证券研究报告 公用事业 行业定期报告 山东机制电价竞价及绿电就近消纳解读 关注绿 色甲醇和能源 RWA 机遇 ——大能源行业 2025 年第 37 周周报（20250913） hyzqdatemark 2025 年 09 月 15 日 投资评级： 看好（维持） 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 联系人 投资要点： 电力：全国首个（山东）新能源机制电价竞价结果出炉 关注风向标意义 9 月 11 日，国网山东省电力公司向社会公示山东 2025 年新能源机制电价竞价结果。 1）机制电量看，风电机制电量 59.67 亿千瓦时，光伏仅 12.4 ...

中天科技今年以来股价涨12.89%，近5个交易日跌2.52%，近20日涨3.60%，近60日涨17.94%。 9月15日，中天科技盘中下跌2.04%，截至10:03，报15.83元/股，成交5.04亿元，换手率0.93%，总市值 540.27亿元。 资金流向方面，主力资金净流出5975.81万元，特大单买入3017.65万元，占比5.99%，卖出7812.07万 元，占比15.50%；大单买入1.03亿元，占比20.52%，卖出1.15亿元，占比22.87%。 截至6月30日，中天科技股东户数21.18万，较上期减少16.16%；人均流通股16113股，较上期增加 19.27%。2025年1月-6月，中天科技实现营业收入236.00亿元，同比增长10.20%；归母净利润15.68亿 元，同比增长7.40%。 分红方面，中天科技A股上市后累计派现44.41亿元。近三年，累计派现21.10亿元。 机构持仓方面，截止2025年6月30日，中天科技十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股2.11亿股，相比上期增加1204.10万股。广发高端制造股票A（004997）位居第四大流通股 东，持股25 ...

Company Overview - Zhongtian Technology Co., Ltd. is located in Nantong City, Jiangsu Province, and was established on February 9, 1996. The company was listed on October 24, 2002. Its main business involves the production and sales of products in communication, electricity, marine, new energy, new materials, and non-ferrous metal trading [1][2]. Financial Performance - As of June 30, 2025, Zhongtian Technology achieved operating revenue of 23.6 billion yuan, representing a year-on-year growth of 10.20%. The net profit attributable to shareholders was 1.568 billion yuan, with a year-on-year increase of 7.40% [2]. - The company has cumulatively distributed 4.441 billion yuan in dividends since its A-share listing, with 2.11 billion yuan distributed over the past three years [3]. Stock Performance - On September 11, Zhongtian Technology's stock price increased by 2.01%, reaching 16.27 yuan per share, with a trading volume of 1.011 billion yuan and a turnover rate of 1.85%. The total market capitalization stood at 55.529 billion yuan [1]. - Year-to-date, the stock price has risen by 16.03%, with a 5-day increase of 5.24%, a 20-day increase of 12.21%, and a 60-day increase of 22.68% [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased to 211,800, a reduction of 16.16%. The average circulating shares per person increased by 19.27% to 16,113 shares [2][3]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 211 million shares, an increase of 12.041 million shares compared to the previous period [3].

证券日报网讯中天科技（600522）9月9日在互动平台回答投资者提问时表示，固态电池产业正处于发展 初期，全球主流电池企业尚未量产，公司正积极推进半固态示范性项目建设。公司高度重视液冷技术的 产业化进程，大型储能系统产品已广泛使用液冷技术；在数据中心相关液冷产品进行迭代升级，核心产 品通过泰尔实验室认证，能效表现显著优于行业平均水平。随着液冷技术从"成本中心"向"算力变革使 能者"的转变，公司将持续加大投入，进一步提升液冷业务在整体营收中的占比。 ...

格隆汇9月9日丨中天科技(600522.SH)在互动平台表示，公司拥有100G、200G、400G等系列光模块产品 用于数据中心和智算中心；研发液冷产品并进行迭代升级，核心产品通过泰尔实验室认证，能效表现显 著优于行业平均水平。反谐振空芯光纤将超过99.99%的能量限制在空气纤芯中传输，不仅能满足当前 通信流量激增的需求，更为未来大数据、云计算、物联网等领域的发展提供了强有力的支撑。公司紧密 围绕工业、特种、人形三大类智能机器人应用，构建"核心技术突破+全场景赋能"的立体化布局。 ...

格隆汇9月9日丨中天科技(600522.SH)在互动平台表示，固态电池产业正处于发展初期，全球主流电池 企业尚未量产，公司正积极推进半固态示范性项目建设。公司高度重视液冷技术的产业化进程，大型储 能系统产品已广泛使用液冷技术；在数据中心相关液冷产品进行迭代升级，核心产品通过泰尔实验室认 证，能效表现显著优于行业平均水平。随着液冷技术从"成本中心"向"算力变革使能者"的转变，公司将 持续加大投入，进一步提升液冷业务在整体营收中的占比。 ...

Group 1 - The State Intellectual Property Office of China has granted a patent to Zhongtian Group Shanghai Superconducting Technology Co., Ltd. and Jiangsu Zhongtian Technology Co., Ltd. for a method, device, electronic equipment, and storage medium for safe charging of electric vehicles, with the authorization announcement number CN 116278908 B, applied on February 2023 [1] - Zhongtian Group Shanghai Superconducting Technology Co., Ltd. was established in 2018 and is located in Shanghai, primarily engaged in technology promotion and application services, with a registered capital of 70 million RMB [1] - The company has participated in 41 bidding projects and holds 75 patent information entries, in addition to having one administrative license [1]

Summary of Key Points Core Viewpoint - A total of 135 stocks received buy ratings from institutions today, with 17 stocks receiving initial attention from institutions, indicating a strong interest in the market and potential investment opportunities [1]. Institutional Ratings - 140 buy rating records were published today, with 29 of these providing future target prices. 13 stocks have an upside potential exceeding 20%, with AVIC Optoelectronics showing the highest potential at 61.62% [1]. - Notable stocks with high upside potential include Noli Shares at 48.46% and United Imaging Healthcare at 37.22% [1]. - 17 stocks received initial buy ratings from institutions, including Haimeixing and Hengli Hydraulic [1]. Market Performance - Stocks rated with buy ratings saw an average increase of 3.27%, outperforming the Shanghai Composite Index. 119 stocks experienced price increases, with several hitting the daily limit up [1]. - Stocks with significant declines included Noli Shares, Agricultural Bank, and Shoufang Environmental Protection, with declines of 3.23%, 2.93%, and 1.26% respectively [1]. Industry Focus - The most favored industries include power equipment and machinery, each with 17 stocks listed in the buy rating category. The pharmaceutical and communication sectors also attracted attention, with 15 and 6 stocks respectively [2]. - Specific stocks receiving multiple buy ratings include Betaini, Kebo Da, AVIC Optoelectronics, and Yunnan Baiyao, each with two buy ratings [2][3]. Detailed Stock Information - A selection of stocks with buy ratings includes: - Betaini (2 ratings, +2.22% today, PE 40.30) in beauty care - Kebo Da (2 ratings, +10.00% today, PE 27.44) in automotive - AVIC Optoelectronics (2 ratings, +0.57% today, PE 28.83) in defense and military [2][3]. - Other notable stocks include: - Yunnan Baiyao (2 ratings, +1.06% today, PE 14.56) in pharmaceuticals - Zhonglian Heavy Industry (2 ratings, +0.41% today, PE 11.39) in machinery [2][3]. Additional Stock Ratings - Additional stocks with single buy ratings include: - Xuji Electric (1 rating, +2.09% today, PE 18.44) in power equipment - Xugong Machinery (1 rating, -0.20% today, PE 13.29) in machinery - China Rare Earth (1 rating, +2.33% today, PE 174.07) in non-ferrous metals [3][4].

Market Overview - The Shanghai Composite Index rose by 1.24% on September 5, with 30 industries experiencing gains, led by the power equipment and communication sectors, which increased by 7.19% and 5.49% respectively [1] - The banking sector was the only industry to decline, with a drop of 0.99% [1] - Overall, there was a net inflow of 44.53 billion yuan into the market, with 20 industries seeing net inflows [1] Sector Performance - The power equipment industry had the highest net inflow of funds, totaling 21.02 billion yuan, contributing to its 7.19% increase [1] - The electronics sector also performed well, with a daily increase of 4.35% and a net inflow of 10.78 billion yuan [1] - Conversely, the retail trade sector saw the largest net outflow of funds, amounting to 1.595 billion yuan, followed closely by the banking sector with a net outflow of 1.553 billion yuan [1] Communication Industry Insights - The communication sector experienced a 5.49% increase, with a total net inflow of 1.249 billion yuan [2] - Out of 125 stocks in the communication sector, 115 rose, while 9 fell, including 1 that hit the daily limit down [2] - The top three stocks with the highest net inflow in the communication sector were Xinyi Technology (5.42 billion yuan), Runze Technology (3.14 billion yuan), and Zhongtian Technology (2.67 billion yuan) [2] Communication Sector Outflows - The communication sector also had notable outflows, with the top three stocks experiencing significant net outflows being Sanwei Communication (-4.53 billion yuan), China Unicom (-1.32 billion yuan), and Changxin Bochuang (-1.11 billion yuan) [3] - Sanwei Communication saw a decline of 7.92%, while China Unicom remained unchanged [3]

Core Viewpoint - The communication sector is experiencing significant growth, with the National Communication Index rising by 1.90% and notable increases in individual stocks such as Dekoli and Zhongci Electronics [1][4]. Group 1: ETF Performance - The Communication ETF (159695) has increased by 2.20%, with a cumulative rise of 7.77% over the past two weeks as of September 4, 2025 [1][4]. - The ETF's trading volume was active, with a turnover rate of 23.05% and a transaction value of 57.993 million yuan [4]. - The ETF's scale grew by 31.8469 million yuan over the past week, ranking first among comparable funds, with the latest share count reaching 139 million, a one-year high [4]. Group 2: Financial Metrics - Leading optical module companies achieved a total revenue of 27.682 billion yuan in the first half of 2025, marking an 83.54% year-on-year increase, and a net profit of 8.837 billion yuan, up 127.88% [5]. - The gross margin for these companies was reported at 43.4%, with a net profit margin of 32.82% [5]. - The market for optical modules is expanding, with predictions indicating a 21% market share in Scale-up networks by 2030 [5]. Group 3: Key Stocks and Weightings - The top ten weighted stocks in the National Communication Index account for 64.43% of the index, with significant players including Xinyi, Zhongji Xuchuang, and ZTE [5]. - Notable stock performances include Zhongji Xuchuang rising by 3.35% and Xinyi increasing by 5.13%, while China Telecom and China Mobile saw declines of 2.03% and 0.35%, respectively [7].