Core Viewpoint - The establishment of China Yajiang Group is a significant strategic decision by the central government, aimed at enhancing energy security and supporting the construction and operation of the Yajiang hydropower project [5]. Group 1: Company Formation and Leadership - China Yajiang Group has been recently established as a new central enterprise, with Yu Bing appointed as Chairman and Party Secretary, and Wang Wubin as General Manager and Deputy Party Secretary [2][5]. - The leadership team also includes Zhao Feng as Deputy General Manager and Party Member [2]. - The company is listed as the 22nd central enterprise in the latest directory released by the State-owned Assets Supervision and Administration Commission [6]. Group 2: Strategic Cooperation - On July 19, a strategic cooperation agreement was signed between China Three Gorges Group and China Yajiang Group to deepen collaboration and better serve national strategic initiatives [1]. - The meeting was attended by senior executives from both companies, indicating a strong commitment to partnership [1]. Group 3: Leadership Background - Yu Bing, born in October 1967, has extensive experience in the power industry, having previously served as Vice President of China Huadian Corporation and Deputy Director of the National Energy Administration [3]. - Wang Wubin, born in October 1970, has held positions including Chairman of Three Gorges Energy and was promoted to Vice President of China Three Gorges Group in 2023 [4].

三峡集团副总经理、党组成员王殿常，雅江集团副总经理、党组成员赵峰出席并签约。 中国三峡集团网站消息，7月19日，中国三峡集团董事长、党组书记刘伟平在西藏林芝与中国雅江 集团董事长、党组书记余兵，总经理、党组副书记王武斌座谈，双方就进一步深化合作，更好服务 国家重大战略开展深入交流。座谈后，双方签署深化战略合作协议。 ...

Core Viewpoint - The article discusses the announcement of a tender for the design and construction of the 100MW photovoltaic project by Three Gorges New Energy Power Generation (Heshun) Co., Ltd. in Shanxi Province, China [1][3]. Group 1: Project Details - The project site is located approximately 30 km northwest of Heshun County, Jinzhong City, Shanxi Province, covering an area of about 3,500 acres [1]. - The planned installed capacity of the project is 100MW, utilizing 590Wp modules, and will connect to the 220kV Langsheng photovoltaic power station through a 35kV overhead collection line [1]. - The construction scope includes the photovoltaic area, 35kV overhead collection line, and the expansion of the 220kV Langsheng photovoltaic power station [1]. Group 2: Construction and Services - The tender includes comprehensive services such as surveying, design, procurement, installation of all equipment and materials (excluding photovoltaic modules, inverters, and fixed supports), and various engineering works [2]. - The project is scheduled to commence on September 10, 2025, with a target for full capacity grid connection by December 31, 2025 [2].

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].

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]