丨证券研究报告丨 行业研究丨专题报告丨环保 [Table_Title] 落实存量 PPP 项目付费+化债+理顺公用事业价 格，垃圾焚烧&水务现金流预期向好 报告要点 [Table_Summary] 近期财政部针对存量 PPP 项目发布指导意见，对地方政府落实存量 PPP 项目付费及付费资金 来源提出意见；截至 2025/8/22，2025 年置换隐债 2 万亿元额度已落地 95%，地方政府专项债 加速落地；国家发改委转发经济日报文章《理顺公用事业价格》，今年以来多个地区水价、垃圾 处置费价格有序提升。关注业绩稳健、分红提升、估值修复、现金流向好的垃圾焚烧、水务运 营赛道。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 落实存量 ...

Core Viewpoint - The electricity sector is experiencing significant growth due to increased power demand driven by high temperatures and a favorable coal price trend, leading to a positive outlook for power companies [1][2]. Group 1: Market Performance - The electricity sector led the market with a rise of over 3% as of July 7, with several stocks, including Huaguang Huaneng and Xinzhonggang, hitting the daily limit or increasing by over 10% [1]. - National peak electricity load reached 1.465 billion kilowatts on July 4, an increase of approximately 200 million kilowatts from late June and nearly 150 million kilowatts year-on-year, marking a historical high [1]. Group 2: Demand Drivers - High temperatures are expected to persist in regions such as Huanghuai and Jianghan, further increasing electricity demand, particularly for cooling equipment like air conditioners [1]. - The development of computing power is also contributing to rising electricity demand, as data centers require substantial energy consumption, providing a long-term performance boost for the electricity sector [1]. Group 3: Cost Factors - Coal prices, a significant cost factor for thermal power generation, have shown a stable downward trend, alleviating cost pressures for thermal power companies and enhancing their profitability [1]. Group 4: Investment Recommendations - Xiangcai Securities recommends focusing on three main lines: hydropower assets benefiting from the unified electricity market, thermal power companies with improved performance due to cost reductions, and leading companies in clean energy with strong operational capabilities [2]. - Huaxi Securities highlights the active electricity sector driven by high temperatures, stable coal prices, and favorable policies, suggesting attention to the recovery opportunities for thermal power companies and the potential of clean energy [2]. Group 5: Company Profiles - Huayin Electric (600744): A major thermal power generation company under China Datang Group, also involved in hydropower, wind power, solar energy, and electricity sales [2]. - Shimao Energy (605028): Engaged in the production and sale of electricity and steam products [3]. - Leshan Electric (600644): Operates hydropower stations and an independent electricity network, generating revenue through self-generated electricity sales and power trading [3]. - Disen Co., Ltd. (300335): Provides clean energy services and produces household and industrial boilers [3]. - Shaoneng Co., Ltd. (000601): Focuses on electricity, ecological plant fiber products, and biomass power generation [3]. - YN Energy Holdings (001896): Engaged in the production and sale of thermal, wind, and solar power, as well as coal sales and transportation [3]. - Huadian Liaoning Energy (600396): Involved in thermal and wind power generation and heating services [4]. - Guangdong Power A: Focuses on investment, construction, and management of electricity projects [4]. - Jinkong Electric (000767): The largest coal-electricity enterprise in Shanxi Province, also involved in solar and wind power [5]. - Guiguan Electric (600236): Engaged in the investment, construction, and operation of electricity production and sales projects [5].