Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]

Investment Rating - The report maintains a positive outlook on the industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The report highlights the release of the "Comprehensive Solid Waste Management Action Plan," which aims to enhance solid waste management and promote a circular economy by 2030, targeting a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recyclable resources annually [2][6][8]. - Global natural gas prices have generally declined, influenced by mild weather conditions, with significant drops in prices across various markets, including a 28.24% decrease in the US Henry Hub spot price [11][12][18]. - The hydrogen energy sector is evolving towards becoming a key regulator in the power grid, with initiatives to integrate clean hydrogen production and utilization into microgrid systems, enhancing energy storage capabilities [35][37]. Summary by Sections 1. Environmental Protection - The "Comprehensive Solid Waste Management Action Plan" aims for significant improvements in solid waste management by 2030, with specific targets for waste recycling and resource utilization [2][6]. - The plan emphasizes the need for a circular economy that does not rely on subsidies, focusing on industrial collaboration and technological innovation to create a sustainable waste management system [7][8]. 2. Natural Gas - Natural gas prices have seen a significant decline, with the US Henry Hub spot price at $2.87/mmBtu, reflecting a 28.24% week-over-week drop [11][12]. - The report notes that the demand for natural gas is expected to remain weak in Northeast Asia, contributing to a slight decrease in LNG prices [11][30]. - Recommendations include focusing on integrated natural gas companies that are expected to benefit from cost reductions and improved profitability [32]. 3. Hydrogen Energy - The report discusses the strategic positioning of hydrogen energy as a flexible load regulator within the power grid, highlighting its potential to enhance energy storage and consumption efficiency [35][37]. - It emphasizes the importance of hydrogen energy in achieving energy security and autonomy, recommending companies involved in hydrogen production [35][37]. 4. Weekly Market Review - The report indicates that the electricity equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the review period [38]. 5. Company and Industry Dynamics - The report outlines significant developments in the renewable energy sector, including the establishment of national zero-carbon parks and the increase in green electricity trading volumes, which are expected to enhance market opportunities for leading companies in the sector [44][48].

Market Overview - The electricity sector increased by 0.78% compared to the previous trading day, with Meiyan Jixiang leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Top Gainers in the Electricity Sector - Meiyan Jixiang (600868) closed at 3.91, up 10.14%, with a trading volume of 2.3341 million shares and a transaction value of 886 million [1] - YN Energy (001896) closed at 6.01, up 10.07%, with a trading volume of 406,100 shares and a transaction value of 240 million [1] - Huami Environmental (600475) closed at 23.53, up 10.00%, with a trading volume of 532,300 shares and a transaction value of 1.187 billion [1] - New Zhonggang (605162) closed at 10.18, up 9.58%, with a trading volume of 408,900 shares and a transaction value of 409 million [1] Top Losers in the Electricity Sector - Zilian Energy (001376) closed at 16.47, down 2.54%, with a trading volume of 231,900 shares and a transaction value of 381 million [2] - Xiangtong Co. (600226) closed at 5.69, down 2.40%, with a trading volume of 1.3013 million shares and a transaction value of 744 million [2] - New Zhuo Co. (002480) closed at 6.30, down 2.17%, with a trading volume of 162,800 shares and a transaction value of 103 million [2] Capital Flow in the Electricity Sector - The electricity sector saw a net inflow of 262 million from main funds, while retail funds experienced a net inflow of 110 million [2] - The main funds showed a significant net inflow in Meiyan Jixiang, amounting to 135 million, while retail funds had a net outflow of 10 million [3] - YN Energy had a net inflow of 88.23 million from main funds, with a notable net outflow of 36.79% from speculative funds [3]

Core Viewpoint - The report from Changjiang Securities indicates that the expansion of nuclear power capacity in China is driving stable growth in electricity generation, although multiple factors are limiting the growth rate of performance [1] Group 1: Electricity Generation Performance - As of December 31, 2025, the cumulative electricity generation for the year is projected to be 244.43 billion kWh, representing a year-on-year increase of 12.98% [1] - The company's controlled nuclear power units achieved an electricity generation of 200.81 billion kWh in 2025, reflecting a year-on-year growth of 9.66%, successfully meeting the initial generation target for the year [1] - Contributing factors include the commissioning of Unit 1 in Zhangzhou, the normal operation recovery of Unit 4 in Fuqing Nuclear Power, and a reduction in maintenance days compared to the previous year [1] Group 2: Future Capacity and Growth - Currently, the company has 18 nuclear power units under construction or approved for construction, with a total installed capacity of 20.647 million kW, ensuring long-term growth potential [1] - The electricity generation target for 2026 is set at 259.2 billion kWh, with nuclear power expected to contribute 210 billion kWh and renewable energy projected at 49.2 billion kWh [1] Group 3: Earnings Forecast - Based on the latest operational data, the company's earnings per share (EPS) forecasts for 2025, 2026, and 2027 are estimated at 0.44 yuan, 0.42 yuan, and 0.48 yuan, respectively [1] - Corresponding price-to-earnings (PE) ratios are projected to be 20.42, 21.31, and 18.75 for the years 2025, 2026, and 2027 [1] - The company maintains a "buy" rating based on these forecasts [1]

Core Viewpoint - China Nuclear Power's stock has shown a positive trend with a 6.71% increase year-to-date and a 2.10% rise on January 12, 2025, indicating strong market interest and investment potential [1]. Group 1: Stock Performance - As of January 12, 2025, China Nuclear Power's stock price reached 9.23 CNY per share, with a trading volume of 1.201 billion CNY and a turnover rate of 0.70%, resulting in a total market capitalization of 189.843 billion CNY [1]. - The stock has increased by 6.71% since the beginning of the year, with a 5.97% rise over the last five trading days, a 6.09% increase over the last 20 days, and a 0.65% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, China Nuclear Power reported a revenue of 61.635 billion CNY, reflecting a year-on-year growth of 8.16%. However, the net profit attributable to shareholders decreased by 10.42% to 8.002 billion CNY [2]. - The company has distributed a total of 24.690 billion CNY in dividends since its A-share listing, with 10.970 billion CNY distributed over the last three years [3]. Group 3: Shareholder Structure - As of December 31, 2025, the number of shareholders for China Nuclear Power reached 451,100, an increase of 3.12% from the previous period, while the average number of circulating shares per shareholder decreased by 3.02% to 41,860 shares [2]. - Among the top ten circulating shareholders, China Securities Finance Corporation holds 465 million shares, remaining unchanged, while Hong Kong Central Clearing Limited reduced its holdings by 22.9 million shares to 290 million shares [3].

Core Viewpoint - The report highlights the growth of China's nuclear power generation, indicating a positive trend in the industry with significant year-on-year increases in output [1]. Group 1: Industry Overview - In November 2025, China's nuclear power generation reached 39.8 billion kilowatt-hours, representing a year-on-year growth of 4.7% [1]. - From January to November 2025, the cumulative nuclear power generation in China was 436.56 billion kilowatt-hours, showing an 8.1% increase compared to the previous year [1]. Group 2: Companies Involved - Listed companies in the nuclear power sector include China General Nuclear Power (003816), China National Nuclear Power (601985), Sheneng Co., Ltd. (600642), Zhejiang Energy Power (600023), Hubei Energy (000883), Huaneng International (600011), Datang Power (601991), Jiangsu Guoxin (002608), China Nuclear Technology (000777), and Funiu Co., Ltd. (600483) [1]. Group 3: Market Research - The report titled "2026-2032 China Nuclear Power Industry Market Development Scale and Investment Opportunity Analysis" by Zhiyan Consulting provides insights into the market trends and investment opportunities in the nuclear power sector [1].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The adjustment of coal power capacity prices in Tianjin exceeds expectations, with the fixed cost recovery ratio increasing to 70% from January 1, 2026, which is higher than the previously planned minimum of 50% [2][11] - The January 2026 proxy purchase electricity prices show a general decline across most provinces, with significant regional disparities; northern inland areas exhibit more resilience compared to coastal regions facing greater pressure [2][11] Summary by Sections Capacity Price Adjustment - Tianjin's coal power capacity price will rise from 100 yuan per kilowatt per year to 231 yuan, enhancing the fixed cost recovery ratio to 70% [2][11] - The adjustment is expected to yield an increase of approximately 0.035 yuan per kilowatt-hour in electricity pricing, although actual capacity fees may rise more significantly due to declining coal power utilization hours [11] Proxy Purchase Electricity Prices - January 2026 proxy purchase prices show a decline, with Guangdong and Jiangsu reporting average transaction prices of 372.14 yuan per megawatt-hour and 344.19 yuan per megawatt-hour, respectively, reflecting year-on-year decreases of 19.72 yuan and 68.26 yuan [11] - Northern inland regions, such as Inner Mongolia, show a year-on-year increase in proxy purchase prices, while coastal provinces like Guangdong and Jiangsu face declines exceeding 5 fen per kilowatt-hour [11] Investment Recommendations - The report recommends focusing on quality coal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment Corporation [11][16][17] - It also highlights the potential of new energy companies like Longyuan Power and China Nuclear Power, suggesting a favorable long-term outlook for the sector [11][20]

Investment Rating - The report suggests a "Buy" rating for several companies in the power sector, including Huaneng International, Huadian International, Guodian Power, and Datang Power, among others [9]. Core Insights - The National Energy Administration has released detailed regulations for green certificate management, which is expected to reshape market rules and enhance the trading price of green certificates by 2026 [2][14]. - The new regulations clarify that independent energy storage discharge will no longer be eligible for green certificate issuance, which may lead to a reduction in the overall circulation of green certificates and an increase in their trading prices [2][14]. - The guidelines for industrial microgrid construction require that new renewable energy generation in industrial parks must have a self-consumption ratio of at least 60% annually, promoting local production and consumption of green electricity [6][16]. Summary by Sections Green Certificate Regulations - The new regulations maintain the core measurement standard of issuing one green certificate for every 1,000 kWh of renewable energy generated [2][14]. - Independent energy storage discharge will not receive green certificates, and projects must measure generation and storage separately [2][17]. - From January 1, 2026, the production year of the electricity must match the consumption year for green certificate cancellation, changing the previous practice of purchasing historical certificates [2][17]. Industrial Microgrid Guidelines - The guidelines aim to enhance the capacity for local production and consumption of green electricity in industrial sectors [6][16]. - New renewable energy projects in industrial parks must achieve a minimum self-consumption ratio of 60% [6][16]. - The guidelines introduce a requirement for integrating various systems, including renewable energy generation and energy management technologies [6][16]. Market Performance - The report notes that the Shanghai Composite Index rose by 3.82% during the week of January 5-9, with the power and utilities sector index increasing by 2.4%, underperforming the broader market [66][67]. - The report highlights that most listed companies in the power and utilities sector experienced stock price increases during this period [66].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Viewpoints - The company's controlled nuclear power generation capacity is expected to achieve a total output of 200.8 billion kWh in 2025, representing a year-on-year increase of 9.66%. However, factors such as declining market transaction prices in some provinces and increased taxes for certain nuclear companies may limit the growth of the nuclear power sector's performance [5][12] - The continuous expansion of renewable energy installations is projected to drive a 31.29% year-on-year increase in renewable energy generation to 43.6 billion kWh by 2025. However, this expansion also leads to significant increases in depreciation and other costs, and the weak pricing of renewable energy, along with a reduced stake in China Nuclear Huineng after capital increase, is expected to continue to pressure the performance contribution from the renewable energy sector [12][12] - Overall, while both nuclear and renewable energy sectors show good performance in terms of generation, the company's annual performance outlook remains stable due to the impacts of electricity prices and taxes [12] Summary by Relevant Sections Event Description - As of December 31, 2025, the company's cumulative operational generation for the year is 244.43 billion kWh, a year-on-year increase of 12.98%. The target for 2026 is set at 259.2 billion kWh, with nuclear power planned at 210 billion kWh and renewable energy at 49.2 billion kWh [5] Event Commentary - In the fourth quarter, the controlled nuclear power generation reached 49.799 billion kWh, a year-on-year increase of 4.88%. The growth rate slowed due to maintenance schedules. Excluding the contribution from the newly commissioned Zhangzhou Unit 1, the fourth-quarter nuclear generation saw a slight decline of 0.41% year-on-year. The overall nuclear generation for 2025 is 200.807 billion kWh, achieving a 9.66% increase and meeting the annual generation plan [12] - The company has a strong reserve of nuclear projects, with 18 units under construction or approved, totaling 20.647 million kW, ensuring substantial growth potential in the long term [12] - The earnings forecast for the company has been adjusted, with expected EPS for 2025-2027 at 0.44 yuan, 0.42 yuan, and 0.48 yuan, corresponding to PE ratios of 20.42x, 21.31x, and 18.75x respectively, maintaining a "Buy" rating [12]

Core Viewpoint - China National Nuclear Power (601985) is actively involved in the controlled nuclear fusion project, which is organized by its controlling shareholder, China National Nuclear Corporation (CNNC) [1] Group 1 - The company is collaborating with CNNC and relevant units to promote the coordinated development of the upstream and downstream of the industry chain [1] - The initiative aims to advance the engineering and commercialization of nuclear fusion in China [1]