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 Viewpoint - Changjiang Electric Power is facing skepticism from small and medium investors regarding its recent decision to invest approximately 26.6 billion yuan in the Gezhouba shipping capacity expansion project, raising concerns about the economic viability and potential impact on future performance and dividends [1][7]. Investment Decision - The company announced a board resolution to invest about 26.6 billion yuan in the Gezhouba shipping capacity expansion project, which is aimed at enhancing the shipping function of the Gezhouba dam, a major hydropower project on the Yangtze River [1][4]. - The project is expected to address the current overcapacity of the existing shipping facilities, which have been operating beyond their designed capacity of 50 million tons per year [4]. Financial Impact - The total construction period for the project is estimated to be 91 months, including a 12-month preparatory phase, with funding sourced from the company's own funds [4]. - In 2024, the expected cargo throughput through the Gezhouba lock is projected to reach 156 million tons, indicating a growing demand for shipping capacity [4]. Social and Environmental Benefits - The project is anticipated to reduce waiting times for vessels, leading to significant shipping efficiency gains and contributing to a greener transportation system [5]. - It is also expected to enhance the company's ESG (Environmental, Social, and Governance) ratings, particularly in water resource management [5]. Investor Concerns - Investors are worried about whether the large investment will affect the company's future performance stability, dividend distribution, and overall valuation [7]. - The company has not yet clarified whether the expansion will lead to increased electricity prices for the Gezhouba power station, as the current shipping through the lock is free [8]. Performance Metrics - For the year 2024, the company is projected to achieve a net profit attributable to shareholders of 32.496 billion yuan, representing a year-on-year growth of 19.28%, with a proposed cash dividend distribution of 23.074 billion yuan, which constitutes 71% of the net profit [9].

Group 1 - The core point of the article highlights the performance and holdings of the Huatai-PineBridge State-Owned Enterprise Innovation Stock A fund, which has shown a recent decline in returns [1] - The fund's latest net value is 1.5650 yuan, with a weekly return of -1.51%, a three-month return of 4.54%, and a year-to-date return of -1.82% [1] - The fund was established on July 10, 2015, and as of June 30, 2025, it has a total scale of 376 million yuan [1] Group 2 - The top ten stock holdings of the fund include Zijin Mining, China Merchants Bank, Yangtze Power, CATL, COSCO Shipping Holdings, Northern Huachuang, Juhua Co., XCMG, Hangzhou Bank, and China National Offshore Oil Corporation [1] - The combined proportion of the top ten holdings accounts for 53.85% of the fund's total assets [1]

专利摘要显示，本发明提供了一种基于蒸发冷却介质含水量在线监测方法及监测系统，涉及蒸发冷却介 质含水量监测技术领域，应用于基于蒸发冷却介质含水量在线监测系统；所述监测系统至少包括含有基 于介电常数法的传感器的低精度连续检测子系统和含有卡尔费休测试装置的高精度间歇标定子系统；所 述监测方法包括：通过所述低精度连续检测子系统监测蒸发冷却介质的水分含量，并通过所述传感器获 取所述蒸发冷却介质的水分含量对应的第一数据；在所述第一数据表征所述蒸发冷却介质的水分含量出 现异常波动的情况下，启动所述高精度间歇标定子系统，并通过所述卡尔费休测试装置对所述蒸发冷却 介质的水分含量进行精准测定，实现自动化响应与精确校准。 天眼查资料显示，中国长江电力股份有限公司，成立于2002年，位于北京市，是一家以从事电力、热力 生产和供应业为主的企业。企业注册资本2446821.7716万人民币。通过天眼查大数据分析，中国长江电 力股份有限公司共对外投资了46家企业，参与招投标项目5000次，财产线索方面有商标信息250条，专 利信息5000条，此外企业还拥有行政许可432个。 金融界2025年8月2日消息，国家知识产权局信息显示，中国长江电 ...

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]

Group 1 - The core point of the article highlights the performance and holdings of the Huatai-PineBridge CSI 300 Anzhong Index A fund, which has a recent net value of 1.9429 yuan and a decline of 0.78% [1] - The fund's one-month return is 4.19%, ranking 724 out of 1620 in its category, while the three-month return is 8.95%, ranking 883 out of 1541 [1] - Year-to-date, the fund has achieved a return of 3.61%, with a ranking of 1108 out of 1423 in its category [1] Group 2 - The top ten stock holdings of the fund account for a total of 22.91%, with significant positions in companies such as China Shenhua (3.43%), China Yangtze Power (3.09%), and Kweichow Moutai (2.90%) [1] - As of June 30, 2025, the fund has a total size of 1.375 billion yuan, and the fund manager is Wu Zhenxiang [1] Group 3 - Wu Zhenxiang has a strong academic background with a PhD in management from the University of Science and Technology of China and a postdoctoral degree in applied mathematics from the Chinese Academy of Sciences [2] - He has extensive experience in fund management, having held various positions at Huatai-PineBridge since March 2008, including senior manager and quantitative investment analyst [2]

近期，长江电力披露其拟出资266亿元建设葛洲坝航运扩能工程，引发中小投资者担忧公司未来业绩及 分红受影响。8月1日，公司方面向记者表示，目前船舶通行葛洲坝是免费的，扩能工程实施后是否会收 费暂时还没有明确。对于项目建设是否可以提高葛洲坝上网电价？公司方面表示，还在争取。(每日经 济新闻) ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for H1 2025 reached 36.587 billion yuan, a year-on-year increase of 5.02%, driven by stable growth in power generation [9] - The company plans to invest approximately 26.6 billion yuan in the construction of the Gezhouba shipping capacity expansion project to enhance power generation efficiency [3] - The company aims to achieve a power generation target of 300 billion kilowatt-hours in 2025, with projected net profits of 35.028 billion yuan, 36.715 billion yuan, and 37.087 billion yuan for 2025, 2026, and 2027 respectively [10] Financial Performance Summary - Total revenue forecast for 2023A is 78.144 billion yuan, with a year-on-year growth of 13.48% [1] - The net profit attributable to shareholders for 2023A is projected at 27.245 billion yuan, reflecting a year-on-year increase of 14.83% [1] - The latest diluted EPS for 2023A is estimated at 1.11 yuan per share, with a P/E ratio of 25.14 [1] Operational Highlights - The company reported a total power generation of approximately 1266.56 billion kilowatt-hours in H1 2025, a 5.01% increase year-on-year [9] - The water inflow for the Wudongde reservoir was approximately 39.964 billion cubic meters, an increase of 9.01% compared to the same period last year [9] - The company is expected to benefit from a decrease in the ten-year government bond yield, which has fallen to 1.7% as of July 31, 2025 [10]

据了解，上证中央企业50指数从实际控制人为国务院国资委以及财政部控股的上市公司中，选取过去一 年日均总市值和日均成交金额排名前50名的上市公司证券作为指数样本，以反映最具代表性的央企上市 公司证券的整体表现。该指数以2008年12月31日为基日，以1000.0点为基点。 从指数持仓来看，上证中央企业50指数十大权重分别为：招商银行（11.17%）、长江电力（6.91%）、 中信证券（5.75%）、工商银行（5.38%）、交通银行（4.14%）、农业银行（4.08%）、中芯国际 （3.61%）、京沪高铁（3.22%）、中国神华（2.55%）、中国建筑（2.37%）。 金融界8月1日消息，上证指数下跌0.37%，上证中央企业50指数 (上证央企，000042)下跌0.68%，报 1770.15点，成交额621.15亿元。 数据统计显示，上证中央企业50指数近一个月上涨0.35%，近三个月上涨6.08%，年至今上涨0.17%。 从上证中央企业50指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证中央企业50指数持仓样本的行业来看，金融占比41.95%、工业占比22.52%、公用事业占比 10.53% ...

Wind统计显示，7月31日，申万31个一级行业中有20个行业获融资净买入，其中，食品饮料行业获融资 净买入额居首，当日净买入10.72亿元；获融资净买入居前的行业还有医药生物、计算机、家用电器、 房地产、公用事业、银行、化工等，净买入金额分别为9.49亿元、7.37亿元、5.93亿元、5.45亿元、5.21 亿元、4.63亿元、4.52亿元。 （文章来源：证券时报网） 个股方面，7月31日有1850只个股获融资净买入，净买入金额在5000万元以上的有84股。其中，11股获 融资净买入额超2亿元。贵州茅台获融资净买入额居首，净买入6.31亿元；融资净买入金额居前的还有 宁德时代、长江电力、胜宏科技、药明康德、寒武纪、美的集团、江淮汽车、工业富联等，净买入额分 别为4.08亿元、3.88亿元、3.34亿元、2.9亿元、2.84亿元、2.79亿元、2.41亿元、2.22亿元。 ...