广东出台机制电价，东北辅助服务运行愈发完善 2025 年 05 月 18 日 电力及公用事业行业周报(25WK20) ➢ 本周专题：广东省机制电价出炉，保障比例不超过 90%。文件表示，2025 年中期，广东将组织首次竞价交易，范围为 2025 年 6 月 1 日后投产、核准、备 案的新能源项目，参与首次竞价的项目需在 2025 年 12 月 31 日前投产。竞价电 量规模由广东省发改委、能源局确定，并在竞价前公布，申报信息包括机制电量 比例、机制电价等。机制电量比例申报上限与存量项目机制电量比例衔接，不高 于 90%。 东北电力辅助服务规则的升级主要的两方面：1）增设旋转备用交易品种，实现辅 助服务市场"压低谷、顶尖峰"全覆盖。2） 对原有深度调峰补偿机制进行了完 善。《东北电力辅助服务市场运营规则（暂行）》在东北电网经过半年模拟运行， 于 7 月 1 日正式启动试运行并实际结算。4 月 29 日，国家发改委、国家能源局 正式印发《电力辅助服务市场基本规则》，其中明确，经营主体包括发电企业、 售电企业、电力用户和新型经营主体。截至 2024 年，全国已有 16 个省建立调 峰市场、15 个省建立调频市场、6 ...

Core Viewpoint - The "Hualong One" nuclear power technology, developed by China, has achieved significant milestones, including the operation of the world's first demonstration unit, contributing to clean energy and reducing carbon emissions [2] Group 1: Technology and Development - The "Hualong One" nuclear power unit generates over 10 billion kilowatt-hours of electricity annually, sufficient to meet the needs of 1 million people in a moderately developed country [2] - The technology has led to a reduction of 3.12 million tons of standard coal consumption and 8.16 million tons of carbon dioxide emissions each year, equivalent to planting over 70 million trees [2] - The "Hualong One" technology has a total of 41 units in operation or under construction globally, making it the most widely deployed third-generation nuclear technology [2] Group 2: Design and Innovation - The core design of the "Hualong One" features a "177 core layout," which optimizes safety and economic efficiency by increasing the number of fuel assemblies compared to the conventional "157 core" design [2] - The design extends the fuel replacement cycle from the usual 12 months to 18 months, increasing the plant's utilization rate to over 90% [2] - The safety design combines active and passive systems, allowing for natural circulation cooling in case of a power outage, which was developed independently by the China Nuclear Power Research and Design Institute [2] Group 3: Economic Impact - The first commercial operation of the "Hualong One" batch project began on January 1, 2023, enhancing the product's consistency and competitiveness in the market [2] - The batch project has improved reactor power by 4.4%, leading to increased revenue, with each unit generating nearly 10 million yuan daily, translating to an additional 400,000 yuan per day per unit [3]

-0.03(-0.56%) -0.09(-1.18%) -0.04(-1.00%) 保险 中国太保 7.0 中国人保 中国平安 ■ 3630.79亿市值 3216.08亿市值 9722.44亿市值 12.09亿成交额 24.99亿成交额 11.96亿成交额 53.39 8.21 33.43 -0.61(-1.79%) -0.86(-1.59%) -0.07(-0.85%) 酸酒行业 贵州茅台 山西汾酒 五粮液 20276.67亿市值 2500.93亿市值 5088.01亿市值 22.89亿成交额 37.15亿成交额 6.49亿成交额 131.08 205.00 1614.13 -17.88(-1.10%) -4.50(-2.15%) -2.59(-1.94%) 半导体 XD海光信 北方华创 寒武纪-U HYGON 3218.98亿市值 2289.48亿市值 2788.61亿市值 10.79亿成交额 24.03亿成交额 18.85亿成交额 428.60 668.00 138.49 -0.30(-0.07%) -9.00(-1.33%) -3.45(-2.43%) 汽车整车 铁路公路 比亚进 长城汽车 京沪高铁 ...

Investment Rating - The report maintains a "Buy" rating for the electricity and public utilities sector, focusing on the recovery of thermal power profitability and the catalytic effects of green energy policies [1]. Core Insights - The report highlights the potential for significant profit recovery in the thermal power sector due to declining coal prices, which are expected to enhance profitability for thermal power companies [4][12]. - Water power companies are experiencing growth driven by improved water inflow, with some companies showing substantial profit increases [24][25]. - Nuclear power is facing short-term performance volatility but has long-term growth potential due to new unit installations [40][41]. - Green energy, particularly offshore wind, is anticipated to enter a new growth cycle, while traditional green energy companies are under pressure but may see a restructuring of market order [4][24]. Summary by Sections Thermal Power - **Performance**: In 2024, companies like Huadian Energy and Datang Power saw significant profit increases of 281.93% and 229.70%, respectively, driven by lower coal costs and increased electricity demand [7][8]. - **Outlook**: Continued decline in coal prices is expected to lead to excess profits for thermal power companies, with coal prices dropping significantly from 855 RMB/ton in 2024 to 721 RMB/ton in Q1 2025 [12][15]. Hydropower - **Performance**: In 2024, companies such as Shaoneng Co. and Guizhou Power reported profit increases of 128.83% and 86.26%, respectively, due to improved water inflow [24][26]. - **Outlook**: The potential for further profit improvement exists if water inflow during the flood season exceeds expectations [35]. Nuclear Power - **Performance**: In 2024, China Nuclear Power reported a revenue increase of 3.09% but a profit decline of 17.38% due to rising tax expenses [40]. - **Outlook**: The long-term growth potential remains strong with new nuclear units expected to come online, enhancing future profitability [41]. Green Energy - **Performance**: Offshore wind companies like Fujian Haifeng showed impressive growth, with some companies reporting a 43% increase in Q1 2025 [4][24]. - **Outlook**: The report suggests focusing on policy catalysts for offshore wind and the potential restructuring of traditional green energy companies due to market pressures [4][24].

保险 中国太保 队 中国人保 中国平安 ■《》 3608.68亿市值 3198.76亿市值 9747.94亿市值 7.70亿成交额 15.63亿成交额 8.21亿成交额 53.53 33.25 8.16 -0.79(-2.32%) -0.72(-1.33%) -0.12(-1.45%) 酸酒行业 贵州茅台 山西汾酒 五粮液 20338.97亿市值 2513.98亿市值 5121.78亿市值 19.61亿成交额 11.13亿成交额 3.58亿成交额 1619.09 131.95 206.07 -12.92(-0.79%) -3.43(-1.64%) -1.72(-1.29%) 半导体 北方华创 寒武纪-U XD海光信 HYGON 2297.76亿市值 2790.28亿市值 3201.78亿市值 14.68亿成交额 12.73亿成交额 6.45亿成交额 430.15 668.40 137.75 +1.25(+0.29%) -8.60(-1.27%) -4.19(-2.95%) 汽车整车 铁路公路 比亚迪 长城汽车 京沪高铁 11783.98亿市值 2020.91亿市值 2916.93亿市值 2.23亿成交额 52 ...

金十图示：2025年05月15日（周四）富时中国A50指数成分股今日收盘行情一览：银行股走势分化，半导体、券商股走低 保险 中国太保 R 中国人保 中国平安 0 3661.75亿市值 3274.76亿市值 9879.05亿市值 18.64亿成交额 30.95亿成交额 26.49亿成交额 54.25 8.28 34.04 -0.69(-1.99%) -0.44(-0.80%) +0.04(+0.49%) 酸酒行业 贵州茅台 山西汾酒 五粮液 20501.27亿市值 2555.83亿市值 5188.55亿市值 40.43亿成交额 19.48亿成交额 7.16亿成交额 1632.01 209.50 133.67 -2.98(-0.18%) -1.20(-0.57%) -1.59(-1.18%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2291.08亿市值 2826.18亿市值 3303.12亿市值 12.53亿成交额 23.52亿成交额 12.28亿成交额 428.90 677.00 142.11 -8.04(-1.84%) -6.99(-1.02%) -2.11(-1.46%) 汽车整车 铁路公路 比 ...

Group 1 - The core viewpoint highlights the significant growth and low valuation of the green power ETF, indicating a potential investment opportunity in the renewable energy sector [3] - The green power ETF has seen a trading turnover of 3.91% and a transaction volume of 14.43 million yuan, with an average daily transaction of 24.55 million yuan over the past week [3] - The ETF's scale has increased by 131 million yuan over the past six months, ranking first among comparable funds, while its share count has grown by 10.6 million shares in the last three months, also leading in its category [3] Group 2 - The current price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is 18.81, which is in the 15.99% percentile over the past three years, indicating a valuation lower than 84.01% of the historical period [3] - The top ten weighted stocks in the index account for 58.04% of the total, including major companies such as Yangtze Power, China Nuclear Power, and Three Gorges Energy [3] - The recent recognition of China's green certificate by the global renewable energy consumption initiative (RE100) marks a significant advancement in the country's renewable energy transition [3] Group 3 - The value of green electricity and energy storage is expected to be reassessed, with the intrinsic value of renewable energy adjusted for its volatility and enhanced by its green attributes [4] - Investors can access investment opportunities through the corresponding green power ETF linked fund (017057) [4]

Core Viewpoint - The "Hualong One" nuclear power project, marking its 10th anniversary, showcases China's advancements in nuclear energy, demonstrating significant achievements in construction speed, operational efficiency, and international collaboration [1][2][12]. Group 1: Construction Achievements - The "Hualong One" project at the Fuqing Nuclear Power Plant was completed in 68.7 months, making it the only third-generation nuclear power project built on schedule, breaking the industry norm of over 80 months [5]. - The construction utilized a self-developed digital construction platform, achieving millimeter-level precision in project progress control [5]. - The project received the National Quality Engineering Gold Award, setting a new benchmark for global nuclear power construction [5]. Group 2: Operational Performance - The Fuqing Nuclear Power Plant's two "Hualong One" units achieved a WANO comprehensive index score of 100, with zero non-scheduled outages for two consecutive years, generating nearly 65 billion kWh of electricity [7]. - The engineering team established a rigorous production performance indicator system, utilizing AI predictive maintenance technology to enhance equipment reliability, with 25 out of 30 WANO indicators reaching world-class levels [7]. Group 3: Industry Impact - The "Hualong One" project has stimulated the development of a complete nuclear power industry chain, with nearly 6,000 enterprises involved and a domestic equipment localization rate rising from 88% to over 90% [10]. - The project has led to the creation of over 700 domestic patents and 65 international patents, establishing a technology system with complete independent intellectual property rights [10]. Group 4: International Collaboration - The "Hualong One" project in Karachi, Pakistan, provides 12% of the local electricity supply and has created 60,000 jobs while training 2,000 local nuclear power talents [12]. - With 41 "Hualong One" units under construction or operation globally, the project is transitioning from "product output" to "standard output," offering comprehensive services for sustainable energy development [12].

Core Viewpoint - China Nuclear Power (601985.SH) has announced a share repurchase plan, reflecting confidence in its future development and commitment to enhancing investor trust [1][2]. Group 1: Share Repurchase Plan - The company plans to repurchase shares through centralized bidding, with a total amount between 300 million and 500 million yuan, and a maximum repurchase price of 13.98 yuan per share [1]. - Based on the lower limit of 300 million yuan, approximately 21.46 million shares will be repurchased, accounting for about 0.10% of the total share capital; at the upper limit of 500 million yuan, around 35.77 million shares will be repurchased, accounting for about 0.17% of the total share capital [1]. - The funding for the repurchase will come from the company's own funds and self-raised funds, with a loan commitment from China Bank for up to 450 million yuan to support the share buyback [1]. Group 2: Financial Performance - In Q1 of this year, the company achieved revenue of 20.273 billion yuan, a year-on-year increase of 12.70%, and a net profit of 3.137 billion yuan, up 2.55% year-on-year [2]. - The nuclear power business showed strong performance, with revenue growth of 10.46% and net profit growth of 11.52% year-on-year [2]. - The company's renewable energy segment is also expanding rapidly, with revenue growth of 24.64% in Q1, significantly outpacing overall revenue growth [2]. Group 3: Asset Growth - As of the end of Q1, the company's total assets reached 687.7 billion yuan, an increase of 4.24% from the beginning of the year, while equity attributable to shareholders grew by 3.11% to 113.6 billion yuan [3]. - The company has 207.8 billion yuan in construction projects, indicating a concentrated phase of project development in nuclear and renewable energy sectors [3].

资金面上看，今日钙钛矿电池概念板块获主力资金净流出8.52亿元，其中，43股获主力资金净流出，6 股主力资金净流出超5000万元，净流出资金居首的是通威股份，今日主力资金净流出1.57亿元，净流出 资金居前的还有东方日升、华工科技、宝馨科技等，主力资金分别净流出1.01亿元、7027.41万元、 6968.75万元。今日主力资金净流入居前的概念股有中国核电、天合光能、皇氏集团等，主力资金分别 净流入5749.94万元、2700.49万元、704.86万元。（数据宝） 钙钛矿电池概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600438 | 通威股份 | -3.05 | 2.16 | -15722.00 | | 300118 | 东方日升 | -5.01 | 9.71 | -10052.61 | | 000988 | 华工科技 | 1.36 | 3.34 | -7027.41 | | 002514 | 宝馨科技 | 1.40 | 24.18 | -6968.75 | | 60101 ...