会上，同时发布了"2025中国跨国公司100大及跨国指数"、 "2025中国战略性新兴产业领军企业100 强"、"2025中国大企业创新100强" 等各项榜单。 据人民日报消息，9月15日，中国企业联合会、中国企业家协会连续第24次向社会发布了"中国企业500 强" （以下简称"企业500强"）榜单。这份榜单以2024年企业营业收入作为入围标准，呈现出以下主要 特点。 规模总量保持增长。企业500强营业收入达110.15万亿元，较上年500强有所增加。入围门槛实现23连 升，达479.60亿元，提升5.79亿元。资产总额为460.85万亿元，增长7.46%。榜单中，千亿规模企业数量 增至267家，比上年增加45家，有15家企业的营业收入超过万亿元。其中，国家电网营业收入超过3万亿 元，即将突破4万亿元；中国石油、中国石化、中国建筑的营业收入超过2万亿元。 经济效益继续改善。企业500强实现归属母公司所有者净利润总额为4.71万亿元，增长4.39%，收入净利 润率为4.27%，提高0.17个百分点。 创新活力更加充沛。研发强度创新高。企业500强共投入研发费用1.73万亿元；研发强度创下1.95%的新 高，连续 ...

IT之家附"2025 中国企业 500 强"榜单： IT之家 9 月 15 日消息，今日中国企业联合会、中国企业家协会发布"2025 中国企业 500 强"榜单，该榜单以 2024 年企业营业收入为入围标准，入围门槛较 上年提高 5.79 亿元，达到 479.6 亿元。 2025 中国企业 500 强中，营收超过 1000 亿元的企业数量为 267 家，较上年增加 14 家，千亿元级企业占比达 53.4%。"500 强"企业 2024 年实现营业收入 110.15 万亿元，规模总量较上年保持增长态势；入围企业平均研发强度连续 8 年提升，创下 1.95% 的新高；国企、民企入围企业数量保持基本均衡格局， 分别为 251 家、249 家。 国家电网以 3.95 万亿营收排名第一，中国石油以 2.97 万亿营收排名第二，中国石化以 2.93 万亿营收排名第三，中国建筑、工商银行、农业银行、建设银 行、中国银行、中国中铁、京东集团进入前十。共 15 家企业营业收入突破万亿元大关。 | 78 | 厦门建发集团有限公司 | 123833 | | --- | --- | --- | | 29 | 中国电 力建设集团有限公 ...

9月15日，中国企业联合会、中国企业家协会发布"2025中国企业500强"榜单。2025中国企业500强发展 态势向好向优。入围门槛实现23连升，达479.60亿元，提升5.79亿元。其中，有15家企业营业收入超过 了万亿元。 入围门槛实现23连升 规模总量保持增长。2025中国企业500强营业收入达110.15万亿元，较上年500强有所增加。入围门槛实 现23连升，达479.60亿元，提升5.79亿元。资产总额为460.85万亿元，增长7.46%。 位列前10位的企业是：国家电网有限公司、中国石油天然气集团有限公司、中国石油化工集团有限公 司、中国建筑股份有限公司、中国工商银行股份有限公司、中国农业银行股份有限公司、中国建设银行 股份有限公司、中国银行股份有限公司、中国铁路工程集团有限公司、京东集团股份有限公司。 经济效益继续改善。2025中国企业500强实现归属母公司所有者净利润总额为4.71万亿元，增长4.39%， 收入净利润率为4.27%，提高0.17个百分点。 | | 2025 中国企业 500 强中的万亿元级企业 | | | --- | --- | --- | | 排名 | 企业名称 | 营业收入 ...

Core Viewpoint - The news highlights the performance of the Central State-Owned Enterprises Modern Energy Index and its related ETF, emphasizing the integration of artificial intelligence in the energy sector to enhance operational efficiency and support high-quality development [2][3]. Group 1: Market Performance - As of September 15, 2025, the Central State-Owned Enterprises Modern Energy Index increased by 0.48%, with notable gains from Shanghai Electric (+8.60%), China National Materials Technology (+4.70%), and others [2]. - The Central State-Owned Enterprises Modern Energy ETF (561790) rose by 0.69%, marking its third consecutive increase, with the latest price at 1.18 yuan [2]. - Over the past week, the ETF has accumulated a rise of 1.92%, ranking in the top third among comparable funds [2]. Group 2: Liquidity and Trading Volume - The ETF recorded a turnover rate of 0.88% during the trading session, with a transaction volume of 399,500 yuan [2]. - The average daily trading volume of the ETF over the past year was 6.4154 million yuan [2]. Group 3: Policy and Industry Development - On September 8, the National Development and Reform Commission and the National Energy Administration released implementation opinions to promote "Artificial Intelligence + Energy" for high-quality development, outlining phased goals and 37 key tasks across various energy applications [2]. - In the electric power equipment sector, the policy aims to establish an innovative system by 2027, focusing on intelligent forecasting of power supply and demand, and enhancing the management capabilities of the power grid [3]. Group 4: Index Composition - The Central State-Owned Enterprises Modern Energy Index, customized by Guoxin Investment Co., includes 50 listed companies involved in green energy, fossil energy, and energy transmission and distribution, reflecting the overall performance of state-owned enterprises in the modern energy sector [3]. - As of August 29, 2025, the top ten weighted stocks in the index accounted for 48.28% of the total index weight, including companies like Yangtze Power, China National Power, and China Nuclear Power [3].

Group 1 - The core viewpoint of the article emphasizes the importance of developing a new energy system, new power system, and new grid as essential strategies to address challenges in China's energy development, including high demand pressure and the need for a green and low-carbon transition [2][3] - The integration of the new energy system, new power system, and new grid is crucial for achieving a safe, green, economical, and shared energy landscape, driven by the concept of "fusion" across various energy types and consumption patterns [2][4] - The research aims to provide a theoretical foundation and practical framework for the integrated development of the "three new" systems, marking a significant exploration in the application of basic theories within the energy sector [3][4] Group 2 - The innovation highlights of the publication include the introduction of a theoretical basis and implementation framework for the integrated development of the "three new" systems, focusing on the synergy between energy technology innovation and modern governance systems [4][5] - The publication emphasizes the need for a systematic upgrade of planning methods to facilitate the integrated development of the new power system, which is characterized as a complex socio-economic system [5][6] - It proposes a strategy for constructing an energy technology innovation system that addresses the uncertainties and complexities of the integrated development of the "three new" systems, emphasizing the importance of digital and intelligent technology applications [6][7] Group 3 - The publication outlines new pathways for upgrading the electricity industry, focusing on mastering core technologies and leading the supply chain to create new demand through high-quality supply [7][8] - It presents a collaborative governance framework based on economic development, energy security, and green sustainability, proposing key measures for reconstructing market mechanisms and enhancing the legal framework [7][8] - The significance of enhancing the international competitiveness of Chinese energy enterprises is highlighted, positioning the "three new" construction as a means to reshape the international energy order and improve energy discourse power [8][9]

Core Viewpoint - Guodian NARI Technology Co., Ltd. has shown a mixed performance in financing activities and stockholder dynamics, with significant revenue growth and a stable profit margin in recent financial reports [1][2][3]. Financing Activities - On September 10, Guodian NARI experienced a financing buy-in of 63.12 million yuan, while financing repayment amounted to 98.69 million yuan, resulting in a net financing outflow of 35.57 million yuan [1]. - As of September 10, the total financing and securities balance for Guodian NARI was 1.736 billion yuan, with the financing balance accounting for 0.97% of the circulating market value, indicating a high level compared to the past year [1]. - The company had a securities lending activity on September 10, with 29,100 shares repaid and 14,400 shares sold, leading to a selling amount of 319,800 yuan [1]. Financial Performance - For the first half of 2025, Guodian NARI reported a revenue of 24.243 billion yuan, reflecting a year-on-year growth of 20.53%, while the net profit attributable to shareholders was 2.952 billion yuan, up by 8.97% year-on-year [2]. - Cumulatively, since its A-share listing, Guodian NARI has distributed a total of 23.134 billion yuan in dividends, with 11.5 billion yuan distributed over the last three years [3]. Shareholder Dynamics - As of June 30, 2025, the number of shareholders for Guodian NARI was 100,400, a decrease of 8.75% from the previous period, while the average circulating shares per person increased by 9.59% to 79,622 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 1.089 billion shares, a reduction of 27.48 million shares compared to the previous period [3].

Group 1: Solid-State Battery Industry - The solid-state battery industrialization is progressing with support from policies, material advancements, and application developments. Key companies to watch include Xiamen Tungsten, Tianqi Lithium, and others in the supply chain [2][3] - Major developments include the mass production of semi-solid batteries by Zhuhai Guanyu and the upcoming solid-state battery projects by Yiyuan Lithium Energy and others [2] Group 2: Domestic Energy Storage Systems - The domestic energy storage system bidding capacity reached 47.2 GWh in August 2025, reflecting a year-on-year increase of 2158% and a month-on-month increase of 1142%. Cumulative bidding for the year reached 144.1 GWh, up approximately 216% year-on-year [3] - The high demand for energy storage systems indicates a strong need for new power systems in China, laying a foundation for stable market development in 2026-2027. Key companies include Sungrow Power, Yiyuan Lithium Energy, and others [3] Group 3: AIDC Power Equipment Sector - AIDC power equipment companies are expected to benefit from increased capital expenditures, with Alibaba reporting a capital expenditure of 38.7 billion yuan in Q2 2025, up 220% year-on-year [3][32] - The demand for data center construction remains strong, and companies like Jinpan Technology and New Special Electric are positioned to gain from this trend [3][32] Group 4: Power Grid Equipment Sector - Power grid equipment companies are experiencing steady growth, with major firms maintaining robust performance in the first half of 2025. A surge in high-voltage bidding is anticipated in the second half of the year [4][42] - Key companies to focus on include Guodian NARI, Siyi Electric, and others, as they expand their product offerings and international presence [4][42] Group 5: Wind Power Sector - Wind power companies are seeing simultaneous increases in volume and profit, with significant growth in both onshore and offshore projects expected in the latter half of 2025 [4][59] - Companies like Goldwind Technology and Dongfang Cable are recommended for investment as they are well-positioned to benefit from this growth [4][59] Group 6: Investment Recommendations - The report suggests monitoring the recovery of the power grid equipment sector, the progress of offshore wind projects, the advancement of solid-state battery industrialization, and the global demand for energy storage installations [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 24.24 billion yuan in the first half of 2025, representing a year-on-year increase of 19.5%. The net profit attributable to shareholders was 2.95 billion yuan, up 8.8% year-on-year [2][4]. - The company’s performance in Q2 2025 showed a revenue of 15.35 billion yuan, with a year-on-year growth of 22.5% and a net profit of 2.27 billion yuan, reflecting a 7.3% increase year-on-year [2][4]. - The company’s smart grid and low-carbon energy sectors continue to show strong growth, with overseas revenue increasing by 139.2% [9]. Revenue Summary - In the first half of 2025, the smart grid revenue was 12.225 billion yuan, up 28.4% year-on-year; low-carbon energy revenue was 6.541 billion yuan, up 29.5% year-on-year; and integrated and other revenues decreased by 58.6% [9]. - Domestic revenue reached 22.224 billion yuan, a 14.5% increase year-on-year, while overseas revenue was 1.987 billion yuan, marking a significant increase [9]. Profitability Summary - The gross margin for the first half of 2025 was 26.45%, down 2.48 percentage points year-on-year. The gross margin for Q2 2025 was 27.75%, down 3.82 percentage points year-on-year [9]. - The gross margin for the smart grid segment was 30.34%, down 2.93 percentage points year-on-year, while the low-carbon energy segment had a gross margin of 21.59%, down 1.68 percentage points [9]. Expense Summary - The total expense ratio for the first half of 2025 was 12.42%, down 1.45 percentage points year-on-year. The sales expense ratio was 4.12%, down 0.67 percentage points [9]. - The company benefited from a reduction in expense ratios due to increased sales revenue and ongoing cost-cutting measures [9]. Order Summary - The company signed new contracts worth 35.432 billion yuan in the first half of 2025, a year-on-year increase of 23.46%. The international contracts grew by over 200% [9]. - As of the end of Q2 2025, the contract liabilities reached 7.399 billion yuan, reflecting a year-on-year increase of 56.5% [9]. Future Outlook - The company is expected to achieve a net profit of approximately 8.5 billion yuan in 2025, corresponding to a price-to-earnings ratio of about 20.5 times [9].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][24]. Core Views - The company has shown steady revenue and profit growth, with a significant increase in overseas and external network business [1][2]. - The company achieved a revenue of 24.243 billion yuan in the first half of 2025, representing a year-on-year increase of 19.54%, and a net profit of 2.952 billion yuan, up 8.82% year-on-year [1][8]. - The company is experiencing rapid growth in smart grid and low-carbon energy businesses, with smart grid revenue reaching 12.225 billion yuan, up 28.37% year-on-year [2][22]. - The company has signed new contracts worth 35.432 billion yuan, a year-on-year increase of 23.46%, with over 50% of contracts coming from outside the State Grid [2][23]. Summary by Sections Financial Performance - In the second quarter of 2025, the company reported a revenue of 15.348 billion yuan, a year-on-year increase of 22.50%, and a net profit of 2.272 billion yuan, up 7.33% year-on-year [1][22]. - The gross margin for the first half of 2025 was 26.45%, down 2.58 percentage points year-on-year, while the net margin was 12.89%, down 1.38 percentage points year-on-year [1][8]. Business Segments - The company’s smart grid revenue was 12.225 billion yuan, with a gross margin of 30.34%, while low-carbon energy revenue reached 6.541 billion yuan, with a gross margin of 21.59% [2][22]. - The overseas revenue saw a remarkable increase of 139% year-on-year, contributing to 46% of the total revenue from external networks [2][23]. Future Outlook - The company plans to distribute a mid-term dividend of 0.147 yuan per share, totaling 1.175 billion yuan, which accounts for 45.72% of the net profit for the first half of the year [2][23]. - The profit forecast for 2025-2027 has been adjusted to 8.369 billion yuan, 9.462 billion yuan, and 10.716 billion yuan respectively, with the current stock price corresponding to PE ratios of 21, 19, and 17 times [24][26].

Core Viewpoint - China's High Voltage Direct Current Transmission System (HVDCS) has become a core technology for building a new energy system, leveraging its advantages in long-distance and high-power transmission. The market for HVDC is projected to reach 89.2 billion yuan in 2024 and exceed 300 billion yuan by 2028, driven by the expansion of wind and solar power installations and the explosive demand for AI computing power [1][7]. Industry Overview - HVDCS utilizes direct current for high-power, long-distance electricity transmission, converting three-phase alternating current to direct current and back again, enabling efficient and stable energy transfer [2]. - The industry has developed a complete upstream and downstream industrial system, focusing on raw materials, equipment manufacturing, and system integration, with major investments from state-owned enterprises [4]. Market Size and Growth - The HVDC market in China reached 89.2 billion yuan in 2024, a 42.3% increase year-on-year, and is expected to surpass 300 billion yuan by 2028 [7]. - The demand for 800V HVDC technology is anticipated to surge, particularly in the context of AI data centers, with the market projected to grow from 2 billion yuan in 2028 to 6.4 billion yuan by 2030, reflecting a compound annual growth rate of 47% [1][8]. Industry Chain - The HVDCS industry chain includes upstream raw materials, midstream equipment manufacturing, and downstream operation by major power grid companies, facilitating large-scale applications in long-distance transmission and renewable energy integration [4]. Competitive Landscape - The industry is characterized by a concentration of market share among state-owned enterprises like China Xidian and TBEA, while private companies and foreign firms compete in niche areas [10]. - China Hengtian Electric holds a 28% market share, benefiting from partnerships with leading internet companies in the AI data center sector [10]. Development Trends - The industry is expected to see technological advancements, with a shift towards 800V high-voltage platforms and silicon carbide devices, enhancing system efficiency and reliability [11]. - The application scenarios for HVDC are diversifying, including cross-border energy interconnections and industrial microgrids, creating a multi-billion market for related services [12]. - Chinese HVDC companies are transitioning to a global operational model, focusing on technology, standards, and capital, with exports expected to rise to 40% by 2030 [13][14].