Core Viewpoint - Three Gorges Energy plans to issue public infrastructure REITs based on its wholly-owned offshore wind power projects, indicating a strategic move to enhance capital efficiency and investment in renewable energy [1] Group 1 - The company intends to subscribe for 34% of the fund shares as the original equity holder [1] - Three Gorges Capital Holding Co., Ltd., an affiliate of the company, plans to subscribe for 10% of the fund shares [1]

Core Viewpoint - The China Securities Green Ecology Theme Index has shown a slight increase over the past month and three months, while it has experienced a minor decline year-to-date, reflecting the performance of companies involved in clean energy and ecological protection [2] Group 1: Index Performance - The China Securities Green Ecology Theme Index rose by 1.35% in the last month and 6.49% over the past three months, with a year-to-date decline of 0.05% [2] - The index is based on 50 listed companies involved in clean energy, electrification, hydrogen energy, resource efficiency, pollution control, environmental restoration, and ecological protection [2] Group 2: Index Composition - The index was established on December 31, 2015, with a base value of 1000.0 points [2] - The top ten weighted companies in the index are: CATL (15.36%), Yangtze Power (13.28%), Inovance Technology (5.76%), Sungrow Power (5.18%), LONGi Green Energy (4.48%), China National Nuclear Power (3.5%), TBEA (3.14%), Changan Automobile (2.97%), Sanhua Intelligent Control (2.87%), and Three Gorges Energy (2.86%) [2] - The index's holdings are primarily listed on the Shenzhen Stock Exchange (54.71%) and the Shanghai Stock Exchange (45.29%) [2] Group 3: Industry Breakdown - The industry composition of the index shows that industrials account for 58.13%, utilities for 26.22%, materials for 9.11%, consumer discretionary for 5.84%, and information technology for 0.70% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]

天眼查资料显示，三峡陆上新能源投资有限公司，成立于2022年，位于呼和浩特市，是一家以从事商务 服务业为主的企业。企业注册资本1000000万人民币。通过天眼查大数据分析，三峡陆上新能源投资有 限公司共对外投资了9家企业，参与招投标项目269次，专利信息32条，此外企业还拥有行政许可2个。 中国长江三峡集团有限公司，成立于1993年，位于武汉市，是一家以从事电力、热力生产和供应业为主 的企业。企业注册资本21150000万人民币。通过天眼查大数据分析，中国长江三峡集团有限公司共对外 投资了42家企业，参与招投标项目5000次，财产线索方面有商标信息96条，专利信息4875条，此外企业 还拥有行政许可59个。 金融界2025年8月6日消息，国家知识产权局信息显示，三峡陆上新能源投资有限公司、中国长江三峡集 团有限公司取得一项名为"一种季节性调节的槽式聚光集热系统"的专利，授权公告号CN223191851U， 申请日期为2024年09月。 专利摘要显示，本申请提供一种季节性调节的槽式聚光集热系统，涉及太阳能聚光集热技术领域。本申 请提供的季节性调节的槽式聚光集热系统，包括底座；支撑件，支撑件的一端为铰接端，与底座 ...

Market Overview - In July, the Shanghai and Shenzhen 300 Index increased by 3.54%, while the public utility index decreased by 0.77% and the environmental index increased by 2.10%. The relative returns for public utilities and environmental sectors were -4.32% and -1.94%, respectively [1][15][23]. - Among the sub-sectors, the environmental sector rose by 1.60%, with thermal power increasing by 1.21%, hydropower decreasing by 4.35%, and new energy generation rising by 0.80% [1][15][24]. Important Policies and Events - The Guangdong Provincial Development and Reform Commission announced adjustments to the capacity pricing for coal and gas power plants, effective from January 1, 2026, with coal power set at 165 yuan per kilowatt per year and gas power varying from 165 to 396 yuan depending on the type of gas used [2][16][17]. - The Ningxia Hui Autonomous Region proposed a market-oriented reform plan for new energy pricing, setting a benchmark price for coal-fired power at 0.2595 yuan per kilowatt-hour [2][17]. Sector Research - The National Development and Reform Commission and the National Energy Administration issued guidelines to improve the pricing mechanism for domestic natural gas pipeline transportation, aiming for a unified pricing model and a permitted return rate of approximately 5.7%, down from 8% [3][18][20]. - This new regulation is expected to lower transportation costs for natural gas, benefiting urban gas companies [3][20]. Investment Strategy - Public Utilities: Recommendations include large thermal power companies like Huadian International and Shanghai Electric, as coal and electricity prices are expected to decline [4][21]. - New Energy: Continued government support for new energy development is anticipated to stabilize profitability, with recommendations for leading companies such as Longyuan Power and Three Gorges Energy [4][21]. - Nuclear Power: Expected stable profitability due to growth in installed capacity and generation, with recommendations for China Nuclear Power and China General Nuclear Power [4][21]. - Hydropower: High-dividend hydropower stocks are highlighted for their defensive attributes, with Longjiang Power recommended [4][21]. - Gas: Recommendations include China Resources Gas and Jiufeng Energy, which have strong pricing power and strategic advantages [4][21]. Sector Performance - In July, the public utility sector ranked 30th among 31 sectors, while the environmental sector ranked 22nd [1][15][23]. - The performance of various sub-sectors showed mixed results, with water utilities and gas sectors generally performing better than thermal and hydropower sectors [1][15][24]. Key Company Earnings Forecasts - Huadian International (600027.SH): EPS forecast for 2024A at 0.46 yuan, PE ratio at 11.5 [9]. - Longyuan Power (001289.SZ): EPS forecast for 2024A at 0.75 yuan, PE ratio at 21.8 [9]. - China Nuclear Power (601985.SH): EPS forecast for 2024A at 0.46 yuan, PE ratio at 19.9 [9]. - Longjiang Power (600900.SH): EPS forecast for 2024A at 1.33 yuan, PE ratio at 21.0 [9].

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power, Huaneng International, and Kunlun Energy, among others [49][51]. Core Insights - The adjustment of capacity prices for coal and gas power plants in Guangdong is expected to improve profitability for gas power plants significantly, with capacity prices increasing by 65% to 296% depending on the type of gas plant [4][10]. - The rapid development of renewable energy installations in Guangdong has increased the reliance on coal power for flexible peak regulation, with renewable energy capacity reaching 59.13 million kW by the end of 2024, accounting for 26.6% of the total installed capacity [9][10]. - The report highlights the geopolitical factors affecting natural gas prices, with European gas prices experiencing a slight increase due to renewed geopolitical tensions, while U.S. gas prices remain stable [13][20]. Summary by Sections 1. Power Sector - Guangdong has raised the capacity price for coal power plants to 165 RMB per kW per year starting January 1, 2026, and for gas power plants, prices will range from 165 to 396 RMB per kW per year starting August 1, 2025 [8][10]. - The increase in capacity prices is expected to provide annual revenue boosts of 1.72 billion RMB for Guangdong Power A and 350 million RMB for Guangzhou Development [11]. 2. Gas Sector - As of August 1, 2025, the Henry Hub spot price is $3.00/mmBtu, while the TTF spot price in Europe is €32.95/MWh, reflecting a week-on-week increase of 2.74% [13][14]. - The report notes that the domestic LNG price is 4388 RMB per ton, showing a week-on-week decrease of 1.06% [32]. 3. Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, power, and environmental sectors lagged behind [39]. 4. Company and Industry Dynamics - The National Energy Administration has released guidelines to enhance the management of natural gas pipeline transportation prices, promoting transparency and optimizing resource allocation [37]. - The report discusses the performance of key companies, including Huaneng International and Inner Mongolia Huadian, with varying revenue and profit trends [44].

中新网湖北新闻8月4日电 (王璐 平丽娜)三峡工程是长江航运的重要枢纽。长江作为一条巨大的交通动 脉，其通畅与否，直接关系到沿江地区的经济发展和社会安定。三峡工程早在设计之初，就对航运方面 作了充分而科学的论证。三峡双线五级船闸、三峡升船机，是三峡枢纽工程的重要组成部分。作为世界 上连续级数最多、总水头和级间输水水头最高、技术最复杂的内河船闸，三峡双线五级船闸是长江大动 脉上的"要津"。 三峡双线五级船闸是全球最繁忙、技术最复杂的内河船闸。以2023年为例，当年三峡船闸运行11066闸 次，通过量1.69亿吨，创历史纪录。 船闸水头差113米，闸室、水位、阀门紧密耦合。船队过闸单程需操作500多道指令，涉及海量数据代 码。 船闸控制系统的核心组件是可编程逻辑控制器(PLC)。 三峡船闸 控制系统的可编程逻辑控制器(PLC)部分组件 (三峡工程博物馆供图) 啥是PLC？简单来说，它通过预先编写程序，给机器"定规矩"，让其自动运行。例如，智能家居可基于 PLC实现"如果天黑且有人经过，就开灯"。 "航运'要津'事关国计民生，一定要掌握在自己手中。"三峡集团所属流域管理中心枢纽管理部副主任专 业师朱华伟说。 为何要 ...

Investment Rating - The report maintains a "Positive" investment rating for the green electricity industry [8] Core Insights - The price of green certificates has shown a significant recovery, with the trading price for 2025 electricity corresponding to green certificates reaching 6.48 yuan per certificate, a month-on-month increase of 31.99% [2][11] - The issuance of green certificates remains high, with 278 million certificates issued in June, a month-on-month increase of 29.33%, indicating a strong supply [6] - The demand for green electricity is expected to increase due to mandatory assessments for high-energy-consuming industries, which will further support the price recovery of green certificates [2][11] Summary by Sections Green Certificate Issuance and Trading - In June, 278 million green certificates were issued, with 196 million being tradable, accounting for 70.64% of the total [6] - The total number of tradable green certificates issued from January to June 2025 reached 958 million [6] - The average trading price of green certificates in June was 3.40 yuan per certificate, reflecting a month-on-month increase of 24.77% [11] Market Dynamics - The report highlights a potential imbalance in supply and demand for green certificates, with expectations of a decrease in supply due to policy changes [2][11] - The green electricity industry is under long-term pressure from market pricing, but the recovery in green certificate prices is seen as a key catalyst for restoring the narrative of public utilities and growth [2][11] Investment Recommendations - The report suggests focusing on quality transformation power operators such as Huaneng International, Huadian International, and China Power, as well as large hydropower companies like Yangtze Power and Guotou Power [11][15][17] - It also recommends investing in renewable energy companies like Longyuan Power and China Nuclear Power, which are expected to benefit from policy changes and market dynamics [11][17][18]

Core Insights - The event held on August 2 in Beijing aimed to connect high-level talents with quality enterprises, significantly enhancing the recruitment efforts for the city's sub-center development [1][16] - Nearly 50 key enterprises participated, offering over 600 quality job positions, showcasing the sub-center's strong appeal to high-end talent [1][3] Talent Attraction - The recruitment event attracted over 1,400 candidates, with nearly 1,000 attending in person, resulting in 500 preliminary employment intentions [3] - The talent pool was diverse, including 251 overseas returnees and 310 individuals with master's degrees or higher, indicating a high level of educational attainment [5] Industry Alignment - Popular sectors among candidates included finance, internet, AI, advertising, media, culture, and sports, aligning well with the sub-center's key industries [7] - Participating companies included major players such as Industrial and Commercial Bank of China, Mengniu Dairy, and China Three Gorges Corporation, reflecting a rich variety of industry representation [8] Event Experience - The event featured a high level of engagement, with candidates actively interacting with HR representatives, leading to a positive experience for job seekers [12][14] - Specialized service areas, such as career planning and policy consultation, attracted significant attention, with over 500 and 1,500 visits respectively [14] Future Initiatives - The event organizer plans to follow up on the employment status of interested candidates and introduce more workplace experiences and internship opportunities [16] - The local talent bureau aims to optimize employment services and maintain a consistent recruitment effort to support the sub-center's high-quality development [20]

Group 1 - The establishment of Sanxia (Liaoning) Energy Investment Co., Ltd. has been reported, with a registered capital of 500 million yuan [1] - The company is fully owned by Sanxia Energy, indicating a strong backing from a major player in the energy sector [1] - The business scope includes various energy-related activities such as power generation, transmission, and distribution, as well as emerging energy technologies [1] Group 2 - The company will engage in both licensed and general projects, including wind and solar power technology services, energy storage technology services, and ecological restoration [1] - The company is also involved in investment activities using its own funds, showcasing a diversified approach to energy investment [1]

Core Points - The Shanghai Composite Index decreased by 0.37%, while the Shanghai 180 Public Utilities Index increased by 0.06%, closing at 2196.95 points with a trading volume of 6.137 billion [1] - The Shanghai 180 Public Utilities Index has seen a decline of 4.87% over the past month, 3.01% over the past three months, and 5.63% year-to-date [1] - The Shanghai 180 Industry Index Series is categorized based on the CSI industry classification standard, reflecting the overall performance of different industry securities within the Shanghai 180 Index sample [1] Index Holdings - The top ten weights in the Shanghai 180 Public Utilities Index are as follows: - Changjiang Electric Power (48.84%) - China Nuclear Power (10.75%) - Three Gorges Energy (8.8%) - Guodian Power (5.79%) - State Power Investment (5.34%) - Huaneng International (4.57%) - Chuanwei Energy (4.32%) - Zhejiang Energy (2.98%) - Huadian International (2.78%) - Xin'ao Co. (2.46%) [1] - The market segment of the Shanghai 180 Public Utilities Index is entirely composed of the Shanghai Stock Exchange, with a 100% share [2]