5月用电量增速小幅下降，三产、居民生活用电量实现高增长。5月全社会用电量8096亿 千瓦时，同比增长4.4%，增速较4月放缓0.3pct；其中一产/二产/三产/居民生活用电量分别为 119/5414/1550/1013亿千瓦时，同比分别增长8.4%/2.1%/9.4%/9.6%。其中，三产用电量高增 长主要得益于充换电服务业等新业态，其中5月全国充换电服务业用电量同比增长45.1%， 增速较4月提高0.8pct，全国互联网和相关服务用电量同比增长29.8%，增速较4月提高 2.0pct。居民生活用电量高增长主要受到高温影响，5月份全国平均气温高于常年，宁夏、广 东、福建等多地居民生活用电实现两位数增长。 投资建议：绿电：十四五收官之年能耗目标考核有望催化绿电需求，同时新能源可持续 发展价格结算机制建立后行业未来的收益预期更为明朗，建议把握板块拐点性机会，个股建 议关注全国龙头企业龙源电力、三峡能源等。火电：近期煤价急速下跌有望扭转市场对于火 电2025年悲观的基本面预期，建议关注市场煤敞口大，且布局25年年度长协电价下调幅度较 小区域的企业，个股建议关注大唐发电、华能国际等。水核：利率下行周期中，红利属性较 ...

Core Viewpoint - The company is integrating traditional cultural elements with modern safety practices to enhance its safety culture, exemplified by the "金安思危" (Jin An Si Wei) safety culture system, which is inspired by local historical symbols and aims to create a resonant cultural identity for safety [1][2]. Group 1: Safety Culture Development - The company has launched a new brand image featuring cultural mascots "金安安" (Jin An An) and "思薇薇" (Si Wei Wei), which embody local cultural symbols and promote safety awareness among employees [2]. - The "1335" safety culture system is designed to transform abstract safety concepts into tangible cultural symbols, enhancing employee engagement and responsibility [2]. Group 2: Practical Implementation of Safety Culture - At the 330 kV Shuangwan Substation, the company implemented a detailed safety plan for equipment maintenance, emphasizing the importance of thorough preparation and risk management [4]. - The use of a micro-crawler crane during maintenance operations reflects the company's commitment to innovation and safety, ensuring that all procedures adhere to established safety protocols [4][5]. Group 3: Technological Innovation in Safety Practices - The company successfully applied new high-polymer self-adhesive waterproof materials at the 330 kV Dongdatang Substation, marking a significant advancement in safety technology [7]. - The integration of safety principles into the construction plan for the new materials demonstrates the company's proactive approach to addressing environmental challenges and enhancing equipment reliability [7]. Group 4: Cultural Integration in Safety Practices - The company emphasizes the importance of cultural elements in promoting safety, as seen in the juxtaposition of traditional symbols with modern practices in various settings, including night markets [8]. - Employees are encouraged to view safety as an integral part of their responsibilities, fostering a culture where safety is deeply embedded in daily operations [8].

Core Viewpoint - Fujian's power grid is prepared for stable electricity supply during the summer of 2025, with a focus on ensuring reliable power supply amid increasing demand and peak load challenges [2][4]. Group 1: Power Supply Preparedness - Fujian's power supply situation is expected to be tight this summer, with peak load forecasts of 57.8 million kilowatts and 55 million kilowatts, representing increases of 6.4% and 6.9% respectively [2]. - State Grid Fujian Electric Power Company is implementing measures to optimize load resource management and enhance interconnections with neighboring provinces to ensure stable power supply [2][19]. Group 2: Infrastructure Development - A total of 20 infrastructure projects have been arranged for the summer peak supply, with a focus on timely and high-quality completion [4]. - The Fuzhou Minhou Tieling 110 kV substation was put into operation ahead of schedule, providing stronger support for reliable power supply during high-temperature periods [3][5]. Group 3: Material Supply and Management - The material supply chain is crucial for project progress, with a digital management system established to track construction and material needs in real-time [7]. - An intelligent early warning system is in place to ensure timely delivery of essential materials, moving away from a reactive approach to a proactive one [7]. Group 4: Operation and Maintenance Innovations - The company is shifting from passive repairs to proactive maintenance, utilizing digital and intelligent technologies for grid operation and maintenance [10]. - The introduction of drones and robots for inspections is enhancing risk identification and operational efficiency [10]. Group 5: Emergency Response and Disaster Management - A differentiated strategy for grid construction is being implemented to address the unique geographical challenges of Fujian, enhancing resilience against extreme weather [11][13]. - An integrated monitoring network has been established, utilizing various technologies for real-time disaster monitoring and early warning [13][15]. Group 6: Inter-Provincial Power Support - The interconnection project between Fujian and Guangdong has been operational, allowing for a power transfer capacity of 2 million kilowatts to support peak demand in Guangdong [16]. - This interconnection not only aids in peak load management but also enhances emergency support capabilities during natural disasters [19].

Core Viewpoint - The Zahaheor open-pit coal mine is transitioning from traditional mining practices to a high-quality green development model, emphasizing ecological restoration and sustainable practices [3][11]. Group 1: Green Technology Implementation - The mine has introduced 120-ton pure electric mining trucks that utilize lithium iron phosphate batteries, reducing operational costs by 62.7% and achieving annual carbon emissions reductions of 7,351 tons, equivalent to planting 400,000 fir trees [4][5]. - A total of 135 autonomous wide-body trucks are part of a "green transportation army," enhancing operational efficiency to 90% of manual labor efficiency and achieving fuel savings of 20-30% [6][9]. Group 2: Ecological Restoration Efforts - The mine has invested 670 million yuan in six major ecological restoration projects, covering an area of 25,300 acres, significantly improving vegetation coverage to over 90% in certain areas [10]. - The restoration strategy focuses on reshaping terrain, improving soil quality, and reestablishing vegetation with local species, leading to a sustainable ecological model [10]. Group 3: Industry Transformation - The transition from coal mining to a green economy reflects a broader trend in traditional industries towards low-carbon development, integrating technological innovation with ecological protection [11].

Core Viewpoint - The article emphasizes the importance of meticulousness and safety in the maintenance of electrical equipment, showcasing a mentorship dynamic that fosters professional growth and a commitment to safety standards in the power supply industry [1][3]. Group 1: Equipment Maintenance - The maintenance work at the 35 kV Xinzhizhan substation highlights the critical nature of equipment inspections, where any oversight can lead to significant safety hazards [1]. - The rigorous testing of the circuit breaker, including resistance and mechanical characteristics, demonstrates the necessity of precise measurements over subjective assessments to ensure operational safety [3]. Group 2: Mentorship and Training - The article illustrates a "pass-on" talent cultivation mechanism within the Shanxi Linfen Power Supply Company, where experienced workers impart their knowledge to younger employees, ensuring the transmission of a meticulous work ethic [3]. - The interaction between the mentor and the apprentice not only addresses immediate technical challenges but also serves as a practical classroom for the latter's professional development [3].

盛夏时节，庆阳市合水县老城镇牧家沟村的麒麟西瓜种植基地迎来丰收季。成片的瓜田里，圆滚滚的西瓜缀满藤蔓， 瓜农们穿梭其中忙着采摘、分拣、装车，一派热火朝天的景象。近日，国网庆阳供电公司工作人员走进种植基地，为这 场"甜蜜丰收"进行安全用电巡检。 走进牧家沟村西瓜种植核心区，碧绿瓜藤间，成熟的麒麟西瓜表皮花纹清晰，切开后金黄的瓜瓤、饱满的汁水令人垂 涎。"今年西瓜长得特别好，口感脆甜，特别受欢迎，这都多亏了稳定的电力。"种植户赵师傅抱着刚摘的西瓜，眼角笑出 了褶子，"以前最怕用电高峰水泵'罢工'，现在24小时电不断，滴灌系统'喝饱电'，西瓜自然长得好。" 除了筑牢电力"硬支撑"，国网庆阳供电公司也做足服务"软功夫"。组织共产党员服务队定期到基地开展安全用电检 查，帮助种植户排查隐患、宣传知识、解答疑问；开通办电"绿色通道"，简化流程、缩短接电时间，全力保障农户用电需 求。 "电力不仅保障了丰收，更点亮了产业发展的希望。"合水县农业农村局相关负责人表示，依托麒麟西瓜产业，当地已 形成"种植+冷链+销售"一体化产业链，带动就业超200人，户均年增收超4万元。 下一步，国网庆阳供电公司将持续优化农村电网结构，深化"电力 ...

6月24日，由重庆城投江长建设有限公司投资建设、中交路桥建设有限公司承建的重庆市两江新区-长寿区快速通道项目（长寿段）组织开展隧道"瓦斯超限"应急救援演练，重庆市长寿区副区长 刘朝煜、国家隧道应急救援中国交建重庆队、长寿区住房和城乡建设委员会及项目各参建单位相关领导参加。 本次演练以晏家隧道瓦斯超限为背景，演练一开始，随着值班领导上报隧道内瓦斯浓度值为1.0%，总指挥长随即下达应急救援演练开始指令，通风管理组、医疗救护组、应急抢险组、警戒保卫 组、通信联络组、瓦斯监测组、后勤保障组及专家技术组人员全部到位，并按预案有序开展救援工作。 作为两江新区-长寿区快速通道项目(长寿段)项目的控制性工程，晏家隧道不良地质多，施工环境复杂，隧道穿越高瓦斯区、采空区、断层、岩溶、高压富水、突水突泥、腐蚀性等不良地质段， 施工安全风险高，不可控因素较多。在开挖工作面发生瓦斯超限的紧急情况下，能够迅速、高效、有序的安全撤离受瓦斯超限影响的区域，做好瓦斯超限灾害的防灾避灾和抢险救灾应急工作， 最大限度地减轻瓦斯超限灾害造成的损失，保护广大员工生命财产安全是项目安全生产的重中之重。 通过本次演练，全方位检验了项目安全应急预案的有效性 ...

Core Viewpoint - The implementation of the energy industry standard "Technical Specifications for Stable Combustion and Waste Heat Utilization of Low-Concentration Coal Mine Gas" (NB/T 11753-2024) marks a significant step towards the safe and efficient utilization of low-concentration methane in coal mines, aligning with China's green and low-carbon transformation policies and enhancing the country's role in global methane commitments [1][3]. Group 1 - The standard provides systematic technical guidelines for the safe and stable combustion of low-concentration methane and direct thermal oxidation utilization, addressing key safety challenges such as backfire prevention, flameout prevention, and explosion risk [1][3]. - The standard is a response to the "14th Five-Year Plan" for energy green and low-carbon transformation and the "Methane Emission Control Action Plan," facilitating the development of carbon asset projects [1][3]. - The standard is expected to drive the industrialization of methane utilization, with a goal to increase the utilization rate from below 40% to over 60%, potentially generating over 5 billion yuan in annual economic benefits for mining areas [4][8]. Group 2 - The standard was jointly drafted by ten organizations, including Beijing Junfa Technology Group, Anhui University of Science and Technology, and China Coal Group, with contributions from leading experts in the field [4]. - The chief expert, Academician Yuan Liang, emphasized that the new standard breaks through the technical challenges of utilizing low-concentration methane directly, filling a gap in the industry standards [6]. - The implementation of the standard is projected to unlock a market space worth hundreds of billions, with existing demonstration projects validating the technology's feasibility [8].

Core Viewpoint - The investment strategy report from China Galaxy highlights that in the face of significant external uncertainties, policy efforts to change the deflationary situation and promote domestic demand recovery, along with new productive forces, will be the main investment themes for 2025 [1][2]. Group 1: Market Overview - As of early 2025, the mechanical sector has outperformed the market with a cumulative increase of 6.04%, showing significant differentiation among sub-sectors, particularly in wind power equipment, robotics, and lithium battery equipment [2]. - In Q1 2025, mechanical enterprises experienced a marginal recovery in performance, although gross margins slightly declined. Key sub-sectors such as shipbuilding, semiconductor equipment, engineering machinery, and coal mining machinery continue to show growth momentum [2]. Group 2: Investment Themes - The report emphasizes that the transformation related to new productive forces is expected to maintain high growth, particularly in humanoid robots, controllable nuclear fusion, and the low-altitude economy [1][3]. - The engineering machinery sector is anticipated to see a recovery in domestic demand, supported by sustained high levels of infrastructure investment and new policy tools aimed at stimulating investment in manufacturing [3]. Group 3: Specific Opportunities - Humanoid robots are identified as a key area for investment, with 2025 being the year of mass production, focusing on applications in industrial logistics, elderly care, agriculture, and consumer markets [3]. - The low-altitude economy is expected to gradually scale up, with safety infrastructure development as a foundation, particularly in companies involved in low-altitude control [3]. - Controllable nuclear fusion is highlighted as a sector with significant technological breakthroughs, suggesting a focus on companies benefiting from manufacturing qualifications and related equipment orders [3]. Group 4: Recommendations - The report recommends focusing on new investment opportunities arising from new productive forces, including humanoid robots, low-altitude economy, and controllable nuclear fusion [4]. - It also suggests monitoring the engineering machinery sector, which is expected to benefit from domestic demand recovery and stable export performance [4]. - The cyclical general equipment sector is also highlighted as a focus area, with an emphasis on companies that are well-positioned to benefit from the recovery in domestic demand [4].

Core Insights - The express delivery industry in China continues to experience medium to high-speed growth, with May 2025 showing significant increases in both business volume and revenue [2][4]. Industry Performance - In May 2025, the total express delivery volume reached 17.32 billion pieces, representing a year-on-year growth of 17.2% [2][3]. - The express delivery revenue for the same month was 125.55 billion yuan, marking an 8.2% increase compared to the previous year [2][3]. - The average price per delivery decreased to 7.25 yuan, reflecting a decline of 7.6% year-on-year [2][3]. Market Segmentation - In the same month, the volume of intra-city express deliveries was 1.46 billion pieces, up 10.4% year-on-year [2][3]. - The volume of inter-city express deliveries reached 15.55 billion pieces, showing an 18.0% increase [2][3]. - International and Hong Kong, Macau, and Taiwan express deliveries totaled 310 million pieces, with a year-on-year growth of 11.9% [2][3]. Company Performance - SF Express maintained a leading growth rate, with a delivery volume of 1.477 billion pieces, achieving a year-on-year growth of 31.8% [3]. - The revenue from SF Express's logistics services grew by 13.4% year-on-year, sustaining double-digit growth [3]. - Among publicly listed express delivery companies, YTO Express showed strong growth, followed by Shentong Express, while Yunda Express experienced slightly slower growth [3]. Investment Recommendations - The express delivery market in China is expected to maintain medium to high-speed growth, with historical highs in business volume [4]. - The rise of autonomous delivery vehicles is anticipated to enhance operational efficiency and reduce costs across the supply chain, potentially improving company performance [4]. - SF Express is recommended for continued investment due to its effective operational strategies and leading growth [4]. - Positive growth trends in e-commerce logistics suggest investment opportunities in Zhongtong Express, YTO Express, Shentong Express, and Yunda [4].