Market Review - The Shanghai Composite Index experienced narrow fluctuations, while the ChiNext Index fell over 1% [1] - Power stocks surged, with companies like Shaoneng Co., Huayin Power, and Shimao Energy hitting the daily limit [1] - Cross-border payment and stablecoin concepts were active, with stocks such as Zhongyi Technology and Jingbei Fang also reaching the daily limit [1] - Real estate stocks saw intraday gains, with companies like Yudai Development and Shahe Co. hitting the daily limit [1] - The overall market saw more gainers than losers, with over 3,200 stocks in the Shanghai, Shenzhen, and Beijing markets in the green, and total trading volume at 1.22 trillion yuan, down nearly 220 billion yuan from the previous trading day [1] Power Sector - The power sector continued to rise, with Huayin Power achieving four consecutive daily limits in five days, and other stocks like Changcheng Electric and Huaguang Huaneng also hitting the daily limit [4][5] - The National Climate Center predicts that high temperatures will be intense and prolonged this year, with the highest temperatures in North China possibly exceeding 42°C, and high temperatures expected to last over 30 days [4] - On July 4, the national maximum power load reached 1.465 billion kilowatts, an increase of about 200 million kilowatts from the end of June and nearly 150 million kilowatts from the same period last year, setting a historical record [4] - The East China grid load reached 422 million kilowatts, with air conditioning load accounting for approximately 37% [4] - The load in provinces like Jiangsu, Shandong, Henan, Anhui, and Hubei has set new records nine times since the start of summer [4] RWA Concept - The RWA concept remained active, with stocks like Jinyi Culture and Xinyada continuing to hit daily limits [7][8] - On July 4, the People's Bank of China released a notice soliciting opinions on the "Rules for the RMB Cross-Border Payment System," clarifying detailed processes for CIPS participants [7] - The Hong Kong "Stablecoin Regulation" is set to take effect in August, with the government expecting to issue a limited number of licenses this year [7] Medical Devices - The medical device sector performed well, with stocks like Baolait and Zhengchuan Co. hitting daily limits [11] - On July 6, the Ministry of Finance announced measures regarding government procurement of medical devices imported from the EU, stating that EU companies (excluding those with operations in China) will be excluded from participating in procurement activities exceeding 45 million yuan [11][12] - The policy aims to systematically restructure the development path of high-end medical devices through five core measures, including speeding up innovation approvals and clarifying classification standards [12]

Core Viewpoint - The article highlights the measures taken to ensure stable electricity supply during the peak summer demand period, with a focus on increasing power generation capacity and enhancing transmission efficiency [1][4]. Group 1: Enhancing Power Generation Capacity - The highest electricity load during the summer peak is expected to increase by approximately 10 million kilowatts compared to last year [1]. - Coal remains a key energy source, with the Huanghua Port achieving a cumulative coal throughput exceeding 100 million tons by June 23 [3]. - New energy generation capacity has grown significantly, with the Hebei North Clean Energy Base exceeding 80 million kilowatts, accounting for 75.8% of total installed capacity in the region [3]. Group 2: Ensuring Efficient Power Transmission - Jiangsu province has seen a 2.5% year-on-year increase in electricity demand in the first five months, prompting the State Grid Jiangsu Electric Power Company to implement 13 key projects to enhance supply capacity [6]. - The State Grid expects the maximum load in its operating area to exceed 1.2 billion kilowatts for the first time this summer, with 140 key projects completed on schedule by the end of June [6]. Group 3: Increasing Flexibility on the Demand Side - The establishment of a virtual power plant in Shandong allows for real-time monitoring and adjustment of power loads, with a total adjustable capacity of 8.225 megawatts [8]. - The introduction of a market-based pricing mechanism in Hubei aims to guide electricity users to consume more during low-price periods and reduce usage during high-price periods, enhancing grid stability [8].

Core Viewpoint - The recent adjustments to time-of-use electricity pricing across various provinces in China aim to address the challenges of electricity supply and demand balance, driven by high electricity loads due to extreme weather conditions [1] Group 1: Time-of-Use Pricing Mechanism - Time-of-use pricing involves implementing different electricity rates during various times of the day, including peak, flat, and valley periods, to encourage users to optimize their electricity usage [1] - The policy has evolved since the 1980s, initially starting with peak and valley pricing, and has since incorporated peak, seasonal, and wet/dry pricing mechanisms [1] - Recent adjustments to the pricing mechanism are designed to facilitate the transition to a new type of power system, moving from a traditional "supply follows demand" model to an "interactive supply-demand" model [1] Group 2: Impact on Power Generation and Consumption - The new pricing signals aim to align user electricity consumption with the characteristics of renewable energy output, particularly addressing the mismatch between peak solar generation times and user demand [2] - Adjustments in pricing, such as designating midday hours as low or even deep valley pricing, help mitigate the issue of renewable energy curtailment [2] - Users are encouraged to shift their consumption patterns to reduce costs and enhance grid stability, as seen in the case of Hainan, where adjustments were made to address peak load challenges [2] Group 3: Implications for Renewable Energy Enterprises - The time-of-use pricing mechanism is expected to promote renewable energy consumption in the long term, expanding the development space for renewables [3] - However, in the short term, renewable energy prices may face pressure, potentially extending the payback period for investments in projects like distributed solar [3] - Recommendations for renewable energy companies include investing in energy storage, enhancing market trading capabilities, and exploring aggregated trading models for distributed projects [3] Group 4: Benefits for Electricity Users and Grid Companies - Electricity users can effectively reduce costs by optimizing their consumption strategies, increasing usage during low and deep valley periods [3] - Users are advised to manage energy consumption proactively, including optimizing production schedules and enhancing energy efficiency through digital technologies [3] - For grid companies, the time-of-use pricing mechanism alleviates peak load pressures and provides a flexible adjustment solution for maintaining supply-demand balance [4] - Advanced technologies like big data and AI can be utilized to analyze customer behavior and offer personalized energy solutions [4]

证券研究报告 | 行业周报 gszqdatemark 2025 07 06 年 月 日 电力 高温炙烤创纪录，电力配置正当时 本周行情回顾：本周（6.30-7.4）上证指数报收 3472.32 点，上涨 1.40%，沪 深 300 指数报收 3982.20 点，上涨 1.54%。中信电力及公用事业指数报收 2988.40 点，上涨 1.69%，跑赢沪深 300 指数 0.15pct，位列 30 个中信一级 板块涨跌幅榜第 9 位。 个股方面，电力及公用事业板块上市公司超半数上涨。 本周行业观点： 投资建议：高温席卷全国，迎峰度夏电力负荷攀升，本周创历史新高，迎峰度 夏叠加业绩期催化，建议重视电力板块配置。建议关注季度业绩具备弹性的火 电板块：华能国际、建投能源、华电国际、申能股份、宝新能源；以及火电灵 活性改造龙头：青达环保。推荐关注存量项目占比较高&短期收益确定性更优、 以及中长期更具降本增效优势绿电运营商。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）、中闽能源、 福能股份。把握水核防御，关注随着汛期与雨季到来后来水弹性改善标的，建 议关注长江电力、国投电力、川 ...

_ 136 _ 10 ___ 24Q4 行业月报 ·公用事业行业 2 行业月报 · 公用事业行业 可证券|CGS 一、行业要闻 1. 河南电力现货市场完成短周期结算试运行 6月 27日,河南电力现货市场完成短周期结算试运行,共计 112台煤电机组、390 座新能源场 站、127 家售电公司、12 座独立储能电站参与交易。这标志着河南电力市场化改革迈出关键一步。 中国银河证券|CGS 目录 Catalog | 一、 行业要闻 | | --- | | 二、 行业数据 … | | (一) 碳交易市场情况 | | (二） 电力行业相关数据………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 7 | | 三、 太阳能单月装机创新高，火电发电量由降转增 | | 四、 开展新型电力系统建设试点，助力新能源消纳……………………………………………………………………………………………………………………………11 | | 五、 环保 ...

_ 136 _ 10 ___ 2 行业月报 · 公用事业行业 24Q4 行业月报 ·公用事业行业 中国银河证券|CGS 目录 Catalog | 一、 行业要闻 | | --- | | 二、 行业数据 … | | (一) 碳交易市场情况 | | (二） 电力行业相关数据………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 7 | | 三、 太阳能单月装机创新高，火电发电量由降转增 | | 四、 开展新型电力系统建设试点，助力新能源消纳……………………………………………………………………………………………………………………………11 | | 五、 环保公用行业表现………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………１2 | | ...

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by over 10% in the next six months [47]. Core Insights - The public utility index increased by 1.0% over the past two weeks, underperforming the CSI 300 index by 2.2 percentage points, ranking 28th among 31 industries [6][13]. - Year-to-date, the public utility index has decreased by 0.02%, also underperforming the CSI 300 index by 0.9 percentage points, ranking 23rd among 31 industries [6][13]. - Among the sub-sectors, the heating service sector rose by 6.4%, photovoltaic power generation by 5.2%, and electric energy comprehensive services by 3.3% in the last two weeks [15]. - The report highlights significant developments in the southern regional electricity market, marking a key step towards a unified national electricity market [42]. Summary by Sections 1. Market Review - As of July 3, the public utility index has seen a 1.0% increase in the last two weeks, while the CSI 300 index has outperformed it by 2.2 percentage points [6][13]. - The sub-sectors showed mixed performance, with five sectors rising and two declining [15]. 2. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is 18.5 times, with the photovoltaic sector at 747.3 times, indicating a significant valuation disparity [20][21]. 3. Industry Data Tracking - The average price of Shenxi Yulin block coal (Q6000) was 596 RMB/ton, up 2.4% from the previous value, while Qinhuangdao port coal (Q5500) averaged 613 RMB/ton, up 0.4% [32][33]. 4. Key Company Announcements - China Nuclear Power reported a 15.65% year-on-year increase in cumulative power generation for the first half of the year [40]. - Longyuan Power announced a 23.58% decrease in power generation for June compared to the previous year [40]. 5. Key Industry News - The southern regional electricity market's continuous settlement trial was launched, aiming to optimize electricity resource allocation across provinces [44]. - The State Council emphasized encouraging private capital participation in water and electricity infrastructure projects [44]. 6. Industry Weekly Perspective - The report suggests focusing on companies like Huadian International and Guodian Power due to the decline in average coal prices [42].

Investment Rating - The report maintains a "Recommendation" rating for the building materials industry [2] Core Views - The real estate policy continues to stabilize, which is expected to support the recovery of leading companies in the consumption building materials sector [14][15] - The cement market is experiencing continued low demand and overall price decline, with a national average shipment rate of 43.4% [11][21] - The float glass market is facing price declines and weak supply-demand support, with a current average price of 1174 RMB/ton [12][21] - The fiberglass market shows stable pricing for alkali-free roving, while electronic yarn prices remain steady [13] Summary by Sections Industry Dynamics - The cement market saw a price drop of 1.1% this week, with significant declines in various regions, while some areas like Jilin and Henan experienced slight price increases [11][21] - The float glass market's average price decreased by 7.14 RMB/ton, with a total production of 1.0909 million tons this week, reflecting a year-on-year decline of 8.2% [12][21] - The fiberglass market remains stable, with prices for alkali-free roving around 3500-3600 RMB/ton, while electronic yarn prices are expected to remain stable due to tight supply [13] Consumption Building Materials - The real estate policy is expected to drive demand for high-quality building materials, with the "Good House" national standard promoting industry transformation [14][15] - The report highlights the potential for recovery in the consumption building materials sector, particularly for leading companies [15] Recommended Stocks - Key recommended stocks include Weixing New Materials, Keda Manufacturing, Mona Lisa, Beixin Building Materials, Keshun Co., Dongpeng Holdings, with a focus on companies like China National Materials and Tianan New Materials [16][18]

Core Viewpoint - The establishment of a unified electricity market in China is progressing, with the southern regional electricity market initiating continuous settlement trials, marking a significant step towards a nationwide unified electricity market by 2025 [1][3]. Group 1: Market Development - The southern regional electricity market is the first continuous operation regional electricity market in China, covering five provinces: Guangdong, Guangxi, Yunnan, Guizhou, and Hainan [1]. - This market is the largest unified clearing electricity spot market globally, with an expected daily trading volume of 3.8 billion kilowatt-hours, surpassing the combined electricity consumption of the UK, France, and Germany [1]. - The market allows for real-time trading across provinces, breaking down barriers and enabling resource allocation based on supply and demand dynamics [1][2]. Group 2: Impact on Renewable Energy - The unified electricity market aims to address the challenges of integrating renewable energy, particularly in western regions where wind and solar energy consumption is difficult [3]. - The market is expected to facilitate the nationwide flow of renewable energy, creating a new power system with enhanced capacity for renewable energy absorption [3]. - In November 2024, the southern grid is projected to achieve a renewable energy utilization rate of 99.21% under high renewable generation conditions [3]. Group 3: Future Plans - The National Energy Administration's development plan outlines that by 2025, a preliminary nationwide unified electricity market will be established, with standardized trading rules and technical standards [3]. - By 2029, the goal is to fully establish the unified electricity market, ensuring uniform market regulations and high-standard connectivity of market facilities [3][4]. - The southern regional electricity market's establishment serves as a benchmark for the nationwide unified electricity market, demonstrating operational feasibility and scientific validity [4].

Core Viewpoint - The National Development and Reform Commission (NDRC) has made significant progress in promoting the consumption of renewable energy, particularly wind and solar power, which now account for a substantial portion of the country's total installed capacity [1][2]. Group 1: Renewable Energy Development - As of the end of May, China's installed capacity for wind and solar power reached 570 million and 1.08 billion kilowatts, respectively, making up 45.7% of the total installed capacity, surpassing that of thermal power [1]. - The NDRC emphasizes that the high-level consumption of large-scale renewable energy is crucial for building a new energy system [1]. Group 2: Measures to Enhance Renewable Energy Consumption - The NDRC, in collaboration with relevant parties, has implemented a series of measures to improve renewable energy consumption, achieving a utilization rate of over 90% nationwide [2]. - Key strategies include optimizing the transmission of electricity and local consumption, leveraging resources in desert and arid regions to establish large-scale renewable energy bases, and facilitating the direct supply of green electricity to specific users [2]. Group 3: Infrastructure and Regulatory Developments - China has built the world's largest power grid, with the highest voltage levels and the longest ultra-high voltage transmission lines, currently operating 43 ultra-high voltage transmission channels [3]. - The new energy storage capacity has exceeded 80 million kilowatts, indicating a growing market for energy storage solutions as renewable energy becomes more integrated into the market [3]. - The NDRC is also focusing on enhancing demand-side flexibility and promoting the construction of charging infrastructure, which has surpassed 14 million units nationwide [3].