Core Viewpoint - The A-share market has experienced a continuous upward trend since mid-June, with all three major indices reaching new highs for the year, driven by significant capital inflows and supportive macro policies [1] Group 1: Market Performance - As of July 30, the three major stock indices showed slight gains, with the Shanghai 180 Index continuing to rise [1] - The Shanghai Composite Index closed at 3609 points, up 0.33%, the Shenzhen Component Index at 11289 points, up 0.64%, and the ChiNext Index at 2406 points, up 1.86% [1] Group 2: Key Stocks - Notable performers included WuXi AppTec, which rose by 2.71%, China Ping An by 2.19%, and Zijin Mining by 1.33%, while Guizhou Moutai, Yangtze Power, and Industrial Bank also saw slight increases [1] Group 3: Analyst Insights - The Chief Analyst of A-share Strategy at CITIC Securities, Qiu Xiang, indicated that the significant improvement in capital inflows and ongoing macro policies have shifted the A-share market towards an incremental market [1] - Investment strategies are recommended to transition from trading-oriented to holding-oriented, with resilient fundamentals in sectors like AI and innovative pharmaceuticals becoming core investment themes [1] - Sectors with appropriate valuation levels are expected to present good allocation opportunities [1]

抢修方案确定后，应急抢修队员们各司其职，迅速投入到紧张有序的工作中。一组人员 负责逐一拉开高压熔断器、低压总开关以及所有户表开关，另一组人员则动作利落地背上工 具包登杆开展验电工作，安全监督人员则全程紧盯作业人员，反复提醒他们规范佩戴好安全 带、保护绳，以确保登杆作业安全。 ▲7月27日晚19时35分，国网北京电力应急抢修队伍10余人即将出发前往密云区石城 镇，对附近村庄开展应急复电工作，将通过发电车接入方式恢复60余户百姓用电。图为密云 现场负责人冯江波正在出发前对抢修人员进行安全措施提示。（李艳娜/摄） 7月27日19时35分，在暴雨冲刷后的北京密云区石城镇山道上，两辆搭载着10余名国网 北京电力应急抢修人员的橙色工程车和一辆应急发电车碾过泥泞和断枝枯叶，在经过40分钟 的颠簸后，终于安全抵达张家坟村村口。 此时，张家坟村因暴雨造成部分电力设施受损，除了四合堂路058台区外，其他均已经 通过常规电网修复措施恢复了市政供电。因该台区变压器受损，只能采取发电车临时供电的 方式，为其所带的60户村民进行应急供电。 ▲7月27日晚20时56分，国网北京电力应急抢修队伍10余人已到达密云区石城镇张家坟 村开展应急复 ...

众和昆仑（北京）资产管理有限公司董事长柏文喜对《证券日报》记者表示："随着水电装机规模的增 加，水电站之间的协同调节作用增强，将促进公司发电量增加，增厚发电收入。" 同时，水电行业多个定增、资产重组项目也正在进行中，水电装机容量未来仍有较大提升空间。据业内 人士分析，水电公司不只瞄准装机容量的提升，还计划与新能源结合打造低碳综合能源服务体系。 发电量及收入有望齐增 近日，多家上市公司公布上半年发电量情况。 华能澜沧江水电股份有限公司（以下简称"华能水电"）、国家能源投资集团有限责任公司、国投电力控 股股份有限公司（以下简称"国投电力"）等公司正在紧锣密鼓地推进水电项目建设。今年下半年，多个 大型水电工程有望进入投产高峰期。 此外，7月23日，国投电力与印尼国家电力公司合作投资的51万千瓦印尼巴塘水电站大坝金属结构安装 主体工程圆满完成，计划在今年年底建成投产。四川川投能源股份有限公司（以下简称"川投能源"）旗 下39万千瓦金沙江中游银江水电站，同样计划于今年投产。 定增重组专业化整合加速 当前，多家上市公司通过定增方式积极布局水电产业，旨在增强能源供给稳定性、抢占发展先机。 3月4日，国投电力向特定对象发行A ...

长江电力最新一期业绩显示，截至2025一季报，公司营业总收入170.15亿元、同比增长8.68%，归属净 利润51.81亿元，同比增长30.56%，扣非净利润52.33亿元，同比增长31.49%，流动比率0.085、速动比率 0.082、资产负债率59.65%。 金融界消息 截至2025年7月29日收盘，长江电力（600900）报收于28.63元，下跌0.03%，换手率0.3%， 成交量71.77万手，成交金额20.57亿元。 资金流向方面，今日主力资金净流出1609.81万元，占比成交额0.78%。其中，超大单净流入3188.86万 元、占成交额1.55%，大单净流出4798.67万元、占成交额2.33%，中单净流出流出25620.74万元、占成 交额12.45%，小单净流入2.72亿元、占成交额13.24%。 来源：金融界 天眼查商业履历信息显示，中国长江电力股份有限公司，成立于2002年，位于北京市，是一家以从事电 力、热力生产和供应业为主的企业。企业注册资本2446821.7716万人民币，实缴资本1189756.2676万人 民币。公司法定代表人为刘伟平。 通过天眼查大数据分析，中国长江电力股份有限 ...

| 证券代 | 证券简 | 主力资金净流出 | 主力资金净流出金额 | 主力资金净流出比例 | 累计涨跌幅 | | --- | --- | --- | --- | --- | --- | | 码 | 称 | 天数 | （亿元） | （%） | （%） | | 601868 | 中国能 建 | 5 | 33.86 | 11.89 | -4.27 | | 600875 | 东方电 气 | 5 | 23.82 | 11.04 | -2.41 | | 000981 | 山子高 科 | 20 | 21.74 | 15.10 | -13.33 | | 600930 | 华电新 能 | 5 | 20.04 | 10.41 | -13.20 | | 600900 | 长江电 力 | 10 | 15.74 | 6.24 | -3.74 | | 600016 | 民生银 行 | 8 | 13.54 | 10.06 | -8.69 | | 600406 | 国电南 | 6 | 12.72 | 8.61 | -3.62 | | | 瑞 | | | | | | 600309 | 万华化 学 | 5 | 10.08 | 6.59 | - ...

Core Insights - The Central State-Owned Enterprises Innovation-Driven Index (000861) has shown a 0.31% increase as of July 29, 2025, with notable stock performances from companies like Changfei Fiber (9.58% increase) and China Railway Construction Heavy Industry (5.43% increase) [3] - The Central State-Owned Enterprises Innovation-Driven ETF (515900) has risen by 0.32%, with a recent price of 1.55 yuan, and has accumulated a 3.77% increase over the past two weeks [3] - Market consensus remains focused on "low valuation cycle recovery" and "technology growth industry trends," with sector rotation intensifying [3] Performance Metrics - The Central State-Owned Enterprises Innovation-Driven ETF has seen a significant scale increase of 1.16 billion yuan over the past two weeks, ranking in the top quarter among comparable funds [4] - The ETF's net value has increased by 11.25% over the past year, with a maximum monthly return of 15.05% since inception [4] - The ETF has a year-to-date relative drawdown of 0.08%, with the fastest recovery time among comparable funds at 105 days [5] Fee and Tracking Precision - The management fee for the Central State-Owned Enterprises Innovation-Driven ETF is 0.15%, and the custody fee is 0.05%, both of which are the lowest among comparable funds [5] - The ETF has a tracking error of 0.038% over the past five years, indicating the highest tracking precision among comparable funds [5] Index Composition - The Central State-Owned Enterprises Innovation-Driven Index comprises 100 representative listed companies evaluated for innovation and profitability, with the top ten weighted stocks accounting for 34.87% of the index [5]

Core Viewpoint - The market shows a strong sentiment with significant sector rotation, indicating potential investment opportunities in undervalued sectors like photovoltaics and technology [1][2]. Group 1: Market Performance - As of July 29, 2025, the CSI A500 Index (000510) increased by 0.14%, with notable gains in stocks such as Tianfu Communication (300394) up 12.77% and Tiger Medical (300347) up 11.05% [1]. - The A500 ETF fund (512050) rose by 0.10%, with the latest price at 1.02 yuan [1]. Group 2: Sector Analysis - Short-term analysis suggests a significant rotation effect in the market, with a focus on undervalued sectors like photovoltaics for potential valuation recovery [1]. - Long-term, the technology sector is expected to provide narrative effects, with recommendations for a barbell strategy that includes increasing allocations to technology and communication sectors while maintaining dividend stock allocations [1]. Group 3: Index Composition - As of June 30, 2025, the top ten weighted stocks in the CSI A500 Index include Kweichow Moutai (600519), Contemporary Amperex Technology (300750), and Ping An Insurance (601318), collectively accounting for 20.67% of the index [2]. - The top ten stocks by weight are as follows: - Kweichow Moutai: 0.09% increase, 3.81% weight - Contemporary Amperex Technology: 1.58% increase, 2.88% weight - Ping An Insurance: 0.73% decrease, 2.58% weight - China Merchants Bank: 0.20% decrease, 2.46% weight - Industrial Bank: 0.61% decrease, 1.68% weight - Yangtze Power: 0.07% increase, 1.59% weight - Midea Group: 0.76% decrease, 1.53% weight - Zijin Mining: 1.06% decrease, 1.39% weight - BYD: 0.79% increase, 1.30% weight - Eastmoney Information: 0.62% decrease, 1.26% weight [4].

截至2025年7月29日 09:56，中证A500指数下跌0.28%。成分股方面涨跌互现，江特电机领涨7.24%，中际旭创上涨7.08%，上海电气上涨6.62%；扬农化工领 跌，中公教育、上海家化跟跌。A500ETF嘉实(159351)下修调整。 截至7月28日，A500ETF嘉实近6月净值上涨10.70%。从收益能力看，截至2025年7月28日，A500ETF嘉实自成立以来，最高单月回报为3.55%，最长连涨月 数为2个月，最长连涨涨幅为5.33%。截至2025年7月28日，A500ETF嘉实近3个月超越基准年化收益为8.49%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600519 | 贵州茅台 | -0.18% | 3.87% | | 300750 | 宁德时代 | 0.82% | 2.89% | | 601318 | 中国平安 | -0.33% | 2.60% | | 600036 | 招商银行 | 0.11% | 2.47% | | 601166 | 兴业银行 | -0.17% | 1.69% | | 600900 | 长江电力 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][10]. Core Views - The completion of the preliminary design for China's first 1 million kilowatt fourth-generation commercial fast reactor marks a significant advancement in the country's nuclear energy strategy [2][16]. - The public utility sector saw a 7.64% increase in the total market value of fund holdings, reaching 63.28 billion yuan in Q2 2025, with a focus on hydropower companies [3][17]. - The report emphasizes the importance of coal and electricity prices moving in tandem, which is expected to sustain reasonable profitability for thermal power companies [4][25]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.69%, while the public utility index fell by 0.27% and the environmental index increased by 1.66% [1][15]. - Within the power sector, thermal power decreased by 0.29%, hydropower by 1.31%, while new energy generation rose by 1.24% [1][28]. Important Events - The preliminary design of the CFR1000 fast reactor has been completed, which is crucial for energy security and sustainable development in nuclear energy [2][16]. - In August 2025, the electricity trading price in Jiangsu was 393.8 yuan per megawatt-hour, with a total transaction volume of 12.353 billion kilowatt-hours [2][16]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [4][25]. - The report suggests focusing on high-dividend hydropower stocks like Yangtze Power for their defensive attributes [4][25]. Fund Holdings - In Q2 2025, the total market value of fund holdings in the public utility sector was 63.28 billion yuan, with a notable increase in hydropower and gas sectors, while thermal power saw a reduction [3][19]. - The environmental sector's fund holdings totaled 7.352 billion yuan, showing a slight decrease from the previous quarter [21][24]. Key Company Predictions and Ratings - Companies such as Huadian International, Longyuan Power, and China Nuclear Power are highlighted with an "Outperform" rating, indicating strong future performance expectations [10][25]. - The report identifies significant investment opportunities in the environmental sector, particularly in waste management and renewable energy technologies [26][24].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][10]. Core Views - The completion of the preliminary design for China's first 1 million kilowatt fourth-generation commercial fast reactor marks a significant advancement in the country's nuclear energy strategy [2][16]. - The public utility sector saw a 7.64% increase in the total market value of fund holdings, reaching 63.28 billion yuan in Q2 2025, with a focus on hydropower companies [3][17]. - The report emphasizes the importance of coal and electricity prices moving downward, which is expected to maintain reasonable profitability for thermal power companies [4][25]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.69%, while the public utility index fell by 0.27% and the environmental index increased by 1.66% [1][15]. - Within the power sector, thermal power decreased by 0.29%, hydropower by 1.31%, while new energy generation rose by 1.24% [1][28]. Important Events - The preliminary design of the CFR1000 fast reactor has been completed, which is crucial for energy security and sustainable development in China [2][16]. - In August 2025, the electricity trading price in Jiangsu was 393.8 yuan per megawatt-hour, with a total transaction volume of 12.353 billion kilowatt-hours [2][16]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [4][25]. - The report suggests focusing on water and waste incineration sectors, which are entering a mature phase, and highlights investment opportunities in companies like China Everbright Environment and Zhongshan Public Utilities [4][26]. Fund Holdings - In Q2 2025, the total market value of fund holdings in the public utility sector was 63.28 billion yuan, with a notable increase in hydropower and gas sectors, while thermal power saw a decrease [3][19]. - The environmental sector's fund holdings totaled 7.352 billion yuan, showing a slight decrease from the previous quarter [21][23]. Key Company Predictions and Ratings - Huadian International, Longyuan Power, and China Nuclear Power are among the recommended companies with an "Outperform" rating [10][25]. - The report highlights the strong growth potential in the domestic waste oil recycling industry, recommending companies like Shanggou Environmental [4][26].