coal power installations is expected to remain high, with approximately 31 GW approved in the first half of 2025, maintaining levels similar to 2024 [17] - The report notes that the growth in electricity load is expected to outpace overall electricity consumption growth, indicating a long-term trend that will rely heavily on conventional power sources [18] - The wind power sector is experiencing a slowdown in the rapid scaling of turbine sizes, which may lead to improved profitability for wind turbine manufacturers [22][34] Summary by Sections Electric Power Equipment - The report highlights the strong approval of coal power installations, with 90 GW, 83 GW, and 78 GW approved in 2022, 2023, and 2024 respectively, and an expectation to exceed 80 GW in 2025 [17] - The demand for pumped storage is projected to remain high, with significant approvals in recent years, indicating a robust market for this segment [21] - Key companies to focus on include Harbin Electric, Dongfang Electric (H), and Goldwind Technology (H), along with A-share counterparts [6][34] Electricity Production - In June 2025, the industrial electricity production reached 796.3 billion kWh, a year-on-year increase of 1.7%, with a daily average of 26.54 billion kWh [35] - The report notes a narrowing decline in hydropower output and an acceleration in solar power generation, while wind and thermal power growth has slowed [35][38] Coal Industry - In June 2025, coal imports decreased significantly, with a year-on-year decline of 25.9%, attributed to low domestic coal prices [43] - The report indicates that domestic coal production is at a turning point, with a year-on-year increase of 3.0% in June, but with pressures from low prices affecting production levels in key regions [57] - Recommendations include focusing on leading coal companies with high long-term contracts, such as China Coal Energy and China Shenhua Energy [43]

Core Viewpoint - Sichuan Chuantou Energy Co., Ltd. announced a change in the equity structure of its controlling shareholder, Sichuan Energy Development Group, which has increased its stake from 50.07% to 51.00% through a share buyback plan [1][2]. Group 1: Shareholder Information - The controlling shareholder, Sichuan Energy Development Group, and its concerted actions have confirmed the accuracy and completeness of the information provided [1]. - The equity change was executed through a share buyback plan, with a total investment of no less than 500 million yuan and no more than 1 billion yuan planned within 12 months starting from April 9, 2025 [1][2]. Group 2: Equity Change Details - The total shares held by Sichuan Energy Development Group and its concerted actions increased from 2,440,810,525 shares to 2,486,049,556 shares, representing an increase in ownership percentage from 50.07% to 51.00% [1][2]. - The increase in shares was achieved through competitive trading, with a total of 45,239,031 shares acquired by the Sichuan Provincial Investment Group [1][2]. Group 3: Compliance and Future Plans - The equity change complies with relevant laws and regulations, including the Company Law and Securities Law, and does not trigger mandatory tender offer obligations [2][3]. - Sichuan Energy Development Group has committed not to reduce its holdings during the implementation period of the buyback plan [2].