Investment Rating - The investment rating for the utility sector is "Positive" and is maintained [12] Core Insights - The heavy stockholding ratio of public funds in the utility sector decreased to 0.96% in Q1 2025, down 0.37 percentage points from the previous quarter, indicating a continued decline in allocation [2][6] - Despite the overall decline in holdings, certain companies, particularly in the thermal power sector, have seen an increase in investment due to favorable pricing in their operational regions [2][7] - The report emphasizes a shift towards alpha-focused investments over beta, highlighting the importance of risk-reward ratios in the green energy sector [2][9] Summary by Sections Fund Holdings Overview - In Q1 2025, the public fund's heavy stockholding ratio in the utility sector was 0.96%, with a historical percentile of 37.7% and an underweight ratio of -2.03% [19][20] - The electricity sector's holding ratio was 0.94%, with thermal power, hydropower, nuclear power, and renewable energy holding ratios at 40.83%, 47.12%, 3.27%, and 8.71% respectively [20] Thermal Power - The thermal power sector saw a decline in overall holdings, with major companies like China Huadian International becoming a consensus target for investment due to favorable supply-demand dynamics and better pricing [7][26] - The decline in holdings is attributed to adjustments in long-term contract prices and a shift in market style favoring more aggressive assets [26][27] Hydropower - Hydropower holdings continued to decrease, but core assets like Yangtze Power maintained high valuations, with attractive dividend yields compared to government bonds [8][35] - The sector's valuation has become appealing after adjustments since Q3 2024, with significant dividend value highlighted [35] Renewable Energy - The renewable energy sector's holdings decreased, but leading companies like Longyuan Power and Zhongmin Energy saw increased investments, reflecting a focus on high-reward opportunities [9][43] - The report suggests that the sector is poised for a rebound as supportive policies for green energy consumption become clearer [43] Nuclear Power - The nuclear power sector's holdings dropped significantly due to concerns over profit expectations linked to falling electricity prices, but the long-term value remains intact as new production cycles begin [10][27]

一、市场指数 与成交额 ：缩量反弹，沪指收于 3300 点之下 今日， A 股三大指数延续震荡格局。截至收盘，上证指数 3295.06 点，下跌 0.07% ；深证 成指上涨 0.39% ，创业板指表现最强，涨幅 0.59% 。两市成交额合计 1.1 万亿元，市场交 投情绪趋于平淡。 从资金面看，央行今日开展 6000 亿元中期借贷便利（ MLF ）操作，净投放 5000 亿元流动 性，为市场注入信心。叠加中央汇金一季度增持沪深 300ETF 的稳定作用，市场下行风险被 有效对冲。 二、领涨板块：电力、 AI 医疗与算力概念活跃 电力板块：煤价下行叠加容量电价机制优化，火电企业盈利预期改善。华银电力、西昌电力等 涨停，机构预计 4 月全社会用电量增速或达 4.5%-5.5% 。 AI 医疗与算力概念：受工信部等七部门《医药工业数智化转型实施方案》推动， AI 医疗板块 活跃，塞力医疗、创业慧康等涨幅居前。算力产业链同步反弹，拓维信息、鸿博股份涨停，国 产算力需求激增成为长期增长逻辑。 四、 总结 当前市场仍处于震荡筑底阶段， 同时 政策托底与流动性宽松为结构性行情提供支撑 。期待 5 月出现新的行情。 欢迎大 ...

2025年1-2月水电发电量同比提升4.5%，其中发电大省四川和云南分别同比提升3.7%和17.0%。根据四 川省水文水资源勘测中心与长江水利网统计，四川江河流域来水情况较好，且长江流域蓄水偏高。从发 电量上看，2025年Q1长江电力、华能水电、桂冠电力等多个水电企业发电量同比提升;从电价上看，尽 管2025年各地长协电价整体下行，但四川等水电大省的交易均价则略有提升，量价齐升或进一步提升相 关区域水电企业盈利。此外，水电盈利的稳健性较强且分红比例高，股息率较长期国债收益率仍有显著 优势。 火电：量价成本三重下滑，多空博弈激烈 电价端看，2024年底开始，各省陆续启动新一年长协电价的谈判与签约，截至目前多省长协签约结果已 经落地，其中广东、江苏、浙江等地的长协电价下跌明显，而安徽、上海、河北等缺电省份电价降幅较 小。电量端看，2025年1-2月全国发电量整体下滑，其中辽宁、黑龙江、浙江、重庆、四川等省份实现 了逆势增长。成本端看，2024年Q4以来煤炭价格快速下跌，2025年Q1跌势延续但3月底起跌速放缓，底 部或逐渐企稳。该行认为，火电企业机组地域分布上的差异将导致量价影响不同，其中机组多位于电价 跌幅小或 ...

金融界4月21日消息，上证指数低开高走，中证香港300公用事业指数 (H300公用，L11229)报1540.83 点。 数据统计显示，中证香港300公用事业指数近一个月下跌1.12%，近三个月上涨1.97%，年至今下跌 3.05%。 据了解，中证香港300行业指数系列在中证香港300指数样本中，按中证行业分类标准进行分类，以进入 各一、二、三级行业的全部证券作为样本编制指数，形成中证香港300行业指数系列，以反映香港市场 不同行业的整体表现。该指数以2004年12月31日为基日，以1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证香港300指数调整样本时，其下属的行业指 数样本随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对中证香港 300行业指数系列样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合 并、分拆等情形的处理，参照计算与维护细则处理。 ...

Group 1: Company Analysis - Lu'an Huanneng is identified as a leading enterprise in the blowing coal sector, characterized by pure business operations and high elasticity. Despite being in a downward coal price cycle, the company's current price-to-book (PB) ratio presents value, with projected net profits for 2024-2026 at 2.62 billion, 2.14 billion, and 3.03 billion yuan, translating to earnings per share (EPS) of 0.87, 0.71, and 1.01 yuan respectively. The current price-to-earnings (PE) ratios are 13, 16, and 11 times, leading to an "overweight" rating [2] - Bailing Co., Ltd. reported a revenue of 27.675 billion yuan in 2024, a decrease of 9.32% year-on-year, while net profit attributable to shareholders increased by 292.73% to 1.567 billion yuan. The company is expected to benefit from the ongoing recovery in consumer spending, with net profit forecasts for 2025 and 2026 adjusted to 473 million and 519 million yuan, respectively, and a new forecast for 2027 set at 565 million yuan [19] Group 2: Industry Insights - The impact of the US-China tariff conflict on domestic electricity consumption is deemed limited. The electric machinery and equipment manufacturing sector, which has a significant export volume to the US, shows that tariff changes will not substantially affect overall electricity demand. Historical data from July 2018 to January 2020 indicates that the hydropower sector outperformed, while thermal power slightly lagged but still surpassed wind, solar, and nuclear power sectors. Recommended stocks include Yangtze Power and Sichuan Investment Energy in the hydropower sector, and Huadian International and Anhui Energy in the thermal power sector [6] - The recent tariff imposition by the US has led to a preemptive increase in consumer purchasing behavior, with March retail sales in the US showing a month-on-month growth of 1.4%, a significant rise from February's 0.2%. However, this surge may lead to a potential weakening of future retail demand, prompting the Federal Reserve to maintain a cautious stance in the short term [15]

从指数持仓来看，沪深300公用事业(二级行业)指数十大权重分别为：长江电力（48.37%）、中国核电 （10.28%）、三峡能源（8.33%）、国电电力（5.37%）、国投电力（4.72%）、川投能源（4.44%）、 华能国际（4.11%）、中国广核（3.76%）、浙能电力（3.02%）、华电国际（2.54%）。 从沪深300公用事业(二级行业)指数持仓的市场板块来看，上海证券交易所占比95.90%、深圳证券交易 所占比4.10%。 从沪深300公用事业(二级行业)指数持仓样本的行业来看，水电占比59.79%、火电占比15.04%、核电占 比14.04%、风电占比8.68%、燃气占比2.45%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数 ...

Market Overview - The Hang Seng Index fell 2.5% last week, closing at 22,849 points, while the Hang Seng Tech Index dropped 3.5% to 5,313 points. The Hong Kong Chinese Enterprises Index rose 0.6% as funds flowed back into high-dividend central state-owned enterprises [1] - Average daily trading volume in Hong Kong stocks decreased by 2.3% to HKD 253.4 billion, with significant inflows of HKD 63.2 billion through the Stock Connect, supporting the market [1] - The valuation of Hong Kong stocks has significantly recovered, with the AH premium at a four-year low, indicating potential for short-term pullbacks due to external pressures and liquidity concerns from company placements [1] Geopolitical and Economic Impact - The announcement of "reciprocal tariffs" by the U.S. has heightened market volatility, with tariffs on Chinese exports expected to rise to 66-67% when considering previous tariffs [2] - The Federal Reserve's cautious stance amid inflation uncertainty has led to increased risk aversion in global markets, impacting asset prices across various sectors [2] - The geopolitical tensions between the U.S. and China are expected to elevate risk premiums for Chinese assets, with potential negative impacts on emerging markets and Hong Kong stocks [2][3] Sector Analysis Consumer Sector - Haier Smart Home's stock fell 8.0% due to the unexpected increase in tariffs, which could negatively affect the investment climate for export-oriented companies [4] - The healthcare sector saw a 1.39% increase in the Hang Seng Healthcare Index, although some companies in the CXO sector experienced declines due to tariff impacts [4] Public Utilities and Environmental Sector - The public utilities sector is expected to benefit from new pricing governance policies aimed at improving pricing mechanisms for water and gas services, potentially leading to increased service charges [5][10] - The performance of public utility stocks has been mixed, with some companies like China Water Affairs showing strong revenue growth due to their high exposure to domestic water supply operations [11] Energy Sector - The coal price has decreased by 20.6% year-on-year, which may alleviate some negative impacts on the thermal power industry despite a decline in power generation [8] - The public utilities sector is expected to see a positive impact from the government's pricing reforms, particularly in water and gas operations [10] Company-Specific Insights WuXi Biologics - WuXi Biologics is projected to see a 9.6% increase in revenue for FY24, driven by a significant rise in new project numbers and improved demand in North America and Europe [13][14] - The company has a robust order backlog, with a 5.1% year-on-year increase expected by the end of FY24, supporting steady revenue growth [14] Market Sentiment - The overall performance of Hong Kong stocks in FY24 has been disappointing, with 83.3% of selected stocks underperforming market expectations, indicating a challenging operating environment [7] - The public utilities sector has shown more stability, with a lower error rate in earnings forecasts compared to other sectors [7]

Group 1 - The report emphasizes the defensive attributes of the public utility sector, particularly in light of recent policy changes aimed at enhancing price governance mechanisms [1][14][30] - In March, the Shanghai Composite Index fell by 0.07%, while the public utility index rose by 1.87%, indicating a relative outperformance of the sector [1][32] - The report highlights the significant drop in coal prices, which enhances the profitability of thermal power generation, with a projected increase in earnings per kilowatt-hour as coal prices decrease [2][16][18] Group 2 - The report recommends major thermal power companies such as Huadian International and Shanghai Electric, citing their resilience in the face of declining coal prices and electricity prices [3][30] - It notes that the water and waste incineration sectors are entering a mature phase, with improved free cash flow and a favorable investment environment due to declining risk-free rates [31] - The report identifies high-dividend water power stocks, particularly Changjiang Electric Power, as having strong defensive characteristics and long-term investment value [24][25][29] Group 3 - The report discusses the expected stability in nuclear power company earnings, recommending companies like China Nuclear Power and China General Nuclear Power [3][30] - It highlights the growth potential in the renewable energy sector, recommending leading companies such as Longyuan Power and Three Gorges Energy, which are expected to benefit from ongoing government support for new energy development [3][30] - The report also points out the significant market opportunity in the domestic waste oil recycling industry, recommending companies like Shanggou Environmental Energy as beneficiaries of upcoming EU policies [31]

今日，A股市场延续跌势，超4 000只个股飘绿。量能略微提升至1 . 2万亿左右；港股方面跌幅同样惨烈，恒 生指数一度跌逾1. 5%、恒科指一度跌逾3%。 资本市场集体跳水，主要原因是 海外关税风险正在逼近 。 据中国基金报消息，百达资产管理日本有限公司（Pi c t e t Ass e t Ma na geme nt J a pa n Lt d．）投资策略主管 J ump e i Ta na ka表示，"在4月2日的关税之前，市场可能会感到紧张。" 0 1 罕见出手，5200亿天量资金 周末传来大消息 ，交行、中行、建行、邮储几乎是同时发布公告，分别定向增发募资1200亿、16 50亿， 105 0亿和1300亿，合计募资5 200亿补充一级核心资本，其中财政部包揽了整整5 000亿。 历史上， 国有大行有三轮主要注资，还是非常罕见的。 上一次还是1 5年前！当时主要是为了应对外资银行冲击，主动要把四大行推向市场，第一步就是 要推动他们股改上市，财政部是用了外汇储备的钱，通过中央汇金对工农中建分别注资15 0亿美 元、190亿美元、2 2 5亿美元、225亿美元，搞了注资、处置了不良资产，又引进了战略投资者 ...