Investment Rating - The report maintains a "Buy" rating for the public utility sector [5] Core Views - The report emphasizes the importance of green electricity consumption and solid waste management in the context of the "dual carbon" goals set for 2026, suggesting a focus on the green electricity sector for potential valuation recovery [4][8] - The report highlights the ongoing decline in electricity prices and the need for adjustments in the installation rhythm of new green electricity projects based on regional supply and demand [4][3] - The report suggests that the electricity market reform is progressing, with a focus on expanding the electricity spot market and auxiliary services, while also noting the transformation of thermal power's functional positioning [4] Summary by Sections Market Review - The SW public utility sector experienced a slight decline of 0.09% this week, ranking 11th among 31 SW sectors, while the Shanghai Composite Index fell by 0.34% [23] - Among sub-sectors, thermal power increased by 0.22%, while hydropower decreased by 0.26% [23] - The top five performing stocks in the public utility sector this week were: Jiaze New Energy (+9.71%), Yinxing Energy (+8.58%), Zhongtai Co. (+7.79%), Xichang Power (+5.38%), and Chenzhou International (+4.14%) [29] Price Updates - The report notes a significant drop in thermal coal prices, with Qinhuangdao port's 5500 kcal thermal coal price decreasing by 39 CNY/ton this week [2][9] - The average settlement price for electricity in Guangdong was reported at 292.88 CNY/MWh, down from 354.64 CNY/MWh the previous week [10] Key Events - Various provinces have begun releasing results for the "136" document's incremental project bidding, with significant volumes of green electricity being auctioned at varying prices [3][7] - The Central Economic Work Conference reiterated the commitment to the "dual carbon" goals, emphasizing the need for a comprehensive green transition and the expansion of green electricity applications [8]

证券之星消息，12月12日，深证国企ESGR（470055）指数报收于1574.9点，涨0.9%，成交328.0亿元， 换手率1.17%。当日该指数成份股中，上涨的有30家，银星能源以9.93%的涨幅领涨，下跌的有18家， 中材科技以3.56%的跌幅领跌。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 资金流向方面，深证国企ESGR（470055）指数成份股当日主力资金净流入合计8.34亿元，游资资金净 流出合计10.32亿元，散户资金净流入合计1.98亿元。成份股资金流向详情见下表： 深证国企ESGR（470055）指数十大成份股详情如下： 近10日内深证国企ESGR（470055）指数成份股做了调整，新纳入了15只股票，剔除了15只股票。 ...

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing at 3889.35 points, above the six-month moving average, reflecting a daily increase of 0.41% [1] Group 1: Market Performance - The total trading volume of A-shares reached 21,190.10 billion yuan today [1] - A total of 145 A-shares have surpassed the six-month moving average, indicating a bullish trend [1] Group 2: Individual Stock Performance - Notable stocks with significant deviation rates above the six-month moving average include: - Zhongzhou Special Materials (300963) with a deviation rate of 12.36% and a daily increase of 20.01% [1] - Tianyi New Materials (688033) with a deviation rate of 8.13% and a daily increase of 9.13% [1] - Yinxing Energy (000862) with a deviation rate of 8.00% and a daily increase of 9.93% [1] - Other stocks with smaller deviation rates that have just crossed the six-month moving average include: - Sealing Technology (300442) with a deviation rate of 6.35% and a daily increase of 6.91% [1] - Shanghai Electric (601727) with a deviation rate of 4.10% and a daily increase of 4.36% [1]

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing above the six-month moving average, indicating a potential bullish trend in the market [1]. Group 1: Market Performance - As of 13:59 today, the Shanghai Composite Index is at 3888.05 points, with a gain of 0.38% [1]. - The total trading volume of A-shares today reached 16,282.11 billion yuan [1]. Group 2: Stocks Breaking the Six-Month Line - A total of 164 A-shares have surpassed the six-month moving average today [1]. - Notable stocks with significant deviation rates include: - Zhongzhou Special Materials (12.36%) - Changfu Co., Ltd. (10.44%) - Tianyi New Materials (9.01%) [1]. Group 3: Stock Performance Data - The following stocks have shown notable performance: - Zhongzhou Special Materials: 20.01% increase, latest price 23.39 yuan, deviation rate 12.36% [1]. - Changfu Co., Ltd.: 14.80% increase, latest price 38.32 yuan, deviation rate 10.44% [1]. - Tianyi New Materials: 10.03% increase, latest price 7.35 yuan, deviation rate 9.01% [1].

Core Viewpoint - The company, Ningxia Silver Star Energy Co., Ltd., emphasizes the integration of safety concepts throughout its production and operations, leading to record-high performance in its business operations, with a revenue of 652 million yuan and a net profit growth of 39.08% year-on-year [1][3]. Group 1: Safety and Compliance - The company has established a robust responsibility management system focused on safety and environmental protection, implementing four standardizations in safety, production, equipment, and management [3]. - The company has achieved 18 project approvals and completed 14 projects connected to the grid, focusing on distributed photovoltaic project construction [3]. Group 2: Technological Innovation and Equipment Management - The company is advancing wind power technology upgrades, with significant projects like the 95,000 kW old wind turbine renovation entering trial operation and plans for further upgrades [5]. - Equipment management has improved, with a reduction in fault loss electricity to 12.15 million kWh and a fault loss rate of 0.65%, marking a year-on-year decrease of 0.78 percentage points [5]. Group 3: Future Development and Strategic Goals - The company aims to create a new energy project matrix that integrates green electricity, old wind turbine renovations, and distributed energy solutions, focusing on low-carbon and low-cost energy models [7]. - The company has obtained 18 invention patents and 34 utility model patents, reflecting its commitment to technological innovation and talent development [7].

Core Viewpoint - Yinxing Energy (000862.SZ) currently does not have any operations in energy storage or virtual power plant businesses, and will disclose any future plans in accordance with regulatory requirements [1] Group 1 - The company confirmed on an interactive platform that it is not engaged in the construction or operation of energy storage or virtual power plant projects [1] - Yinxing Energy will fulfill its information disclosure obligations promptly if there are any related plans in the future [1]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问一下公司2025年第三、四季度有哪些新增的已正 式并网送电或将并网送电项目。2026年预计将有哪些投资项目会进行。 银星能源（000862.SZ）11月19日在投资者互动平台表示，公司正在积极推进多个项目，包括长山头、 贺兰山、太阳山风电场的以大代小改造项目以及分布式光伏项目建设。具体情况请您查阅公开披露信 息。 ...

Group 1 - The company disclosed that the number of shareholders as of the third quarter report of 2025 is 47,122 households [1]

Group 1 - The core viewpoint of the news highlights the growth in electricity generation in Ningxia Hui Autonomous Region, with a total generation of 187.5 billion kWh in September 2025, representing a year-on-year increase of 3.7% [1] - From January to September 2025, the total electricity generation reached 1,795.7 billion kWh, showing a year-on-year growth of 4.7% [1] - The breakdown of electricity generation by type for January to September 2025 indicates that thermal power accounted for 1,289.9 billion kWh (71.8% of total generation) with a 1% increase year-on-year, while hydropower decreased by 9.7% to 12.9 billion kWh (0.7% of total) [1] - Wind power generation increased by 7.1% to 212.2 billion kWh (11.8% of total), and solar power generation saw a significant rise of 24.7% to 280.72 billion kWh (15.6% of total) [1] Group 2 - The report referenced is the "2026-2032 China Energy Industry Market Research Analysis and Investment Prospects Assessment Report" published by Zhiyan Consulting [1] - The statistical data in the report is based on large-scale industrial enterprises, defined as those with annual main business income of 20 million yuan or more [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [2]

Company Overview - Silver Star Energy, established on June 28, 1998, and listed on September 15, 1998, is located in Yinchuan, Ningxia Hui Autonomous Region. The company primarily engages in renewable energy generation and equipment manufacturing, with 97.82% of its revenue coming from renewable energy generation, 1.23% from equipment manufacturing, and 0.96% from other sources [1]. Stock Performance - As of November 12, Silver Star Energy's stock price decreased by 2.07% to 6.16 CNY per share, with a market capitalization of 5.655 billion CNY. The stock has increased by 24.70% year-to-date, with a slight decline of 0.81% over the last five trading days, and increases of 4.58% and 8.45% over the last 20 and 60 days, respectively [1]. Financial Performance - For the period from January to September 2025, Silver Star Energy reported a revenue of 975 million CNY, reflecting a year-on-year growth of 4.85%. The net profit attributable to shareholders was 237 million CNY, showing a significant increase of 24.63% compared to the previous year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Silver Star Energy was 47,100, a decrease of 16.01% from the previous period. The average number of circulating shares per person increased by 19.06% to 13,326 shares [2]. Dividend History - Since its A-share listing, Silver Star Energy has distributed a total of 92.565 million CNY in dividends. However, there have been no dividend distributions in the past three years [3]. Institutional Holdings - As of September 30, 2025, among the top ten circulating shareholders, Guangfa Quantitative Multi-Factor Mixed A (005225) is the sixth largest shareholder with 4.8959 million shares, marking a new entry. Hong Kong Central Clearing Limited is the seventh largest shareholder with 4.5468 million shares, also a new entry [3].