Core Viewpoint - The article discusses the life and contributions of Shao Chun, the former chairman of Huaxia Securities, highlighting his career in the financial industry and his later focus on renewable energy, particularly wind power [1][5]. Group 1: Career in Financial Industry - Shao Chun was born on December 25, 1944, in Beijing and graduated from the Central Finance and Economics University in 1966 [2]. - He held various positions in financial institutions, including the Agricultural Bank of Hebei, Industrial and Commercial Bank of China (ICBC), and Huaxia Securities, where he served as general manager and later chairman [2][3]. - Under his leadership, Huaxia Securities experienced rapid growth after its establishment in October 1992 [1][3]. - Shao was known for his innovative spirit, having designed China's first discount bond and progressive interest bond during his tenure at ICBC [3]. Group 2: Transition to Renewable Energy - In 1999, Shao Chun left the securities industry to focus on real-world investments, particularly in the wind power sector, which he believed held significant economic and social value [5]. - He played a crucial role in the domestic production of the first megawatt-level wind power equipment in China, breaking foreign monopolies and promoting large-scale development of wind energy [5]. - By the end of 2007, his company had the largest installed capacity of megawatt-level wind power equipment in China, surpassing international brands [5]. Group 3: Personal Philosophy and Advice - Shao emphasized the importance of broad knowledge and curiosity, advising students to read widely and learn from biographies of influential figures [6]. - He believed that a strong sense of curiosity and an exploratory spirit are key drivers of human progress [6].

Core Viewpoint - Yunda Co., Ltd. (300772) announced a private placement of shares to raise approximately 700 million yuan, demonstrating the confidence of its controlling shareholder in the company's future development [1] Group 1: Share Issuance Details - The company plans to issue 85 million shares at a price of 8.22 yuan per share, with net proceeds expected to be around 696 million yuan [1] - The new shares will be listed on the Shenzhen Stock Exchange on March 7, 2025 [1] - The controlling shareholder, Electromechanical Group, will subscribe to the entire issuance, reinforcing its controlling position and commitment to long-term support for the company's growth [1] Group 2: Business Overview - Yunda Co., Ltd. specializes in the research, production, and sales of large wind turbine generators, as well as investment and operation of renewable energy power plants [1] - The company is also expanding into diversified businesses, including smart services, energy storage, EPC contracting for renewable energy projects, grid-side products and services, digital products in renewable energy, and comprehensive energy services [1] Group 3: Use of Proceeds - The funds raised from this issuance will be used entirely to supplement working capital [1] - The company aims to leverage the financial advantage from this private placement to accelerate technological innovation and market expansion, enhancing its core competitiveness in the renewable energy sector [1]

市场研究部 2025 年 2 月 24 日 公用事业周度观察 本周公用事业指数表现 数据来源：Wind，国新证券整理 本 周 （ 2025/02/17-2025/02/21 ） 公 用 事 业 （ 申 万 ） 板 块 上 涨 0.15%，沪深 300 指数上涨 1.00%，公用事业板块落后沪深 300 0.85 个百分点。申万 31 个行业指数中半数行业指数实现上涨，公 用事业（申万）排在第 15 位。 分板块看，公用事业板块子板块多数上涨，火力发电（申万）、热 力服务（申万）、光伏发电（申万）、风力发电（申万）、电能综 合服务（申万）、水力发电（申万）、燃气Ⅲ(申万)分别涨跌 0.95%、0.50%、0.30%、0.17%、-0.48%、-0.59%、-0.86%。 公用事业产业链周度观察 截止 2 月 21 日，秦皇岛动力煤（Q5500）平仓价周均价为 727.00 元/吨，周环比下跌 2.47%；截止 2 月 14 日，纽卡斯尔 NEWC 动 力煤现货价为 101.80 美元/吨，周环比下降 3.42%；截止 2 月 19 日，环渤海动力煤(Q5500K)综合平均价格指数为 696.00 元/吨，周 环 ...

Investment Rating - The report maintains an "Overweight" rating for the power and utilities sector, with specific stock recommendations including "Buy" and "Hold" for various companies [1][7]. Core Insights - The sector is experiencing a shift in market sentiment, leading to a decline in performance despite ongoing green electricity policies being implemented across provinces [1][2]. - The overall valuation of the sector is decreasing, with the current PE ratio at 16.43, down from 19.17 a year ago, indicating a potential investment opportunity as valuations normalize [2][20]. - The report highlights the stability of the nuclear and hydropower sectors, suggesting that they are good candidates for investment during market downturns [6][7]. Market Performance Summary - The overall performance of the utilities sector saw a decline of 0.17% during the week of February 10-16, 2025, underperforming compared to major indices like the Shanghai Composite and CSI 300 [2][10]. - The sector's PE ratio has decreased from 16.48 to 16.43 over the past week, while the PB ratio remains stable at 1.71 [20][21]. - Among sub-sectors, thermal power and wind power saw declines of 0.96% and 1.09%, respectively, while electric energy services increased by 1.55% [2][10]. Individual Stock Performance - The top-performing stocks for the week included Guang'an Aizhong (+22.48%) and Kaitian Gas (+18.09%), while the worst performers were Zhongmin Energy (-6.49%) and Jinkai New Energy (-5.92%) [3][24]. - Specific stock recommendations include "Buy" for Guodian Power and "Hold" for China Nuclear Power, indicating a focus on companies with stable fundamentals [6][7]. Industry Dynamics - Recent government initiatives include enhancing the data management for green certificate issuance and promoting the development of green hydrogen projects in Gansu [31][32]. - The report notes the adjustment of biomass power generation pricing in Sichuan to align with coal-fired power generation rates, which may impact the competitiveness of biomass projects [32]. - The exploration of cross-regional electricity trading in Shandong aims to facilitate surplus green electricity cooperation, indicating a strategic shift towards renewable energy integration [33][34].