1. Report Industry Investment Rating - No relevant information provided 2. Core Views - In the bond market, the central bank conducted 4065 billion yuan of 7 - day reverse repurchase operations yesterday, with 1973 billion yuan of reverse repurchases maturing. On June 25, it will conduct 3000 billion yuan of 1 - year MLF operations. The central bank adheres to a supportive monetary policy stance, and the transformation of the monetary policy framework is a continuous process [4]. - In the stock index market, due to the easing of the geopolitical conflict between Iran and Israel and the expectation of expanded market liquidity, the stock index rose with heavy volume yesterday, and the Shanghai Composite Index broke through the previous high of 3417. In the short term, the market liquidity is acceptable, and with the alleviation of macro - negatives, the stock index is expected to run strongly [5]. 3. Summary by Related Catalogs Bond Market - **Price and Change**: DRO01 closed at 1.37 with a 0.04 bp change, DR007 at 1.67 with a 16.09 bp change, GC001 at 1.60 with a 7.50 bp change, GC007 at 1.90 with a 12.00 bp change, SHBOR 3M at 1.63 with no change, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.36 with a 0.71 bp change, 5 - year treasury at 1.52 with a 0.97 bp change, 10 - year treasury at 1.65 with a 0.80 bp change, and 10 - year US treasury at 4.34 with a - 4.00 bp change [4]. - **Market Operation**: This week, there are 9603 billion yuan of reverse repurchases maturing in the central bank's open market, with 1563 billion, 2035 billion, and 1612 billion yuan maturing from Wednesday to Friday respectively. The central bank governor said that the central bank has introduced multiple monetary policy measures in the past year [4]. Stock Index Market - **Index Price and Change**: At yesterday's close, the CSI 300 rose 1.2% to 3904, the SSE 50 rose 1.16% to 2715.9, the CSI 500 rose 1.62% to 5765.8, and the CSI 1000 rose 1.92% to 6194.7. The trading volume of the Shanghai and Shenzhen stock markets reached 14146 billion yuan, a significant increase of 2920 billion yuan from the previous day [5]. - **Sector Performance**: Most industry sectors rose. The motor, battery, auto parts, game, and packaging materials sectors led the gains, while the mining, petroleum, gas, shipping port, and precious metals sectors led the losses [5]. - **Contract Information**: The trading volume and open interest of IF, IH, IC, and IM contracts all increased. The IF contract had a trading volume increase of 22.6% and an open interest increase of 4.3%, the IH contract had a trading volume increase of 14.9% and an open interest increase of 3.2%, the IC contract had a trading volume increase of 23.3% and an open interest increase of 3.1%, and the IM contract had a trading volume increase of 16.6% and an open interest increase of 1.6%. The IF, IH, IC, and IM contracts also have different levels of premium and discount rates [5]. - **Market Driver**: The rapid reversal of the Iran - Israel situation and the expectation of interest rate cuts in the US led to the rise of the stock index with heavy volume. The Shanghai Composite Index broke through the previous high [5].

Core Viewpoint - The report details the equity changes of Shandong Waterfa Gas Co., Ltd., indicating an increase in shares through a specific issuance to designated investors, primarily involving Shandong Waterfa Group Co., Ltd. [1][2] Group 1: Company Overview - Shandong Waterfa Gas Co., Ltd. is listed on the Shanghai Stock Exchange under the stock code 603318.SH [1] - The company is controlled by Shandong Waterfa Group Co., Ltd., which holds a significant stake [3][4] - The registered capital of Shandong Waterfa Group Co., Ltd. is approximately 600,069.65 million RMB [3] Group 2: Shareholding Changes - The equity change involves the subscription of newly issued shares by Shandong Waterfa Group Co., Ltd. [2] - The report confirms that the necessary approvals for this equity change have been obtained from relevant authorities [2] - The report states that there have been no other changes in shareholding outside of what is disclosed [1][2] Group 3: Financial Data - As of the report date, the total assets of Shandong Waterfa Group Co., Ltd. are approximately 16,131,945.27 million RMB, with net assets of about 3,592,141.21 million RMB [11] - The company reported a revenue of approximately 6,417,748.33 million RMB and a net profit of 30,531.03 million RMB for the latest fiscal year [11] - The asset-liability ratio stands at 77.73% [11] Group 4: Corporate Governance - The report outlines the governance structure, including the roles of key executives such as the Chairman and General Manager, Liu Zhiguo [11][12] - It confirms that the company and its associated parties have not faced any significant legal issues in the past five years [11]

Core Viewpoint - Guizhou Gas Group Co., Ltd. maintains a strong market position in the Guizhou province, with rapid growth in gas sales volume, despite facing challenges such as rising natural gas procurement prices and investment pressures in pipeline construction [4][5][11]. Financial Overview - Total assets of Guizhou Gas reached 121.19 billion yuan in 2025, with total liabilities at 79.32 billion yuan, resulting in a debt-to-asset ratio of 65.45% [5][6]. - The company reported a total revenue of 66.80 billion yuan in 2024, with a net profit of 1.01 billion yuan, reflecting a slight decrease from previous years due to increased bad debt provisions [5][18]. - EBITDA for 2024 was 7.23 billion yuan, with an EBITDA interest coverage ratio of 3.42 times [5][18]. Market Position - Guizhou Gas is the largest urban gas operator in Guizhou province, holding 37 pipeline gas operating rights and covering major population centers [11][12]. - The company has seen a significant increase in gas supply, with a total gas supply of 19.09 billion cubic meters in 2024, a year-on-year increase of 17.59% [12][13]. Operational Challenges - The company faces challenges such as rising natural gas procurement prices and the need for further investment in pipeline infrastructure, which may impact its operational efficiency [4][5][11]. - The gas sales price has slightly decreased due to regulatory changes, leading to a narrowing of the purchase-sale price spread [12][13]. Future Outlook - The credit rating outlook for Guizhou Gas is stable, with potential for upgrades if gas consumption increases significantly and profitability improves [5][6]. - The company plans to continue expanding its gas infrastructure and enhancing its operational capabilities, with a focus on digital transformation and market expansion [9][11]. Corporate Governance - The company has undergone management changes but maintains a stable governance structure, with the controlling shareholder, Wujiang Energy Investment Co., Ltd., continuing to support its operations [9][10][22]. - Guizhou Gas is actively pursuing the acquisition of shale gas assets to enhance its operational capacity and market position [10][11]. Investment and Financing - The company has issued convertible bonds to finance urban gas pipeline construction and repay bank loans, with a total issuance of 10 billion yuan [22][23]. - As of May 2025, the company had unused bank credit of 5.337 billion yuan, indicating a solid liquidity position [17][22].

目 录 水发派思燃气股份有限公司 前次募集资金使用情况 鉴证报告 致同会计师事务所（特殊普通合伙） 前次募集资金使用情况鉴证报告 公司前次募集资金使用情况报告 1-3 前次募集资金使用情况对照表 4 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 前次募集资金使用情况鉴证报告 致同专字（2025）第 210A016646 号 水发派思燃气股份有限公司全体股东： 我们审核了后附的水发派思燃气股份有限公司（以下简称水发燃气公司） 截至 2024 年 12 月 31 日的前次募集资金使用情况报告和前次募集资金使用情 况对照表。按照中国证券监督管理委员会《监管规则适用指引——发行类第 董事会的责任，我们的责任是在实施审核的基础上对水发燃气公司董事会编 制的上述前次募集资金使用情况报告及对照表发表鉴证意见。 我们按照《中国注册会计师其他鉴证业务准则第 3101 号——历史财务 信息审计或审阅以外的鉴证业务》的规定计划和实施审核工作，以合理确 ...

Investment Rating - The report maintains a "Recommendation" rating for the industry [2] Core Viewpoints - The environmental and public utility sectors experienced declines, with the environmental index down 2.51% and the public utility index down 1.13%. The power sector specifically saw a 1.31% drop, while the gas sector increased by 0.69% [6][31] - As of June 20, 2025, the price of Qinhuangdao 5500 kcal thermal coal has dropped to 620 CNY/ton, marking a relative low since 2022. The performance of thermal power companies varies significantly based on their geographic location and demand for electricity [6][10] - The report highlights a shift in electricity generation, with thermal power generation increasing to 4614.6 billion kWh in May, a year-on-year increase of 1.2%, while hydropower generation decreased by 14.3% [10][21] Summary by Sections Key Event Interpretations - In May, total electricity generation reached 7377.6 billion kWh, a year-on-year increase of 0.5%, with thermal power generation showing a recovery [10][21] - The overall electricity consumption in May was 8096 billion kWh, up 4.4% year-on-year, with a notable decline in the growth rate of electricity consumption in the secondary industry [21] Market Performance Review - The environmental sector has seen a cumulative increase of 3.34% since the beginning of 2025, outperforming the Shanghai and Shenzhen 300 indices [6][31] - The report details the performance of various sub-sectors, with thermal power down 1.31% and nuclear power showing a slight increase of 0.15% [31][37] Key Data Tracking - The report tracks coal prices, noting that the price of Qinhuangdao 5500 kcal thermal coal remains low, with significant declines from previous highs [46] - It also monitors water reservoir levels, with the Three Gorges Reservoir showing a water level of 149.13 meters as of June 20, 2025, a year-on-year increase of 0.3% [48] Industry Key Events - The report discusses recent government initiatives aimed at promoting renewable energy and improving energy efficiency, including financial support for renewable energy projects [78]

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by more than 10% in the next six months [47]. Core Insights - In May, the total electricity consumption in society increased by 4.4% year-on-year, reaching 809.6 billion kilowatt-hours [3][41]. - The public utility index rose by 0.1% in the last two weeks, outperforming the CSI 300 index by 1.0 percentage points, ranking 8th among 31 industries [10][12]. - The report highlights significant price movements in various sub-sectors, with the heating service sector up by 2.9% and the gas sector up by 2.6% in the last two weeks [12][14]. Summary by Sections 1. Market Review - As of June 19, the public utility index has decreased by 1.0% year-to-date, outperforming the CSI 300 index by 1.3 percentage points [10]. - Among the 131 listed companies in the public utility index, 46 saw stock price increases, with notable gains from Shouhua Gas (44.2%), GCL-Poly Energy (38.0%), and Tianhao Energy (18.6%) [14]. 2. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is 18.4 times, with the solar power sector having a notably high P/E ratio of 711.2 times [17][18]. - The heating service sector's P/E ratio stands at 31.9 times, while the gas sector's P/E ratio is 19.1 times [17]. 3. Industry Data Tracking - The average price of Shanxi Yulin thermal coal (Q6000) was 582 yuan per ton, a 3.9% increase from the previous value [30]. - The average price of Qinhuangdao port thermal coal (Q5500) was 610 yuan per ton, a 0.3% decrease from the previous value [30][33]. 4. Key Industry News - A significant financing product combining carbon assets and transformation finance was successfully launched, achieving a financing scale of 300 million yuan [39]. - The first remote intelligent operation system for large bridge cranes at hydropower stations has completed its first annual maintenance, marking a technological advancement in the industry [39]. 5. Weekly Industry Perspective - The report suggests focusing on companies like Huadian International (600027) and Guodian Power (600795) in the thermal power sector due to the decline in average coal prices [41]. - In the gas sector, companies such as Xin'ao Co. (600803) and Jiufeng Energy (605090) are recommended for their orderly price linkage in natural gas [41].

Group 1: Fixed Income and Economic Outlook - The Federal Open Market Committee (FOMC) maintained the federal funds rate target range at 4.25% to 4.5%, marking the fourth consecutive meeting without a rate change, aligning with market expectations [2] - The statement indicated a slight reduction in uncertainty regarding the economic outlook, although it remains at a high level [2] Group 2: Energy Transition and High-Temperature Superconductors - Shanghai Superconductor, a leading company in high-temperature superconducting materials, reported projected revenues of CNY 0.83 billion and CNY 2.40 billion for 2023 and 2024, respectively, reflecting year-on-year growth of 133% and 187% [2] - The company's gross profit margins are expected to improve to 55.77% and 60.52% in 2023 and 2024, respectively, with a significant increase in net profit to CNY 0.73 billion in 2024, indicating a turnaround [2] - The report anticipates that the demand for controllable nuclear fusion will drive down costs and expand application scenarios for high-temperature superconductors [2] Group 3: E-commerce and Retail Growth - The 2025 "618" e-commerce promotion is expected to see stable double-digit growth, driven by a slightly extended activity cycle, government subsidies, and increased user engagement through instant retail scenarios [4] - Major e-commerce platforms are expected to continue competing on improving merchant operations and enhancing user stickiness through multi-channel marketing [4] - Recommended stocks include Alibaba (BABA US/9988 HK) and JD.com (JD US/9618 HK) due to their strong brand support and potential for cross-selling in instant retail [4] Group 4: Utilities and Environmental Sector Performance - The report anticipates a mixed performance among major thermal power companies in Q2 2025, with coal prices expected to decline month-on-month [5] - Hydropower generation is projected to decline year-on-year, while nuclear power operations remain stable [5] - Key focus areas for green power operators include electricity pricing mechanisms and cash flow management for environmental companies [5] Group 5: New Energy and Technology Trends - The report highlights optimism in the profitability of battery and structural components in the electric vehicle sector, alongside advancements in solid-state battery technology [8] - Wind power demand is expected to remain robust, with profitability recovery driven by offshore wind projects [8] - Recommended stocks include CATL, EVE Energy, and others involved in emerging technology sectors such as humanoid robots and AIDC [8] Group 6: U.S. Treasury Market Demand - The report analyzes the structural characteristics of U.S. Treasury investors, noting that international investors, broad-based mutual funds, and the Federal Reserve account for over 60% of the market [7] - Different investor types exhibit distinct motivations for purchasing Treasuries, with expectations for continued demand from commercial banks and pension funds in the second half of 2025 [7]

Market Overview - A-shares and Hong Kong stocks experienced a collective decline, with the ChiNext Index dropping over 1% and more than 4,600 stocks falling [1][5] - The total trading volume in the two markets reached 1.25 trillion yuan, with sectors like mining, oil, and gas showing gains, while technology, real estate, and port sectors faced significant declines [3] Geopolitical and Economic Factors - Rising geopolitical risks, particularly concerning potential military actions by the U.S. against Iran, have heightened market volatility and increased risk aversion among investors [8][9] - The Federal Reserve's recent decision to maintain interest rates, coupled with warnings about tariffs potentially exacerbating inflation, has impacted global liquidity expectations and led to a sell-off in U.S. stocks, affecting Asian markets [10] Sector Performance and Investment Trends - High-performing sectors such as innovative pharmaceuticals, controlled nuclear fusion, and digital currencies have seen corrections, with specific stocks hitting their daily limit down [11][12] - The upcoming earnings reporting period for A-shares is expected to favor growth-oriented stocks, with historical data indicating that growth styles tend to perform better during this time [21][24] Future Signals and Investment Strategies - Analysts suggest monitoring two key signals: the geopolitical situation regarding U.S.-Iran tensions and domestic policy developments, particularly the upcoming Politburo meeting in late July [14][15] - The market is advised to focus on defensive assets like gold and oil-related funds, while also considering growth sectors such as AI and military technology for long-term investment [16][26] ETF Investment Trends - Despite recent market volatility, there has been a net inflow into ETFs over the past four days, indicating investor interest in diversified exposure [22][19] - Popular ETFs include those tracking the STAR Market, Hang Seng Technology, and various industry-specific funds, reflecting a balanced investment approach [20][18]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the CSI 300 index over the next six months [14]. Core Insights - The A-share market experienced a slight decline on June 19, 2025, with the Shanghai Composite Index closing at 3362.11 points, down 0.79%. The market showed a mixed performance, with sectors like mining, oil, gas, and cultural media performing well, while software development, internet services, electronic components, and chemical pharmaceuticals lagged [2][6]. - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 13.93 times and 37.00 times, respectively, which are at the median levels over the past three years, suggesting a favorable environment for medium to long-term investments [2][13]. - The market is expected to maintain a steady upward trend in the short term, with structural opportunities still present, particularly in sectors such as consumer electronics, communication equipment, semiconductors, and aerospace [2][13]. Summary by Sections A-share Market Overview - On June 19, 2025, the A-share market opened lower and experienced slight fluctuations, with the Shanghai Composite Index finding support around 3354 points. The market showed a general trend of minor fluctuations throughout the day, with significant trading volume of 12,810 billion yuan, above the median of the past three years [6][13]. - The performance of various sectors was mixed, with over 60% of stocks declining. Notable gainers included electronic components, optical electronics, consumer electronics, wind power equipment, and aerospace, while sectors like pesticides, beauty care, small metals, medical services, and pharmaceutical commerce saw significant declines [6][8]. Future Market Outlook and Investment Recommendations - The report anticipates a continued moderate recovery in the Chinese economy, driven by consumption and investment. The market expects the Federal Reserve to potentially lower interest rates as early as September, which may lead to further easing of overseas liquidity [2][13]. - Short-term investment opportunities are recommended in sectors such as consumer electronics, communication devices, semiconductors, and aerospace, while close attention should be paid to policy changes, funding conditions, and external market developments [2][13].

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 ...