Core Viewpoint - The article highlights the dedication and contributions of power workers in Qinghai, particularly focusing on the role of clean energy and the operational challenges faced in maintaining high-voltage substations in remote areas [1][3]. Group 1: Operational Challenges - Qinghai's power infrastructure includes 65 high-voltage substations and over 16,000 kilometers of transmission lines, which require constant monitoring and maintenance [1]. - The operational environment is characterized by isolation, with substations often located far from urban areas, leading to feelings of loneliness among workers [2]. - Extreme weather conditions, such as rare snowstorms, pose significant risks to equipment safety and operational stability, necessitating quick and decisive actions from maintenance personnel [2]. Group 2: Personal Growth and Achievements - Over 12 years, a power worker has progressed from a novice to the youngest station manager of a 750 kV substation in Qinghai, earning multiple national honors for her contributions [3]. - The worker expresses a strong sense of fulfillment in contributing to the efficient transmission of clean energy, emphasizing the meaningfulness of her work [3]. Group 3: Labor Model Spirit - The concept of "labor model spirit" is defined as a commitment to practical value and innovative character, with examples of teams dedicated to maintaining energy supply in challenging environments [4]. - Recent advancements in technology, such as drone inspections and panoramic monitoring platforms, have been implemented to enhance operational efficiency and ensure the stability of the power grid [4].

（文章来源：人民日报） 今年1至6月，全国新增发电装机容量29332万千瓦。其中，太阳能发电新增21221万千瓦，风电新增5139 万千瓦，火电新增2578万千瓦，水电新增393万千瓦。 本报北京8月2日电 （记者丁怡婷）国家能源局发布的全国电力工业统计数据显示：截至6月底，全国累 计发电装机容量36.5亿千瓦，同比增长18.7%。其中，太阳能发电装机容量11.0亿千瓦，同比增长 54.2%；风电装机容量5.7亿千瓦，同比增长22.7%。 ...

金融界消息 截至2025年8月1日收盘，国投电力（600886）报收于15.59元，下跌1.02%，换手率0.3%， 成交量22.48万手，成交金额3.50亿元。 通过天眼查大数据分析，国投电力控股股份有限公司共对外投资了130家企业，参与招投标项目729次， 专利信息2条，此外企业还拥有行政许可10个。 来源：金融界 资金流向方面，今日主力资金净流入7167.09万元，占比成交额20.46%。其中，超大单净流入5857.31万 元、占成交额16.72%，大单净流入1309.77万元、占成交额3.74%，中单净流出流出3195.95万元、占成 交额9.12%，小单净流出3971.14万元、占成交额11.33%。 国投电力最新一期业绩显示，截至2025一季报，公司营业总收入131.22亿元、同比减少6.99%，归属净 利润20.78亿元，同比增长2.10%，扣非净利润20.72亿元，同比增长2.31%，流动比率0.791、速动比率 0.767、资产负债率61.26%。 天眼查商业履历信息显示，国投电力控股股份有限公司，成立于1996年，位于北京市，是一家以从事商 务服务业为主的企业。企业注册资本745417.9 ...

点击阅读 ： 中化国际，收购化工新材料龙头！ 【DT新材料】 获悉，8月1日， 中国神华 发布公告称， 拟以发行股份及支付现金购买控股股东 国家能源集团 持有的多个千亿级资产 并募集配套资金 。公司A股股票自2025年8月4日开市起开始停牌，预计停牌不超过10个交易日。 这是 中国神华 在 今年年初完成对 国家能源集团杭锦能源有限责任公司 100%股权的收购后的又一大动作，目的都是为了 履行公司与控股股东之间的 避免同业竞争协议，以及提高上市公司质量，打造全球领先的以煤炭为基础的综合能源上市公司。 资料显示， 中国神华 成立于2004年11月8日，是国家能源集团旗下A+H股旗舰上市公司。截至2024年底，公司 营业收入3,383.75亿元，资产规模6581 亿元。截至8月1日收盘，公司市值为7463亿元。 中国神华主营业务是煤炭、电力的生产和销售，铁路、港口和船舶运输，煤制烯烃等业务。2024年，中国神华及其下属子公司实现商品煤产量327.1百 万吨、煤炭销售量459.3百万吨。 据悉，中国神华将收购的标的包括 13家企业 ，分别是： 国源电力、中国神华煤制油化工、新疆能源化工、乌海能源、包头矿业、陕西神延煤 ...

《先驱报》7月29日报道，2025年第一季度，津巴布韦国内生产总值按现价计算达3350亿津格，高 于2024年第四季度的2990亿津格，这一增长主要由农业、电力、信息通信以及金融保险等行业推动。其 中，农业增长18.8%，电力增长6.1%，信息通信与金融保险各增长4.3%。但矿业、住宿餐饮和供水分别 下降21.6%、24.1%和12.3%。制造业是本季度GDP的最大贡献者，占比15%，其次为矿业（12.4%）、 农业（11.7%）、批发零售（11.6%）和金融保险（11.2%）。 （原标题：农业驱动津巴布韦2025年第一季度GDP增长） ...

Investment Rating - The report maintains a "stronger than market" rating for the public utility sector [8]. Core Views - The adjustment of capacity electricity prices in Guangdong and Gansu provinces is expected to enhance the profitability stability of thermal power and promote its transition to flexible adjustment power sources, reinforcing its role in the new power system [3][20]. - The energy supply and demand are relatively relaxed in the first half of 2025, with a rapid acceleration in green transformation, as renewable energy continues to dominate new installations [4][25]. Summary by Sections 1. Investment Recommendations - The report recommends Jiangsu Guoxin in the thermal power sector, cautiously recommends Sheneng Co. and Zhejiang Energy Power, and suggests attention to Funiu Co. and Huadian International. In the nuclear power sector, it cautiously recommends China Nuclear Power and China General Nuclear Power. For the green energy sector, it suggests attention to Three Gorges Energy and Jiangsu New Energy, with cautious recommendations for Longyuan Power, Zhejiang New Energy, and Zhonglv Electric. In the hydropower sector, it recommends Changjiang Power and cautiously recommends Huaneng Hydropower and Qianyuan Power, while suggesting attention to Guotou Power, Chuan Investment Energy, and Zhejiang Fu Holdings [4]. 2. Industry Dynamics - On July 29, the Guangdong Provincial Development and Reform Commission announced an increase in capacity electricity prices for coal and gas power units, with coal power capacity price adjusted to 165 yuan per kilowatt per year (including tax) starting January 1, 2026. The gas power price will be adjusted based on unit type starting August 1, 2025 [3][39]. - In Gansu, the initial standard for coal power capacity price is set at 330 yuan per kilowatt per year for two years, with a coverage ratio increase from 30% to 100% [20][21]. 3. Renewable Energy Developments - In the first half of 2025, renewable energy accounted for nearly 60% of the total installed capacity in China, with new installations reaching 268 million kilowatts, a year-on-year increase of 99.3% [4][25]. - Renewable energy generation reached 1,799.3 billion kilowatt-hours, accounting for 39.7% of total generation, with wind and solar power generation increasing by 27.4% year-on-year [26][31].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The report presents a weekly data tracking of green bonds from July 28, 2025, to August 1, 2025, including primary market issuance, secondary market trading, and valuation deviation of the top 30 individual bonds. 3. Summary by Relevant Catalogs Primary Market Issuance - 13 new green bonds were issued in the inter - bank and exchange markets, with a total issuance scale of about 6.6 billion yuan, a decrease of 29.399 billion yuan from the previous week [1]. - The issuance term is mostly 2 years; the issuer's nature includes state - owned enterprises, Sino - foreign joint - ventures, central enterprise subsidiaries, local state - owned enterprises, and large private enterprises [1]. - The issuer's credit ratings are mostly AAA and AA+; the issuers are located in Beijing, Sichuan, Guangdong, Henan, Hubei, and Yunnan [1]. - The types of issued bonds include ultra - short - term financing bills, science and technology innovation bonds, ABNs of the National Association of Financial Market Institutional Investors, enterprise ABS, private placement corporate bonds, general corporate bonds, and PPNs [1]. Secondary Market Trading - The weekly trading volume of green bonds totaled 47 billion yuan, a decrease of 14 billion yuan from the previous week [2]. - By bond type, the top three in trading volume are non - financial corporate credit bonds (24 billion yuan), financial institution bonds (17 billion yuan), and interest - rate bonds (4.5 billion yuan) [2]. - By issuance term, green bonds with a term of less than 3 years had the highest trading volume, accounting for about 80.44%, indicating sustained market popularity [2]. - By issuer's industry, the top three in trading volume are finance (24.6 billion yuan), public utilities (11.2 billion yuan), and transportation equipment (1.6 billion yuan) [2]. - By issuer's region, the top three in trading volume are Beijing (19.8 billion yuan), Hubei (4.6 billion yuan), and Guangdong (3.9 billion yuan) [2]. Valuation Deviation of the Top 30 Individual Bonds - The overall deviation of the weekly average trading price valuation of green bonds was not significant, with the discount trading amplitude and proportion greater than the premium trading [3]. - Among the discount bonds, the top three in discount rate are G19 Huangshi (-1.1264%), 21 Fengcheng Green Bond 01 (-0.4837%), and 21 Linchuan Green Bond 02 (-0.3514%), and the other discount rates are within -0.35%. The main industries of the issuers are finance, public utilities, and real estate, and the regions are mostly Beijing, Shandong, and Guangdong [3]. - Among the premium bonds, the top four in premium rate are 23 Bank of Communications Green Bond 01 (0.8747%), 24 China Construction Bank Green Bond 01BC (0.7771%), 23 Postal Savings Bank Green Financial Bond 01 (0.5612%), and 25 Chery Auto Finance Green Bond 02 (0.5437%), and the other premium rates are within 0.52%. The main industries of the issuers are finance, comprehensive, and public utilities, and the regions are mostly Shanghai, Beijing, Tianjin, and Guangdong [3].

文 | 国家发改委 8月1日上午，国家发改委召开新闻发布会，解读当前经济形势和经济工作。 国家发改委政策研究室主任蒋毅指出，面对迅速攀升的电力需求，国家发展改革委已会同 各地方和重点企业提前布局，采取一系列有力措施，扛牢能源电力保供责任。 其中包括动态精准调度。精准分析研判供需走势，坚持底线思维、极限思维，统筹考虑保 供应、促消纳和机组安全运行， 发挥煤电兜底作用，加强抽水蓄能和新型储能调用，推 动"水火风光储"等各类电源形成合力。 下一步，国家发展改革委将充分发挥煤电油气运保障工作部际协调机制作用，主要做好以 下五方面工作。一是保障源头供应。指导各地做好电煤产运需衔接和发电用气协调，保障 一次能源供应充足稳定。二是提升顶峰能力。持续加强各类常规电源运行管理，统筹新能 源发电支撑作用和火电兜底保障作用。 三是加强余缺互济。积极通过电力中长期合同、 现货市场、应急调度等方式开展跨省跨区电力调度。四是优化需求侧管理。坚持需求响应 优先、节能节电助力、有序用电保底的原则，综合运用分时电价、需求响应补贴、虚拟电 厂AI调度等方式，保障电网安全稳定运行和电力有序供应。 五是强化应急处置。紧盯重 大自然灾害和突发事件，第 ...

Group 1 - The report maintains a strong market rating for the utility sector, highlighting the dual focus on traditional and renewable energy sources as a key investment strategy for 2025 [1][2] - In the first half of 2025, electricity consumption growth was weaker than the same period last year, with a total of 4.84 trillion kWh consumed, reflecting a year-on-year increase of 3.7% [3][11] - The report forecasts that by 2030, the share of wind and solar energy will exceed 30%, while coal power will drop below 40%, indicating a shift towards a more balanced energy market [3][57] Group 2 - The hydropower sector is expected to see accelerated growth in pumped storage capacity, reaching approximately 66 million kW by the end of 2025, driven by increasing demand for flexible power resources [3][28] - The thermal power sector is experiencing a reduction in revenue but an increase in profitability, with coal prices declining, which is expected to enhance the earnings potential of coal power companies [3][61] - Nuclear power development remains robust, with 10 new units approved in 2025, contributing to a total of 56 units under construction or approved, ensuring long-term growth in this segment [3][61] Group 3 - The renewable energy sector is transitioning from subsidy dependence to market-driven dynamics, with policies promoting direct market access for wind and solar projects [3][61] - Investment recommendations include focusing on companies that can adapt to the new energy structure, with specific mentions of companies in hydropower, thermal power, nuclear power, and renewable energy sectors [3][61] - The report emphasizes the importance of system flexibility to accommodate the increasing share of renewable energy, predicting a gradual increase in the proportion of flexible adjustment resources [3][66]

Core Viewpoint - The acquisition plan initiated by China Shenhua (601088.SH) aims to resolve inter-industry competition by injecting assets worth hundreds of billions from its controlling shareholder, China Energy Investment Group, enhancing its coal resource reserves and integrated operational capabilities [1][6]. Group 1: Acquisition Details - The transaction involves the acquisition of core assets including coal, pithead coal power, and coal chemical industries from China Energy Group, corresponding to 13 target companies [1][2]. - The acquisition is expected to significantly increase China Shenhua's coal production capacity, with known capacities from target companies totaling over 10 million tons per year, thereby strengthening its market position [3]. Group 2: Industry Integration and Efficiency - The merger will enhance the logistics and sales capabilities by integrating coal mining, railways, ports, and user networks, improving overall transportation efficiency and energy product delivery [4]. - The coal chemical sector will also see advancements, with the acquisition of companies that possess unique technologies in coal processing and chemical production [4]. Group 3: Strategic Importance and Policy Support - This acquisition marks a critical step in fulfilling the commitment to avoid inter-industry competition, as outlined in agreements dating back to 2005 [6][7]. - Recent policy initiatives from the State-owned Assets Supervision and Administration Commission (SASAC) have provided strong support for state-owned enterprises to address competition issues and promote professional integration [8].