Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Viewpoints - The issuance of renewable energy power consumption responsibility weights for 2025 mandates green electricity consumption in five major industries, which is expected to alleviate renewable energy consumption issues [3][11] - The assessment scope has expanded to include steel, cement, polysilicon, and data centers, enhancing the focus on energy-intensive industries [3][12] - The provincial assessment targets for renewable energy consumption responsibility weights will range from 24.2% to 70% in 2025, with 19 provinces aiming for over 30% [3][15] Summary by Sections Industry Trends - The electricity and public utilities index rose by 1.60% during the week, outperforming the CSI 300 index by 0.78 percentage points [5][55] - The report highlights that over half of the listed companies in the electricity and public utilities sector experienced stock price increases [55] Key Industry Insights - The coal price has rebounded to 627 CNY/ton [13] - The inflow and outflow of water at the Three Gorges Dam decreased by 17.86% and 24.19% year-on-year, respectively [31] - The price of silicon materials remained stable, while mainstream silicon wafer prices decreased slightly [39] Investment Recommendations - Focus on the electricity sector due to the high temperatures across the country and the upcoming performance period [3] - Recommended stocks include Huaneng International, Jiantou Energy, Huadian International, and Qingda Environmental Protection, which are expected to have resilient quarterly earnings [3] - Emphasis on undervalued green electricity operators, particularly in Hong Kong and wind power sectors, such as Xintian Green Energy and Longyuan Power [3][8]

Investment Rating - The report suggests focusing on power generation assets in regions with tight supply-demand balance and favorable competition dynamics, particularly recommending companies like Anhui Energy and Huadian International in the thermal power sector [4]. Core Insights - The report highlights the performance of various sectors, with the carbon neutrality sector rising by 3.52% and the environmental protection sector increasing by 3.07% during the week [12]. - It emphasizes the importance of market dynamics and regulatory changes, such as the approval of the cross-grid electricity trading mechanism by the National Development and Reform Commission and the National Energy Administration [75]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.09% and the ChiNext Index increased by 2.36% during the week [12]. - The thermal power sector is recommended for investment due to its potential for asset value reassessment in regions with tight electricity supply [4]. Industry News - The report discusses the recent regulatory developments aimed at enhancing the electricity market's efficiency and interconnectivity, including the implementation of a market mechanism for cross-grid electricity trading [75]. - It also notes the ongoing reforms in the renewable energy sector, particularly in Hainan Province, to correct market interventions and ensure fair pricing for new energy projects [75]. Investment Recommendations - For thermal power, the report recommends Anhui Energy and Huadian International due to their strategic positioning in competitive markets [4]. - In the hydropower sector, it suggests focusing on Yangtze Power, while for nuclear power, China National Nuclear Power is highlighted as a key player [4]. - In the renewable energy segment, Longyuan Power is identified as a leading wind power operator worth monitoring [4].

证券代码：001289 证券简称：龙源电力 公告编号：2025-043 龙源电力集团股份有限公司 关于公司 2025 年第五期超短期融资券发行的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 龙源电力集团股份有限公司（以下简称"公司"）于 2025 年 6 月 17 日召开 的 2024 年度股东大会审议通过了《关于龙源电力集团股份有限公司在境内申请 注册及发行债务融资工具一般性授权的议案》，批准并同意授权董事会决定及处 理公司以一次性或分期的形式通过中国证监会、深圳证券交易所、国家发展改革 委、中国保险资产管理业协会等机构审批、注册、登记、发行或设立债务融资工 具，新增规模合计不超过人民币 500 亿元（含 500 亿元）；以统一注册或分品种 注册的形式向中国银行间市场交易商协会注册债务融资工具，可采取分期方式发 行，新增规模合计不超过人民币 800 亿元（含 800 亿元）；股东大会同意董事会 在授权范围内转授权公司管理层处理相关事宜。 董 事 会 2025 年 7 月 11 日 2 | 超短期融资券全称 | 龙源电力集团股份有限公司 | | | 2 ...

Core Viewpoint - The recent approval of the 500 MW/1000 MWh shared energy storage project by Longyuan Power's Guangxi company marks a significant step in enhancing clean energy storage capabilities in the region [1] Group 1: Project Details - The energy storage station is located in Beiliu City, Yulin, Guangxi, with a planned capacity of 500 MW and an area of approximately 100 acres [1] - The project will utilize lithium iron phosphate batteries and will be equipped with 100 energy storage units, each consisting of a battery unit and a PCS boosting unit [1] Group 2: Environmental Impact - Once operational, the facility can store 1 million kWh of clean electricity per charge, with an expected annual charge and discharge cycle of no less than 250 times [1] - The annual charge and discharge volume is projected to be around 250 million kWh, which will reduce standard coal consumption by approximately 75,000 tons and decrease carbon dioxide emissions by about 195,000 tons compared to equivalent thermal power plants [1]

Investment Rating - The report does not explicitly state an investment rating for the industry [22]. Core Insights - The export value of China's construction machinery in May 2025 reached USD 5.024 billion, marking a year-on-year increase of 8.51%. Cumulative exports from January to May totaled USD 23.095 billion, up 8.98% year-on-year. The top three export destinations were Russia, the United States, and Indonesia [2]. - The export of excavators in May amounted to USD 889 million, with a year-on-year growth of 26.57%. From January to May, the cumulative export value was USD 4.001 billion, reflecting a year-on-year increase of 22.81% [2]. - The photovoltaic sector experienced a short-term rise in polysilicon prices, while prices in the battery segment fell. The average price for N-type polysilicon was CNY 36 per kilogram, and for granular silicon, it was CNY 34 per kilogram. The demand in downstream segments remains weak, leading to limited market transactions [2]. - The report indicates that the overseas market for construction machinery will continue to expand due to the Belt and Road Initiative and the increasing competitiveness of domestic manufacturers. Domestic demand for infrastructure will also drive replacement needs, indicating a clear upward trend in the overall cycle [2]. Market Performance Review - From June 30 to July 4, 2025, the indices for machinery equipment, power equipment, and automotive sectors changed by 0.26%, 1.99%, and 0.1%, respectively, ranking 24th, 9th, and 25th among 31 first-level industries in the Shenwan classification [7][10]. - The photovoltaic equipment sector saw a significant increase of 5.76%, while wind power equipment decreased by 0.86% during the same period [10]. Industry News and Key Company Announcements - On July 4, the "Robot Industry Empowerment Alliance" was established in Jinan, releasing a list of 87 application scenarios across 12 fields, with a total investment of CNY 14.26 billion [18]. - On July 3, the Ministry of Industry and Information Technology held a meeting with photovoltaic manufacturing companies, which boosted industry confidence [18]. - On July 3, the second phase of a major integrated project for distributed photovoltaic, energy storage, and charging piles was put into operation, with an installed capacity of 9,300 kilowatts [18]. - On July 2, the average transaction price for N-type polysilicon showed a slight increase, indicating a warming trend in the market despite limited new orders [18].

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]

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]

_ 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 ...

证券代码：001289 证券简称：龙源电力 公告编号：2025-042 龙源电力集团股份有限公司 2025年6月发电量数据公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 龙源电力集团股份有限公司（以下简称"本公司"）2025 年 6 月按合并报 表口径完成发电量 5,781,238 兆瓦时，较 2024 年同期同比增长 1.56%，剔除火电 影响同比增长 18.07%。本月风电发电量同比增长 4.15%，光伏发电量同比增长 99.32%。 截至 2025 年 6 月 30 日，本公司 2025 年累计完成发电量 39,652,477 兆瓦时， 较 2024 年同期同比下降 1.07%，剔除火电影响同比增长 12.73%，其中风电增长 6.07%，光伏增长 71.37%。 1 | | 2025 年 6 月 | 2024 年 6 月 | 6 月同比 | 2025 年 | 2024 年 | 年累计发 电量 | | --- | --- | --- | --- | --- | --- | --- | | 业务板块及地区分布 | 发电量 | 发电量 | 变化率 | ...

Core Viewpoint - Longyuan Power (001289) announced that it achieved a total power generation of 5.7812 million MWh by June 2025, representing a year-on-year increase of 1.56%, with an 18.07% increase when excluding the impact of thermal power generation [1] Group 1: Power Generation Performance - The total power generation for the period reached 5.7812 million MWh, with a year-on-year growth of 1.56% [1] - Excluding the impact of thermal power, the year-on-year growth in power generation was 18.07% [1] - Wind power generation increased by 4.15% year-on-year, while solar power generation saw a significant increase of 99.32% [1] Group 2: Cumulative Power Generation - As of June 30, 2025, the cumulative power generation was 39.6525 million MWh, reflecting a year-on-year decline of 1.07% [1] - When excluding the impact of thermal power, the cumulative power generation showed a year-on-year increase of 12.73% [1] - Wind power generation for the cumulative period grew by 6.07%, and solar power generation increased by 71.37% [1]