Investment Rating - Maintain "Buy" rating for the electricity sector [3] Core Viewpoints - March electricity consumption growth was 4.8%, highlighting the importance of coal power upgrades and flexible regulation value [10][12] - The national electricity consumption in March reached 828.2 billion kWh, with a year-on-year growth of 4.8% [12] - The new three-year coal power upgrade plan emphasizes deep peak regulation and energy-saving carbon reduction [11][12] Summary by Sections Electricity Consumption - In March, the electricity consumption by industry was as follows: primary industry 10.6 billion kWh (9.9% growth), secondary industry 557.8 billion kWh (3.8% growth), tertiary industry 148.4 billion kWh (8.4% growth), and urban and rural residents 111.4 billion kWh (5.0% growth) [12][66] - Cumulative electricity consumption from January to March was 238.46 billion kWh, with a year-on-year growth of 2.5% [66] Power Generation - In March, industrial power generation was 778 billion kWh, with a year-on-year growth of 1.8% [12] - Coal power generation in March decreased by 2.3%, while hydroelectric and nuclear power generation increased by 9.5% and 23.0%, respectively [12][10] Coal Power Upgrade Plan - The new coal power upgrade plan (2025-2027) aims to enhance existing units and establish new ones with improved performance metrics [11][12] - Key upgrade indicators include minimum output levels, load change rates, and carbon emission reductions [11][12] Investment Recommendations - Focus on coal power sector opportunities, with coal prices dropping to 674 RMB/ton, supporting improved profitability [13] - Recommended stocks include Huadian International, Waneng Power, and Zhejiang Energy, among others [7]

电力及公用事业行业周报(25WK16) 25Q1 绿证核发量激增，3 月用电量同比+4.8% 2025 年 04 月 20 日 ➢ 本周（20250414-20250418）电力板块行情：本周电力板块走势优于大盘。 截至 2025 年 04 月 18 日，本周公用事业板块收于 2318.99 点，上涨 40.42 点， 涨幅 1.77%；电力子板块收于 3,099.51 点，上涨 54.97 点，涨幅 1.81%，高于 沪深 300 本周涨幅。公用事业（电力）板块涨幅在申万 31 个一级板块中排第 7 位。从电力子板块来看：火电板块表现最优，火力发电上涨 2.99%，水力发电上 涨 1.33%，光伏发电下跌 0.17%，风力发电下跌 0.06%。 ➢ 本周专题：2025Q1 国家能源局核发绿证 6.62 亿个。截至 2025 年 3 月底， 累计核发绿证 56.17 亿个。其中，华北区域跨区跨省绿电交易电量达 295.1 亿千 瓦时，同比增长 73%；华东区域跨区跨省绿电交易电量达 38.55 亿千瓦时，同比 增长 67.83%。25Q1 南方区域绿证绿电平台交易规模达 1289 亿千瓦时，绿证 需求激增。2 ...

Investment Rating - Maintain "Buy" rating for the electricity sector [3] Core Viewpoints - In March, national electricity consumption growth was 4.8%, with significant growth in the internet and automotive manufacturing sectors [10][12] - The future three-year coal power upgrade action plan emphasizes the importance of coal power upgrades and flexible adjustment capabilities [11][12] Summary by Sections Electricity Consumption - In March, total electricity consumption reached 828.2 billion kWh, a year-on-year increase of 4.8%. By sector, the first, second, and third industries, along with urban and rural residents, consumed 106, 557.8, 148.4, and 111.4 billion kWh respectively, with growth rates of 9.9%, 3.8%, 8.4%, and 5.0% [12][65] - Cumulative electricity consumption from January to March was 23,846 billion kWh, up 2.5% year-on-year [12][66] Power Generation - In March, industrial power generation was 778 billion kWh, a year-on-year increase of 1.8%, with a narrowing decline in thermal power generation [12][10] - Water and nuclear power generation increased by 9.5% and 23.0% respectively, while wind and solar power generation growth slowed [12][10] Coal Power Upgrade Plan - The National Development and Reform Commission and the National Energy Administration released a new coal power upgrade action plan for 2025-2027, focusing on enhancing existing units and developing new generation units with improved performance indicators [11][12] - Key upgrade requirements include deep peak regulation, load change rates, and clean carbon reduction measures [11][12] Investment Recommendations - Emphasize investment opportunities in the electricity sector, particularly in thermal power stocks such as Huadian International, Waneng Power, and Zhejiang Energy, as well as in leading companies in thermal power upgrade equipment like Qingda Environmental Protection [6][7] - Recommend focusing on undervalued green electricity sectors, including Hong Kong-listed green electricity and wind power operators [6][7]

Core Points - The A-share market's three major indices closed mixed, with the CSI 300 Utilities (secondary industry) index reported at 2626.36 points [1] - The CSI 300 Utilities index has increased by 4.97% over the past month, 2.36% over the past three months, and has decreased by 2.97% year-to-date [1] Industry Composition - The CSI 300 Utilities index is composed of various sectors categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The top ten weights in the CSI 300 Utilities index are as follows: - Changjiang Electric Power (47.88%) - China Nuclear Power (10.42%) - Three Gorges Energy (8.28%) - Guodian Power (5.57%) - State Power Investment (4.77%) - Chuanwei Energy (4.39%) - Huaneng International (4.24%) - China General Nuclear Power (3.82%) - Zhejiang Energy (3.07%) - Huadian International (2.58%) [1] Market Distribution - The market distribution of the CSI 300 Utilities index shows that the Shanghai Stock Exchange accounts for 95.85%, while the Shenzhen Stock Exchange accounts for 4.15% [2] - In terms of industry composition within the index, hydropower constitutes 59.29%, thermal power 15.45%, nuclear power 14.23%, wind power 8.62%, and gas power 2.40% [2] Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, but can be modified in the event of temporary adjustments due to changes in the CSI 300 index samples or special events affecting sample companies [2]

"玲龙一号"主泵为单速立式全密封泵，具有高安全性、全密封、长寿命等特点，能为反应堆系统提供稳定的冷却流量，是反应堆一回路关键设备，被称为反 应堆冷却剂系统的"心脏"。 视频来源：中国能源新闻 4月16日，全球首个陆上商用模块式小型堆——中核集团海南昌江多用途模块式小型堆科技示范工程"玲龙一号"首台主泵成功就位，这进一步彰显了我国在 新型核能系统设计、高端装备制造及复杂工程协同管理上的综合实力，对巩固我国在小堆国际竞争中先发优势、形成我国模块式小型堆先进品牌具有重要意 义，为该工程后续冷试等关键节点提供了有力保障。 "玲龙一号"是全球首个通过国际原子能机构安全审查的陆上商用模块化小堆，是继"华龙一号"后我国核电自主创新的又一重大成果，具有安全性高、用途广 泛、厂址适应性强等特点。每台"玲龙一号"机组发电功率12.5万千瓦，年发电量可达10亿千瓦时，满足52.6万户家庭生活所需，可供100多万人使用，相当于 减少二氧化碳排放88万吨，植树造林750万棵。建成后，"玲龙一号"不仅可以用来核能发电，还可用于区域供热、海水淡化、工业供热等，号称"核能充电 宝"。 据了解，海南核电是我国地理位置最南端的核电基地。一期工程 ...

从指数持仓来看，沪深300公用事业(二级行业)指数十大权重分别为：长江电力（48.37%）、中国核电 （10.28%）、三峡能源（8.33%）、国电电力（5.37%）、国投电力（4.72%）、川投能源（4.44%）、 华能国际（4.11%）、中国广核（3.76%）、浙能电力（3.02%）、华电国际（2.54%）。 从沪深300公用事业(二级行业)指数持仓的市场板块来看，上海证券交易所占比95.90%、深圳证券交易 所占比4.10%。 从沪深300公用事业(二级行业)指数持仓样本的行业来看，水电占比59.79%、火电占比15.04%、核电占 比14.04%、风电占比8.68%、燃气占比2.45%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company's nuclear power generation volume in Q1 2025 is expected to increase by 13.30% year-on-year, driven by reduced maintenance days and the commissioning of the Zhangzhou Unit 1 [2][6]. - The overall electricity generation for the company in Q1 2025 is projected to grow by 16.93% year-on-year, with a significant contribution from the renewable energy sector, which saw a 38.35% increase in generation volume [2][6]. - The company has a robust project reserve in both nuclear and renewable energy sectors, ensuring long-term growth potential [2][6]. Summary by Sections Nuclear Power Performance - In Q1 2025, the company's nuclear power generation reached 494.82 billion kWh, a year-on-year increase of 13.30%, with grid-connected electricity at 463.70 billion kWh, up 13.41% [10]. - The strong performance is attributed to reduced maintenance days at the Fuqing Nuclear Power Plant and the operational start of the Zhangzhou Unit 1, which contributed 25.3 billion kWh [10][6]. - Other provinces showed varied results, with some experiencing declines due to maintenance and seasonal adjustments [10]. Renewable Energy Growth - As of the end of Q1 2025, the company had a total installed capacity of 30,691.6 MW in renewable energy, marking a 43.82% year-on-year increase [10]. - The renewable energy generation in Q1 2025 was 102.60 billion kWh, reflecting a 38.35% increase, with wind and solar power generation growing by 39.50% and 37.2% respectively [10][6]. Future Growth Potential - The company has 17 nuclear units under construction or approved, with a total capacity of 1,942.90 MW, and an additional 1,353.68 MW in renewable energy projects [10]. - The financial projections for EPS from 2024 to 2026 are 0.47, 0.52, and 0.57 yuan, with corresponding PE ratios of 19.95, 17.79, and 16.35 [10].

Investment Rating - The report maintains an "Increase" rating for the electricity sector, indicating a positive outlook for the industry [2]. Core Viewpoints - The report highlights the significant support from the State-owned Assets Supervision and Administration Commission (SASAC) for central enterprises to increase share buybacks, with a proposed plan of 100 billion yuan for stock repurchases [1]. - Central enterprises in the electricity sector are responding positively to this initiative, showcasing confidence in the market and the sector's stability [1]. - The electricity sector is identified as a core asset under the "China Special Valuation" (中特估) framework, with expectations for valuation to be reshaped due to its defensive attributes and high dividend yield [1]. - The report anticipates that the asset scale of central enterprises will exceed 90 trillion yuan in 2024, with a year-on-year growth of 5.9% and a total profit of 2.6 trillion yuan [1]. - The current price-to-earnings (PE) ratio and price-to-book (PB) ratio for the electricity sector are noted to be lower than the overall A-share market, suggesting undervaluation [1]. Summary by Sections Market Response - Multiple electricity central enterprises have announced share buybacks, reflecting a collective confidence in the sector [1]. - The report emphasizes the defensive nature of public utilities, which is becoming increasingly recognized in the current volatile market environment [1]. Investment Opportunities - The report suggests focusing on the electricity sector for investment opportunities, particularly in coal-fired power generation, which is expected to benefit from falling coal prices [5]. - Specific recommendations include key coal-fired power companies such as Huadian International, Waneng Power, and Huaneng International, as well as leaders in power generation equipment like Qingda Environmental Protection [5]. - The report also advises on low-valued green electricity stocks, particularly in the Hong Kong market, and highlights companies like New Energy (H), Longyuan Power (H), and others [5]. - For hydropower and nuclear power, the report recommends companies such as Yangtze Power, State Power Investment Corporation, and China Nuclear Power [5].

据中核集团消息，4月8日，我国面向全球发布《小型模块堆通用用户要求文件》。本次发布不仅建立了 中国在小堆开发和应用领域技术话语权，标志着中国小堆技术自主创新及国际合作进入了新阶段，将更 有效助力我国小堆在全球范围内的推广应用，为全球尽早实现"零碳"目标提供中国方案。(央视新闻) ...

作 者丨 见习记者李益文 编 辑丨陈思颖 尹华禄 黎雨桐 4月8日下午，据央视新闻消息，国务院国资委8日表示， 将全力支持推动中央企业及其控股上市公司主动作为，不断加大增持回购力度，切实 维护全体股东权益，持续巩固市场对上市公司的信心，努力提升公司价值，充分彰显央企责任担当。 同时，加大对央企市值管理工作的指导， 引导中央企业持续为投资者打造负责任、有实绩、可持续、守规矩的价值投资优质标的，为促进资本市场健康稳定发展作出贡献。 此前，A股市场回购与增持热潮已持续升温。截至8日1 3时3 0分左右， 当日已有近3 0家公司宣布加入股票增持回购行列，涉及金额最高超3 0 0 亿元。 继宁德时代（3 0 0 7 5 0 .SZ）、中国核电（6 0 1 9 8 5 .SH）之后，贵州茅台( 6 0 0 5 1 9 .SH)、招商蛇口( 0 0 1 9 7 9 .SZ)、荣盛石化（0 0 2 4 9 3 .SZ）等一 众龙头企业也相继公布了新一轮回购及增持计划。据Wi n d数据不完全统计，从4月7日盘后到截至目前，总共有7 0余家公司发布了回购公告， 2 0余家公司发布了增持公告。与此同时，"国家队"也同步表态加码， ...