截至2025年11月26日 10:17，上证180指数(000010)上涨0.30%，成分股海光信息(688041)上涨3.95%，中 科曙光(603019)上涨3.53%，拓荆科技(688072)上涨3.30%，生益科技(600183)上涨3.23%，恒瑞医药 (600276)上涨2.84%。上证180ETF指数基金(530280)上涨0.17%， 冲击3连涨。最新价报1.19元。（二级 市场涨幅，不代表基金实际收益。） 大同证券指出，向后看，中长期无需过度悲观。一方面，市场整体基本面并未出现走坏趋势。以通信、 芯片等为首的科技成长板块业绩表现仍然亮眼，短期的调整或更多是为了更好的起跳。另一方面，消息 面仍未有较大利空，政策面的支持虽较上半年有所放缓，但宽松依然是主基调。因此，无需过度悲观， 后续仅需静等科技板块重整旗鼓。配置上建议哑铃型策略，一方面，进攻端或可保留已有双创板块仓 位，如通信、半导体、创新药等，但短期不宜过多操作；另一方面，防守端或可布局红利板块以更好平 抑风险。 上证180ETF指数基金紧密跟踪上证180指数，上证180指数从沪市证券中选取市值规模较大、流动性较 好的180只证券作为样本， ...

A500ETF嘉实(159351)紧密跟踪中证A500指数，均衡布局各行业优质核心资产。 2025年11月25日，A股三大指数集体高开，截至10:14，中证A500指数强势上涨1.10%，成分股沪电股份 10cm涨停，深南电路上涨8.24%，生益科技上涨7.75%，菲利华、胜宏科技等个股跟涨。 没有股票账户的投资者可以通过A500ETF嘉实联接基金(022454)一键布局A股500强。 该机构认为，短期监管层对于稳定资本市场具备较强决心与行动部署。过去造成股市估值折价的因素已 有所消解，随着尾部风险下降以及人民币资产逐步企稳，中国资本市场处于估值回升和大发展的周期， 后续或仍有较大上行空间。中国权益相较于其他主要大类资产的风险回报比较高。 数据显示，截至2025年10月31日，中证A500指数前十大权重股分别为宁德时代、贵州茅台、中国平 安、招商银行、紫金矿业、中际旭创、美的集团、长江电力、新易盛、兴业银行，前十大权重股合计占 比19.36%。 国泰海通证券发布研报称，多重因素支持中国权益表现，维持对A/H股的战术性超配观点。全球风险偏 好大幅承压导致的资产波动叠加恐慌抛售使得微观交易风险大幅释放。随着十五五 ...

本周核心观点：1）2025M1-10用电同比增长5.1%。10月份，全社会用电量8572亿千瓦时，同比增长 10.4%。分产业看，第一产业120亿千瓦时，同比增长13.2%；第二产业5688亿千瓦时，同比增长6.2%； 第三产业1609亿千瓦时，同比增长17.1%；城乡居民生活1155亿千瓦时，同比增长23.9%。1-10月份，全 社会用电量累计86246亿千瓦时，同比增长5.1%。分产业看，第一产业1262亿千瓦时，同比增长 10.5%；第二产业54781亿千瓦时，同比增长3.7%；第三产业16671亿千瓦时，同比增长8.4%；城乡居民 生活3532亿千瓦时，同比增长6.9%。2）2026年电力市场化交易实施方案逐步开启意见征求。 2025/11/14至11/20期间，陕西省、河北省、四川省陆续公开征求各地区《2026年电力市场化交易实施方 案（征求意见稿）》，重庆印发《重庆电力中长期交易实施细则》，各地区2026年年度市场化交易实施 方案逐步出台，关注电力中长期交易进度。 东吴证券近日发布公用事业行业跟踪周报：2025M1-10用电同比增长5.1%。10月份，全社会用电量8572 亿千瓦时，同比增长10. ...

长江电力11月24日大宗交易平台出现一笔成交，成交量220.00万股，成交金额6201.80万元，大宗交易成 交价为28.19元。该笔交易的买方营业部为国泰海通证券股份有限公司总部，卖方营业部为申万宏源证 券有限公司国际部。 进一步统计，近3个月内该股累计发生6笔大宗交易，合计成交金额为1.58亿元。 两融数据显示，该股最新融资余额为97.13亿元，近5日减少6976.65万元，降幅为0.71%。 据天眼查APP显示，中国长江电力股份有限公司成立于2002年11月04日，注册资本2446821.7716万人民 币。（数据宝） 11月24日长江电力大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | | | | 220.00 | 6201.80 | 28.19 | 0.00 | 国泰海通证券股份有 | 申万宏源证券有限 | | | | | | 限公司总部 | 公司国际部 | （文章来源：证券时报网） 证券时报·数据宝统计显 ...

行业主要上市公司：长江电力(600900)、华能水电(600025)、湖南发展(000722)、闽东电力(000993)、黔 源电力(002039)、三峡水利(600116)、桂冠电力(600236)、桂东电力(600310)、西昌电力(600505)、郴电 国际(600969)、湖北能源(000883)等。 中国水力发电行业中标项目的主要主体为其他一般企业和国有企业 截至2025年9月，中国水力发电行业中标项目的主要主体为其他一般企业，中标事件达到6464件，占总 事件的49%;其次为国有企业，中标事件达到5576件，占总事件数量的42%。 图表3：截至2025年中国水力发电行业中标项目主体分布(单位：件) 1、水力发电行业中标项目数量分析 招标是一方(招标人)欲出售、购买商品，或欲建设工程项目按一定程序征求应征人，不经磋商而进行交 易的一种方法。应征人按招标人的要求提出具体方案并寄交招标人称为投标。目前，国内水力发电项目 建设招标多数以公开招标的方式进行。 2020-2024年，中国水力发电行业中标项目数量整体呈现波动增长趋势，2024年中国水力发电行业中标 项目数量达到2291件。2025年1-9月，中 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries based on their performance and market conditions [2]. Core Insights - The report highlights a significant increase in electricity consumption in October, with a year-on-year growth of 10.4%, driven primarily by the tertiary sector and residential usage [5][10]. - Natural gas prices exhibit mixed trends globally, with U.S. prices rising while European prices are stabilizing [22][30]. - The report provides specific investment recommendations across various segments, including hydropower, green energy, nuclear power, thermal power, and gas [20][21]. Summary by Sections 1. Electricity Sector - In October, total electricity consumption reached 857.2 billion kWh, marking a 10.4% increase year-on-year. The first, second, and third industries, along with residential consumption, saw growth rates of 13.2%, 6.2%, 17.1%, and 23.9%, respectively [12][10]. - The tertiary sector's electricity consumption grew the fastest, particularly in internet data services related to big data and AI, which surged by 46% [11]. - The report notes that the second industry contributes over 60% of total electricity consumption, with high-tech and equipment manufacturing showing significant growth [11][12]. 2. Gas Sector - As of November 21, U.S. Henry Hub spot prices were $4.13/mmBtu, reflecting an 18.33% weekly increase, while European gas prices showed slight declines [22][30]. - The report indicates that U.S. natural gas supply remains robust, with a notable increase in LNG demand, contributing to rising prices [24][25]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and increased sales, such as Kunlun Energy and New Hope Energy [44]. 3. Weekly Market Review - The report notes that the public utility, gas, and power equipment sectors underperformed compared to the Shanghai and Shenzhen 300 index during the week of November 17 to November 21 [47]. 4. Company and Industry Dynamics - The report discusses the commissioning of China's highest-altitude wind power project in Tibet, which is expected to provide significant clean energy and economic benefits to the local community [50][53]. - It also highlights various local government initiatives aimed at promoting green electricity and renewable energy projects, including direct connections for green electricity [54][55].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - Guangdong has proposed a mechanism for sharing excess profits among electricity sales companies, which is expected to rationalize pricing behavior and reduce speculative pricing in the market [2][11] - The new policies aim to guide electricity sales companies to shift from a speculative pricing model to a service-oriented model, thereby stabilizing electricity prices and ensuring reasonable returns [11] - The report highlights that the profitability of independent electricity sales companies in Guangdong has increased, leading to a significant rise in the number of companies participating in the electricity market [11] Summary by Sections Electricity Sales Companies - Guangdong's new policy will share excess profits from electricity sales companies with retail users, compressing the arbitrage space and promoting rational pricing [2][11] - The shift in business model from arbitrage to providing value-added services is expected to stabilize market pricing and reduce irrational competition [11] Market Trends - The report notes that the average profit per kilowatt-hour for independent electricity sales companies in Guangdong reached 3.22 cents in the first half of 2025, an increase from 3.1 cents in 2024 [11] - The number of electricity sales companies in Guangdong rose from 257 in 2024 to 350 in 2025, a 36% increase, indicating strong market interest [11] Investment Recommendations - The report recommends focusing on quality coal-fired power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment [11] - It also suggests investing in renewable energy companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes [11]

2025年11月24日早盘，A股三大股指集体高开。从盘面上看，6G、光通信、AI应用、BC电池、算力硬 件概念股活跃；锂矿、水产题材回调。截至 09:54，中证A500指数下跌0.09%，成分股方面涨跌互现， 广汽集团10cm涨停，张江高科上涨7.30%，光启技术上涨4.94%；润和软件领跌，江特电机、雅化集团 跟跌。 A500ETF嘉实(159351)紧密跟踪中证A500指数，均衡布局各行业优质核心资产。 没有股票账户的投资者可以通过A500ETF嘉实联接基金(022454)一键布局A股500强。 华泰证券发布A股策略研报称，近期AI叙事起争论、流动性有所收紧、区域扰动构成了市场波动加大的 底色，当前市场调整已初步具备空间感，对应9月下旬市场中枢位或有较强支撑，后续伴随着海外流动 性预期改善、国内资金压力减弱、市场情绪进一步消化，行情走势环境或更加健康。配置上，当前市场 估值接近"合理"中枢，若超调则可适度提升仓位，配置上围绕中期主线、重视安全边际，关注低位内需 消费、国产算力、创新药等，继续持有大金融以降低波动性。 数据显示，截至2025年10月31日，中证A500指数前十大权重股分别为宁德时代、贵州茅台 ...

Investment Rating - The report maintains an "Accumulate" rating for the electricity sector [5] Core Insights - In October, the national electricity consumption increased by 10.4% year-on-year, with a cumulative electricity consumption of 86,246 billion kWh from January to October, representing a 5.1% year-on-year growth [1][10] - The first industry saw a significant increase in electricity demand, with a monthly growth rate of 13.2% in October, while the second industry improved to a 6.2% year-on-year growth in the same month [2][16] - The third industry experienced a notable increase in electricity consumption, with a monthly growth rate of 17.1% in October, driven by rapid growth in the charging and information technology service sectors [2][12] - Residential electricity consumption surged to a monthly growth rate of 23.9% in October, influenced by cold weather [2][12] Summary by Sections Electricity Consumption - In October, the total electricity consumption reached 8,572 billion kWh, marking a 10.4% increase year-on-year [1][10] - From January to October, the cumulative electricity consumption was 86,246 billion kWh, with the industrial electricity generation amounting to 80,625 billion kWh [1][10] Electricity Generation - In October, the industrial electricity generation was 8,002 billion kWh, reflecting a year-on-year growth of 7.9% [2][27] - The report highlights a shift in electricity generation types, with industrial thermal power increasing by 7.3% in October, while hydroelectric and solar power growth rates slowed down [3][32] Investment Recommendations - The report emphasizes the importance of developing renewable energy and suggests focusing on green electricity operators with advantageous resource locations and low financing costs [4][50] - Specific companies recommended for investment include Huaneng International, Huadian International, and China Nuclear Power, among others [4][50]

公用事业行业周报（2025.11.17-2025.11.21） 核心观点 投资建议与投资标的 | 长协电价预期上修，现货市场建设加速： | 2025-11-09 | | --- | --- | | 公 用 事 业 行 业 周 报 （2025.11.03- | | | 2025.11.07） | | | 火电业绩持续高增，行业持仓已至低点： | 2025-11-02 | | 公 用 事 业 行 业 周 报 （2025.10.27- | | | 2025.10.31） | | | 煤价上涨接近尾声，火电 Q3 业绩如期兑 | 2025-10-26 | | 现 ： 公 用 事 业 行 业 周 报 （2025.10.20- | | | 2025.10.24） | | 公用事业行业 行业研究 | 行业周报 用电高增有望延续，火电增速由负转正 国家/地区 中国 行业 公用事业行业 报告发布日期 2025 年 11 月 23 日 孙辉贤 执业证书编号：S0860525090003 sunhuixian@orientsec.com.cn 021-63326320 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申 ...