Market Overview - The electricity sector experienced a slight decline of 0.11% on the previous trading day, with Changqing Group leading the losses [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Stock Performance - Notable gainers in the electricity sector included: - Shankai Environmental Energy (Code: 000803) with a closing price of 6.55, up 2.50% and a trading volume of 241,300 shares [1] - Shaanxi Energy (Code: 001286) with a closing price of 9.26, up 1.76% and a trading volume of 289,400 shares [1] - Huayin Power (Code: 600744) with a closing price of 7.29, up 1.53% and a trading volume of 2,044,600 shares [1] - Conversely, Changqing Group (Code: 002616) led the declines with a closing price of 6.35, down 1.70% and a trading volume of 81,000 shares [2] Capital Flow - The electricity sector saw a net outflow of 1.202 billion yuan from major funds, while retail investors contributed a net inflow of 1.012 billion yuan [2] - Key stocks with significant capital flow included: - Three Gorges Energy (Code: 600905) with a net inflow of 26.15 million yuan from major funds [3] - Huaguang Environmental Energy (Code: 600475) with a net inflow of 22.36 million yuan from major funds [3] - Shaanxi Energy (Code: 001286) with a net inflow of 16.26 million yuan from major funds [3]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][10]. Core Views - The completion of the preliminary design for China's first 1 million kilowatt fourth-generation commercial fast reactor marks a significant advancement in the country's nuclear energy strategy [2][16]. - The public utility sector saw a 7.64% increase in the total market value of fund holdings, reaching 63.28 billion yuan in Q2 2025, with a focus on hydropower companies [3][17]. - The report emphasizes the importance of coal and electricity prices moving in tandem, which is expected to sustain reasonable profitability for thermal power companies [4][25]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.69%, while the public utility index fell by 0.27% and the environmental index increased by 1.66% [1][15]. - Within the power sector, thermal power decreased by 0.29%, hydropower by 1.31%, while new energy generation rose by 1.24% [1][28]. Important Events - The preliminary design of the CFR1000 fast reactor has been completed, which is crucial for energy security and sustainable development in nuclear energy [2][16]. - In August 2025, the electricity trading price in Jiangsu was 393.8 yuan per megawatt-hour, with a total transaction volume of 12.353 billion kilowatt-hours [2][16]. 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 [4][25]. - The report suggests focusing on high-dividend hydropower stocks like Yangtze Power for their defensive attributes [4][25]. Fund Holdings - In Q2 2025, the total market value of fund holdings in the public utility sector was 63.28 billion yuan, with a notable increase in hydropower and gas sectors, while thermal power saw a reduction [3][19]. - The environmental sector's fund holdings totaled 7.352 billion yuan, showing a slight decrease from the previous quarter [21][24]. Key Company Predictions and Ratings - Companies such as Huadian International, Longyuan Power, and China Nuclear Power are highlighted with an "Outperform" rating, indicating strong future performance expectations [10][25]. - The report identifies significant investment opportunities in the environmental sector, particularly in waste management and renewable energy technologies [26][24].

| 证券代码：002616 | 证券简称：长青集团 | 公告编号： | 2025-029 | | --- | --- | --- | --- | | 债券代码：128105 | 债券简称：长集转债 | | | 广东长青（集团）股份有限公司 关于转让长青环保能源（中山）有限公司与中山市长青环保 热能有限公司 100%股权的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别揭示： 3、因交易双方在《原协议》和《补充协议》有效期内未能就本次股权转让 的关键问题达成一致意见。经友好协商，在 2024 年 5 月 31 日协议有效期到 期后，双方未另行签署延长有效期的协议，但未来仍可能就相关事项进行接触。 （具体内容详见 2024 年 5 月 30 日在巨潮资讯网（http://www.cninfo.com.cn） 披露的《关于子公司股权转让事项的进展公告》，公告编号：2024-040） 1、本次交易尚需提交公司股东大会审议，且需履行报中山市城市管理和综 合执法局的审批同意等程序，具体实施情况和进度存在不确定性。 2、因本次交易尚未完成，相关资产的交割、过户 ...

| 证券代码：002616 | 证券简称：长青集团 公告编号：2025-030 | | --- | --- | | 债券代码：128105 | 债券简称：长集转债 | 广东长青（集团）股份有限公司 关于召开 2025 年第二次临时股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 广东长青（集团）股份有限公司（以下简称"公司"）拟定于 2025 年 8 月 11 日（星期一）召开公司 2025 年第二次临时股东大会，现就会议召开有关事项 通知如下： 一、召开本次股东大会的基本情况： 1、股东大会届次：2025 年第二次临时股东大会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：公司第六届董事会于 2025 年 7 月 25 日召开 第三十次会议审议通过了《关于召开 2025 年第二次临时股东大会的议案》。 本次股东大会的召开符合《公司法》、《上市公司股东会议事规则》、《深 圳证券交易所股票上市规则》等有关法律法规和《公司章程》的规定。 4、会议召开时间： 1）现场会议召开时间：2025 年 8 月 11 日（星期一）下午 15：00 2） ...

| 证券代码：002616 | 证券简称：长青集团 公告编号：2025-028 | | --- | --- | | 债券代码：128105 | 债券简称：长集转债 | 本议案具体内容详见 2025 年 7 月 26 日刊登于《证券时报》《中国证券报》 《上海证券报》《证券日报》和巨潮资讯网(www.cninfo.com.cn)的《关于转让长 青环保能源（中山）有限公司与中山市长青环保热能有限公司 100%股权的进展 公告》。 本议案需提交公司 2025 年第二次临时股东大会进行审议。 广东长青（集团）股份有限公司 第六届监事会第二十三次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 广东长青（集团）股份有限公司（以下简称"公司"）第六届监事会第二十 三次会议于 2025 年 7 月 25 日在公司会议室以现场方式召开。本次会议通知和文 件于 2025 年 7 月 23 日以电子邮件等方式发出。会议应到监事 3 名，实到监事 3 名。会议由监事会主席高菁女士主持。会议的召集和召开符合有关法律、法规、 规章和《广东长青（集团）股份有限公司章程》的规定 ...

| 证券代码：002616 | 证券简称：长青集团 公告编号：2025-027 | | --- | --- | | 债券代码：128105 | 债券简称：长集转债 | 广东长青（集团）股份有限公司 第六届董事会第三十次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 广东长青（集团）股份有限公司（以下简称"公司"）第六届董事会第三十 次会议通知于 2025 年 7 月 23 日以电子邮件等方式送达公司全体董事。本次会议 于 2025 年 7 月 25 日在公司会议室以现场与通讯方式召开。本次会议应到会董事 5 人，实际到会董事 5 人，公司监事及高级管理人员列席了本次会议。本次会议 的召集、召开和表决程序符合有关法律、法规和《公司章程》的规定。会议由董 事长何启强先生主持，经与会董事认真审议，通过了以下议案： 一、审议通过《关于转让长青环保能源（中山）有限公司与中山市长青环 保热能有限公司 100%股权的议案》 表决结果：同意 5 票、反对 0 票、弃权 0 票。 本议案具体内容详见 2025 年 7 月 26 日刊登于《证券时报》《中国证券报》 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][8]. Core Views - The report highlights the commencement of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, focusing on power delivery and local consumption [1][15]. - The Gansu Provincial Development and Reform Commission has proposed a capacity price mechanism for power generation, setting a standard of 330 yuan per kilowatt per year starting January 1, 2026, for compliant coal power units and new energy storage [2][17]. - The report emphasizes the potential for stable profitability in coal-fired power generation due to synchronized declines in coal and electricity prices, recommending major coal power companies [3][22]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.09%, while the public utility index fell by 1.37% and the environmental index by 0.49%, with relative returns of -2.46% and -1.58% respectively [1][14]. - In the electricity sector, coal-fired power decreased by 1.04%, hydropower by 2.13%, and new energy generation by 0.68%, while the gas sector saw a slight increase of 0.31% [1][25]. Important Policies and Events - The Yarlung Tsangpo River downstream hydropower project was officially launched on July 19, 2025, with a focus on five tiered power stations [1][15]. - The National Bureau of Statistics reported a 1.7% year-on-year increase in industrial power generation in June, with a total of 796.3 billion kilowatt-hours produced [1][16]. Investment Strategy - The report recommends several companies based on their sector performance: - Coal-fired power: Huadian International and Shanghai Electric [3][22]. - New energy: Longyuan Power and Three Gorges Energy, among others [3][22]. - Nuclear power: China Nuclear Power and China General Nuclear Power [3][22]. - Hydropower: Yangtze Power [3][22]. - Gas: China Resources Gas and Jiufeng Energy [3][22]. - Environmental: China Everbright Environment and Zhongshan Public Utilities [3][23]. Key Company Earnings Forecasts and Investment Ratings - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, all rated as "Outperform" [8]. For example, Huadian International has an EPS of 0.46 for 2024 and a PE of 11.7 [8]. Industry Key Data Overview - In June, the total industrial power generation reached 796.3 billion kilowatt-hours, with a year-on-year growth of 1.7% [1][48]. - The report notes that coal-fired power generation saw a 1.1% increase, while nuclear power generation grew by 10.3% [1][48]. Environmental Sector Insights - The report indicates that the water and waste incineration sectors are entering a mature phase, with improved free cash flow and declining risk preferences among investors [3][23]. - The domestic waste oil recycling industry is expected to benefit from the EU's SAF blending policy [3][23].

Summary of Changqing Group's Conference Call Industry and Company Overview - Changqing Group has transitioned from die-casting to biomass power generation, becoming a significant player in China's biomass power sector [2][5] - The company divested its gas appliance business in 2021 to focus on downstream energy operations [2] Core Points and Arguments - **Financial Performance**: The company faces challenges from rising fuel costs and difficulties in renewable energy fund disbursement, leading to flat revenue and costs. However, recent declines in coal prices are expected to benefit its thermal power business, potentially improving profitability [2][6] - **Thermal Power Business**: The thermal power segment, particularly the cogeneration units, has shown strong performance, providing stable heating services to industrial parks and paper mills. The "Mancheng Project" is projected to contribute 130 million yuan in net profit in 2024, accounting for over half of the company's total profit [2][10] - **Biomass Business**: While biomass power generation is the main source of installed capacity, it has been impacted by rising coal prices. Future catalysts in the industry could enhance profitability in this segment [2][11] - **Future Profitability**: Despite challenges, the company shows signs of revenue and profit recovery even during coal price downturns. Large units (500,000 kW) are currently at breakeven but have significant potential for profit improvement with better fuel costs [2][13] Additional Important Insights - **Asset Composition**: As of the end of 2024, the company has a total installed capacity of approximately 700,000 kW, with biomass power accounting for about 500,000 kW [3] - **Industry Challenges**: The company has faced multiple challenges, including rising fuel costs and issues with renewable energy fund payments, which have led to a significant amount of accounts receivable [6][14] - **Catalysts for Growth**: Key future catalysts include market expectations for the thermal power business, potential recovery in biomass profitability due to falling coal prices, and collaborations with the Chinese Academy of Sciences for technological advancements [7][15] - **Profit Forecast**: Future profit projections are 330 million yuan, 350 million yuan, and 390 million yuan over the next three years, with a potential profit elasticity of over 50% in 2025 [16] Conclusion Changqing Group is positioned to benefit from recent coal price declines and has a clear strategy for growth through its thermal and biomass power segments. The company's collaborations and market positioning suggest a favorable outlook for future profitability and valuation.

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]

Investment Rating - The report gives a "Recommended" rating for the company, with a target price of 7.6 CNY, representing a potential upside of approximately 25% from the current price of 6.07 CNY [2][10]. Core Views - The company focuses on biomass comprehensive applications and power and heat production, with a total installed capacity of 705,000 kW as of the end of 2024, including 491,000 kW for biomass power generation, 160,000 kW for coal power projects, and 54,000 kW for waste-to-energy projects [6][14]. - The report highlights the strong profitability of the Hebei coal power projects, which have shown a significant negative correlation with coal prices over the past decade, indicating that lower coal prices could enhance profitability [7][44]. - There is an expectation for the biomass projects to potentially turn profitable due to the industry's expansion phase and the company's leading position, despite facing operational pressures and subsidy delays [8][10]. - Collaboration with the Zhongke system is anticipated to open new growth opportunities, enhancing the company's shareholder structure and facilitating strategic partnerships [9][10]. Financial Summary - The company is projected to achieve total revenue of 3,786 million CNY in 2024, with a year-on-year decline of 4.6%, followed by a slight increase in 2025 [2]. - The net profit attributable to shareholders is expected to reach 217 million CNY in 2024, reflecting a significant year-on-year growth of 36.3% [2]. - The earnings per share (EPS) is forecasted to be 0.29 CNY in 2024, with a price-to-earnings (PE) ratio of 21 times [2]. - The company’s asset-liability ratio stands at 73.41%, indicating a relatively high level of debt [3]. Business Analysis - The company operates in three main segments: biomass power generation, coal-fired centralized heating, and waste-to-energy projects, with biomass power generation being the largest segment [6][31]. - The profitability of the coal power projects is supported by strong energy demand from industrial parks in Hebei, where the company’s projects are located [51][65]. - The report notes that the biomass power generation segment has faced challenges due to high raw material costs and delayed subsidy payments, but there is potential for recovery as coal prices decline [8][10][43].