Investment Rating - The report does not explicitly state an investment rating for the industry Core Views - The report highlights that in August 2025, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with a total industrial power generation of 936.3 billion kilowatt-hours, reflecting a year-on-year growth of 1.6% [4][7][53] - The report emphasizes the continuous improvement in the power generation structure, with significant contributions from clean energy sources such as wind and solar power, amidst ongoing dual carbon policies and the development of a new power system [8][9][12] Summary by Sections 1. Power Generation - In August 2025, the total power generation reached 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [4][7] - The breakdown of power generation types shows that thermal power generation increased by 1.7%, nuclear power by 5.9%, wind power by 20.2%, and solar power by 15.9%, while hydropower decreased by 10.1% [9][12] - Wind power contributed the most to the increase in power generation, adding 12.4 billion kilowatt-hours compared to the same month last year [8][9] 2. Natural Gas - The report indicates a stable supply-demand balance in the natural gas market, with global gas prices experiencing slight fluctuations [18][19] - As of September 19, 2025, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80% [19][21] - The report suggests that the LNG prices in Northeast Asia remained stable at $11.50/mmBtu, with expectations of a further decline in prices as summer heat waves end [18][35] 3. Investment Analysis - Recommendations for investment include: - Hydropower: Favorable financial conditions due to interest rate cuts, with suggested companies being Guotou Power, Chuan Investment Energy, and Yangtze Power [16] - Green Energy: Increased stability in returns for renewable energy operators, with a focus on companies like Xintian Green Energy and Longyuan Power [16] - Nuclear Power: Continued approval of new units, with recommendations for China Nuclear Power and China General Nuclear Power [16] - Thermal Power: Improved profitability due to falling coal prices, with recommendations for Guodian Power and Huaneng International [16] - Gas Utilities: Favorable conditions for city gas companies, with recommendations for Kunlun Energy and New Hope Energy [40]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for these industries [4]. Core Insights - In August, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with total industrial power generation reaching 936.3 billion kilowatt-hours, a year-on-year increase of 1.6% [9][57]. - The report highlights the continued growth of thermal power and the significant contribution of renewable energy sources, particularly wind and solar power, to the overall power generation increase [10][11]. - Global gas prices are experiencing narrow fluctuations, with a stable supply-demand balance in the market, particularly in the U.S. and Europe [20][29]. Summary by Sections 1. Power Generation - In August, the total power generation was 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [9][57]. - The breakdown of power generation types shows thermal power at 6,274 billion kilowatt-hours (up 1.7%), hydropower at 1,479 billion kilowatt-hours (down 10.1%), nuclear power at 645 billion kilowatt-hours (up 5.9%), wind power at 738 billion kilowatt-hours (up 20.2%), and solar power at 538 billion kilowatt-hours (up 15.9%) [11][58]. - The report emphasizes the strong growth of renewable energy, with wind and solar power showing significant year-on-year increases of 20.2% and 15.9%, respectively [10][11]. 2. Natural Gas - As of September 19, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80%, while the TTF spot price in Europe remained stable at €32.00/MWh [20][21]. - The report notes that U.S. natural gas production remains high, contributing to a stable supply-demand balance and low price fluctuations [23][29]. - The LNG ex-factory price in China was 4,019 yuan/ton, with a weekly decrease of 0.84%, indicating a softening market due to weak domestic demand [41][44]. 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Yangtze Power due to stable growth and financial benefits from interest rate cuts [18]. - In the renewable energy sector, companies such as Xintian Green Energy and Funi Co. are highlighted for their stable returns and high profitability [18]. - The report suggests focusing on integrated natural gas traders like New Hope Energy and Shenzhen Gas, as well as city gas companies benefiting from cost reductions [44].

截至2025年9月22日 13:08，中证新能源指数下跌0.74%。成分股方面涨跌互现，帝尔激光领涨5.66%，科达利上涨5.10%，当升科技上涨3.63%；尚太科技领 跌，奥特维、阿特斯跟跌。新能源ETF(159875)下修调整。 流动性方面，新能源ETF盘中换手3.85%，成交4322.77万元。拉长时间看，截至9月19日，新能源ETF近1月日均成交1.19亿元。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 300750 | 宁德时代 | -0.18% | 9.72% | | 300274 | 阳光电源 | 0.80% | 5.57% | | 601012 | 降其绿能 | -1.95% | 5.18% | | 201982 | 中国核电 | -0.47% | 4.36% | | 600905 | 三峡能源 | -0.24% | 3.46% | | 600089 | 特变电工 | -1.83% | 3.43% | | 300014 | 亿纬锂能 | 0.08% | 3.19% | | 603799 | 华友钻业 | 2.17% | 2.87 ...

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 广东 136 号文正式发布，藏粤直流特高压开 工 增持（维持） [Table_Tag] [投资要点 Table_Summary ] ◼ 投资建议：迎峰度夏关注水电、火电投资机会。1 ）火电： 迎峰度夏建 议关注区域火电投资机会 。 建议关注【建投能源】【华电国际】【华能 国际】【国电电力】【申能股份】【皖能电力】。2 ）水电：量价齐升、 低成本受益市场化。 度电成本所有电源中最低，省内水电市场电价持续 提升，外输可享当地电价。现金流优异分红能力强，折旧期满盈利持续 释放。重点推荐【长江电力】。3 ）核电：成长确定、远期盈利 & 分红提 升。 22/23 年连续两年核准 10 台，24 年再获 11 台核准，成长再提速。 在建机组投运+资本开支逐步见顶。公司 ROE 看齐成熟项目有望翻倍， 分红同步提升。重点推荐【中国核电】【中国广核】，建议关注【中广 核电力 H】。4 ）绿电：化债推进财政发力，绿电国补欠款历史问题有 望得到解决。资产质量见底回升，绿电成长性再次彰显。 重点推荐【龙 净环保】，建议关注【龙源电力 H】【中闽能源】【三峡能源】。5 ）消 ...

【环球网报道 记者 王莉兰】在大亚湾核能科技馆内，一张张见证历史的老照片，一本本纸张略微泛黄的法语手册，都在无声诉说中法核能合作的源远流长。9月18日，"走读中国"法国媒体团来 来源：环球网 "走读中国"法国媒体团在中国广核集团工程公司留影 在大亚湾核能科技馆内，讲解员陈语嫣向法国媒体团介绍，作为中国大陆首座百万千瓦级商用核电站，大亚湾核电站于1987年开工建设，其间在技术上获得法国专家的大力支持。如今，中广核 中国广核集团有限公司党群工作部副主任黄超表示，中广核正起源于中法合作的大亚湾核电站建设，并持续推进消化、吸收和再创新，成功研发中国自主知识产权的三代核电技术"华龙一号"。法 法国媒体团与中国广核集团工作人员举行座谈交流 参访过程中，塔谢特别注意到人员交流的变化。"那些曾被派往法国接受培训的中国工程师回国后获得了高度重视。如今，法国技术人员也来到大亚湾进行技术学习。"他认为这种角色转换体现了 除核能领域外，法国媒体团同样关注中法在可再生能源方面的合作前景。塔谢坦言："法国在光伏、太阳能和海上风电等领域已显落后，我们需要与中国携手合作。" 此次核能探索之行不仅展现了中法两国在核能领域长期合作的成果，更展望 ...

中国广核集团有限公司党群工作部副主任黄超表示，中广核正起源于中法合作的大亚湾核电站建设，并 持续推进消化、吸收和再创新，成功研发中国自主知识产权的三代核电技术"华龙一号"。法国网红孵化 公司Trendl首席执行官马克西姆·萨巴尔克（Maxime Sabahec）感叹："中广核的创立曾得益于法国的支 持，这让我们深感荣幸。随后企业实现了迅猛发展——中国从未停止创新。如今的中广核已作为（行 业）领军者参与全球核能重大议题讨论。" 来源：环球网 【环球网报道 记者 王莉兰】在大亚湾核能科技馆内，一张张见证历史的老照片，一本本纸张略微泛黄 的法语手册，都在无声诉说中法核能合作的源远流长。9月18日，"走读中国"法国媒体团来到深圳，参 访大亚湾核电基地，并相继走访中国广核集团研究院机器人实验室、热工水力实验室、核电安全技术与 装备全国重点实验室等重要研究机构。从科技馆到实验室，媒体团成员通过实地探访，深切感受中法核 能合作的历史厚度与创新活力。 "走读中国"法国媒体团在中国广核集团工程公司留影 在大亚湾核能科技馆内，讲解员陈语嫣向法国媒体团介绍，作为中国大陆首座百万千瓦级商用核电站， 大亚湾核电站于1987年开工建设， ...

Group 1 - The core point of the news is the significant stock price movements in the A-share market on September 19, driven by the adjustment of the FTSE China A50 index components [1][7][8] - Several stocks, including Xinyi Technology, Zhongji Xuchuang, WuXi AppTec, and BeiGene, saw notable price increases during the closing auction period, while stocks like China Nuclear Power, China Unicom, and Wanhua Chemical experienced sharp declines [1][3][5] - The adjustments to the FTSE China A50 index included the inclusion of new stocks such as Xinyi Technology and WuXi AppTec, while stocks like China Nuclear Power and Wanhua Chemical were removed due to their declining market performance [7][8] Group 2 - The A-share market indices showed a mixed performance, with the Shanghai Composite Index down by 0.30%, the Shenzhen Component Index down by 0.04%, and the ChiNext Index down by 0.16% on the same day [3] - The FTSE Russell's quarterly review of the FTSE China A50 index and other indices took effect after the market close on September 19, leading to forced buying by index-tracking funds [8] - In the Hong Kong market, stocks such as Fourth Paradigm and SF Holding also experienced significant movements, influenced by the FTSE index adjustments, with new stocks being added to the FTSE Global Equity Index Series [10][11]

Core Viewpoint - The significant stock price movements in A-shares on September 19 were primarily driven by the adjustments in the FTSE China A50 Index, which took effect after the market closed on that day [1][6]. Group 1: Stock Movements - Several stocks, including Xinyi Technology, Zhongji Xuchuang, WuXi AppTec, and BeiGene, experienced notable price increases during the closing auction period [2][1]. - Conversely, stocks such as China Nuclear Power, China Unicom, and Wanhua Chemical saw substantial declines, with China Nuclear Power dropping nearly 2 percentage points [4][1]. Group 2: Index Adjustments - The FTSE Russell announced changes to the FTSE China A50 Index, which included the addition of stocks like Xinyi Technology and WuXi AppTec, while removing China Nuclear Power and China Unicom [6][1]. - The FTSE China A50 Index consists of the 50 largest stocks listed on the Shanghai and Shenzhen exchanges and undergoes quarterly reviews [6][1]. Group 3: Market Reactions - The adjustments in the FTSE indices prompted index funds and institutional investors to rebalance their portfolios, leading to the observed stock price volatility [1][6]. - The market showed a clear divergence in performance, with sectors like photolithography, lithium mining, and engineering machinery gaining strength, while others faced significant corrections [2][1]. Group 4: Broader Market Context - The overall A-share market experienced a mixed performance, with the Shanghai Composite Index down by 0.30% and the Shenzhen Component down by 0.04% [2][1]. - In the Hong Kong market, stocks such as Fourth Paradigm and SF Holding also exhibited significant movements, influenced by similar index adjustments [7][1]. Group 5: Future Outlook - Analysts suggest that the Chinese stock market may see further prosperity driven by valuation and liquidity factors, maintaining a positive outlook on both A-shares and H-shares [7][8]. - Focus areas include core growth sectors in Hong Kong, particularly in internet, innovative pharmaceuticals, new consumption, and technology [8][1].

Group 1 - The core point of the article highlights significant stock movements in the A-share market, with several companies experiencing sharp fluctuations during the closing auction [1] - New companies such as Baijiazhenshou-U, New Yisheng, WuXi AppTec, and Zhongji Xuchuang are being added to the FTSE China A50 Index, while companies like China Nuclear Power, China Unicom, Guodian Nari, and Wanhua Chemical are being removed [1] - The changes announced by FTSE Russell on September 3 will take effect after the market closes on September 19 [1]

Core Viewpoint - The modern energy sector in China is experiencing significant growth, driven by policy support and technological advancements, with a focus on energy storage and renewable energy solutions [4]. Group 1: Market Performance - As of September 19, 2025, the China Securities National New State-Owned Enterprise Modern Energy Index decreased by 0.03%, with mixed performance among constituent stocks [3]. - China Coal Energy led the gains with an increase of 3.90%, while China Rare Earths saw a decline of 1.82% [3]. - The Central State-Owned Enterprise Modern Energy ETF (561790) rose by 0.18%, closing at 1.15 yuan, and has accumulated a 1.06% increase over the past two weeks [3]. Group 2: Industry Developments - The 2025 World Energy Storage Conference opened in Ningde, Fujian, showcasing significant advancements in the energy storage sector, including the release of the "China Long-term Energy Storage Industry Blue Book" and the signing of 18 project cooperation agreements with a total planned investment of 24.58 billion yuan [3]. - The industry is witnessing a robust development of a comprehensive new energy storage system, with expectations of doubling large-scale storage capacity in the next two and a half years due to favorable policies [4]. Group 3: ETF and Index Insights - The Central State-Owned Enterprise Modern Energy ETF has seen a significant growth in scale, increasing by 2.11 million yuan over the past year, ranking in the top third among comparable funds [4]. - The index tracks 50 listed companies involved in modern energy sectors, with the top ten weighted stocks accounting for 48.28% of the index [4].