公用事业周报（2024.08.26-2024.08.31）：能源转型白皮书出台，绿证交易数据公布

Group 1: Market Performance - The public utility sector has seen a market performance decline of 17% over the last 12 months[1] - The Shanghai Composite Index has decreased by 11% during the same period[1] - The CSI 300 index has experienced a decline of 5%[1] Group 2: Green Certificate Trading - In July 2024, a total of 182 million green certificates were issued, with conventional hydropower accounting for 56.07% (102 million)[2] - Wind power contributed 22.09% (40.25 million), while solar power made up 17.28% (31.48 million)[2] - Cumulative green certificates issued by the end of July 2024 reached 889 million, with wind power at 40% (35.6 million)[6] Group 3: Company Financials - Changjiang Electric reported H1 2024 revenue of 34.808 billion yuan, up 12.38% year-on-year, with net profit increasing by 27.92% to 11.362 billion yuan[2] - Shanghai Electric's H1 2024 revenue was 20.121 billion yuan, down 0.85%, but net profit surged by 65.72% to 1.327 billion yuan[2] - Qianyuan Electric's H1 2024 revenue rose by 39.12% to 0.873 billion yuan, with net profit skyrocketing by 316.76% to 0.133 billion yuan[8] Group 4: Coal and Water Data - As of August 30, 2024, the spot price for Qinhuangdao port thermal coal (Q5500) was 844 yuan/ton, a 2.43% increase year-on-year[11] - The inflow at the Three Gorges Dam was 12,200 cubic meters/second, down 38.42% year-on-year[12] - The average inflow at the Ertan Dam was 1,200 cubic meters/second, down 20.01% year-on-year[12] Group 5: Risks - Risks include lower-than-expected electricity demand, potential declines in electricity prices, fluctuations in coal prices, and insufficient water inflow impacting hydropower generation[17]