Great Wall Securities·2025-07-28 10:42Investment Rating - The report maintains an "Overweight" rating for the power and utilities sector, indicating a positive outlook for the industry [1][9]. Core Views - The report highlights the establishment of the China Fusion Energy Company and the launch of the world's largest single green ammonia project in Jilin, showcasing significant advancements in the energy sector [3][40]. - The report notes that the cumulative installed power generation capacity in China reached 3.65 billion kilowatts in the first half of 2025, reflecting a year-on-year growth of 18.7% [35]. - The report emphasizes the importance of coal prices in maintaining profitability for thermal power companies, with a stable trend expected in coal prices [9]. Market Performance - The report states that the Shenwan Utilities Index decreased by 0.27% during the week of July 21-27, underperforming compared to the Shanghai Composite Index by 1.94 percentage points [2][15]. - The report provides detailed performance metrics for various segments within the utilities sector, including thermal power, hydropower, and renewable energy sources [15][21]. Industry Dynamics - The report discusses the implementation of the "136 Document" in Liaoning, which sets a mechanism price of 0.3749 yuan/kWh for existing projects and a bidding range of 0.18 to 0.33 yuan/kWh for new projects [36][37]. - The establishment of the China Fusion Energy Company is noted as a significant development, with a total investment of nearly 11.5 billion yuan from various state-owned enterprises [38][39]. Key Data Tracking - The report tracks coal prices, indicating that the price of Shanxi mixed coal (5500) was 645 yuan/ton as of July 25, 2025, with a week-on-week increase of 1.74% [44]. - The report also provides data on green certificate transactions, with a total of 31.05 and 15.68 million certificates traded for wind and solar power, respectively, during the week of July 21-27 [47].