Investment Rating - The report maintains a "Positive" investment rating for the municipal environmental protection sector [4]. Core Viewpoints - The industry is entering a period of stock operation with significant capital expenditure reduction, leading to positive free cash flow for companies. By the end of 2023, the national urban domestic waste harmless treatment rate reached 99.98%, and the water supply coverage rates for cities, counties, and rural areas were 99.4%, 98.3%, and 87.5% respectively, indicating a balanced urban water supply capacity [5][4]. - The decline in Hong Kong interest rates is expected to lead to a revaluation of dividend assets, particularly in public utilities such as electricity and municipal environmental protection [5][4]. - The report suggests focusing on public utility assets based on cash flow improvement expectations, dividend performance, and dividend yield as screening criteria, recommending companies such as China Everbright International, Tianjin Chuangye Environmental Protection, and others [5][4]. Summary by Sections Industry Performance - The report highlights the stable profitability of waste incineration power generation and water companies, which follow a permitted return model. The average reasonable profit level for water supply companies has been set at a net asset return rate of 8-10% since 1998 [5][4]. Cash Flow and Dividend Insights - Companies in the waste incineration and water sectors are expected to see improved cash flow as they transition to positive free cash flow. The report notes that historical issues with high accounts receivable are being addressed, with local government debt resolution expected to accelerate accounts receivable collection in 2024 [5][4]. Recommendations - The report recommends several companies based on their dividend rates and expected yields for 2025, including: - China Everbright International: projected dividend yield of 5.9% - Green Power Environmental: projected H-share dividend yield of 8.4% - Beikong Water Group: projected dividend yield of 6.8% - Guangdong Investment: projected dividend yield of 6.4% - Tianjin Chuangye Environmental Protection: projected H-share dividend yield of 5.6% [5][4].

2025 年 5 月，本公司煤炭销售量同比下降的主要原因，是下游煤炭需求偏 弱、受煤炭销售结算进度影响；航运货运量、周转量同比下降的主要原因，是业 务结构调整、航线结构变化；聚乙烯、聚丙烯销售量同比增长的主要原因，是上 年同期煤制烯烃生产设备按计划检修导致基数较低。 证券代码：601088 证券简称：中国神华 公告编号：临 2025-028 中国神华能源股份有限公司 2025 年 5 月份主要运营数据公告 中国神华能源股份有限公司（"本公司"）董事会及全体董事保证本公告内 容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确 性和完整性承担法律责任。 | 运营指标 | 单位 | 2025 | 年 | 2024 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （重述后） | | （%） | | | | | 月 5 | 累计 | 月 5 | 累计 | 月 5 | 累计 | | （一）煤炭 | | | | | | | | | 1. 商品煤产量 | 百万吨 | 28.0 | 137.8 | 28.4 ...

公司目前在建和已拿到指标容量超 1GW，正在开发阶段的项目容 量约 2GW-3GW。这些在手项目指标和储备项目足够在未来 3 至 5 年为 公司新能源发电业务板块提供持续的增长，本年一季度末公司与华电 合作的巴彦二期 100MW 风电项目已经完成并网发电，除此之外公司还 有众多在建/储备项目正处于有序进行建设和推进阶段。 证券代码：300040 证券简称：九洲集团 哈尔滨九洲集团股份有限公司投资者关系活动记录表 编号：2025-006 | 投资者关系活动 | 特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （ ） | | 参与单位名称及 | 陈玲-兴全基金固收部总监助理兼基金经理 | | 人员姓名 | 黄煜杰-兴全基金固收部研究员 | | | 薛怡然-兴全基金权益部基金经理助理 | | | 郝骞-光大证券 | | 时间 | 年 月 日 2025 6 13 | | 地点 | 哈尔滨 | | 上市公司参与人 | 董事会秘书 李真 | | 员姓名 | | | | 一、公司情况介绍 ...

Group 1 - The S&P 500 index is considered overvalued based on all valuation metrics tracked by Bank of America, but this is seen as a characteristic of the high-quality, tech-driven index rather than a flaw [1] - The expected price-to-earnings ratio of the S&P 500 is 21 times, approximately 35% higher than its historical average, with all 20 valuation metrics monitored by Bank of America indicating overvaluation [1] - The composition of the S&P 500 has evolved significantly, with nearly 70% of its constituents being capital-intensive manufacturing stocks in 1980, now reduced to less than 20% [1] Group 2 - The valuation premium of about 40% for the U.S. compared to Europe and Asia is justified due to superior balance sheets, higher corporate transparency, and stronger long-term growth potential [2] - U.S. leverage is only half that of other global regions, with lower earnings volatility compared to Europe and higher free cash flow per share than Asia and Europe [2] - Structural advantages such as the dollar's status as a reserve currency, energy independence, and dominance in technology suggest that the valuation gap is unlikely to narrow [2] Group 3 - Bank of America's tactical model suggests investors focus on U.S. sectors such as communication services, utilities, and technology, identifying interactive media and services, metals and mining, and independent power and renewable energy as the most "investable" industries [3] - Outside the U.S., it is recommended to prioritize U.S. utility companies over Asian counterparts, choose Asian communication service companies over European ones, and consider European non-essential consumer goods companies over U.S. companies [3]

Core Viewpoint - Shenzhen Green Exchange and Global Capital Group's Global Green have signed a collaboration for the development of national methodologies for carbon emissions rights in China, focusing on four key sectors: energy, agriculture, construction, and fuel volatility emissions [1][4]. Group 1: Methodology and Market Impact - Methodology serves as the foundational rule for the carbon market, facilitating the release of carbon asset value through technological innovation and industry collaboration, which accelerates low-carbon transformation and creates sustainable green revenue for enterprises [3]. - The application of carbon reduction methodologies has significant economic impacts on related industries, with energy sector projects based on methodologies generating over hundreds of billions in industrial value globally [3]. - The construction methodology being developed is expected to activate domestic green building materials and smart construction industries, with a potential market size reaching trillions [3]. Group 2: Collaboration Details - The collaboration will establish a professional team to complete multiple national methodologies and accompanying preparation instructions, focusing on various industries including automotive, battery, construction, energy, photovoltaic, wind power, and more [4]. - The partnership signifies a deep integration in carbon credit development and low-carbon technology, concentrating on data research, model building, and industry adaptability studies to provide replicable emission reduction pathways [4].

12日，位于江苏徐州市下辖邳州市的国能邳州生物发电有限公司厂区内，硕大的抓斗循环往复，将干燥 的秸秆投放到传输带上，源源不断地传送到焚烧炉内。这些秸秆焚烧后变成清洁电能，并入电网后输送 到千家万户。 国网徐州供电公司调度中心主任张云飞说，徐州地区生物质资源丰富，其能源化利用潜力很大，生物质 发电新增装机容量持续增长，目前较大规模的生物质发电厂已有17座并网，装机总容量达335.6兆瓦， 年发电量近20亿千瓦时。 "为了让生物质发电项目更高质量并网，我们开辟了绿色通道，帮助其顺利接入电网。"国网徐州供电公 司发策部副主任李毅说，供电部门协助生物质发电企业开展设备调试、检测和维护，提高发电效率和稳 定性，同时还配合生物质发电项目建设相应集中控制系统，可实时掌握发电站的运行情况和上网电量。 李毅说，公司将充分挖掘电力大数据在生物质能源领域的运用，助力全额消纳，并积极搭建发输配用全 产业链绿色低碳发展平台，确保清洁能源送得出、供得稳、用得好。 "我们厂已经形成了成熟的秸秆收、储、运、用体系，一年大概能消耗小麦、玉米、稻草的秸秆30万 吨，实现清洁发电2.2亿多度。"公司常务副总经理姜博说，折算下来，年节约标煤9万吨左 ...

Group 1 - The signing ceremony for Brunei's 30 MW solar power project took place on June 14, marking it as the largest solar power project in the country [1] - The project involves a partnership between Brunei's government, local companies, and a well-known solar energy firm from Malaysia, forming a new investment entity called Seri Suria Power (B) Sdn Bhd [1] - The solar power plant will be constructed on a former landfill site and is the first large-scale solar project in Brunei to adopt a public-private partnership (PPP) model [1] Group 2 - The 30 MW solar power project is expected to significantly increase the share of renewable energy in Brunei's energy structure, supporting the national goal of achieving 30% renewable energy by 2035 [2] - A long-term power purchase agreement for 25 years has been signed between the Brunei government’s electricity department and the project [2] - Brunei, rich in oil and gas resources, is focusing on economic diversification, with renewable energy, tourism, and digital economy as key development areas [2]

Core Viewpoint - The company, Jiaze New Energy Co., Ltd., is responding to the Shanghai Stock Exchange regarding the issuance of shares to specific targets and addressing issues related to the recognition and impairment of receivables from line subsidies, particularly in light of recent policy changes affecting the renewable energy sector [1][2][20]. Group 1: Line Subsidy Policy and Accounting Treatment - Line subsidies are specifically for renewable energy projects to cover the costs of connecting to the grid, with compensation based on the amount of electricity fed into the grid [2][9]. - The company has confirmed receivables from line subsidies amounting to 39.2069 million yuan, all of which are due from State Grid Ningxia Electric Power Co., Ltd., and has fully provided for bad debts [4][20]. - Since January 1, 2019, the company has adopted a new financial instrument standard, shifting from an incurred loss model to an expected loss model for assessing credit losses on financial assets [4][10]. Group 2: Expected Credit Loss Assessment - The company evaluates expected credit losses based on the aging of receivables, credit risk characteristics, and historical collection data, using a simplified approach for receivables without significant financing components [5][10]. - The expected credit loss calculation incorporates macroeconomic indicators, including GDP forecasts and external market conditions, to adjust historical data for future predictions [10][11]. - The company has established a weighted expected credit loss rate based on three macroeconomic scenarios: optimistic, baseline, and pessimistic, with the baseline scenario typically weighted between 50%-70% [13][20]. Group 3: Reasonableness of Bad Debt Provisioning - The company has determined that the full provision for bad debts on line subsidies at the end of 2024 is reasonable due to significant uncertainties regarding the payment of these subsidies following policy changes [20]. - Comparisons with industry peers indicate that similar companies have also made provisions for bad debts related to receivables from grid companies, supporting the company's approach [18][20]. - The company has provided necessary documentation to the State Grid for the acquisition of grid connection projects, which further justifies the need for timely and accurate provisioning for bad debts [16][20].

电力及公用事业行业周报(25WK24) 疆电入渝投产助消纳，上海探索海风+算力协同 2025 年 06 月 15 日 ➢ 本周（20250609-20250613）电力板块行情：本周电力板块走势优于大 盘。截至 2025 年 06 月 13 日，本周公用事业板块收于 2382.43 点，上涨 6.24 点，涨幅 0.26%；电力子板块收于 3173.29 点，上涨 7.82 点，跌幅 0.25%， 优于沪深 300 本周走势。公用事业（电力）板块走势变化幅度在申万 31 个一 级板块中排第 10 位。从电力子板块来看：本周光伏发电下跌 1.79%，风力发电 下跌 0.57%，热力服务上涨 0.53%，火力发电上涨 0.83%，水力发电上涨 1.03%。 ➢ 本周专题：6 月 10 日，我国首条西北至西南特高压直流输电工程，新疆哈 密到重庆的正负 800 千伏特高压直流输电工程正式投产送电。哈密-重庆特高 压工程配套的 1420 万千瓦电源中，风电、光伏、光热装机达 1020 万千瓦，新 能源装机占比超过 70%。该工程始于新疆巴里坤，途经甘肃、陕西、四川，终 点重庆，线路全长 2260 公里，每年预计可为重庆 ...

本周（6.9-6.13）上证综指下跌 0.25%，创业板指上涨 0.22%。碳中和板块上涨 0.15%，环保板块下跌 1.15%，公 用事业板块上涨 0.46%，煤炭板块下跌 0.51%。 哈密北—重庆±800千伏特高压直流输电工程于近日投产运行。该项目是国家首批沙戈荒大型风电光伏外送工程， 项目配套电源包括风电、光伏、光热等新能源 1020 万千瓦，新能源电量占比超 70%。预计每年外送电量可达 360 亿千瓦时以上。第一/第二通道早期送端电源大部分为火电、后经清洁改造也较多采用光伏。三通道配套的新能 源装机中风电占比预期有所提升，具备更稳定的出力能力、提升绿电外送占比。 火电板块：我们建议关注发电资产主要布局在电力供需偏紧、发电侧竞争格局较好地区的火电企业，如皖能电力、 华电国际。水电：建议关注水电运营商龙头长江电力。新能源发电：建议关注新能源龙头龙源电力（H）。核电： 建议关注电价市场化占比提升背景下，核电龙头企业中国核电。 敬请参阅最后一页特别声明 1 6 月 10 日，中电联发布报告显示， 5 月 30 日至 6 月 5 日燃煤电厂发电量、耗煤量同比降幅超 10%，库存增至 11766 万吨。国内煤 ...