证券代码：600875 股票简称：东方电气 编号：2025-038 东方电气股份有限公司 关于股票交易风险提示公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 一、公司日常经营及行业政策未发生重大变化 经自查，公司目前生产经营活动一切正常，内部经营管理有序推进，行业政 策不存在重大调整。公司及控股股东均不存在应披露而未披露的重大信息，包括 但不限于重大资产重组、股份发行、重大交易类事项、业务重组、股份回购、股 权激励、破产重整、重大业务合作、引进战略投资者等重大事项。 二、二级市场交易风险 公司 A 股股票于 2025 年 7 月 18 日、7 月 21 日、7 月 22 日连续三个交易日 收盘价格涨幅偏离值累计达到 20%。根据《上海证券交易所交易规则》等相关规 定，属于异常波动的情形，公司已于 2025 年 7 月 22 日披露了《关于股票交易异 常波动的公告》（公告编号：2025-037）。 2025 年 7 月 23 日，公司股票再次涨停，当日换手率为 10.51%，显著高于日 东方电气股份有 ...

电力设备行业资金流出榜 沪指7月23日上涨0.01%，申万所属行业中，今日上涨的有8个，涨幅居前的行业为非银金融、美容护理，涨幅分别为1.29%、0.59%。跌幅居前的行业为建筑材料、国防军工，跌幅分别为2.27 资金面上看，两市主力资金全天净流出515.28亿元，今日有8个行业主力资金净流入，非银金融行业主力资金净流入规模居首，该行业今日上涨1.29%，全天净流入资金28.59亿元，其次是银行 主力资金净流出的行业有23个，电力设备行业主力资金净流出规模居首，全天净流出资金101.71亿元，其次是机械设备行业，净流出资金为70.34亿元，净流出资金较多的还有国防军工、建筑 电力设备行业今日下跌1.20%，全天主力资金净流出101.71亿元，该行业所属的个股共359只，今日上涨的有32只，涨停的有1只；下跌的有325只。以资金流向数据进行统计，该行业资金净流 电力设备行业资金流入榜 ...

7月23日早盘，A股可控核聚变板块走高，截至发稿，常辅股份涨超15%，浙富控股、东方电气、中国 能建等公司股价涨幅达10%。其中，浙富控股、东方电气、中国能建实现三连板。 | | V | 可控核聚变 1740.11 1.81% | | D | C | O | | --- | --- | --- | --- | --- | --- | --- | | 成分股 | 基金 | 资金 | 板块分析 | | 新闻 | 简况(F1 | | ●收起分析 | | 最新 | | 涨幅 → | | 流通市值 | | 常辅股份 融 871396 | | 42.00 | | 15.51% | | 21.3亿 | | 浙富控股 | | A 17 | | 10 100/ | | 210/7 | 消息面上，7月22日，中国聚变能源有限公司（以下简称"聚变公司"）挂牌成立大会在沪举行。而就在 当日晚间，中国核电发布公告称，为响应国家未来产业战略发展要求，落实中国核能"三步走"战略，进 一步巩固中央企业在我国聚变产业的核心主导地位等，公司拟参股投资聚变公司。 公开资料显示，聚变公司曾用名中国核燃料有限公司，成立于1983年，此前的注册资本为3 ...

Summary of the Yarlung Tsangpo River Hydropower Project Conference Call Industry Overview - The conference call primarily discusses the Yarlung Tsangpo River hydropower project, which is set to be the largest hydropower project globally, with a total investment of approximately 1.2 trillion yuan [1][5][26]. Key Points and Arguments Economic Impact - The project is expected to generate an annual electricity output of around 300 billion kWh, which is three times that of the Three Gorges Dam, potentially creating a production value of 90 billion yuan annually [8][19]. - It is estimated that for every 1 yuan invested in hydropower construction, it can stimulate 2-3 yuan in GDP growth, leading to a total potential output of nearly 4 trillion yuan due to the project's scale [7][21]. - The project will significantly enhance local infrastructure, including engineering, logistics, and trade services, thereby improving the economic landscape of Tibet [7][19]. Energy Strategy - The project aims to meet the electricity needs of 300 million households and contribute to the establishment of an Asian energy community [1][19]. - It will reduce reliance on imported fossil fuels and support the development of high-energy industries such as data centers and aluminum production, with a projected demand increase of 80,000 tons of copper and 50,000 tons of aluminum [1][9][21]. Regional Development - The project will generate over 20 billion yuan in annual fiscal revenue for Tibet, significantly contributing to local employment through construction and related industries [1][5]. - It is expected to create millions of jobs and stimulate growth in sectors such as construction materials, logistics, and tourism [8][21]. Geopolitical Implications - The hydropower station will primarily export electricity, enhancing China's influence in neighboring countries like Bangladesh and Myanmar while potentially diminishing India's geopolitical control in the region [12][13]. - The project has been included in China's 14th Five-Year Plan, indicating its strategic importance amid rising tensions with India [13][22]. Technical Aspects - The project utilizes a tunnel-based hydropower generation method, which is less environmentally invasive and has a lower investment cost compared to traditional dam construction [5][19]. - The engineering challenges are significant, with complex geological conditions and a need for advanced technology to ensure high water utilization rates [24][25]. Additional Important Content - The project is expected to have a long-term economic impact, with benefits extending to nearly 100 related industries, including construction, energy, and materials [8][19]. - The establishment of the China Yajiang Group as a key financing entity for the project highlights the government's commitment to supporting large-scale infrastructure initiatives [14][26]. - The project is anticipated to alleviate economic pressures in China, particularly in light of recent economic slowdowns, by accelerating investment and job creation [22][21]. This comprehensive overview captures the essential aspects of the Yarlung Tsangpo River hydropower project as discussed in the conference call, emphasizing its economic, energy, regional, geopolitical, and technical significance.

Market Overview - On July 22, the Hang Seng Index rose by 0.54%, closing at 25,130.03 points, with a total net inflow of HKD 2.717 billion through the southbound trading channel [1] - The total trading volume for the southbound trading was HKD 162.832 billion, with a net buy of HKD 2.717 billion [1] Southbound Trading Details - In the Shanghai-Hong Kong Stock Connect, the trading volume was HKD 103.231 billion with a net buy of HKD 2.985 billion, while the Shenzhen-Hong Kong Stock Connect had a trading volume of HKD 59.600 billion with a net sell of HKD 0.267 billion [1] - The top active stocks in the Shanghai-Hong Kong Stock Connect included Dongfang Electric with a trading volume of HKD 4.374 billion, followed by Huaxin Cement and Tencent Holdings with trading volumes of HKD 3.489 billion and HKD 2.647 billion, respectively [1] Stock Performance - China Life had the highest net buy amount of HKD 0.879 billion, with a closing price increase of 4.23% [1] - Semiconductor Manufacturing International Corporation (SMIC) recorded the highest net sell amount of HKD 0.267 billion, with a closing price increase of 2.75% [1] Shenzhen-Hong Kong Stock Connect Highlights - In the Shenzhen-Hong Kong Stock Connect, SMIC led in trading volume with HKD 1.979 billion, followed by Meituan and Alibaba with trading volumes of HKD 1.833 billion and HKD 1.739 billion, respectively [2] - SMIC also had the highest net buy amount of HKD 0.779 billion, while Tencent Holdings had the highest net sell amount of HKD 0.373 billion, with a closing price increase of 0.86% [2] Active Stocks Summary - The top active stocks in the southbound trading on July 22 included: - Dongfang Electric: Trading volume of HKD 4.374 billion, net buy of HKD 0.165 billion, price change of -2.84% [2] - Huaxin Cement: Trading volume of HKD 3.489 billion, net buy of HKD 0.313 billion, price change of -15.05% [2] - Tencent Holdings: Trading volume of HKD 2.647 billion, net buy of HKD 0.027 billion, price change of 0.86% [2] - SMIC: Trading volume of HKD 2.590 billion, net sell of HKD 0.267 billion, price change of 2.75% [2] - China Life: Trading volume of HKD 1.919 billion, net buy of HKD 0.879 billion, price change of 4.23% [2]

从连续性进行统计， 有2只股获南向资金连续3天以上净买入，连续净买入天数较多的有阿里巴巴-W、 中芯国际，连续净买入天数分别为4天、4天。以其间净买入金额统计，净买入金额最多的是中芯国际， 合计净买入为11.76亿港元，其次是阿里巴巴-W合计净买入为5.78亿港元。（数据宝） 7月22日南向资金成交活跃股 | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 02628 | 中国人寿 | 191863.98 | 87850.80 | 4.23 | | 00939 | 建设银行 | 202947.92 | 75542.83 | -1.19 | | 00981 | 中芯国际 | 456868.79 | 51150.55 | 2.75 | | 03690 | 美团-W | 400715.04 | 38247.29 | -1.38 | | 06655 | 华新水泥 | 482203.23 | 33955.91 | -15.05 | | 03339 | 中国龙工 | 327254.27 | 26330.16 | ...

Group 1 - On July 22, 2025, the top three companies by trading volume in the Hong Kong Stock Connect (southbound) were Dongfang Electric (01072) with a trading volume of 4.374 billion, Huaxin Cement (06655) with 3.489 billion, and Tencent Holdings (00700) with 2.647 billion [1] - In the Shenzhen-Hong Kong Stock Connect (southbound), the top three companies by trading volume were SMIC (00981) with 1.979 billion, Meituan-W (03690) with 1.833 billion, and Alibaba-W (09988) with 1.739 billion [1] Group 2 - The top active companies in the Hong Kong Stock Connect (southbound) included Dongfang Electric (01072) with a net buy of 0.165 billion, Huaxin Cement (06655) with 0.313 billion, and Tencent Holdings (00700) with 0.271 billion [2] - In the Shenzhen-Hong Kong Stock Connect (southbound), SMIC (00981) had a net buy of 0.779 billion, while Meituan-W (03690) had a net sell of 0.050 billion [2]

Core Viewpoint - The stock performance of Dongfang Electric has diverged between its A-shares and H-shares, influenced by a significant trading anomaly and the commencement of a major hydropower project, which is expected to provide substantial business opportunities for the company [2][3][9]. Trading Performance - On July 22, Dongfang Electric's A-shares opened with a "limit-up" and closed at the same level, continuing a strong upward trend from the previous trading day [3][9]. - In contrast, the H-shares experienced volatility, initially rising over 12% before closing down 2.84% [4][5]. - An unusual trading event on July 21 saw the H-shares surge by 65% due to a single erroneous trade that inflated the price by over 700% [5][8]. Trading Anomaly - The spike in H-share trading volume reached 101 billion HKD, a dramatic increase from less than 2 million HKD the previous day [5][6]. - The anomalous trading was attributed to a possible "fat finger" error, where a trader mistakenly entered a high price, triggering a series of high-value trades [5][7]. - The influx of southbound capital contributed significantly, with net purchases reaching 10.85 billion HKD, accounting for 10.7% of the total trading volume [8]. Industry Context - The commencement of the Yarlung Tsangpo hydropower project is expected to benefit Dongfang Electric, as it positions the company to secure substantial orders related to the project [9]. - Analysts estimate that the project could yield new orders worth between 27 billion to 54 billion RMB, representing 40% to 77% of the company's projected total revenue for 2024 [9]. Financial Performance - Dongfang Electric reported a revenue of 16.3 billion RMB in Q1, with a year-on-year growth of 10%, and a net profit of 1.2 billion RMB, up 27% [10]. - Despite strong overall revenue growth, the contribution from the hydropower segment remains relatively low, with projected revenue of 2.96 billion RMB for 2024, accounting for only 4.23% of total revenue [10][11].

| 6.08亿 | 4.51亿 | 10.59亿 +1.57亿 | | --- | --- | --- | | 小米集团-W 5.07亿 | 5.00亿 | 10.07亿 +670.13万 | | 中国龙工 4.09亿 | 4.10亿 | 8.18亿 -86.81万 | | 康方生物 HK 09926 HK 01810 HK 03339 | | | 智通财经APP获悉，7月22日港股市场，北水成交净买入27.17亿港元，其中港股通(沪)成交净买入29.85 亿港元，港股通(深)成交净卖出2.67亿港元。 北水净买入最多的个股是中国人寿(02628)、建设银行(00939)、中芯国际(00981)。北水净卖出最多的个 股是国泰君安国际(01788)、腾讯(00700)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 东方电气 | 22.70亿 | 21.05 乙 | 43.74 Z | | HK 01072 | | | +1.65 亿 | | 华新水泥 | 19.01亿 | 15.88 亿 | 34.89 乙 | | ...

智通财经7月22日电，东方电气(600875.SH)发布股价异动公告称，经自查，并向公司控股股东书面核 实，确认截至目前，不存在应披露而未披露的重大事项。公司目前生产经营活动一切正常，内部经营管 理有序推进，行业政策不存在重大调整。 两连板东方电气：行业政策不存在重大调整 ...