AI基金易方达港股通红利混合A（005583）披露2025年半年报，上半年基金利润2.31亿元，加权平均基金份额本期利润0.0826元。报告期内，基金净值增长 率为10.82%，截至上半年末，基金规模为26.56亿元。 该基金属于灵活配置型基金。截至9月5日，单位净值为0.872元。基金经理是唐博伦。 基金管理人在半年报中表示，相较于去年，今年以来港股市场出现了几个变化： 第一，年初至今高股息指数跑输宽基指数。一方面，表现较好的AI、生物 医药相关板块在高股息和价值板块中敞口较小；另一方面，部分传统股息板块经过过去两年的上涨，估值吸引力下降，出现滞涨情况。 第二，区别于往 年，高股息指数内部出现了巨大的分化，部分板块表现优劣排序为：银行、多品类零售、电信、公用事业。 第三，港股市场增量资金在一季度快速流入后 逐渐放缓，而IPO和配售等融资金额在一季度后出现加速。新股和配售市场异常火爆。 向前展望，我们认为，若市场因为资金流入放缓叠加融资加速陷入焦灼，滞涨的高股息板块可能出现超额机会。在股息类资产内部，我们相对看好滞涨的公 用事业等板块，它们不仅估值相对较低，且处在资本开支下行周期中，自由现金流呈现改善状态，存 ...

Core Points - The electricity sector experienced a rise of 0.91% on the trading day, with Lu Xiao Technology leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Company Performance - Lu Xiao Technology (002617) closed at 9.09, with a gain of 10.05% and a trading volume of 3.1734 million shares, totaling a transaction value of 2.797 billion [1] - Shanghai Electric (600021) closed at 20.77, up 10.01%, with a trading volume of 1.5713 million shares, totaling a transaction value of 3.059 billion [1] - Tianfu Energy (600509) closed at 7.32, with a gain of 7.17% and a trading volume of 1.4411 million shares, totaling a transaction value of 1.039 billion [1] - Longyuan Power (001289) closed at 17.82, up 6.07%, with a trading volume of 154,700 shares, totaling a transaction value of 270 million [1] - Jingyuntong (601908) closed at 4.34, with a gain of 5.60% and a trading volume of 2.3028 million shares, totaling a transaction value of 992 million [1] - Other notable performers include Jiaze New Energy (619109), Xiexin Energy Technology (002015), Huaguang Huaneng (600475), ST Yinda (300125), and Jiawei New Energy (300317) with varying gains and trading volumes [1] Fund Flow - The electricity sector saw a net inflow of 784 million from main funds, while retail funds experienced a net outflow of 246 million [3] - Speculative funds had a net outflow of 538 million [3]

Core Viewpoint - The power sector is experiencing a significant rise in stock prices, driven by a record-breaking electricity consumption in July and favorable conditions for thermal power companies [1] Group 1: Stock Performance - Longyuan Power (001289)(00916) increased by 6% to HKD 7.42 [1] - China Power (02380) rose by 3.65% to HKD 3.41 [1] - Huaneng International (600011)(00902) gained 2.79% to HKD 5.89 [1] - China Resources Power (00836) climbed 2.51% to HKD 18.78 [1] Group 2: Electricity Consumption - In July, the total electricity consumption in China reached 1.02 trillion kWh, marking the first time it surpassed 1 trillion kWh in a month [1] Group 3: Industry Insights - Dongguan Securities reported that the rapid development of renewable energy is squeezing the market share of thermal power, leading to a year-on-year decline in revenue for several thermal power companies [1] - Despite the decline in revenue, companies like Huaneng International and Huadian International (600027) achieved year-on-year growth in net profit due to falling fuel prices [1] - Average coal prices have decreased year-on-year, which is beneficial for the profitability of thermal power companies [1] Group 4: Future Outlook - Bank of America noted that the performance of Chinese power stocks in the first half of the year largely met expectations [1] - Guosheng Securities projected that the overall performance of the power sector will align with expectations, with thermal power seeing revenue decline but profit increase, while hydropower remains stable and green energy faces pressure [1] - The current electricity prices are expected to bottom out and rebound, with demand recovery anticipated to boost electricity consumption and continued decline in fuel costs [1]

Group 1: Overall Industry Performance - Chinese power stocks' performance in the first half of the year generally met expectations, with strong earnings and free cash flow from thermal power, wind supply chain, and environmental businesses [1] - However, gas, wind, solar independent power producers, and solar supply chain showed relatively weak performance [1] Group 2: Company Ratings and Target Prices - Huaneng International Power (600011) received a "Buy" rating due to a free cash flow yield of 8%, with the H-share target price raised from HKD 6 to HKD 6.2 [1] - China Resources Power (00836) was rated "Neutral," with the target price decreased from HKD 20.2 to HKD 19.8 due to declining revenue from coal and renewable energy [1] - Huadian International Power (600027) had its rating downgraded from "Buy" to "Neutral," with the H-share target price lowered from HKD 4.9 to HKD 4.6, amid concerns over falling electricity prices and seasonal weakness [1] Group 3: Specific Company Insights - China Everbright Environment (00257) received a "Buy" rating, with a 23% year-on-year increase in pre-tax profit and a doubling of free cash flow, targeting a price of HKD 5.3 [2] - Longyuan Power (001289) was rated "Underperform," with a target price of HKD 6, as its earnings decline was in line with expectations, and attention will be paid to subsidy collection and upcoming provincial power tenders [2]

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [1][5][20]. Core Views - The construction of the national carbon market is progressing, promoting urban green and low-carbon transformation [1][13]. - The "14th Five-Year Plan" is concluding, while the "15th Five-Year Plan" is in the drafting stage, focusing on energy and electricity policy directions [2][15]. - The report emphasizes the importance of energy security, technological innovation, and green low-carbon development in future policies [16][19]. Summary by Sections Market Review - In August, the CSI 300 index rose by 10.33%, while the public utilities index increased by 2.53% and the environmental index by 5.28% [1][21]. - The environmental sector saw a 5.28% increase, with sub-sectors like thermal power up by 4.69% and new energy generation up by 2.26% [1][22]. Important Events - The Central Committee and State Council issued opinions on advancing green low-carbon transformation and strengthening the national carbon market, aiming for comprehensive coverage of major industrial emissions by 2027 [13][14]. - Policies to promote high-quality urban development include energy conservation and carbon reduction in production sectors [14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [3][20]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [3][20]. - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes [3][20]. - In the environmental sector, companies like China Everbright Environment and Zhongshan Public Utilities are recommended due to improving cash flows [3][20]. Key Company Earnings Forecasts and Investment Ratings - Huadian International: Outperform, EPS 0.49 in 2024, PE 10.8 [7]. - Longyuan Power: Outperform, EPS 0.76 in 2024, PE 22.0 [7]. - China Nuclear Power: Outperform, EPS 0.43 in 2024, PE 20.9 [7]. - China Everbright Environment: Outperform, EPS 0.55 in 2024, PE 8.0 [7]. Industry Dynamics - The report notes that the renewable energy sector is expected to grow, with cumulative installed capacity reaching 1.41 billion kilowatts by the end of 2024, a 33.9% year-on-year increase [18]. - The transition to a market-oriented mechanism for renewable energy is highlighted, indicating a shift from guaranteed purchase to market trading [19].

Core Viewpoint - The report from Guosheng Securities indicates that the overall performance of the power sector in the first half of 2025 meets expectations, with thermal power experiencing a decline in revenue but an increase in profit, hydropower remaining stable, and green energy facing pressure [1][2]. Summary by Category Performance Overview - In the first half of 2025, the power sector (SW) listed companies achieved total operating revenue of 911.6 billion yuan, a year-on-year decrease of 1.54%, while the net profit attributable to shareholders reached 102.7 billion yuan, an increase of 3.44% [2]. - Thermal power generated operating revenue of 572.6 billion yuan, down 3.70% year-on-year, but net profit increased by 6.31% to 44.1 billion yuan [2]. - Hydropower's operating revenue was 87.9 billion yuan, up 4.69% year-on-year, with net profit rising by 10.70% to 26.2 billion yuan [2]. - New energy generation (including nuclear power) faced challenges, with operating revenue of 153.0 billion yuan, a decline of 2.18%, and net profit down 6.42% to 25.1 billion yuan [2]. Thermal Power Insights - The significant drop in coal prices since the beginning of the year has mitigated the pressure from declining volume and price; however, regional price differentiation remains a challenge [2]. - The upcoming comprehensive adjustment of capacity prices in 2026 is expected to reshape the profitability model of thermal power [2]. - Recommended investment themes include stable performance targets with expected stable electricity prices, and high-dividend quality stocks as capital expenditure peaks [2]. Hydropower and Nuclear Power Potential - Hydropower companies are expected to benefit from decreasing interest expenses and the expiration of depreciation on power station units, which will continue to release profit space [3]. - Nuclear power is seeing a normalization in unit approvals, with accelerated investment and technology in nuclear fusion, indicating potential for commercialization [3]. Green Energy Outlook - The "Document 136" promotes the comprehensive entry of new energy into market trading, with rapid installation in the first half of the year leading to increased consumption challenges in the second half, impacting market prices [3]. - Policies supporting green energy consumption, such as direct connections and green certificate policies, are expected to catalyze growth in this sector [3]. - Recommended focus on undervalued green energy stocks, particularly in the Hong Kong market, and wind power operators with stable electricity price expectations [4]. Investment Recommendations - Key thermal power stocks to watch include Huadian International, Huaneng International, Baoneng New Energy, Guangzhou Development, and Guodian Power [4]. - For green energy, prioritize undervalued stocks in the Hong Kong market and wind power operators, with a focus on Xintian Green Energy and Longyuan Power [4]. - In hydropower and nuclear sectors, recommended stocks include Yangtze Power, State Power Investment Corporation, Sichuan Investment Energy, China National Nuclear Power, and China General Nuclear Power [4].

Core Viewpoint - BlackRock has reduced its stake in Longyuan Power (001289)(00916) by selling 18.878 million shares at a price of HKD 6.8373 per share, totaling approximately HKD 129 million, resulting in a new holding of about 159 million shares, representing a 4.79% ownership [1] Summary by Category - **Share Reduction** - BlackRock sold 18.878 million shares of Longyuan Power [1] - The sale price was HKD 6.8373 per share [1] - The total amount raised from the sale was approximately HKD 129 million [1] - **Current Holdings** - After the reduction, BlackRock's remaining shares in Longyuan Power are approximately 159 million [1] - The new ownership percentage is 4.79% [1]

Group 1 - BlackRock reduced its stake in Longyuan Power (00916) by selling 18.878 million shares at a price of HKD 6.8373 per share, totaling approximately HKD 129 million [1] - After the reduction, BlackRock's remaining shareholding is approximately 159 million shares, representing a holding percentage of 4.79% [1]

Core Viewpoint - Longyuan Power experienced a decline of 1.54% on September 3, with a trading volume of 112 million yuan and a total market capitalization of 139.275 billion yuan [1] Company Overview - Longyuan Power Group Co., Ltd. is primarily engaged in wind and solar power generation, with its main products being electricity and heat [2][5] - The company was established on January 27, 1993, and was listed on January 24, 2022 [5] - The company's revenue composition is 99.22% from electricity products and 0.78% from other sources [5] Recent Developments - Longyuan Power has an operational wind power capacity of 1,590,800 kW in Xinjiang [2] - The company signed a framework agreement with the People's Government of Tieli City, Heilongjiang Province, for a 3.53 million kW renewable energy project [2] - A joint venture, Longyuan Shengda, will be established with Xinong Chuang Investment Development Co., Ltd. to develop a 3 million kW pumped storage project [2] Financial Performance - For the first half of 2025, Longyuan Power reported a revenue of 15.657 billion yuan, a year-on-year decrease of 17.09%, and a net profit attributable to shareholders of 3.375 billion yuan, down 11.82% year-on-year [6] - The company has distributed a total of 5.978 billion yuan in dividends since its A-share listing, with 4.746 billion yuan distributed in the last three years [7] Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 1.18% to 41,000 [6] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings [8]

Group 1 - Longyuan Power's stock increased by 1.87% on September 2, with a trading volume of 168 million yuan [1] - The financing buy amount for Longyuan Power on the same day was 20.24 million yuan, while the financing repayment was 14.17 million yuan, resulting in a net financing purchase of 6.07 million yuan [1] - As of September 2, the total balance of margin trading for Longyuan Power was 68.62 million yuan, with the financing balance accounting for 0.08% of the circulating market value, indicating a low level compared to the past year [1] Group 2 - Longyuan Power Group Co., Ltd. was established on January 27, 1993, and listed on January 24, 2022, focusing on power system and electrical equipment technology transformation, service, and production maintenance [2] - The company's main business revenue composition is 99.22% from power products and 0.78% from other sources [2] - For the first half of 2025, Longyuan Power reported operating revenue of 15.657 billion yuan, a year-on-year decrease of 17.09%, and a net profit attributable to shareholders of 3.375 billion yuan, down 11.82% year-on-year [2] Group 3 - Longyuan Power has distributed a total of 5.978 billion yuan in dividends since its A-share listing, with 4.746 billion yuan distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders of Longyuan Power included Hong Kong Central Clearing Limited and several ETFs, with notable increases in holdings [3] - The number of shareholders increased by 1.18% to 41,000 as of June 30, 2025, with no change in the average circulating shares per person [2][3]