6 ARTE 1222 are e state and SEP www UNTERS THE US MARKET LAN 漫 报告会现场 8月4日，"首届中国长江经济带企业ESG实践优秀案例"发布会暨长江经济带企业ESG发展 与行动报告会在汉举行。来自政企研的百名代表，共享企业ESG实践经验与成果，共探企业 可持续、高质量发展新路径。 在"首届中国长江经济带企业ESG实践优秀案例"发布环节，长江电力等45家在2024年ESG 实践中表现优秀的企业及案例，以视频集结形式现场展播。湖南财信金控、中建三局、中交 二航局等企业代表分别针对企业ESG实践创新举措进行分享。 本次活动由长江日报社九派新闻、武汉市社科院、武汉市工商联、武汉市政府国资委、 责任云研究院共同主办。 编辑：代婧怡 当前，环境、社会与治理（ESG）正成为全球经济社会可持续发展的重要评价体系，已 成为重塑企业价值、引领产业变革的核心引擎之一。近年来，我国ESG政策密集出台，2024 年4月，沪深北交易所发布《上市公司可持续发展报告指引》，开启A股可持续信息强制披露 时代，并将"应对气候变化"列为披露首项；财政部相关准则亦纳入气候内容，与"双碳"目标深 ...

Market Overview - In July, the Shanghai and Shenzhen 300 Index increased by 3.54%, while the public utility index decreased by 0.77% and the environmental index increased by 2.10%. The relative returns for public utilities and environmental sectors were -4.32% and -1.94%, respectively [1][15][23]. - Among the sub-sectors, the environmental sector rose by 1.60%, with thermal power increasing by 1.21%, hydropower decreasing by 4.35%, and new energy generation rising by 0.80% [1][15][24]. Important Policies and Events - The Guangdong Provincial Development and Reform Commission announced adjustments to the capacity pricing for coal and gas power plants, effective from January 1, 2026, with coal power set at 165 yuan per kilowatt per year and gas power varying from 165 to 396 yuan depending on the type of gas used [2][16][17]. - The Ningxia Hui Autonomous Region proposed a market-oriented reform plan for new energy pricing, setting a benchmark price for coal-fired power at 0.2595 yuan per kilowatt-hour [2][17]. Sector Research - The National Development and Reform Commission and the National Energy Administration issued guidelines to improve the pricing mechanism for domestic natural gas pipeline transportation, aiming for a unified pricing model and a permitted return rate of approximately 5.7%, down from 8% [3][18][20]. - This new regulation is expected to lower transportation costs for natural gas, benefiting urban gas companies [3][20]. Investment Strategy - Public Utilities: Recommendations include large thermal power companies like Huadian International and Shanghai Electric, as coal and electricity prices are expected to decline [4][21]. - New Energy: Continued government support for new energy development is anticipated to stabilize profitability, with recommendations for leading companies such as Longyuan Power and Three Gorges Energy [4][21]. - Nuclear Power: Expected stable profitability due to growth in installed capacity and generation, with recommendations for China Nuclear Power and China General Nuclear Power [4][21]. - Hydropower: High-dividend hydropower stocks are highlighted for their defensive attributes, with Longjiang Power recommended [4][21]. - Gas: Recommendations include China Resources Gas and Jiufeng Energy, which have strong pricing power and strategic advantages [4][21]. Sector Performance - In July, the public utility sector ranked 30th among 31 sectors, while the environmental sector ranked 22nd [1][15][23]. - The performance of various sub-sectors showed mixed results, with water utilities and gas sectors generally performing better than thermal and hydropower sectors [1][15][24]. Key Company Earnings Forecasts - Huadian International (600027.SH): EPS forecast for 2024A at 0.46 yuan, PE ratio at 11.5 [9]. - Longyuan Power (001289.SZ): EPS forecast for 2024A at 0.75 yuan, PE ratio at 21.8 [9]. - China Nuclear Power (601985.SH): EPS forecast for 2024A at 0.46 yuan, PE ratio at 19.9 [9]. - Longjiang Power (600900.SH): EPS forecast for 2024A at 1.33 yuan, PE ratio at 21.0 [9].

7月30日晚间，长江电力发布董事会决议公告，宣布拟出资建设葛洲坝航运扩能工程，出资金额约为266亿元（可研估算）。不过，这 份决议公告让业绩稳定、分红丰厚而口碑出众的长江电力面临来自中小投资者的质疑。 截至目前，长江电力的控股股东为中国长江三峡集团有限公司（以下简称中国三峡集团）。截至2025年一季度，长江电力十大股东多 数为国资背景，合计持股比例为73.45%，其中中国三峡集团直接持股比例高达46.81%。同花顺显示，第五大股东中国三峡建工（集 团）有限公司和第七大股东长江三峡集团实业发展（北京）有限公司皆为中国三峡集团100%控股公司。从十大股东持股数量变化来 看，2025年一季度期间，仅北向资金（香港中央结算有限公司）进行了减持。 | 》 十大股东 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-04-28 2025-03-31 | 2024-12-31 | | 2024-09-30 | 2024-06-30 | | | 1 变化趋势 | | 前十大股东累计持有: 179.71亿股,累计占总股本比: 73. ...

进一步统计，近3个月内该股累计发生6笔大宗交易，合计成交金额为2.23亿元。 证券时报·数据宝统计显示，长江电力今日收盘价为28.14元，上涨0.54%，日换手率为0.34%，成交额为 23.12亿元，全天主力资金净流出1.88亿元，近5日该股累计下跌1.75%，近5日资金合计净流出21.37亿 元。 两融数据显示，该股最新融资余额为108.72亿元，近5日增加5.17亿元，增幅为5.00%。 机构评级来看，近5日共有6家机构给予该股评级，预计目标价最高的是中金公司证券，7月31日中金公 司证券发布的研报预计公司目标价为31.50元。（数据宝） 长江电力8月4日大宗交易平台出现一笔成交，成交量18.00万股，成交金额459.00万元，大宗交易成交价 为25.50元，相对今日收盘价折价9.38%。该笔交易的买方营业部为粤开证券股份有限公司深圳分公司， 卖方营业部为东北证券股份有限公司上海北艾路证券营业部。 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元 ...

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2025-08-04 | 长江电力 | 600900 | 25.5 459 | 18 | 粤开证券股份有限 | 东北证券股份有限 | | | | | | | 公司深圳分公司 | 公司上海北艾路证 . | 8月4日，长江电力大宗交易成交18万股，成交额459万元，占当日总成交额的0.2%，成交价25.5元，较市场收盘价28.14元折价9.38%。 ...

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].

Core Insights - Since July, the A-share market has rebounded, leading to a continuous increase in financing balance, reaching 19,662.74 billion yuan as of August 1, with a net increase of 1,281.25 billion yuan in July, marking a new high in over 10 years [1][2] Financing Balance Overview - As of August 1, the A-share market's total margin balance is reported at 19,798.57 billion yuan, with the financing balance at 19,662.74 billion yuan, reflecting an increase of 1,281.25 billion yuan since July [2] - In the 24 trading days since July, financing balance increased on 21 days, accounting for nearly 90% of the time, with significant increases on July 21, 22, 28, and 29, each exceeding 150 billion yuan [3] Industry Performance - Among the 31 primary industries, 30 saw an increase in financing balance since July, with the pharmaceutical and biological industry leading with a net increase of 156.33 billion yuan, followed by electronics and power equipment [3] - The computer industry also reported a net increase of over 100 billion yuan, while only the oil and petrochemical industry experienced a net sell-off of 11.88 billion yuan [3] Stock Performance - The top ten stocks with the highest net buying amounts since July include Xinyi Technology (31.80 billion yuan), Northern Rare Earth (21.76 billion yuan), and Shenghong Technology (14.91 billion yuan), with most of these stocks showing significant price increases, particularly Feilihua, which rose nearly 60% [3] - Conversely, the top ten stocks with the highest net selling amounts include CITIC Securities (11.11 billion yuan) and Sunshine Power (7.67 billion yuan), with most of these stocks also experiencing price increases, notably Guangfa Securities, which rose over 15% [5] Margin Trading Overview - As of August 1, the margin trading balance reached 135.83 billion yuan, with an increase of 12.79 billion yuan since July, and a total of 28.72 billion shares available for margin trading [6] - The stocks with the highest margin trading balances include Kweichow Moutai (0.97 billion yuan), China Merchants Bank (0.68 billion yuan), and Ping An Insurance (0.68 billion yuan) [6]

【头条要闻】 下半年货币政策如何发力稳增长？ 降准降息均有空间 近期召开的多个会议"定调"下半年货币政策。作为宏观调控的一大"主角"，下一阶段的货币政策可能盯 住哪些目标，又面临哪些掣肘？为巩固拓展经济回升向好势头，货币政策在总量、价格、结构上还将如 何发力？ 业内专家认为，宏观经济形势、银行息差水平、宏观杠杆率水平、主要发达经济体货币政策等因素，可 能影响我国下半年货币政策操作的"相机抉择"。货币政策有望在促进社会综合融资成本下行、助力经济 结构调整优化等方面进一步发力。降准降息均有操作空间和落地可能性。 多家国有大行表态落实国常会贴息政策 助推消费升级与服务业焕新 在7月31日召开的国务院常务会议部署实施个人消费贷款贴息政策与服务业经营主体贷款贴息政策后， 《证券日报》记者了解到，多家国有大行率先表态，将切实做好个人消费贷款和服务业经营主体贷款贴 息政策的传导落实。 在业内人士看来，此次会议部署是国家提振内需、激发市场活力、保障和改善民生的又一重要举措。政 策从需求和供给两端发力，通过财政金融协同，有效降低居民消费融资成本、缓解服务业经营主体融资 压力，畅通经济循环，为巩固经济回升向好态势注入强劲动能。 ...

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]

近日，因业绩稳定、分红丰厚而口碑出众的长江电力（600900）(SH600900，股价27.99元，市值6849亿 元)面临来自中小投资者的质疑。 7月30日晚间，长江电力发布董事会决议公告，宣布拟出资建设葛洲坝（600068）航运扩能工程，出资 金额约为266亿元(可研估算)。 然而，部分投资者担忧，上述工程是否缺乏经济效益、是否影响公司未来业绩及分红表现？ 长江电力披露上述公告次日(7月31日)，公司股价下跌3.00%。8月1日，公司股价小幅上涨0.54%，但尚 未修复至公告披露前的水平。 8月1日，《每日经济新闻》记者就此事致电长江电力，询问公司是否有进一步解释或回应。接电话的工 作人员表示，这一点以后续审批流程为准。关于上述工程实施后能否提高葛洲坝电站上网电价的问题， 其表示还在争取，尚未确定。 拟用于葛洲坝航运扩能 令中小投资者担忧的是，266亿元的大笔投资是否影响公司未来业绩的稳定性、是否影响分红和估值表 现、是否影响中小投资者的利益？从短期来看，上述项目建设能为长江电力带来多少业绩增量或其他收 益？这些投资者认为答案目前还不够清晰明确。 8月1日，长江电力工作人员向《每日经济新闻》记者表示，目前 ...