港股东方电气（600875）盘初一度涨超700%，随后急速回落，最高报119.9港元。 ...

雅砻江水电站开工对化工和建材行业有何影响？ 雅下水电工程正式开工，哪些产业方向受益？20250720 摘要 雅砻江水电站开工是供给侧改革和需求侧刺激的双重体现，旨在托底经 济，尤其是在出口和房地产市场面临下行风险时，通过拉动传统行业供 需两端的需求，稳定经济增长。 雅砻江水电站开工将显著拉动化工和建材行业需求，民爆板块受益于工 程建设中民爆产品的大量需求，西藏地区民爆产品短期内可能出现供给 短缺，为相关企业带来机遇。 雅鲁藏布江墨脱地区地质环境复杂，对民爆的需求预计将显著增加，工 程对炸药的总需求量约为 150 万吨，若按 8 到 10 年的预期计算，每年 需求量接近 20 万吨，是去年产量的三倍以上。 雅鲁藏布江工程对建材板块中的水泥需求巨大，项目装机容量约 6,000 万千瓦，对应水泥总体需求超过 8,000 万吨，若工期为十年以上，每年 增量超过 600 万吨，相比 2024 年 1,300 万吨的水泥总产量增幅超过 50%。 雅鲁藏布江下游水电项目施工强度较高，设备使用时长较长，预计将显 著拉动工程机械需求，可能加快设备更新周期，相关标的包括三一重工、 徐工机械、中联重科等主机厂。 Q&A 雅砻江水电 ...

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 07 月 20 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 邱达治 SAC：S1350525050001 qiudazhi@huayuanstock.com 板块表现： 重视港股电力设备核心资产 6 月能源数据分析 风电设备：（1）风机快速大型化导致新产品的推出周期大幅变短，而大型电力设备的新产品利润率此时 通常会走低（前期更注重份额且成本不易控制）；（2）整机环节集中度持续走高且无新竞争者进入足以 证明风电整机壁垒够高。当前风机大型化速度显著放缓，因此我们看好风电整机利润改善。 投资分析意见：重视港股电力设备核心资产投资机会，煤电核准强度超出预期，抽蓄建设维持高位，风 电需求稳 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][7] Core Views - The establishment of China Yarlung Group Co., Ltd. is expected to promote the development of hydropower resources in the Yarlung Zangbo River, leading to an acceleration in domestic hydropower equipment orders, which will benefit Dongfang Electric as a leading hydropower equipment manufacturer in China [3][6] - The total investment for the Yarlung Zangbo River downstream hydropower project is approximately 1.2 trillion yuan, with the construction of five cascade power stations [3][4] Financial Forecasts - The profit forecasts for Dongfang Electric for 2025-2027 are 4.34 billion yuan, 5.52 billion yuan, and 6.09 billion yuan, representing year-on-year growth of 48.5%, 27.2%, and 10.3% respectively [3][6] - The current price-to-earnings (PE) ratios for the years 2025, 2026, and 2027 are projected to be 13.9, 11.0, and 9.9 times respectively [3][6] Market Data - The company has a market share of 41.6% in pumped storage and 45% in conventional hydropower, indicating a strong competitive position in the energy equipment sector [5] - The company has achieved significant technological advancements, including the development of the world's largest 500 MW hydraulic turbine model and the first domestically produced 300 MW variable-speed pumped storage unit [5]

中新社北京7月19日电 (单鹏)正在北京举行的第三届中国国际供应链促进博览会(以下简称"链博会")上， 不断有境外客商走入成都纵横自动化技术股份有限公司展台，详细询问无人机的技术参数。 "纵横的无人机已销往全球40多个国家。"该公司海外客户经理彭本利告诉一位非洲客商："在非洲，无 人机应用也日趋成熟。中国制造的无人机足以胜任石油管道巡检、电网巡检等多种任务。" 本届链博会7月16日至20日举行，吸引了75个国家和地区的651家企业和机构参展，境外参展商占比达 35%。作为全球供应链合作平台，链博会为四川等内陆省份企业搭建了扩大海外市场的桥梁。多位受访 的四川参展商表示，希望借助链博会继续扩大四川制造的海外版图。 四川是中国为数不多布局全部41个工业大类、31个制造业大类的省份，拥有电子信息、装备制造、食品 轻纺、能源化工、先进材料和医药健康六大支柱产业。在上述领域，四川企业拥有较为明显的技术优 势。 坐落于四川的中国东方电气集团，是清洁能源装备制造的龙头。本届链博会，该公司展出多个"国之重 器"：50兆瓦重型燃气轮机、全球最大单机容量的白鹤滩水电站百万千瓦水轮发电机组、全球最大26兆 瓦级海上风电机组、中国首 ...

7月16日，参观者在链博会了解太阳能电动车。新华社记者 戴明轩 摄绿色，不仅是人们追求的生活底色，更是制造业迭代升级的方向。作为国内清洁能源装 备制造龙头，东方电气集团本次带来了一批全球领先的清洁能源产品，其中就包括应用在白鹤滩水电站的百万千瓦水电机组。 中国是全球最大的清洁能源市场和装备制造国。供应链绿色转型，离不开中国，也离不开国际合作。当前，东方电气正在和产业链上下游共同协作，助力推 动全球能源绿色转型。 走进第三届链博会清洁能源链展区，记者看到，绿色低碳，已经不是某个企业的口号，而是成为贯穿整条供应链的共同追求。一场从工业生产到生活方式 的"绿色"转型，正在全面展开。 7月16日在清洁能源链展区拍摄的中国海油产业集群数智沙盘。新华社记者 金立旺 摄在清洁能源链展区，江苏来能科技有限公司副总经理林恩向记者介绍了 即将在9月份上市的太阳能电动车产品。这款太阳能电动车最大每天阳光充电可实现20公里续航，满足大多数消费者绿色出行需求。 "未来我们要把这款车打造成'人人参与碳交易'的一个载体。"江苏来能科技有限公司CEO丁伯明介绍，"这款车也是一个移动的零碳电站。很多电还可以拿出 来用，而且这些电全部都是可再生 ...

首批！牵头组建四川省能源装备数智化技术创新中心 近日，由东方电气集团所属东方研究院牵头、东成研究院主要承担的四川省能源装备数智化技术创新中心正式通过四川省科技厅批复建设，是四川省首批 布局的10家省级技术创新中心之一。 四川省能源装备数智化技术创新中心，瞄准能源装备行业的"卡脖子"问题，以高价值应用场景为牵引，深度融合人工智能与数字化技术，重点攻关AI全链 条应用的六大核心领域，覆盖能源装备行业的经营管理、研发设计、工艺编制、生产制造、安全检测、智慧产品开发等关键环节，致力于构建能源装备行 业的人工智能应用体系，实现从"工具的革命"到"革命的工具"的效能目标，向覆盖全产业链的生态化应用演进。 东成研究院人工智能应用开发团队主要承担应用场景开发、数据处理、训练模型、评估和迭代、模型测试等任务。 当前，该中心已构建高质量行业数据集，在研参数优化模型、工艺自动生产模型、编程推理模型、多模态质检模型等5个行业模型及11个智能体已开展高 端装备智慧化系统、新型电力系统主动支撑、新型电气装备技术研发及应用。 该中心联合四川大学、电子科技大学、西南交通大学等高校，东方风电、四川能投天府新能源研究院等产业链企业构建"技术攻关 ...

Group 1 - The core point of the article is that Dongfang Electric Corporation has won a bid for a key technology project related to intelligent welding of pressure steel pipes for pumped storage power stations, announced on July 14, 2025 [1] - In 2024, Dongfang Electric's operating revenue was 69.695 billion yuan, with a growth rate of 14.86%, while the net profit attributable to the parent company was 2.922 billion yuan, showing a decline of 17.70% [1] - For the first quarter of 2025, the company reported an operating revenue of 16.548 billion yuan, with a growth rate of 9.93%, and a net profit attributable to the parent company of 1.154 billion yuan, reflecting a growth rate of 27.39% [1] Group 2 - The company operates in the industrial sector, primarily producing generators and auxiliary equipment, boilers and auxiliary equipment [1] - The main business composition for 2024 includes coal power at 23.49%, wind power in the new energy sector at 18.61%, emerging growth industries at 16%, and clean and efficient power generation equipment (gas turbines) at 10.2% [1]

转自：北京日报客户端 驱漂浮式海上风电机组下线。华能清能院供图 这一海上"超大风车"究竟有多大？此次下线的"中国华能—东方电气17兆瓦直驱漂浮式海上风电机组"叶 轮直径为262米，风轮扫风面积约5.3万平方米，相当于7.5个标准足球场的面积，轮毂中心高度约152 米，相当于50层居民楼高度。不仅个头大，这一"超大风车"的时间可利用率还达到99%以上，同时可应 对超24米超高海浪，抵御17级超强台风。 垂直轴风 机与光伏组件共结构融合平台。华能清能院供图 未来科学城"能源谷"又有重磅创新！记者7月13日从未来科学城管委会获悉，由"能源谷"入驻企业中国 华能清洁能源技术研究院牵头研发的全球单机功率和风轮直径最大的直驱型漂浮式海上风电机组近日在 福建下线，单机功率达17兆瓦。 据悉，这一风电机组由中国华能牵头，联合中国东方电气集团共同研制，首次采用国产化大直径主轴轴 承，叶片、发电机、变流器、变压器等关键部件也全部实现国产化。研发团队还成功突破漂浮式风电系 统耦合仿真技术及高保真模型试验技术，攻克了叶片、低速永磁直驱电机高精度制造与装配工艺难题。 17兆瓦直 除了此次下线的"超大风车"，近年来，华能清洁能源技术研究 ...

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights that the renewable energy power consumption responsibility weights for 2025 have been issued, indicating a focus on increasing the use of green electricity in various industries [5] - The LNG import volume in May 2025 decreased by 26.3% year-on-year, while domestic natural gas consumption showed a slight increase of 2.4% [5] - The report suggests that the power sector is expected to see profit improvement and value reassessment due to previous supply-demand tensions [5] Summary by Sections Market Performance - As of July 11, the utility sector rose by 1.1%, outperforming the broader market, with the electricity sector up by 1.10% and the gas sector up by 1.22% [4][12] - Key companies in the electricity sector showed varied performance, with notable increases for companies like Guikuan Electric and Guangdong Electric A [13] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased by 8 CNY/ton week-on-week, reaching 624 CNY/ton [4][21] - Coal inventory at Qinhuangdao Port decreased to 5.6 million tons, down 100,000 tons week-on-week [26] - Daily coal consumption in inland provinces was reported at 3.55 million tons, a decrease of 95,000 tons/day week-on-week [28] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was reported at 4,460 CNY/ton, a year-on-year decrease of 1.13% but a week-on-week increase of 1.09% [48] - The European TTF spot price increased by 23.0% year-on-year, reaching 11.86 USD/MMBtu [53] - Domestic natural gas apparent consumption in May 2025 was 36.42 billion cubic meters, a year-on-year increase of 2.4% [5] Industry News - The National Development and Reform Commission and the National Energy Administration issued guidelines for renewable energy consumption responsibilities, emphasizing the use of green electricity in high-energy-consuming industries [5] - The largest medium and shallow coalbed methane field in China has surpassed a cumulative gas production of 20 billion cubic meters [5] Investment Recommendations - The report recommends focusing on national coal power leaders such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [5] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5]