Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030, leading to a corresponding increase in demand for AIDC power equipment [5][13] - The domestic data center industry is expected to see substantial capital expenditure growth, with major cloud providers anticipated to ramp up investments, particularly in AI infrastructure [18][24] - The industry is characterized by a long power transmission chain, with established global players like Eaton and Schneider Electric dominating, while domestic companies are gaining competitive advantages in various segments [5][13] AIDC Power Equipment Summary - The demand for AIDC power equipment is projected to reach 29/48/60/67/70/74 GW from 2025 to 2030, with an average annual growth rate of 20% [5][13] - The market space for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is expected to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - Recent performance in the AIDC power equipment sector has shown significant gains, particularly in transformers and switchgear, with notable stock performances from companies like TBEA and XWDA [5][28] Grid Industry Summary - National power engineering investment reached 1,057 billion yuan in June 2025, a year-on-year increase of 22.5% [32] - The grid engineering investment for the same period was 871 billion yuan, reflecting a year-on-year growth of 4.1% [33] - The bidding results for the State Grid's transformer equipment showed a total bid amount of 211.89 billion yuan, a year-on-year increase of 38.1% [61] - The focus for the grid industry includes high voltage orders and the development of new business models such as virtual power plants and green electricity direct supply [5][55]

Summary of Key Points Core Viewpoint - As of July 23, the total market financing balance reached 1.92 trillion yuan, marking an increase of 2.6 billion yuan from the previous trading day, with a continuous rise over three consecutive trading days [1]. Financing Balances - The financing balance for the Shanghai Stock Exchange was 970.69 billion yuan, up by 1.12 billion yuan; for the Shenzhen Stock Exchange, it was 945.40 billion yuan, an increase of 1.53 billion yuan; and for the Beijing Stock Exchange, it stood at 6.19 billion yuan, rising by 11.38 million yuan [1]. Individual Stock Performance - On July 23, 1,841 stocks received net financing purchases, with 509 stocks having net purchases exceeding 10 million yuan. The top net purchase was for TBEA Co., Ltd. at 320 million yuan, followed by Shenghe Resources and Baosteel at 287 million yuan and 278 million yuan, respectively [1][2]. Industry Analysis - The industries with the highest concentration of stocks receiving net financing purchases over 100 million yuan included construction decoration, electrical equipment, and non-ferrous metals, with 4, 3, and 3 stocks respectively [1]. Stock Market Distribution - Among the stocks with significant net purchases, 27 were from the main board and 3 from the ChiNext board [1]. Financing Balance to Market Value Ratio - The average ratio of financing balance to circulating market value for the stocks with large net purchases was 3.80%. Jianghuai Automobile had the highest ratio at 9.33%, followed by Dongfang Zirconium, Zhina Compass, and Tianfeng Securities with ratios of 7.16%, 6.48%, and 6.13% respectively [2][3].

金融界7月23日消息，A股三大指数收盘涨跌不一，上证西部大开发龙头企业指数 (沪西部，H50015)上 涨0.2%，报6529.57点，成交额629.57亿元。 数据统计显示，上证西部大开发龙头企业指数近一个月上涨4.75%，近三个月上涨3.46%，年至今下跌 2.45%。 据了解，上证区域龙头企业指数系列从沪市证券中选取相应区域各二级行业中规模大、市场占有率高的 龙头公司证券作为指数样本，指数覆盖国内主流区域经济版图，为关注中国区域经济发展的投资者提供 参考该指数以2003年12月31日为基日，以1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 从指数持仓来看，上证西部大开发龙头企业指数十大权重分别为：陕西煤业（15.2%）、贵州茅台 （14.42%）、伊利股份（14.27%）、赛力 ...

证券研究报告 | 2025年07月23日 优于大市 特变电工（600089.SH） 国家能源局发文开展煤矿产能核查，煤炭行业或迎来盈利修复 |  | 公司研究·公司快评 | |  | 电力设备·电网设备 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 王蔚祺 | 010-88005313 | | wangweiqi2@guosen.com.cn | 执证编码：S0980520080003 | | 证券分析师： | 王晓声 | 010-88005231 | | wangxiaosheng@guosen.com.cn | 执证编码：S0980523050002 | | 证券分析师： | 袁阳 | 0755-22940078 | | yuanyang2@guosen.com.cn | 执证编码：S0980524030002 | 事项： 近日，国家能源司发布《关于组织开展煤矿生产情况核查促进煤炭供应平稳有序的通知》，《通知》指出： 今年以来，全国煤炭供需形势总体宽松，价格持续下行，部分煤矿企业"以量补价"，超公告产能组织生 ...

杠杆资金青睐工程机械、证金持股、新能源车、一带一路、5G概念相关方向。 融资净卖出前十的股票分别为：中油资本（-4.22亿元）、盛和资源（-1.78亿元）、科创芯片（-1.41亿元）、农业银行（-1.27亿元）、太辰光（-1.22亿 元）、宁德时代（-1.18亿元）、卫星化学（-1.00亿元）、新国都（-0.91亿元）、东田微（-0.90亿元）、汇成股份（-0.85亿元）。 来源:金融界 今日最新的数据显示，融资融券余额升至1.93万亿元，环比增长153.54亿元，连续两日增长超150亿元。其中融资余额升至1.92万亿元，环比增长150.48亿 元；融券余额升至136.59亿元，环比增长3.07亿元。 昨日A股收涨0.62%，报3581.86点。沪深京三市成交额升至1.93万亿元，环比增长2015亿元。雅江水电站和反内卷概念上演涨停潮，中国电建、中国能建、 西藏天路、潞安环能、柳钢股份等100多股涨停。 标的方面，融资净买入前十的股票分别为：政金债（13.04亿元）、胜宏科技（5.26亿元）、短融ETF（5.03亿元）、三一重工（4.31亿元）、特变电工 （3.57亿元）、菲利华（3.15亿元）、国债ETF（ ...

| 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 600089 | 特变电 工 | 9.98 | 7.20 | 62891.84 | 12.57 | | 601669 | 中国电 建 | 10.02 | 0.95 | 26648.37 | 34.84 | | 002266 | 浙富控 股 | 10.03 | 7.57 | 13153.11 | 9.19 | | 688425 | 铁建重 工 | 20.04 | 0.97 | 11993.48 | 39.19 | | 600875 | 东方电 气 | 9.99 | 0.32 | 9714.26 | 69.61 | | 600528 | 中铁工 | 10.04 | 0.60 | 6857.85 | 56.26 | 业 截至7月22日收盘，抽水蓄能概念上涨3.89%，位居概念板块涨幅第4，板块内，53股上涨，基康技术 30%涨停，铁建重工、冠龙节能、深水规院等20%涨停，国机重装 ...

智通财经7月22日电，电网设备板块延续昨日强势，午后特变电工、华菱线缆涨停，此前国电南自2连 板，电科院20cm涨停，球冠电缆、安靠智电、晨光线缆涨超10%，中国西电、通光线缆、许继电气等 涨超5%。消息面上，华龙证券表示，2025年国家电网投资有望超过6500亿元，海外需求高增叠加国内 电网投资增长有望带动电力设备放量，电网设备板块有望维持高景气。 电网设备板块延续强势 特变电工等多股涨停 ...

7月22日，A股三大指数涨跌不一，电力板块迎重大利好，史上最大水电工程于近日开工，基建、 电网设备相关概念受资金关注。电网设备ETF（159326）连续两日放量，成交额大增，昨日大涨后盘中 再度翻红，截至11:27，涨幅0.52%，持仓股电科院20CM涨停，安靠智电涨超12%，国电南自涨停，华 菱线缆、特变电工、通光线缆、长高电新等股跟涨。 消息面上，雅鲁藏布江下游水电工程开工仪式7月19日上午在西藏自治区林芝市举行。工程将建设5 座梯级电站，总投资约1.2万亿元，发电量相当于3个三峡，是人类历史上最大的水电站项目。 银河证券认为，考虑到雅江基建工程难度高、利息、利率等不确定因素，实际投资或超预估金额， 实际投资增幅可达5%，假设输变电工程占比约15%~25%，则输变电投资额或可达1890亿~3150亿元， 电力设备产业链有望受益于中长期投资拉动。 电网设备ETF（159326），是全是唯一跟踪中证电网设备主题指数的ETF，专注捕捉新型电力系统 建设与电力改革成长机会。从申万三级行业分类上看，指数成分股的行业分布以输变电设备、电网自动 化设备、线缆部件及其他、通信线缆及配套、配电设备为主，合计权重达到88.9 ...

从中证英大能源互联网等权指数持仓的市场板块来看，深圳证券交易所占比55.70%、上海证券交易所 占比44.30%。 从中证英大能源互联网等权指数持仓样本的行业来看，工业占比71.70%、通信服务占比14.19%、公用 事业占比8.62%、信息技术占比2.88%、可选消费占比2.61%。 资料显示，指数样本每季度调整一次，样本调整实施时间分别为每年3月、6月、9月和12月的第二个星 期五的下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在 下一个定期调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将 其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 据了解，中证英大能源互联网等权指数从分布式光伏、风电、储能、地方电网、电力自动化系统、特高 压、信息化系统、充电设施、智能仪表以及与新能源相关的金融平台等相关细分领域选取不超过80只证 券作为指数样本，采用等权重方式加权，以反映能源互联网上市公司证券的整体表现。该指数以2013年 12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证英大能源互联网等权指 ...

Investment Rating - The report maintains a "Recommended" investment rating for the photovoltaic industry [1]. Core Viewpoints - The Yarlung Zangbo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly enhance electricity supply and contribute to carbon neutrality goals. The project will utilize abundant hydropower resources and promote the development of solar and wind energy in the surrounding areas [3]. - The project has an installed capacity of nearly 70 million kilowatts and an annual power generation capacity of 300 billion kilowatt-hours, which can meet the annual electricity needs of 300 million people and replace 90 million tons of standard coal, reducing carbon dioxide emissions by 300 million tons [3]. - The project is anticipated to strengthen the synergy between computing and electricity, benefiting the AIDC computing power industry chain [3]. Summary by Sections Project Overview - The Yarlung Zangbo River downstream hydropower project involves the construction of five cascade power stations and is expected to take about 10 years to complete, with production anticipated to start after 2035 [3]. - The project will enhance the utilization of "West-to-East Power Transmission" and support the national strategy of "East Data West Calculation" [3]. Investment Insights - The total investment of 1.2 trillion yuan may be adjusted upwards, with the investment in power transmission and transformation estimated to reach between 189 billion to 315 billion yuan [3]. - The report suggests that the actual investment may exceed initial estimates due to construction difficulties and uncertainties related to interest rates [3]. Beneficiaries in the Industry - The hydropower equipment supply chain is expected to benefit, with key players including Dongfang Electric, Shanghai Electric, and Harbin Electric, among others [3]. - The report highlights the stable demand for high-voltage transmission equipment and identifies major suppliers such as State Grid NARI, China XD Electric, and others as potential beneficiaries [3]. - The GIL (Gas Insulated Transmission Line) segment is entering a long-term growth cycle, with companies like China XD Electric and Pinggao Electric expected to benefit from the Yarlung Zangbo project [3]. Investment Recommendations - The report recommends focusing on the hydropower equipment and high-voltage equipment supply chains, specifically mentioning companies like Dongfang Electric, Shanghai Electric, and State Grid NARI [3]. - It also suggests monitoring the AIDC industry chain, including companies like Megmeet and Jinpan Technology [3].