Investment Rating - The report maintains a "Recommended" investment rating for the environmental and public utility sector [2] Core Insights - The environmental sector index increased by 0.26%, while the public utility sector index decreased by 1.19%, indicating a divergence in performance [7] - The report highlights the ongoing pilot projects in hydrogen energy, aiming to support the entire chain of hydrogen "production, storage, transportation, and utilization" [11] - The report emphasizes the need for market-oriented measures in electricity management, particularly in cross-provincial emergency dispatching [11] Summary by Sections Key Event Interpretations - The National Energy Administration has initiated hydrogen energy pilot projects to promote clean energy consumption in various sectors [11] - The National Development and Reform Commission has proposed a management method for cross-provincial electricity emergency dispatching to ensure power supply safety [11] Market Performance Review - The environmental sector has shown a cumulative increase of 6.01% since the beginning of 2025, outperforming the Shanghai and Shenzhen 300 indices [7] - The report notes that the coal price remains low, with Qinhuangdao's 5500 kcal thermal coal price at 620 CNY/ton, a significant drop from previous highs [23][24] Industry Data Tracking - As of June 13, 2025, the water level of the Three Gorges Reservoir is 150.66 meters, showing a year-on-year increase of 1.6% [25] - The report tracks the price of polysilicon, which has decreased to 35 CNY/kg, reflecting ongoing price adjustments in the market [40] Key Industry Events - The report discusses the implementation of various policies aimed at promoting hydrogen energy and carbon emission reduction across different provinces [54][55]

Group 1 - The National Development and Reform Commission (NDRC) is soliciting public opinions on the draft of the "Emergency Dispatch Management Measures for Cross-Province and Cross-Region Electricity" [1] - The measures prioritize resource allocation and price formation through market-oriented methods such as long-term trading and spot trading when there are safety risks or power balance gaps [1] - If market-oriented methods are insufficient to resolve issues, electricity dispatch agencies may implement emergency dispatch in the day-ahead or intraday stages [1]

Group 1 - The core theme of the event was to showcase the advancements in emergency management and safety measures in Shaanxi and Sichuan provinces, highlighting significant achievements in disaster prevention and response [1] - The "Smart Emergency Brain" in Chenggu County has established a robust safety system for the Qinba Mountains, utilizing 40 smart warning devices for fire prevention and real-time monitoring [2][3] - The integration of digital tools like the "City-Enterprise Smart Safety" app enhances regulatory efficiency and reduces burdens on enterprises by streamlining risk management processes [2] Group 2 - The establishment of emergency rescue stations in communities, such as the 150 stations in Lianhu District, extends safety measures directly to residents [4] - Community emergency response teams, comprising volunteers and property management staff, are actively engaged in safety inspections and emergency training [5] - The implementation of a comprehensive information-sharing system in Zhen'an County facilitates real-time communication and resource allocation during emergencies, improving response efficiency [6][7]