Investment Rating - Investment rating: Positive (maintained) [3] Core Viewpoints - The report highlights that electricity demand in April showed improvement in several provinces, with six provinces experiencing a growth rate exceeding 7%. However, Xinjiang reported negative growth. The overall electricity demand growth rate for April was 4.7%, down from 7.0% in the same month last year, indicating a potential impact from external demand [4][10][16]. - The report emphasizes the importance of coal price declines for short-term flexibility in thermal power and suggests mid-term focus on asset integration opportunities within state-owned power groups, as well as investment value in hydropower and wind power operators [4][19]. - Key recommendations include major hydropower companies such as Guotou Electric Power, Huaneng Hydropower, Yangtze Power, and Chuan Investment Energy, along with wind power stocks like Longyuan Power (H), Xintian Green Energy, Datang New Energy, and CGN New Energy. Quality thermal power companies recommended include Wan Energy Power, Shanghai Electric Power, China Resources Power, Huadian International, and Sheneng Co [4][19][20]. Summary by Sections Electricity Demand Analysis - In April, electricity demand growth improved in multiple provinces, particularly in Hunan (6.6 percentage points), Hubei (5.3 percentage points), and Anhui (5.1 percentage points). Conversely, provinces like Hainan (-6.9 percentage points), Guangdong (-1.6 percentage points), and Xinjiang (-1.6 percentage points) saw deteriorating growth rates [4][16]. - The report notes that the overall electricity consumption in April reached 772.1 billion kWh, with a year-on-year growth rate of 4.68%, while the cumulative growth rate for January to April was 3.08% [14][17]. Sector Performance - The report identifies that the industrial sector contributed significantly to electricity demand, with a growth rate of 3.2% in April. However, several non-key sectors experienced negative growth, potentially due to external demand influences [10][12]. - The report also highlights that the electricity consumption in the information transmission and charging industries has been a positive contributor, while sectors related to photovoltaic equipment production showed negative growth, indicating a less optimistic outlook for new photovoltaic projects [12][13]. Nuclear Fusion Developments - The report discusses the construction of the third heavy water tritium removal facility in Romania, which is expected to position the country as a key player in tritium production and export in Europe. Tritium is identified as a critical fuel for nuclear fusion reactors like ITER [5][21]. - It is noted that the demand for tritium is expected to rise significantly with the completion of various global fusion engineering experimental reactors, with estimates suggesting that ITER alone will consume approximately 12.3 kg of tritium over its operational lifetime [22][24]. Investment Opportunities - The report suggests that companies with relevant technological reserves in tritium breeding, extraction, and analysis are likely to benefit from increased investments in nuclear fusion projects. Companies such as Guoguang Electric are highlighted as potential beneficiaries [30].

2025上海国际碳中和技术、产品与成果博览会日前在沪举办。 探访其中，记者发现，越来越多的中国企业已将"双碳"这一"必答题"视为争优的"加分项"。企业在"被动合 规"之外，更多了些"主动谋势"，通过搭建绿色"护城河"，为未来竞争抢占先机。 河钢集团河钢数字旗下的盈碳科技在本届碳博会上展示了自主研发的碳中和数字化平台。3年来，该平台累计 服务超200家工业企业。公司起源于河钢集团内部低碳转型。2023年起，盈碳科技开始面向市场独立运行。尤 其是2025年钢铁行业纳入全国碳排放权交易市场体系后，越来越多的企业有了需求。 从"要我减排"到"我要减排"，本届碳博会上琳琅满目的绿色技术和低碳产品，展现了中国企业对"双碳"的认知 共识：这道"必答题"也是"加分项"，既是应对全球气候挑战的责任担当，更是抢占绿色产业先机、重构竞争优 势的战略抉择。 责编：叶舒筠 校对： 廖胜超 版权声明 申能集团把上海10万吨级绿色甲醇项目等沙盘模型带到了碳博会现场。据工作人员介绍，绿色甲醇被视为最重 要的绿色替代燃料之一，上海港是世界上吞吐量最大的集装箱港口，绿色甲醇加注需求量预计将达40万—50万 吨/年。打造与上海国际航运中心能级相匹 ...

从"要我减排"到"我要减排"，本届碳博会上琳琅满目的绿色技术和低碳产品，展现了中国企业对"双 碳"的认知共识：这道"必答题"也是"加分项"，既是应对全球气候挑战的责任担当，更是抢占绿色产业 先机、重构竞争优势的战略抉择。 2025上海国际碳中和技术、产品与成果博览会日前在沪举办。探访其中，记者发现，越来越多的中国企 业已将"双碳"这一"必答题"视为争优的"加分项"。企业在"被动合规"之外，更多了些"主动谋势"，通过 搭建绿色"护城河"，为未来竞争抢占先机。 "双碳"蓝海之下，一些传统企业也在转型过程中锚定增长新坐标。 河钢集团河钢数字旗下的盈碳科技在本届碳博会上展示了自主研发的碳中和数字化平台。3年来，该平 台累计服务超200家工业企业。公司起源于河钢集团内部低碳转型。2023年起，盈碳科技开始面向市场 独立运行。尤其是2025年钢铁行业纳入全国碳排放权交易市场体系后，越来越多的企业有了需求。 申能集团把上海10万吨级绿色甲醇项目等沙盘模型带到了碳博会现场。据工作人员介绍，绿色甲醇被视 为最重要的绿色替代燃料之一，上海港是世界上吞吐量最大的集装箱港口，绿色甲醇加注需求量预计将 达40万—50万吨/年。打造与上 ...

Core Viewpoint - Chinese enterprises are increasingly viewing the "dual carbon" goal as an opportunity for competitive advantage, actively building a "green moat" to prepare for future competition as they approach the carbon peak target in five years [1][2][3] Group 1: Industry Developments - The 2025 Shanghai International Carbon Neutral Technology, Products, and Achievements Expo showcased over 300 companies, highlighting a significant shift towards proactive engagement in carbon neutrality [1] - Shanghai's green methanol project, presented by Sheneng Group, is expected to meet a demand of 400,000 to 500,000 tons per year for green methanol fueling at the world's largest container port [1] - The "14th Five-Year Plan" emphasizes the green transformation of Shanghai's international shipping center, focusing on green energy manufacturing and green shipping supply [1] Group 2: Technological Innovations - Ying Carbon Technology, a subsidiary of Hebei Steel Group, introduced the WesCarber carbon neutrality digital platform, which has served over 200 industrial enterprises since its launch [2] - The platform integrates artificial intelligence and aims to meet the increasing demand for carbon management solutions as the steel industry enters the national carbon trading market in 2025 [2] Group 3: ESG Trends - International ESG regulations are becoming stricter, with leading companies establishing dynamic policy tracking mechanisms and integrating ESG compliance into their strategic planning [3] - There is a growing preference among international investors for companies that perform well on ESG-related indices, influencing corporate credit ratings [3] - The shift from "I have to reduce emissions" to "I want to reduce emissions" reflects a broader recognition among Chinese enterprises of their responsibility in addressing global climate challenges while seizing opportunities in the green industry [3]

以"走向碳中和之路"为主题的2025上海国际碳中和技术、产品与成果博览会（以下简称"碳博 会"）6月7日闭幕。 本届碳博会，300余家企业在4万平方米的空间里汇成一片"绿色海洋"。探访其中，记者发现，越来越多的中国 企业已将"双碳"这一"必答题"视为争优的"加分题"。距离"碳达峰"目标还有5年，企业在"被动合规"之外，更多 了些"主动谋势"，通过搭建"绿色护城河"，为未来竞争抢占先机。 而盈碳科技的起源，便是河钢集团内部的低碳转型。2023年起，盈碳科技开始面向市场独立运行，并将碳中和 数字化平台与人工智能等新兴技术融合。"尤其是2025年钢铁行业纳入全国碳排放权交易市场体系后，越来越 多企业有了这些需求。"盈碳科技相关负责人说。 当下，全球正投身绿色转型浪潮中。中国企业的国际化发展迎来以ESG为核心的新机遇。通过主动对接国际 ESG标准，中企不仅能突破绿色贸易壁垒，更能从政策、标准和技术等维度，将可持续发展理念转化为持久的 市场竞争优势。 安永大中华区可持续发展报告与鉴证服务主管合伙人刘国华告诉证券时报记者，当前国际ESG监管日趋严格， 领先企业普遍建立了政策动态跟踪机制，将ESG合规纳入战略规划，并通过参 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The National Energy Administration has initiated the first batch of pilot projects for the construction of a new power system, focusing on seven key directions to enhance the integration and consumption capacity of renewable energy [3][19][20] - Zhejiang Province has released a demand-side management plan for summer peak electricity demand in 2025, aiming to reduce peak load by over 1GW through various measures including time-of-use pricing and encouraging user-side energy storage participation [4][27][28] Summary by Sections Market Review - From June 3 to June 6, the gas and water sectors increased by 1.15% and 0.64% respectively, while the environmental and power sectors decreased by 0.07% and 0.60%, with the Shanghai and Shenzhen 300 Index rising by 0.88% during the same period [12][10] Industry Perspectives - The pilot projects for the new power system will explore new technologies and models, addressing bottlenecks in renewable energy development and enhancing the reliability of power supply [3][19][20] - The pilot focuses on seven areas: grid-structured technology, system-friendly renewable power plants, smart microgrids, collaboration between computing power and electricity, virtual power plants, large-scale high-proportion renewable energy delivery, and new-generation coal power [19][20][24] Investment Recommendations - The report recommends specific companies within various sectors: - For thermal power: Jiangsu Guoxin is recommended, while Sheneng Co. and Zhejiang Energy Power are given cautious recommendations [4] - For nuclear power: China National Nuclear Power and China General Nuclear Power are cautiously recommended [4] - For hydropower: Changjiang Power is recommended, with cautious recommendations for Huaneng Hydropower and Qianyuan Power [4] - For green energy: Attention is suggested for Three Gorges Energy and Jiangsu New Energy, with cautious recommendations for Longyuan Power and Zhejiang New Energy [4] - For environmental protection: Yongxing Co., Huaguang Huaneng, and Xuedilong are recommended, with cautious recommendations for United Water and attention for Fuzhi Environmental Protection and Dayu Water Saving [4]

湖北电力现货市场转正式运行，4 月全国天然气表观消费量同比下降 2% 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 6 月 7 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 公用事业 投资评级 看好 上次评级 看好 [左前明 Table_Author] 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 化工行业： 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 唐婵玉 电力公用分析师 执业编号：S1500525050001 信达证券股份有限公司 CINDA SECU ...

Group 1: Carbon Neutrality Expo Highlights - The 2025 Shanghai International Carbon Neutral Technology, Products and Achievements Expo showcased advancements in controllable nuclear fusion, superconducting cables, and AI applications by major state-owned enterprises [1] - Companies like State Grid, China Electrical Equipment Group, and Shanghai Electric presented their technological achievements to support the "dual carbon" goals [1] Group 2: Developments in Controllable Nuclear Fusion - Controllable nuclear fusion, known as "artificial sun," is viewed as an ideal future energy source due to its abundant fuel resources and environmental friendliness [2] - Shanghai Electric has been involved in fusion projects since around 2000 and has become a leading supplier of core equipment for fusion systems in China [2] - The company has participated in significant projects such as the BEST project, ITER, EAST, CRAFT, HH70, and EXL-50, establishing advanced manufacturing capabilities in special materials and precision welding [2] Group 3: Superconducting Cable Innovations - The State Grid showcased the world's first large-scale superconducting cable project in an urban area, which operates at a capacity of 133.6 MVA, setting a record for commercial superconducting transmission [3] - This superconducting cable can replace 4 to 6 traditional cables, saving 70% of underground space and reducing energy loss by approximately 760,000 kWh, equivalent to 304 tons of standard coal and 761 tons of CO2 emissions [3] - The project aims to maximize land resource utilization in urban centers and promote the application of superconducting technology [3] Group 4: Advancements in Superconducting Reactors - The innovative superconducting reactor design eliminates traditional noise sources, achieving noise levels below 50 decibels, thus meeting urban environmental standards [4] - The reactor's low magnetic leakage minimizes interference with surrounding communication devices and can be seamlessly integrated into existing power station systems [4] Group 5: AI and Green Energy Initiatives - China Energy Construction Group is integrating AI with energy production, transmission, storage, and consumption to enhance efficiency through optimized energy planning and scheduling [5] - The company has developed a carbon management platform that monitors energy and carbon flows, providing customized carbon management services [5] - Sheneng Group is advancing renewable energy projects, including offshore wind power and flexible coal power generation, while also engaging in green electricity trading [6]

Core Viewpoint - The release of the "Green Finance Development Index" marks a significant step in quantifying the securities industry's contribution to green finance, providing new tools and perspectives for green transformation [1][4][6]. Policy Guidance for Green Market Expansion - Green finance has gained increasing importance in national strategic planning, with key meetings in 2023 emphasizing its role as one of the "five major articles" in finance [2]. - The China Securities Regulatory Commission (CSRC) has outlined key tasks for enhancing green finance standards and products in its 2025 implementation opinions [2]. Growth of Green Finance Market - Under strong policy guidance, China's green finance market is thriving, with both credit and bond financing channels contributing to market expansion [3]. - As of the end of Q1 2025, the balance of green loans reached 40.61 trillion yuan, a 9.6% increase from the beginning of the year, with major allocations in infrastructure upgrades, energy transition, and ecological protection [3]. - The green bond market has also shown significant growth, with 93 green bonds issued in Q1 2025, totaling 177.67 billion yuan, reflecting a 55.15% increase year-on-year [3]. Quantitative Index for Monitoring Green Services - The Green Finance Development Index focuses on resource allocation and efficiency, analyzing the securities industry's role in green finance through a comprehensive evaluation system with multiple indicators [4][6]. - The index includes four primary indicators and numerous secondary and tertiary indicators, allowing for a detailed assessment of green finance development [4]. Securities Industry as a Green Transition Engine - The securities industry is positioned as a key driver of green transformation, linking the real economy with substantial green investment needs [9]. - Oriental Securities has achieved notable success in green finance, receiving an AA ESG rating from MSCI and leading in various green financial services [9][10]. - The company has successfully directed over 350 billion yuan into sustainable development from 2021 to 2023 and has been active in innovative green financial products [10]. Future Directions and Collaborations - The collaboration between the China Economic Information Agency and Oriental Securities aims to enhance the Green Finance Development Index and promote its application in the securities industry [10]. - The index is expected to serve as a "weather vane" for green finance, guiding future policies and strategies in the sector [10].

Group 1 - The liquidity of the green power ETF showed a turnover of 3.17% with a transaction volume of 10.83 million yuan, and the average daily transaction volume over the past month reached 19.32 million yuan [3] - The green power ETF experienced a significant growth in scale, increasing by 65.56 million yuan over the past three months, ranking first among comparable funds [3] - The green power ETF's share increased by 2 million shares in the past week, also ranking first among comparable funds [3] Group 2 - The price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is currently 18.62 times, which is below 85.71% of the historical data over the past three years, indicating a historical low valuation [3] - The top ten weighted stocks in the National Green Power Index account for 58.12% of the total, including major companies such as Yangtze Power, China Nuclear Power, and Three Gorges Energy [3] Group 3 - The recent policy notification regarding the orderly promotion of green electricity direct connection is the first national-level policy to permit and regulate green electricity direct connection, which aims to facilitate the consumption of renewable energy and reduce costs for end users [4] - The green electricity direct connection projects will require investors to bear transmission and distribution costs, but can also lower operational costs by reducing grid connection capacity requirements [4] - Investors can leverage the corresponding green power ETF linked fund (017057) to seize investment opportunities in this sector [4]