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].

Core Insights - The China Securities National New Central Enterprise Modern Energy Index (932037) has seen a strong increase of 2.20%, with constituent stocks such as China Power Construction (601669) rising by 10.04% and Dongfang Electric (600875) by 9.98% [3] - The Yarlung Tsangpo River downstream hydropower project has officially commenced in Tibet, with a total investment of approximately 1.2 trillion yuan, which is expected to boost the local economy and energy structure [3] Group 1: ETF Performance - The Central Enterprise Modern Energy ETF (561790) has increased by 2.55%, marking its third consecutive rise, with the latest price at 1.13 yuan [3] - Over the past two weeks, the ETF has accumulated a rise of 1.20%, ranking in the top third among comparable funds [3] - The ETF's trading volume showed a turnover rate of 8.27% with a transaction value of 3.9067 million yuan, and it ranked first in average daily trading volume over the past week at 746.33 million yuan [3][4] Group 2: Market Outlook - CITIC Securities anticipates that the ongoing construction of the Yarlung Tsangpo River hydropower project will benefit long-term suppliers of hydropower equipment and core components for power grid transmission [4] - The report highlights a shift in the central government's approach to managing "involution" competition, which is expected to facilitate the exit of outdated production capacity and improve profitability in the solar and lithium battery sectors [4] Group 3: Index Composition - The China Securities National New Central Enterprise Modern Energy Index is designed to reflect the overall performance of 50 listed companies involved in modern energy industries, including green energy and fossil energy [5] - As of June 30, 2025, the top ten weighted stocks in the index accounted for 49.93% of the total, with notable companies including China Yangtze Power (600900) and China Nuclear Power (601985) [5]

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]

Core Viewpoint - The China Securities Low Carbon Economy Theme Index has shown mixed performance, with a recent decline but positive growth over the past month and three months, indicating a volatile but potentially promising investment area in the low-carbon sector [1][2] Group 1: Index Performance - The China Securities Low Carbon Economy Theme Index closed down 0.9% at 1583.71 points, with a trading volume of 36.979 billion yuan [1] - Over the past month, the index has increased by 7.35%, and by 10.32% over the last three months, while it has decreased by 1.71% year-to-date [1] Group 2: Index Composition - The index comprises companies involved in clean energy generation, energy conversion and storage, clean production and consumption, and waste treatment [1] - The top ten weighted companies in the index are: CATL (15.42%), Yangtze Power (14.38%), Sungrow Power (6.18%), LONGi Green Energy (5.51%), China National Nuclear Power (4.37%), Three Gorges Energy (3.5%), TBEA (3.49%), EVE Energy (3.1%), Tongwei Co. (3.09%), and Guotou Power (2.01%) [1] Group 3: Market Segmentation - The index's holdings are primarily listed on the Shanghai Stock Exchange (51.54%), followed by the Shenzhen Stock Exchange (48.04%), and a small portion on the Beijing Stock Exchange (0.43%) [1] - In terms of industry distribution, the index's sample shows that 69.10% is in the industrial sector, while 30.90% is in public utilities [2] Group 4: Fund Tracking - Several public funds track the China Securities Low Carbon Economy Theme Index, including: Huaxia CSI Low Carbon Economy Theme ETF, Penghua CSI Low Carbon Economy Theme ETF, Yinhua CSI Low Carbon Economy Theme ETF, and others [2]

证券代码：600905 证券简称：三峡能源 公告编号：2025-045 中国三峡新能源（集团）股份有限公司 第二届董事会第四十次会议决议公告 审议通过《关于成立三峡集团辽宁能源投资有限公司的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 特此公告。 中国三峡新能源（集团）股份有限公司董事会 2025 年 7 月 12 日 1 本公司董事会及全体董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。 中国三峡新能源（集团）股份有限公司（以下简称公司）第 二届董事会第四十次会议于 2025 年 7 月 12 日以书面签署决议的 方式召开，会议通知已于 2025 年 7 月 7 日以电子邮件方式发出。 本次会议应参会表决董事 9 名，实际参会董事 9 名。会议的召集 召开符合《公司法》《公司章程》的有关规定，会议合法有效。 与会董事以记名投票方式表决，形成决议如下： ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [4][22]. Core Insights - The construction of zero-carbon parks is being accelerated, with the release of renewable energy power consumption responsibility weights expected by 2025 [1][17]. - The report highlights the increasing responsibility weights for renewable energy consumption across various provinces, with most provinces expected to exceed 20% by 2025 [17][20]. - The report emphasizes the importance of integrating renewable energy development with energy management systems to achieve carbon neutrality [22][23]. Market Review - The Shanghai Composite Index rose by 0.82%, while the public utility index increased by 1.11% and the environmental index by 3.17% [1][24]. - Within the electricity sector, coal-fired power increased by 0.41%, hydropower by 0.42%, and renewable energy generation by 1.05% [1][25]. Important Policies and Events - The National Development and Reform Commission, Ministry of Industry and Information Technology, and National Energy Administration issued a notice to accelerate the transformation of energy structures in parks and promote energy conservation and carbon reduction [15][16]. - Hainan Province's implementation plan for market-oriented reform of renewable energy grid prices includes a pricing structure for existing projects and competitive bidding for new projects [16] . Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [3][22]. - In the environmental sector, companies like China Everbright Environment and Zhongshan Public Utilities are highlighted as potential investment opportunities [23][22]. Key Company Earnings Forecasts and Investment Ratings - Huadian International: Outperform, with an expected EPS of 0.46 in 2024 and 0.62 in 2025 [8]. - Longyuan Power: Outperform, with an expected EPS of 0.75 in 2024 and 0.85 in 2025 [8]. - China Nuclear Power: Outperform, with an expected EPS of 0.46 in 2024 and 0.50 in 2025 [8]. Industry Dynamics and Company Announcements - The report notes that the water and waste incineration sectors are entering a mature phase, with significant improvements in free cash flow [23]. - The report also highlights the potential for domestic waste oil recycling companies to benefit from the EU's SAF blending policy [23]. Industry Key Data Overview - In May, the industrial power generation increased by 0.5% year-on-year, with a total of 737.8 billion kWh generated [49][60]. - The total electricity consumption in May reached 809.6 billion kWh, reflecting a year-on-year growth of 4.43% [57][60].