8月1日，中国能建大宗交易成交62.02万股，成交额159.39万元，占当日总成交额的0.15%，成交价2.57元，较市场收盘价2.57元持平。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-01 | 中国能建 | 601868 | 2.57 159.39 | 62.02 | 中国国际金融股份 | 国泰海通证券股份 | | | | | | | | 有限公司北京建国 | 有限公司深圳福华 | | | | | | | | 门外大街证券营业 | 三路证券营业部 | | ...

Core Insights - The report highlights that nearly all of the over 50 controllable nuclear fusion concept stocks have undergone investor research this year, indicating strong interest in the sector [1] - Several companies have released their performance data for the first half of 2025, with some reporting profit increases while others are facing losses [1] Group 1: Company Research and Performance - Ice Wheel Environment (000811) and Antai Technology (000969) have received over 10 investor research sessions, with Ice Wheel Environment leading with 42 sessions [2] - The total market capitalization of Ice Wheel Environment is 126.66 billion, with a year-to-date increase of 38.05% [2] - Other notable companies include Jiangsu Shentong (002438) with 13 research sessions and a market cap of 69.08 billion, showing a year-to-date increase of 13.13% [2] Group 2: Performance Variability - Companies such as Baoshan Co. (600973) and Yongding Co. (600105) have reported performance increases, while China First Heavy Industries (601106) and others have reported performance losses [1] - The report indicates that the performance of controllable nuclear fusion stocks is varied, with some companies like China Nuclear Power (601985) experiencing a year-to-date decline of 10.35% [2]

Core Viewpoint - China Energy Engineering Corporation (601868) and China Energy Construction Group have successfully won the EPC general contracting project for the Wuhu Natural Gas Peak Shaving Power Plant of Huaihe Energy Group (600575) [1] Group 1: Project Details - The project is located in the Wuhu Yangtze River Bridge Comprehensive Economic Development Zone in Anhui Province [1] - It involves the construction of two 450,000-kilowatt gas-steam combined cycle units [1] - The project utilizes advanced international low-nitrogen combustion technology and an efficient combined cycle system [1] Group 2: Environmental and Efficiency Features - The power plant is characterized by flexible start-stop capabilities, low carbon emissions, and leading energy consumption efficiency [1] - Pollutant emissions are significantly lower than national standards, highlighting its outstanding energy-saving, environmental, and social benefits [1]

Core Viewpoint - The Sichuan Mianyang Port Flag Energy Storage Project, China's first large-scale hybrid energy storage station in the southwest region, has commenced operation, showcasing innovative energy storage technology and addressing local grid challenges [1][3]. Group 1: Project Overview - The Mianyang Port Flag Energy Storage Project is located in Shima Town, Mianyang, Sichuan, and is divided into two phases, with the first phase featuring 100 MW/200 MWh of electrochemical storage and 15 MW/0.525 MWh of flywheel storage [3]. - This project is recognized as one of the first new energy storage demonstration projects in Sichuan Province and is a key construction project for 2025 [3]. Group 2: Technological Innovation - The project employs a hybrid energy storage technology combining electrochemical and flywheel systems, creating a dual assurance system of "millisecond response + hour-level support" [3]. - This innovative approach effectively alleviates the issues of insufficient capacity at the 500 kV substation and the singularity of power sources at 220 kV and below, enhancing the flexibility and reliability of the regional power grid [3]. Group 3: Impact on the Power Grid - The operation of the project will reduce the transmission power through the Mianyang load center in the western Sichuan region, thereby decreasing grid operation losses and improving voltage stability in the area [3].

| 002031 | 巨轮智 | 7 | 4.09 | 9.84 | -6.96 | | --- | --- | --- | --- | --- | --- | | | 能 | | | | | | 60071 1 | ST盛屯 | 5 | 4.07 | 10.68 | -6.1 1 | | | 联创光 | | | | | | 600363 | 电 | 5 | 4.07 | 12.97 | -7.41 | | 001287 | 中电港 | 9 | 4.03 | 5.55 | -12.37 | | | 安靠智 | | | | | | 300617 | | 8 | 4.03 | 8.1 1 | -6.64 | | | 电 | | | | | | | 银龙股 | | | | | | 603969 | 份 | 7 | 4.03 | 10.80 | -11.28 | | | 恒立液 | | | | | | 601100 | 压 | 8 | 3.93 | 4.94 | -5.14 | | | 卫星化 | | | | | | 002648 | 学 | 5 | 3.83 | 5.48 | 4.72 | | | 中集集 | | ...

经济观察网天眼查APP显示，近日，中国能源建设股份有限公司、中国能源建设集团广东省电力设计研 究院有限公司、中国电力工程顾问集团有限公司申请的"一种并网变换器的容错控制方法及系统"专利公 布。 摘要显示，本发明公开了一种并网变换器的容错控制方法及系统，涉及并网变换器容错控制技术领域。 本发明通过双向晶闸管模块与电容桥臂、三相桥臂和冗余桥臂连接，能够通过控制双向晶闸管来对三相 并网变换器进行拓扑重构。通过三相并网变换器的实时中点电压便能够确定故障开关管的位置和开关管 故障类型，提高了对并网变换器故障检测的效率，进而提高了故障容错的可靠性。通过在一次开关管故 障时对双向晶闸管模块进行开关切换，以及在二次开关管故障时对电容桥臂和冗余桥臂进行拓扑重构， 以电容桥臂和冗余桥臂的结合，使得三相并网变换器能够完全应对任意的双管故障，从而提高了三相并 网变换器的容错故障控制的可靠性和稳定性。 ...

Core Viewpoint - China Energy Construction Group Finance Co., Ltd. (referred to as "China Energy Finance Company") is committed to enhancing its role in supporting the real economy, promoting high-quality development through comprehensive reforms and innovative financial services [1][2]. Group 1: Innovation in Management - The company emphasizes financial services for the real economy as its fundamental purpose, focusing on leadership development and creating a strong financial team to support national strategies and high-quality growth [2]. - Management mechanism reforms are being implemented, including competitive recruitment for management positions and optimizing the compensation performance mechanism to enhance team vitality [3]. Group 2: Business Innovation - The company is enhancing internal capital flow and developing new business areas such as syndicate loans and foreign exchange loans, contributing to debt reduction and cost savings for the group [4]. - During the 14th Five-Year Plan period, the company achieved an average annual growth of 15% in credit issuance, saving over 600 million yuan in financial costs for the group and its subsidiaries [4]. Group 3: Strategic Collaboration - The company collaborates with seven other central state-owned enterprise finance companies in areas such as credit, fund management, and mutual recognition of guarantees, enhancing operational efficiency [4]. - A special action plan focusing on "AI+" has been developed to leverage technology and innovate processes, improving the company's ability to support traditional industry upgrades and the development of emerging strategic industries [4].

Investment Rating - The report maintains a "Buy" recommendation for the construction industry [1] Core Viewpoints - Infrastructure investment growth remains robust, with a broad infrastructure investment growth rate of 8.9% in the first half of 2025, despite a slight decline from previous values [3][30] - Real estate investment continues to face pressure, with a 11.2% year-on-year decline in real estate development investment in the first half of 2025 [44] - The construction sector is experiencing a slight increase in fund holdings, with a fund holding market value ratio of 0.43% in Q2 2025, which is still below the standard allocation ratio of 1.77% [65][66] Summary by Sections Special Debt Issuance - The pace of special debt issuance has accelerated, with a total of 2.16 trillion yuan issued in the first half of 2025, a year-on-year increase of 45% [6][3] - The government plans to issue 4.4 trillion yuan in new local government special bonds in 2025, focusing on investment construction and land acquisition [6] Infrastructure Investment - Fixed asset investment growth has slowed, with a total of 248,654 billion yuan in the first half of 2025, reflecting a 2.8% year-on-year increase [27] - Infrastructure investment remains resilient, with significant growth in the electricity, heat, gas, and water supply sectors, which saw a 22.8% year-on-year increase [35][30] Real Estate Market - Real estate investment and sales continue to decline, with a 3.5% decrease in commodity housing sales area in the first half of 2025 [44] - New construction and completion areas have seen a narrowing decline, with new construction down 20.0% year-on-year but improving from previous months [46] Fund Holdings in Construction - Fund holdings in the construction sector have slightly increased, with a market value of 132.95 billion yuan in Q2 2025, reflecting a 9.24% increase from Q1 2025 [65] - The construction sector remains underweight compared to the standard allocation, indicating potential for growth [65][66] Recommendations - The report recommends focusing on stable growth, high dividends, overseas expansion, and regional construction projects, highlighting companies such as China State Construction, China Railway, and others [3][1]

Core Viewpoint - As of July 30, a total of 663 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more, indicating a significant trend of capital withdrawal from these stocks [1]. Group 1: Stocks with Longest Net Outflow - Hengtong Optic-Electric has the longest streak of net outflows, with 23 consecutive days [1]. - Boshijie follows closely with 22 consecutive days of net outflows [1]. Group 2: Stocks with Largest Total Net Outflow - China Power Construction has the highest total net outflow amounting to 6.54 billion yuan over five days [1]. - Tibet Tianlu ranks second with a total net outflow of 4.566 billion yuan over the same period [1]. Group 3: Stocks with Highest Net Outflow Ratio - Anhui Natural Gas has the highest net outflow ratio, with 11.67% over the last five days [1]. - The stock has also seen a decline of 1.04% during this period [1]. Group 4: Summary of Key Stocks - China Power Construction: 5 days, 6.54 billion yuan, 11.67% outflow, 0.44% decline [1]. - Tibet Tianlu: 5 days, 4.566 billion yuan, 12.83% outflow, 40.47% increase [1]. - China Energy Construction: 6 days, 3.575 billion yuan, 11.79% outflow, 7.12% decline [1]. - Dongfang Electric: 6 days, 2.572 billion yuan, 10.95% outflow, 5.70% decline [1].

Investment Rating - The report maintains a "Buy" recommendation for the construction industry [1] Core Viewpoints - Infrastructure investment growth remains robust, with a broad infrastructure investment growth rate of 8.9% in the first half of 2025, despite a slight decline from previous values [3][30] - Real estate investment continues to face pressure, with a year-on-year decline of 11.2% in real estate development investment in the first half of 2025 [45] - The construction sector is experiencing a slight increase in fund holdings, indicating a low allocation compared to standard configuration ratios [66] Summary by Sections Special Bonds Issuance - The issuance of special bonds has accelerated, with a total of 2.16 trillion yuan issued in the first half of 2025, a year-on-year increase of 45% [6] - The government plans to issue 4.4 trillion yuan in new local government special bonds in 2025, focusing on investment construction and land acquisition [6] Infrastructure Investment - Fixed asset investment (excluding rural households) reached 248,654 billion yuan in the first half of 2025, with a year-on-year growth of 2.8% [27] - The investment in the electricity, heat, gas, and water supply sector grew by 22.8% year-on-year, although it showed a decline from the previous month [35] Real Estate Market - The sales area of commercial housing decreased by 3.5% year-on-year in the first half of 2025, with the decline slightly widening [45] - New housing starts decreased by 20.0% year-on-year, but the decline has narrowed compared to previous months [47] Construction Sector Holdings - The fund's holdings in the construction sector increased slightly to 0.43% by the end of Q2 2025, still below the standard allocation ratio of 1.77% [66] - Major state-owned enterprises remain the focus of institutional investors, with significant increases in holdings for companies like China State Construction and Sichuan Road and Bridge [72]