Group 1 - China Yangtze Power Co., Ltd. has applied for a patent titled "A Performance Evaluation and Optimization Method for Multi-Energy Complementary Power Generation Systems" [1] - The patent aims to enhance the performance evaluation and optimization of multi-energy complementary power generation systems, specifically in wind-solar-hydro energy integration [1] - The method involves collecting real-time data from various subsystems, preprocessing the data, calculating evaluation metrics, and generating targeted optimization recommendations [1] Group 2 - China Yangtze Power Co., Ltd. was established in 2002 and is primarily engaged in electricity and heat production and supply [2] - The company has a registered capital of approximately 2.45 billion RMB and has invested in 46 enterprises [2] - The company has participated in 5,000 bidding projects and holds 431 administrative licenses, along with 5000 patent records and 250 trademark records [2]

金十图示：2025年06月24日（周二）富时中国A50指数成分股今日收盘行情一览：成分股大面积飘红，保险、证券、汽车整车涨 势较大 -0.10(-1.15%) +0.02(+0.47%) -0.04(-0.71%) 保险 100 中国太保 中国平安 中国人保 08 3980.16亿市值 3532.59亿市值 10341.59亿市值 14.29亿成交额 58.74亿成交额 11.14亿成交额 56.79 36.72 9.00 +0.83(+2.31%) +1.69(+3.07%) +0.36(+4.17%) 酸酒行业 贵州茅台 山西汾酒 五粮液 18054.07亿市值 2188.49亿市值 4648.23亿市值 52.29亿成交额 11.77亿成交额 21.39亿成交额 1437.20 179.39 119.75 +17.20(+1.21%) +1.68(+0.95%) +1.47(+1.24%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2328.04亿市值 2535.01亿市值 3187.60亿市值 17.03亿成交额 53.14亿成交额 26.75亿成交额 137.14 435.82 607.2 ...

Core Viewpoint - The article emphasizes the importance of communication between listed companies and rating agencies to improve ESG ratings and promote sustainable development practices [1][2]. Group 1: ESG Rating Improvement - The Shanghai Stock Exchange has developed a plan to enhance ESG ratings for listed companies, focusing on six key initiatives, including promoting communication with rating agencies [1]. - Effective communication can help companies identify weaknesses in their ESG management and create improvement plans, leading to better integration of ESG principles into corporate strategies [1][2]. - A case study highlighted that a real estate company improved its ESG rating by one level after providing more detailed ESG data following communication with the rating agency [1]. Group 2: Feedback and Challenges - Feedback from companies primarily revolves around qualitative indicators, with misunderstandings about definitions and scattered information disclosure channels being common issues [3]. - Companies often fail to disclose comprehensive data, such as cumulative achievements in green initiatives, which can hinder the rating process [3]. Group 3: Effective Communication Strategies - Companies are advised to enhance communication with rating agencies by detailing data, ensuring the reliability of supplementary information, and preparing targeted materials for low-scoring indicators [4][5]. - Establishing a regular communication platform and creating a dedicated ESG section on company websites for timely updates and disclosures are recommended practices [5]. Group 4: Case Example - Xiamen Tungsten Co. has aligned its 2024 sustainability report with domestic and international standards, receiving recognition as the "Most Improved Company" in the metals and mining sector for its ESG practices [6].

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The power sector is experiencing low attention, with thermal power growth turning positive in May, indicating a potential for long-term opportunities [1][4] - The report highlights that the thermal power sector is expected to maintain high growth rates despite low valuations, suggesting that it remains promising even if short-term declines occur due to coal price rebounds [4] Summary by Sections Industry Overview - The power sector has seen adjustments recently, with specific companies showing varied performance: Huaneng Power International +1.1%, Huadian Power International -2.9%, China Yangtze Power -0.7%, and China Longyuan Power Group H -0.9% during the week of June 16-20 [4] - The electricity price in Jiangsu for June was set at 313 RMB/MWh, reflecting a year-over-year decrease of 23.7% [4] Power Generation Data - In May, the national industrial power generation was 737.8 billion kWh, a year-over-year increase of 0.5%, while the social electricity consumption grew by 4.4% [5] - The year-over-year changes for different power sources in May were as follows: thermal power +1.2%, hydropower -14.3%, nuclear power +6.7%, wind power +11.0%, and photovoltaic +7.3% [5] Emergency Dispatch Pricing - The emergency dispatch pricing structure allocates 80% of net income to users in the exporting province and 20% to power plants, with losses borne entirely by users in the importing province [6] Regional Developments - The Xinjiang Tianshan Gobi wind and solar base, with a total capacity of 14.2 million kW, is expected to transmit 36 billion kWh annually to Chongqing, meeting nearly a quarter of its electricity demand [7] - Shandong province is promoting electric vehicle storage solutions to manage peak demand, with recent pilot programs showing significant participation and energy discharge [8]

从中证央企创新驱动指数持仓样本的行业来看，工业占比46.21%、信息技术占比11.03%、通信服务占 比10.54%、原材料占比9.58%、公用事业占比7.69%、能源占比7.49%、可选消费占比3.99%、金融占比 3.14%、医药卫生占比0.34%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。在选样方法的（4）和（6）步骤中，分别采用缓冲区规则，将创新得分排名位于剩余待选样本 前55%的老样本优先确认为新一期创新主题证券，以及将综合得分排名位于所有创新主题证券110名之 前的老样本优先确认为新一期样本。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实 施时间相同。在下一个定期调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当 样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护 细则处理。 据了解，中证央企创新驱动指数从国资委下属央企上市公司中，综合评估其在企业创新和盈利质量方面 的综合情况，选取较具代表性的100只上市公司证券作为指数样本，以反映较具创新活力的央企上市公 司证券的整 ...

Group 1 - The core index of the China Mainland Enterprises Global Public Utilities Composite Index (CN Public Composite) is reported at 2593.80 points, with a recent decline of 2.72% over the past month, an increase of 2.15% over the past three months, and a year-to-date decrease of 1.15% [1] - The index is based on the classification of China Mainland Enterprises according to the China Securities Index industry classification standard, reflecting the overall performance of different industry securities [1] - The index has a base date of December 31, 2004, with a base point of 1000.0 [1] Group 2 - The top ten holdings of the CN Public Composite Index include: Changjiang Electric Power (22.5%), China Nuclear Power (4.68%), Three Gorges Energy (3.65%), Xin'ao Energy (2.75%), Guodian Power (2.52%), China Resources Power (2.14%), Guotou Power (2.14%), Huaneng International (1.95%), Chuan Investment Energy (1.88%), and Kunlun Energy (1.84%) [1] - The market segment distribution of the index shows that the Shanghai Stock Exchange accounts for 66.03%, the Hong Kong Stock Exchange for 18.03%, the Shenzhen Stock Exchange for 15.72%, and the Beijing Stock Exchange for 0.22% [2] - The industry composition of the index indicates that electricity and grid account for 76.17%, gas for 14.13%, water services for 5.52%, heating and others for 2.75%, and municipal sanitation for 1.43% [2] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, particularly when there are changes in the industry classification of sample companies or if a sample company is delisted [2] - Events such as mergers, acquisitions, spin-offs, and suspensions of sample companies are handled according to calculation and maintenance guidelines [2]

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - In May 2025, the total electricity consumption increased by 4.4% year-on-year, with a total of 809.6 billion kWh consumed [4][6]. - The electricity price in May 2025 saw a year-on-year decrease of 3% but a slight month-on-month increase of 0.4% [40]. - The report highlights significant growth in various sectors, with the first industry showing an 8.4% increase, the second industry at 2.1%, and the third industry at 9.4% [4][13]. Summary by Sections 1. Market Review - The SW utility index decreased by 1.13% during the week of June 16-20, 2025, with notable declines in nuclear, water, and thermal power sectors [9][12]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption from January to April 2025 reached 3.16 trillion kWh, reflecting a year-on-year increase of 3.1% [13]. - The growth rates for different sectors were: first industry +10.0%, second industry +2.3%, third industry +6.0%, and urban-rural residential consumption +2.5% [13][14]. 2.2. Power Generation - Cumulative power generation from January to April 2025 was 2.98 trillion kWh, with a slight year-on-year increase of 0.1% [22]. - The breakdown of generation by source showed thermal power down by 4.1%, water power up by 2.2%, nuclear power up by 12.7%, wind power up by 10.9%, and solar power up by 19.5% [22]. 2.3. Electricity Prices - The average grid purchase price in May 2025 was 394 RMB/MWh, down 3% year-on-year [40]. 2.4. Thermal Power - As of June 20, 2025, the price of thermal coal was 609 RMB/ton, a decrease of 29.84% year-on-year [45]. - The cumulative installed capacity of thermal power reached 1.46 billion kW, with a year-on-year increase of 4.1% [47]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was 149.15 meters, consistent with previous years, and inflow and outflow rates increased by 19.72% and 63.96% respectively [53]. 2.6. Nuclear Power - In 2024, 11 new nuclear units were approved, indicating a positive growth trajectory for the sector [22]. 2.7. Renewable Energy - Wind and solar power saw significant increases in installed capacity, with wind power up by 18.5% and solar power up by 74.6% [22]. 3. Investment Recommendations - The report suggests focusing on investment opportunities in hydropower and thermal power during the peak summer season, recommending specific companies such as China Yangtze Power and Huaneng International [4].

Investment Rating - The report maintains a "Recommendation" rating for the industry [2] Core Viewpoints - The environmental and public utility sectors experienced declines, with the environmental index down 2.51% and the public utility index down 1.13%. The power sector specifically saw a 1.31% drop, while the gas sector increased by 0.69% [6][31] - As of June 20, 2025, the price of Qinhuangdao 5500 kcal thermal coal has dropped to 620 CNY/ton, marking a relative low since 2022. The performance of thermal power companies varies significantly based on their geographic location and demand for electricity [6][10] - The report highlights a shift in electricity generation, with thermal power generation increasing to 4614.6 billion kWh in May, a year-on-year increase of 1.2%, while hydropower generation decreased by 14.3% [10][21] Summary by Sections Key Event Interpretations - In May, total electricity generation reached 7377.6 billion kWh, a year-on-year increase of 0.5%, with thermal power generation showing a recovery [10][21] - The overall electricity consumption in May was 8096 billion kWh, up 4.4% year-on-year, with a notable decline in the growth rate of electricity consumption in the secondary industry [21] Market Performance Review - The environmental sector has seen a cumulative increase of 3.34% since the beginning of 2025, outperforming the Shanghai and Shenzhen 300 indices [6][31] - The report details the performance of various sub-sectors, with thermal power down 1.31% and nuclear power showing a slight increase of 0.15% [31][37] Key Data Tracking - The report tracks coal prices, noting that the price of Qinhuangdao 5500 kcal thermal coal remains low, with significant declines from previous highs [46] - It also monitors water reservoir levels, with the Three Gorges Reservoir showing a water level of 149.13 meters as of June 20, 2025, a year-on-year increase of 0.3% [48] Industry Key Events - The report discusses recent government initiatives aimed at promoting renewable energy and improving energy efficiency, including financial support for renewable energy projects [78]

Investment Rating - The report maintains a recommendation for companies such as Funiu Co., Ltd. and Shenneng Co., Ltd. while cautiously recommending China General Nuclear Power and Anhui Energy [4][21]. Core Viewpoints - In May, the total electricity consumption reached 809.6 billion kWh, showing a year-on-year growth of 4.4%. The first industry saw an increase of 8.4%, the second industry 2.1%, the third industry 9.4%, and urban and rural residents' consumption 9.6% [2][22]. - The report highlights that coal prices are expected to remain low, benefiting thermal power generation, which is anticipated to improve performance in Q2. Companies are actively investing in wind power and cogeneration assets for long-term growth potential [4][19]. Summary by Sections Weekly Market Review - The electricity sector underperformed the broader market, with the public utility sector closing at 2355.40 points, down 1.13%, and the electricity sub-sector at 3131.64 points, down 1.31% [1][8]. - Among the electricity sub-sectors, photovoltaic generation fell by 1.57%, wind power by 1.28%, while thermal services rose by 2.08% [1][13]. Industry Data Tracking - The average price of thermal coal in the Bohai Rim region was 663.00 RMB/ton, with no change week-on-week [48]. - The report notes that the electricity market is experiencing a decline in coal and gas prices, with the average transaction price for coal in Guangdong dropping by 28.43% [69]. Investment Recommendations - The report recommends focusing on companies with stable performance and growth potential, particularly in thermal power and hydropower sectors, such as Changjiang Electric Power and Sichuan Investment Energy [4][20]. - It also suggests monitoring companies involved in asset restructuring and mergers, as these are expected to gain traction this year [20].

Core Viewpoint - Value investing is often misunderstood, yet it remains effective in the A-share market, with a focus on unique identification of investment targets [1] Group 1: Value Investing Principles - The four essential components of traditional value investing are dividend yield, free cash flow, economic moat, and margin of safety [1] - Misinterpretation of value investing often leads to incorrect applications, such as equating long-term holding with value investing [1] Group 2: Timing Challenges in Value Investing - The RSR indicator can provide valuable timing references for value investing, particularly in identifying early-stage investment opportunities [4][7] - Bank stocks have shown significant performance, with the RSR value turning positive since the new leadership, indicating a broad market rally in this sector [1] Group 3: Case Studies of Value Stocks - Agricultural Bank of China serves as an example of a high-dividend stock that aligns with traditional value investing principles [2] - China Shenhua, a coal monopoly, is highlighted for its strong market position and value investment characteristics [4] - Huaneng Water Power and Yangtze Power are noted as key players in the electric power industry, fitting the value investment model [5] - Gree Electric Appliances is identified as a nearly perfect value investment target, with the RSR indicator clearly signaling optimal profit segments [6] - Yutong Bus is recognized as a high-dividend stock, though it exhibits stronger cyclicality, impacting its value investment appeal [8] - China Pacific Insurance shows a clear directional signal from the RSR during bearish market conditions, indicating potential for future growth [9] Group 4: Challenges of Value Investing - Value stocks often experience prolonged periods of stagnation, making it difficult for investors to endure the waiting period for significant trends [10] - The necessity of using appropriate indicators to assist in timing decisions is emphasized to improve investment efficiency [10]