行业周报：7月绿证核发数量显著提升，板块市场表现低于大盘整体

Investment Rating - The investment rating for the power and utilities sector remains "Outperform the Market" [3] Core Insights - The issuance of green certificates has significantly increased in July, indicating a positive trend for the sector [4] - The overall market performance of the sector has been below the broader market indices [4] - The report highlights the importance of the newly released white paper on energy transition, which outlines long-term development plans for the energy system in China [30] Market Performance - The public utilities sector index decreased by 1.12% during the week of August 26-30, underperforming the Shanghai Composite Index by 0.69 percentage points [14] - The sector's PE ratio (TTM) is currently at 17.02, down from 17.59 the previous week and significantly lower than 21.24 a year ago [20] - The sector's PB ratio is at 1.80, a slight decrease from 1.83 the previous week [22] Stock Performance - The top five stocks by performance during the week were ST Xulan (+17.09%), ST Lingda (+16.75%), New Construction Shares (+14.48%), ST Shengda (+12.56%), and Hongtong Gas (+12.12%) [24] - The worst-performing stocks included Jiangsu New Energy (-10.17%), Dalian Thermal Power (-8.66%), and Longyuan Power (-6.87%) [24] Company Dynamics - Guotou Power reported a 2.79% increase in revenue for the first half of 2024, with a net profit of 3.744 billion yuan, up 12.19% [33] - Zhongmin Energy's revenue decreased by 1.59% in the same period, but net profit increased by 4.80% [33] - Three Gorges Energy's revenue grew by 9.89% year-on-year, with a net profit of 4.039 billion yuan, although it saw a decline of 10.58% in net profit compared to the previous year [34] Key Data Tracking - In July 2024, the National Energy Administration issued 182 million green certificates, with conventional hydropower accounting for 56.07% of the total [30] - The average transaction price for green certificates has shown significant fluctuations, indicating active market participation [5]