Core Viewpoint - The green power sector is experiencing mixed performance, with fluctuations in stock prices and significant developments in green energy projects, indicating potential investment opportunities and market dynamics [1][4]. Group 1: Market Performance - As of July 23, 2025, the National Green Power Index decreased by 0.04%, with mixed performance among constituent stocks [1]. - GCL-Poly Energy led the gains with a rise of 3.60%, while South Grid Energy Storage saw the largest decline [1]. - The Green Power ETF (159625) underwent adjustments, reflecting changes in market conditions [1]. Group 2: ETF Performance - The Green Power ETF recorded a turnover of 5.52% during the trading session, with a transaction volume of 17.49 million yuan [3]. - Over the past week, the ETF's average daily transaction volume was 21.42 million yuan, with a significant growth in scale of 17.61 million yuan, ranking first among comparable funds [3]. - The ETF's net value increased by 10.21% over the past six months, with a maximum single-month return of 9.19% since inception [3]. Group 3: Key Holdings - As of June 30, 2025, the top ten weighted stocks in the National Green Power Index accounted for 56.91% of the index, with China Yangtze Power and Three Gorges Energy being the largest components [3][6]. - The performance of these stocks varied, with China Nuclear Power increasing by 1.82% and Huaneng Water Power declining by 2.05% [6]. Group 4: Future Developments - The commencement of the Yarlung Tsangpo River downstream hydropower project, with an investment of approximately 1.2 trillion yuan, is expected to significantly boost infrastructure development and clean energy initiatives in the western region [4]. - The green certificate market is anticipated to gain momentum in 2026, driven by new energy consumption assessments for major industries [4].

Group 1: Liquidity and Scale of Green Power ETF - The Green Power ETF had an intraday turnover of 3.03%, with a transaction volume of 9.51 million yuan. Over the past week, the average daily transaction volume reached 22.38 million yuan [2] - The Green Power ETF experienced a scale increase of 13.62 million yuan over the past week, ranking first among comparable funds. The number of shares increased by 8.40 million, also the highest among comparable funds [2] - In terms of net fund inflow, the Green Power ETF saw continuous inflows over three days, with a maximum single-day net inflow of 7.04 million yuan, totaling 9.82 million yuan [2] Group 2: Valuation and Index Composition - The latest price-to-earnings ratio (PE-TTM) of the index tracked by the Green Power ETF is 18.77 times, which is below the 81.36% historical level over the past three years, indicating a low valuation [2] - As of June 30, 2025, the top ten weighted stocks in the National Green Power Index include Changjiang Electric Power, Three Gorges Energy, China Nuclear Power, and others, collectively accounting for 56.91% of the index [2] Group 3: Market Dynamics and Policy Changes - The National Development and Reform Commission has released a plan for a normalized electricity trading mechanism across grid operation areas, aiming for optimized resource allocation during peak summer periods in 2025 [3] - The number of market participants in the national electricity market is projected to reach 816,000 in 2024, a year-on-year increase of 8.9%, with 35,000 power generation companies and 777,000 electricity users [3] - The release of three major factors—consumption, electricity prices, and subsidies—will likely lead to a reversal for green electricity operators, with market-driven pricing expected to guide renewable energy investments back to actual demand [3]

Group 1: Liquidity and Scale of New Energy ETF - The New Energy ETF had an intraday turnover of 2.47%, with a transaction volume of 22.29 million yuan [3] - As of July 18, the New Energy ETF's latest scale reached 896 million yuan, marking a one-month high [3] - The latest margin buying amount for the New Energy ETF was 1.24 million yuan, with a margin balance of 21.68 million yuan [3] Group 2: Performance Metrics of New Energy ETF - Since its inception, the New Energy ETF recorded a highest monthly return of 25.07%, with the longest consecutive monthly gains being 2 months and a maximum increase of 38.44% [3] - The average return during the rising months was 7.76%, and the annualized return over the past three months exceeded the benchmark by 6.57% [3] Group 3: Key Stocks in New Energy Sector - The top ten weighted stocks in the CSI New Energy Index include CATL, Sungrow Power, Longi Green Energy, China Nuclear Power, Three Gorges Energy, TBEA, EVE Energy, Huayou Cobalt, Tongwei Co., and Ganfeng Lithium, collectively accounting for 42.81% of the index [6] Group 4: New Hydropower Project Announcement - The groundbreaking ceremony for the Yarlung Tsangpo River downstream hydropower project was held on July 19, with a total investment of approximately 1.2 trillion yuan for the construction of five cascade power stations [5] - The project primarily focuses on power transmission outside the region while also addressing local consumption needs in Tibet [5] Group 5: Long-term Benefits for Suppliers - CITIC Securities believes that the ongoing construction of the Yarlung Tsangpo River downstream hydropower project will provide long-term benefits to leading suppliers of hydropower equipment and core equipment for power grid transmission [6]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][8]. Core Views - The report highlights the commencement of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, focusing on power delivery and local consumption [1][15]. - The Gansu Provincial Development and Reform Commission has proposed a capacity price mechanism for power generation, setting a standard of 330 yuan per kilowatt per year starting January 1, 2026, for compliant coal power units and new energy storage [2][17]. - The report emphasizes the potential for stable profitability in coal-fired power generation due to synchronized declines in coal and electricity prices, recommending major coal power companies [3][22]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.09%, while the public utility index fell by 1.37% and the environmental index by 0.49%, with relative returns of -2.46% and -1.58% respectively [1][14]. - In the electricity sector, coal-fired power decreased by 1.04%, hydropower by 2.13%, and new energy generation by 0.68%, while the gas sector saw a slight increase of 0.31% [1][25]. Important Policies and Events - The Yarlung Tsangpo River downstream hydropower project was officially launched on July 19, 2025, with a focus on five tiered power stations [1][15]. - The National Bureau of Statistics reported a 1.7% year-on-year increase in industrial power generation in June, with a total of 796.3 billion kilowatt-hours produced [1][16]. Investment Strategy - The report recommends several companies based on their sector performance: - Coal-fired power: Huadian International and Shanghai Electric [3][22]. - New energy: Longyuan Power and Three Gorges Energy, among others [3][22]. - Nuclear power: China Nuclear Power and China General Nuclear Power [3][22]. - Hydropower: Yangtze Power [3][22]. - Gas: China Resources Gas and Jiufeng Energy [3][22]. - Environmental: China Everbright Environment and Zhongshan Public Utilities [3][23]. Key Company Earnings Forecasts and Investment Ratings - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, all rated as "Outperform" [8]. For example, Huadian International has an EPS of 0.46 for 2024 and a PE of 11.7 [8]. Industry Key Data Overview - In June, the total industrial power generation reached 796.3 billion kilowatt-hours, with a year-on-year growth of 1.7% [1][48]. - The report notes that coal-fired power generation saw a 1.1% increase, while nuclear power generation grew by 10.3% [1][48]. Environmental Sector Insights - The report indicates that the water and waste incineration sectors are entering a mature phase, with improved free cash flow and declining risk preferences among investors [3][23]. - The domestic waste oil recycling industry is expected to benefit from the EU's SAF blending policy [3][23].

Core Insights - A patent application for an "Operation and Maintenance System for Offshore Wind Power Equipment" has been filed by several companies, indicating a focus on enhancing operational efficiency in the offshore wind sector [1]. Company Summaries - **Three Gorges New Energy Yangjiang Power Co., Ltd.**: Established in 2016, located in Yangjiang, primarily engaged in electrical machinery and equipment manufacturing, with a registered capital of 1,818.1 million RMB. The company has participated in 313 bidding projects and holds 115 patents [2]. - **Guangdong Yangjiang Chuangyuan Offshore Wind Power Comprehensive Investment Co., Ltd.**: Founded in 2021, also located in Yangjiang, focuses on business services with a registered capital of 250 million RMB. The company has been involved in 32 bidding projects and holds 7 patents [2]. - **China Three Gorges Corporation**: Established in 1993, based in Wuhan, primarily involved in electricity and heat production and supply, with a registered capital of 21,150 million RMB. The corporation has invested in 43 companies, participated in 5,000 bidding projects, and holds 4,808 patents [3]. - **China Three Gorges New Energy (Group) Co., Ltd.**: Founded in 1985, located in Beijing, primarily engaged in electricity and heat production and supply, with a registered capital of 2,862.5 million RMB. The company has invested in 523 enterprises and participated in 4,672 bidding projects, holding 811 patents [3]. - **Yangtze Three Gorges Investment Management Co., Ltd.**: Established in 2020, located in Shanghai, primarily focused on water resource management, with a registered capital of 500 million RMB. The company has invested in 18 enterprises and participated in 69 bidding projects, holding 16 patents [3]. - **China Energy Engineering Group Guangdong Electric Power Design Institute Co., Ltd.**: Founded in 2001, located in Guangzhou, primarily engaged in professional technical services, with a registered capital of 105.33 million RMB. The institute has invested in 29 enterprises, participated in 5,000 bidding projects, and holds 2,486 patents [3].

消息面上，7月19日，雅鲁藏布江下游水电工程在西藏林芝正式开工。据了解，该工程采用截弯取直、隧洞引水模式，规划建设5座梯级电站，总投资约1.2 万亿元，电力以对外输送为主、兼顾西藏本地需求。作为国家级超级工程，其开工将推动西藏经济发展与能源结构优化，同时带动民爆、掘进等细分行业需 求增长。 中信证券认为，随着雅鲁藏布江下游水电工程的持续建设，将长期利好水电配套设备、电网外送工程核心设备等头部供应商。中信建投证券称，去年下半年 以来，中央层面多次强调整治"内卷式"竞争，治理企业低价无序竞争，推动落后产能有序退出。而目前光伏、锂电均处于盈利底部，其中光伏亏损更为明 显，"反内卷"有望成为推动新能源行业中长期盈利修复的关键推动力。 截至7月18日，央企现代能源ETF近6月净值上涨2.16%。从收益能力看，截至2025年7月18日，央企现代能源ETF自成立以来，最高单月回报为10.03%，最长 连涨月数为7个月，最长连涨涨幅为23.43%，涨跌月数比为13/10，上涨月份平均收益率为3.05%，年盈利百分比为100.00%，历史持有1年盈利概率为 66.10%。截至2025年7月18日，央企现代能源ETF近3个月超越 ...

Group 1 - The Shanghai Composite Index opened lower but rose later, while the China Securities Public Utilities Index fell by 0.26% to 2486.53 points with a trading volume of 9.421 billion yuan [1] - The China Securities Public Utilities Index has decreased by 1.23% over the past month, increased by 0.59% over the past three months, and has declined by 3.17% year-to-date [2] - The top ten weights in the China Securities Public Utilities Index are: Changjiang Electric Power (15.15%), China Nuclear Power (10.46%), Three Gorges Energy (8.35%), Guodian Power (5.66%), State Power Investment (4.81%), Chuanwei Energy (4.29%), Yongtai Energy (4.2%), Huaneng International (4.15%), China General Nuclear Power (3.92%), and Zhejiang Energy Power (2.8%) [2] Group 2 - The China Securities Public Utilities Index consists entirely of public utility companies, with a sample adjustment occurring every six months [3] - The market share of the China Securities Public Utilities Index is 83.15% from the Shanghai Stock Exchange and 16.85% from the Shenzhen Stock Exchange [2] - Adjustments to the index sample occur on the next trading day following the second Friday of June and December each year, with weight factors generally remaining fixed until the next scheduled adjustment [3]

Core Viewpoint - The Shanghai Public Utility Index has shown a slight decline of 0.25% recently, reflecting the overall performance of the public utility sector in the Shanghai Stock Exchange [1] Group 1: Index Performance - The Shanghai Public Utility Index closed at 4604.42 points with a trading volume of 31.554 billion yuan [1] - Over the past month, the index has increased by 0.35%, while it has risen by 0.89% over the last three months, but has decreased by 3.08% year-to-date [1] Group 2: Index Composition - The index is composed of stocks and depositary receipts from five major industry categories: industrial, commercial, real estate, public utilities, and comprehensive [1] - The top ten weighted stocks in the index include: - Beijing-Shanghai High-Speed Railway (7.69%) - China Nuclear Power (5.42%) - China Unicom (4.79%) - Huaneng Water Power (4.79%) - Shanghai Port Group (3.78%) - Daqin Railway (3.66%) - Three Gorges Energy (3.48%) - China Communications Construction (2.99%) - China Railway Construction (2.68%) - Air China (2.64%) [1] Group 3: Industry Breakdown - The industry composition of the index shows that industrials account for 51.38%, public utilities for 33.99%, communication services for 8.94%, consumer discretionary for 1.76%, energy for 1.69%, materials for 1.00%, financials for 0.84%, and real estate for 0.39% [2] Group 4: Index Sample Management - Stocks are included in the index based on their market capitalization ranking in the Shanghai market, with specific rules for inclusion and exclusion based on risk warnings and corporate actions [2]

Core Viewpoint - The article highlights the significant increase in electricity demand during the summer peak season in China, driven by high temperatures and economic growth, with expectations of a year-on-year increase of approximately 100 million kilowatts in peak load [1] Group 1: Electricity Supply and Demand - The central enterprises are identified as the main force in ensuring energy supply during the summer peak, with the State-owned Assets Supervision and Administration Commission urging them to contribute to stable economic growth and public comfort [1] - The National Energy Group has initiated measures to ensure power supply, including the commissioning of a new coal-fired power unit that incorporates advanced technologies, enhancing the overall efficiency of electricity generation [2] - As of mid-July, the National Energy Group reported a power generation of 1,523.9 billion kilowatt-hours, reflecting a year-on-year increase of 3.3%, with coal production reaching 74.26 million tons, up 1.7% [2] Group 2: Renewable Energy Integration - Wind and solar power are increasingly becoming the main sources of new electricity generation, with installed capacities reaching 570 million and 1.08 billion kilowatts respectively, accounting for 45.7% of total installed capacity, surpassing coal-fired power [2] - The article emphasizes the need for high-level integration and consumption of renewable energy as a key aspect of building a new energy system [2] Group 3: Infrastructure and Market Developments - The Hami-Chongqing ±800 kV UHVDC project has successfully delivered over 1 billion kilowatt-hours of electricity since its commissioning, significantly supporting the power supply in Chongqing [4] - The "Xinjiang Power to Chongqing" project is expected to inject over 36 billion kilowatt-hours of clean electricity into the Chongqing grid by the end of the year, equivalent to one-fifth of the city's annual electricity consumption [7] - A new cross-regional electricity trading mechanism has been established, facilitating the transfer of over 2 billion kilowatt-hours of electricity from Guangdong, Guangxi, and Yunnan to eastern provinces, marking a significant step towards a unified national electricity market [8]

Core Viewpoint - The company reported a revenue of 21.76 billion yuan for Q3 2024, a year-on-year increase of 12.81%, with a net profit attributable to shareholders of 5.09 billion yuan, reflecting a decline of 6.31% year-on-year [1] Group 1: Financial Performance - In Q3 2024, the company achieved a revenue of 6.70 billion yuan for the single quarter, representing a year-on-year increase of 19.97%, and a net profit of 1.06 billion yuan, up 14.69% year-on-year [1] - The total power generation for Q3 2024 was 16.49 billion kWh, a significant increase of 38.05% year-on-year, driven by growth in wind and solar power generation [1] - The comprehensive on-grid electricity price for Q3 2024 was 0.406 yuan/kWh, a decrease of 13.1% year-on-year, primarily due to an increase in the proportion of grid parity power and a decline in market transaction prices [2] Group 2: Cost and Profitability - The cost per kWh for Q3 2024 was 0.209 yuan, down 16.2% year-on-year, which exceeded the decline in electricity prices, leading to an increase in gross margin by 1.89 percentage points to 48.50% [2] - Investment income decreased to -0.046 billion yuan in Q3 2024 from 0.131 billion yuan in the same period last year, mainly due to fluctuations in the profitability of associated enterprises [2] Group 3: Future Projects and Investments - The company plans to invest in a new energy base project in the Taklamakan Desert, Xinjiang, with a total investment of 71.8 billion yuan, including 6.1 billion yuan from the company [2] - The project will support the growth of the company's new energy capacity and ensure power delivery through the established Xinjiang (Southern Xinjiang) to Sichuan-Chongqing ultra-high voltage direct current project, addressing the strong electricity demand in the Sichuan-Chongqing region [2] Group 4: Investment Outlook - The company is expected to achieve net profits attributable to shareholders of 7.20 billion yuan, 8.63 billion yuan, and 9.67 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 18.29x, 15.26x, and 13.62x [3]