2025 年 06 月 22 日 环保及公用事业 5 月用电量数据发布，虚拟电厂建设加 速推进 本周专题：虚拟电厂推进加速，商业模式进一步清晰 6 月 4 日，国家发改委与国家能源局发布《关于组织开展新型电力系 统建设第一批试点工作的通知》，通知提出要围绕构网型技术、系统 友好型新能源电站、智能微电网、算力与电力协同、虚拟电厂、大规 模高比例新能源外送、新一代煤电等七个方向开展试点工作。这是继 4 月"357 号文"发布后又一国家层面加快虚拟电厂发展的文件。地 方层面看，上海、陕西等地相继发布相关政策，虚拟电厂建设加速推 进。357 号文的发布，从明确准入条件、健全电能量市场机制、完善 辅助服务市场机制和优化需求响应机制四个方面，为虚拟电厂参与电 力市场提供了清晰的路径和规范。建议关注虚拟电厂/功率预测相关 标的，国能日新、朗新集团、东方电子、恒实科技、国网信通、协鑫 能科、合康新能等；以及受益于数据中心放量的绿电标的，同力日升 等。 行情回顾： 6 月 9 日-6 月 20 日上证指数下跌 0.75%，创业板指下跌 1.45%，公用 事业指数下跌 0.87%，跑输上证综指 0.12pct,环保指数下跌 3. ...

Core Viewpoint - Victorious Joy Water Services Limited has reduced its stake in Jinko Environmental Co., Ltd. from 17.8815% to 12.9195% through a share transfer, indicating a strategic decision based on its funding needs [1][4][5]. Group 1: Shareholding Changes - Victorious Joy Water Services Limited held 18,375,000 shares, representing 17.8815% of the total share capital before the reduction [4][5]. - After the reduction, the total shares held decreased to 15,906,361, which is 12.9195% of the total share capital [5][6]. - The reduction was executed through an inquiry transfer of 6,143,639 shares, accounting for a decrease of 4.9900% in ownership [5][6]. Group 2: Purpose and Future Plans - The purpose of this equity change is attributed to the funding needs of Victorious Joy Water Services Limited, leading to a decrease in its shareholding [4][5]. - The company does not rule out the possibility of increasing or further reducing its stake in Jinko Environmental within the next 12 months, adhering to relevant legal disclosure obligations [4][5]. Group 3: Regulatory Compliance - The report complies with the Securities Law and the Regulations on the Management of Acquisitions of Listed Companies, ensuring all necessary disclosures are made [2][3]. - Victorious Joy Water Services Limited has confirmed that there are no other significant shareholdings in other listed companies that exceed 5% of their issued shares [4].

Group 1 - The core viewpoint is that the renaming of several environmental companies, removing terms like "ecology," "environment," and "environmental protection," indicates a decline in the attractiveness of the environmental sector, yet it also reflects a strategic shift towards core business focus and deeper development opportunities [1] - The environmental industry is facing intensified competition, leading to a decrease in market valuations, but this also presents a window for companies to adjust their development strategies [1] - Small and medium-sized environmental companies can still find growth opportunities by broadening their perspectives and seeking collaborations, particularly with rapidly developing state-owned environmental groups [1] Group 2 - Environmental companies are encouraged to adopt the "sweet potato economy" model from Zhejiang Province, which involves local enterprises expanding beyond regional limitations through trade, investment, and industry chain extension to optimize resource allocation [2] - The ongoing "Belt and Road" initiative provides an opportunity for environmental companies to expand internationally while contributing to global economic development [2] - Strengthening technological innovation is crucial for environmental companies, as unique technological inventions or superior governance techniques can provide a competitive edge in the market [2]

Group 1: Open Market Operations - The central bank announced a 203.5 billion yuan 7-day reverse repurchase operation on June 19, with a fixed interest rate of 1.40%, and the full bid amount was accepted [1] - On the same day, 119.3 billion yuan of reverse repos matured, resulting in a net injection of 84.2 billion yuan [1] Group 2: Funding Conditions - The funding environment appears slightly tighter, with the central bank shifting to net injections; the overnight pledged repo rate has slightly increased to around 1.37%, while the 7-day pledged repo rate rose by nearly 2 basis points [3] - The latest overnight financing guarantee rate in the U.S. is reported at 4.31% [5] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is approximately 1.64%, showing a slight decrease from the previous day [7] Group 4: Bond Market - The closing prices for government bond futures showed a 0.16% increase for the 30-year main contract, while the 10-year main contract remained unchanged; the 5-year and 2-year main contracts saw slight declines of 0.02% and 0.01%, respectively [11] Group 5: Bond Issuance - Poly Development has received approval to register a 5 billion yuan short-term financing bond [16] - Guotai Junan has been granted approval to issue 15 billion yuan in corporate bonds for technological innovation [16] - Lanzhou Bank has been approved to issue up to 5 billion yuan in perpetual capital bonds [16] - The Export-Import Bank of China issued 10 billion yuan in bonds to support Shanghai's foreign trade and development [16]

Core Viewpoint - The introduction of the "Technology Vice President" mechanism in Wenzhou has significantly enhanced the innovation capabilities of local private enterprises, facilitating the transformation of scientific and technological achievements into practical applications and driving economic growth. Group 1: Technology Vice President Mechanism - The Technology Vice President mechanism has led to the transformation of 150 scientific achievements with a transaction value of nearly 200 million yuan in Wenzhou [1] - Since the beginning of 2024, 453 researchers have been assigned to 451 enterprises as Technology Vice Presidents, fostering innovation and collaboration [2] - The mechanism has effectively integrated the education, talent, industry, and innovation chains, addressing the development bottlenecks faced by private enterprises [3] Group 2: Impact on Local Enterprises - The collaboration with academic professionals has resulted in significant projects, such as the development of an AI detection technology team that increased output by nearly 10 million yuan [2] - The Technology Vice Presidents have helped local companies develop new technologies, such as a small decentralized wastewater treatment equipment and a new process for treating toxic wastewater [3] - The initiative has created a resource pool of nearly 1,400 experts, enhancing the support for Wenzhou's key industries [3] Group 3: Future Developments - The implementation of the 2.0 version of the "Wenzhou City Deepening Technology Vice President Deployment Work Implementation Plan" aims to clarify selection standards and responsibilities while expanding the service scope to high-tech and specialized small and medium-sized enterprises [3] - An online platform for Technology Vice Presidents will be established, incorporating AI big data models to improve the matching of research outcomes and expert resources [3]

Mergers and Acquisitions - Kangda New Materials plans to acquire at least 51% equity in Chengdu Zhongke Huami Electronics Co., Ltd. through cash payment, aiming to gain control over the company, which specializes in high-reliability integrated circuit products [1] - CITIC Guoan intends to increase its investment in China Broadcasting Hunan Company by signing a capital increase agreement, contributing 278 million yuan, which will result in a 5.29% equity stake in the company [2] - Baodi Mining intends to purchase 82% equity in Xinjiang Congling Energy Co., Ltd. and 5% equity from JAAN for a total transaction price of 685 million yuan, while also raising matching funds [3] Shareholding Changes - Qianhong Pharmaceutical's actual controller's concerted actor, Wang Ke, plans to continue increasing his stake by acquiring no less than 12.4 million shares through block trading [4] - China Haifang announced that the shareholding ratio of Guofeng Investment Fund and its concerted actors has decreased from 5.06% to 5% [5] - Dongzhu Ecology's director, Li Jiajun, plans to reduce his holdings by no more than 58,800 shares, which is 0.01% of the total share capital [6] Risk Matters - Hengshuai Co., Ltd. is actively exploring applications in the robotics field but has not yet formed relevant orders, with projected revenue from related products not exceeding 1% of total revenue in 2024 [7] - Tongyuan Petroleum's stock has experienced severe abnormal fluctuations, with a cumulative price increase deviation exceeding 100% over ten trading days, and a rolling P/E ratio of 83.04, significantly different from industry peers [9] - ST Dongshi's stock and convertible bonds will be suspended from trading due to failure to rectify fund occupation issues within the mandated period [10]

证券研究报告 公用环保 2Q25 业绩前瞻：火电利润高弹性，环 保关注现金流 华泰研究 2025 年 6 月 19 日│中国内地 动态点评 2Q25 业绩前瞻：火电利润高弹性，环保关注现金流 5 月全国火电发电量由降转增，2Q25 煤价同环比下降（考虑 1 个月库存）， 考虑煤炭结构差异，我们认为主要火电公司 2Q25 业绩或出现分化；4/5 月 全国水电发电量同比下滑，不同流域存在分化；核电机组稳健运行；1-4 月 装机增长支撑绿电运营商电量同比提升；4 月全国天然气表观消费量同比下 滑。展望 3Q25，火电关注电价 vs 煤价剪刀差；水电盈利主要取决于来水情 况；绿电关注机制电价细则和国补确权进展；燃气关注天然气需求是否改善； 环保公司主要关注现金流、水价调整、绿色和智慧潜能释放空间。 火电：5 月发电量由降转增，2Q25 煤价同环比下降，业绩或出现分化 4 月全国火电发电量同比下滑，5 月由降转增，2Q25 煤价同环比下降。据 国家统计局，2025 年 4/5 月全国火电发电量同比-2.3/+1.2%。考虑 1 个月 库存，2Q25 秦皇岛动力末煤平仓均价 654 元/吨（5500 大卡），同比下降 2 ...

Core Viewpoint - Beijing University of Technology (BJUT) is actively enhancing its role in technology transfer and innovation to support the development of Beijing as an international technology innovation center, leveraging its unique position as a high-level research university in China [1][6][10]. Group 1: Technology Innovation and Transfer - BJUT has implemented a series of initiatives to improve the efficiency of technology transfer, addressing common challenges faced by universities in this area [1][6]. - The university has established a smart optimization platform for urban wastewater treatment, showcasing the integration of multiple disciplines such as control, artificial intelligence, and environmental science [1]. - BJUT has introduced concepts like "hydrogen regenerative medicine" and "hydrogen beauty," with several patents filed for related technologies, indicating a strong focus on cutting-edge research [1]. Group 2: Global Collaboration and Events - The 2025 Global University Technology Transfer Promotion Conference was held at BJUT, attracting participation from 158 universities and 520 enterprises across Asia, Europe, and North America, highlighting the university's role in fostering global academic exchange [4][6]. - BJUT has hosted the conference for three consecutive years, continuously improving its quality and outreach to enhance technology transfer effectiveness [6]. Group 3: Institutional Reforms - BJUT is a pilot institution for empowering researchers, having adopted a "power first, then transfer" reform model that incentivizes faculty to engage in technology transfer by granting them ownership of intellectual property [7][9]. - The establishment of the Technology Transfer Center and National University Science Park is part of BJUT's strategy to enhance the technology transfer mechanism and support innovation [9]. Group 4: Innovation Ecosystem Development - The "Shanhe Wanggu" innovation district, developed in collaboration with local government and enterprises, aims to create a vibrant innovation ecosystem in the southeastern part of Beijing, focusing on artificial intelligence applications [10][12]. - The innovation district consists of a core area for original technology development, a pilot area for technology transfer, and an industrial area for product development, promoting a synergistic approach to technology commercialization [12][13]. Group 5: Future Goals and Strategic Vision - BJUT aims to contribute significantly to the construction of Beijing as a major global scientific center and innovation hub by integrating education, technology, and talent development [13]. - The university plans to leverage its new campus construction opportunities to strengthen its role in national strategic technology initiatives and enhance its impact on regional technology transfer [13].

Important Market News - The Federal Reserve decided to maintain the federal funds rate target range at 4.25% to 4.50%, marking the fourth consecutive meeting with no change in rates. The major U.S. stock indices closed mixed, with the Nasdaq up 0.13% and the S&P 500 down 0.03% [1] - International gold prices fell, with spot gold down 0.55% at $3368.47 per ounce, and COMEX gold futures down 0.6% at $3386.40 per ounce. International oil prices also saw slight declines, with WTI crude down 0.22% at $73.11 per barrel [1] Industry Insights - The People's Bank of China announced the establishment of an interbank market trading report database to analyze trading data across various financial sub-markets. Additionally, a digital RMB international operation center will be set up to promote the internationalization of the digital currency [3] - Trend Force reported a 53% month-on-month increase in DDR4 prices, the largest increase since 2017. Micron has confirmed plans to phase out DDR4 production, impacting supply for PC and data center applications [4][5] - The first humanoid robot industry chain exhibition in China will be held on June 20, showcasing advanced technologies and attracting major companies like Tesla. The demand for talent in the humanoid robot sector has surged, with job postings increasing by 409% year-on-year [6]

Open Market Operations - The central bank announced a reverse repurchase operation of 156.3 billion yuan for 7 days at an interest rate of 1.40% on June 18, with 164 billion yuan of reverse repos maturing on the same day, resulting in a net withdrawal of 7.7 billion yuan [1]. Funding Conditions - The impact of the tax period is nearing its end, leading to a stable funding environment. The overnight pledged repo rate for deposit-taking institutions slightly decreased to around 1.37%, while the 7-day pledged repo rate saw a slight increase. In the overseas market, the latest overnight financing rate in the US is 4.32% [3]. Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.65%, showing little change from the previous day [6]. Government Bond Futures - The closing prices for government bond futures are as follows: the 30-year main contract increased by 0.09%, the 10-year main contract decreased by 0.01%, the 5-year main contract decreased by 0.01%, and the 2-year main contract increased by 0.01% [10]. Key Financial Policies - The People's Bank of China announced eight significant financial opening measures at the 2025 Lujiazui Forum, including the establishment of a trading report database for the interbank market and a digital RMB international operation center, among others [11]. - The Chairman of the China Securities Regulatory Commission emphasized enhancing the inclusiveness and adaptability of the system, focusing on deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [11]. Bond Market Events - The 2025 Lujiazui Forum opened with announcements of major financial policies, including the development of Sci-Tech bonds and the acceleration of the launch of Sci-Tech bond ETFs [15]. - Recent negative events in the bond market include downgrades in ratings for several companies, indicating potential risks in the non-standard assets of local government financing vehicles [16].