Core Viewpoint - The successful installation of the CB20 module at the Shandong Haiyang Nuclear Power Plant Unit 3 marks the completion of all large module installations for this unit, transitioning into the equipment installation and debugging phase [1] Group 1: Project Details - The Haiyang Nuclear Power Units 3 and 4 are key projects under the national "14th Five-Year Plan" [1] - The full operation of the Haiyang Nuclear Power Units 3 and 4 is planned for 2027 [1]

Core Viewpoint - The successful installation of the CB20 module at the Shandong Haiyang Nuclear Power Plant Unit 3 marks the completion of all large module installations, transitioning the project into the equipment installation and debugging phase [1] Group 1: Project Details - The Haiyang Nuclear Power Units 3 and 4 are key projects under China's 14th Five-Year Plan, with a planned full operation by 2027 [1] - The installation of the CB20 module is a significant milestone in the construction of the nuclear power plant [1] Group 2: Industry Context - The development of nuclear power projects like Haiyang is part of China's broader strategy to enhance energy security and transition to cleaner energy sources [1]

Investment Rating - The report maintains a "Positive" investment rating for the green electricity industry [8] Core Insights - The price of green certificates has shown a significant recovery, with the trading price for 2025 electricity corresponding to green certificates reaching 6.48 yuan per certificate, a month-on-month increase of 31.99% [2][11] - The issuance of green certificates remains high, with 278 million certificates issued in June, a month-on-month increase of 29.33%, indicating a strong supply [6] - The demand for green electricity is expected to increase due to mandatory assessments for high-energy-consuming industries, which will further support the price recovery of green certificates [2][11] Summary by Sections Green Certificate Issuance and Trading - In June, 278 million green certificates were issued, with 196 million being tradable, accounting for 70.64% of the total [6] - The total number of tradable green certificates issued from January to June 2025 reached 958 million [6] - The average trading price of green certificates in June was 3.40 yuan per certificate, reflecting a month-on-month increase of 24.77% [11] Market Dynamics - The report highlights a potential imbalance in supply and demand for green certificates, with expectations of a decrease in supply due to policy changes [2][11] - The green electricity industry is under long-term pressure from market pricing, but the recovery in green certificate prices is seen as a key catalyst for restoring the narrative of public utilities and growth [2][11] Investment Recommendations - The report suggests focusing on quality transformation power operators such as Huaneng International, Huadian International, and China Power, as well as large hydropower companies like Yangtze Power and Guotou Power [11][15][17] - It also recommends investing in renewable energy companies like Longyuan Power and China Nuclear Power, which are expected to benefit from policy changes and market dynamics [11][17][18]

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]

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by more than 10% in the next six months [49]. Core Insights - In June, the total electricity consumption in the society increased by 5.4% year-on-year, with significant growth in the third industry and urban residents' electricity consumption [44][47]. - The public utility index has underperformed the CSI 300 index, with a decline of 2.7% in the last two weeks and 2.0% year-to-date [12][22]. - The report highlights the performance of various sub-sectors, with hydroelectric power down by 4.8% and thermal service down by 3.6% in the last two weeks [13][20]. Summary by Sections 1. Market Review - As of July 31, the public utility index has dropped 2.7% in the last two weeks, underperforming the CSI 300 index by 3.7 percentage points [12]. - Year-to-date, the public utility index has decreased by 2.0%, lagging behind the CSI 300 index by 5.5 percentage points [12]. - Among the 132 listed companies in the public utility index, 32 saw stock price increases, with ST Jinhong, Victory Energy, and New Construction shares rising by 28.0%, 23.7%, and 15.5% respectively [13]. 2. Industry Valuation - As of July 31, the public utility sector's price-to-earnings (P/E) ratio is 18.5 times, with the solar power sector at 584.5 times and thermal service at 34.8 times [20][21]. - The thermal power sector's P/E ratio is 11.8 times, indicating a relatively lower valuation compared to other sectors [20]. 3. Industry Data Tracking - The average price of Q6000 coal at the pit in Shaanxi Yulin was 587 RMB/ton, a 0.5% increase from the previous value [34]. - The average price of Q5500 coal at Qinhuangdao port was 643 RMB/ton, reflecting a 3.3% increase [34]. 4. Key Industry News - The National Energy Administration reported that the cumulative installed power generation capacity reached 3.65 billion kilowatts by the end of June, a year-on-year increase of 18.7% [47]. - The market transaction electricity volume for the first half of the year was 2.95 trillion kilowatt-hours, up 4.8% year-on-year, accounting for 60.9% of total electricity consumption [47]. 5. Industry Weekly Viewpoint - The report suggests focusing on companies like Huadian International and Guodian Power in the thermal power sector due to the decline in average coal prices [44]. - In the gas sector, companies such as Xin'ao Co., Jiufeng Energy, and New Natural Gas are recommended for their strategic advantages in gas sourcing and distribution [44][45].

企查查APP显示，近日，国电电力（清涧）新能源开发有限公司成立，法定代表人为贾树旺，注册资本 为1000万元，经营范围包含：风力发电技术服务；太阳能发电技术服务。企查查股权穿透显示，该公司 由国电电力（600795）间接全资持股。 | 序号 | 股东名称 | 持股比例 : | 认缴出资额; | 认缴出资日聘; 首次持股日聘: 关联产品/机构 | | --- | --- | --- | --- | --- | | FOR THE REAL BREAL TOCKER FREE FRE ■ 电力 固有企业 | | 100% | 1000万元 | 2025-07-24 固电电力 | | A 1 二级 · 国电电力发展股份有限公司 胎疾 | | 100% | 193900万元 | 2029-10-31 | | 铸造有运见的再业传奇 taa 全国企业创用查询 | 国电电力(清潔)新能源开发有限公司 | | 0 进一下 | ■ 应用 · | 0 企业中心 | ~ SVIP 查看看到 | | --- | --- | --- | --- | --- | --- | --- | | 基本信息 a | 法律诉讼 | 经营风险 | ...

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]

Group 1 - The establishment of a new company, State Power Investment Corporation International Energy Co., Ltd., with a registered capital of 1 billion yuan [1] - The company's business scope includes wind power generation technology services, solar power generation technology services, energy storage technology services, and contract energy management [1] - The company is wholly owned by State Power Investment Corporation [1]

Core Viewpoint - The A-share market showed mixed performance with the Shanghai 180 Infrastructure Index rising by 0.22% to 1883.26 points, with a trading volume of 29.432 billion yuan [1] Group 1: Index Performance - The Shanghai 180 Infrastructure Index increased by 0.84% over the past month and 1.78% over the last three months, but has decreased by 2.41% year-to-date [2] - The index is based on the Shanghai 180 Index and includes listed companies related to infrastructure, resources, and transportation, reflecting their overall market performance [2] Group 2: Index Composition - The top ten weighted companies in the Shanghai 180 Infrastructure Index are: - Changjiang Electric Power (14.26%) - China State Construction (8.58%) - China Telecom (8.28%) - China Mobile (7.12%) - China Unicom (6.14%) - China Nuclear Power (5.49%) - Three Gorges Energy (4.5%) - China Power Engineering (4.45%) - China Railway (4.28%) - Guodian Power (2.97%) [2] Group 3: Sector Allocation - The index is fully composed of companies listed on the Shanghai Stock Exchange, with sector allocations as follows: - Utilities: 40.30% - Industrials: 36.92% - Communication Services: 22.78% [3] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]

Group 1 - The A-share power sector experienced a significant rally, with Huaneng International hitting the daily limit up [1] - Other companies such as Huadian International, Datang Power, Guodian Power, Longyuan Power, and China General Nuclear Power also saw increases in their stock prices [1]