人民财讯9月17日电，9月17日，香港特区行政长官李家超在立法会发表2025年《施政报告》。李家超表 示，香港将与大湾区内交易所合作开拓大宗商品交易及碳交易等新业务。港交所是前海联合交易中心的 控股股东，将继续加强两地合作，发展好大豆离岸现货市场。港交所碳市场Core Climate亦会与大湾区 试点碳市场研究试验跨境交易结算。 ...

Core Viewpoint - Aerospace Engineering's stock price experienced a decline on August 12, closing at 18.53 yuan, down 0.36 yuan or 1.91% from the previous trading day [1] Group 1: Stock Performance - The stock reached a high of 19.36 yuan and a low of 18.49 yuan during the trading session, with a total price fluctuation of 4.61% [1] - The trading volume for the day was 91,838 lots, with a total transaction value of 172 million yuan, resulting in a turnover rate of 1.71% [1] Group 2: Company Overview - Aerospace Engineering operates in the professional services sector, focusing on industrial gases, carbon trading, and hydrogen energy [1] - The company is registered in Beijing and currently has a total market capitalization of 9.932 billion yuan, with a dynamic price-to-earnings ratio of 73.33 times [1] Group 3: Market Activity - During the early trading session on August 12, the stock experienced a rapid pullback, with a decline exceeding 2% within the first five minutes, and a transaction amount reaching 49.1 million yuan at that time [1] - The net outflow of main funds for the day was 17.557 million yuan, accounting for 0.18% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 12.5474 million yuan [1]

Group 1 - The core viewpoint highlights the significant progress in green finance and taxation policies in China, with green tax revenues reaching 2.5 trillion yuan and green loans exceeding 42.39 trillion yuan, marking a 14.4% increase since the beginning of the year [1][2] - The dual approach of fiscal and financial policies has effectively promoted green development, with fiscal measures including subsidies and tax incentives to lower investment risks in renewable energy and clean technologies [1][2] - The government is also increasing the cost of pollution and high-energy consumption through taxes, while directly investing in green infrastructure and establishing stable demand for environmentally friendly products [1][2] Group 2 - Financial policies are acting as an accelerator, facilitating the transition of funds from high-pollution sectors to environmentally friendly industries, with China leading in the establishment of a comprehensive green finance policy system [2][3] - The development of green finance, including green credit, bonds, and insurance, is crucial for promoting technological advancements in environmental protection and fostering new economic growth points [2][3] - A stronger policy synergy is needed, with fiscal and financial policies working together to provide tax reductions and financing guarantees for green projects, while also enhancing direct and indirect financing methods [2][3] Group 3 - The effectiveness of fiscal and financial policies in enhancing green initiatives relies on collaboration with industrial, regional, and environmental policies, creating a favorable environment for private capital to engage in green investments [3] - Strengthening environmental legislation and improving information disclosure systems are essential for protecting investor rights and supporting a comprehensive policy framework for green development [3]

Group 1: Economic Policy and Market Regulation - The meeting emphasized the need to advance capacity governance in key industries, regulate local investment attraction behaviors, and enhance the attractiveness and inclusiveness of the domestic capital market [1][2] - The current push for capacity governance differs from the 2015 supply-side structural reform in terms of objectives, industry scope, and governance methods [2][3] - The focus of capacity governance has shifted from merely addressing overcapacity to promoting orderly exit of backward capacity, with a broader industry scope that includes both traditional and emerging sectors [2][3] Group 2: Capital Market Attractiveness and Inclusiveness - The meeting highlighted the importance of enhancing the attractiveness and inclusiveness of the domestic capital market to consolidate its recovery [4] - Attractiveness is linked to the continuous creation of value, which is essential for providing long-term and stable returns to investors [6] - Inclusiveness reflects the adaptability of market rules to different stages of development, industry characteristics, and investor needs, suggesting the need for differentiated listing standards for various types of companies [6][7] Group 3: Competitive Strategy for Enterprises - The meeting called for entrepreneurs to take the lead by winning market competition through high-quality products and services, steering away from price competition [8] - This shift aims to foster healthy competition among enterprises and avoid negative competition dynamics [8] - Future policies are expected to focus on improving product and service quality through standard-setting and incentivizing quality improvements [8]

Investment Rating - The report maintains an "Overweight" rating for the electricity industry [1] Core Viewpoints - The report emphasizes the importance of integrating RWA (Real World Assets) with virtual power plants, electricity trading, and carbon trading to explore opportunities within the industry [6] - It highlights the expected increase in capacity value for thermal power, driven by regulatory changes and the push towards green energy [6] - The report suggests that the green value of electricity is becoming more significant as the country progresses towards carbon neutrality [6] Summary by Sections Industry Trends - The report notes a projected decline in electricity prices, with a potential drop of 13% by July 2025 compared to the previous year [3] - It discusses the anticipated recovery of fixed costs through capacity pricing mechanisms, particularly in Gansu Province, where a price of 330 RMB per KW per year is set to be implemented starting in 2026 [6] Key Companies Valuation - The report provides valuations for several key companies in the sector, including: - Jiantou Energy with a market cap of 14.456 billion RMB and a "Buy" rating [5] - Xiexin Energy with a market cap of 21.314 billion RMB, currently not covered [5] - Nanjing Energy with a market cap of 17.879 billion RMB and a "Buy" rating [5] - Linyang Energy with a market cap of 11.990 billion RMB and a "Buy" rating [5] - Longxin Group with a market cap of 22.577 billion RMB, currently not covered [5] Investment Recommendations - The report recommends focusing on the rising capacity value of thermal power and the public utility attributes that could enhance sector valuations, particularly for companies like Gansu Energy, Huaneng International, Huadian International, and Datang Power [6] - It also advises attention to investment opportunities in RWA, electricity trading, virtual power plants, and carbon assets, recommending investments in household photovoltaics, charging piles, and carbon assets, with a specific mention of Nanjing Energy and Xiexin Energy [6]

Group 1: Development Opportunities - The company aims to leverage three major development opportunities in 2025: the continuous release of digital economy policy dividends, significant momentum for domestic substitution, and a vast market space for digital platforms in the new energy system [2][3]. - The digital transformation is a crucial driver for state-owned enterprises to enhance core functions and competitiveness, leading to increased demand for digital upgrades [2]. - The national emphasis on information security and self-controlled supply chains is propelling the information technology industry to become a core strategic direction [2]. Group 2: Market Expansion Beyond the Power Industry - The company has established benchmark projects in various sectors outside the power industry, including construction, equipment manufacturing, and healthcare, laying a solid foundation for future expansion [4]. - In the healthcare sector, the company plans to promote its smart operations projects nationwide, building on previous successes [4]. Group 3: Low-Carbon Business Planning - The company is constructing a comprehensive carbon market service system, offering services such as carbon verification, carbon assets, carbon trading, and carbon footprint management [5]. - It aims to support international green energy organizations and participate in standard formulation and certification services [5]. Group 4: Artificial Intelligence Business Layout - Since 2015, the company has been researching artificial intelligence, developing a comprehensive AI platform and over a thousand RPA robots [6][7]. - The company has released various intelligent applications, enhancing the intelligence level of its DAP products across multiple large state-owned enterprises and non-power industry clients [7]. Group 5: Impact of Power Market Reforms - The deepening of the power market is creating complex trading scenarios, increasing the demand for digital and informational support for market participants [8]. - The need for enhanced capabilities in power prediction, load forecasting, and multi-resource coordination presents significant opportunities for the company's information technology services [8]. Group 6: Increasing Demand for AI and Future Layout - There is a notable increase in client interest in artificial intelligence technologies, particularly in the integration of large model technologies with specific business scenarios [9]. - The company plans to enhance its investment in AI technology and product development, focusing on deep integration with enterprise management information systems [10].

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