Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation [22]. - The report emphasizes the importance of the new retail pricing mechanism in Sichuan's electricity market, which is expected to enhance the integration of commercial storage resources by virtual power plants [18][20]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, while the public utility index dropped by 4.33% and the environmental index decreased by 6.02% [15][25]. - Within the electricity sector, thermal power declined by 4.68%, hydropower by 1.44%, and renewable energy generation by 5.67% [15][26]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16][17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - The report suggests focusing on water and waste incineration sectors, which are entering maturity with improved free cash flow, and highlights investment opportunities in companies like China Everbright Environment and Zhongshan Public Utilities [23]. - The report also points out the potential in the domestic waste oil recycling industry due to the EU's SAF blending policy, recommending companies like Shangaohuaneng [23]. Key Company Earnings Forecasts - The report provides earnings forecasts for various companies, indicating a positive outlook for those in the public utility and environmental sectors [8].

Core Viewpoint - Aerospace Morning Glory is designated as a supplier of industrial components in the civil nuclear power sector, providing essential products for the Hualong One nuclear power unit [1] Group 1 - The company supplies metal expansion joints and nuclear-grade metal hoses as part of its offerings [1]

文/ 国家发展改革委主任 郑栅洁 国家发展改革委主任郑栅洁在人民日报发表署名文章《坚持扩大内需这个 战略基点（学习贯彻党的二十届四中全会精神）》。郑栅洁表示，"十五 五"时期，我国扩大内需机遇和挑战都有新的发展变化，总体上机遇大于 挑战。要准确把握国内市场发展规律，充分发挥内需对经济发展的支撑作 用，统筹稳就业、稳企业、稳市场、稳预期，进一步做强国内大循环，有 效应对外部冲击挑战，推动我国经济平稳健康可持续发展。 习近平总书记强调，坚定实施扩大内需战略，构建完整的内需体系，关系我国长远发展和长治久安。党的二十届四中全会通过的《中共中央关于制定国民 经济和社会发展第十五个五年规划的建议》明确指出，坚持扩大内需这个战略基点，促进消费和投资、供给和需求良性互动，增强国内大循环内生动力和 可靠性。"十五五"时期，我们要持续扩大内需，进一步做强国内大循环，为加快构建新发展格局、推动高质量发展提供强有力的保障。 总的看，在重大政策、重大项目、重大工程等的带动下，我国内需规模持续扩大、质量持续提升、国际影响力持续增强，充分彰显了我国经济基础稳、优 势多、韧性强、潜能大，体现了长期向好的支撑条件和基本趋势。党的十八大以来特别 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power enterprises such as Huadian International and Shanghai Electric, which has relatively stable regional electricity prices [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation. Recommended companies include leading national renewable energy firms Longyuan Power and Three Gorges Energy, as well as regional offshore wind power companies [22]. - The report suggests that the growth in installed capacity and electricity generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China National Nuclear Power and China General Nuclear Power [22]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Longjiang Power, which combines stability and growth [22]. - The report identifies investment opportunities in the environmental sector, particularly in water and waste incineration industries, which are entering a mature phase with improved free cash flow [23]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, with the public utility index down 4.33% and the environmental index down 6.02%. The relative performance of public utilities and environmental sectors ranked 10th and 23rd among 31 first-level industry classifications [15][25]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection and restoration projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16]. Investment Strategy - The report recommends various companies across different sectors, including: - Thermal Power: Huadian International and Shanghai Electric - Renewable Energy: Longyuan Power, Three Gorges Energy, and regional offshore wind companies - Nuclear Power: China National Nuclear Power and China General Nuclear Power - Hydropower: Longjiang Power - Environmental: Guangda Environment and Zhongshan Public Utilities, focusing on mature sectors with improved cash flow [3][22][23]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform," including Huadian International, Longyuan Power, and Guangda Environment, among others [7][8].

Core Viewpoint - Rongcheng City in Shandong Province is transforming into a "zero-carbon city," integrating ecological, industrial, and social aspects to achieve sustainable development and serve as a model for green transformation in county-level cities [1][2][3]. Group 1: Zero-Carbon City Development - Rongcheng has incorporated "zero-carbon" into its urban development strategy, focusing on creating a green, low-carbon circular economy [1][2]. - The city has a clean energy installed capacity of 4.09 million kilowatts, accounting for 96.1% of its total energy capacity, positioning it as a "near-zero carbon city" [3][4]. - The local government has organized 22 departments to develop a comprehensive plan for zero-carbon city construction, ensuring effective implementation from design to execution [3][4]. Group 2: Clean Energy Initiatives - The expansion of the Huaneng Shidao Bay Nuclear Power Plant is a key project, with plans for four million-kilowatt nuclear units, significantly contributing to clean energy supply [5][6]. - Rongcheng is also developing a "multi-energy complementary" system, integrating nuclear, wind, solar, and storage energy to enhance energy efficiency [6][7]. - The city has initiated a rooftop distributed photovoltaic project and a smart charging station project to address charging infrastructure shortages and promote zero-carbon transportation [6][7]. Group 3: Industrial Transformation - Rongcheng is shifting from traditional manufacturing to green manufacturing, with a focus on large-scale, lightweight, and intelligent wind turbine blade production [7][8]. - The establishment of a virtual power plant aims to optimize energy use and reduce costs for local enterprises, enhancing regional competitiveness [8][9]. - The city has nurtured numerous digital economy factories and green manufacturing enterprises, reflecting a strong commitment to industrial green transformation [9][10]. Group 4: Marine and Ecological Initiatives - Rongcheng has developed a multi-nutritional layer aquaculture model, significantly increasing production and carbon fixation capabilities [10][11]. - The city has restored 1,250 acres of seagrass beds, enhancing its carbon sequestration potential and supporting local biodiversity [11][12]. - Efforts to modernize fishing vessels and promote energy-efficient fishing practices are part of the broader strategy to reduce carbon emissions in the marine industry [12][13]. Group 5: Community Engagement and Lifestyle Changes - The launch of the "Nuclear Heating Project" has improved heating efficiency and reduced emissions, contributing to a cleaner urban environment [13][14]. - The adoption of new energy buses and green building standards reflects a community-wide commitment to sustainable living [14][15]. - Rongcheng promotes eco-friendly tourism, encouraging visitors to engage in sustainable practices while enjoying local attractions [15][16].

Investment Rating - The report maintains a "Strong Buy" rating for the utility sector, indicating a positive outlook for investment opportunities in this industry [3]. Core Insights - The utility sector has shown significant performance differentiation among its sub-sectors in the first three quarters of 2025, with the environmental protection segment demonstrating notable cash flow improvements [1][37]. - The report highlights the transition of thermal power from a reliance on electricity volume to a focus on capacity and regulation, enhancing profitability stability [2]. - The environmental sector's cash flow has improved significantly, particularly in solid waste and water management, driven by macroeconomic policy support and operational efficiency [38]. Summary by Sections 1. Utility Sector Overview - The utility sector achieved total revenue of CNY 16,911.85 billion in the first three quarters of 2025, a year-on-year decrease of 1.99%. The power sector's revenue was CNY 14,562.73 billion, down 2.21%, while the gas sector's revenue was CNY 2,349.12 billion, down 0.64% [15]. - The sector's net profit attributable to shareholders reached CNY 1,858.70 billion, a year-on-year increase of 3.39%, with the power sector's net profit at CNY 1,756.23 billion, up 3.90% [15]. 1.1 Thermal Power - The thermal power sector's revenue for the first three quarters was CNY 9,064.68 billion, down 3.08%, but net profit increased by 15.83% to CNY 711.23 billion due to reduced fuel costs [19]. - In Q3 2025, thermal power revenue was CNY 3,333.75 billion, with a net profit of CNY 270.72 billion, reflecting a year-on-year increase of 35.59% [19]. 1.2 Hydropower - Hydropower revenue for the first three quarters was CNY 1,487.60 billion, up 1.56%, with net profit at CNY 513.22 billion, an increase of 3.30% [21]. - Q3 2025 saw hydropower revenue of CNY 608.51 billion, with net profit of CNY 250.84 billion, reflecting a year-on-year decrease of 3.41% [21]. 1.3 Nuclear Power - Nuclear power revenue reached CNY 616.35 billion, up 8.16%, but net profit fell by 10.42% to CNY 80.02 billion due to market pressures [24]. - The total net electricity generation from nuclear power increased by 6.06% in the first three quarters [24]. 1.4 Renewable Energy - The wind power sector generated revenue of CNY 1,080.90 billion, down 2.34%, with net profit decreasing by 11.85% to CNY 220.31 billion [28]. - The solar power sector's revenue was CNY 261.04 billion, down 16.55%, but net profit increased by 55.77% to CNY 29.04 billion [32]. 1.5 Gas Sector - The gas sector's revenue was CNY 2,349.12 billion, down 0.64%, with net profit decreasing by 4.61% to CNY 102.47 billion due to weak demand [34]. 2. Environmental Protection Sector Overview - The environmental protection sector achieved total revenue of CNY 2,677.92 billion, up 3.28%, but net profit fell by 5.47% to CNY 244.73 billion [37]. - Cash flow in the solid waste management sector improved significantly, with operating cash flow reaching CNY 198.72 billion, a year-on-year increase of 28.94% [38]. 2.1 Solid Waste Management - Solid waste management revenue was CNY 1,166.97 billion, up 4.52%, with net profit slightly increasing to CNY 118.89 billion [39]. 2.2 Water Management - Water management revenue was CNY 852.02 billion, up 1.39%, but net profit decreased by 10.81% to CNY 107.18 billion [39].

自治区党委常委、自治区常务副主席许永锞等参加会见。（罗昌亮 陈贻泽） 11月26日，自治区党委书记、自治区人大常委会主任陈刚在南宁会见中国核工业集团有限公司董事 长申彦锋一行。 申彦锋感谢广西自治区党委、政府对中核集团的关心支持，介绍了集团在桂业务进展情况。申彦锋 表示，广西区位优势独特，产业基础扎实，发展空间广阔。中核集团高度重视与广西的战略合作，将充 分发挥自身全产业链优势，进一步深化双方在人工智能、核电项目开发与建设、核科技创新、新能源等 领域的务实合作，持续推动更多重大项目在桂落地见效，积极参与中国—东盟国家人工智能应用合作中 心建设，助力广西经济社会高质量发展。 陈刚代表自治区党委、政府对中核集团长期以来大力支持广西发展表示感谢。陈刚表示，广西深入 学习贯彻党的二十届四中全会精神和习近平总书记关于广西工作论述的重要要求，抢抓国家实施人工智 能能力建设普惠计划、高水平共建西部陆海新通道等重大机遇，主动拥抱人工智能时代，聚焦国家所 需、广西所能、东盟所盼，积极构建"北上广研发+广西集成+东盟应用"的人工智能发展路径，推动人 工智能赋能千行百业，因地制宜发展新质生产力，扎实推动高质量发展。广西高质量发展离 ...

Core Viewpoint - The collaboration between Westinghouse Electric and Google Cloud aims to integrate AI technology into nuclear power plant construction, potentially transforming the industry and addressing past inefficiencies [1][3][25]. Industry Overview - The U.S. nuclear power sector has faced significant challenges, exemplified by the Vogtle nuclear plant project, which saw costs escalate from $14 billion to $37 billion over a decade, becoming a cautionary tale for the industry [3][5]. - Westinghouse Electric, a veteran in nuclear power construction, filed for bankruptcy in 2017, leading to skepticism about the future of nuclear energy in the U.S. [5][21]. Collaboration Details - Westinghouse initiated a pilot project with Google Cloud to optimize construction processes, resulting in a reduction of pipeline installation time from six months to one month and a cost decrease of 15% [7][21]. - The partnership leverages Google Cloud's WNEXUS system, which creates a "digital twin" of the nuclear plant, allowing for real-time monitoring and risk prediction during construction [9][11]. Technological Impact - The integration of AI represents a significant shift in the nuclear construction process, moving from reliance on experienced workers to data-driven decision-making [12][14]. - AI can identify the most time-consuming processes and potential errors, enhancing efficiency and reducing rework costs [14][20]. Future Prospects - The U.S. Department of Energy has allocated $80 billion to support nuclear power revival, indicating potential for increased orders if Westinghouse can successfully reduce construction time and costs [21][23]. - The collaboration may provide a new direction for the nuclear industry, emphasizing the importance of digital management alongside technical expertise [23][25]. Conclusion - While it is too early to determine the long-term success of Westinghouse's partnership with Google Cloud, the integration of AI into nuclear energy construction signifies a promising evolution in the industry [25][28].

Core Viewpoint - The company plans to acquire 100% equity of Guodian Power Nuclear Co., Ltd. through asset swap and share issuance, while divesting 100% equity of State Power Investment Group Capital Holdings Co., Ltd. and raising matching funds [1][3]. Group 1: Transaction Details - The company will replace its existing financial business with assets primarily engaged in the construction, operation, and management of nuclear power plants, positioning itself as a platform for the integration of nuclear power operation assets [3]. - The performance commitment indicates that if the transaction is completed in 2025, the committed net profits for the years 2025, 2026, and 2027 should not be less than CNY 3.375 billion, CNY 3 billion, and CNY 3.587 billion, respectively [3]. - If the transaction is completed in 2026, the committed net profits for the years 2026, 2027, and 2028 should not be less than CNY 3 billion, CNY 3.587 billion, and CNY 4.908 billion, respectively [3]. Group 2: Financial Performance - In the first three quarters of the year, the company reported total revenue of CNY 3.65 billion, a year-on-year decrease of 7.66%, and a net profit attributable to shareholders of CNY 617 million, down 19.20% year-on-year [4]. - The company has experienced a continuous decline in net profit for four consecutive quarters [5]. - The net profit figures for the last four quarters are as follows: CNY 158 million in Q3 2025, CNY 195 million in Q2 2025, CNY 264 million in Q1 2025, and CNY 281 million in Q4 2024 [6]. Group 3: Market Reaction - As of November 27, the company's stock price increased by 2.9%, reaching CNY 7.1 per share, with a total market capitalization of CNY 38.222 billion [8]. - The stock's highest price in the last 52 weeks was CNY 7.96, while the lowest was CNY 5.49 [9].

Core Insights - The article emphasizes the importance of "new infrastructure" in China's economic development, particularly during the 14th and 15th Five-Year Plans, highlighting the need for "appropriate advance" in infrastructure construction to support high-quality development [2][3][4]. Group 1: New Infrastructure Development - New infrastructure includes advancements in information technology, digital economy, and traditional infrastructure transformation, which are crucial for high-quality development [2][3]. - The 15th Five-Year Plan explicitly mentions "appropriate advance" in new infrastructure, marking a significant shift in policy direction [2][3]. - The construction of new infrastructure is seen as essential for supporting both future industrial development and the upgrading of traditional industries [2][3]. Group 2: Government Role and Public Goods - The government is expected to play a leading role in investing in new infrastructure to enhance public goods and services, particularly in the context of digitalization and smart development [3][4]. - The construction of new infrastructure is linked to promoting urbanization and achieving common prosperity, indicating its broader social implications [3][4]. Group 3: Implementation and Challenges - Effective planning and implementation of new infrastructure require a balance between supply and demand, as well as consideration of current and future needs [4][5]. - There are existing structural contradictions and shortcomings in China's infrastructure, particularly in rural areas and less developed regions, which need to be addressed [4][5]. - The concept of "appropriate advance" is crucial for ensuring that infrastructure development aligns with economic and social needs, emphasizing a strategic approach to construction [5]. Group 4: Market Opportunities - The new infrastructure initiative is generating significant interest among businesses, with companies looking to leverage advancements in computing and digital solutions [6][7]. - Firms are focusing on building efficient and advanced computing infrastructure to meet the growing demands of the digital economy [6][7]. - The development of clean energy infrastructure, such as nuclear power, is highlighted as a key component of the new infrastructure strategy, with significant potential for energy generation [7]. Group 5: Collaborative Efforts - Successful implementation of new infrastructure requires collaboration among government, society, and the market to stimulate private investment and innovation [8]. - Encouraging enterprises to engage in research and development, as well as fostering innovation, is essential for the integration of new infrastructure with industry needs [8].