Group 1 - The core viewpoint of the articles highlights the significant increase in electricity demand due to recent high-temperature weather, with the national maximum electricity load reaching 1.465 billion kilowatts, a year-on-year increase of 150 million kilowatts, marking a historical high [1][2] - The coal-fired power generation enterprises have seen a daily average power generation increase of 2.7% as of the end of June, with accelerated coal inventory turnover and strong coal supply security [1] - Investment opportunities in the electricity sector for the second half of the year are identified, focusing on improved coal-fired power costs due to declining coal prices, attractive dividend yields for hydropower in a low-interest-rate environment, long-term growth potential in nuclear power, and clear revenue expectations for renewable energy [1][2] Group 2 - The largest electricity ETF in the market has shown significant trading activity and growth, with an average daily trading volume of 164 million yuan over the past month and an increase in scale from 1.5 billion yuan at the beginning of the year to 3.229 billion yuan [1] - The latest price-to-earnings ratio of the index tracked by the ETF is 17.45 times, which is in the 22.2% percentile over the past three years, indicating attractive valuation [1] - The top ten weighted stocks in the index include leading companies such as Yangtze Power and China Nuclear Power, collectively accounting for 55.43% of the index, reflecting the core asset advantages of the industry [1] Group 3 - Market analysis indicates that the electricity sector benefits from both short-term catalysts and long-term structural support, with high temperatures driving electricity load and coal power generation recovery [2] - The ongoing reform of electricity central enterprises and accelerated green energy transition are contributing to the stability of industry profitability [2] - Investors are encouraged to participate flexibly through the electricity ETF and its linked funds to capture the dual benefits of peak summer demand and energy structure transformation [2] Group 4 - The electricity ETF tracks the CSI All-Share Power Index, which has seen a year-to-date increase of 1.2% [4] - The index's price-to-earnings ratio is at 17.41 times, placing it in the 41% valuation percentile since its inception [4] - Other ETFs related to the electricity sector, such as the Grid ETF and Battery ETF, have also shown positive performance, with respective year-to-date increases of 5.4% and 5.9% [4]

Investment Rating - The report maintains a "Positive" investment rating for the power industry [11] Core Insights - The performance outlook for thermal power remains positive despite a decline in electricity prices and generation in Q2, driven by a significant decrease in coal prices [2][6] - Hydropower generation faces pressure due to high base effects and reduced rainfall, but some companies may achieve stable growth through optimized reservoir management [7][28] - Nuclear power generation continues to grow, but performance may vary by region due to differing impacts from market electricity prices [7][29] - Renewable energy generation (wind and solar) shows steady growth, but performance disparities exist across regions, influenced by local utilization hours [8][33] Summary by Sections Thermal Power - Key factors affecting thermal power profitability include coal prices, electricity prices, and generation volume. In Q2, coal prices decreased significantly, with the Qinhuangdao Q5500 coal price averaging 631.61 yuan/ton, down 216.85 yuan/ton year-on-year [20][21] - The overall electricity price across regions has declined, but northern regions like Inner Mongolia and Xinjiang show relatively strong performance [6][17] - Despite a year-on-year decline in thermal power generation hours and prices, the significant drop in coal prices is expected to stabilize thermal power operations, particularly in northern and eastern regions [26][21] Hydropower - Hydropower generation saw a year-on-year decline of 11.02% in April-May due to high base effects and less rainfall [28][31] - Major hydropower companies with better asset quality may still achieve stable growth through effective water management strategies [28] Nuclear Power - Nuclear power generation increased by 9.57% year-on-year in April-May, supported by a larger installed capacity and fewer maintenance days [29][31] - The impact of market electricity price fluctuations varies, with companies like China Nuclear Power being less affected compared to others [29] Renewable Energy - Wind and solar generation increased by 11.87% and 11.68% year-on-year, respectively, but utilization hours have decreased [33][36] - Regional disparities in performance are evident, with eastern and central provinces showing improved wind utilization hours, while coastal provinces like Guangdong and Fujian experienced significant declines [33][39] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huadian International, Huaneng International, and China Power, as well as major hydropower companies like Yangtze Power and Guotou Power [9][44] - For renewable energy, companies with balanced national layouts like Longyuan Power and China Nuclear Power are expected to perform well [9][44]

丨证券研究报告丨 张韦华 司旗 宋尚骞 刘亚辉 公司研究丨点评报告丨中国核电（601985.SH） [Table_Title] 核绿电量延续优异表现，上半年业绩展望稳健 报告要点 [Table_Summary] 机组大修损失同比减少以及漳州 1 号年初商运共同拉动上半年核电发电量同比增长 12.01%， 单二季度核电发电量同比增长 10.77%。在电量优异表现的带动下，二季度及上半年公司核电 板块预计实现稳健的业绩表现。装机持续扩张拉动上半年新能源电量同比增长 35.76%，但考 虑增资引战后公司对中核汇能的持股比例降低，二季度及上半年新能源的归母业绩贡献或仍面 临一定压力。整体来看，上半年公司发电量同比增长 15.65%，即使考虑市场化交易、新能源股 比稀释等影响，预计公司二季度业绩仍将实现稳健增长。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com ...

Market Overview - In June, the CSI 300 index rose by 2.50%, while the public utility index fell by 0.54% and the environmental index increased by 0.81%, with relative returns of -3.04% and -1.42% respectively [1][14] - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 25th and 19th in terms of growth [1][14] - The environmental sector saw a rise of 1.08%, while within the electricity sector, thermal power decreased by 0.94%, hydropower fell by 1.76%, and renewable energy generation increased by 1.98% [1][26] Important Events - The Central Financial Committee's sixth meeting emphasized strengthening and expanding the marine industry, promoting orderly construction of offshore wind power [15] - National electricity load exceeded 1.465 billion kilowatts on July 4, marking a historical high, with a rise of approximately 200 million kilowatts since the end of June and an increase of nearly 150 million kilowatts year-on-year [15] Supply and Demand Analysis - The electricity industry has experienced three cycles of supply and demand changes since 2000, with future supply expected to increase significantly due to new thermal power units coming online and growth in renewable and nuclear power installations [2][22] - The demand side shows a decline in electricity consumption growth, particularly in high-energy-consuming industries, leading to a stabilization of overall electricity demand growth [2][23] Investment Strategy - Public Utilities: Recommendations include large thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][24] - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profitability, with a recommendation for China Power Investment Corporation as a restructuring target [3][24] - In the water and waste incineration sectors, companies like China Everbright Environment and Zhongshan Public Utilities are highlighted for their cash flow improvements [3][24] Key Company Profit Forecasts - Huadian International (600027.SH): Expected EPS of 0.46 in 2024, PE ratio of 12.2 [8] - Longyuan Power (001289.SZ): Expected EPS of 0.75 in 2024, PE ratio of 22.3 [8] - China Nuclear Power (601985.SH): Expected EPS of 0.46 in 2024, PE ratio of 20.5 [8] - China Everbright Environment (0257.HK): Expected EPS of 0.55 in 2024, PE ratio of 7.3 [8]

Core Insights - The article highlights the recent establishment of various investment funds in China, particularly focusing on the involvement of insurance companies and state-owned enterprises in the private equity market [4][5][6]. Group 1: New Fund Establishments - China Life and China Nuclear Power have jointly established the Zhonghe Tianwan Nuclear Power Equity Investment Fund with a total investment of 1.501 billion yuan [5][9]. - The Wuhu City has set up a 3 billion yuan innovation mother fund aimed at supporting emerging industries such as new energy vehicles and artificial intelligence [10]. - Ping An Capital has launched a private equity investment fund with a total investment of 3.301 billion yuan, reflecting a strategic focus on regional development and equity investment [11]. - Sichuan Province has established a 500 million yuan venture capital fund to promote the transformation of scientific and technological achievements [12]. - The Anhui Guokong Future Materials Equity Investment Fund has been successfully established with a total scale of 1 billion yuan, focusing on advanced materials [14]. - The Yancheng City has launched its first industry merger and acquisition mother fund with a total scale of 3 billion yuan [15]. - The Nanjing Kongdi Shuzhi Phase I Industry Investment Fund has been established with an investment of 900 million yuan, targeting local technological innovation [16]. - The Shenzhen Deep Investment Control and ICBC have jointly set up a 2 billion yuan technology innovation private equity fund [17]. - The Hefei Yao Hai District Technology Innovation Investment Fund has been registered with a scale of 2 billion yuan, focusing on high-end equipment manufacturing and new materials [18]. - The Donghu High-tech Zone has established the Donggao Frontier Phase II Fund with a total scale of 500 million yuan, focusing on intelligent manufacturing and new energy [20]. Group 2: Industry Focus and Trends - The establishment of the Zhonghe Tianwan Nuclear Power Fund aligns with the long-term investment characteristics of insurance capital, suitable for stable income projects like nuclear power [6][7]. - The new funds are increasingly targeting emerging industries such as new energy vehicles, artificial intelligence, and advanced manufacturing, reflecting a trend towards supporting high-tech sectors [10][14][18]. - The establishment of the first AIC equity investment fund focusing on the new energy vehicle industry in Shaanxi Province indicates a growing emphasis on this sector, with a total scale of 1 billion yuan [24][25]. - The Zhejiang Province has launched its first provincial-level low-altitude economic industry fund with a scale of 1 billion yuan, highlighting the government's commitment to developing this emerging sector [28]. Group 3: Investment Strategies and Collaborations - The collaboration between major state-owned enterprises and local governments in establishing these funds indicates a strategic approach to leverage resources for regional economic development [11][17]. - The dual GP management model adopted by several new funds, such as the Zhejiang low-altitude economic fund, showcases an innovative approach to fund management [28]. - The focus on long-term capital investment strategies, such as the 10-year duration for sub-funds under the Hunan Jin Fuyuan Science and Technology Innovation Fund, reflects a commitment to sustainable growth [30].

_ 136 _ 10 ___ 24Q4 行业月报 ·公用事业行业 2 行业月报 · 公用事业行业 可证券|CGS 一、行业要闻 1. 河南电力现货市场完成短周期结算试运行 6月 27日,河南电力现货市场完成短周期结算试运行,共计 112台煤电机组、390 座新能源场 站、127 家售电公司、12 座独立储能电站参与交易。这标志着河南电力市场化改革迈出关键一步。 中国银河证券|CGS 目录 Catalog | 一、 行业要闻 | | --- | | 二、 行业数据 … | | (一) 碳交易市场情况 | | (二） 电力行业相关数据………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 7 | | 三、 太阳能单月装机创新高，火电发电量由降转增 | | 四、 开展新型电力系统建设试点，助力新能源消纳……………………………………………………………………………………………………………………………11 | | 五、 环保 ...

近日，由中交第四航务工程局有限公司（简称中交四航局）负责实施的福建漳州核电排水隧洞项目3号 隧洞突破1000环大关，标志着这条关键通洞的建设迈出了坚实一步。 来源：环球网 面对高温高湿的施工环境，中交四航局项目团队因地制宜，迅速制定并落实一系列切实有效的措施。为 应对高温天气，项目部为施工人员配备藿香正气水、绿豆汤等防暑降温物资，实行"抓两头、歇中间"的 错峰作业制度，避开11点至15点的高温时段，同时在施工现场设置多处遮阳休息棚，在保障施工安全与 质量的前提下，顺利实现千环突破，为后续工程推进筑牢坚实基础。 项目建成后，核电机组的循环冷却水将通过排水隧洞排放至深海区域，减少海水升温对近海海域环境的 影响，为两台百万千瓦级核电机组顺利运行提供有力保障，助力推动我国核电事业发展和能源转型。 邱燕华表示，项目部将继续以敢打敢拼敢创新的精神，充分发挥自身在技术、管理和资源等方面的优 势，不断突破奋进，严控质量安全红线，全力以赴，力争早日完成项目建设，为我国核电事业发展注入 四航力量。 漳州核电项目是中国核电在福建沿海的重要核电发展基地，中交四航局负责实施的3、4号机组排水隧洞 工程承担着核电机组冷却水排放的功能，隧 ...

Market Overview - The FTSE China A50 Index components showed a mixed performance with banking, liquor, semiconductor, and logistics sectors rising, while non-ferrous metals and chemical pharmaceuticals sectors weakened [1] - BYD's stock price fell over 1% [1] Sector Performance Banking Sector - Major banks like China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 382.98 billion, 357.30 billion, and 1,030.15 billion respectively, with trading volumes of 9.81 million, 36.96 million, and 7.85 million [3] Liquor Industry - Key players such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,786.59 billion, 214.35 billion, and 467.31 billion respectively, with trading volumes of 40.87 million, 10.51 million, and 20.49 million [3] Semiconductor Sector - Companies like Northern Huachuang, Cambricon Technologies, and Haiguang Information had market capitalizations of 241.84 billion, 229.03 billion, and 315.09 billion respectively, with trading volumes of 24.36 million, 31.12 million, and 15.15 million [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of 1,818.73 billion, 186.84 billion, and 278.88 billion respectively, with trading volumes of 34.54 million, 4.39 million, and 5.94 million [3] Oil Industry - China Petroleum, Sinopec, and COSCO Shipping had market capitalizations of 239.78 billion, 688.67 billion, and 1,573.98 billion respectively, with trading volumes of 8.63 million, 6.43 million, and 7.64 million [3] Coal Industry - Major companies like China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 187.79 billion and 815.60 billion respectively, with trading volumes of 12.39 million and 6.45 million [3] Power Industry - Key players such as Yangtze Power and China Nuclear Power had market capitalizations of 360.33 billion and 737.96 billion respectively, with trading volumes of 20.49 million and 8.29 million [4] Food and Beverage Sector - Companies like Citic Securities, Guotai Junan, and Haitian Flavoring had market capitalizations of 409.94 billion, 340.96 billion, and 226.93 billion respectively, with trading volumes of 28.30 million, 3.94 million, and 16.84 million [4] Consumer Electronics - Industrial Fulian, Luxshare Precision, and Gree Electric Appliances had market capitalizations of 472.85 billion, 255.90 billion, and 242.55 billion respectively, with trading volumes of 30.57 million, 77.50 million, and 25.48 million [4] Chemical Products - Companies like Wanhua Chemical and SF Holding had market capitalizations of 239.20 billion and 271.34 billion respectively, with trading volumes of 12.28 million and 8.32 million [4] Construction and Engineering - China State Construction and Zijin Mining had market capitalizations of 532.88 billion and 166.95 billion respectively, with trading volumes of 27.26 million and 8.53 million [4]

Key Developments - China Merchants Bank has received approval from the National Financial Regulatory Administration to establish a wholly-owned subsidiary, China Merchants Financial Asset Investment Co., with a registered capital of 15 billion yuan, aimed at enhancing its comprehensive operational capabilities and supporting high-quality development [2] - China National Nuclear Power reported a 15.65% year-on-year increase in electricity generation for the first half of 2025, totaling 121.776 billion kWh, with nuclear power contributing 99.861 billion kWh, up 12.01% [3] - Vanke A has applied for a loan of up to 6.249 billion yuan from its largest shareholder, Shenzhen Metro Group, to repay bond principal and interest, with a loan term of no more than 3 years [5] - Suzhou Shihua New Materials Technology's non-public stock issuance has been approved, aiming to raise 600 million yuan [6] - Northern International's application for a specific stock issuance has been accepted by the Shenzhen Stock Exchange, pending further regulatory approval [7] - Hosheng Silicon Industry's controlling shareholder plans to exchange up to 1% of its shares for ETF units to support market development [9] - Wealth Trend's actual controller plans to reduce his stake by up to 3%, equating to 768,340 shares [10] - Xintai Life Insurance has acquired 5% of Hualing Steel's shares through the secondary market, reflecting confidence in the company's future [11] - Nuotai Bio expects a net profit increase of 32.06% to 45.27% for the first half of 2025, driven by strong sales of peptide raw materials [12] - Changling Hydraulic's controlling shareholders are planning a potential change in control, leading to a temporary suspension of trading [13] - Aerospace Chengtong has regained its qualification to participate in military procurement activities, which is expected to positively impact its operations [14] - Keren Co.'s deputy general manager and board secretary has resigned for personal reasons [15] - China Power Construction has signed a contract worth approximately 5.063 billion yuan for a bauxite mining and transportation project in Guinea [17]

Key Points - The stock of Renle will be delisted on July 4, 2025 [1] - Hualing Steel has been acquired by Xintai Life Insurance with a shareholding ratio of 5% [1] - Vanke A has applied for a loan of up to 6.249 billion yuan from Shenzhen Metro Group [1] - ST Yazhen has completed stock trading verification and will resume trading tomorrow [1] - Aerospace Chuangxin has regained procurement qualifications for military material engineering services [1] - Shangwei New Materials' controlling shareholder is planning a major event, and the stock will remain suspended [1] - Changling Hydraulic's actual controller is planning a change of control, and the stock will be suspended from tomorrow [1] - China Merchants Bank has been approved to establish China Merchants Financial Asset Investment Co., with a registered capital of 15 billion yuan [1] - Liugang Co. has experienced a potential irrational speculation risk with its stock [1] Operating Performance - Brothers Technology expects a net profit increase of 325% to 431.25% year-on-year for the first half of the year [1] - Huayin Power anticipates a net profit increase of 175 million to 215 million yuan year-on-year for the first half [1] - Xutian Salt Industry expects a net profit decrease of 76.34% to 80.29% year-on-year for the first half [1] - Juguang Technology expects a net loss of 42 million to 54 million yuan for the first half [1] - Beibu Gulf Port reported a cargo throughput of 31.1158 million tons in June, a year-on-year increase of 2.56% [1] - China Nuclear Power generated 115.104 billion kWh of electricity in the first half, a year-on-year increase of 15.92% [1] - Changyuan Power completed a power generation of 16.715 billion kWh in the first half, a year-on-year decrease of 8.3% [1] - Poly Developments signed contracts worth 29.011 billion yuan in June, a year-on-year decrease of 30.95% [1] Shareholding Changes - Jingye Da's actual controller plans to reduce holdings by no more than 3% [1] - Deyi Cultural Creation's actual controller Wu Tifang plans to reduce holdings by no more than 3% [1] - Caifu Trend's actual controller and chairman plan to reduce holdings by no more than 3% [1] - Annuo Qi's actual controller plans to reduce holdings by no more than 2% [1] - Suotong Development's actual controller and concerted actors plan to reduce holdings by no more than 2.21% [1] - Dingsheng Co.'s controlling shareholder plans to reduce holdings by no more than 1.71% [1] - Weitang Industrial's controlling shareholder plans to reduce holdings by no more than 1.95% [1] - Jinlong Automobile's Fujian Investment Group plans to reduce holdings by no more than 1% [1] - Wanye Enterprises' Guosheng Capital plans to reduce holdings by no more than 0.2% [1] - Zhonggang Luonai's Guoxin Shuangbai No.1 plans to reduce holdings by no more than 0.5% [1] - Funeng Technology's Shenzhen Anyan Investment plans to reduce holdings by no more than 1% [1] - Ankang Technology's Shenzhen High-tech Investment plans to reduce holdings by no more than 3% [1] - Donglai Technology plans to reduce no more than 1.2048 million repurchased shares [1] - Qujiang Cultural Tourism's controlling shareholder's 12 million shares are set to be auctioned [1] - Hesheng Silicon Industry's controlling shareholder plans to exchange no more than 1% of shares for ETF shares [1] Contract Awards - Boshi Co. signed an outsourcing service contract worth 109 million yuan with Guangxi Petrochemical [1] - Zhongyou Engineering's subsidiary signed a contract worth 294 million USD for the Atavi GMP pipeline project with Total Energy [1] - China Electric Power Construction's subsidiary signed a mining transportation project contract worth approximately 5.063 billion yuan [1] Other Developments - Xingxin New Materials plans to invest in a project with an annual output of 153,000 tons of polyolefin amine series products [4] - Haishun New Materials plans to acquire Sirewen Company to expand the application of electronic film materials in the semiconductor field [4] - Wankai New Materials is undergoing production reduction and maintenance, which is expected to significantly impact overall operating performance [4] - Donghu High-tech is participating in the establishment of the Donggao Frontier Phase II Fund to improve the development model of the park operation sector [4] - Jiete Biological plans to participate in the establishment of an industrial fund primarily investing in early and mid-stage biopharmaceutical projects [4] Asset Sales - Nord Shares plans to sell 70% equity of its wholly-owned subsidiary Jiangsu Lianxin for 70 million yuan [5]