格隆汇8月4日丨中国核电(601985.SH)公布，2025年7月，公司以集中竞价交易方式回购股份数量为 3,247,500股，支付的总金额为29,998,671.00元。截至2025年7月31日，公司累计回购股份数量为 11,113,000.00股，占公司目前总股本的比例为0.05%，购买的最高价为9.65元/股，购买的最低价为9.16 元/股，已支付的总金额为104,936,335.80元（不含佣金等交易费用）。上述回购进展符合法律法规的规 定及公司披露的回购股份方案的要求。 ...

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].

Core Viewpoint - China Nuclear Power held a meeting on August 2 to summarize its performance in the first half of 2025, highlighting strong operational performance and progress in engineering construction [1] Group 1: Operational Performance - The company achieved "zero non-stop" operation across 26 operational units, maintaining a world-leading level [1] - The overall operational performance remains at a high level, indicating effective management and operational efficiency [1] Group 2: Engineering and Safety Management - Engineering construction is progressing in an orderly manner, reflecting the company's commitment to project timelines and quality [1] - The safety management system is continuously improving, which is crucial for maintaining operational integrity and safety standards [1] Group 3: Business Indicators - The company has achieved steady progress in its business indicators, meeting all operational targets on schedule [1]

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]

Investment Rating - The report maintains a "Buy" rating for several companies in the Guangdong region, particularly those expected to experience performance reversals due to the recent adjustments in electricity capacity pricing [5][12]. Core Insights - Guangdong has raised the capacity price for coal and gas power plants, with coal power capacity price set to increase to 165 RMB per kW per year starting January 1, 2026. Gas power plants will see varied increases based on the type of unit, with adjustments ranging from 165 to 396 RMB per kW per year [2][3][12]. - Nationally, renewable energy installations account for nearly 60% of total capacity, with renewable energy generation making up about 40% of total electricity generation. In the first half of 2025, renewable energy installations increased by 99.3% year-on-year, contributing significantly to the overall power supply [4][12]. Summary by Sections Industry Insights - The adjustment in capacity pricing in Guangdong is expected to alleviate electricity pricing risks and improve profitability for gas power plants, which have faced significant cost pressures [3][12]. - The report highlights that renewable energy generation has surpassed the combined electricity consumption of the tertiary industry and urban residents, indicating a strong shift towards sustainable energy sources [4][12]. Market Performance - The Shanghai Composite Index closed at 3559.95 points, down 0.94%, while the CSI 300 Index fell by 1.75%. The CITIC Power and Utilities Index decreased by 1.88%, underperforming the CSI 300 by 0.13 percentage points [60][61]. - Over half of the listed companies in the power and utilities sector experienced declines in their stock prices during the week [60]. Key Companies - Recommended companies include Huaneng International, Huadian International, and Baoneng New Energy, which are expected to show resilient quarterly performance in the thermal power sector [5][9]. - The report also suggests focusing on leading companies in flexible thermal power modifications, such as Qingda Environmental Protection [5][9].

Core Viewpoint - China Nuclear Power (601985) has experienced a decline in stock price, closing at 9.16 yuan as of August 1, 2025, down 1.72% from the previous week [1] Company Announcements - China Nuclear Power has successfully raised a total of 13,999,999,990.17 yuan through a specific issuance of A-shares, with 1,684,717,207 shares issued at a price of 8.31 yuan per share [1] - The net amount raised after deducting issuance costs is 13,997,654,262.12 yuan [1] - To ensure proper management and usage of the raised funds, the company has established special accounts at various banks and signed a four-party supervision agreement with the sponsor, CITIC Securities [1] - The agreement stipulates that the special accounts are exclusively for the storage and use of the raised funds, prohibiting any non-raising funds or other uses [1] - The sponsor has the right to monitor the usage of the raised funds and conduct regular checks on the account storage situation [1]

Industry Overview - The ammonium paratungstate (APT) industry in China has seen significant development driven by national policy support and market demand, with China being the largest producer and seller of tungsten globally [1][7] - As of June 2025, the price of APT in China reached 251,500 yuan per ton, marking a year-on-year increase of 19.19% [1][7] - The Chinese government has implemented strict total control and quota management on tungsten mining to ensure sustainable resource utilization, with the first batch of tungsten mining indicators for 2025 being tightened, reducing the total control indicator by 4,000 tons, a decrease of 6.45% compared to 2024 [1][7] Supply and Demand Dynamics - The supply of tungsten concentrate is limited due to government policies, which in turn affects APT production [1][7] - There is a continuous increase in demand for APT driven by rapid global manufacturing and infrastructure development, particularly in downstream industries such as hard alloys, tungsten material processing, and petrochemicals [1][7] Production and Profitability - As of June 2025, the operating rate of APT in China was 74.95%, an increase of 9.76 percentage points year-on-year, driven by high APT prices that expanded profit margins for producers [9] - The gross profit margin for APT in the last week of June 2025 was 0.08 yuan per ton, a decrease of 52.94% year-on-year, indicating challenges in maintaining profitability due to raw material price fluctuations and increased competition [11] Export Trends - China has historically been a major exporter of APT, with export volumes significantly exceeding imports. However, in 2025, the implementation of export control policies led to a notable decline in export quantities, with a 52.78% year-on-year decrease in the first five months of 2025 [12] Key Players in the Industry - Major companies in the APT market include Xiamen Tungsten Industry Co., Ltd., Zhangyuan Tungsten Industry Co., Ltd., and Jiangxi Tungsten Industry Group, which are leaders in production scale, technology, and market share [14] - Xiamen Tungsten Industry has an annual APT production capacity of 45,000 tons and is recognized for its high-purity APT production technology [16] - Zhangyuan Tungsten Industry has a production capacity of 22,000 tons per year and has achieved significant improvements in production efficiency through advanced technologies [18] Industry Development Trends - The APT industry is expected to focus on technological innovation and green production methods to enhance product quality and production efficiency while minimizing environmental impact [20] - Companies are likely to accelerate the integration and extension of the industrial chain to enhance competitiveness and reduce risks, potentially through mergers and acquisitions [21] - The demand for APT is anticipated to expand further due to the acceleration of global industrialization and the growth of high-end manufacturing sectors such as renewable energy and aerospace [22]

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]

（原标题：中国核电等在西藏那曲成立新能源公司） 企查查APP显示，近日，那曲汇新能源有限公司成立，法定代表人为罗浩，注册资本为100万元，经营范围包含：太阳能发电技术服务；风力发电 技术服务；资源再生利用技术研发；建设工程施工等。企查查股权穿透显示，该公司由中国核电（601985）旗下中核汇能（青海）能源有限公司 等共同持股。 ...

Core Insights - The report highlights that nearly all of the over 50 controllable nuclear fusion concept stocks have undergone investor research this year, indicating strong interest in the sector [1] - Several companies have released their performance data for the first half of 2025, with some reporting profit increases while others are facing losses [1] Group 1: Company Research and Performance - Ice Wheel Environment (000811) and Antai Technology (000969) have received over 10 investor research sessions, with Ice Wheel Environment leading with 42 sessions [2] - The total market capitalization of Ice Wheel Environment is 126.66 billion, with a year-to-date increase of 38.05% [2] - Other notable companies include Jiangsu Shentong (002438) with 13 research sessions and a market cap of 69.08 billion, showing a year-to-date increase of 13.13% [2] Group 2: Performance Variability - Companies such as Baoshan Co. (600973) and Yongding Co. (600105) have reported performance increases, while China First Heavy Industries (601106) and others have reported performance losses [1] - The report indicates that the performance of controllable nuclear fusion stocks is varied, with some companies like China Nuclear Power (601985) experiencing a year-to-date decline of 10.35% [2]