Investment Rating - The industry investment rating is "Positive" and is maintained [11] Core Viewpoints - The report indicates that while electricity prices and volumes continued to decline in the third quarter, the significant drop in coal prices is expected to lead to positive performance for thermal power operators in northern and parts of eastern and central China [2][6] - Hydropower performance is anticipated to be limited due to weak electricity generation during the main flood season, with a year-on-year decrease of 9.95% in hydropower generation from July to August [7][35] - Nuclear power generation is expected to grow steadily, but performance may vary by province due to differing impacts from declining electricity prices [7][36] - Clean energy utilization hours have decreased nationally, but regions like Fujian, Shanghai, and Guangdong have shown recovery in wind energy utilization hours, leading to strong performance from certain regional new energy operators [8][43] Summary by Sections Thermal Power - The three core factors affecting thermal power profitability are coal prices, electricity prices, and utilization hours. Despite a general decline in electricity prices across provinces, coal prices have significantly decreased, with the average coal price in Qinhuangdao dropping by 175.63 yuan/ton year-on-year [6][20] - The comprehensive coal price drop is expected to reduce thermal power fuel costs by approximately 0.035 yuan/kWh year-on-year, supporting continued improvement in thermal power operations, especially in northern and eastern provinces [6][32] Hydropower - Hydropower generation faced a year-on-year decline of 9.95% due to high base effects and uneven rainfall distribution. However, improved water inflow in September is expected to alleviate some pressure on hydropower performance [7][35] - Major hydropower companies are expected to manage water reservoir operations effectively to mitigate fluctuations in water inflow [35] Nuclear Power - Nuclear power generation is projected to grow by 7.09% year-on-year, supported by increased installed capacity and stable maintenance schedules. However, market price fluctuations may impact performance differently across operators [36][7] Clean Energy - Wind and solar power generation saw significant year-on-year growth of 11.85% and 22.09%, respectively, but utilization hours have decreased. Regional disparities exist, with eastern coastal provinces showing improved wind energy utilization [8][43] - Despite high growth in installed capacity, the overall performance of new energy operators may face pressure due to rising costs and weak electricity prices, although some regional operators are expected to perform well [8][43] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as major hydropower companies like Yangtze Power and State Power Investment Corporation. For new energy, it suggests companies like Longyuan Power and China Nuclear Power [9][54]

证券研究报告 | 2025年10月08日 公用环保 2025 年 10 月投资策略 优于大市 中国船燃成功完成浙江省首单船用绿色甲醇加注业务，关注四季度聚 变装备招标需求释放 市场回顾：9 月沪深 300 指数上涨 3.20%，公用事业指数上涨 0.41%，环 保指数上涨 0.77%，月相对收益率分别为-2.80%和-2.43%。申万 31 个一 级行业分类板块中，公用事业及环保涨幅处于第 13 和第 11 名。分板块 看，环保板块上涨 0.77%；电力板块子板块中，火电上涨 2.34%；水电 下跌 3.08%，新能源发电下跌 1.36%；水务板块上涨 1.27%；燃气板块上 涨 5.65%。 重要事件：中国船燃成功完成浙江省首单船用绿色甲醇加注业务。9 月 29 日，随着 7 台专业槽罐车通过防爆加注橇装设备将 230 吨绿色甲醇注 入停靠在宁波舟山港梅山港区 9 号泊位的"中远海运天秤座"轮，中国 船燃联合浙江省海港集团、宁波舟山港集团，在宁波梅山港区成功为"中 远海运天秤座"轮完成绿色甲醇加注，这标志着浙江省首单船用绿色甲 醇加注业务圆满落地。这一里程碑事件标志着宁波舟山港成为国内少数 同时具备 LNG ...

Core Insights - Institutional upgrades in ratings indicate a positive market outlook for related assets or companies, suggesting good growth potential and investment value [1] Group 1: Institutional Upgrades - As of September 2025, 41 stocks received upgrades from institutions, with several leading companies from various sectors included [1] - Traditional industry leaders such as Yangtze Power, Huaneng Hydropower, Guotou Power, Sany Heavy Industry, XCMG, and Yanzhou Coal Mining are among those upgraded [1] - Emerging industry leaders like BAIC BluePark and Xinzhou Bang also made the list [1] Group 2: Valuation Metrics - As of September 30, 2025, 18 stocks had a rolling price-to-earnings (PE) ratio below 30, with 6 stocks having a PE ratio under 15, including Yanzhou Coal Mining, Boss Electric, Hailide, Yuntu Holdings, Zhou Dazheng, and Anhui Hefei [1] Group 3: Dividend Yields - The highest dividend yield over the past 12 months was recorded by Pingmei Shenma, reaching 7.25% as of September 30, 2025 [1]

Core Viewpoint - Changjiang Electric Power conducted two block trades on September 30, totaling 1 million shares and a transaction value of 27.25 million yuan, with a trading price of 27.25 yuan per share [2] Trading Activity - On September 30, Changjiang Electric Power had a total trading volume of 1 million shares, with a transaction amount of 27.25 million yuan at a price of 27.25 yuan per share [2] - In the last three months, the stock has seen 12 block trades, accumulating a total transaction value of 216 million yuan [2] Stock Performance - The closing price of Changjiang Electric Power on the same day was 27.25 yuan, reflecting a decrease of 0.18%, with a daily turnover rate of 0.26% and a total transaction amount of 1.686 billion yuan [2] - Over the past five days, the stock has decreased by 0.26%, with a total net outflow of funds amounting to 199 million yuan [2] Margin Financing - The latest margin financing balance for Changjiang Electric Power is 10.388 billion yuan, which has decreased by 157 million yuan over the past five days, representing a decline of 1.49% [2] Company Information - China Changjiang Electric Power Co., Ltd. was established on November 4, 2002, with a registered capital of 24.468 billion yuan [2]

Investment Rating - The report maintains a "Recommendation" rating for the environmental and public utility sector [2] Core Insights - The environmental and public utility sectors have shown an upward trend, with the environmental index rising by 1.06% and the public utility index by 0.28%. The cumulative increase for the environmental sector since the beginning of 2025 is 15.86%, outperforming the CSI 300 index but lagging behind the ChiNext index [5][22] - The report highlights that the total electricity consumption in China exceeded 1 trillion kilowatt-hours for the second consecutive month, driven by prolonged high temperatures and a recovering macroeconomic environment. In August, the total electricity consumption reached 1.02 trillion kilowatt-hours, a year-on-year increase of 5.0% [9][18] - Key recommendations include focusing on companies like Guodian Power, China Resources Power, and Sheneng Co., with a long-term positive outlook on nuclear and hydropower investments [5][9] Summary by Sections Key Event Interpretation - In August, total electricity consumption was 1.02 trillion kilowatt-hours, with a year-on-year growth of 5.0%. The second industry's electricity consumption growth rate increased to 5.0% [9] - President Xi Jinping announced at the UN Climate Change Summit that by 2035, China's wind and solar power capacity will reach six times that of 2020, aiming for a total of 3.6 billion kilowatts [18] Market Review - The environmental and public utility sectors experienced slight increases, with the environmental index up 1.06% and the public utility index up 0.28%. The electricity sector within public utilities rose by 0.37% [22] - The report notes that the environmental sector's cumulative increase of 15.86% since the start of 2025 is ahead of the CSI 300 but behind the ChiNext index [22] Key Data Tracking - As of September 26, 2025, the price of Qinhuangdao 5500 kcal thermal coal was 710 RMB/ton, a slight increase of 0.71% from the previous week, but down 18.9% year-on-year [38] - The average price of LNG at the port was 11.14 USD/million BTU (4113 RMB/ton), down 2.13% from the previous week and down 14.2% year-on-year [51][52] - The average electricity price in Guangdong reached a peak of 300.79 RMB/MWh on September 23, 2025, a decrease of 6.5% from the previous week [57] Key Events in the Industry - The report discusses various regulatory updates, including the implementation of market-oriented pricing reforms for renewable energy in Hainan Province and the public consultation on the long-term trading rules in Chongqing [65][66][70] Upcoming Events Reminder - Important announcements include dividend distributions by companies such as Blue Sky Gas and Yingke Recycling, as well as the resumption of trading for Guanzhong Ecology [71]

第2笔成交价格为27.25元，成交50.00万股，成交金额1,362.50万元，溢价率为0.00%，买方营业部为招 商证券股份有限公司北京景辉街证券营业部，卖方营业部为广发证券股份有限公司总部。 进一步统计，近3个月内该股累计发生12笔大宗交易，合计成交金额为2.16亿元。该股近5个交易日累计 下跌0.26%，主力资金合计净流出5.12亿元。 责任编辑：小浪快报 9月30日，长江电力收跌0.18%，收盘价为27.25元，发生2笔大宗交易，合计成交量100万股，成交金额 2725万元。 第1笔成交价格为27.25元，成交50.00万股，成交金额1,362.50万元，溢价率为0.00%，买方营业部为招 商证券股份有限公司北京景辉街证券营业部，卖方营业部为广发证券股份有限公司总部。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ...

9月30日，长江电力大宗交易成交100万股，成交额2725万元，占当日总成交额的1.59%，成交价27.25元，较市场收盘价27.25元持平。 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-30 | 长江电力 | 600900 | 27.25 | 1362.5 | 50 | 招商证券股份有限 公司北京号库街证 空营业部 | 广发证券股份有限公司总部 | | 2025-09-30 | 长江电力 | 600900 | 27.25 | 1362.5 50 | | 招商证券股份有限 公司北京警控有证 委营业部 | 广发证券股份有限 公司总部 | ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - In August, the electricity consumption growth rate in the secondary industry increased, contributing the largest increment to total electricity consumption, accounting for 59% of the total increase [3][7] - The total electricity consumption in August reached 10,154 billion kWh, a year-on-year increase of 5.0% [3][6] - The manufacturing sector saw a record monthly growth rate for the year, with high-tech and equipment manufacturing electricity consumption growing by 9.1%, surpassing the average manufacturing growth rate by approximately 4.6 percentage points [3][7] Summary by Sections 1. Electricity: August Secondary Industry Consumption Growth - The total electricity consumption in August was 10,154 billion kWh, with a year-on-year growth of 5.0% [3][6] - The first industry consumed 164 billion kWh (9.7% growth), the second industry consumed 5,981 billion kWh (5.0% growth), the third industry consumed 2,046 billion kWh (7.2% growth), and residential consumption was 1,963 billion kWh (2.4% growth) [3][8] - The secondary industry contributed the most to the total electricity consumption increase, with a significant growth in manufacturing, particularly in high-tech and equipment manufacturing [6][7] 2. Gas: Supply and Demand Stability - Global gas prices have shown narrow fluctuations, with the Henry Hub spot price at $2.90/mmBtu, a weekly increase of 0.17% [16][19] - The LNG national ex-factory price was 4,016 yuan/ton, with a slight weekly decrease of 0.07% [16][36] - The report suggests a positive outlook for city gas companies due to cost reductions and improved profitability [38] 3. Weekly Market Review - The public utility and environmental protection sectors underperformed compared to the CSI 300 index, while the electric equipment sector outperformed [40][42] 4. Company and Industry Dynamics - The report highlights recent government initiatives aimed at promoting high-quality development in energy equipment, focusing on enhancing the efficiency of energy conversion equipment and advancing renewable energy technologies [49] - Key announcements from companies include significant contract wins and strategic investments aimed at enhancing operational capabilities and market positioning [50]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their performance and market conditions [3][16][18]. Core Insights - The report highlights that in August, the total electricity consumption reached 10,154 billion kWh, marking a year-on-year growth of 5.0%. The second industry contributed the largest increase, accounting for 59% of the total electricity increment [3][8][9]. - The report notes that global gas prices are experiencing slight fluctuations, with the Henry Hub spot price at $2.90/mmBtu and the TTF spot price at €32.15/MWh as of September 26 [18][19]. - The report emphasizes the stable growth in electricity consumption driven by high temperatures and government policies aimed at boosting consumption [8][9]. Summary by Sections 1. Electricity Sector - In August, the second industry saw a significant increase in electricity consumption, with a year-on-year growth of 5.0% and contributing 59% to the total electricity increment [3][9]. - The manufacturing sector achieved a record monthly growth rate, particularly in high-tech and equipment manufacturing, which grew by 9.1% year-on-year [9][10]. - The report recommends investments in hydropower, green energy, nuclear power, and thermal power companies, citing favorable conditions for growth and profitability [16][17]. 2. Gas Sector - The report indicates that the supply-demand dynamics for gas remain stable, with slight fluctuations in global gas prices. The LNG price in Northeast Asia decreased by 2.61% to $11.20/mmBtu [18][19]. - It highlights the steady increase in U.S. natural gas inventories and the impact of mild weather on heating and cooling demands, leading to low price volatility [21][27]. - The report suggests focusing on integrated gas companies and city gas firms that are expected to benefit from cost reductions and improved profitability [41][42]. 3. Market Performance Review - The report notes that the public utility and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 indices, while the power equipment sector outperformed [43][44]. 4. Company and Industry Dynamics - Recent government initiatives aim to enhance the quality of energy equipment and promote the development of renewable energy sources [52]. - The report includes updates on major companies' announcements, including contract wins and strategic investments, which are expected to positively impact their future performance [52][53]. 5. Key Company Valuation Table - The report provides a valuation table for key companies in the public utility and environmental sectors, indicating their market positions and potential for growth [54].

Group 1 - The State Grid Beijing Electric Power Company has implemented comprehensive power supply guarantees and quality service measures for the upcoming National Day holiday, with 3,058 emergency repair personnel and 360 rescue team members on standby [1] - A new batch of five supercharging stations has been put into operation, increasing the total number of electric vehicle supercharging stations in Beijing to 22, with a daily service capacity of nearly 6,000 vehicle trips [1] - The newly operational supercharging stations utilize liquid-cooled supercharging technology, with charging power increased from 250 kW to 480 kW at highway service areas, allowing for rapid charging of compatible vehicles in about 10 minutes [1] Group 2 - The State Grid Beijing Electric Power Company has completed two rounds of "health checks" on 104 charging stations across the city, ensuring operational reliability [2] - During the holiday period, three high-demand charging stations will be equipped with an additional eight temporary charging piles as emergency supplies, supported by 157 operation and maintenance personnel for round-the-clock service [2] - A digital platform will be used to monitor the status of charging equipment in real-time, ensuring stable operation of charging facilities [2]