Core Insights - The report highlights the growth and challenges in China's hydropower industry, with a significant increase in hydropower generation in September 2025 compared to the previous year, indicating a year-on-year growth of 31.9% [1] - Cumulative hydropower generation from January to September 2025 shows a slight decline of 1.1% compared to the same period in the previous year, suggesting potential fluctuations in the market [1] Company Overview - Listed companies in the hydropower sector include: Changjiang Electric Power (600900), Huaneng Hydropower (600025), Guotou Power (600886), Chuan Investment Energy (600674), Guiguan Electric Power (600236), Qianyuan Electric Power (002039), Hubei Energy (000883), Mindong Electric Power (000993), Leshan Electric Power (600644), and Chenzhou International (600969) [1] Market Analysis - According to the National Bureau of Statistics, the hydropower generation in China reached 158.9 billion kilowatt-hours in September 2025, reflecting a robust performance in the sector [1] - The cumulative hydropower output for the first nine months of 2025 was 997.05 billion kilowatt-hours, indicating a need for further analysis on the factors contributing to the decline in cumulative output [1]

（编辑 姚尧） 证券日报网讯 11月28日晚间，梅雁吉祥发布公告称，广东梅雁吉祥水电股份有限公司（以下简称"公 司"或"本公司"）股票交易于2025年11月26日、11月27日、11月28日连续三个交易日内日收盘价格涨幅 偏离值累计达到20%，属于股票交易异常波动情形。经公司自查，目前公司生产经营情况正常，公司前 期披露的信息不存在需要更正、补充之处，不存在应披露而未披露的信息；公司不存在除前期已披露事 项外的影响公司股票交易价格异常波动的重大事项。 ...

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].

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].

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].

Core Insights - The report emphasizes that the improvement in PPI (Producer Price Index) will drive corporate profit recovery, which is a key factor for foreign capital returning to Chinese assets. The market may perceive cyclical goods as superior to technology during the PPI recovery phase, but the report argues that foreign capital is fundamentally buying assets with improved fundamentals, focusing on ROE (Return on Equity) recovery [3][10][4] - Historical analysis shows a strong positive correlation between the RMB exchange rate and PPI growth, indicating that a recovering Chinese economy leads to foreign capital inflows. During previous appreciation phases, both A-shares and Hong Kong stocks saw price increases, suggesting that the RMB is likely to appreciate in 2026, prompting foreign capital to reassess Chinese assets [3][10][4] - The report forecasts that during past PPI recovery phases, both A-share and Hong Kong stock ROE have shown significant improvement, with a clear positive correlation between PPI growth and corporate profitability. It is expected that ROE for both markets will continue to improve in 2026 as PPI rises [4][10] - From the perspective of foreign capital's historical investment preferences, profitability is a crucial consideration. The report notes that changes in ROE are highly correlated with foreign ownership in various sectors, indicating that sectors with strong competitive advantages are likely to attract more foreign investment [10] - The report highlights that foreign capital has been reassessing Chinese assets in 2025, with a notable increase in foreign participation in Hong Kong IPOs. The A-H premium is expected to continue narrowing, reflecting heightened foreign interest in core assets listed in Hong Kong [10] - The report identifies several sectors in Hong Kong that are expected to see ROE improvements in 2026, including power equipment, internet (AI industry core assets), and cyclical sectors, which are anticipated to benefit from demand recovery and pricing power [10] - The report also notes that domestic capital has room to increase its holdings in Hong Kong stocks, with significant portions of public funds allocated to Hong Kong equities, indicating potential for further investment [10] Industry Analysis - The report discusses the knife industry, highlighting that rising costs and demand are driving price increases, with major manufacturers announcing price hikes due to surging tungsten prices. This trend is expected to lead to sustained performance improvements for knife companies [12][15][16] - The report indicates that the knife industry has experienced multiple rounds of price adjustments in response to raw material cost pressures, with the latest round occurring in November. The demand from the electric vehicle supply chain is providing strong support for the knife market [15][16] - The report notes that the profitability of knife manufacturers has improved significantly in Q3 2025, with companies reporting substantial year-on-year revenue and profit growth, driven by earlier price increases and low-cost inventory [15][16] - The report suggests that the current market dynamics may lead to a consolidation of the industry, as smaller manufacturers face challenges due to rising raw material costs, potentially benefiting larger firms with stronger financial positions [15][16]

Core Points - The first batch of artificially bred third-generation Chinese sturgeons has been successfully born at the Yangtze Rare Fish Conservation Center, marking a new phase in the artificial conservation and large-scale breeding of this species [1][2] - The parent fish involved in this breeding were second-generation Chinese sturgeons, with the female being 13 years old and the male 14 years old [1] - The fertilization rate of the artificially inseminated eggs reached over 95%, resulting in 112,000 third-generation fry after five days of incubation [1] Company Insights - China Three Gorges Corporation aims to establish a "combined artificial and natural" conservation technology system to support the restoration of wild Chinese sturgeon populations [2] - The successful breeding of the third generation confirms that second-generation Chinese sturgeons can mature and reproduce in artificial environments, paving the way for sustainable and large-scale breeding efforts [1][2]

Core Viewpoint - The successful completion of the upstream and downstream cofferdams at the Wujiang Baima Navigation and Hydropower Hub marks the transition to the main construction phase of the largest hydropower project under construction in Chongqing, with a total investment of 11.3 billion yuan [1]. Group 1 - The Wujiang Baima Navigation and Hydropower Hub has a planned installed capacity of 48,000 kilowatts and is primarily focused on navigation while also generating electricity [1]. - The project is expected to complete dam pouring by 2028 and have all three generating units operational by 2029 [1]. - Upon completion, the project will provide 1.762 billion kilowatt-hours of clean energy annually and enhance navigation by channeling 45.3 kilometers, with a lock annual throughput capacity of 10.6 million tons [3]. Group 2 - The project will significantly improve the connectivity of the southeastern Chongqing and northeastern Guizhou regions to the Yangtze River Golden Waterway, addressing the "last mile" issue for Wujiang navigation [3]. - The development is anticipated to promote the comprehensive recovery of Wujiang navigation and contribute to the high-quality economic and social development of the Wujiang River Basin [3].

日前，全国首单水电持有型不动产ABS——四川能源发展清洁能源持有型不动产资产支持专项计划 （以下简称"川能投ABS"）成功发行。财信人寿作为重要战略投资者参与发行，投资金额不超过2.54亿 元，通过盘活存量清洁能源资产，以实际行动助力绿色发展。 近年来，财信人寿持续推进多元化投资策略。在不动产与基础设施投资领域，公司从过去的私募基 金单一产品投资，转型为公募REITs、持有型ABS、私募基金多产品组合投资，并锐意拓展投资资产类 别，践行ESG投资理念，前瞻性部署清洁能源、数据中心等支持新质生产力发展的新型基础设施投资。 未来，财信人寿将在财信金控的指导下，秉承"服务大局、服务客户"的企业使命，充分发挥保险资 金优势，持续提升绿色投资实力，为做好绿色金融大文章、助推经济高质量发展贡献更多力量。 财信人寿相关人士表示，本次投资既是财信人寿首次通过持有型ABS的形式参与清洁能源基础设施 投资，也是公司积极拓展投资赛道、深入挖掘优质资产、布局绿色金融的又一重要实践。 川能投ABS的底层资产包括万年桥水电站等五座水电站，总库容7964万立方米，装机容量27.8万千 瓦，设计年发电量131540万千瓦时。水电站所在横江流 ...

据吉尔吉斯斯坦经济学人网10月29日报道，欧亚稳定发展基金近期发布报告，分析吉2025-2028年 经济增长面临的主要风险。报告认为，由于需要扶持效益低下的能源企业，推进卡姆巴拉塔1号水电站 等大型基础设施项目建设，对国家抵押贷款公司和国有银行进行资本重组，政府预算可能需要额外融 资，推高公共债务水平。此外，成品油价格上涨或导致吉通胀加速，而商品进口、黄金产量和侨汇收入 下降或造成财政收入缩减。 （原标题：欧亚稳定发展基金分析吉经济潜在风险） ...