环保公用事业行业周报（2025、07、20）：水电发电量降幅收窄，光伏、核电电量同比高增长-20250720

Investment Rating - The report maintains a "Recommendation" rating for the industry [3] Core Insights - The report highlights a narrowing decline in hydropower generation, with significant year-on-year growth in photovoltaic and nuclear power generation [11] - The report emphasizes the importance of the newly established capacity pricing mechanism in Gansu Province, which raises the capacity price to 330 RMB/kW per year, enhancing the stability of coal power units [21][23] - The report recommends specific companies such as Sheneng Co., Guodian Power, and China Nuclear Power, while suggesting attention to Zhongmin Energy and Funiu Co. [7] Industry Overview - The environmental and public utility sectors experienced declines, with the environmental index down 0.49% and the public utility index down 1.37%, which is larger than the overall market decline [7] - The report notes that the total market capitalization of the industry is 383.21 billion RMB, with 240 listed companies [3] Key Events Analysis - In June, the total power generation reached 796.29 billion kWh, a year-on-year increase of 1.7%, with hydropower generation showing a reduced decline [11] - The report mentions significant events such as the issuance of guidelines for distributed photovoltaic power development by Jiangxi Province [2][69] Market Performance - The report indicates that the environmental sector has a cumulative increase of 11.17% since the beginning of 2025, outperforming the CSI 300 and ChiNext indices [7] - The report details the performance of various sub-sectors, with the electricity sector showing a cumulative increase of 0.74% [28] Key Data Tracking - The report tracks coal prices, noting that the Qinhuangdao 5500 kcal thermal coal price is 636 RMB/ton, a 0.79% increase from the previous week [39] - It also highlights the water levels in major reservoirs, with the Three Gorges Reservoir at 158.37 meters, a year-on-year decrease of 2.7% [41] Electricity Market - The report states that the weighted average electricity price in Guangdong Province reached a peak of 484.16 RMB/MWh, a 71.0% increase from the previous week [58] - It notes that the transaction volume in the Shandong Province's medium and long-term electricity market increased by 49.9% [58]