Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Power Index reported at 2665.82 points, with a decline of 1.66% over the past month, 0.39% over the past three months, and 3.40% year-to-date [1] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing analytical tools for investors [1] - The CSI 300 Power Index's top ten holdings include: Changjiang Electric Power (48.42%), China Nuclear Power (10.51%), Three Gorges Energy (8.64%), Guodian Power (5.78%), State Power Investment (5.27%), Huaneng International (4.62%), Chuanwei Energy (4.29%), China General Nuclear Power (4.1%), Zhejiang Energy (2.91%), and Huadian International (2.77%) [1] Group 2 - The industry composition of the CSI 300 Power Index shows that hydropower accounts for 60.31%, thermal power for 16.08%, nuclear power for 14.61%, and wind power for 9.00% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In the event of special occurrences affecting a sample company's industry classification, the CSI 300 Industry Index samples will be adjusted accordingly [2]

Core Viewpoint - The Central State-Owned Enterprises Modern Energy ETF has shown significant performance metrics, with a recent decline in index value but notable growth in trading volume and fund size, indicating active market engagement and potential investment opportunities [3][4][5]. Group 1: ETF Performance - As of July 30, 2025, the Central State-Owned Enterprises Modern Energy ETF has achieved a net value increase of 13.86% over the past two years [5]. - The ETF's highest single-month return since inception was 10.03%, with a maximum consecutive monthly gain of 23.43% [5]. - The ETF has a management fee of 0.50% and a custody fee of 0.10%, which are among the lowest in comparable funds [5]. Group 2: Market Activity - The ETF experienced a trading volume of 665.09 million yuan, with a turnover rate of 13.52%, indicating active market participation [3][4]. - Over the past two weeks, the ETF's scale increased by 436.13 million yuan, ranking it in the top third among comparable funds [4]. - The ETF's share count rose by 200,000 shares in the same period, also placing it in the top third of comparable funds [4]. Group 3: Index Composition - The index tracks 50 listed companies involved in modern energy sectors, including green energy and fossil fuels, reflecting the overall performance of state-owned enterprises in this industry [6]. - As of June 30, 2025, the top ten weighted stocks in the index accounted for 49.93% of the total index weight, with notable companies like China National Petroleum and China Power Investment [6].

Group 1: Power Investment and Supply-Demand Analysis - In the first half of 2023, the total investment in power by key surveyed enterprises reached 654.6 billion yuan, a year-on-year increase of 9.6% [1] - The overall power supply was sufficient in the first half of the year, with a balanced supply-demand situation despite high temperatures affecting certain regions in the second quarter [1] - It is expected that the growth rate of total electricity consumption in the second half of the year will exceed that of the first half, with a projected year-on-year increase of 5% to 6% for 2025 [1] Group 2: Renewable Energy Growth - In the first half of 2023, renewable energy accounted for over one-quarter of the total power generation, with new installed capacity reaching 29.332 million kilowatts, a year-on-year increase of 14.056 million kilowatts [2] - The installed capacity of wind and solar power saw significant growth, with solar power accounting for 72.3% of the total new installed capacity [2] - By the end of 2025, the total installed power generation capacity is expected to reach approximately 3.9 billion kilowatts, a year-on-year increase of about 16.5% [3] Group 3: Electricity Generation and Consumption Trends - In the first half of 2023, hydropower and thermal power generation decreased by 2.9% and 2.4%, respectively, while solar, nuclear, and wind power generation increased by 20.0%, 11.3%, and 10.6% [3] - Non-fossil fuel energy generation accounted for 43.1% of total power generation, an increase of 3.7 percentage points year-on-year [3] - The report anticipates that the new installed capacity of renewable energy will reach around 400 million kilowatts by 2025 [3] Group 4: Peak Electricity Load and Supply Assurance - Since mid-June, the national electricity load has reached new highs, with a peak load of 1.508 billion kilowatts recorded on July 17, an increase of 0.057 billion kilowatts compared to the previous year [4] - The National Energy Group has been actively ensuring stable electricity supply during peak summer demand, with coal transportation exceeding 1 million tons daily [4][5] - The Inner Mongolia region has been pivotal in cross-regional electricity transmission, with significant increases in both thermal and renewable energy generation [5] Group 5: Future Supply-Demand Balance - In August, the country will enter a critical period for electricity supply assurance, with predictions indicating a generally balanced supply-demand situation despite potential short-term tightness in certain provinces [6] - The anticipated cross-province and cross-region cooperation is expected to maintain a tight balance in electricity supply and demand [6]

这里不仅是全球在运行的海拔最高的风电项目，更是中国清洁能源向地球之巅迈进的里程碑。正如墙上的标语——"缺氧不缺精神"，建设者们用坚韧与智 慧，让风的承诺，化为高原的光明。 在平均海拔5000米的"世界屋脊"之上，风，是这里的常客，也蕴藏着无尽的能量。近日，记者走进位于西藏自治区山南市措美县哲古镇的三峡集团措美哲古 风电场，亲身感受这场在高原之巅上演的清洁能源革命。 高原之巅，挑战极限 三峡措美哲古风电项目地处喜马拉雅山北麓，海拔在5000米至5200米之间。在这里，空气含氧量稀薄，大气压低，人类在这里举步维艰。而风机的运行，同 样面临着空气密度不足导致叶片推力衰减、电气设备因散热困难而易损等前所未有的严苛考验。风电场最高机位的海拔高达5157.8米，刷新了我国风电建设 史的纪录。 "在如此极端的海拔建设风电场，国内外都没有现成经验。"项目负责人叶剑介绍道。面对这片"无人区"，项目团队从设备选型、电气设计到运行策略，进行 了大量的技术攻关和现场试验，最终在"没做过"的高原，创造了"能复制"的成功样板。 三峡集团措美哲古风电厂（摄影 李婷婷） 在2021年启动的一期工程中，项目团队特意选用了两家厂商、两种不同类型 ...

Core Insights - The article highlights the successful establishment of the world's highest wind power project, the Zhegu Wind Farm, located in Tibet, marking a significant milestone in China's clean energy development [1][6]. Group 1: Project Overview - The Zhegu Wind Farm is situated at an altitude between 5000 to 5200 meters, making it the highest operational wind power project globally [4]. - The project faced unique challenges due to low air density and extreme weather conditions, which affected the performance of wind turbines and electrical equipment [4][5]. Group 2: Technological Innovations - As China's first ultra-high-altitude wind power research demonstration project, Zhegu Wind Farm aimed to explore and validate technologies suitable for high-altitude environments [5]. - The project team conducted comparative tests using different types of wind turbines, ultimately selecting a more stable doubly-fed induction generator with a capacity of 3.6 megawatts to enhance efficiency [5]. Group 3: Economic and Social Impact - The construction of the wind farm has provided local employment opportunities, contributing positively to the local economy and community welfare [8]. - The project has also established a model for stable integration of clean energy into the local power grid, addressing the challenges posed by voltage fluctuations in Tibet's electrical infrastructure [5][8].

Investment Rating - The report maintains an "Overweight" rating for the renewable energy generation industry, indicating a positive outlook for high-quality development driven by multiple factors [1]. Core Insights - The renewable energy generation industry is expected to experience high-quality development due to the implementation of market-oriented reforms by the National Development and Reform Commission and the National Energy Administration [2][15]. - The capacity for renewable energy consumption is set to improve with initiatives such as the construction of smart microgrid projects and shared energy storage stations [2][23]. - The completion of ultra-high voltage power grids will facilitate the long-distance transmission of electricity, enhancing the consumption of renewable energy [2][27]. - Continuous efforts to address historical subsidy arrears are anticipated to improve the accounts receivable situation for renewable energy companies [2][28]. Summary by Sections 1. Building a New Energy System to Support Renewable Energy Development - The construction of a new energy system is progressing steadily, with significant goals set for renewable energy capacity by 2025 [9]. - Policy support is expected to promote high-quality development in the renewable energy sector, with a focus on large-scale wind and solar projects [11][12]. 2. Multiple Factors Enhancing Efficiency in the Renewable Energy Generation Industry - A series of measures are anticipated to enhance the capacity for renewable energy consumption, including the establishment of intelligent microgrids and virtual power plants [2][24]. - The ongoing resolution of subsidy arrears is expected to positively impact the financial health of renewable energy companies [2][28]. 3. Investment Recommendations and Key Company Analysis - The report suggests focusing on companies such as Three Gorges Energy, Longyuan Power, Xintian Green Energy, and Solar Energy, which are well-positioned to benefit from the industry's growth [2][36]. - Three Gorges Energy is recognized for its significant installed capacity in wind and solar energy, maintaining a leading position in the offshore wind sector [38][39]. - Longyuan Power is noted for its large-scale project development and innovative technologies in the renewable energy space [40][41]. - Xintian Green Energy is expanding its wind resource reserves and enhancing its natural gas business, indicating robust growth potential [43][44]. - Solar Energy leverages its central enterprise brand advantage and resource strengths to provide comprehensive solar solutions [45][46].

Core Viewpoint - The A-share market showed mixed performance with the Shanghai 180 Infrastructure Index rising by 0.22% to 1883.26 points, with a trading volume of 29.432 billion yuan [1] Group 1: Index Performance - The Shanghai 180 Infrastructure Index increased by 0.84% over the past month and 1.78% over the last three months, but has decreased by 2.41% year-to-date [2] - The index is based on the Shanghai 180 Index and includes listed companies related to infrastructure, resources, and transportation, reflecting their overall market performance [2] Group 2: Index Composition - The top ten weighted companies in the Shanghai 180 Infrastructure Index are: - Changjiang Electric Power (14.26%) - China State Construction (8.58%) - China Telecom (8.28%) - China Mobile (7.12%) - China Unicom (6.14%) - China Nuclear Power (5.49%) - Three Gorges Energy (4.5%) - China Power Engineering (4.45%) - China Railway (4.28%) - Guodian Power (2.97%) [2] Group 3: Sector Allocation - The index is fully composed of companies listed on the Shanghai Stock Exchange, with sector allocations as follows: - Utilities: 40.30% - Industrials: 36.92% - Communication Services: 22.78% [3] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]

送放心 A H 电力 2025 年 07 月 30 日 版费 行业 表研究报 王璐 A0230516080007 wanglu@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 申万宏源研究微信服务号 东上调火电容量电价 气电盈表 歌曲目斯 对粤发改价格函〔2025〕1254 号文件的点评 行业点评 表:电力重点公司估值表 | 板块 | 代理 | 筒称 | 14-212 | 2025/7/29 | | Eb2 | | | ЬЕ | | PB | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 收盘价 | 25E | 26E | 27E | 25E | 26E | 27E | | | 火电 | 00836.HK | 华润电力 | 买人 | 19.68 | 2.88 | 3.13 | 3.39 | 7 | 6 | ଚ | 1.03 | | | 6 ...

企查查APP显示，近日，三峡（辽宁）能源投资有限公司成立，注册资本5亿元，经营范围包含：储能技术服务；新兴能源技术研发；生态恢复及生态保护 服务等。企查查股权穿透显示，该公司由三峡能源（600905）全资持股。 | 1 | 0 三峡能源 | 中国三峡新能源（集团）股份有限公司 | 100% | | | --- | --- | --- | --- | --- | | 序号 | | 股东名称 央企子公司 三峡能源（600905.SH） | 持股比例 ៖ | T | | 什爱爱 2 全国企业信用查询 | 三峡（辽宁）能源投资有限公司 | | (x) 查一下 | | --- | --- | --- | --- | | 基本信息 6 | 法律诉讼 | 经营风险 | 经营信息 | | 法定代表人 | 范薇薇 | 登记状态 | 存续（在营、开业、i | | | | 注册资本 | 50000万元 | | 组织机构代码 | MAERLC0A-6 | 工商注册号 | 210202000451272 | | 企业类型 | 有限责任公司（非自然人投资或 控股的法人独资） | 营业期限 | 2025-07-28 至 无固定 | | 人 ...

Group 1: Overview of China's Energy Development - The establishment of China Yajiang Group as the 99th central enterprise highlights its strategic position in the energy sector, situated between China Three Gorges Corporation and State Energy Investment Corporation [1] - The Yajiang Hydropower Station is projected to generate an annual output equivalent to three Three Gorges power stations, replacing 90 million tons of standard coal, or the energy released from 150 million tons of oil [1] - The anticipated trillion-level investment is expected to bring significant economic benefits, leading to a surge in related sectors such as infrastructure and construction materials [1] Group 2: Electricity Demand in Emerging Industries - China's strategic emerging industries, particularly data centers, are major electricity consumers, with 2024's projected annual electricity consumption reaching 250 billion kWh, accounting for 2.8% of the national total [2] - The U.S. data center electricity consumption has also surged, from 76 TWh in 2018 to 176 TWh in 2023, with predictions of reaching 325-580 TWh by 2028 [5] - The electricity consumption in sectors like new energy vehicles and chip manufacturing is also significant, with battery production for one vehicle consuming approximately 9,600 kWh [6][7] Group 3: China's Energy Supply and Transition - China's total electricity generation increased from 7.11 trillion kWh in 2018 to 9.42 trillion kWh in 2024, with a compound annual growth rate of 4.8% [12] - The share of coal in electricity generation has decreased from 68% in 2018 to 58.2% in 2024, while wind and solar power capacities have rapidly increased [12] - The implementation of ultra-high voltage transmission technology has enabled China to efficiently transmit large-scale electricity across regions, with 43 lines operational by 2024 [13] Group 4: Environmental Impact and Carbon Emission Reduction - China's carbon emission intensity per unit of electricity generation decreased by 19.7% from 0.61 tons CO₂/MWh in 2018 to 0.49 tons CO₂/MWh in 2024, outperforming reductions in the U.S., Germany, and Japan [14] - The reliability of China's electricity supply has improved, with average annual outage times for urban and rural users meeting high-income economy standards [14] Group 5: Global Energy Dynamics and Future Implications - The potential for unlimited electricity supply in China could lead to industrial breakthroughs and shifts in international energy dependencies, with neighboring countries potentially relying on Chinese electricity [18][19] - The transition from traditional energy sources to electricity could reshape global economic power dynamics, similar to historical shifts from coal to oil [20][21]