Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [6]. Core Insights - The report highlights significant investment activities in Xinjiang by central enterprises, with over 130 billion yuan expected to be invested in 54 projects across various sectors including energy and new energy storage [4][16]. - The first cross-regional green electricity transaction in China has been successfully completed, marking a milestone in the construction of a unified national electricity market [5][21]. - The Ministry of Ecology and Environment has issued guidelines to promote voluntary disclosure of greenhouse gas emissions by enterprises, aiming to enhance the green transition and international cooperation [25][26]. Summary by Sections Market Review - From March 10 to March 14, the environmental, gas, water, and electricity sectors saw increases of 2.63%, 2.22%, 2.17%, and 1.80% respectively, while the CSI 300 index rose by 1.59% [3][10]. Industry Perspectives - **Investment in Xinjiang**: Central enterprises are heavily investing in Xinjiang, with projects covering energy, new energy storage, and equipment manufacturing, driven by the region's resource advantages and government support [4][16][17]. - **Green Electricity Trading**: The successful completion of the first cross-regional green electricity transaction involved 52.7 million kilowatt-hours, with wind power accounting for 78% and solar power for 22% of the total [5][21][22]. - **Voluntary Emission Disclosure**: The new guidelines aim to establish a comprehensive framework for voluntary greenhouse gas disclosure by 2027, promoting proactive climate responsibility among enterprises [25][26]. Investment Recommendations - The report suggests focusing on various sectors: for thermal power, it recommends Jiangsu Guoxin and cautiously suggests Sheneng Shares and Zhejiang Energy; for nuclear power, it recommends China Nuclear Power and China General Nuclear Power; for hydropower, it recommends Yangtze Power and cautiously suggests Huaneng Hydropower [6].

Investment Rating - The report maintains a "Recommended" investment rating for the building materials industry [1]. Core Insights - The government work report emphasizes the need to expand domestic demand through both consumption and investment, which is expected to drive building materials demand [3]. - Key projects will be accelerated with a proposed central budget investment of 735 billion yuan for 2025, alongside measures to simplify investment approval processes [3]. - The report highlights the importance of revitalizing the real estate market by controlling new land supply and promoting the acquisition of existing properties, which is anticipated to boost demand for consumer building materials [3]. - The fiscal policy support is set to increase, with a deficit rate raised to 4% and a total deficit scale of 5.66 trillion yuan, aimed at accelerating major project construction and reducing inventory of existing properties [3]. - The report notes that the green and low-carbon transition in the building materials industry will stabilize supply and demand, with a focus on high-performance cement enterprises benefiting from stricter emissions regulations [4]. Summary by Sections Demand Drivers - The government aims to stimulate demand through consumption incentives, such as a 300 billion yuan special bond for consumer goods replacement programs [3]. - The real estate sector is transitioning to a focus on existing inventory, with policies expected to lower purchasing barriers and enhance housing demand [3]. Supply Side Dynamics - The report anticipates that the green transition will lead to the elimination of outdated production capacities, thereby increasing industry concentration and stability [4]. - Cement companies with high ratings for low emissions are expected to gain competitive advantages, influencing their cost structures and profitability [4]. Investment Recommendations - The report recommends leading consumer building material companies such as Beixin Building Materials, Weixing New Materials, Dongfang Yuhong, and Gongyuan Co., which have strong product quality and brand advantages [5]. - It also suggests regional cement leaders like Huaxin Cement and Shangfeng Cement for potential profit recovery amid stricter capacity controls and rising price expectations [5].

证券研究报告 2025 年 3 月 3 日 湘财证券研究所 行业研究 公用事业行业周报 《2025 年能源工作指导意见》发布，深化绿色低碳转型 相关研究： | 《新能源全面入市，存量增量分类施 | | --- | | 策》 2025.02.11 | | 《电力系统调节能力优化方案发布，保 | | 障新能源消纳利用》 2025.01.14 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3 -4 -11 绝对收益 -1 -4 2 注：相对收益与沪深 300 相比 分析师：孙菲 证书编号：S0500524010002 Tel：(8621) 50293587 Email：sf06902@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 本周公用事业(申万)下跌 1.09%，跑赢沪深 300 指数 1.13 个百分点 截至 2025 年 2 月 28 日，本周沪深 300 下跌 2.22%，公用事业(申万)下跌 1.09%，跑赢沪深 300 指数 1.13pct，在申万一级行业中排名第 19 位。子板 块中，火电上涨 0.46% ...

据券商中国记者不完全统计，3月3日，吉林、广西、海南等省份党政领导在京与多个国家部委和单位举行 工作会谈。 3月3日，商务部党组书记、部长王文涛在京分别与广西壮族自治区党委书记陈刚、自治区主席蓝天立一行，海 南省委书记冯飞、省长刘小明一行举行工作会谈。 王文涛表示，面对新形势、新任务，商务部愿同广西加强沟通对接，支持广西发挥独特区位、资源和政策优 势，聚焦人工智能和数字经济发展，加大"走出去"力度，深化与东盟地区产业和园区合作，共同办好第22届中 国—东盟博览会，持续扩大高水平对外开放合作，更好服务融入新发展格局，不断开创新时代壮美广西建设新 局面。 陈刚表示，广西将聚力建设"一区两地一园一通道"战略任务，全力推动经济高质量发展，因地制宜发展新质生 产力，不断推动高水平对外开放。 对于支持海南的建设发展，王文涛表示，商务部将与海南省一道，稳扎稳打，科学谋划封关前后的改革开放和 高质量发展工作。希望海南省委、省政府继续关心商务工作，共同努力把海南自由贸易港打造成为引领我国新 时代对外开放的重要门户。 海南省委书记冯飞、省长刘小明还希望商务部继续在举办中国国际消费品博览会等方面给予大力支持。 紧抓"两重"项目建设 ...

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The "2025 Energy Work Guidance" has been issued, indicating a steady increase in national energy production capacity, with coal and natural gas output growing significantly. The total installed power generation capacity has reached over 3.6 billion kilowatts, with new renewable energy installations exceeding 200 million kilowatts [4][5] - The green and low-carbon transition is progressing, with non-fossil energy generation capacity accounting for approximately 60% of total installed capacity and non-fossil energy consumption reaching 20% of total energy consumption. Policies for renewable energy consumption and regulation are being improved [4] - The official launch of the Mengxi electricity spot market marks a significant development, becoming the fifth electricity spot market in China [4] Industry Data Tracking Electricity Prices - In March 2025, the average grid purchase price of electricity was 398 RMB/MWh, a year-on-year decrease of 4% and unchanged from the previous month [32] Coal Prices - As of February 28, 2025, the price of thermal coal (Q5500) at Qinhuangdao port was 690 RMB/ton, down 25.16% year-on-year and down 4.03% week-on-week [39] Water Conditions - As of February 28, 2025, the water level at the Three Gorges Reservoir was 162.99 meters, with inflow and outflow rates of 7700 cubic meters/second and 7620 cubic meters/second, respectively, showing increases of 28.33% and 11.89% year-on-year [48] Electricity Consumption - In 2024, the total electricity consumption was 985.21 billion kWh, a year-on-year increase of 6.8%. The growth rates for the primary, secondary, and tertiary industries, as well as urban and rural residential consumption, were 6.3%, 5.1%, 9.9%, and 10.6%, respectively [14] Power Generation - The cumulative power generation in 2024 was 942.1 billion kWh, reflecting a year-on-year increase of 4.6%. The growth rates for different energy sources were as follows: thermal power +1.5%, hydropower +10.7%, nuclear power +2.7%, wind power +11.1%, and solar power +28.2% [21] Installed Capacity - By the end of 2024, the cumulative installed capacity of thermal power reached 1.44 billion kilowatts, an increase of 3.8% year-on-year. The new installed capacity for thermal power in 2024 was 47.44 million kilowatts, up 1.9% year-on-year [43]

证券研究报告| 行业周报 2025 年 03 月 02 日 电力 煤价加速下跌重视火电超额机会，2025 能源工作强调绿色保供 本周行情回顾：本周（2.24-2.28）上证指数报收 3320.90 点，下降 1.72%，沪深 300 指数报收 3890.05 点，下降 2.22%。中信电力及公用事业指数报收 2752.47 点，下降 1.03%，跑赢沪深 300 指数 1.19pct，位列 30 个中信一级板块涨跌幅榜 第 15 位。 本周行业观点： 投资建议：本周煤价快速下跌至 700 元/吨附近，重视火电超额机会。市场对于 电价预期已经相对充分，区域电价风险基本出清、煤价下跌或超预期，建议关注 重点火电标的：皖能电力、申能股份、华电国际、浙能电力。推荐布局低估绿电板 块，推荐优先关注低估港股绿电以及风电运营商，建议关注新天绿色能源（H）、 龙源电力（H）、中闽能源、福能股份。把握水核防御，水电板块，建议关注长江 电力、国投电力、川投能源、华能水电；核电板块，建议关注中国核电和中国广核。 风险提示：原料价格超预期上涨；项目建设进度不及预期；电力辅助服务市场、绿 证交易等政策不及预期。 增持（维持） 行业走势 ...

证券研究报告| 行业周报 2025 年 03 月 02 日 电力 煤价加速下跌重视火电超额机会，2025 能源工作强调绿色保供 本周行情回顾：本周（2.24-2.28）上证指数报收 3320.90 点，下降 1.72%，沪深 300 指数报收 3890.05 点，下降 2.22%。中信电力及公用事业指数报收 2752.47 点，下降 1.03%，跑赢沪深 300 指数 1.19pct，位列 30 个中信一级板块涨跌幅榜 第 15 位。 作者 分析师 张津铭 执业证书编号：S0680520070001 邮箱：zhangjinming@gszq.com 本周行业观点： 投资建议：本周煤价快速下跌至 700 元/吨附近，重视火电超额机会。市场对于 电价预期已经相对充分，区域电价风险基本出清、煤价下跌或超预期，建议关注 重点火电标的：皖能电力、申能股份、华电国际、浙能电力。推荐布局低估绿电板 块，推荐优先关注低估港股绿电以及风电运营商，建议关注新天绿色能源（H）、 龙源电力（H）、中闽能源、福能股份。把握水核防御，水电板块，建议关注长江 电力、国投电力、川投能源、华能水电；核电板块，建议关注中国核电和中国广核。 风险 ...

t 四时轮转 岁次乙巳 九州内外 山舞银蛇 火树琪花 四海生辉 春回大地灵蛇舞 国运盛 家运兴 人运旺 天地迎新百业昌 2025 新岁肇启 善建者 行于路 梦 如 星 辰 为 璀 璨 而 勇 往 愿似繁花 为美好而盛放 时和岁丰 生生不息 已来运至 善建者行 当白雪覆盖山川， 当烟花映照夜空， 2025年 ，来了！ 2025，乙巳蛇年。在传统文化中，蛇是智慧、财富和幸运的象征。翻阅历史，它有时 是神话传说中拥有非凡智慧的先知，有时是地域文化里引导人们寻得财物宝藏的灵兽。而 在蛇的首尾相接中，更是藏着"焕新重启"的循环往复，蕴含着"生生不息"的美好寓意。 新的一年，我们祈愿"国运盛，家运兴，人运旺，天地迎新百业昌"。这是每个人心底永 恒的愿望，更是为之奋斗前行的目标。 2025 时和岁丰， 生生不息； 巳来运至，善建者行！ 新的一年，我们更加坚定，"全面推进中国式现代化""让人民过上幸福生活是头等大 事"……这些伟大而朴实的梦想，需要我们每一个人做"挺膺担当的奋斗者""创新发展的开拓 者"。 新的一年，我们相信彩虹总是伴随风雨，越是面对困境，越当迎难而上。正如银河当中 的一颗星，即使微弱，也会努力发光。因为我们 ...

以下文章来源于前瞻经济学人 ，作者产业观察组 作者： 产业观察组 来源： 前瞻经济学人 （ID： chanyeqianzhan ） 西北，迎来大逆转！ 01 四线小城彻底爆发 最近，各省市陆续公布2024年前三季度GDP，西北有两座城市的表现堪称爆炸性增长，双双跑出两位数的 经济增速。 一座是煤炭大市—— 陕西榆林 ，另一座是中国镍都—— 甘肃金昌。 根据榆林官方公布的数据：2024年前三季度，该市地区生产总值5742.95亿元，按不变价格计算，同比增长 5.7%。 前瞻经济学人 . 关注中国城市发展战略、把握全球新兴产业趋势！这是省长书记爱看的智库号之一。 乍一看这个数据并没有特别亮眼，但是前瞻经济学人产业观察组通过细致研究，发现背后有两个非常惊艳 的地方。 第一，榆林GDP增量全国第五。 榆林前三季度GDP增量达到862亿元。要知道，整个陕西前三季度增量也不过1089亿，榆林一个城市就贡献 了全省近八成，是省会西安的6倍。 放在全国来看，862亿元的增量仅次于上海、北京、深圳和重庆，位居全国第五，将广州、杭州、苏州、武 汉等一众万亿城市甩在身后。 | | | 2024年前三季度GDP增量十强城市(亿元) ...

关于济南恒誉环保科技股份有限公司 2022 年年度报告的事后审核问询函的回复 天职业字[2023] 29608 号 目 录 关于济南恒誉环保科技股份有限公司 2022年年度报告的事后审核 问询函的回复 -- -1 关于济南恒誉环保科技股份有限公司 2022 年年度报告的事后审核问询函的回复 天职业字[2023] 29608 号 上海证券交易所: 济南恒誉环保科技股份有限公司(以下简称"恒誉环保"或"公司")于 2023 年 4 月 6 日收到贵所出具的上证科创公函[2023]0065 号《关于对济南恒誉环保科 技股份有限公司 2022年年度报告的事后审核问询函》(以下简称"问询函"),天 职国际会计师事务所(特殊普通合伙)(以下简称"天职国际"或"会计师")作 为恒誉环保的年审会计师,现就有关问题回复及发表核查意见如下(本说明除特 别注外,所涉及公司财务数据均为合并口径): 在本问询函回复中,若合计数与各分项数值相加之和在尾数上存在差异,均 为四舍五入所致。 一、关于公司经营质量改善情况的补充披露 2022年,公司实现营业收入约 1.65 亿元,同比增长 95.47%;应收账款期末 账面余额 1.21 亿元, ...