Core Viewpoint - The recent policy developments and market movements indicate a positive outlook for the public utility sector, particularly in renewable energy, as new regulations aim to stabilize returns for existing and new projects [1][2]. Group 1: Market Performance - As of May 19, 2025, the CSI All Share Utilities Index (000995) increased by 0.35%, with notable gains from companies such as Huadian International (600027) up 1.53% and Guotou Power (600886) up 1.17% [1]. - The Public Utility ETF (560190) rose by 0.51%, with the latest price at 0.98 yuan [1]. Group 2: Policy Developments - The Central Committee of the Communist Party and the State Council issued opinions to enhance urban wastewater collection, treatment, and recycling facilities, aiming to improve infrastructure in the public utility sector [1]. - Guangdong Province released supporting details for Document No. 136, which includes a cap on the declared mechanism electricity ratio not exceeding 90% for existing projects [1][2]. Group 3: Renewable Energy Outlook - Longjiang Securities suggests that the gradual implementation of Document No. 136 will lead to a revaluation of green electricity, with a focus on ensuring reasonable returns for renewable energy projects [2]. - The ongoing expansion of green electricity consumption is expected to benefit green energy companies, leading to potential value reassessment [2]. Group 4: Index Composition - As of April 30, 2025, the top ten weighted stocks in the CSI All Share Utilities Index (000995) include Changjiang Electric Power (600900) and China Nuclear Power (601985), collectively accounting for 58.58% of the index [2].

丨证券研究报告丨 行业研究丨行业周报丨公用事业 [Table_Title] 国际认可加速绿证消费扩容，价改推进重视绿电 长期价值 报告要点 [Table_Summary] 国际绿色电力消费倡议组织（RE100）宣布无条件认可中国绿证，明确企业使用中国绿证不需 要再提供额外证明。标志着我国绿证体系的制度完善与国际互认取得里程碑式突破，助推我国 绿证需求侧加速扩容。长期低位运行的市场需求和绿证价格将得到显著催化，为新能源项目实 现合理收益提供重要支撑。在新能源价格改革持续持续推进的背景下，我们认为各省配套细则 也将承接 136 号文保护存量项目、稳定增量项目收益预期的原则，有助于长远角度新能源发电 的合理健康发展，同时随着绿电消费的加速扩容，绿电公司有望迎来价值重估。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SFC：BQT627 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 张韦华 司旗 宋尚骞 刘亚辉 [T ...

报告要点 [Table_Summary] 国际绿色电力消费倡议组织（RE100）宣布无条件认可中国绿证，明确企业使用中国绿证不需 要再提供额外证明。标志着我国绿证体系的制度完善与国际互认取得里程碑式突破，助推我国 绿证需求侧加速扩容。长期低位运行的市场需求和绿证价格将得到显著催化，为新能源项目实 现合理收益提供重要支撑。在新能源价格改革持续持续推进的背景下，我们认为各省配套细则 也将承接 136 号文保护存量项目、稳定增量项目收益预期的原则，有助于长远角度新能源发电 的合理健康发展，同时随着绿电消费的加速扩容，绿电公司有望迎来价值重估。 分析师及联系人 [Table_Author] 丨证券研究报告丨 行业研究丨行业周报丨公用事业 [Table_Title] 国际认可加速绿证消费扩容，价改推进重视绿电 长期价值 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 公用 ...

Group 1: Energy Sector Insights - The report highlights the uncertainty surrounding the entry of new energy sources under Document No. 136, but emphasizes that the dual carbon strategy remains a steadfast guiding principle for China's energy development, suggesting a preference for undervalued quality wind power operators [1] - The new regulations from the China Securities Investment Fund Industry Association and the China Securities Regulatory Commission are expected to significantly impact the asset management industry's behavior, particularly favoring public utilities as a major beneficiary [2][4] - The analysis indicates that the four major hydropower companies have consistently ranked in the top 4% of the entire A-share market in terms of risk-return ratio over the past five years, with leading thermal power companies also performing well [3] Group 2: Investment Recommendations - The report recommends focusing on hydropower companies with strong risk resistance and undervalued quality thermal power operators benefiting from declining coal prices, while also suggesting a preference for quality wind power operators [5] - Specific recommendations include: Hydropower: Guotou Power, Changjiang Power, Chuan Investment Energy; Wind Power: Longyuan Power (H), Goldwind Technology (H), Xintian Green Energy, Datang New Energy, China General Nuclear Power; Thermal Power: Waneng Power, Shanghai Electric, China Resources Power, Huadian International, Sheneng Shares [5] - The report also suggests monitoring companies that benefit from the construction of new power systems and those with high risk-return ratios, such as Guodian NARI, Siyi Electric, Pinggao Electric, and Dongfang Electronics [5] Group 3: Energy Storage Developments - The report notes a significant increase in domestic orders for energy storage systems, with a focus on improving the profitability of energy storage stations through various measures, particularly in Shandong province [6] - The overseas demand for energy storage remains strong, with a reported 756.72% year-on-year growth in overseas orders for the first quarter of 2025, approaching a total of 100 GWh [6] - Key suppliers in the energy storage sector, such as Sungrow Power Supply, CATL, and Aters, are expected to benefit from these trends [7]

Summary of the Aluminum Oxide Industry Conference Call Industry Overview - The aluminum oxide industry has transitioned from oversupply to a tighter supply situation due to production cuts by companies such as Shanxi Aokeda, Senze Aluminum, and Xinfeng from late March to early May, leading to a decrease in operating levels from 93.6 million tons to 86.5 million tons [1][5][12]. Key Points and Arguments - **Production Cost Increases**: The production costs of aluminum oxide have been rising, primarily due to fluctuations in ore structure costs. Domestic ore supply tightness has led to increased reliance on imported ore, with prices rising from 1,460 RMB to nearly 2,000 RMB [1][6]. - **Guinea Bauxite Price Impact**: The price of bauxite from Guinea has decreased to 70 USD/ton, which has lowered domestic production costs for aluminum oxide to around 2,700 RMB in Shandong and 2,900 RMB in Shanxi. However, the long transportation cycle of 40 days complicates the timing of using high and low-priced ores [1][7][8]. - **Price Fluctuations**: Aluminum oxide prices have fluctuated significantly, dropping from a high of 5,850 RMB/ton to a low of 2,850 RMB/ton. This volatility is attributed to high operating rates, previous high-profit margins, and expectations of new production capacity releases [3][12]. - **Production Cuts**: When aluminum oxide prices fell to 2,850 RMB/ton, companies faced losses of 500 RMB/ton, prompting widespread production cuts across the industry [1][10]. - **Future Supply and Demand**: The outlook for the aluminum oxide market in 2025 is not optimistic due to significant new production capacity coming online, such as the projects from Nong'an and Guotou Beihai. If the industry stabilizes around 70 USD, spot prices are expected to range between 2,900 and 3,000 RMB [3][26][27]. Additional Important Insights - **Impact of Guinea's Government Actions**: The Guinea government has nationalized unexploited mines, affecting companies like Shunda and potentially tightening global ore supply. While domestic reserves are currently sufficient, prolonged issues could impact prices significantly [3][21][22]. - **Production Recovery and Market Dynamics**: There are rumors of production recovery, but these lack logical support. The overall market price has only seen a slight increase, indicating that if production resumes, prices may revert to previous levels [11][17]. - **Non-Metallurgical Demand**: There has been a significant increase in non-metallurgical demand for aluminum oxide, which has contributed to strong purchasing activity in recent months [16]. - **Transportation Challenges**: The transportation route from Guinea to China is lengthy and complex, taking over 40 days, which affects the timing and pricing of ore availability [8]. - **Cost Structure**: The overall industry cost structure is under pressure, with cash costs and full costs differing by approximately 150 to 200 RMB due to depreciation and financial costs [34][35]. Conclusion The aluminum oxide industry is currently facing a complex landscape characterized by fluctuating prices, rising production costs, and significant changes in supply dynamics due to both domestic and international factors. The anticipated new production capacities and government actions in Guinea will play crucial roles in shaping the market's future.

Core Viewpoint - The biomanufacturing industry is emerging as a new engine for economic growth, with a significant focus on the new protein sector as a key area for development [1][2]. Group 1: New Protein Manufacturing Center - The National Investment Group and Wuxi City have established the National Investment New Protein Biomanufacturing Innovation Center to address bottlenecks in new protein research and industrialization [2][4]. - The center aims to accelerate the development and cost optimization of various new protein products, covering fields such as food, nutrition, healthcare, and materials [2][4]. Group 2: Challenges and Opportunities - New protein is defined as edible protein not reliant on traditional livestock or fishery methods, utilizing innovative technologies like microbial fermentation and synthetic biology [4]. - China faces a significant protein gap, with 2024 grain imports projected to exceed 158 million tons, including 105 million tons of soybeans, which are primarily used for animal feed [5]. - The shortage of edible protein has become a safety issue, prompting the government to promote comprehensive food resource development [5]. Group 3: Investment and Development Strategy - Since 2020, the new protein industry in China has shown strong growth, although the capital market's downturn in 2023 has posed challenges [5][6]. - The National Investment Group has established the National Investment Biomanufacturing Innovation Research Institute with a registered capital of 6 billion yuan, marking a significant step in supporting the biomanufacturing industry [5][6]. - The group aims to achieve a total output value of 60 billion yuan in the biomanufacturing sector by the end of the 14th Five-Year Plan [6]. Group 4: Financial Support and Collaboration - The National Investment Group manages funds exceeding 270 billion yuan, having invested over 4 billion yuan in 25 biomanufacturing companies [6][7]. - The group has partnered with various local governments to establish industry guidance funds, including a 2 billion yuan biomanufacturing venture capital fund in Tianjin [6][7]. - Future plans include collaborating with private capital to explore differentiated management of mixed-ownership enterprises, enhancing the vitality and competitiveness of the industry [7].

Investment Rating - Investment rating: Positive (maintained) [3] Core Viewpoints - The public utility sector is expected to benefit significantly from new trends, particularly due to the recent changes in fund management regulations that emphasize the importance of the "return-risk ratio" [10][12] - The demand for flexible resources in the new power system is driving the growth of energy storage installations, supported by continuous improvements in revenue mechanisms for energy storage stations [6][25] - The report highlights the strong performance of hydropower companies in terms of return-risk ratios, with major players like Yangtze Power and Huaneng Hydropower ranking in the top percentiles of the A-share market [11][12] Summary by Sections Public Utilities - The report suggests increasing allocation to public utilities and power equipment due to the new fund regulations [4][9] - The public utility sector is identified as a major beneficiary of the recent policy changes, which are expected to enhance valuation trends [10][12] Energy Storage - Domestic energy storage utilization is improving, with a total installed capacity of 2.55 GW/5.72 GWh added in Q1 2025 [18] - The report notes that energy storage export orders have surged, with a year-on-year increase of 756.72% in Q1 2025, approaching a total of 100 GWh [25] - Key measures in Shandong province aim to enhance energy storage profitability, including widening the price difference for charging and discharging, and reducing operational costs [5][22] Investment Recommendations - The report recommends focusing on resilient hydropower companies and undervalued thermal power operators benefiting from declining coal prices [13] - Specific companies highlighted for investment include: - Hydropower: Guotou Power, Yangtze Power, ChuanTou Energy - Wind Power: Longyuan Power, Goldwind Technology, Datang Renewable - Thermal Power: Anhui Energy, Shanghai Electric, Huaneng International [13]

Core Viewpoint - The Shanghai Stock Exchange has issued regulatory warnings to CITIC Securities and Guotai Junan Securities for failing to comply with the refinancing classification review mechanism due to recent disciplinary actions against them by other exchanges [1][4]. Group 1: Regulatory Actions - The Shanghai Stock Exchange issued regulatory warnings to CITIC Securities and Guotai Junan Securities, along with six sponsoring representatives [1][4]. - CITIC Securities and Guotai Junan Securities were found to have provided verification opinions that did not align with actual circumstances, failing to fulfill their sponsorship responsibilities [4][6]. Group 2: Sponsoring Representatives - The regulatory warnings were directed at four sponsoring representatives from CITIC Securities: Li Ning, Wu Peng, Huang Yibin, and Li Wanlu, and two from Guotai Junan: Zheng Yang and Chen Shi [3][4]. - Li Ning has been a registered sponsoring representative since 2019 and has been involved in 14 sponsorship projects, including four initial public offerings and six private placements [4][5]. Group 3: Project Details - The refinancing project for Guotai Electric was accepted on October 18, 2024, and received approval from the China Securities Regulatory Commission on January 22, 2025, with a financing amount of 7 billion yuan [6][7]. - The project was sponsored by both CITIC Securities and Guotai Junan Securities, with four sponsoring representatives involved [6][7].

广东 136 号文衔接政策落地，4 月我国进口天然气量同比下降 6.1% 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 5 月 17 日 15666646523.tcy ● 本周市场表现：截至5月16日收盘，本周公用事业板块上涨0.1%，表现 劣于大盘。其中，电力板块上涨0.06%，燃气板块上涨0.23%。 ● 电力行业数据跟踪： ➢ 动力煤价格:秦港动力煤价格周环比下跌。截至5月16日，秦皇岛港动 力煤(Q5500)山西产市场价618元/吨，周环比下跌17元/吨。截至5月16 日，广州港印尼煤(Q5500)库提价702.12元/吨，周环比下跌7.23元/吨； 广州港澳洲煤(Q5500)库提价721.93元/吨，周环比下跌11.88元/吨。 ➢ 动力煤库存及电厂日耗：秦港动力煤库存周环比增加，沿海电厂日耗 周环比上升。截至5月16日，秦皇岛港煤炭库存760万吨，周环比增加7 万吨。截至5月15日，内陆17省煤炭库存8080.1万吨，较上周增加33.7 万吨，周环比上升0.42%；内陆17省电厂日耗为310.3万吨，较上周下降 1.2万吨 ...

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 [Table_Author] 左前明 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 电力公用研究助理 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 广东 136 号文衔接政策落地，4 月我国进口天然气 量同比下降 6.1% 2025 年 5 ...