《生态环境监测条例》公布，25Q3公用环保基金持股情况梳理

Core Viewpoint - The market showed positive performance this week, with the CSI 300 index rising by 0.82%, the utilities index increasing by 2.42%, and the environmental index up by 2.71% [2] Market Review - The utilities and environmental sectors ranked 9th and 7th respectively among the 31 primary industry classifications by Shenwan [2] - Within the electricity sector, thermal power rose by 2.09%, hydropower increased by 2.00%, and new energy generation grew by 3.08% [2] - The water sector saw a rise of 1.05%, while the gas sector increased by 1.23% [2] Important Events - The State Council, led by Premier Li Qiang, announced the "Ecological Environment Monitoring Regulations," effective from January 1, 2026, aimed at enhancing the ecological environment monitoring system [2] Fund Holdings Analysis - As of Q3 2025, the utilities and environmental sectors experienced a reduction in fund holdings, with 122 stocks held, down by 4 from Q2 [3] - The total market value of holdings in these sectors was 49.695 billion, a decrease of 29.64% from the previous quarter [3] - The proportion of holdings in these sectors relative to total fund equity investments fell by 0.43 percentage points to 0.55% [3] Investment Strategy - In the utilities sector, recommendations include major thermal power companies like Huadian International and Shanghai Electric due to stable profitability [4] - Continued government support for new energy development suggests a gradual stabilization in profitability for leading new energy firms such as Longyuan Power and Three Gorges Energy [4] - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are expected to maintain stable earnings [4] - High-dividend hydropower stocks are highlighted for their defensive attributes, with recommendations for leading firms like Yangtze Power [4] - In the environmental sector, opportunities in water and waste incineration industries are noted, with recommendations for firms like China Everbright Environment [5] - The domestic waste oil recycling industry is expected to benefit from the EU's SAF blending policy, with recommendations for firms like Shanggou Environmental Energy [5]