Group 1 - The Shanghai Composite Index opened lower but rose later, while the China Securities Public Utilities Index fell by 0.26% to 2486.53 points with a trading volume of 9.421 billion yuan [1] - The China Securities Public Utilities Index has decreased by 1.23% over the past month, increased by 0.59% over the past three months, and has declined by 3.17% year-to-date [2] - The top ten weights in the China Securities Public Utilities Index are: Changjiang Electric Power (15.15%), China Nuclear Power (10.46%), Three Gorges Energy (8.35%), Guodian Power (5.66%), State Power Investment (4.81%), Chuanwei Energy (4.29%), Yongtai Energy (4.2%), Huaneng International (4.15%), China General Nuclear Power (3.92%), and Zhejiang Energy Power (2.8%) [2] Group 2 - The China Securities Public Utilities Index consists entirely of public utility companies, with a sample adjustment occurring every six months [3] - The market share of the China Securities Public Utilities Index is 83.15% from the Shanghai Stock Exchange and 16.85% from the Shenzhen Stock Exchange [2] - Adjustments to the index sample occur on the next trading day following the second Friday of June and December each year, with weight factors generally remaining fixed until the next scheduled adjustment [3]

Core Viewpoint - The article highlights the significant increase in electricity demand during the summer peak season in China, driven by high temperatures and economic growth, with expectations of a year-on-year increase of approximately 100 million kilowatts in peak load [1] Group 1: Electricity Supply and Demand - The central enterprises are identified as the main force in ensuring energy supply during the summer peak, with the State-owned Assets Supervision and Administration Commission urging them to contribute to stable economic growth and public comfort [1] - The National Energy Group has initiated measures to ensure power supply, including the commissioning of a new coal-fired power unit that incorporates advanced technologies, enhancing the overall efficiency of electricity generation [2] - As of mid-July, the National Energy Group reported a power generation of 1,523.9 billion kilowatt-hours, reflecting a year-on-year increase of 3.3%, with coal production reaching 74.26 million tons, up 1.7% [2] Group 2: Renewable Energy Integration - Wind and solar power are increasingly becoming the main sources of new electricity generation, with installed capacities reaching 570 million and 1.08 billion kilowatts respectively, accounting for 45.7% of total installed capacity, surpassing coal-fired power [2] - The article emphasizes the need for high-level integration and consumption of renewable energy as a key aspect of building a new energy system [2] Group 3: Infrastructure and Market Developments - The Hami-Chongqing ±800 kV UHVDC project has successfully delivered over 1 billion kilowatt-hours of electricity since its commissioning, significantly supporting the power supply in Chongqing [4] - The "Xinjiang Power to Chongqing" project is expected to inject over 36 billion kilowatt-hours of clean electricity into the Chongqing grid by the end of the year, equivalent to one-fifth of the city's annual electricity consumption [7] - A new cross-regional electricity trading mechanism has been established, facilitating the transfer of over 2 billion kilowatt-hours of electricity from Guangdong, Guangxi, and Yunnan to eastern provinces, marking a significant step towards a unified national electricity market [8]

证券代码：003816 证券简称：中国广核 公告编号：2025-051 中国广核电力股份有限公司 关于开立募集资金专项账户并签订募集资金三方监管协议 的公告 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、误导性陈述或者重大遗漏。 一、募集资金基本情况 中国广核电力股份有限公司（以下简称"公司"）于 2025 年 3 月 19 日收到 中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于同意中国广 核电力股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可 〔2025〕479 号），同意公司向不特定对象发行 490,000.00 万元的可转换公司债 券，每张面值为人民币 100 元，募集资金总额为人民币 490,000.00 万元，扣除各 项发行费用 215.81 万元（不含增值税），实际募集资金净额为 489,784.19 万元。 上述募集资金已于 2025 年 7 月 15 日全部划至公司指定账户，毕马威华振会计师 事务所（特殊普通合伙）对公司上述募集资金到位情况进行了验证，并出具了《中 国广核电力股份有限公司向不特定对象发行可转换公司债券募集资金验证报告》 （ ...

Investment Rating - The report maintains a "Positive" outlook on the public utility sector, indicating an expectation for the industry to outperform the overall market [2]. Core Insights - The report highlights significant improvements in coal-fired power profitability due to a notable decrease in coal prices, with a 25.5% year-on-year drop in the average spot price of 5500 kcal thermal coal [2]. - Hydropower performance varies across regions, with major hydropower companies in Sichuan and Yunnan showing increased generation hours, leading to a strong performance in the first half of 2025 [2]. - Nuclear power generation is expected to grow steadily with the expansion of new units and ongoing approvals for additional reactors, ensuring long-term growth potential [2]. - Natural gas consumption faced short-term pressure but is anticipated to recover in the medium to long term as costs decrease and residential gas prices adjust [2]. Summary by Sections Coal Power - In Q2 2025, the average utilization hours for coal-fired power plants decreased by 118 hours year-on-year, but profitability is expected to improve due to lower coal prices [2]. - Companies like Jingneng Power and Jiantou Energy reported over 100% growth in net profit for the first half of 2025 [2]. Hydropower - National hydropower utilization hours reached 1023 hours from January to May 2025, a decrease of 70 hours year-on-year, but major hydropower companies reported significant increases in generation [2]. - Companies such as China Yangtze Power and Huaneng Hydropower saw their hydropower generation increase by 5.01% and 10.93% respectively in the first half of 2025 [2]. Nuclear Power - Nuclear power generation for China Nuclear Power and China General Nuclear Power increased by 12.01% and 6.11% respectively in the first half of 2025 [2]. - The approval of new nuclear units is expected to support future growth, with 10 new units approved in April 2025 [2]. Natural Gas - Natural gas consumption in China decreased by 1.3% year-on-year in the first five months of 2025, but there is an upward trend in terminal consumption [2]. - The report anticipates a recovery in natural gas prices due to increased LNG exports from major producing regions [2]. Performance Forecast - The report forecasts significant profit growth for key companies in the public utility sector for the first half of 2025, with various companies expected to see net profit growth rates ranging from 0% to over 100% [2][3]. - Recommendations include focusing on companies with strong growth potential in hydropower, nuclear power, and natural gas sectors [2].

证券代码：003816 证券简称：中国广核 公告编号：2025-050 中国广核电力股份有限公司 ：华泰联合证券有限责任公司 本公司及董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。 中国广核电力股份有限公司（以下简称"发行人"）向不特定对象发行 A 股可 转换公司债券（以下简称"可转债"）已获得中国证券监督管理委员会同意注册的 批复（证监许可〔2025〕479 号） 。华泰联合证券有限责任公司（以下简称"华泰 联合证券"或"保荐人（主承销商）"或"主承销商"）为本次发行的主承销商。 本次发行的 A 股可转换公司债券简称为"广核转债"，债券代码为"127110"。 本次发行的 A 股可转债规模为 490,000.00 万元，每张面值为人民币 100 元， 共计 4,900.0000 万张，按面值发行。本次发行的 A 股可转债向发行人在股权登记 日（2025 年 7 月 8 日，T-1 日）收市后中国证券登记结算有限责任公司深圳分公 司（以下简称"中国结算深圳分公司"）登记在册的原 A 股股东优先配售，优先配 售后余额部分（含原 A 股股东放弃优先配售部分）通过深圳证券交 ...

证券代码：003816 证券简称：中国广核 公告编号：2025-050 中国广核电力股份有限公司 向不特定对象发行 A 股可转换公司债券发行结果公告 保荐人（主承销商）：华泰联合证券有限责任公司 本公司及董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。 中国广核电力股份有限公司（以下简称"发行人"）向不特定对象发行 A 股可 转换公司债券（以下简称"可转债"）已获得中国证券监督管理委员会同意注册的 批复（证监许可〔2025〕479 号）。华泰联合证券有限责任公司（以下简称"华泰 联合证券"或"保荐人（主承销商）"或"主承销商"）为本次发行的主承销商。 本次发行的 A 股可转换公司债券简称为"广核转债"，债券代码为"127110"。 本次发行的 A 股可转债规模为 490,000.00 万元，每张面值为人民币 100 元， 共计 4,900.0000 万张，按面值发行。本次发行的 A 股可转债向发行人在股权登记 日（2025 年 7 月 8 日，T-1 日）收市后中国证券登记结算有限责任公司深圳分公 司（以下简称"中国结算深圳分公司"）登记在册的原 A 股股东优先配售，优 ...

Market Overview - The Shanghai Composite Index rose by 0.27% on July 14, with 21 out of 28 sectors experiencing gains. The leading sectors were machinery and public utilities, with increases of 1.23% and 1.04% respectively. Conversely, the real estate and media sectors saw declines of 1.29% and 1.24% [2]. Fund Flow Analysis - The net outflow of capital from the two markets was 38.111 billion yuan, with six sectors experiencing net inflows. The machinery sector led with a net inflow of 539 million yuan, followed by public utilities with a net inflow of 336 million yuan [2]. - A total of 25 sectors experienced net capital outflows, with the computer sector leading at 8.506 billion yuan, followed by the non-bank financial sector at 7.029 billion yuan. Other sectors with significant outflows included metals, electronics, and media [2]. Public Utilities Sector Performance - The public utilities sector saw a rise of 1.04%, with a total net inflow of 336 million yuan. Out of 131 stocks in this sector, 109 rose, and six hit the daily limit. There were 19 stocks that declined [3]. - Among the stocks with net inflows, seven had inflows exceeding 50 million yuan, with Jin控电力 leading at 180 million yuan, followed by 华电辽能 and 建投能源 with inflows of 140 million yuan and 86.605 million yuan respectively [3]. - The stocks with the highest net outflows included 南网储能, 国电电力, and 中国广核, with outflows of 61.156 million yuan, 56.419 million yuan, and 48.944 million yuan respectively [3][6]. Top Gainers in Public Utilities - The top gainers in the public utilities sector included: - 晋控电力: +9.87%, net inflow of 179.634 million yuan [4] - 华电辽能: +9.92%, net inflow of 139.675 million yuan [5] - 建投能源: +9.97%, net inflow of 86.605 million yuan [5] Top Losers in Public Utilities - The top losers in the public utilities sector included: - 南网储能: -1.09%, net outflow of 61.156 million yuan [6] - 国电电力: +0.42%, net outflow of 56.419 million yuan [6] - 中国广核: +1.36%, net outflow of 48.944 million yuan [6]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [4][22]. Core Insights - The construction of zero-carbon parks is being accelerated, with the release of renewable energy power consumption responsibility weights expected by 2025 [1][17]. - The report highlights the increasing responsibility weights for renewable energy consumption across various provinces, with most provinces expected to exceed 20% by 2025 [17][20]. - The report emphasizes the importance of integrating renewable energy development with energy management systems to achieve carbon neutrality [22][23]. Market Review - The Shanghai Composite Index rose by 0.82%, while the public utility index increased by 1.11% and the environmental index by 3.17% [1][24]. - Within the electricity sector, coal-fired power increased by 0.41%, hydropower by 0.42%, and renewable energy generation by 1.05% [1][25]. Important Policies and Events - The National Development and Reform Commission, Ministry of Industry and Information Technology, and National Energy Administration issued a notice to accelerate the transformation of energy structures in parks and promote energy conservation and carbon reduction [15][16]. - Hainan Province's implementation plan for market-oriented reform of renewable energy grid prices includes a pricing structure for existing projects and competitive bidding for new projects [16] . Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [3][22]. - In the environmental sector, companies like China Everbright Environment and Zhongshan Public Utilities are highlighted as potential investment opportunities [23][22]. Key Company Earnings Forecasts and Investment Ratings - Huadian International: Outperform, with an expected EPS of 0.46 in 2024 and 0.62 in 2025 [8]. - Longyuan Power: Outperform, with an expected EPS of 0.75 in 2024 and 0.85 in 2025 [8]. - China Nuclear Power: Outperform, with an expected EPS of 0.46 in 2024 and 0.50 in 2025 [8]. Industry Dynamics and Company Announcements - The report notes that the water and waste incineration sectors are entering a mature phase, with significant improvements in free cash flow [23]. - The report also highlights the potential for domestic waste oil recycling companies to benefit from the EU's SAF blending policy [23]. Industry Key Data Overview - In May, the industrial power generation increased by 0.5% year-on-year, with a total of 737.8 billion kWh generated [49][60]. - The total electricity consumption in May reached 809.6 billion kWh, reflecting a year-on-year growth of 4.43% [57][60].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Last week, the equity market had a volume - driven rally. The real estate, steel, and building materials sectors were strong, while the banking sector declined. The bond market adjusted, and the 10 - year Treasury bond rate closed at 1.67% on Friday, up 2.2bp from the previous week. The convertible bond market mostly rose, with the CSI Convertible Bond Index up 0.76% for the week [1][8][9]. - In the short term, convertible bond supply may significantly shrink. The follow - up momentum of the convertible bond market has weakened, and valuations have been further compressed. It is recommended to focus on balanced convertible bonds or high - price, low - premium and non - redeemable in the short - term equity - biased varieties. For those with high requirements for drawdown, consider reducing positions [2][17]. - With the disclosure of mid - year report performance forecasts, attention should be paid to sectors such as consumer goods, technology, power grid equipment, and innovation drugs. Also, be cautious about bonds with a high proportion of exports to the US [3][18]. Summary by Relevant Catalogs Market Trends (2025/7/7 - 2025/7/11) - **Stock Market**: The equity market rose with volume. Real estate, steel, and building materials sectors performed well due to policy expectations and "anti - involution" themes. The non - banking sector was strong driven by the stablecoin theme, while the banking sector declined. Different sectors showed different performances on each trading day [8]. - **Bond Market**: The bond market adjusted. Factors such as the postponement of Trump's equal - tariff effective date, the Shanghai Composite Index breaking through 3500, and real estate policy rumors suppressed bond market sentiment. The 10 - year Treasury bond rate closed at 1.67% on Friday, up 2.2bp from the previous week [1][9]. - **Convertible Bond Market**: Most convertible bond issues rose. The CSI Convertible Bond Index increased by 0.76% for the week, the median price rose by 0.95%, and the calculated arithmetic average parity increased by 2.07%. The overall market conversion premium rate decreased by 1.29% compared with the previous week. Sectors like non - banking finance, coal, and computer in the convertible bond market led the gains, while social services, banking, and automotive sectors lagged. The total trading volume of the convertible bond market last week was 3405.76 billion yuan, with an average daily trading volume of 681.15 billion yuan, an increase from the previous week [9][12][15]. Viewpoints and Strategies (2025/7/14 - 2025/7/18) - **Supply Outlook**: Convertible bond supply may significantly shrink in the short term. The approval of the "potential new bond" Fudan Microelectronics expired, and there are only 5 issues in the pending - issuance list that have passed the listing committee, with a total scale of less than 5 billion yuan. Also, the delisting of existing bonds is accelerating [2][17]. - **Investment Suggestions**: Due to the intensified supply - demand contradiction, it is recommended to focus on balanced convertible bonds that can quickly consume the premium rate with high - volatility underlying stocks or high - price, low - premium and non - redeemable in the short - term equity - biased varieties. Consider reducing positions for those with high drawdown requirements [2][17]. - **Sector Focus**: Pay attention to sectors such as consumer goods (appliances, auto parts, two - wheeled vehicles), technology (PCB, copper - clad laminates, data center power supplies), power grid equipment, sea - wind power, energy storage, innovation drugs, and chemical pharmaceuticals. Be cautious about bonds with a high proportion of exports to the US [3][18]. Valuation Overview - As of July 11, 2025, for equity - biased convertible bonds, the average conversion premium rates in different parity intervals are at different percentile levels since 2010 and 2021. For debt - biased convertible bonds, the average YTM of bonds with a parity below 70 yuan is - 1.04%, at the 4%/0% percentile since 2010/2021. The average implied volatility of all convertible bonds is 33.92%, at the 64%/45% percentile since 2010/2021, and the difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks is - 13.38%, at the 27%/32% percentile since 2010/2021 [19]. Primary Market Tracking - **Last Week (2025/7/7 - 2025/7/11)**: Guanghe Convertible Bond announced its issuance, and Luwei and Huachen Convertible Bonds were listed. Guanghe Convertible Bond, with an issuance scale of 4.9 billion yuan, is for the Guangdong Lufeng Nuclear Power Plant Project. Luwei Convertible Bond, with an issuance scale of 615 million yuan, is mainly for semiconductor and high - precision flat - panel display mask expansion projects. Huachen Convertible Bond, with an issuance scale of 460 million yuan, is for new - energy power equipment manufacturing and digital factory construction projects [27][28][29]. - **Next Week (2025/7/14 - 2025/7/18)**: Xizhen and Yongxi Convertible Bonds will be listed. Xizhen Convertible Bond, with an issuance scale of 520 million yuan, is for the Langfang Zhenhua Automobile Parts Project. Yongxi Convertible Bond, with an issuance scale of 1.165 billion yuan, is for multi - dimensional heterogeneous advanced packaging technology R & D and industrialization projects [30][31]. - **Overall Pending Issuance**: As of July 11, there are 75 convertible bonds to be issued, with a total scale of 116.32 billion yuan, including 2 issues approved for registration (total scale of 2.11 billion yuan) and 3 issues passed by the listing committee (total scale of 2.62 billion yuan) [32].

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]