截至2025年7月22日 09:32，中证A500ETF南方(159352)上涨0.10%，冲击4连涨。跟踪指数中证A500指数 上涨0.14%，成分股中国能建上涨10.20%，中国电建上涨10.02%，雅化集团上涨9.77%，海螺水泥上涨 7.73%，浙富控股上涨7.05%。 截至7月21日，中证A500ETF南方(159352)连续2个交易日获资金净流入，昨日单日净流入1.79亿元，位 居可比基金首位。 银河证券表示，近期市场行情展现出积极信号，上证指数持续站在3500点上方，A股运行中枢有望迈上 新台阶。短期来看，市场有望维持震荡格局。在市场赚钱效应助推投资者积极情绪，叠加股市流动性充 裕的环境下，市场向下调整空间有限，向上逻辑将进一步明晰。考虑到7月中央政治局会议即将召开， 重点关注政策聚焦领域。同时，半年报披露期把握业绩确定性较强的配置机会。 银河证券认为，中长期来看，A股市场上行趋势不改。在以保险资金为代表的中长期资金入市的环境 下，A股市场资金面具备坚实支撑。 中证A500ETF南方(159352)紧密跟踪中证A500指数，从A股全部35个中证二级行业中选取各行业市值较 大、流动性较好的500只 ...

| | | Wind热门概念指数 | | | --- | --- | --- | --- | | 雅江水电站 8.87% | 水利水电建设 5.81% | 光模块(CPO) 5.35% | 水泥制造 5.13% | | | 光芯片 | | 西藏振兴 | | 挖掘机 3.70% | 3.69% | 西部大基建 3.48% | 3.46% | | 光通信 2.93% | 培育钻石 2.78% | K-12教育 -1.03% | 级地产商 -1.09% | | WEB3.0 -1.11% | PEEK材料 -1.19% | 金特估 -1.22% | 保険 -1.23% | | 南京市国资 -1.25% | 稀土 -1.48% | 央企银行 -1.57% | 银行 -1.89% | 港股市场早间冲高，盘中小幅跳水。截至发稿，港股三大指数集体飘绿。 【导读】雅江水电站概念股持续活跃，上纬新材10连板再创新纪录 中国基金报记者晨曦 大家好！来一起关注上午的市场行情和最新资讯～ 7月22日，A股三大指数开盘涨跌不一，上午走势分化。截至发稿，上证指数仍然飘绿，深证成指、创业板指飘红。 盘面上，上午市场热点仍聚焦在雅江水电站、 ...

| 光通信 2.93% | 培育钻石 2.78% | K-12教育 -1.03% | 一级地产商 -1.09% | | --- | --- | --- | --- | | WEB3.0 -1.11% | PEEK材料 -1.19% | 金特估 -1.22% | 保険 -1.23% | | 南京市国资 -1.25% | 稀土 -1.48% | 央企银行 -1.57% | 银行 -1.89% | 港股市场早间冲高，盘中小幅跳水。截至发稿，港股三大指数集体飘绿。 | 24981.21 ------- | 9018.49 1 ------------ | 5575.43 | | --- | --- | --- | | 恒生指数 -0.05% | 国企指数 -0.24% | 恒生科技指数 -0.18% | 【导读】雅江水电站概念股持续活跃，上纬新材 10 连板再创新纪录 中国基金报记者 晨曦 大家好！来一起关注上午的市场行情和最新资讯 ～ 7 月 22 日， A 股三大指数开盘涨跌不一，上午走势分化。截至发稿，上证指数仍然飘绿， 深证成指、创业板指飘红。 | 3554.49 | 11031.38 @ | 2310.38 ...

Key Insights - The report emphasizes the shift towards high-quality, connotative urban development, with a focus on policies aimed at reducing "involution" in various sectors [2][5] - The launch of the Yarlung Zangbo River hydropower project is expected to significantly boost cement demand in Tibet and surrounding areas, benefiting regional cement companies [11][12][15] - The report highlights the importance of technology innovation and self-discipline in the construction industry, as 33 construction companies advocate for a transition towards high-end, intelligent, and green development [5][11] Policy Dynamics - The Central Urban Work Conference marks a strategic shift in urban development from expansion to high-quality, connotative growth, emphasizing human-centered approaches and efficient resource use [3] - The adjustment of long-term assessment mechanisms for state-owned insurance companies aims to enhance the stability of insurance funds as long-term capital [4] - The promotion of Shanghai's free trade zone experiences is set to enhance the business environment and foster fair competition across regions [4] Industry Developments - The embodied intelligence sector is witnessing active product iterations, with a focus on specific application scenarios such as industrial logistics and special environments [7][8] - The Yarlung Zangbo River hydropower project is projected to require over 40 million cubic meters of concrete, translating to approximately 16 million tons of cement, significantly impacting local supply chains [12][13] - The cement industry is undergoing a "de-involution" phase, with collaborative production strategies expected to stabilize supply and enhance pricing power [14] Investment Opportunities - The report recommends investing in state-owned enterprises responsible for the design and construction of hydropower projects, as well as regional cement and explosives companies that stand to benefit from increased demand [21][19] - The focus on high-quality development in urban planning and construction is expected to create long-term growth opportunities for companies that align with these strategic shifts [3][5]

Group 1: Project Overview - The Yarlung Tsangpo River downstream hydropower project has officially commenced, with a total investment of approximately 1.2 trillion yuan, aiming to construct five cascade power stations [1] - The project is expected to generate an annual electricity output of about 300 billion kilowatt-hours, which is three times that of the Three Gorges Project [2] Group 2: Industry Impact - The project is anticipated to significantly boost demand for engineering machinery due to its large scale and the challenging geographical conditions, benefiting leading companies in the industry [2] - Major suppliers of hydropower equipment in China include Dongfang Electric, Shanghai Electric, and Harbin Electric, with Dongfang Electric achieving a 100% localization rate for 1 million kilowatt generator sets [2] - Central state-owned enterprises involved in hydropower engineering design and construction, such as China Power Construction Corporation and China Energy Engineering Corporation, are expected to be the first beneficiaries of the project [2] Group 3: Related Sectors - The high-altitude and complex geological conditions of the project will drive the demand for high-performance engineering machinery, favoring industry leaders [2][3] - The cement sector is likely to experience a new wave of growth due to the project, with companies like Tibet Tianlu and Huaxin Cement dominating the local market [3] - The commencement of the project is expected to significantly increase the demand for explosives in Tibet, benefiting companies with production capacity and business layout in the region, such as Gaozheng Minbao and Yipuli [3]

Summary of Key Points Core Viewpoint - China Power Construction Corporation reported its main operating performance for the first half of 2025, highlighting a total new contract amount of 686.70 billion RMB, representing a year-on-year increase of 5.83% By Business Type - The company signed 2,939 new projects in the energy and power sector, with a new contract amount of 431.39 billion RMB, up by 12.27% year-on-year [1] - Hydropower projects saw a significant increase in new contracts, totaling 100.46 billion RMB, which is a 66.67% increase [1] - Wind power projects also experienced growth, with new contracts amounting to 142.90 billion RMB, reflecting a 68.78% increase [1] - Solar power contracts decreased by 28.55%, totaling 113.74 billion RMB [1] - Thermal power contracts dropped significantly by 62.03%, amounting to 19.65 billion RMB [1] - New energy storage projects were introduced, totaling 20.91 billion RMB [1] - Water resources and environmental projects saw a decline of 14.05%, with a total of 77.32 billion RMB [1] - Urban construction and infrastructure contracts totaled 143.28 billion RMB, down by 1.65% [1] By Regional Distribution - Domestic contracts amounted to 545.04 billion RMB, reflecting a 3.16% increase year-on-year [2] - International contracts reached 141.67 billion RMB, showing a significant increase of 17.50% [2] - The total contract amount for both domestic and international projects was 686.70 billion RMB, marking a 5.83% increase [2] Major Contract Signing Details - Notable projects include the Liaoning Huadian Dandong Donggang Phase I offshore wind power project and the Ulanqab City energy storage project, among others [3][4] - Various EPC (Engineering, Procurement, and Construction) contracts were signed for projects across different sectors, including renewable energy and urban infrastructure [3][4]

公告显示，2025年1月至6月，中国电建新签合同金额总计6866.99亿元，同比增长5.83%。其中，能源电力业务贡献大头，新签合同金额4313.88亿元，同 比增长12.27%。而能源电力业务中，增长最猛的正是风电和水电，两者新签合同额同比增速分别达到68.78%和66.67%，水电业务新签合同绝对值更是突 破千亿元，达到1004.55亿元。 对比来看，传统的火电业务新签合同额同比大幅下滑62%，跌破200亿元；与水电、风电同属清洁能源的太阳能发电，新签合同额也出现了28.55%的下 滑，但绝对值仍在千亿元以上。 | 单位:亿元 币种:人民币 | | --- | | 业务类型 | 新签项目数量(个) | 新签合同金额 | 同比增减 | | --- | --- | --- | --- | | 能源电力 | 2939 | 4313.88 | 12.27% | | 水电 | 576 | 1004.55 | 66.67% | | 其中:抽水蓄能 | 292 | 413.81 | 12.14% | | 风电 | 652 | 1429.02 | 68.78% | | 太阳能发电 | 616 | 1137.43 | -2 ...

Core Viewpoint - China Power Construction Corporation (China Power) has reported a significant increase in new contract amounts for hydropower projects, driven by the recent launch of the Yarlung Tsangpo River hydropower project, leading to a surge in stock prices [2][4]. Summary by Sections New Contract Amounts - From January to June 2025, China Power signed new contracts totaling 686.699 billion yuan, representing a year-on-year growth of 5.83% [2]. - The energy and power sector contributed the majority, with new contracts amounting to 431.388 billion yuan, up 12.27% year-on-year [3]. Hydropower and Wind Power Growth - Hydropower contracts saw a remarkable year-on-year increase of 66.67%, reaching 100.455 billion yuan [3]. - Wind power contracts also experienced substantial growth, with a year-on-year increase of 68.78%, totaling 142.902 billion yuan [3]. Decline in Traditional Power Sources - Traditional thermal power contracts plummeted by 62.03%, falling below 20 billion yuan [3]. - Solar power contracts also declined by 28.55%, although they remained above 100 billion yuan [3]. Yarlung Tsangpo River Project - The Yarlung Tsangpo River hydropower project officially commenced on July 19, with a total investment of approximately 1.2 trillion yuan [4]. - The project will consist of five tiered power stations, primarily focusing on power transmission outside Tibet while also addressing local consumption needs [4]. Market Reaction - Following the announcement of the Yarlung Tsangpo project, China Power's stock surged to a limit-up, closing at 5.59 yuan per share, with a market capitalization reaching 96.29 billion yuan [4]. - The trading volume on that day was significantly high, with closing orders exceeding 7 million, more than seven times the average trading volume [4]. Market Position - According to Everbright Securities, China Power holds a leading position in the global hydropower construction market, with over 65% of large and medium-sized hydropower projects in China under its management [4][5].

7月21日，A股市场走出了牛市的气势，成交量放大，超4000家公司上涨，相信今天大多数人都挣钱了吧！今天市场涨停个股一度达到100只以上，而这些 股票大部分跟雅鲁藏布江下游水电工程有关。 周末，该工程开工，工程主要采取截弯取直、隧洞引水的开发方式，建设5座梯级电站，总投资约1.2万亿元。 如此大的投资规模彻底引爆市场。有分析人士认为，此举不仅带动水电板块，而且对有色、钢铁等行业也能带来支撑。对于经济和市场情绪皆构成利好。 全线爆发！直线拉升 今天，超级水电概念股大幅高开，五新隧装30%涨停，深水规院20%涨停，浙富控股、中国电建、西藏天路、保利联合、高争民爆、华新水泥等十余股涨 停。 截至今日收盘，雅下水电概念板块暴涨逾12%，个股大面积涨停，基康技术、五新隧装30cm涨停，另有多股涨停。 | | | 雅下水电概念 | | | | --- | --- | --- | --- | --- | | | | 1125.21 12.52% | | | | 涨幅榜 | 跌幅榜 | 盘口 | 新闻 | 概念解析 | | 基康技术 | | 27.18 | | 29.99% | | 830879 | | | | | | 五新 ...

Group 1 - China Electric Power Construction announced new contract amount of 686.699 billion yuan for the first half of 2025, a year-on-year increase of 5.83% [2] - The new contracts in energy and power business reached 431.388 billion yuan, up 12.27% year-on-year [2] - The new contracts in water resources and environment business were 77.321 billion yuan, down 14.05% year-on-year [2] Group 2 - Yanghe Brewery elected Gu Yu as the chairman of the board, with a term consistent with the current board [3] - Gu Yu has a background in local government and has been involved in economic work and investment promotion [3] Group 3 - BYD announced a profit distribution plan for 2024, proposing a cash dividend of 39.74 yuan per 10 shares and a stock distribution of 8 shares for every 10 shares held [4] - The total cash dividend amounts to approximately 12.077 billion yuan [4] Group 4 - Xie Chuang Data plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance international strategy and overseas business layout [6] - The specific details and plans are yet to be determined and require further approvals [6] Group 5 - Jin Chengxin's convertible bond issuance has been approved, with a financing amount of 2 billion yuan [10] - Huafeng Technology plans to raise no more than 1 billion yuan through a private placement for various projects [11] Group 6 - Huilv Ecology is planning to acquire 49% equity of Wuhan Junheng, which is expected to constitute a major asset restructuring [13] - Yunnan Copper intends to purchase 40% equity of Liangshan Mining for 2.324 billion yuan, making it a subsidiary [14] Group 7 - Anning Co. plans to participate in the restructuring of Jingzhi Mining and acquire 100% equity for 6.508 billion yuan [15] - The restructuring is expected to enhance the company's resource reserves and market share [15] Group 8 - Changchun Bank reported a net profit increase of 13.55% for the first half of 2025, reaching 1.969 billion yuan [34] - The bank's total assets grew by 9.46% to 401.251 billion yuan [34] Group 9 - Wohua Pharmaceutical reported a net profit increase of 303.16% for the first half of 2025, amounting to 44.676 million yuan [25] - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares [25] Group 10 - Xiamen Tungsten's net profit increased by 27.76% in the first half of 2025, reaching 307 million yuan [30] - The company reported a 56.64% increase in lithium cobalt oxide sales [30]