Group 1 - The core report from Brand Finance indicates that the total brand value of Chinese utility companies in 2025 has increased by 23.1% compared to 2024, accounting for 46.2% of the global brand value, ranking first worldwide [1][3] - State Grid's brand value has grown by 20.4%, reaching $85.63 billion, maintaining its position as the most valuable utility brand globally for the eighth consecutive year [3][4] - China Southern Power Grid, with a brand value of $8.98 billion, ranks fifth globally, marking its first entry into the utility sector [3][4] Group 2 - State Grid has a brand strength index (BSI) score of 92.6, rated AAA+, making it the only utility brand to achieve this highest rating [3][4] - China Southern Power Grid is actively expanding its international business, including acquiring shares in Peru's largest distribution company and engaging in cross-border electricity trade with neighboring countries [3][4] - Other notable Chinese brands on the list include Guodian Power (brand value down 1% to $3.67 billion), Huaneng International (brand value up 9.1% to $3.64 billion), and Sungrow Power (brand value up 5.3% to $3.53 billion), ranking 11th, 12th, and 13th respectively [4]

_ 136 _ 10 ___ 2 行业月报 · 公用事业行业 24Q4 行业月报 ·公用事业行业 中国银河证券|CGS 目录 Catalog | 一、 行业要闻 | | --- | | 二、 行业数据 … | | (一) 碳交易市场情况 | | (二） 电力行业相关数据………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 7 | | 三、 太阳能单月装机创新高，火电发电量由降转增 | | 四、 开展新型电力系统建设试点，助力新能源消纳……………………………………………………………………………………………………………………………11 | | 五、 环保公用行业表现………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………１2 | | ...

Core Viewpoint - The article emphasizes the rapid growth and development of the hydrogen energy industry, particularly focusing on green hydrogen projects and the increasing scale of electrolyzer bids in the first quarter of 2025, which saw a significant increase compared to previous years [4][9][11]. Group 1: Electrolyzer Industry Dynamics - The article discusses the dynamics of various electrolyzer technologies, including ALK, PEM, and AEM, highlighting their respective developments and market trends [6]. - In the first quarter of 2025, the public bidding scale for electrolyzers reached 482.83 million, showing a substantial increase compared to previous years [10][11]. Group 2: Green Hydrogen Projects and Downstream Consumption - There are currently 788 green hydrogen projects in China, with a notable increase in project initiation and bidding activities in early 2025 [9]. - The number of new projects added in January, February, and March 2025 was 78, with a total of 125 updates on existing projects during the same period [9]. Group 3: Fuel Cell Industry Dynamics - The fuel cell market saw a total installed capacity of 47.6 MW in the first quarter of 2025, with Oriental Hydrogen leading the market with a share of 30.5% [13][17]. - The top five companies in the fuel cell sector have a high market concentration of 74.0%, indicating a competitive landscape [17].

添加文末微信，加 绿氢 群 势银（Trendbank）绿色能源事业部研究团队始终保持对行业动态的密切跟踪，针对氢能产业制储 运加用等方面进行分析研判。势银分析师定期或不定期地与产业链企业紧密互通，掌握最新的项目 动态、新品情况、技术发展趋势、交付信息等，并形成氢能产业月度报告及分析师观点，旨在为业 内各方参与者提供行业最新动态进展与决策参考。 "宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 月报交付时间：次月10日-15日 交付形式：PDF月报 目 录 1、电解水制氢行业动态 1.1ALK电解水制氢行业动态 1.2PEM电解水制氢行业动态 1.3AEM电解水制氢行业动态 2、绿氢项目及下游消纳动态 3、氢储运&加氢站行业动态 4、燃料电池行业动态 示 例 2.1 绿氢项目动态 2.2 绿醇项目动态 2.3 SAF项目动态 4.1 燃料电池系统及配套情况 4.2 燃料电池系统订单详情 4.3 燃料电池行业发展趋势分析 绿氢项目及下游消纳动态 TrendBank 碧 裙 国内项目达788个 ...

1. Core Views - ESG public fund products: The number of new issuances fluctuates significantly, peaking in November 2024, January, and March 2025, and dropping sharply in February and April 2025. The overall scale has grown in the past two years but with obvious differentiation, ESG strategy funds and environmental protection theme funds leading in growth, while pure ESG theme, social responsibility, and corporate governance theme funds developing steadily [7]. - ESG bond products: The issuance amount fluctuates greatly, reaching a peak of 172.155 billion yuan in April 2025 and the second - highest of 146.994 billion yuan in June. There are 7 high - rated (Grade 4 and above) ESG bonds, mainly including green bonds and sustainable development - linked bonds [7]. - ESG bank wealth management products: The issuance volume shows an "S - shaped" trend, reaching a peak of 104 in December 2024 and then recovering in March 2025. The number of existing products has increased from 368 in June 2023 to 948 in June 2025, with the pure ESG theme growing steadily, the social responsibility theme rising significantly, and the environmental protection theme performing weakly [7]. - Public ESG product classification tracking: In equity funds and partial - equity hybrid funds, the scale of pure ESG theme is stable with high concentration at the top; the scale of environmental protection theme is declining; the scale of social responsibility theme is slowly decreasing with a stable pattern; the scale of corporate governance theme is stable with high concentration at the top. In bond funds, the environmental protection theme and ESG strategy theme have grown in the first quarter of 2025, while the social responsibility theme has shrunk. The scale of FOF funds is generally declining, and REITS funds are mainly in the environmental protection and social responsibility themes [8]. - Representative products: Huabao Core Advantage had a 17.43% return in June, with an average equity position of about 90% and heavy positions in information technology and industry. Boshi Return Strict Selection had a 15.49% return in June, with a stable equity position of 95% and heavy positions in information technology and optional consumption. Huatai - Peregrine Quality Selection had a 15.48% return in June, with the equity position dropping to 60% and heavy positions in information technology [8]. 2. Summary by Directory 2.1 ESG Product Overview 2.1.1 ESG Public Fund Products - New issuance: From June 2024 to June 2025, the number of new monthly issuances fluctuates, peaking in November 2024, January, and March 2025, and dropping sharply in February and April 2025 [21]. - Scale: From June 2023 to June 2025, the number and scale have increased, with ESG strategy funds and environmental protection theme funds growing significantly, while pure ESG theme, social responsibility, and corporate governance theme funds developing steadily, and the number of corporate governance theme products remaining at 20 [21]. 2.1.2 ESG Bond Products - Issuance amount: From June 2024 to June 2025, it fluctuates greatly, reaching a peak of 172.155 billion yuan in April 2025 and the second - highest of 146.994 billion yuan in June 2025, with a low of 37.844 billion yuan in January 2025 [26]. - High - rated bonds: There are 7 ESG bonds with an issuer ESG rating of A or above, covering medium - term notes, corporate bonds, and asset - backed securities, mainly green bonds and sustainable development - linked bonds [26]. 2.1.3 ESG Bank Wealth Management Products - Issuance volume: From June 2024 to June 2025, it shows an "S - shaped" trend, peaking at 104 in December 2024, dropping in January and February 2025, and rising again in March 2025 [35]. - Existing products: The number has increased from 368 in June 2023 to 948 in June 2025, with the pure ESG theme growing steadily, the social responsibility theme rising significantly, and the environmental protection theme performing weakly [35]. 2.2 Public ESG Product Classification Tracking 2.2.1 Public Equity Funds + Partial - Equity Hybrid Funds - Pure ESG theme: The scale is stable from June 2023 to March 2025, with high concentration at the top. In June, 82 products had positive returns, and "Caixin Sustainable Development Theme" had a 12.69% return [48]. - Environmental protection theme: The scale is declining from June 2023 to March 2025, with high product dispersion. In June, 390 products had positive returns, and 62 products had a return of over 6% [55]. - Social responsibility theme: The scale is slowly declining from June 2023 to March 2025, with a stable market pattern. In June, 196 products had positive returns, and 2 products had a return of over 15% [62]. - Corporate governance theme: The scale is stable from June 2023 to March 2025, with high concentration at the top. In June, 24 products had positive returns, and "Huabao Core Advantage A" had a 17.43% return [69]. 2.2.2 Public Bond Funds - Scale change: In the first quarter of 2025, the environmental protection theme grew by 12.994 billion yuan (+88.06%), the ESG strategy theme grew by 8.963 billion yuan (+51.13%), and the social responsibility theme shrank by 12.445 billion yuan (-12.22%) [77]. - Performance: Among bond funds with a scale of over 2 billion, "Huatai - Peregrine Double - Xin Income A" had a 1.06% return in June [77]. 2.2.3 Public FOF Funds - Scale change: From June 2023 to March 2025, the scale fluctuates and generally declines. The establishment of "Dongfanghong Xinyue Steady Allocation C" in the third quarter of 2024 pushed up the scale, which then declined [85]. - Performance: Among FOF funds with a scale of over 0.5 billion, "Huatai - Peregrine Core Selection Six - Month Holding A" had a 4.58% return in June [85]. 2.2.4 Public REITS Funds - Theme scale: The environmental protection theme has a scale of 21.883 billion yuan (70% share), and the social responsibility theme has a scale of 9.359 billion yuan (30% share). In June, 8 products had positive returns, and "Guotai Junan Jinan Energy Heating REIT" had a 12.1% return [93]. 2.3 Representative Product Situation - Huabao Core Advantage: Had a 17.43% return in June, with an average equity position of about 90%, heavy positions in information technology and industry, and a stable ESG rating of BB [111]. - Boshi Return Strict Selection: Had a 15.49% return in June, with a stable equity position of 95%, heavy positions in information technology and optional consumption, and an ESG rating fluctuating between BB and A [129]. - Huatai - Peregrine Quality Selection: Had a 15.48% return in June, with the equity position dropping to 60% since May, heavy positions in information technology, and an ESG rating dropping from AA to BB [147].

Market Overview - On June 30, the Hong Kong stock market experienced a slight pullback, with the Hang Seng Index falling by 212 points or 0.9% to close at 24,072 points. The Hang Seng Tech Index decreased by 0.7% to 5,302 points. The total market turnover was HKD 242.2 billion, with a net inflow of HKD 5.22 billion through the Stock Connect [1] - Key blue-chip stocks in sectors such as banking, insurance, and the internet generally retreated, while consumer, telecommunications, and industrial blue-chip stocks rose. Notably, the biopharmaceutical, media entertainment, gold retail, and digital asset sectors performed well [1] Macro Dynamics - In the U.S., May PCE and core PCE rose by 2.3% and 2.7% year-on-year, respectively, showing a slight recovery from April. The actual year-on-year growth rate of personal disposable income for U.S. residents fell to 1.7%, while actual year-on-year growth in personal consumption expenditures slowed to 2.2%, the lowest since February of the previous year [2] - In China, new home sales continued to decline year-on-year, with a reported 2.99 million square meters sold in 30 major cities, down 24.7% year-on-year [2] Industry Dynamics - In the consumer sector, the stock price of Lao Pu Gold (6181 HK) rose by 15% after the expiration of a one-year lock-up period, driven by the opening of new stores in Shanghai and Singapore. The current valuation is approximately 40 times the 2025 earnings [3] - The Hang Seng Healthcare Index increased by 0.8%, with the National Healthcare Security Administration recently issuing guidelines for the adjustment of the basic medical insurance directory and innovative drug directory for commercial health insurance [4] - The renewable energy sector saw a general decline in Hong Kong stocks, but the photovoltaic sector performed well, with companies like Xinyi Solar (968 HK) and Flat Glass Group (6865 HK) rising by 4.2% to 7.6% [5] Strategic Outlook - The report from Zhongtai International forecasts a bullish outlook for the Hong Kong stock market in 2025, driven by a technical bull market and favorable policies. The Hang Seng Index is expected to have a target price adjustment from 23,000 points to 24,500 points by the end of the year, with an anticipated increase in earnings per share of 8.5% and 8.3% for 2025 and 2026, respectively [6] - The report highlights that the Hong Kong stock market is likely to attract cross-market capital flows due to a weaker U.S. dollar and valuation opportunities, with a net inflow of HKD 708.1 billion from southbound funds from the beginning of the year to the end of June [8] - The report identifies ten key stocks for the second half of the year, including Tencent (700 HK), SMIC (981 HK), and China Ping An (2318 HK) [10]

Core Viewpoint - The article highlights the innovative practices in desertification control and ecological restoration in Bayannur City, Inner Mongolia, particularly through the integration of photovoltaic power generation and ecological management, showcasing a successful model of "ecology + industry" [1][2][4]. Group 1: Project Implementation and Results - The 200,000 kW photovoltaic project in Linhe District is set to be completed by the end of June, with an expected annual power generation of 360 million kWh, saving 123,000 tons of standard coal and reducing emissions of sulfur dioxide and nitrogen oxides significantly [2]. - The National New China Forest Farm has transformed desert areas into forested regions, achieving a vegetation coverage increase from 65% in 2023 to 88% currently, with 2.65 million plants planted over 5,000 acres of desert [2][3]. - The ecological governance area in the project led by Inner Mongolia Mengneng Energy Co., Ltd. is approximately 26,000 acres, with an average annual power generation of 1.45 billion kWh [4]. Group 2: Innovative Sand Control Models - Various innovative models such as "photovoltaic + drought-resistant shrubs" have been implemented, allowing for both energy generation and ecological restoration, benefiting local farmers economically [3][5]. - The integration of multiple ecological and economic strategies has created a complete ecological economic industry chain, addressing issues of resource competition between land and vegetation [5]. Group 3: Community and Government Involvement - The local government has launched measures to encourage participation in the "Three North" project, providing rewards for contributions from counties, research teams, cooperatives, and farmers [6]. - Over 60 enterprises, 50 cooperatives, and 37,000 farmers have participated in the sand control efforts, with an average annual income increase of over 15,000 yuan per person [7].

Core Points - The company announced a cash dividend of 0.27 RMB per share (before tax) for its A shares [1][2] - The total cash dividend distribution amounts to approximately 4.24 billion RMB (before tax) based on a total share capital of 15,698,093,359 shares [1] - The dividend distribution plan was approved at the annual general meeting held on June 24, 2025 [1] Dividend Distribution Details - The record date for the dividend is July 9, 2025, with the ex-dividend date and payment date both set for July 10, 2025 [1] - The company will directly distribute cash dividends to its major shareholders, including China Huaneng Group [1][2] - For individual shareholders and securities investment funds, the tax treatment varies based on the holding period of the shares, with specific tax rates applied [1] Taxation Information - For individual shareholders holding shares for less than one year, no personal income tax will be withheld at the time of dividend distribution, but tax will be calculated upon the sale of shares [1] - Qualified Foreign Institutional Investors (QFII) will have a withholding tax of 10%, resulting in a net dividend of 0.243 RMB per share [1] - Hong Kong investors will also face a 10% withholding tax, with similar provisions for tax treaty benefits applicable [1]

Group 1 - Xi Jinping emphasized the need to deepen the construction of a unified national market and promote high-quality development of the marine economy during the sixth meeting of the Central Financial Committee [2] - The construction of a unified national market is essential for building a new development pattern and promoting high-quality development, requiring coordinated efforts to implement the Party Central Committee's deployment [2] - The development of the marine economy must follow a path with Chinese characteristics, contributing to China's modernization [2] Group 2 - The latest data shows that the added value of China's above-scale light industry increased by 7.0% year-on-year in the first five months of this year, continuing a positive recovery trend [11] - The total operating income of the light industry reached 9.27 trillion yuan during the same period, indicating steady production growth [11] Group 3 - The new revised Mineral Resources Law officially came into effect, emphasizing special protection for mineral resources critical to national economic security and strategic emerging industries [19] - The law also highlights the importance of balancing resource development and environmental protection, and stresses the market-oriented allocation of resources [19]

华能国际电力股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.27元人民币（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/9 | － | 2025/7/10 | 2025/7/10 | 证券代码：600011 证券简称：华能国际 公告编号：2025-036 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/9 | － | 2025/7/10 | 2025/7/10 | 四、 分配实施办法 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 24 日的2024年年度股东大会审议通过。 二、 ...