Group 1: Water Pricing and Supply Sector - Guangzhou's water price policy has been raised, with residential water prices increasing by 28.8%, 28.6%, and 93.2% for the first, second, and third tiers respectively, and non-residential prices up by 27.2% [1] - The report indicates a trend of rising water prices across various regions in China, reflecting market-oriented policy principles, making the water supply sector a preferred investment choice [1] - Companies such as China Water Affairs (00855), Cheung Kong Infrastructure (01038), and Xinao Energy (02688) are highlighted as favorable stocks within the water supply sector [1] Group 2: Power Generation and Coal Prices - The performance of some thermal power generation companies in Q1 2025 was subpar due to a decline in power generation and grid electricity prices, despite a drop in coal prices [2] - As of April 28, the price of Qinhuangdao 5500 kcal thermal coal was 655 RMB/ton, down 20.6% year-on-year, and down 14.0% compared to the end of 2024 [2] Group 3: Natural Gas Market - The TTF natural gas futures price was 32.7 euros/MWh as of April 30, up 11.9% year-on-year but down 32.7% from 48.6 euros at the end of last year [2] - The new U.S. government is expected to promote domestic oil and gas production, which may lead to further declines in natural gas supply prices [2] - A recent agreement between the U.S. and Ukraine regarding local mineral extraction is seen as potentially reducing geopolitical risks and stabilizing natural gas prices, benefiting Chinese natural gas operators reliant on LNG imports [2]

Summary of Conference Call Notes Industry Overview Chemical Industry - In 2024, the chemical sector's revenue decreased by 2.7% year-on-year, with net profit down by 4.3%, but showed a significant quarter-on-quarter growth of 180% [1][4] - Sub-sectors performing well include tires and synthetic leather, while potassium fertilizer and oil trading faced challenges [1][4] - In Q1 2025, growth was observed in fiberglass, modified plastics, and potassium fertilizer, while soda ash, petrochemicals, and polyurethane remained under pressure [1][5] - Key factors affecting the tire sector include raw material price fluctuations and overseas tariff risks [6] Power Industry - In 2024, electricity consumption growth was relatively high, with a 6.7% increase, but Q1 2025 saw limited impact from temperature changes [11] - Thermal power profitability improved due to declining coal prices, although profits remained stable due to electricity price and consumption limits [11][13] - Wind power generation increased by 15.7% in 2024, but utilization hours decreased; solar power competitiveness significantly improved with a 45.3% year-on-year growth in Q1 2025 [14] - Recommendations include focusing on leading companies in renewable energy such as China Yangtze Power and Longyuan Power [1][22] Real Estate Industry - The real estate sector is in a contraction phase, with many companies experiencing declines in cash short-term debt ratios and net debt ratios [24] - Central and state-owned enterprises hold a significant share of net profits, but most real estate companies saw declines in net profits [25] - There is potential for recovery in housing transaction volumes, particularly in first-tier and some second-tier cities, with recommendations for improvement-oriented companies like Binjiang Group and Greentown China [28] Transportation Industry - The transportation sector saw revenue and net profit growth in 2024, driven by increases in shipping, aviation, and express delivery [29] - The express delivery sector experienced a significant volume increase of 21.5% in 2024, with continued growth of 21.6% in Q1 2025, despite ongoing price competition [30] - The aviation sector showed a notable profit increase in 2024, but Q1 2025 saw a return to losses, with significant performance from Huaxia Airlines [31] Non-ferrous Metals - In Q1 2025, the copper sector's revenue decreased by 7.8%, but net profit increased by 22% quarter-on-quarter [36] - The aluminum sector faced a revenue decline, but profits improved due to falling prices of alumina [36] - Investment recommendations focus on defensive strategies, prioritizing precious and energy metals [36] Key Insights - The chemical sector is experiencing mixed performance across sub-sectors, with a focus on raw material costs and demand fluctuations [1][6] - The power industry is transitioning towards renewable energy, with significant growth in solar and wind sectors [14][22] - The real estate market is stabilizing, with potential recovery in specific urban areas, highlighting the importance of cash flow management [24][28] - The transportation sector is benefiting from increased demand, particularly in express delivery, despite competitive pricing pressures [30][32] - Non-ferrous metals are facing challenges from tariffs and supply-demand imbalances, with a cautious investment outlook [36]

在这个五四青年节到来之际，青年劳动者们奋斗在忙碌的生产一线。他们在千帆竞发的经济建设中奋楫 争先，为推进中国式现代化贡献青春力量。 焊枪淬炼青春之花 5月1日，海油工程珠海基地一片繁忙景象，"95后"全国劳动模范王佳鑫与团队成员紧锣密鼓地推进法兰 管段焊接。 时间回到2015年盛夏，一辆大巴车将王佳鑫和同学从学校拉到了珠海基地。他被分到了总装车间，车间 气温经常维持在40摄氏度以上。 为确保焊接符合工程标准，有的钢材需要预热到110摄氏度才能施焊。焊工"全副武装"连续作业几个小 时，汗水一遍遍浸透工装又被烤干。"我敢打赌，他们坚持不了一个月！"几名老焊工私下议论道。 王佳鑫偏不信，他白天利用作业空隙，向老师傅请教平台结构焊接和建造工艺。晚上一个人躲在车间角 落里，有针对性进行焊接练习。 2020年，亚洲首个300米级导管架"海基一号"在珠海基地开工建设。面对一段多次返修却无法定位裂纹 的棘手焊缝，王佳鑫和同事从15毫米一路刨到45毫米，眼看就要刨穿母材了，一名老师傅喊道："快停 下来！再有5毫米就刨漏了，材料就废了。" 王佳鑫仔细观察已经气刨过的焊缝，突然一道细小的裂纹一闪而过，他加快了手上的速度。在还差3毫 ...

Market Overview - The Hong Kong stock market is currently lacking direction, with the Hang Seng Index slightly rising by 36 points or 0.2%, closing at 22,008 points, and has been fluctuating around the 22,000 point mark for five consecutive trading days [1] - The Hang Seng Tech Index also saw a minor increase of 0.6%, closing at 5,019 points, maintaining a similar narrow trading range [1] - Recent trading volumes have decreased, with net outflows from the Hong Kong Stock Connect amounting to 6.42 billion HKD, indicating a cautious approach from domestic investors [1] Industry Dynamics Automotive Sector - The automotive sector has reacted positively to news that the U.S. will take measures to alleviate the impact of tariffs on foreign-made cars, leading to a rise in Hong Kong's new energy vehicle stocks [2] - NIO (9866 HK) and Li Auto (2015 HK) saw increases of 2%-5%, while Leap Motor (9863 HK) surged by 8.1% following share purchases by its chairman and existing shareholders [2] - However, XPeng Motors (9868 HK) experienced a decline of 4.4% on the same day [2] Healthcare Sector - The Hang Seng Healthcare Index rose by 1.2%, with WuXi AppTec (2359 HK) reporting a strong first quarter, with revenue and net profit increasing by 21.0% and 89.1% year-on-year, respectively [2] - The company’s core business profitability, reflected in adjusted net profit, saw a 40% year-on-year increase, driven by robust demand for its services from global pharmaceutical companies [2] Energy Sector - The natural gas sector remained stable or slightly increased, benefiting from a decline in overseas natural gas supply prices [3] - Conversely, companies like Longyuan Power (916 HK) and Huaneng International (902 HK) reported disappointing first-quarter results, with declines in power generation and on-grid electricity prices, leading to a drop in their stock prices [3] Real Estate Sector - The new home transaction volume in 30 major cities fell by 23.3% year-on-year, indicating a continued downturn in the real estate market [8] - The Central Political Bureau meeting emphasized the need for timely monetary easing and support for the real estate market, although the effectiveness of such measures remains uncertain [12][14] - The overall performance of Hong Kong-listed property stocks lagged behind the broader market, with the Hang Seng China Mainland Property Index rising only 0.4% [13]

Group 1 - In the first quarter of 2023, China's wind and solar power generation capacity increased by 74.33 million kilowatts, reaching a total installed capacity of 1.482 billion kilowatts, surpassing coal-fired power capacity for the first time [1] - The achievement reflects China's commitment to energy structure adjustment and clean energy development, driven by policy support, technological innovation, and market forces [1] - The investment in non-fossil energy sources accounted for 86.6% of the total power investment in 2024, indicating a rapid development of the clean energy industry chain [1] Group 2 - China's advancements in renewable energy technology provide valuable experience and motivation for global renewable energy development [2] - The International Renewable Energy Agency reported that over the past decade, the average cost of wind and solar power generation has decreased by more than 60% and 80%, respectively, largely due to Chinese innovation and manufacturing [2] - China's overseas clean energy investments span major countries and regions, supporting green and low-carbon energy development in those areas [2] Group 3 - Despite historical achievements in renewable energy, challenges remain in consolidating advantages and transforming scale expansion into system resilience [3] - The intermittency and instability of renewable resources necessitate urgent demand for new energy storage solutions [3] - Optimizing power system regulation and improving market mechanisms are essential for better integration and utilization of renewable energy [3]

Group 1 - Chengdu government has issued policies to enhance the city's power supply capacity, focusing on eight areas including accelerating power grid construction and promoting distributed solar and new energy storage projects [1] - Guohai Securities anticipates a resurgence in photovoltaic supply-side reform, with potential restrictions on silicon material output and encouragement of high-efficiency battery technology to alleviate industry overcapacity [1] - The global commercial storage market is expected to grow, with distributed storage gaining traction due to decreasing costs and increasing demand for backup power [1] Group 2 - Fangzheng Securities notes that thermal power companies may experience a turnaround due to declining coal prices, particularly those located in regions with tight power supply and lower electricity price drops [2] - Hydropower generation is expected to improve steadily, with high dividend yields becoming more attractive as hydropower companies are less affected by market fluctuations [2] - Nuclear power generation has increased, and while the average on-grid price may decline due to market trading and long-term contract price reductions, the increase in generation volume is expected to offset price impacts [2]

Market Overview - The current A-share market is in a "strategic stalemate phase," with indices appearing calm but underlying volatility present [1] - Three main characteristics of the market include index box range fluctuations, moderate volume contraction, and rapid style rotation [3] Index and Fund Flows - The Shanghai Composite Index has been hovering between 3270 and 3320 points for 13 trading days, a critical area of dense trading from the last quarter of the previous year [3] - Notably, when the index exceeds 3300 points, there is a significant decrease in margin financing balance, indicating a reduction in leveraged funds [3] - Northbound capital saw a net outflow of 8.7 billion over three trading days, yet core assets like Ningde Times and Yangtze Power experienced increased holdings, reflecting a "go fake keep true" strategy from smart money [3] Sector Analysis - The AI computing power sector, while popular, shows three warning signs: major shareholder reduction announcements from Zhongji Xuchuang, Cambrian's P/E ratio exceeding 900 times, and net selling by institutional investors in some small-cap stocks [3] - The power sector, which has undergone sufficient adjustments, is expected to face a power supply gap of 40 million kilowatts this summer, with visibility of orders in virtual power plants and smart grids extending to the third quarter [3] - Huaneng International and other thermal power transformation targets exhibit a price-to-book ratio of only 1.2 times, indicating a strong safety margin [3] Investment Strategy - Short-term investors are advised to focus on the medical device sector, which is benefiting from easing procurement policies and dual validations from annual and quarterly reports [4] - Mid to long-term investments should consider two key trends: domestic semiconductor equipment production, highlighted by a major order from Zhongwei Company to Yangtze Storage, and deepening state-owned enterprise reforms, with central enterprises like China Communications Construction Company showing a price-to-book ratio in the historical 10th percentile and a dividend yield exceeding 4.5% [4] Risk Monitoring - Investors should be cautious of three warning signals: liquidity traps in micro-cap stocks, potential foreign capital reallocation if the 10-year U.S. Treasury yield exceeds 3.5%, and rising copper prices that may squeeze profits in the midstream manufacturing sector [4] Market Sentiment - The current market environment tests investors' "composure," requiring them to navigate risks while seizing opportunities [4] - The upcoming PMI data release is anticipated to be a key variable that could break the current stalemate [6]

2、 《 煤价跌倒，火电吃饱 》摘要 ■ 今年4月21日，国务院新闻办公室举行的发布会再度提到"游戏"行业，这标志着游戏行业再次被纳 ■ 经济增速不如预期，但用电增速已在3月得到改善，表明用电量进入底部区域，市场对用电量的负 面预期已大幅钝化。 ■ 发改委和能源局发布了煤电升级专项行动方案，推动煤电机组改造升级，增强灵活调节能力，预计 煤电在现货市场中的表现将大幅提升。 ■ 煤价下跌对火电企业构成明显利好，尽管电价有所下调，但电价下跌幅度远小于煤价带来的成本降 低，火电企业的盈利能力因此得到提升。 ■ 预计到2027年，AI产业链的用电量将达到三峡水电站全年的发电量，这为电力需求提供了强劲的增 长动力。 ■ 随着煤价下跌，火电企业的成本降低，股息率有望提升，特别是对于一些高股息的火电企业（如华 电国际、华能国际等），将吸引更多的长线资金。 ■ 尽管绿电板块普遍回调，但部分优质绿电PE仍具备较好的底部价值，A股和港股的部分绿电公司如 龙源电力H、中闽能源具有不错的投资潜力。 ■ 由于煤价下跌，火电企业股息率有望提升，投资者可以关注股息率较高的火电公司，如华电国际 （H股25E股息率6.5%）、华能国际（H股股息 ...

2025年一季度，我国风电光伏发电合计新增装机7433万千瓦，累计装机达到14.82亿千 瓦（其中风电5.36亿千瓦，光伏发电9.46亿千瓦），首次超过火电装机（14.51亿千瓦）。 未来随着风电光伏装机新增装机持续快速增长，风电光伏装机超过火电将成为常态。 一季度，风电光伏合计发电量达到5364亿千瓦时，在全社会用电量中占比达到22.5%， 较去年同期提高4.3个百分点（带动非化石能源发电量占比达到39.8%，同比提高4.8个百分 点）。受风电光伏快速增长并叠加一季度全社会用电量同比增速较低（2.5%）因素影响，风 电光伏合计发电量较去年同期增加1110亿千瓦时，大幅超出全社会用电量增量（582亿千瓦 时）。 来源：国家能源局 ...

Core Viewpoint - The Shanghai Composite Index opened lower and fluctuated, with the CSI 300 Utilities Index reported at 2638.18 points, reflecting a 3.14% increase over the past month, a 4.64% increase over the past three months, and a 2.53% decline year-to-date [1] Group 1: Index Performance - The CSI 300 Utilities Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index is based on a sample of 300 stocks from the CSI 300, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2: Index Holdings - The top ten weights in the CSI 300 Utilities Index are: - Changjiang Electric Power (48.17%) - China Nuclear Power (10.24%) - Three Gorges Energy (8.19%) - Guodian Power (5.45%) - State Power Investment (4.79%) - Sichuan Investment Energy (4.38%) - Huaneng International (4.21%) - China General Nuclear Power (3.7%) - Zhejiang Energy Power (3.12%) - Huadian International (2.67%) [1] Group 3: Market Composition - The market composition of the CSI 300 Utilities Index shows that the Shanghai Stock Exchange accounts for 95.94%, while the Shenzhen Stock Exchange accounts for 4.06% [2] - In terms of industry composition, hydropower constitutes 59.60%, thermal power 15.45%, nuclear power 13.94%, wind power 8.55%, and gas power 2.46% [2] Group 4: Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples or special events affecting sample companies [2]