Group 1 - The core index of the CSI Hong Kong-Shenzhen Connect Small Comprehensive Public Utilities Index closed at 3767.55 points, with a one-month increase of 5.35%, a three-month increase of 5.45%, and a year-to-date increase of 1.14% [1] - The index is categorized into 11 industries based on the classification standards of the CSI Hong Kong-Shenzhen Connect Index Series, which includes the CSI 500, CSI Hong Kong-Shenzhen Connect Small Comprehensive, and CSI Hong Kong-Shenzhen Connect Comprehensive Index [1] - The top ten holdings of the index include China General Nuclear Power (4.48%), Huaneng International Power (3.71%), Longyuan Power (3.46%), Beijing Enterprises Holdings (2.59%), and others [1] Group 2 - The market share of the index holdings is distributed as follows: Shanghai Stock Exchange 43.46%, Shenzhen Stock Exchange 31.88%, and Hong Kong Stock Exchange 24.66% [2] - The industry composition of the index holdings shows that electricity and grid account for 68.61%, gas 15.47%, water services 11.04%, heating and others 2.96%, and municipal sanitation 1.93% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day after the second Friday of June and December [2]

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 05 月 12 日 投资要点： 证券分析师 A 股财报画像的推演：杠铃策略延续 电力：区域火电公司业绩兑现度高 136 号文利好存量绿电资产 请务必仔细阅读正文之后的评级说明和重要声明 从 2024 年年报来看，A 股市场强预期、弱现实背景并未改变，从 2021 年下半年开始（也正 是沪深 300 阶段性见顶回落的时间点），A 股市场预期与现实的落差即开始加剧，最近两年 愈发突出。回顾历年所在时点对当年归母净利润的 wind 一致预期全 A 样本加总数据，年初高 开与逐季下修形成鲜明反差，而最终业绩又低于已然下修后的预期。 2024 年 A 股实际归母净利润达到年初预期的 79%，较 2023 年的 77%略有好转，但是仍处于 历史低位。换言之，对于个股而言，只要最终业绩达到年初预期的八成就算超预期了。我们 认为这是近年来红利资产持续上涨的根本原因，业绩稳定性权重胜过业绩向上弹性。 从金融学理论看红利行情的本质：对宏观经济本身无谓多空，而是对波动性的重新定价，从而 享受了折现率收窄的利好，而折现率下降不完全来自于无风险利率下降。红利 ...

坚强的主网是电力可靠性的核心支柱，上海电力自20世纪80年代起，便精心谋划电力主网战略布局，历经多年不懈努力，取得了一系列令人瞩目的成就。 1990年，全国第一条±500千伏超高压直流输电线路在上海建成投运，这一标志性事件拉开了上海电力主网升级的序幕。2009年，超高压城市环网全面建 成，"双环九联络"的主网网架格局正式形成。与此同时，"五交四直"对外联络通道的建设确保了城市外部能源能够平稳输入。 ▲国网上海超高压公司1000千伏特高压交流练塘站开展4号主变年度检修工作。 上海电力将提升供电可靠性作为配电网发展的核心目标，从多个维度发力，精心打造"不停电"的配网。 ▲上海市区供电公司员工运用绝缘短杆桥接作业法开展不停电作业，全力保障上海配网网架高供电可靠性。 在网架结构优化上，上海电力根据城市配网特点，匠心独运地规划中压电缆网和10千伏架空网。中压电缆网以10千伏开关站为节点成环布局，中心城区 的"钻石型"双环网设计更是一大亮点，显著提升了负荷转供能力和故障自愈能力；10千伏架空网则采取多分段多联络的方式，配备故障指示器及配电自动 化装置，确保在发生故障时能够快速隔离故障、灵活转移负荷，实现快速复电，为超大城 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [6][9]. Core Views - The environmental sector's revenue in 2024 is projected to decline by 0.6% to CNY 364.236 billion, with net profit decreasing by 14.7% to CNY 23.058 billion. However, in Q1 2025, the sector is expected to see a revenue increase of 3.5% to CNY 81.243 billion and a net profit growth of 3.8% to CNY 8.232 billion [3][21]. - The report highlights the impact of the new market-oriented pricing reforms for renewable energy in Shandong, aiming for full market integration by the end of 2025 [2][16]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the new energy industry chain and comprehensive energy management [41][42]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.00%, while the public utility index increased by 2.22%, and the environmental index rose by 2.93% [1][43]. Important Policies and Events - Shandong's new pricing reform aims for full market integration of wind and solar energy by 2025, with differentiated policies for existing and new projects [2][16]. Financial Overview of the Environmental Sector - In 2024, only the solid waste management and water treatment sectors showed positive growth, while the environmental equipment sector saw a decline of over 30% [3][21]. - The atmospheric governance sector reported a loss increase, while the comprehensive environmental governance sector shifted from profit to loss [21][24]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional electricity firms like Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][41]. - The report suggests focusing on "utility-like investment opportunities" within the environmental sector, recommending companies like China Everbright Environment and Zhongshan Public Utilities [42][41]. Key Company Profit Forecasts and Investment Ratings - Several companies, including Huadian International and Longyuan Power, are rated as "Outperform" with projected earnings per share (EPS) growth for 2025 [9][41].

证券研究报告 | 2025年05月07日 公用环保 2025 年 5 月投资策略 优于大市 国常会核准 10 台核电机组，广州中心城区自来水价 6 月 1 日上调 风险提示：环保政策不及预期；用电量增速下滑；电价下调；竞争加剧 核心观点 行业研究·行业月报 公用事业 优于大市·维持 证券分析师：黄秀杰 证券分析师：郑汉林 huangxiujie@guosen.com.cn zhenghanlin@guosen.com.cn 专题研究：近期自来水调价城市梳理。随着我国经济不断发展，水资源需 求激增，而供水成本亦因设施老化与水质提升工程而大幅攀升。据不完 全统计，除近期宣布调整的广州和深圳外，全国亦有 20 余个城市地区 自 2024 年起相继对水价进行了调整，旨在平衡资源稀缺性、供水成本 与企业运营压力，推动水务行业健康发展，在本周的专题研究中，我们 对这部分城市的调价情况进行了梳理。 投资策略：公用事业：1.煤价电价同步下行，火电盈利有望维持合理水 平，推荐全国大型火电企业华电国际以及区域电价较为坚挺的上海电 力；2.国家持续出台政策支持新能源发展，新能源发电盈利有望逐步趋 于稳健，推荐全国性新能源发电龙头企 ...

上海电力股份有限公司于2025年5月6日发行了2025年度第五期超短期融资券，现 将发行结果公告如下： | 债务融资工 | 上海电力股份有限公司2025年 | 债务融资工具 | 25沪电力SCP005 | | --- | --- | --- | --- | | 具名称 | 度第五期超短期融资券 | 简称 | | | 代码 | 012581115 | 债务融资工具 期限 | 107日 | | 计息方式 | 付息固定利率 | 发行总额 | 25亿元/人民币 | | 起息日 | 2025年5月7日 | 兑付日 | 2025年8月22日 | | 发行价格 | 100元/百元 | 票面利率 （年化） | 1.76% | | 承销商 | 中国银行股份有限公司、中国建设银行股份有限公司 | | | 本期超短期融资券通过簿记建档集中配售的方式在全国银行间债券市场公开发 行，募集资金主要用于偿还到期债券。 特此公告。 上海电力股份有限公司董事会 证券简称：上海电力 证券代码：600021 编号：临 2025- 044 上海电力股份有限公司 2025 年度 第五期超短期融资券发行结果公告 本公司董事会及全体董事保证本公告内容不存 ...

Core Viewpoint - The State Power Investment Corporation (SPIC) is consolidating its coal power assets by acquiring 100% equity of Inner Mongolia Baiyinhu Coal Power Co., Ltd. through its listed subsidiary, Power Investment Energy [1][2]. Group 1: Company Overview - Power Investment Energy, formerly known as Open-pit Coal Industry, is the largest coal enterprise in Eastern Mongolia and Northeast China, with a market capitalization of 40 billion yuan as of April 30 [1]. - The company has a coal production capacity of 48 million tons and operates a 600MW power generation unit that is a key peak-shaving unit in the Northeast power grid [1][2]. Group 2: Acquisition Details - Baiyinhu Coal Power, established in 2003, has a registered capital of 3.862 billion yuan and is fully owned by SPIC [2]. - Baiyinhu Coal Power's core asset is the Baiyinhu No. 2 mine, with an annual coal production capacity of 15 million tons, primarily supplying coal to Northeast China [2]. Group 3: Strategic Implications - The acquisition is expected to expand Power Investment Energy's business scale and align with its strategy of balanced growth, focusing on clean energy transition and intelligent coal mining [3][4]. - The company aims to develop a circular economy model integrating coal, electricity, and aluminum production, similar to its existing operations at the Hohhot River site [4]. Group 4: Industry Context - SPIC's coal production capacity is concentrated in Eastern Mongolia, totaling 86.3 million tons as of the end of 2023, with significant assets in the Hohhot River and Baiyinhu coalfields [5]. - The restructuring efforts are part of SPIC's broader strategy to optimize resource allocation and enhance its position in the energy sector, potentially leading to a more integrated energy group with diverse power generation capabilities [7].

Group 1: Power Generation Sector - The profitability of thermal power operators is improving in 2024 mainly due to the decline in coal prices, but there is regional differentiation, with Guangdong's thermal power operators experiencing worsening profitability due to a relaxed power supply-demand situation and further declines in market electricity prices [1][4] - Northern thermal power units show greater profitability improvement, with representative companies like Datang Power, Jingtou Energy, and Jingneng Power benefiting from a low base in 2023 [1][4] - In terms of profit per kilowatt-hour, Datang Power's coal-fired profit is 1.3 cents/kWh, while Huaneng International, Huadian International, and Guodian Power report profits of 1.9, 2.6, and 3.7 cents/kWh respectively [1][4] Group 2: Hydropower - Hydropower performance is stable, with a reaffirmation of its investment value; improved rainfall in 2024 is expected to contribute to increased electricity generation in early 2025 [2] - The pricing advantage of local hydropower remains compared to other local power sources, and the value of hydropower as a regulatory power source has yet to be fully priced [2] Group 3: Wind Power - Wind power operators are facing short-term performance declines due to poor wind conditions, while solar power operators are affected by declining electricity prices and increased curtailment rates [3] - Despite short-term challenges, the long-term value of wind power operators is emphasized, with a recommendation to focus on those with better investment potential [3] Group 4: Coal Industry - The coal industry is under pressure due to declining prices, with Q1 2025 coal prices continuing to fall; the average price of Qinhuangdao port thermal coal is reported at 721 RMB/ton, down 12.3% month-on-month and 20.0% year-on-year [11][12] - The overall performance of the coal sector is declining, with 28 listed coal companies reporting a total revenue of 273.9 billion RMB, down 17.0% year-on-year, and a net profit of 30.18 billion RMB, down 30.5% year-on-year [11][12] - The upcoming summer peak demand may help reduce inventory levels, potentially stabilizing coal prices [12]

Core Viewpoint - Shanghai Electric Power Co., Ltd. has made significant progress in its clean energy transition, highlighted by the full-capacity grid connection of the Gansu Dangchang Phase I wind power project, which has a total installed capacity of 200,000 kW and is expected to generate an average annual output of 390 million kWh [8]. Financial Performance - In 2024, the company achieved a total profit of 5.196 billion yuan, representing an 18% year-on-year increase, while the net profit attributable to shareholders rose by 28.46% to 2.046 billion yuan [23]. - The weighted average return on equity increased by 1.19 percentage points to 9.33%, with basic earnings per share at 0.6172 yuan [23]. Operational Highlights - The company completed a consolidated power generation of 77.147 billion kWh in 2024, a 2.27% increase year-on-year, with significant growth in gas and renewable energy generation [23]. - The company’s clean energy capacity reached 60.05% of its total installed capacity by the end of 2024, with substantial contributions from wind and solar power [24]. Strategic Initiatives - The company has focused on quality improvement and efficiency enhancement, successfully reducing fuel costs and financing costs, with a comprehensive funding cost of 2.96% by the end of 2024 [24]. - The company has initiated several high-quality projects domestically and internationally, including the construction of new wind and thermal power plants [26][27]. Governance and Compliance - The company has strengthened its governance structure and internal controls, enhancing decision-making processes and risk management [28]. - The company has received high ratings for its information disclosure practices, achieving an A-level evaluation from the Shanghai Stock Exchange for three consecutive years [32]. Shareholder Returns - The company plans to distribute a cash dividend of 0.28 yuan per share for 2024, totaling 789 million yuan, which represents 45.36% of the net profit attributable to shareholders [30]. - The cash dividend per share has increased from 0.035 yuan in 2022 to 0.28 yuan in 2024, reflecting a commitment to enhancing shareholder returns [30].