截至2025年3月31日11:19，中证全指公用事业指数(000995)上涨0.48%，成分股龙源电力上涨5.86%，大唐发电、华电国际、申能股份、国电电力等个股跟 涨。公用事业ETF(159301)跟随涨势，最新价报0.9元，盘中成交额已达230.79万元，暂居可比ETF首位，换手率3.66%。规模方面，公用事业ETF近1月规模 增长299.65万元，新增规模位居可比基金首位。 从估值层面来看，公用事业ETF跟踪的中证全指公用事业指数最新市盈率（PE-TTM）仅15.67倍，处于近1年5.14%的分位，即估值低于近1年94.86%以上的 时间，处于历史低位。 广发证券发布研报称，公用事业板块企稳与催化信号同步显现，煤价超预期下跌及水电蓄能释放推动火电、水电业绩预期反转，叠加高股息策略和市值管理 方案密集落地，板块配置价值凸显。 公用事业ETF（159301）紧密跟踪中证全指公用事业指数，选取50只涉及电力、环保、储能等领域的股票作为指数样本，按申万三级行业来看，前四大行业 分别为水力发电、火力发电、核力发电和风力发电，合计权重近78%，具备高分红与稳健成长属性，是较为典型的红利成长资产。 | 股票代码 | ...

截至2025年3月31日 11:04，国证绿色电力指数上涨0.65%，成分股江苏新能上涨6.12%，龙源电力上涨5.99%，晓程科技上涨4.97%，明星电力上涨3.14%，大 唐发电上涨2.81%。绿色电力ETF(159625)上涨0.36%，盘中成交额已达1083.40万元。 场外投资者可通过对应的绿色电力ETF联接基金（017057）把握投资机会。 以上内容与数据，与界面有连云频道立场无关，不构成投资建议。据此操作，风险自担。 规模方面，绿色电力ETF最新规模达3.30亿元，创近1年新高。份额方面，绿色电力ETF最新份额达2.99亿份，创近1年新高。从资金净流入方面来看，绿色 电力ETF近9天获得连续资金净流入，最高单日获得1555.77万元净流入，合计"吸金"5507.36万元。 从估值层面来看，绿色电力ETF跟踪的国证绿色电力指数最新市盈率（PE-TTM）仅17.34倍，处于近1年0.4%的分位，即估值低于近1年99.6%以上的时间， 处于历史低位。 数据显示，截至2025年2月28日，国证绿色电力指数前十大权重股分别为长江电力、中国核电、三峡能源、国投电力、川投能源、中国广核、华能国际、国 电电力、 ...

Core Viewpoint - China has elevated carbon neutrality to a national strategic level, implementing a series of policies and action plans to achieve energy conservation and carbon reduction goals [1][2]. Policy and Action Plans - The State Council has introduced the "2024-2025 Energy Conservation and Carbon Reduction Action Plan," outlining specific targets and action paths for energy conservation and carbon reduction [1]. - In March 2025, the National Development and Reform Commission and other departments issued a document to promote the green power certificate market for renewable energy [1]. Industry Structure - The carbon neutrality industry chain in China can be divided into three main parts: 1. Front-end energy structure adjustment, replacing high-carbon energy with low-carbon and renewable energy. 2. Mid-end improvement of energy conservation and emission reduction levels, including industrial structure adjustments [1]. 3. Back-end carbon capture and storage technologies [2]. Carbon Trading - Carbon trading plays a crucial role in the development of carbon neutrality, allowing one party to purchase greenhouse gas reduction credits from another, which can be used to mitigate climate change [2]. Economic Opportunities - The carbon neutrality industry holds significant development potential, fostering new industries such as renewable energy, energy conservation, and carbon capture, creating numerous job opportunities and driving technological innovation [2]. - The development of the carbon neutrality industry is not only a response to climate change but also a new engine for promoting high-quality economic growth [2]. Key Companies in Carbon Neutrality - Major companies in the carbon neutrality sector include: - China Three Gorges New Energy Group Co., Ltd. (Registered Capital: 2,862,522 million RMB, Established: 1985) [4]. - Longi Green Energy Technology Co., Ltd. (Registered Capital: 757,804.44 million RMB, Established: 2000) [2]. - China Yangtze Power Co., Ltd. (Registered Capital: 2,446,821.8 million RMB, Established: 2002) [2]. - Inner Mongolia Baotou Steel Union Co., Ltd. (Registered Capital: 4,540,494.2248 million RMB, Established: 1999) [2]. - Hebei Iron and Steel Co., Ltd. (Registered Capital: 1,033,712.1 million RMB, Established: 1997) [2]. - Anhui Conch Cement Co., Ltd. (Registered Capital: 529,930.25 million RMB, Established: 1997) [2]. - Beijing Qingxin Environmental Technology Co., Ltd. (Registered Capital: 142,438.86 million RMB, Established: 2001) [2]. Carbon Neutrality Leadership - China Three Gorges New Energy is recognized as a leading enterprise in the carbon neutrality sector, managing significant hydropower capacity and actively promoting low-carbon development [5][6].

Group 1 - The Shanghai Composite Index opened lower and fluctuated, with the Shanghai Large, Medium, and Small Cap Index down by 0.34%, closing at 3392.46 points and a trading volume of 232.615 billion yuan [1] - Over the past month, the Shanghai Large, Medium, and Small Cap Index has increased by 1.09%, decreased by 0.89% over the past three months, and has risen by 0.45% year-to-date [1] - The index is designed to reflect the overall performance of listed companies in the Shanghai market, categorized by market capitalization and trading volume, with a base date of December 31, 2003, set at 1000.0 points [1] Group 2 - The top ten weighted stocks in the Shanghai Large, Medium, and Small Cap Index include Kweichow Moutai (5.63%), Ping An Insurance (3.18%), China Merchants Bank (3.18%), and Yangtze Power (1.95%) [1] - The market sectors represented in the index include Finance (27.72%), Industry (17.39%), Information Technology (12.23%), and Consumer Staples (9.50%) among others [2] - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, typically not exceeding 10% of the sample [2]

Market Overview - The Shanghai Composite Index fell by 0.10% on March 19, with 9 out of the 28 sectors experiencing gains, led by the banking and public utilities sectors, which rose by 1.42% and 1.28% respectively [1] - The total net outflow of capital from the two markets was 48.764 billion yuan, with 5 sectors seeing net inflows, primarily in public utilities and banking [1] Sector Performance - The public utilities sector saw a net inflow of 1.708 billion yuan, with 132 stocks in the sector, of which 92 rose and 31 fell [2] - The banking sector also performed well, with a net inflow of 784 million yuan and a daily increase of 1.42% [1][2] Capital Flow Analysis - The electronic sector experienced the largest net outflow of capital, totaling 12.202 billion yuan, followed by the computer sector with a net outflow of 10.953 billion yuan [1] - In the public utilities sector, the top stocks by net inflow included Changjiang Electric with 443 million yuan, Guang'an Aizhong with 336 million yuan, and Guodian Power with 110 million yuan [2]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4]. Core Insights - The report emphasizes the high-quality development of the environmental equipment manufacturing industry, aiming to create a trillion-level industry with international competitiveness by 2027 [2][16]. - It highlights the synergy between computing power and electricity, particularly in the context of data centers, which require substantial and reliable electricity supply [18][20]. - The report suggests that the profitability of coal-fired power generation is expected to remain reasonable due to the simultaneous decline in coal and electricity prices [28]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.59%, while the public utility index increased by 2.19% and the environmental index by 2.53% [1][29]. - Among the sub-sectors, coal-fired power saw a 3.39% increase, while renewable energy generation rose by 1.48% [31]. Important Policies and Events - The Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, and the State Administration for Market Regulation jointly issued opinions to promote the high-quality development of the environmental equipment manufacturing industry [2][16]. - By 2030, the report anticipates a complete upgrade of the environmental equipment manufacturing industry towards green, low-carbon, and circular development [2]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies like Shanghai Electric due to stable electricity prices [3][28]. - For renewable energy, leading companies such as Longyuan Power and Three Gorges Energy are recommended, alongside regional offshore wind power companies [3][28]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved free cash flow [3][28]. Industry Dynamics - The report notes that the electricity and heat production and supply industry prices fell by 0.8% year-on-year in February 2025 [17]. - It highlights the increasing importance of green electricity and nuclear power in meeting the energy demands of data centers [24][21]. Company Performance - The report lists several companies with "Outperform" ratings, including Huadian International, Longyuan Power, and China Nuclear Power, among others, indicating their strong market positions and growth potential [6][28].

证券研究报告 | 行业周报 | 公用事业 公用事业 报告日期：2025 年 03 月 16 日 绿电直供凸显环境属性，清洁能源迎来专项资金 ——环保与公用事业行业周报 投资要点 ❑ 行情回顾 本周，公用事业板块指数上涨 2.19%，涨跌幅在 31 个申万一级行业中排名第 11，跑赢沪深 300 指数 0.61%；本周，环保板块指数上涨 2.53%，涨跌幅在 32 个 申万一级行业中排名第 9，跑赢沪深 300 指数 0.94%。截至 2025 年 3 月 7 日，公 用事业（申万）PE（TTM）为 16.87 倍，PB（LF）为 1.48 倍；环保（申万）PE （TTM）为 21.60 倍，PB（LF）为 1.48 倍。 ❑ 行业重要动态 ❑ 核心观点与投资建议 ❑ 公用事业行业，本周重点关注个股组合：佛燃能源+东方电子+中国核电。 A.绿电运营板块。去年以来政策推动典型高耗能行业参与绿证绿电交易，绿电环 境价值有望进一步兑现；此外新能源全面入市有望带动电价下行，叠加电网发债 持续推进下绿电企业国补欠补问题有望改善。考虑到当前绿电估值已处价值洼地， 尤其是港股绿电普遍处于破净状态，后续可进一步关注新能源大基地 ...

Investment Rating - The report maintains a positive investment rating for the power and utilities sector, with specific recommendations for various companies based on their performance and market conditions [3][20][21]. Core Insights - The power sector outperformed the broader market, with the public utility sector index rising by 2.19% and the electricity sub-sector by 2.21% during the week ending March 14, 2025 [1][7]. - Significant investments are being made in renewable energy projects, particularly in the "Shagou Desert" area, with major state-owned enterprises planning substantial capacity expansions [2][23]. - The report emphasizes the acceleration of the electricity spot market construction and the establishment of a unified national electricity market system [2][28]. Summary by Sections Weekly Market Review - The public utility sector index closed at 2287.91 points, up 49.11 points, while the electricity sub-sector closed at 3042.41 points, up 65.87 points, indicating strong performance compared to the Shanghai and Shenzhen 300 index, which rose by 1.59% [1][7]. - Among the electricity sub-sectors, photovoltaic power generation saw a rise of 4.68%, followed by thermal services at 3.80%, and comprehensive energy services at 3.57% [14][19]. Investment Recommendations - For thermal power, the report recommends companies like Sheneng Co. and Funeng Co., while cautiously recommending Waneng Power and Huadian International [3][19]. - In the green energy sector, it suggests investing in Three Gorges Energy and keeping an eye on new energy companies like Xintian Green Energy [3][19]. - The report highlights the stable performance of large hydropower companies, recommending Changjiang Electric Power, and notes the growth potential in nuclear power with a recommendation for China Nuclear Power [3][19]. Industry Developments - The report discusses the ongoing construction of the "Shagou Desert" renewable energy base and the promotion of cross-regional energy dispatch projects to enhance energy supply security [2][22]. - It notes that Xinjiang's electricity export volume reached 126.4 billion kilowatt-hours in 2024, marking a continuous increase over five years [2][23]. - The establishment of a national carbon market and the first cross-regional green electricity transaction are highlighted as significant steps towards market integration [28][29].

文 | 银行螺丝钉 （转载请注明出处） 一、【直播回放】 有朋友问，中证A50指数，有啥特点，当前估值如何？ 第一类是宽基指数。 通常是按照上市公司的市值规模来选股的，会包含各个行业的股票，覆盖范围很"宽"。 有哪些指数基金可以选择呢？中证A50和A100、A500以及MSCI A50有啥区别？ 在今晚的直播课里，螺丝钉详细介绍了这些问题。 长按识别下面二维码，添加 @课程小助手 微信，回复「 0314 」即可观看直播回放。 （提示：回复后可以耐心等待几秒哦～） 二、【部分直播课内容如下】 1 . A股常见的四类指数 A股常见的指数，主要分为四类。 第二类是策略指数。 通常是在宽基指数的基础上，用了某一种投资策略，覆盖的行业也会比较广泛。 策略指数丰富了我们投资的选项，满足了很多投资者个性化的需求。 第三类是行业指数。 也就是仅覆盖了某个行业的股票，例如消费、医药、金融等。最常见的行业指数，是11个一级行业。 每个一级行业，其实都是社会不可或缺的一部分，长期也是跟着社会发展的。 第四类是主题指数。 所包含的股票，跟某个主题密切相关，例如科技、新能源、人工智能等。 主题指数，通常会横跨多个行业，但达不到宽基指数 ...

特此公告。 中国长江电力股份有限公司监事会 2025 年 3 月 7 日 1 股票代码：600900 股票简称：长江电力 公告编号：2025-011 中国长江电力股份有限公司 关于调整职工代表监事的公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 根据中国长江电力股份有限公司四届一次职工代表大会选 举结果，黄勋女士、陆劲松先生继续担任公司职工代表监事，马 之涛先生不再担任职工代表监事。 ...