本周以来机构密集评级，170余股获机构首次关注。 10只千亿市值股本周 获5家及以上机构重点关注 据证券时报·数据宝统计，截至周五收盘，本周（5月5日至5月9日），56家机构合计给出1551次"买入型"（包括买入、增持、推荐、强烈推荐、强烈买 入）评级，合计覆盖877只个股，覆盖股票数量较"五一"节前大幅提升。其中，174股获机构首次关注，10只千亿市值股获5家及以上机构重点关注。 从行业分布来看，医药生物、电子、电力设备等7个行业股票数量均不低于50只；其中医药生物行业达100只，电子行业个股有80余只。 今年以来，医药行业重磅政策频出。近日，工业和信息化部、商务部、国家卫生健康委等七部门联合印发《医药工业数智化转型实施方案（2025—2030 年）》，提出以全产业链协调发展为主线，以数智化改造为主攻方向，以场景应用为牵引，坚持规划引导、问题导向、分类施策、系统推进，统筹提升医 药工业数智化发展和智慧监管水平，以场景化、图谱化方式推进医药工业高端化、智能化、绿色化、融合化发展。业内人士表示，人工智能等技术可破解 医药工业的研发痛点、重构生产流程、优化流通体系。 4月以来，医药行业持续受到市场关注，以创新药为 ...

金十图示：2025年05月09日（周五）富时中国A50指数成分股今日收盘行情一览：银行、石油、煤炭、电池等板块收高，证券、 消费电子、有色金属等板块收高。 @ JIN10.COM 金十数据 | 一个交易工具 +0.03(+0.78%) +0.06(+1.15%) +0.17(+2.33%) 保险 0.000 中国太保 中国平安 中国人保 0 3294.69亿市值 3062.15亿市值 9423.80亿市值 6.44亿成交额 15.08亿成交额 4.12亿成交额 51.75 7.45 31.83 +0.09(+1.22%) +0.04(+0.13%) -0.21(-0.40%) 酸酒行业 贵州茅台 山西汾酒 五粮液 19988.37亿市值 5107.42亿市值 2480.43亿市值 37.58亿成交额 4.95亿成交额 14.55亿成交额 1591.18 203.32 131.58 +12.99(+0.82%) -0.92(-0.45%) -0.22(-0.17%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2922.20亿市值 2354.91亿市值 3344.26亿市值 17.28亿成交额 21.0 ...

渤海证券指出，4月以来伴随美国对华关税冲击，市场流动性出现明显变化。中央汇金等维稳资金的买 入，带来了ETF份额的回升，而产业资本也呈现净增持特征，在流动性的结构性支持下，市场快速实现 底部企稳。展望而言，考虑到市场已对外部风险有所预期且政策端正有力推动中长期资金入市，央行的 结构性工具也对资本市场进行底部流动性的支持，这些因素都使得A股的流动性更具韧性。而伴随业绩 期的结束，融资或也将终止流出过程，一旦市场有新的题材涌现，将为融资的流入创造新的契机。总体 来看，A股流动性将面临结构性流入，这将有助于政治局会议"持续稳定和活跃资本市场"的实现。 A500ETF基金紧密跟踪中证A500指数，中证A500指数从各行业选取市值较大、流动性较好的500只证券 作为指数样本，以反映各行业最具代表性上市公司证券的整体表现。 数据显示，截至2025年4月30日，中证A500指数(000510)前十大权重股分别为贵州茅台(600519)、宁德 时代(300750)、中国平安(601318)、招商银行(600036)、长江电力(600900)、美的集团(000333)、比亚迪 (002594)、兴业银行(601166)、紫金矿 ...

金十图示：2025年05月09日（周五）富时中国A50指数成分股午盘收盘行情一览：银行、航运港口、电力等板块走高，半导体、 消费电子、证券等板块走低 +0.16(+2.19%) +0.05(+0.96%) +0.05(+1.29%) 保险 中国太保 中国平安 中国人保 0 3294.69亿市值 3062.15亿市值 9452.93亿市值 4.22亿成交额 8.83亿成交额 2.68亿成交额 7.45 31.83 51.91 +0.09(+1.22%) +0.04(+0.13%) -0.05(-0.10%) 酸酒行业 贵州茅台 山西汾酒 五粮液 19941.76亿市值 2477.99亿市值 5109.36亿市值 19.69亿成交额 2.57亿成交额 7.74亿成交额 1587.47 131.63 203.12 +9.28(+0.59%) -1.12(-0.55%) -0.17(-0.13%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2911.18亿市值 2351.60亿市值 3349.60亿市值 10.58亿成交额 11.71亿成交额 8.88亿成交额 697.36 144.11 440.23 -8 ...

Core Viewpoint - The release of the "Basic Rules for the Electricity Auxiliary Service Market" marks a significant advancement in China's electricity auxiliary service market, transitioning from a planned compensation model to a market-driven approach, which is essential for supporting the new power system and energy transition [1][10][24]. Group 1: Importance of the Rules - The rules effectively ensure the safety and stability of the electricity system, promoting the development of the electricity auxiliary service market [3][4]. - They implement the requirements for a unified national electricity market system, providing guiding principles and frameworks for local auxiliary service market construction [3][4]. - The rules align with the development trends of the new power system, supporting the large-scale growth of renewable energy and ensuring its stable integration [4][10]. Group 2: Highlights of the Rules - The rules establish a legal and policy foundation for market system construction, clearly defining the concept and scope of electricity auxiliary services [6]. - They broaden the range of market participants, including new entities like energy storage companies and virtual power plants, while standardizing the entry and exit processes for market participants [6][29]. - The rules provide detailed guidance for local implementation, ensuring uniformity and completeness in market regulations [6][30]. Group 3: Market Mechanisms and Structures - The rules clarify the pricing principles for auxiliary services, establishing a fair and efficient cost-sharing mechanism based on the principle of "who benefits, who bears the cost" [7][20]. - They enhance the integration of the auxiliary service market with the energy market, ensuring smooth connections in registration, trading sequences, and clearing processes [8][20]. - The rules specify the measurement and settlement of auxiliary service costs, ensuring transparency and fairness in market operations [8][31]. Group 4: Risk Management and Regulatory Framework - The rules outline a comprehensive risk prevention mechanism for the auxiliary service market, addressing various risks such as supply-demand imbalances and market power monopolies [20][30]. - They emphasize the importance of precise monitoring and regulatory oversight throughout the market operation process to ensure fairness and transparency [31].

2025年5月7日 中国人民银行宣布降准降息： 一、政策背景与意图 1.稳增长： 4月经济数据疲软（CPI、PPI同比预测均值分别为-0.17%、-2.65%），需刺激信贷需求。 事件速递： 2.保就业： 中小企业融资成本高，降息缓解经营压力。 3.对冲外需： 降准：下调金融机构存款准备金率 0.5个百分点（释放长期资金约 1万亿元）。 降息：下调再贷款利率0.25个百分点。 欧美经济衰退风险加剧、关税战影响，出口承压，需扩大内需。 二、对市场的直接影响 1. 股市（短期利好） 受益板块： | 農訓号のK线论券 板块 | 逻辑 | 代表标的 | | --- | --- | --- | | 房地产 | 房贷利率下降，销售预期改善 | 万科A、保利发展 | | 大消费 | 融资成本降低，居民消费力提升 | 贵州茅台、中国中免 | | ませ | 券商受益流动性宽松，银行利空出尽 | 中信证券、招商银行 | | 高负债行业 | 电力、基建等财务费用减少 | 长江电力、中国建筑 | 风险提示： 若市场提前透支预期，可能"利好出尽"回调。 2. 债市（利率下行） 3. 汇市（人民币承压） 4. 实体经济 三、历史对比：降 ...

Core Insights - The company reported a revenue of 84.492 billion yuan for 2024, an increase of 8.12% year-on-year, and a net profit attributable to shareholders of 32.496 billion yuan, reflecting a growth of 19.28% year-on-year [1] - For Q1 2025, the company achieved a revenue of 17.015 billion yuan, up 8.68% year-on-year, and a net profit attributable to shareholders of 5.181 billion yuan, which is a 30.56% increase year-on-year [1] - The company plans to distribute a cash dividend of 0.943 yuan per share for 2024, a 15% increase from the previous year, with a dividend payout ratio of 71% of net profit [1] Financial Performance - In 2024, the company's total power generation reached approximately 295.904 billion kWh, a year-on-year increase of 7.11%, driven by favorable water conditions [2] - The average on-grid electricity price for 2024 was 285.52 yuan/MWh, an increase of 1.51% year-on-year [2] - The gross profit margin for the power generation business improved to 62.5%, up 1.54 percentage points year-on-year, aided by a reduction in financial expenses by 11.38% to 11.131 billion yuan [2] Q1 2025 Performance - In Q1 2025, the company experienced a 9.35% year-on-year increase in power generation to 57.679 billion kWh, supported by abundant water supply [3] - The revenue per kWh for Q1 2025 was estimated at 0.295 yuan, a slight decrease of 0.62% year-on-year [3] - Financial expenses for Q1 2025 were 2.481 billion yuan, down 13.1% year-on-year, contributing positively to performance growth [3] Future Outlook - For 2025, the company aims to achieve an annual power generation of 300 billion kWh, contingent on favorable water conditions [4] - The projected dividend yield for 2025 is estimated at 3.31%, with a significant spread over the ten-year government bond yield, indicating strong investment value [4] - The company is expected to achieve net profits of 34.1 billion, 35.8 billion, and 36.8 billion yuan for 2025-2027, with corresponding price-to-earnings ratios of 21.12x, 20.15x, and 19.57x [4]

电力行业 2024 年年报及 2025 年一季报业绩总结 水火业绩向上，绿电增利承压，核电短期波动 2025 年 05 月 08 日 ➢ 基本面与市场风格共振，业绩期电力指数走强。2025 Q1，A 股市场风格仍 偏好科技成长股，电力板块在面临弱β行情下，开年走势不及创业板指数。4 月中 下旬，在美国关税政策冲击下，叠加市场风格从偏好科技成长逐步过渡到业绩落 地验证，电力板块增长韧性十足。往后演绎，电力具备需求刚性增长特性，二三 季度将迎来用电旺季，板块基本面有望继续稳健向上。 ➢ 水火业绩向上，绿电增利承压，核电短期波动。火电："量价齐跌"影响 24 年营收规模。2024 年受电价下滑影响，火电企业的售电收入减少，总营收为 12189 亿元，同比减少 1%。受气温偏暖影响，2025Q1 电力消费增速偏低，叠 加新能源发电量快速增长，继续挤压火电发电量，量价齐跌导致 Q1 火电板块营 收为 2869 亿元，同比减少 8%。然而，受益煤价大幅下跌，2024 年及 2025Q1 火电盈利继续稳定向上，2024 年火电板块归母净利润达 656 亿元，同比大幅增 长 31%，2025Q1 在电价下行情势下归母净利润达 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 32.496 billion yuan in 2024, representing a year-on-year growth of 19.28%. The proposed cash dividend per share is 0.943 yuan (including tax), which accounts for 71% of the net profit attributable to shareholders, resulting in a dividend yield of 3.20% based on the closing price on April 29 [2][6]. - In the first quarter of 2025, the company achieved a net profit attributable to shareholders of 5.181 billion yuan, a year-on-year increase of 30.56%, driven by strong growth in electricity generation and continuous cost optimization [2][6]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 84.492 billion yuan, an increase of 8.12% year-on-year, and a total power generation of approximately 295.904 billion kWh, up 7.11% year-on-year. The average on-grid electricity price for the year was 285.52 yuan per MWh, an increase of 4.24 yuan per MWh compared to the previous year [6][10]. - The company’s gross profit margin for 2024 reached 59.13%, an increase of 1.31 percentage points year-on-year, while financial expenses decreased by 11.38% to 11.131 billion yuan [10][14]. - For the first quarter of 2025, the company achieved revenue of 17.015 billion yuan, a year-on-year increase of 8.68%, with a gross profit margin of 52.98%, up 4.86 percentage points year-on-year [10][14]. Water Supply and Generation Capacity - The water supply conditions improved significantly, with the total water supply from the Wudongde Reservoir in 2024 being approximately 1,123.69 million cubic meters, a year-on-year increase of 9.19%, and from the Three Gorges Reservoir at approximately 3,740.95 million cubic meters, also up 9.11% year-on-year [10][14]. - In the first quarter of 2025, the total water supply from the Wudongde Reservoir was approximately 167.05 million cubic meters, a year-on-year increase of 12.50%, contributing to a power generation of 57.679 billion kWh, up 9.35% year-on-year [10][14]. Future Earnings Projections - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.36 yuan, 1.46 yuan, and 1.47 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 21.59, 20.20, and 20.01 [10][14].