谁在主导港股行情？ 本轮周期行情的持续性？20250728 摘要 港股行情主要由南向资金和被动资金驱动，成交量显著增加，但主动配 置比例未见明显变化，表明长线外资并未大举进入。结构性行情活跃， 板块轮动迅速，投资者需关注细分领域和行业动态。 今年港股市场呈现 AH 溢价收窄现象，部分公司港股价格高于 A 股，主 要原因是符合产业发展趋势和外资审美偏好。资金充裕导致"资产荒"， 资金涌向新消费、创新药、AI 互联网等板块。 宏观层面，中国市场面临"资金剩"和"资产荒"的局面，结构性行情 明显。微观层面，南向资金占据主导地位，但受市场趋势影响较大。港 股整体流动性宽裕，与香港金管局投放流动性及外围宏观流动性宽松有 关。 展望未来，中国市场仍面临"钱很多但缺乏优质资产"的局面，将继续 推动结构性行情。三季度流动性将边际紧缩，但需求和市场情绪是关键 因素。下半年资金供需大体平衡，IPO 和配售抽水力量与南向资金、外 资和回购的供给侧大致相当。 Q&A 近期港股市场的突破迹象及其背后的驱动力是什么？ 近期港股市场表现活跃，出现明显的突破迹象。背后的驱动力主要包括行业表 现特征和资金面的影响。流动性是主导因素，自去年底以 ...

Investment Rating - The report indicates a positive outlook for the controlled nuclear fusion industry, suggesting that companies with leading technologies and core component supply capabilities are likely to benefit first as fusion devices are deployed [3]. Core Insights - Controlled nuclear fusion is viewed as a clean, safe, and sustainable ultimate energy source, with significant potential for large-scale commercialization in the future [4][8]. - The report highlights the importance of the Lawson criterion and the Q factor in achieving sustainable fusion reactions, emphasizing that meeting these conditions is crucial for commercialization [17][18]. - The global landscape for fusion energy is rapidly evolving, with multiple countries, including the US, UK, Germany, and Russia, actively pursuing fusion power projects expected to come online in the 2030s [34][36]. Summary by Sections 1. Development Window for Controlled Nuclear Fusion - The report notes that the domestic and international fusion energy sector is entering a critical development phase, with significant projects underway [5][34]. - Key projects include the Hefei BEST project in China, which aims to be the world's first to conduct steady-state deuterium-tritium combustion by 2027 [52]. 2. What is Controlled Nuclear Fusion? - Controlled nuclear fusion is characterized by high energy release efficiency, safety, abundant fuel sources, and minimal environmental pollution [4][8]. - The primary fuels for fusion are deuterium and tritium, with deuterium being readily available from water and tritium produced through lithium reactions [8][11]. 3. Technical Pathways for Controlled Nuclear Fusion - Magnetic confinement is identified as the most effective method for achieving fusion energy, with the Tokamak design being the most widely researched and developed [18][19]. - The report discusses advancements in high-temperature superconductors and AI technology that enhance plasma control and reduce the size and cost of fusion devices [26][27]. 4. Progress in Controlled Nuclear Fusion - The report outlines significant international efforts, including the ITER project, which aims to demonstrate the feasibility of fusion energy by achieving a Q factor greater than 10 [38][43]. - Various countries are ramping up investments in fusion energy, with the US planning to build the world's first fusion power plant by 2028 [34][35]. 5. Beneficiary Companies - The report identifies several companies poised to benefit from the growth of the fusion energy sector, including those involved in magnet systems, high-temperature superconductors, vacuum chambers, and other supporting technologies [3].

| http://www.cninfo.com.cn/new/disclosure/detail?stockCode=001360&announcementId=122425 | 001360 | 南矿集团 | 6279&orgId=9900055633&announcementTime=2025 | -07-23 | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=601399&announcementId=122425 | | | --- | --- | --- | --- | --- | --- | --- | | 601399 | 国机重装 | 6167&orgId=9900010450&announcementTime=2025 | -07-23 | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=600326&announcementId=122425 | 110060 | 天路转债 | | 6029&orgId=gssh0600326&announcementTim ...

行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 研究支持 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 - ⚫ 电力：新能源贡献 6 月主要发电增量，能源结构持续优化。1-6 月，规上工业发电量为 45371 亿 千瓦时，同比增长 0.8%，扣除天数原因，日均发电量同比增长 1.3%。6 月单月规上工业发电量 7963 亿千瓦时，同比增长 1.7%。分品种看，6 月规上水力发电同比下降 4.0%；火力发电同比增 长 1.1%；核 ...

中国华能在2024年度中央企业对标世界一流企业价值创造行动考核中再获A级，并在中央企业考核排名 中名列前茅。自2023年国务院国资委实施价值创造行动考核以来，中国华能在连续两次考核中均获评A 级。 哈电集团在2024年度中央企业对标世界一流企业价值创造行动考核中获评A级，继2023年后连续两年获 此殊荣。 近日，2024年度中央企业对标世界一流企业价值创造行动考核结果出炉。 根据企业官方信息，截至7月25日，不完全统计有中国华能、哈电集团、东方电气集团、中国能建、中 国电气装备等能源电力央企公开了考核结果。 东方电气集团在2024年度中央企业对标世界一流企业价值创造行动考核中获评A级。 中国能建在2024年度中央企业对标世界一流企业价值创造行动考核中获评A级。 中国电气装备在2024年度中央企业对标世界一流企业价值创造行动考核中获评为A级。 中国华能 中国华能在2024年度中央企业对标世界一流企业价值创造行动考核中再获A级，并在中央企业考核排名 中名列前茅。自2023年国务院国资委实施价值创造行动考核以来，中国华能在连续两次考核中均获评A 级。 2024年，中国华能深入学习贯彻党的二十届三中全会精神，全面贯彻 ...

截至7月25日收盘，抽水蓄能概念下跌2.55%，位居概念板块跌幅榜前列，板块内，深水规院20%跌停， 苏博特跌停，铁建重工、冠龙节能、东方电气等跌幅居前，股价上涨的有8只，涨幅居前的有申菱环 境、思源电气、川润股份等，分别上涨3.07%、2.91%、2.89%。 今日涨跌幅居前的概念板块 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 601669 | 中国电建 | -3.09 | 15.91 | -237748.73 | | 600528 | 中铁工业 | -5.00 | 18.01 | -81429.25 | | 688425 | 铁建重工 | -14.90 | 8.35 | -35681.47 | | 600875 | 东方电气 | -9.75 | 10.92 | -29484.20 | | 002266 | 浙富控股 | -6.76 | 13.36 | -19732.28 | | 600406 | 国电南瑞 | -0.98 | 0.78 | -17519.22 | | 603916 | 苏 ...

证券研究报告 公用事业 行业点评报告 hyzqdatemark 2025 年 07 月 25 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 联系人 供需宽松与现货提速 电源业绩继续分化 投资评级： 看好（维持） ——电力环保 2025 年半年报业绩前瞻 投资要点： 风险提示：用电需求低于预期、新能源入市政策低于预期、煤价涨幅超预期 源引金融活水 润泽中华大地 请务必仔细阅读正文之后的评级说明和重要声明 近日，部分电力环保企业已经披露其上半年业绩预告，从结果上看，电力板块业绩预告集中三个区域，分 别为京津冀、广东以及上海。我们预测，火电企业上半年业绩表现区域分化，全国公司业绩持续改善； 新能源企业表现个体差异化明显；水电核电业绩仍然稳健。我们在第 18 周周报 ...

Core Insights - The article discusses the comprehensive development of the Yarlung Tsangpo River downstream hydropower project, led by China Yajiang Group, with a total investment of 1.2 trillion yuan and a planned capacity of 60 million kilowatts, aiming for an annual power generation of 300 billion kilowatt-hours [1][6]. Upstream Industry - The upstream high-end equipment manufacturing sector exhibits a multi-dimensional competitive landscape, with Dongfang Electric holding a 45% market share in the turbine sector, expected to capture over 40% of the turbine and auxiliary equipment value for the Yajiang project, translating to an order size exceeding 28 billion yuan [3][5]. - In the tunnel boring machine (TBM) sector, China Railway Construction occupies a dominant position with a 50% market share, anticipated to secure orders for 25 hard rock TBMs, accounting for 45%-68% of the total orders, with a median value of 3.675 billion yuan [3][5]. - The peak delivery period for high-end equipment is projected between 2028 and 2035, which will have a long-term stimulating effect on the industry chain [3][5]. Midstream Industry - The design and construction of hydropower projects face significant technical barriers and high industry concentration, with the Yajiang project expected to generate design contracts worth 24 billion yuan, based on a 2% design fee of the total investment [6][9]. - China Power Construction, as a leading player in global hydropower engineering, is expected to undertake over 50% of the main engineering volume for the Yajiang project, leveraging its expertise in complex geological engineering [8][9]. Downstream Industry - The Yajiang Group's electricity transmission primarily relies on "Tibetan electricity transmission," with over 70% of power sent out through ±1100 kV UHVDC technology, which allows for efficient long-distance transmission with losses below 10% [11][12]. - The investment in supporting transmission projects is estimated to exceed 240 billion yuan, contributing to a significant market opportunity in the UHV sector [12][14]. Supporting Services - The ecological restoration aspect of the Yajiang Group's operations focuses on smart monitoring technologies and ecological benefit transformation mechanisms, establishing a comprehensive ecological monitoring network [15][16]. - The fish species enhancement project has successfully bred rare fish species, contributing to biodiversity and receiving international recognition for its ecological restoration model [16][17].

Investment Rating - The investment rating for the power equipment industry is "Positive" (maintained) [4] Core Viewpoints - The report highlights a significant increase in investment in the power grid, with a projected completion amount of 608.3 billion yuan in 2024, representing a year-on-year growth of 15.3% [5] - The report emphasizes the high demand for coal-fired power generation, with a notable increase in newly installed capacity of 17.55 million kilowatts in the first five months of this year, a 45% increase compared to the same period last year [5] - Wind power bidding has seen substantial growth, with a projected bidding volume of 164.1 GW in 2024, a 90% year-on-year increase [5] Summary by Sections Power Grid - The investment in the power grid is accelerating, with a cumulative investment of 204 billion yuan in the first five months of this year, up 19.8% year-on-year [5] - The approval of several ultra-high voltage direct current projects is expected to peak in the second half of the year, leading to rapid revenue growth for related equipment companies [5] Power Generation - Coal-fired power generation is expected to reach a peak in new installations, with approvals for coal power capacity remaining high at 90 GW, 83 GW, and 78 GW for the years 2022, 2023, and 2024 respectively [5] - Pumped storage capacity approvals are also robust, with 70 GW, 65 GW, and 35 GW approved for 2022, 2023, and 2024, respectively, totaling close to three times the existing capacity [5] Wind Power - The average bidding price for wind power equipment has stabilized and rebounded, with the average bid price at 1590 yuan/kW as of March this year [5] - The report anticipates that wind power installations will remain high due to its competitive advantage over photovoltaic power in the electricity market [5] Company Performance Forecast - The report provides specific performance forecasts for various companies, indicating a positive outlook for companies like Goldwind Technology (H), Guoneng Rixin, Dongfang Electric, and Dongfang Cable, among others [5][6]

Group 1 - A-shares briefly surpassed 3600 points but declined in the afternoon, with market sentiment affected by the performance of major stocks like China Energy Engineering Group [1] - The number of stocks hitting the daily limit dropped significantly to 30, indicating market differentiation [1] - The focus of upcoming speculation may shift towards genuine beneficiaries of the Xiong'an New Area development [1] Group 2 - Top trending stocks in A-shares include China Energy Engineering, China Power Construction, Xuerun Group, Dongfang Electric, Tibet Tianlu, Yahua Group, Zhejiang Fu Holdings, Rainbow Group, Shanhe Intelligent, and China National Machinery Industry Corporation [2] - Major players in the Yajiang hydropower concept stocks are China Energy Engineering and China Power Construction, both maintaining strong positions [2] - The establishment of China Fusion Energy Co., with a total capital increase of 11.5 billion, has made controlled nuclear fusion a market focus [2]