Core Viewpoint - Shenzhen Energy and Guangzhou Development's subsidiary, Shenzhen Energy Guangming Power Co., Ltd., has announced a procurement project for pneumatic ball valves with a budget of 1.17 million yuan [1] Company Summary - Shenzhen Energy Guangming Power Co., Ltd. is a joint venture with Shenzhen Energy holding 65% and Guangzhou Development holding 35% [1]

Core Insights - The overall performance of Shenzhen state-owned enterprises' new media accounts has declined in August, with significant drops in both article output and reading volume compared to July [2][20] - The "Shenzhen State-owned Enterprises New Media Information Release Observation List" evaluates 54 accounts, including 31 primary accounts of state-owned enterprises and 23 listed companies [1][20] Group 1: New Media Performance - In August, 21 out of 31 primary accounts saw a decrease in article output, with notable reductions from Shenzhen Stock Exchange, Shenzhen Anju, and others [2][3] - Reading volume for 21 accounts also declined, with some experiencing drops of over 50%, while the Special Zone Construction Group saw a significant increase of 16,610 in reading volume [2][3] - The top three accounts by article output were Shenzhen Bus Group (71 articles), Shenzhen Energy (64 articles), and Shenzhen Metro (63 articles, with a slight increase of 1 article) [3][4] Group 2: Reading Volume and Engagement - The top three accounts by reading volume were Shenzhen Metro (361,000+), Guoxin Securities (135,000+), and Shenzhen Eastern Bus (133,000+), while some accounts had reading volumes below 1,000 [4][5] - The total number of likes was highest for Shenzhen Metro (4,079), followed by Shenzhen Bus Group (2,881) and Shenzhen Gas (1,957) [6][7] - Recommendation volume was led by Shenzhen Bus Group (1,882), Shenzhen Metro (1,252), and Shenzhen Eastern Bus (513), indicating a positive reception of their content [8][9] Group 3: Listed Companies Performance - Among the 23 listed company accounts, 14 experienced declines in reading volume and article output, indicating instability in content planning [11][20] - Shenzhen Airlines, CIMC, and China Ping An led in reading volume with 110,000+, 50,913, and 43,212 respectively, but many accounts saw significant drops [14][15] - The article output for Shenzhen Airlines was 24, while CIMC maintained a steady output, benefiting from a recent event that boosted its reading volume [14][19] Group 4: Overall Trends and Recommendations - The overall data from August indicates a disparity in performance, with top accounts maintaining strong output and engagement, while lower-tier accounts struggle [20] - Recommendations for improvement include data review, strategy adjustments, content quality enhancement, and better rhythm control to foster a more balanced development across all accounts [20]

Core Viewpoint - Shenzhen Energy focuses on the development and production of conventional and renewable energy, as well as urban solid waste treatment, wastewater treatment, and urban gas supply [1] Business Segments - The company currently operates four main business segments: low-carbon electricity, ecological environmental protection, integrated gas services, and intelligent services [1] - Shenzhen Energy aims to enhance its position as a comprehensive service provider in clean energy and ecological environmental protection with international influence [1] Future Plans - The company will continue to concentrate on its core business and will strictly adhere to information disclosure obligations for any related investment plans [1]

Core Viewpoint - Shenzhen Energy emphasizes the importance of market value management and outlines various strategies to enhance its operational performance and investor relations [1] Group 1: Market Value Management Strategies - The company focuses on the development of its core business and continuously improves operational performance through lean management [1] - Shenzhen Energy has achieved good results in information disclosure management assessments by the Shenzhen Stock Exchange and actively practices ESG principles, having published a sustainable development report for three consecutive years [1] - The company has been recognized in several ESG-related rankings, including "China ESG Listed Companies Greater Bay Area Pioneer 50 (2025)" and "Greater Bay Area State-Owned Enterprises ESG Development Index (2025)" [1] Group 2: Investor Relations and Shareholder Returns - Shenzhen Energy actively engages in investor relations through performance briefings, investor communication days, and responding to inquiries on interactive platforms to enhance communication quality and investor understanding [1] - The company has a strong commitment to shareholder returns, having distributed cash dividends for 30 years consecutively, with 24 years of continuous cash dividends totaling 12.497 billion yuan and an average cash dividend ratio of 34.39% [1]

Core Viewpoint - Shenzhen Energy (000027) reported a decrease in interest expenses for 2024, indicating effective financial management and strong market recognition of its financing capabilities [1] Financing and Cost Management - The company expects interest expenses to be 249,008.25 thousand yuan in 2024, a year-on-year decrease of 2.18% [1] - Shenzhen Energy has maintained smooth financing channels and has not borrowed funds from external enterprises [1] - The company utilizes various financing methods to raise funds for investment needs while enhancing internal fund management to maintain a reasonable debt scale and reduce financing costs [1]

Core Viewpoint - The company holds a 5.0305% stake in Shenzhen Innovation Investment Group Co., Ltd. and has indirect holdings in Yushu Technology and Moer Thread, with further details suggested to be obtained from public information [1]. Group 1 - The company confirmed its ownership of 5.0305% equity in Shenzhen Innovation Investment Group Co., Ltd. [1] - Investors are encouraged to refer to public information for specific investment projects and detailed situations regarding Shenzhen Innovation Investment Group Co., Ltd. [1]

Core Insights - The release of the "2024 Annual China Green Power (Green Certificate) Consumption TOP100 Enterprises List" highlights the increasing commitment of energy companies in China towards green power consumption, with nearly 20 energy firms making the list [1][3]. Group 1: TOP100 Enterprises Overview - The top four positions in the list are dominated by energy companies, with the top two being China Energy Investment Group and State Power Investment Corporation, maintaining their rankings from 2023 [3]. - Local energy companies, Zhejiang Energy Group and Shenzhen Energy Group, have risen to the third and fourth positions respectively [3]. - Other notable companies include China Petroleum and Chemical Corporation and China National Petroleum Corporation, ranking eighth and ninth [3]. Group 2: Green Power Consumption Growth - From January to July 2025, China's total green power consumption reached 5,977 billion kilowatt-hours, marking a year-on-year increase of 42.69% [3]. - Green power trading volume was 1,817 billion kilowatt-hours, also reflecting a growth of 42.10% year-on-year [3]. - The number of green certificates traded reached 416 million, corresponding to an electricity volume of 4,160 billion kilowatt-hours, with a year-on-year increase of 42.96% [3]. Group 3: Industry Impact and Future Directions - The publication of the TOP100 list demonstrates the significant contributions of various industries towards the green energy transition, enhancing market vitality for green consumption [4]. - The joint publishing entities plan to refine the standards and formats for green power consumption reporting, aiming to establish the list as a recognized international brand for green consumption [4].

Core Viewpoint - Shenzhen Energy's stock has shown mixed performance in recent trading, with a slight increase of 2.15% on September 23, 2023, and a year-to-date increase of 5.06% [1] Company Overview - Shenzhen Energy Group Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on August 21, 1993, with its listing date on September 3, 1993 [1] - The company engages in the development, production, and sales of various conventional and renewable energy sources, as well as urban solid waste treatment, wastewater treatment, and urban gas supply [1] Business Segmentation - The main revenue sources for Shenzhen Energy are as follows: - Power - Gas Turbine: 26.76% - Power - Coal: 21.32% - Ecological Environment: 18.52% - Comprehensive Gas: 13.65% - Power - Wind: 8.70% - Others: 5.64% - Power - Solar: 3.56% - Power - Hydropower: 1.84% [1] Financial Performance - For the first half of 2025, Shenzhen Energy reported a revenue of 21.139 billion yuan, representing a year-on-year growth of 6.77% - The net profit attributable to shareholders was 1.705 billion yuan, showing a year-on-year decrease of 2.80% [2] Shareholder Information - As of September 19, 2023, Shenzhen Energy had 114,200 shareholders, a decrease of 0.48% from the previous period, with an average of 41,657 circulating shares per shareholder, an increase of 0.48% [2] - The company has distributed a total of 12.497 billion yuan in dividends since its A-share listing, with 2.046 billion yuan distributed in the last three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 30.5289 million shares, a decrease of 18.2034 million shares from the previous period - Southern CSI 500 ETF was the seventh-largest circulating shareholder, holding 21.1348 million shares, an increase of 2.87 million shares from the previous period [3]

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].