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].

据悉，自2011年外送电以来，截至2025年7月底，宁夏已累计外送电量达8440亿千瓦时，其中新能 源累计外送电量1148亿千瓦时。后续随着"宁电入湘"直流工程全面投运，宁夏全年外送电规模有望再创 历史新高。 宁夏作为"西电东送"重要送端，已投运的银东、灵绍直流通道利用率长期位于国网系统前列。针对 今夏持续高温带来的用电高峰，宁夏加大向山东、浙江、湖南、川渝等方向外送支援力度，同时将宁夏 绿色清凉电力送至北京、上海、湖北等省市。7月，银东、灵绍直流最大运行功率分别达到400、800万 千瓦，有力发挥全国度夏电力保供作用。 6月29日，"宁电入湘"直流工程向湖南送电。7月，宁夏通过这条直流外送大通道向湖南送电量18亿 千瓦时，助力宁夏单月外送电量破百亿千瓦时。 中新网银川8月2日电（记者 于晶）8月1日，记者从宁夏电力交易中心获悉，国网宁夏电力数据显 示，7月宁夏单月外送电量达103亿千瓦时，继2022年8月单月外送电量100.9亿千瓦时后再破百亿，创单 月外送电量历史新高。 ...

Core Viewpoint - The legal representative of Qianjiang Water Conservancy Development Co., Ltd. has changed from Xue Zhiyong to Wang Dongquan, indicating a potential shift in management strategy and direction [1]. Company Overview - Qianjiang Water Conservancy Development Co., Ltd. was established in 1998 and is located in Hangzhou, primarily engaged in the production and supply of electricity and heat [1]. - The company has a registered capital of 5,608.24898 million RMB and a paid-in capital of 2,259.16 million RMB [1]. Investment and Operations - The company has invested in 29 enterprises and participated in 183 bidding projects [1]. - In terms of intellectual property, Qianjiang Water Conservancy holds 5 trademark registrations and 18 patents, along with 7 administrative licenses [1].

Core Viewpoint - China Shenhua (601088.SH) is initiating a significant asset injection plan from its controlling shareholder, the State Energy Investment Group, to address competition issues within the industry, which is expected to enhance its coal resource reserves and integrated operational capabilities [1] Group 1: Asset Acquisition and Integration - The transaction involves the acquisition of core assets including coal, pithead coal power, and coal chemical assets from the State Energy Group, corresponding to equity stakes in 13 target companies [1][2] - The acquisition is anticipated to position China Shenhua among the top in current merger and acquisition transactions, with a substantial financial scale [1] - The integration of these assets is expected to significantly increase China Shenhua's coal production capacity and enhance its market influence [3] Group 2: Operational Enhancements - China Shenhua's coal production capacity is currently 350 million tons per year, with a projected production of 327 million tons in 2024, leading the industry [2] - The company has a total installed power capacity of 46.264 million kilowatts, primarily from coal-fired power, which will be further strengthened through the acquisition of pithead coal power assets [3] - The logistics and sales capabilities will be improved through the acquisition of coal transportation, port, and shipping companies, creating a comprehensive supply chain from coal mines to end-users [4] Group 3: Strategic Importance and Policy Support - This acquisition marks a critical step in fulfilling the commitment to avoid competition between the State Energy Group and China Shenhua, as outlined in agreements dating back to 2005 [5] - The transaction aligns with recent policy initiatives aimed at enhancing the quality of state-owned enterprises and facilitating professional integration within the industry [6] - The completion of this acquisition is expected to significantly boost China Shenhua's overall competitiveness in the energy sector [6]

Group 1 - The core viewpoint of the news is that Baitong Energy (001376) has experienced a slight decline in stock price and a notable outflow of main funds, indicating potential investor concerns [1] - As of August 1, 2025, Baitong Energy's stock closed at 12.03 yuan, down 0.33%, with a turnover rate of 3.06% and a trading volume of 64,700 hands, amounting to a transaction value of 78.08 million yuan [1] - The latest financial report for Baitong Energy shows total operating revenue of 272 million yuan for Q1 2025, a year-on-year decrease of 5.32%, while net profit attributable to shareholders was 50.64 million yuan, an increase of 2.25% [1] Group 2 - The company has a current liquidity ratio of 1.247 and a quick ratio of 1.086, indicating a stable short-term financial position [1] - Baitong Energy has a debt-to-asset ratio of 28.70%, reflecting a moderate level of financial leverage [1] - The company was established in 2010 and is primarily engaged in the production and supply of electricity and heat, with a registered capital of 46.09 million yuan [1] Group 3 - Baitong Energy has made investments in 24 external enterprises and has participated in three bidding projects [2] - The company holds three trademark registrations and three patent registrations, along with two administrative licenses [2]

Group 1 - The core viewpoint of the news is that Changyuan Electric Power's recent financial performance shows significant declines in revenue and net profit, indicating potential challenges for the company [1][3] - As of August 1, 2025, Changyuan Electric Power's stock price closed at 4.51 yuan, down 1.1%, with a trading volume of 266,700 hands and a transaction amount of 121 million yuan [1] - The company's latest quarterly report indicates total operating revenue of 3.33 billion yuan, a year-on-year decrease of 21.17%, and a net profit attributable to shareholders of 73.57 million yuan, a year-on-year decrease of 129.40% [1] Group 2 - The company has a current liquidity ratio of 0.465 and a quick ratio of 0.394, with a debt-to-asset ratio of 65.33%, suggesting potential liquidity concerns [1] - Changyuan Electric Power has made investments in 37 companies and participated in 5,000 bidding projects, indicating active engagement in the industry [2] - The company was established in 1995 and is primarily engaged in the production and supply of electricity and heat, with a registered capital of approximately 2.75 billion yuan [1][2]