当夏日的热浪开启全球烧烤模式，欧洲正被架在火上反复"炙烤"。 西班牙的气温飙到46度，葡萄牙更猛，直接冲到47度，太阳公公仿佛拿着放大镜烤蚂蚁，恨不能把大地 烤出焦糖色。意大利的路面在高温下直接化身为"巨型黏黏板"，行人走路得像跳芭蕾似的踮着脚，生怕 鞋底被牢牢粘住，上演一出"拔鞋秀"。就连巴黎埃菲尔铁塔这位浪漫派代表，也扛不住热浪"鞠躬"了 ——轻微热弯曲让它看起来像被晒蔫的向日葵，让人忍不住感叹：这天气，连钢铁硬汉都得认怂！ 这还不是最离谱的，在这种快被蒸熟的天气里面，很多欧洲人家里连台空调都没有，就连公交地铁这种 人挤人的地方也没有空调，整个欧洲的空调普及率只有20%，有人说就热那么几天没必要，还有人说欧 洲人环保。但真相让一些人很破防，因为欧洲人根本装不起空调，在欧洲一些地方，装空调的总成本甚 至需要7000欧，相当于5万人民币，就算勒紧裤腰带把空调装好了你也用不起。 要知道 ，欧洲的电价就像奢侈品，自从俄乌冲突开战后，更是坐上窜天猴一路飙升。就说2024年德国 的平均电价，100度电要39.5欧元，折合人民币300多块。这意味着普通家庭一个月电费得好几千，相当 于多交了份房租，开空调？那不是吹冷风， ...

对标产业交易估值，火电资产显著低估 电力行业跟踪报告 本报告导读： 我们认为近年火电资产收购/出售交易 PB 估值显著高于二级市场火电估值水平，火 电股仍有估值提升空间。 证 券 研 股票研究 /[Table_Date] 2025.07.14 2025-07-15 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 投资要点： [Table_Summary] 投资建议：我们认为国内火电公司 PE 估值仍处于较低水平，未来 分红率仍有提升空间，海外火电龙头杜克能源、南方电力等 PE 普遍 在 20 倍附近，值得看好。2022 年以来上市公司组织多起火电资产 收购/出售交易，装机区域主要集中于北部及中部区域（详细信息见 附表）。其中 7 起资产收购案例（4 起收购主体为电力企业，3 起收 购主体为煤炭企业），4 起资产出售案例（出售主体均为电力企业）。 从资产收购区域来看，除华电国际火电资产收购涉及东南沿海机组 外，区域资产收购/出售装机区域均集中于北部及中部区域。 火电收购/出售标的资产 PB 估值整体高于火电上市公司。11 起收购 /出售案例中出售资产的有 3 起，标的资产账面价值已为负值，但实 际上收 ...

丨证券研究报告丨 行业研究丨专题报告丨公用事业 [Table_Title] 绿电绿证专题：从可再生能源消纳责任权重说起 报告要点 [Table_Summary] 消纳责任权重明显提升，未完成部分不再向下年结转，据测算预计非水可再生能源消纳责任权 重的提升将带来约 5100 亿千瓦时的增量新能源电量需求。2025 年电解铝行业绿电消费比例由 2024 年的监测转为考核，预计将带动非水绿证需求约 1.5 亿个，且主要的绿电需求或将在今年 集中释放。此外，新增钢铁等四大重点用能行业纳入监测，需求侧的显著扩容有望扭转此前绿 证市场"供强需弱"的格局，绿证供给过剩的压力将会迎来缓解，从而对绿证价格形成显著催 化，为新能源项目环境溢价的有效兑现提供重要支撑。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 公用事业 cjzqdt ...

"今年以来我国电力消费平稳增长，1-5月，全国全社会用电量3.97万亿千瓦时，同比增长3.4%。"中电 联统计与数据中心主任侯文捷日前在北京对记者表示，近几个月全国全社会用电量当月同比增速均在 4%以上。今年以来的电力消费增长反映出国民经济在顶压前行、稳中有进，经济运行总体平稳，展现 了我国经济的活力和韧性。 ——第一产业用电量543亿千瓦时，同比增长9.6%，延续了快速增长势头，近年来现代农业基础设施持 续完善，农业生产方式转型升级带来新型用电场景不断拓展。1-5月，畜牧业、农业、渔业用电量同比 分别增长15.5%、7.2%、4.5%。 ——第二产业用电量2.59万亿千瓦时，同比增长2.2%。1-5月，高技术及装备制造业用电量同比增长 3.3%，超过同期制造业整体增长水平；其中，汽车制造业、通用设备制造业、专用设备制造业、计算 机及其他电子设备制造业均保持4.5%以上的增长。1-5月，消费品制造业用电量同比降低0.3%；5月以 来，除纺织业外，其他外贸出口主要涉及的消费品制造子行业用电量增速均有所回升，我国经济在面对 外部环境带来的挑战中表现出较强的韧性。 《中国电力行业年度发展报告2025》显示，2024 ...

Group 1 - The core viewpoint of the news is that China Power Construction Group Co., Ltd. has received an "AAAsti" rating for its 2025 public issuance of corporate bonds, indicating strong creditworthiness and solid market position in the construction sector, particularly in energy and power design and construction [1] - The company has a strong competitive advantage in energy and power design and construction, supported by favorable policy directions that drive continuous growth in new contract amounts and a favorable owner structure [1] - The company has a diversified business model with a significant synergy in the hydropower construction industry chain, and its engineering contracting and design services are complemented by power investment, real estate development, and equipment manufacturing and leasing [2] Group 2 - In 2024, the company achieved a total operating revenue of 718.289 billion yuan, showing consistent growth in recent years [2] - The company faces challenges such as low industry sentiment in construction and real estate, uncertainties in overseas and real estate businesses, and rising scales of receivables and payables, which may impact its overall credit status [1]

南方区域电力市场正式转入连续结算试运行阶段，从之前只是按周、按月等短期开展交易变成可以每天 不间断交易，双方根据需求随时跨省区买卖电力。 核心亮点：22万市场主体、日交易38亿度，关注电力交易多元化主体资产重估可能。此次启动连续结算 试运行后，南方区域电力市场同步实现广东、广西、云南、贵州、海南五省区电力现货市场全覆盖，22 万市场主体同台竞价，市场将释放更真实、更稳定的价格信号。标志着中国电力市场化改革迈入"自由 交易"的新纪元。 业内人士认为，迎峰度夏拉动电力需求增长，叠加中报季即将来临以及全国统一电力市场建设加速推进 带来的积极影响，机构当下建议重视对电力板块的配置。除看好水电、火电、绿电等细分方向外，制冷 剂、煤炭等与制冷、发电相关的板块同样值得投资者关注。 智通财经APP获悉，中国国家发改委政策研究室副主任李超26日在新闻发布会上介绍，中国正着力提升 电力保供能力，今年迎峰度夏电力供需形势好于去年，全国电力供需平衡总体有保障。 2025/06国家电网总经理庞骁刚在国新办新闻发布会上表示，深化"AI+抢修"应用。国家能源集团储能项 目：山东蓬莱的205兆瓦时复合储能电站，通过AI模型监测电池状态和能源 ...

Market Overview - The US 90-day exemption period is ending this week, leading to ongoing market focus on US tariff negotiations [1] - The Hang Seng Index closed down 0.12% at 23,887.83 points, with a total turnover of HKD 193.79 billion [1] - The Hang Seng Tech Index rose by 0.25% to 5,229.56 points, indicating mixed performance across indices [1] Blue Chip Performance - Sands China (01928) led blue-chip stocks, rising 3.85% to HKD 18.32, contributing 2.58 points to the Hang Seng Index [2] - Macau's June gaming revenue increased by 19% year-on-year to MOP 21.1 billion, exceeding market expectations [2] - Other notable blue-chip movements included China Resources Land (01109) up 3.45% and Ideal Automotive (02015) up 2.8% [2] Sector Highlights Stablecoin Sector - The stablecoin concept is gaining traction, with companies like Guotai Junan International (01788) rising 10.77% [3] - The Hong Kong Stablecoin Regulation is set to take effect on August 1, with limited licenses expected to be issued [3] Beverage Sector - Tea beverage stocks surged, with Cha Bai Dao (02555) up 11.04% amid a competitive delivery market [4] - The delivery battle between Alibaba and Meituan has significantly boosted tea beverage consumption [4] Real Estate Sector - The housing market is under scrutiny, with a focus on stabilizing expectations and activating demand [5] - Analysts suggest that the third quarter will be crucial for policy direction affecting the real estate market [5] Gaming Sector - Gaming stocks continued to rise, with MGM China (02282) up 2.38% and overall positive sentiment in the Macau gaming market [6] - Morgan Stanley forecasts a 10% year-on-year increase in Macau's July gaming revenue [6] Power Sector - Power stocks saw a general increase, driven by record electricity demand due to high temperatures [7] - The maximum national electricity load reached 14.65 billion kilowatts, marking a significant year-on-year increase [7] Gold Sector - Gold stocks faced pressure, with Shandong Gold (01787) down 5.96% as gold prices fell below USD 3,310 per ounce [7] - The decline in gold prices is attributed to reduced expectations for US interest rate cuts [7] Notable Stock Movements - H&H International Holdings (01112) issued a profit warning, falling 7.14% [8] - Jihong Co. (02603) saw a significant rise of 11.62%, with projected net profit growth of 97.25% to 108.21% for the first half of 2025 [9] - Lao Pu Gold (06181) reached a new high, reflecting strong growth potential compared to industry peers [10] - FWD Group (01828) debuted on the market, closing up 1.05% with a net fundraising of approximately HKD 29.53 billion [11]

丨证券研究报告丨 行业研究丨专题报告丨公用事业 [Table_Title] 电力行业 2025 年半年报前瞻：火电业绩展望积 极，清洁能源或有分化 报告要点 [Table_Summary] 综合火电三要素，虽然二季度电价及电量延续回落，但考虑到年初以来煤价仍有明显下降，北 方电厂及部分华东地区火电运营商二季度业绩仍将维持积极表现。水电方面，在高基数影响下 二季度水电电量承压，但部分水电公司通过优化水库调度及蓄水节奏等仍有望实现稳健业绩增 长。核电方面，虽然二季度电量均维持同比增长，但由于不同省份受电价下降影响不同，因此 两核业绩或将有所分化。绿电方面，虽然绿电 4-5 月全国利用小时数持续回落，但是各省利用 小时表现存在明显差异，区域分布或将主导板块内公司业绩表现有所分化。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com ...

Overview - The report focuses on the cybersecurity of power industrial control systems in China, detailing the current state, challenges, and future opportunities in the industry [2][3][4]. Industry Concepts - Cybersecurity is defined with its essential attributes and boundaries, emphasizing the protection framework necessary for industrial control systems [3]. - The report outlines the basic concepts of industrial control systems and their specific characteristics within the power sector [3][4]. Regulatory Framework - The report discusses the regulatory standards relevant to the cybersecurity of power industrial control systems, including national and industry-specific guidelines [3][4]. - It highlights the existing regulatory framework and the roles of various supervisory bodies in China [4][5]. Current Industry Status - An analysis of the current development status of China's cybersecurity industry reveals significant growth, with a focus on the distribution of clients across different sectors [4][5]. - The report identifies key cybersecurity risks faced by power industrial control systems, citing notable cyberattack cases as examples [4][5]. Market Demand and Supply - The demand for cybersecurity products in the power sector is increasing, driven by the rising number of vulnerabilities in industrial control systems [5][6]. - The report provides insights into the competitive landscape, including the market concentration and the bargaining power of suppliers and consumers [5][6]. Future Opportunities - Future opportunities in the cybersecurity sector are identified, including advancements in ICT infrastructure and the need for enhanced security measures in energy networks [6][7]. - The report suggests that the integration of cloud security and proactive defense technologies will be crucial for addressing cybersecurity challenges [6][7]. Competitive Landscape - The competitive dynamics of the cybersecurity market for power industrial control systems are analyzed, including strategic comparisons among key players [5][6]. - The report discusses the market positioning of various companies and their respective product offerings [6][7]. Investment Insights - The report outlines potential investment opportunities within the cybersecurity sector, focusing on weak links in the industry chain and specific market segments [10][11]. - It emphasizes the importance of understanding market entry and exit barriers for effective investment strategies [10][11].

Core Insights - The data indicates significant trading volume increases for various companies, suggesting heightened investor interest and potential market movements [1][2][3][4][5] Group 1: Companies with Notable Volume Increases - 阳光能源 (00757) reported a volume ratio of 2.35, indicating strong trading activity [2] - 长城汽车 (02333) had a volume ratio of 2.21, reflecting increased investor engagement [2] - 郑煤机 (00564) showed a volume ratio of 1.92, suggesting a notable rise in trading [2] Group 2: Additional Companies with Increased Trading Activity - 万国数据-SW (09698) recorded a volume ratio of 1.83, indicating significant market interest [2] - 映恩生物-B (09606) had a volume ratio of 1.78, reflecting heightened trading activity [2] - 超盈国际控股 (02111) reported a volume ratio of 1.71, suggesting increased investor focus [2] Group 3: Companies with Moderate Volume Ratios - 中国能源建设 (03996) had a volume ratio of 1.70, indicating a solid level of trading activity [2] - 亚信科技 (01675) reported a volume ratio of 1.60, reflecting moderate investor interest [2] - 金宝通 (00320) showed a volume ratio of 1.53, suggesting a rise in trading volume [2] Group 4: Companies with Lower Volume Ratios - 中国水务 (00855) had a volume ratio of 1.52, indicating stable trading activity [2] - 广汽集团 (02238) reported a volume ratio of 1.52, reflecting consistent investor engagement [2] - 凯莱英 (06821) showed a volume ratio of 1.52, suggesting steady trading interest [2]