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]

Core Viewpoint - The A-share electricity sector experienced a short-term surge, with Huaneng International hitting the daily limit, followed by increases in Guodian Power, Longyuan Power, Shanghai Electric, Chuanwei Energy, *ST Baoshi, and Guotou Power [1] Company Summary - Huaneng International reached the daily limit in stock price increase, indicating strong market interest and potential investor confidence [1] - Guodian Power, Longyuan Power, Shanghai Electric, Chuanwei Energy, *ST Baoshi, and Guotou Power also saw significant stock price increases, reflecting a broader positive trend in the electricity sector [1]

| 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 688766 | 普冉股 | 7.79 | 5.03 | 64.60 | 68.94 | 6.72 | | | 份 | | | | | | | 300679 | 电连技 术 | 8.00 | 4.36 | 47.49 | 50.50 | 6.34 | | 300045 | 华力创 | 6.25 | 8.30 | 20.24 | 21.25 | 4.99 | | | 通 | | | | | | | 600238 | *ST椰岛 | 4.93 | 3.25 | 7.03 | 7.23 | 2.85 | | 300761 | 立华股 | 2.54 | 0.92 | 19.35 | 19.79 | 2.29 | | | 份 | | | | | | | 000703 | 恒逸石 化 | 2.13 | 0.30 | 6.09 | 6.22 | 2.09 | | ...

转自：证券时报 人民财讯7月30日电，企查查APP显示，近日，华电（如东）海上风电有限公司成立，注册资本3000万 元，经营范围包含：新兴能源技术研发；海上风电相关系统研发；风力发电技术服务；太阳能发电技术 服务等。企查查股权穿透显示，该公司由华电新能、电气风电等共同持股。 ...

财报显示，华泰柏瑞基金旗下华泰柏瑞沪深300ETF为国电电力前十大股东，今年二季度减持。今年以来收益率7.53%，同类排名2274(总3393)。 | 阶段涨幅 | 季度涨幅 年度涨幅 | | | | | | --- | --- | --- | --- | --- | --- | | | 近1周 | 近1月 | 近3月 | 近6月 | 今年来 | | 阶段涨幅 | 0.91% | 6.67% | 11.76% | 10.64% | 7.53% | | 同类平均6 | 1.97% | 7.24% | 13.26% | 14.16% | 11.94% | | 沪深300 | 0.80% | 5.87% | 9.99% | 8.77% | 5.52% | | 跟踪标的� | 0.80% | 5.87% | 9.99% | 8.77% | 5.52% | | 同类排名 3 | 2602 4056 ี | 2439 4023 | 2171 3813 2191 3483 2274 3393 | | | | | | | 图片来源:天天基金网 2025/7/29 | | | 7月29日，国电电力连续5个交易日下跌，区间累计跌 ...

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].

Core Insights - The National Energy Investment Group has officially launched the world's largest single-unit green ammonia facility, the Daan Wind-Solar Integrated Green Hydrogen and Ammonia Demonstration Project, in Jilin Daan [1] - The project is expected to produce 32,000 tons of green hydrogen and 180,000 tons of green ammonia annually [1] - The annual carbon emission reduction from this project is approximately 650,000 tons, equivalent to offsetting the carbon emissions of nearly 500,000 average households' electricity consumption for a year [1]

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].