行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 研究支持 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 - ⚫ 电力：新能源贡献 6 月主要发电增量，能源结构持续优化。1-6 月，规上工业发电量为 45371 亿 千瓦时，同比增长 0.8%，扣除天数原因，日均发电量同比增长 1.3%。6 月单月规上工业发电量 7963 亿千瓦时，同比增长 1.7%。分品种看，6 月规上水力发电同比下降 4.0%；火力发电同比增 长 1.1%；核 ...

该项目主要建设 2×300 吨/天纯氧生物质流化床气化装置、67.2MW 风电、8200Nm 3/h（标准立方米每小时） 制氢装置、10 万 Nm 3储氢装置、5 万吨/年绿色甲醇及合成装置，是国内首批符合 ISCC-EU 绿色认证要求的 风电制氢耦合生物质气化制绿色甲醇项目，所采用的核心技术与关键装备均由上海电气自研自产。 该项目通过收集生物质秸秆并进行预处理后，采用纯氧加压生物质气化、风电制氢、富二氧化碳合成气合 成甲醇等技术，将农林废弃物与风电就地消纳转化为高附加值绿色甲醇，实现生物质能与风能的高效利用。 上海电气洮南市风电耦合生物质绿色甲醇一体化示范项目是国家首批绿电制氢就地消纳示范项目，也是吉 林省百亿级重点工程之一，是"氢动吉林""吉氢入沪"战略布局的重要组成部分，对全国新能源产业发 展具有示范引领作用。该项目以风能和生物质能为基础，打造"绿色新能源+绿色化工"产业链，为实现 大规模绿电消纳提供了新的技术路线和商业模式。 证券研究报告 | 2025年07月26日 电力设备新能源行业点评 绿色甲醇项目陆续投产，为绿电消纳提供新方向 行业研究·行业快评 电力设备 投资评级：优于大市（维持） 证券分析师 ...

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 添加文末微信，加 绿氢 群 月报订阅： 《中国氢能及燃料电池产业月度分析报告》 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 2025势银绿氢产业大会（8月27-28日，江苏·无锡） 点此报名 7月23日上午，5000吨绿色甲醇在天津大沽口港区孚宝渤化码头成功装船发往新加坡，标志着绿色 甲醇作为航运业脱碳转型的关键清洁能源，正成为推动港产城融合发展的新引擎。 此次绿色甲醇成功装运，源于 香港中华煤气有限公司与荷兰皇家孚宝集团 的战略合作。中华煤气 拥有 将废旧轮胎、农林废弃物转化为绿色甲醇 的自主技术，是国内首家拥有ISCC EU和ISCC PLUS认证的企业，在内蒙古设有生产工厂，规划总产能 100万吨 。孚宝集团在天津港建有 30万立 方米仓储设施 、专业码头设施及全球化运输网络，正在打造绿色甲醇储运枢纽。两家企业发挥各 自优势，构建起"生产企业+物流枢纽+港口运营"的全链条绿色甲醇产业联盟模式。 此次5000吨绿色甲醇从天津港装船运往新加坡，正是联盟协同效应的生动体 ...

行 业 及 产 业 公用事业 2025 年 07 月 21 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 雅江水电正式开工 欧亚气价回落 看好 ——申万公用环保周报(25/07/14~25/07/18) 本期投资提示： 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 研究支持 朱赫 A0230524070002 zhuhe@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 电力：雅鲁藏布江下游水电站开工，水电设备双寡头有望直接受益。7 月 19 日国资委发布公告， 经国务院批准，组建中国雅江集团有限公司。同日，雅鲁藏布江下游水电工程 ...

英国初创企业荣获 100万 美元金奖香港, July 21, 2025 (GLOBE NEWSWIRE) -- 由 Full Vision Capital 主办的亚洲智慧能源创新大赛 TERA-Award 公布了第四届评选结果。 英国公司 Barocal 凭借其突破性的固态冷却系统斩获金奖及 100 万美元奖金。该系统采用了一种压卡材料，这种材料在受压时会发生温度变化。 这是 TERA-Award 大赛首次在香港以外地区举办。 7 月 18 日，在剑桥大学国王学院举行的颁奖典礼上，100 多位行业领袖、企业家、科学家、投资人、学者及合作伙伴出席了活动。 Full Vision Capital 董事长兼 TERA-Award 创始人 Peter Lee 博士与 Full Vision Capital 名誉董事长 Martin Lee 博士共同率领首个海外推广团队宣传 TERA-Award。 在来自 76 个国家和地区的 785 份参赛作品中，英国 Barocal 公司的作品脱颖而出，荣获金奖。 该公司的技术摒弃了有害制冷剂，提高了能源效率，为空调和制冷领域提供了可持续的解决方案。 Barocal 的这项创新成果 ...

Core Insights - The TERA-Award, organized by Full Vision Capital, awarded the Gold Award to Barocal, a UK startup, for its innovative solid-state cooling system, which utilizes barocaloric materials and offers a sustainable alternative to traditional refrigerants [1][3][10] Group 1: Award Details - The Gold Award comes with a prize of US$1 million and recognizes Barocal's technology that enhances energy efficiency and eliminates harmful refrigerants [1][3] - The TERA-Award received 785 entries from 76 countries and regions, highlighting its international appeal [3][4] Group 2: Event Highlights - The award ceremony took place at King's College, University of Cambridge, attended by over 100 industry leaders, entrepreneurs, and investors [2] - An innovation showcase and forum were held to discuss global clean energy trends and the importance of collaboration in the energy transition [5] Group 3: Organizational Support - The fourth TERA-Award is supported by various organizations, including the Hong Kong Investment Corporation and the UK's Department for Business and Trade, indicating a commitment to advancing deep-tech energy innovation [6]

Core Viewpoint - Hong Kong and Royal Vopak Group have signed a strategic cooperation framework agreement to collaborate on green methanol production, storage, and trading, focusing on the Greater Bay Area, Hong Kong, and the Asia-Pacific market to support the shipping industry's green transition [1][3]. Group 1: Strategic Collaboration - The partnership aims to leverage each company's strengths to expand the green methanol supply chain, with Hong Kong and Royal Vopak utilizing their respective technologies and logistics capabilities [1][3]. - The collaboration will focus on "production and storage synergy," enhancing logistics and storage facilities to create an integrated green methanol supply network [3][4]. Group 2: Regional Focus - The Greater Bay Area will be a key area for cooperation, utilizing the advantages of ports in Hong Kong, Shenzhen, and Guangzhou to meet the growing demand for green fuels [3]. - In the East China region, Shanghai and Ningbo will serve as central points for logistics and storage collaboration to address increasing green fuel needs [3]. Group 3: Production Capacity and Future Plans - Hong Kong's green methanol production facility in Inner Mongolia is expected to increase its annual capacity from 100,000 tons to 150,000 tons by the end of the year, with a long-term goal of reaching 300,000 tons by 2028 [4]. - The company plans to establish multiple green methanol production plants in mainland China, targeting an annual capacity of 1 million tons to prepare for large-scale applications of green methanol [4].

Summary of Key Points Core Viewpoint - The company, 深桑达Ａ, has experienced a significant increase in stock price and is currently facing a substantial number of legal disputes that could impact its financial performance. Group 1: Stock Performance - As of July 11, 2025, 深桑达Ａ closed at 21.19 yuan, up 5.0% from the previous week’s 20.18 yuan [1] - The stock reached a high of 21.69 yuan and a low of 19.71 yuan during the week [1] - The current total market capitalization of 深桑达Ａ is 24.113 billion yuan, ranking 3rd in the professional engineering sector and 676th among all A-shares [1] Group 2: Legal Issues - The company has been involved in a total of 131 litigation and arbitration cases since May 22, 2025, with a total amount in dispute of 666,839,058.46 yuan, exceeding 10% of the company's latest audited net assets [1] - Out of these cases, 20 were initiated by the company as the plaintiff, involving 383,356,659.15 yuan, while 108 cases were against the company as the defendant, totaling 282,282,399.31 yuan [1] - The company is actively managing these legal challenges with its legal team and is fulfilling its disclosure obligations as required by regulators [2]

Core Points - The China Securities Hong Kong 300 Low Beta Index (H300LB) reported a value of 1796.42 points, showing a monthly increase of 3.23%, a three-month increase of 19.10%, and a year-to-date increase of 11.82% [1] Group 1: Index Overview - The China Securities Hong Kong 300 Low Beta Index reflects the overall performance of securities listed on the Hong Kong Stock Exchange from various strategic investment perspectives, with a base date of December 30, 2005, set at 1000.0 points [1] - The top ten holdings of the index include: - Weilu Group (2.2%) - CLP Holdings (2.12%) - Qutoutiao Group (2.1%) - Cheung Kong Infrastructure (2.07%) - Power Assets Holdings (1.88%) - PCCW (1.84%) - Cathay Pacific Airways (1.68%) - Nine Dragons Paper (1.58%) - China Resources Power (1.51%) - Hong Kong and China Gas (1.48%) [1] Group 2: Sector Allocation - The sector allocation of the index holdings is as follows: - Utilities: 17.55% - Industrials: 15.27% - Financials: 14.46% - Communication Services: 10.61% - Real Estate: 9.24% - Consumer Staples: 8.53% - Consumer Discretionary: 8.46% - Energy: 5.95% - Materials: 4.36% - Health Care: 4.30% - Information Technology: 1.28% [2] - The index sample is adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2]

资金流向方面，今日主力资金净流入3444.17万元，占比成交额8.03%。其中，超大单净流入382.05万 元、占成交额0.89%，大单净流入3062.13万元、占成交额7.14%，中单净流出流出503.87万元、占成交 额1.17%，小单净流出2940.30万元、占成交额6.85%。 深桑达A最新一期业绩显示，截至2025一季报，公司营业总收入125.45亿元、同比减少18.41%，归属净 利润3405.61万元，同比减少299.68%，扣非净利润5096.60万元，同比减少1062.93%，流动比率1.246、 速动比率1.221、资产负债率81.77%。 金融界消息 截至2025年7月10日收盘，深桑达Ａ（000032）报收于20.31元，上涨0.69%，换手率 1.91%，成交量21.08万手，成交金额4.29亿元。 来源：金融界 天眼查商业履历信息显示，深圳市桑达实业股份有限公司，成立于1993年，位于深圳市，是一家以从事 计算机、通信和其他电子设备制造业为主的企业。企业注册资本113795.9234万人民币，实缴资本 20765.84万人民币。公司法定代表人为陈士刚。 通过天眼查大数据分析，深圳市 ...