Investment Rating - The report maintains an "Accumulate" rating for the public utility sector [1] Core Insights - The report emphasizes the long-term value enhancement of special fuels and gases in commercial aerospace, recommending Jiufeng Energy as a key investment opportunity. The company has made significant progress in supplying special fuels and gases for the Hainan commercial aerospace launch site, with production starting in 2025 and multiple successful launches already supported [4] - The first batch of national-level zero-carbon park construction lists has been published, involving 52 parks, with guidelines for energy supply optimization and infrastructure planning to meet zero-carbon goals [4] Industry Data Tracking - **Electricity Price**: The average national grid purchase price in November 2025 decreased by 2% year-on-year but increased by 2.8% month-on-month [4][38] - **Coal Price**: As of December 31, 2025, the price of thermal coal at Qinhuangdao port was 678 RMB/ton, down 11.37% year-on-year and 0.44% week-on-week [4][46] - **Water Conditions**: The water level at the Three Gorges Reservoir was 170.59 meters as of December 31, 2025, with inflow and outflow rates showing a year-on-year decrease of 27% and 5.3%, respectively [4][53] - **Electricity Consumption**: Total electricity consumption from January to November 2025 was 9.46 trillion kWh, reflecting a year-on-year increase of 5.2% [4][13] - **Power Generation**: Cumulative power generation from January to November 2025 was 8.86 trillion kWh, with a year-on-year increase of 2.4% [4][23] - **Installed Capacity**: As of November 30, 2025, the cumulative installed capacity of thermal power reached 1.52 billion kW, with a year-on-year increase of 5.9% [4][48] Investment Recommendations - **Green Power**: Focus on companies like Longyuan Power, Zhongmin Energy, and Sanxia Energy, with a strong recommendation for Longjing Environmental Protection [4] - **Thermal Power**: Explore the reliability and flexibility value of thermal power, with attention to Huaneng International and Huadian International [4] - **Hydropower**: Recommend Changjiang Power due to low costs and strong cash flow [4] - **Nuclear Power**: Highlight China Nuclear Power and China General Nuclear Power as key growth opportunities [4] - **Solar Assets and Charging Stations**: Suggest companies like Southern Power Grid Energy and Longxin Group for potential value reassessment [4]

21世纪经济报道记者雷椰 李德尚玉 北京报道 首批国家级零碳园区建设名单公布后，下一步如何推进？ 在国家发展改革委、工业和信息化部、国家能源局指导下，首批国家级零碳园区建设名单重磅出炉，共纳入52个园区。建设名单实现全国 31 个省、自治区、直辖市及新疆生产建设兵团全覆盖，每个地区至少 1 个园区入选。匹配不同园区产业复杂度与转型难度，园区建设周期集中 2025—2027年、2025—2028年、2025—2030年三个梯度。 "首批国家级零碳园区产业以低能耗、低污染、高附加值的新能源集聚型产业为主，核心覆盖三大方向：新能源装备制造、先进装备制造和绿 色算力与特色产业。"针对首批国家级零碳园区的建设，中国循环经济协会副秘书长兼碳达峰碳中和工作委员会秘书长刘翠玲接受21世纪经济 报道专访时介绍。 《21世纪》：入选首批国家级零碳园区建设名单的园区呈现怎样特点？ 刘翠玲：产业结构上，本次首批入选建设名单的52个园区涉及产业以低能耗、低污染、高附加值的新能源集聚型产业为主，包括新能源装备制 造、先进装备制造、算力中心等，突出了"以绿制绿"的产业发展导向，强调产业发展与清洁能源消纳能力相适配，形成"以绿引产、以产促 ...

通知明确，这批园区将发挥国家级零碳园区示范引领作用，适时将典型经验做法在全国推广。各相关地 市、园区和单位要切实承担建设国家级零碳园区的主体责任，按照国家级零碳园区指标要求扎实编制建 设方案，统筹优化能源供给消费，加强源荷匹配，规划重点任务和基础设施工程，合理设定推进时序， 尽快形成实物工作量，尽早达到国家级零碳园区目标要求。 此外，各地区发展改革委、工业和信息化主管部门、能源局将在资金安排、要素保障、技术支持、金融 服务等方面给予必要支持，推动绿电直连、新能源就近接入增量配电网等绿色电力直接供应模式在国家 级零碳园区落地。 （文章来源：中国经营报） 12月26日，国家发展改革委、工业和信息化部、国家能源局联合印发《国家级零碳园区建设名单（第一 批）》的通知，共有52个园区入选。 在52个国家级零碳园区中，北京经济技术开发区等15个园区要求在2025—2028年期间建设完成；河北沧 州沧东经济开发区等6个园区要求在2025—2027年期间建设完成；吉林四平新型工业化经济开发区等6个 园区要求在2025—2029年期间建设完成；天津经济技术开发区等25个园区要求在2025—2030年期间建设 完成。 ...

发改办环资 〔 2025 〕 1082 号 各省、自治区、直辖市及新疆生产建设兵团发展改革委、工业和信息化主管部门、能源局： 国家发展改革委办公厅 工业和信息化部办公厅 国家能源局综合司 关于印发《国家级零碳园区建设名单（第一批）》的通 知 按照《国家发展改革委 工业和信息化部 国家能源局关于开展零碳园区建设的通知》（发改环资 〔 2025 〕 910 号 ）要 求，经园区申报、地方推荐、专家评审、部门会商等程序，确定了 国家级零碳园区建设名单（第一批），共纳入 52 个园 区。现予公布，并就有关事项通知如下： 一、 各地区发展改革委、工业和信息化主管部门、能源局要会同有关方面加强对建设名单内园区的指导，督促有关地市、 园区和单位切实承担建设国家级零碳园区的主体责任，按照国家级零碳园区指标要求扎实编制建设方案，统筹优化能源供 给消费，加强源荷匹配，规划重点任务和基础设施工程，合理设定推进时序，尽快形成实物工作量，尽早达到国家级零碳 园区目标要求。 二、各地区发展改革委、工业和信息化主管部门、能源局要积极支持本地区国家级零碳园区建设，在资金安排、要素保 障、技术支持、金融服务等方面给予必要支持，推动绿电直连、新 ...

Market Overview - On August 1, the market experienced fluctuations with the three major indices slightly declining, and the total trading volume in the Shanghai and Shenzhen markets was 1.60 trillion CNY, a decrease of 337.7 billion CNY compared to the previous trading day[2] - The Shanghai Composite Index saw a net outflow of 2.381 billion CNY, while the Shenzhen Composite Index had a net inflow of 2.675 billion CNY[4] Sector Performance - The sectors with the highest net inflows were photovoltaic equipment, traditional Chinese medicine, and logistics, while the sectors with the highest net outflows included semiconductors, components, and ground weaponry[4] - The pharmaceutical and education sectors showed resistance but did not exhibit complete trends, indicating potential areas for continued observation[1] Economic Policy Insights - The National Development and Reform Commission (NDRC) announced that the 800 billion CNY list of "two heavy" construction projects has been fully allocated, and 735 billion CNY of central budget investment has been largely distributed[5] - The NDRC plans to implement a "AI+" initiative to enhance the application of artificial intelligence, indicating a focus on technological advancement[5] Long-term Investment Directions - Long-term investment opportunities are expected to be centered around industries supported by national policies, particularly in new energy and computing power sectors[1] - The NDRC is also working on establishing a list of national-level zero-carbon parks, which may present future investment opportunities[5] Fund Dynamics - The second batch of floating fee funds is set to launch, with three products scheduled for issuance on August 4, including a medical innovation fund with a fundraising cap of 3 billion CNY[12] - The number of private equity securities investment funds from insurance companies has increased to six, indicating a growing trend of long-term capital inflow into the market[13]