Core Points - The A-share market's three major indices closed mixed, with the CSI 300 Infrastructure Theme Index reporting at 2163.03 points [1] - The CSI 300 Infrastructure Theme Index has increased by 0.51% over the past month, 0.96% over the past three months, and has decreased by 2.43% year-to-date [2] Index Composition - The CSI 300 Infrastructure Theme Index is composed of infrastructure-related listed companies selected from the CSI 300 Index, providing investors with a diversified investment option [2] - The index was established on December 31, 2004, with a base point of 1000.0 [2] - The top ten weighted companies in the index are: - China Yangtze Power (14.9%) - China State Construction Engineering (8.74%) - China Telecom (8.45%) - China Mobile (7.25%) - China Unicom (6.01%) - China Nuclear Power (5.51%) - Three Gorges Energy (4.37%) - China Railway (4.19%) - Guodian Power (3.07%) - China Power Construction (3.03%) [2] Market Distribution - The CSI 300 Infrastructure Theme Index has a market distribution of 96.01% on the Shanghai Stock Exchange and 3.99% on the Shenzhen Stock Exchange [2] - The industry composition of the index includes: - Utilities: 42.59% - Industrials: 34.52% - Communication Services: 22.90% [2] Sample Adjustment - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3] - Weight factors are adjusted in accordance with sample changes, typically remaining fixed until the next scheduled adjustment [3] - In the event of special circumstances affecting the CSI 300 Index samples, corresponding adjustments will be made to the index samples [3]

Group 1 - The core point of the announcement is that China Three Gorges New Energy Group Co., Ltd. plans to increase its shareholding through its controlling shareholder, China Three Gorges Corporation, with a total investment of no less than RMB 1.5 billion and no more than RMB 3 billion within the next 12 months [1] - As of July 7, 2025, the controlling shareholder has cumulatively increased its shareholding by 74,245,861 shares, accounting for approximately 0.26% of the total share capital, with a total investment amount of RMB 319,481,991.14 [1] - The controlling shareholder has received a loan commitment letter from Industrial and Commercial Bank of China Hubei Branch, which promises a special loan for stock purchase of up to RMB 2.7 billion, with a loan term of 3 years [1] Group 2 - The green electricity ETF, which tracks the China Securities Green Power Index, has seen a recent increase of 3.77% over the past five days [3] - The current price-to-earnings ratio of the green electricity ETF is 17.48 times, indicating its valuation level [3] - The latest share count of the ETF is 110 million, with a reduction of 2 million shares, and a net outflow of main funds amounting to RMB 12,400 [3]

截至 2025 年 7 月 7 日，三峡集团利用自有资金以集中竞价方 式累计增持公司股份74,245,861股，占公司总股本比例约为0.26%， 累计增持金额 319,481,991.14 元。本次增持计划尚未实施完毕。 三、控股股东获得增持专项贷款承诺函的情况 证券代码：600905 证券简称：三峡能源 公告编号：2025-042 中国三峡新能源（集团）股份有限公司 关于控股股东获得增持专项贷款 承诺函的公告 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。 一、增持计划主要内容 中国三峡新能源（集团）股份有限公司（以下简称公司）于 2025 年 4 月 9 日披露了《中国三峡新能源（集团）股份有限公司 关于控股股东增持计划的公告》（公告编号：2025-010），基于对 公司未来发展的信心，公司控股股东中国长江三峡集团有限公司 （以下简称三峡集团）拟在未来 12 个月内通过二级市场增持公司 股份，包括集中竞价、大宗交易等交易方式，增持金额不低于人 民币 15 亿元、不高于人民币 30 亿元。 二、增持计划进展情况 中国三峡新能 ...

Core Viewpoint - The announcement indicates that the controlling shareholder, Three Gorges Group, has received a loan commitment from Industrial and Commercial Bank of China (ICBC) for a special loan to increase its stake in Three Gorges Energy, with a maximum amount of 2.7 billion yuan [1] Group 1 - Three Gorges Group will receive a loan commitment from ICBC, with a limit of 2.7 billion yuan, for the purpose of increasing its shareholding in Three Gorges Energy [1] - The loan has a term of three years and is subject to legal, regulatory, and approval conditions [1] - As of July 7, 2025, Three Gorges Group has already increased its stake by acquiring approximately 74.25 million shares, representing about 0.26% of the total share capital, with a total investment of 319 million yuan [1]

Investment Rating - The report maintains a "Positive" investment rating for the power industry [11] Core Insights - The performance outlook for thermal power remains positive despite a decline in electricity prices and generation in Q2, driven by a significant decrease in coal prices [2][6] - Hydropower generation faces pressure due to high base effects and reduced rainfall, but some companies may achieve stable growth through optimized reservoir management [7][28] - Nuclear power generation continues to grow, but performance may vary by region due to differing impacts from market electricity prices [7][29] - Renewable energy generation (wind and solar) shows steady growth, but performance disparities exist across regions, influenced by local utilization hours [8][33] Summary by Sections Thermal Power - Key factors affecting thermal power profitability include coal prices, electricity prices, and generation volume. In Q2, coal prices decreased significantly, with the Qinhuangdao Q5500 coal price averaging 631.61 yuan/ton, down 216.85 yuan/ton year-on-year [20][21] - The overall electricity price across regions has declined, but northern regions like Inner Mongolia and Xinjiang show relatively strong performance [6][17] - Despite a year-on-year decline in thermal power generation hours and prices, the significant drop in coal prices is expected to stabilize thermal power operations, particularly in northern and eastern regions [26][21] Hydropower - Hydropower generation saw a year-on-year decline of 11.02% in April-May due to high base effects and less rainfall [28][31] - Major hydropower companies with better asset quality may still achieve stable growth through effective water management strategies [28] Nuclear Power - Nuclear power generation increased by 9.57% year-on-year in April-May, supported by a larger installed capacity and fewer maintenance days [29][31] - The impact of market electricity price fluctuations varies, with companies like China Nuclear Power being less affected compared to others [29] Renewable Energy - Wind and solar generation increased by 11.87% and 11.68% year-on-year, respectively, but utilization hours have decreased [33][36] - Regional disparities in performance are evident, with eastern and central provinces showing improved wind utilization hours, while coastal provinces like Guangdong and Fujian experienced significant declines [33][39] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huadian International, Huaneng International, and China Power, as well as major hydropower companies like Yangtze Power and Guotou Power [9][44] - For renewable energy, companies with balanced national layouts like Longyuan Power and China Nuclear Power are expected to perform well [9][44]

Market Overview - In June, the CSI 300 index rose by 2.50%, while the public utility index fell by 0.54% and the environmental index increased by 0.81%, with relative returns of -3.04% and -1.42% respectively [1][14] - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 25th and 19th in terms of growth [1][14] - The environmental sector saw a rise of 1.08%, while within the electricity sector, thermal power decreased by 0.94%, hydropower fell by 1.76%, and renewable energy generation increased by 1.98% [1][26] Important Events - The Central Financial Committee's sixth meeting emphasized strengthening and expanding the marine industry, promoting orderly construction of offshore wind power [15] - National electricity load exceeded 1.465 billion kilowatts on July 4, marking a historical high, with a rise of approximately 200 million kilowatts since the end of June and an increase of nearly 150 million kilowatts year-on-year [15] Supply and Demand Analysis - The electricity industry has experienced three cycles of supply and demand changes since 2000, with future supply expected to increase significantly due to new thermal power units coming online and growth in renewable and nuclear power installations [2][22] - The demand side shows a decline in electricity consumption growth, particularly in high-energy-consuming industries, leading to a stabilization of overall electricity demand growth [2][23] Investment Strategy - Public Utilities: Recommendations include large thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][24] - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profitability, with a recommendation for China Power Investment Corporation as a restructuring target [3][24] - In the water and waste incineration sectors, companies like China Everbright Environment and Zhongshan Public Utilities are highlighted for their cash flow improvements [3][24] Key Company Profit Forecasts - Huadian International (600027.SH): Expected EPS of 0.46 in 2024, PE ratio of 12.2 [8] - Longyuan Power (001289.SZ): Expected EPS of 0.75 in 2024, PE ratio of 22.3 [8] - China Nuclear Power (601985.SH): Expected EPS of 0.46 in 2024, PE ratio of 20.5 [8] - China Everbright Environment (0257.HK): Expected EPS of 0.55 in 2024, PE ratio of 7.3 [8]

_ 136 _ 10 ___ 24Q4 行业月报 ·公用事业行业 2 行业月报 · 公用事业行业 可证券|CGS 一、行业要闻 1. 河南电力现货市场完成短周期结算试运行 6月 27日,河南电力现货市场完成短周期结算试运行,共计 112台煤电机组、390 座新能源场 站、127 家售电公司、12 座独立储能电站参与交易。这标志着河南电力市场化改革迈出关键一步。 中国银河证券|CGS 目录 Catalog | 一、 行业要闻 | | --- | | 二、 行业数据 … | | (一) 碳交易市场情况 | | (二） 电力行业相关数据………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 7 | | 三、 太阳能单月装机创新高，火电发电量由降转增 | | 四、 开展新型电力系统建设试点，助力新能源消纳……………………………………………………………………………………………………………………………11 | | 五、 环保 ...

Group 1 - The article discusses the current market development status of hydrogen production technologies, specifically ALK/PEM/AEM, and highlights innovations in key materials and hydrogen production system technologies [1][11] - It emphasizes the importance of technological innovation and international cooperation in the photovoltaic industry to achieve sustainable development [2] - The total liabilities of photovoltaic companies reached approximately 2 trillion yuan, with an overall debt-to-asset ratio of 63.24%, indicating a year-on-year increase of 2.65 percentage points [2] Group 2 - A ranking of photovoltaic companies by total liabilities shows that the top three companies have liabilities exceeding 1 billion yuan, with significant year-on-year growth in some cases, such as Tongwei Co., which saw a 41.78% increase [3][4] - The article provides a detailed list of companies with their total liabilities and year-on-year growth rates, highlighting the financial health of the industry [3][4] - The article also includes a ranking of companies by debt-to-asset ratio, with some companies showing extremely high ratios, indicating potential financial risks [7][8] Group 3 - The upcoming "2025 Renewable Energy Hydrogen Production Industry Development Forum" will focus on key materials and system technologies, discussing trends in green hydrogen project applications [11][12] - The forum will feature various sessions on the current status and development trends of renewable energy hydrogen production, including discussions on PEM and alkaline hydrogen production technologies [13][15] - Notable speakers from leading institutions and companies will present their research and innovations in hydrogen production technologies, emphasizing the industry's growth potential [29][37]

Core Viewpoint - The China Securities Index for Modern Energy of State-Owned Enterprises has shown mixed performance, with a slight increase recently but a year-to-date decline, reflecting the overall trends in the modern energy sector [1][2]. Group 1: Index Performance - The index closed at 1284.8 points, with a trading volume of 20.648 billion yuan [1]. - Over the past month, the index has increased by 1.23%, and over the last three months, it has risen by 1.36%, while it has decreased by 4.08% year-to-date [1]. Group 2: Index Composition - The index is composed of 50 listed companies involved in green energy, fossil energy, and energy transmission and distribution, reflecting the performance of modern energy theme companies [1]. - The top ten weighted companies in the index include: - Changjiang Electric Power (10.02%) - Guodian NARI Technology (7.44%) - China Nuclear Power (6.4%) - Three Gorges Energy (5.1%) - Aluminum Corporation of China (4.68%) - Guodian Power (3.71%) - China Power Construction (3.49%) - China Shenhua Energy (3.08%) - State Power Investment Corporation (3.01%) - China National Petroleum Corporation (2.97%) [1]. Group 3: Market and Sector Breakdown - The Shanghai Stock Exchange accounts for 81.96% of the index's holdings, while the Shenzhen Stock Exchange represents 18.04% [1]. - In terms of industry distribution, the index's sample shows: - Utilities: 44.88% - Industrials: 22.59% - Energy: 17.31% - Materials: 14.35% - Communication Services: 0.88% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]. - Public funds tracking the index include: - Harvest CSI National New State-Owned Enterprises Modern Energy Link A - Harvest CSI National New State-Owned Enterprises Modern Energy Link C - ICBC CSI National New State-Owned Enterprises Modern Energy ETF - Bosera CSI National New State-Owned Enterprises Modern Energy ETF - Harvest CSI National New State-Owned Enterprises Modern Energy ETF [2].

Core Insights - In the first half of this year, the Three Gorges Hub has efficiently operated its navigation structures, achieving a cumulative cargo volume exceeding 80 million tons, thereby maximizing the shipping efficiency of the Yangtze River [1] Group 1: Operational Performance - The Three Gorges Ship Lock operated 5,206 times, facilitating 19,125 vessels with a cargo volume of 81.4 million tons [1] - The Three Gorges Ship Lift had 1,790 loaded operations, passing 1,810 vessels and accommodating over 280,000 passengers, with a cargo volume of 758,000 tons [1] - The combined operation of the Three Gorges Ship Lock and Ship Lift has effectively enhanced shipping efficiency [1] Group 2: Technical Specifications - The Three Gorges Ship Lock is recognized as the most complex inland ship lock globally, with the highest total head and inter-stage water head, designed for an annual throughput capacity of 100 million tons [1] - Since its opening to public vessels on June 18, 2003, the cumulative cargo volume through the lock has reached 2.24 billion tons, with annual cargo volumes consistently exceeding 100 million tons for 11 consecutive years and surpassing 150 million tons for the last three years, peaking at 168 million tons [1] Group 3: Economic Impact - The Three Gorges Ship Lift has facilitated over 1.8 million tourists since its trial operation on September 18, 2016, contributing to the high-quality development of the Yangtze River Economic Belt [1]