消息面上，哈尔滨电气公布2025年中期业绩，营业总收入约226.96亿元，同比增长31.49%；归属于母公 司所有者的净利润约10.51亿元，同比增长101.06%。上半年，公司实现正式合同签约额355.61亿元，同 比增长36.64%，其中新型电力装备191.95亿元，同比下降1.39%；绿色低碳驱动装备3.76亿元，同比下 降39.65%；清洁高效工业系统17.92亿元，同比下降33.08%；工程总承包与贸易104.85亿元，同比增长 3,618.09%；现代制造服务业37.13亿元，同比增长24.76%。公司实现出口订单118.74亿元，同比增长 945.25%。 瑞银研报指出，首予哈尔滨电气"买入"评级，目标价9.6港元，预计其2024至29年的每股盈利年复合增 长率达19%。该行预计中国在2025年至28年间，核设备的毛利年均增长率为25%，估计每新增一个小型 模块化反应炉(SMR)将为哈尔滨电气带来约6.2亿元人民币的收入上行空间。该行指出，由于市场对核 电前景及哈尔滨电气的订单执行能力更具信心，相信其仍有重新评级的空间。 哈尔滨电气(01133)涨超5%，截至发稿，涨5.88%，报7.92港元， ...

消息面上，哈尔滨电气公布2025年中期业绩，营业总收入约226.96亿元，同比增长31.49%；归属于母公 司所有者的净利润约10.51亿元，同比增长101.06%。上半年，公司实现正式合同签约额355.61亿元，同 比增长36.64%，其中新型电力装备191.95亿元，同比下降1.39%；绿色低碳驱动装备3.76亿元，同比下 降39.65%；清洁高效工业系统17.92亿元，同比下降33.08%；工程总承包与贸易104.85亿元，同比增长 3,618.09%；现代制造服务业37.13亿元，同比增长24.76%。公司实现出口订单118.74亿元，同比增长 945.25%。 智通财经APP获悉，哈尔滨电气(01133)涨超5%，截至发稿，涨5.88%，报7.92港元，成交额4797.33万港 元。 瑞银研报指出，首予哈尔滨电气"买入"评级，目标价9.6港元，预计其2024至29年的每股盈利年复合增 长率达19%。该行预计中国在2025年至28年间，核设备的毛利年均增长率为25%，估计每新增一个小型 模块化反应炉(SMR)将为哈尔滨电气带来约6.2亿元人民币的收入上行空间。该行指出，由于市场对核 电前景及哈尔滨电气 ...

格隆汇8月28日丨哈尔滨电气(01133.HK)公告，截至2025年6月30日止六个月，公司实现营业收入 2,247,401万元，同比增长31.86%；实现归属于母公司所有者净利润105,089万元，同比增长101.06%；每 股盈利0.47元，同比增加0.24元。期末，公司归属于母公司所有者权益总额为1,612,270万元，比年初增 加63,994万元；每股资产净值为7.21元，比年初增加0.29元。 ...

哈尔滨电气(01133)公布2025年中期业绩，营业总收入约226.96亿元，同比增长31.49%;归属于母公司所 有者的净利润约10.51亿元，同比增长101.06%;基本每股收益0.47元。 2025年上半年，公司实现正式合同签约额355.61亿元，同比增长36.64%，其中新型电力装备191.95亿 元，同比下降1.39%(其中煤电设备112.86亿元，同比增长4.17%;水电设备59.96亿元，同比增长34.26%; 核电设备8.67亿元，同比下降71.64%);绿色低碳驱动装备3.76亿元，同比下降39.65%;清洁高效工业系统 17.92亿元，同比下降33.08%;工程总承包与贸易104.85亿元，同比增长3,618.09%;现代製造服务业37.13 亿元，同比增长24.76%。公司实现出口订单118.74亿元，同比增长945.25%。 期内，公司生产发电设备2,012万千瓦，同比增长39.05%，其中，水轮发电机组464万千瓦，同比增长 13.45%，汽轮发电机1,548万千瓦，同比增长49.13%;电站锅炉130万千瓦，同比降低58.20%;电站汽轮机 949万千瓦，同比增长3.72%。 ...

智通财经APP讯，哈尔滨电气(01133)公布2025年中期业绩，营业总收入约226.96亿元，同比增长 31.49%;归属于母公司所有者的净利润约10.51亿元，同比增长101.06%;基本每股收益0.47元。 2025年上半年，公司实现正式合同签约额355.61亿元，同比增长36.64%，其中新型电力装备191.95亿 元，同比下降1.39%(其中煤电设备112.86亿元，同比增长4.17%;水电设备59.96亿元，同比增长34.26%; 核电设备8.67亿元，同比下降71.64%);绿色低碳驱动装备3.76亿元，同比下降39.65%;清洁高效工业系统 17.92亿元，同比下降33.08%;工程总承包与贸易104.85亿元，同比增长3,618.09%;现代製造服务业37.13 亿元，同比增长24.76%。公司实现出口订单118.74亿元，同比增长945.25%。 期内，公司生产发电设备2,012万千瓦，同比增长39.05%，其中，水轮发电机组464万千瓦，同比增长 13.45%，汽轮发电机1,548万千瓦，同比增长49.13%;电站锅炉130万千瓦，同比降低58.20%;电站汽轮机 949万千瓦，同比增长 ...

除 特 殊 標 註 外，本 報 告 書 討 論 中 的 貨 幣 均 為 人 民 幣。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1133） 二零二五年中期業績公告 哈 爾 濱 電 氣 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈 本 公 司 及其附屬公司截至二零二五年六月三十日止六個月期間按中國企業會 計 準 則 編 製 的 經 營 業 績，該 經 營 業 績 未 經 審 計，但 已 經 信永中和 會計師 事 務 所（特 殊 普 通 合 夥）審 閱。 – 1 – 合併資產負債表 2025年6月30日 編 製 單 位：哈 爾 濱 電 氣 股 份 有 限 公 司 | 附 | 註 | 項 | 目 | 2025年6月30日 | 2024年12月31日 | | | | | --- | --- | --- ...

瑞银发布研报称，首予哈尔滨电气(01133)"买入"评级，目标价9.6港元，预计其2024至29年的每股盈利 年复合增长率达19%。 该行预计中国在2025年至28年间，核设备的毛利年均增长率为25%，估计每新增一个小型模块化反应炉 (SMR)将为哈尔滨电气带来约6.2亿元人民币的收入上行空间。该行指出，由于市场对核电前景及哈尔 滨电气的订单执行能力更具信心，相信其仍有重新评级的空间。瑞银补充，西藏雅下水电项目释放额外 基建需求，即使具体时机及分配尚未确定，但认为项目带来的上行空间尚未被市场充分认识。 ...

智通财经APP获悉，瑞银发布研报称，首予哈尔滨电气(01133)"买入"评级，目标价9.6港元，预计其 2024至29年的每股盈利年复合增长率达19%。 该行预计中国在2025年至28年间，核设备的毛利年均增长率为25%，估计每新增一个小型模块化反应炉 (SMR)将为哈尔滨电气带来约6.2亿元人民币的收入上行空间。该行指出，由于市场对核电前景及哈尔 滨电气的订单执行能力更具信心，相信其仍有重新评级的空间。瑞银补充，西藏雅下水电项目释放额外 基建需求，即使具体时机及分配尚未确定，但认为项目带来的上行空间尚未被市场充分认识。 ...

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, recommending specific companies for investment based on their performance and market conditions [4][16]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [4][7]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, with significant contributions from the secondary and tertiary industries as well [8][9]. - The report highlights the impact of high temperatures on electricity demand, noting that July was the hottest month since 1961, which significantly boosted residential electricity usage [8][9]. - Natural gas prices in Europe have rebounded due to geopolitical tensions, while prices in Asia and the US have decreased, indicating a mixed market environment [16][20]. - The report emphasizes the potential for improved profitability in the biomass energy sector following the introduction of new methodologies for carbon emissions reduction [4][16]. Summary by Sections Electricity - July's total electricity consumption reached 10,226 billion kWh, marking a historic milestone with an 8.6% year-on-year growth [4][7]. - The first, second, and third industries, along with urban and rural residents, contributed to the overall electricity consumption growth, with the second industry showing a recovery in electricity usage [8][9]. - Recommendations include investing in hydropower, green energy, nuclear power, and thermal power companies such as Guodian Power and Huaneng International [14][15]. Natural Gas - The report notes a stable supply-demand balance in the natural gas market, with US prices dropping to $2.76/mmBtu, while European prices have seen fluctuations due to geopolitical risks [16][20]. - Recommendations for investment include companies in the city gas sector and integrated natural gas traders, highlighting firms like Kunlun Energy and New Hope Energy [41][42]. Environmental Sector - The introduction of new methodologies for biomass energy projects is expected to enhance profitability, with a focus on companies like Evergreen Group and China Everbright [4][16]. Market Performance - The report reviews market performance from August 18 to August 22, indicating that the gas, public utility, electricity, and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 index [43][44].

Investment Rating - The report maintains a positive outlook on the electricity and gas sectors, indicating a favorable investment environment [5]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [10][11]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, while the secondary and tertiary industries contributed 33% and 25%, respectively [11]. - The report highlights the impact of high temperatures in July, which were 1.3°C above the historical average, leading to increased electricity demand from residential sectors [11]. - In the gas sector, European gas prices have rebounded due to geopolitical tensions, while Asian and US gas prices have declined [19][30]. - The report suggests that the gas supply-demand balance remains loose, with US gas production at historical highs, contributing to lower prices [22][23]. Summary by Sections 1. Electricity: July National Electricity Consumption Exceeds 1 Trillion kWh - The national electricity consumption reached 10,226 billion kWh in July, marking a historic milestone [10]. - The first industry saw a 20.2% increase in electricity consumption, while the second and third industries grew by 4.7% and 10.7%, respectively [12]. - Cumulative electricity consumption from January to July was 58,633 billion kWh, a 4.5% year-on-year increase [14]. 2. Gas: Gas Supply-Demand Remains Loose, Geopolitical Tensions Affect European Gas Prices - As of August 22, the Henry Hub spot price in the US was $2.76/mmBtu, a weekly decrease of 7.19% [19]. - The TTF spot price in Europe rose to €33.10/MWh, reflecting an 8.17% increase due to geopolitical tensions [20]. - The report notes that European gas inventories are significantly lower than last year and the five-year average, raising concerns about supply stability [30]. 3. Weekly Market Review - The report indicates that the gas, public utilities, electricity, and environmental sectors underperformed relative to the CSI 300 index during the period from August 18 to August 22 [47]. 4. Company and Industry Dynamics - The report mentions the release of a notice regarding the bidding arrangement for new energy projects in Gansu Province, indicating ongoing developments in the renewable energy sector [54]. - Key announcements from companies such as Guodian Power and Kunlun Energy highlight their financial performance and strategic initiatives [55][58]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility sector, indicating buy ratings for several firms, including China Nuclear Power and Huaneng International [59].