Group 1 - The core viewpoint of the article highlights the decline in China's hydropower generation, with a reported production of 139.1 billion kilowatt-hours in June 2025, representing a year-on-year decrease of 4% [1] - In the first half of 2025, China's cumulative hydropower generation reached 539.79 billion kilowatt-hours, showing a cumulative decline of 2.9% [1] - The article references a market analysis report by Zhiyan Consulting, which covers the development status and market forecast of the hydropower industry in China from 2025 to 2031 [1] Group 2 - The listed companies in the hydropower sector include Changjiang Electric Power, Huaneng Hydropower, Guotou Power, Chuan Investment Energy, Gui Guan Electric Power, Qian Yuan Electric Power, Hubei Energy, Mindong Electric Power, Leshan Electric Power, and Hunan International Power [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [2]

Market Overview - As of 13:59, the Shanghai Composite Index is at 3723.60 points, with a decline of 0.12% [1] - The total trading volume of A-shares today is 21,733.08 billion yuan [1] Moving Average Analysis - 26 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Yangzi New Materials: 5-day MA is 1.11% lower than the 10-day MA [1] - Ningbo Fanzheng: 5-day MA is 0.94% lower than the 10-day MA [1] - China Petroleum: 5-day MA is 0.40% lower than the 10-day MA [1] Individual Stock Performance - Yangzi New Materials (002652): Today's change is +0.52%, with a 5-day MA of 3.91 yuan and a 10-day MA of 3.95 yuan, showing a distance of -1.11% [1] - Ningbo Fanzheng (300998): Today's change is -1.59%, with a 5-day MA of 25.04 yuan and a 10-day MA of 25.28 yuan, showing a distance of -0.94% [1] - China Petroleum (601857): Today's change is -0.58%, with a 5-day MA of 8.62 yuan and a 10-day MA of 8.66 yuan, showing a distance of -0.40% [1] Additional Stock Insights - Huabei Pharmaceutical (600812): No change today, with a 5-day MA of 6.67 yuan and a 10-day MA of 6.69 yuan, showing a distance of -0.28% [1] - ST Modern (002656): No change today, with a 5-day MA of 2.27 yuan and a 10-day MA of 2.28 yuan, showing a distance of -0.26% [1] - TBEA (600089): Today's change is -0.81%, with a 5-day MA of 13.52 yuan and a 10-day MA of 13.55 yuan, showing a distance of -0.24% [1]

Market Overview - As of 10:29 AM, the Shanghai Composite Index is at 3731.21 points, with a change of 0.09% [1] - The total trading volume of A-shares today is 12,534.99 billion yuan [1] Technical Analysis - 18 A-shares have seen their 5-day moving average cross below the 10-day moving average, indicating potential bearish signals [1] - The stocks with the largest distance between the 5-day and 10-day moving averages include: - Yangzi New Materials: 5-day MA at 3.91 yuan, 10-day MA at 3.95 yuan, difference of -1.11% [1] - Ningbo Fanzheng: 5-day MA at 25.07 yuan, 10-day MA at 25.29 yuan, difference of -0.88% [1] - China Petroleum: 5-day MA at 8.62 yuan, 10-day MA at 8.66 yuan, difference of -0.38% [1] Individual Stock Performance - Yangzi New Materials (002652): Today's change is +0.52%, with a turnover rate of 2.45% [1] - Ningbo Fanzheng (300998): Today's change is -0.99%, with a turnover rate of 1.46% [1] - China Petroleum (601857): Today's change is -0.35%, with a turnover rate of 0.03% [1] - Other notable stocks include: - Guoju Energy (000096): -0.58% change, 0.68% turnover [1] - ST Modern (002656): No change, 0.43% turnover [1] - Cross-Border Communication (002640): +0.38% change, 3.59% turnover [1]

Group 1 - The core point of the article is the resignation of Mr. Sheng Youpeng, the chairman of the supervisory board of Qianyuan Power, due to work reasons [1] - Following his resignation, Mr. Sheng will not hold any positions in the company or its subsidiaries [1]

关于公司监事会主席辞职的公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 贵州黔源电力股份有限公司（以下简称"公司"）监事会于近日收到公司监 事会主席盛友鹏先生的书面辞职报告。盛友鹏先生因工作原因申请辞去公司第十 届监事会主席、监事职务。辞职后，盛友鹏先生将不在公司及控股子公司担任任 何职务。 证券代码：002039 证券简称：黔源电力 公告编号：2025-035 贵州黔源电力股份有限公司 盛友鹏先生在任职期间恪尽职守，勤勉尽责，公司监事会对其在任职期间为 公司作出的贡献表示衷心感谢。 特此公告。 贵州黔源电力股份有限公司监事会 2025 年 8 月 19 日 根据《公司法》《深圳证券交易所上市公司自律监管指引第 1 号——主板 上市公司规范运作》和《公司章程》等有关规定，盛友鹏先生的辞职不会导致公 司监事会成员低于法定人数，盛友鹏先生的辞职报告自送达公司监事会之日起生 效，其辞职不会影响公司的正常生产经营。截至本公告披露日，盛友鹏先生未持 有公司股份，也不存在应当履行而未履行的承诺事项。 ...

Group 1 - Qianyuan Power announced that Mr. Sheng Youpeng has resigned from the 10th Supervisory Board and his position as supervisor due to work reasons [2] - Following his resignation, Mr. Sheng Youpeng will not hold any positions in the company or its subsidiaries [2]

众和昆仑（北京）资产管理有限公司董事长柏文喜对《证券日报》记者表示："随着水电装机规模的增 加，水电站之间的协同调节作用增强，将促进公司发电量增加，增厚发电收入。" 同时，水电行业多个定增、资产重组项目也正在进行中，水电装机容量未来仍有较大提升空间。据业内 人士分析，水电公司不只瞄准装机容量的提升，还计划与新能源结合打造低碳综合能源服务体系。 发电量及收入有望齐增 近日，多家上市公司公布上半年发电量情况。 华能澜沧江水电股份有限公司（以下简称"华能水电"）、国家能源投资集团有限责任公司、国投电力控 股股份有限公司（以下简称"国投电力"）等公司正在紧锣密鼓地推进水电项目建设。今年下半年，多个 大型水电工程有望进入投产高峰期。 此外，7月23日，国投电力与印尼国家电力公司合作投资的51万千瓦印尼巴塘水电站大坝金属结构安装 主体工程圆满完成，计划在今年年底建成投产。四川川投能源股份有限公司（以下简称"川投能源"）旗 下39万千瓦金沙江中游银江水电站，同样计划于今年投产。 定增重组专业化整合加速 当前，多家上市公司通过定增方式积极布局水电产业，旨在增强能源供给稳定性、抢占发展先机。 3月4日，国投电力向特定对象发行A ...

Core Viewpoint - The commencement of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly reshape China's energy landscape, positively impacting the hydropower sector in the A-share market [1] ESG Reporting and Ratings - Among the 10 listed companies in the A-share hydropower industry, 7 have disclosed their 2024 ESG reports, resulting in a disclosure rate of 70% [1][2] - 9 out of 10 companies in the hydropower sector have received an A rating (including A and A+), while only 1 company is rated C [2] - Only 3 companies have disclosed Scope 1 and Scope 2 carbon emissions data, with no companies reporting Scope 3 emissions [2][4] Environmental and Social Dimensions - The protection of biodiversity is crucial for sustainable operations in hydropower projects, as highlighted by Guotou Power, which emphasizes ecological restoration and monitoring [5] - Jiangsu Power focuses on community relations and resettlement management to minimize the impact on local residents, ensuring long-term harmony [5] - The assessment of both environmental and social impacts is essential for determining the "green" status of hydropower projects, as improper management can lead to new environmental and social liabilities [6] International Expansion and Compliance - Leading hydropower companies are exploring overseas projects, such as Yangtze Power's clean energy initiatives in Peru and Huaneng Hydropower's first overseas large-scale hydropower BOT project in Myanmar [7][8] - The global shift away from coal has created a strong demand for clean energy, making countries with abundant water resources attractive for investment [8] - Compliance with local laws and regulations is critical for the success of offshore projects, as they face more complex risks compared to domestic projects [8]

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Insights - The report emphasizes the importance of core assets in Hong Kong's electric power equipment sector, highlighting the strong approval of coal power installations and the ongoing demand for pumped storage [5][6] - The report indicates that the approval of coal power installations is expected to remain high, with approximately 31 GW approved in the first half of 2025, maintaining levels similar to 2024 [17] - The report notes that the growth in electricity load is expected to outpace overall electricity consumption growth, indicating a long-term trend that will rely heavily on conventional power sources [18] - The wind power sector is experiencing a slowdown in the rapid scaling of turbine sizes, which may lead to improved profitability for wind turbine manufacturers [22][34] Summary by Sections Electric Power Equipment - The report highlights the strong approval of coal power installations, with 90 GW, 83 GW, and 78 GW approved in 2022, 2023, and 2024 respectively, and an expectation to exceed 80 GW in 2025 [17] - The demand for pumped storage is projected to remain high, with significant approvals in recent years, indicating a robust market for this segment [21] - Key companies to focus on include Harbin Electric, Dongfang Electric (H), and Goldwind Technology (H), along with A-share counterparts [6][34] Electricity Production - In June 2025, the industrial electricity production reached 796.3 billion kWh, a year-on-year increase of 1.7%, with a daily average of 26.54 billion kWh [35] - The report notes a narrowing decline in hydropower output and an acceleration in solar power generation, while wind and thermal power growth has slowed [35][38] Coal Industry - In June 2025, coal imports decreased significantly, with a year-on-year decline of 25.9%, attributed to low domestic coal prices [43] - The report indicates that domestic coal production is at a turning point, with a year-on-year increase of 3.0% in June, but with pressures from low prices affecting production levels in key regions [57] - Recommendations include focusing on leading coal companies with high long-term contracts, such as China Coal Energy and China Shenhua Energy [43]

Group 1 - Senyuan Electric signed a strategic cooperation agreement with Xuchang Digital Supply Chain Management Co., aiming for annual business cooperation not exceeding 500 million yuan over 36 months [1] - CICC's subsidiary, CICC Wealth, reported a net profit of 987 million yuan for the first half of the year, with total assets of 193.37 billion yuan [2] - Shuangjie Electric expects a net profit of 100 million to 120 million yuan for the first half of the year, representing a year-on-year increase of 16.03% to 39.23% [3][4] - Shentong Technology reported a net profit of 64.28 million yuan for the first half of the year, a year-on-year increase of 111.09% [5] - Suqian Nongfa's net profit for the first half of the year decreased by 27.72% to 213 million yuan [6] Group 2 - Fuan Pharmaceutical expects a net profit decline of 39.95% to 53.81% for the first half of the year, estimating between 100 million to 130 million yuan [8] - Xingwang Yuda anticipates a net loss of 11 million to 21 million yuan for the first half of the year [9] - Pulaike received a new veterinary drug registration certificate for a vaccine aimed at preventing chicken diseases [10] - Yuandong Biological's ephedrine injection received a drug registration certificate for treating low blood pressure during anesthesia [11] - Suqian Liansheng's subsidiary obtained two invention patent certificates [12] Group 3 - Oke Technology signed a 176 million yuan equipment order with Jiangxi Tianhong New Materials [13] - Publishing Media announced the resignation of its chief accountant due to work changes [15] - Zhongxin Co. plans to use 40 million yuan of idle funds for cash management [16] - Huiyun Titanium plans to use up to 58 million yuan of idle convertible bond funds for cash management [18] - Haineng Technology intends to apply for a credit facility of up to 200 million yuan from a bank [20] Group 4 - Jiabiou expects a net profit increase of 57.61% for the first half of the year, estimating around 107 million yuan [21] - Nanjing Gaoke reported a 1185% year-on-year increase in contract sales area for the second quarter [22] - Shuguang Co. received approval for a specific stock issuance application [23] - Huadong Pharmaceutical's subsidiary received approval for a clinical trial of a new drug targeting advanced solid tumors [23] - Quicheng Co. plans to invest 900 million yuan in two new projects [25] Group 5 - Shenlian Biological's vaccine for avian adenovirus received a new veterinary drug registration certificate [26] - Rike Chemical signed a strategic cooperation framework agreement with Dongming Petrochemical [28] - Jincheng Pharmaceutical's subsidiary received a renewed tobacco production license [29] - Magmi Te's stock issuance application was accepted by the Shenzhen Stock Exchange [29] - Zhongyin Securities received approval to issue bonds totaling up to 14 billion yuan [29] Group 6 - Hewei Electric's executives plan to reduce their holdings by a total of 2.24% of the company's shares [44] - Guo Wang Xintong reported a net profit of 266 million yuan for the first half of the year, a decrease of 10.82% [45] - Guo Wang Xintong's subsidiary won a 966 million yuan tender from the State Grid [46] - Jicheng Electronics won contracts worth approximately 83.79 million yuan from the State Grid [48] - Helen Piano is planning a change of control, leading to a temporary stock suspension [48]