海通晨报-20250530

Group 1: Utilities Sector - The utilities team believes that northern thermal power shows high growth, while hydropower's profitability is stable, green energy performance is under pressure, and nuclear power prices affect industry profits [2][18] - In Q1 2025, national thermal power companies maintained profit growth, but regional thermal power companies showed some divergence, with northern thermal power plants outperforming southern ones [3][18] - Hydropower sample companies maintained high growth rates in Q1 2025, with a median profit growth rate of 26%, primarily due to optimized water storage and dispatch [4][19] - Green energy companies faced profit declines, with median net profit growth rates of -12% in 2024 and -4% in Q1 2025, attributed to falling electricity prices and poor wind conditions [5][20] Group 2: Retail Sector - Yiwu's import and export data for January to April 2025 exceeded 200 billion yuan, with a total import and export value of 231.31 billion yuan, a year-on-year increase of 15.1% [7][12] - The export mode through market procurement trade accounted for 81.7% of Yiwu's total exports, with a year-on-year growth of 16.1% [7][12] - Yiwu maintained strong growth in exports to major trade markets, with significant increases in exports to Latin America, the EU, and ASEAN [8][13] Group 3: Investment Recommendations - The report recommends maintaining an "overweight" rating for the utilities sector, with suggested stocks including Huadian International, Anhui Energy, Datang Power, and Huaneng International for thermal power [2][18] - For hydropower, recommended stocks include Yangtze Power, Huaneng Hydropower, and Chuanwei Energy [2][18] - In the retail sector, the report suggests focusing on the small commodity city in Yiwu, anticipating continued high economic activity and growth potential [9][14]