深圳南山热电股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 证券代码：000037、200037； 证券简称：深南电 A、深南电 B； 公告编号：2025-028 1 日，公司三家主要股东不存在关于公司的应披露而未披露的重大事 项，或处于筹划阶段的重大事项；在公司股票交易异常波动期间，上 述三家主要股东未买卖公司股票。 深圳南山热电股份有限公司（以下简称"公司"）A股股票(股票 简称：深南电A，股票代码：000037）交易价格于2025年7月4日、7 月7日连续两个交易日收盘价格涨幅偏离值累计达到20%以上，根据 《深圳证券交易所交易规则》等相关规定，属于股票交易的异常波动 情形。 二、公司关注及核实情况说明 针对公司股票交易异常波动的情形，公司依照规定开展了自查， 并致函公司主要股东香港南海洋行（国际）有限公司、深圳广聚实业 有限公司、深圳市能源集团有限公司询证，现将有关情况说明如下： （一）公司目前生产经营状况正常，内外部经营环境未发生重 大变化。 （二）截至本公告披露日，公司不存在应披露 ...

Market Overview - The Shanghai Composite Index rose by 0.02% on July 7, with 18 out of 28 sectors experiencing gains, led by the comprehensive and public utilities sectors, which increased by 2.57% and 1.87% respectively [1] - The coal and pharmaceutical sectors saw the largest declines, with decreases of 2.04% and 0.97% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 14.337 billion yuan, with 10 sectors seeing net inflows [1] - The light industry manufacturing sector had the highest net inflow, amounting to 930 million yuan, while the real estate sector followed with a net inflow of 917 million yuan and a daily increase of 1.68% [1] - The electronics sector experienced the largest net outflow, totaling 4.475 billion yuan, followed by the pharmaceutical sector with a net outflow of 3.430 billion yuan [1] Public Utilities Sector Performance - The public utilities sector increased by 1.87% with a net capital inflow of 361 million yuan, where 122 out of 131 stocks in this sector rose, including 11 stocks that hit the daily limit [2] - The top three stocks with the highest net inflow in the public utilities sector were Leshan Electric Power (151 million yuan), Changjiang Electric Power (91.37 million yuan), and Huadian International (84.73 million yuan) [2] - The sector also had five stocks with significant net outflows, led by Huayin Electric Power (-347.25 million yuan), Xiexin Energy (-343.71 million yuan), and Shenzhen Nande A (-138.48 million yuan) [4] Public Utilities Sector Capital Inflow and Outflow - The top inflow stocks in the public utilities sector included: - Leshan Electric Power: +9.99%, 21.36% turnover, 150.57 million yuan inflow - Changjiang Electric Power: +0.33%, 0.21% turnover, 91.37 million yuan inflow - Huadian International: +2.14%, 1.35% turnover, 84.73 million yuan inflow [2] - The top outflow stocks included: - Huayin Electric Power: +10.02%, 11.74% turnover, -347.25 million yuan outflow - Xiexin Energy: +4.28%, 14.39% turnover, -343.71 million yuan outflow - Shenzhen Nande A: +10.00%, 28.53% turnover, -138.48 million yuan outflow [4]

Market Overview - The A-share market experienced a decline today, with all three major indices falling, particularly the ChiNext index which dropped over 1% [1] - At the close, the Shanghai Composite Index rose slightly by 0.02% to 3473 points, while the Shenzhen Component Index fell by 0.7% and the ChiNext index decreased by 1.21% [2][3] - The total trading volume for the day was 1.23 trillion yuan, a decrease of 227.4 billion yuan compared to the previous trading day, with over 3200 stocks rising [3] Sector Performance Power Sector - The power sector saw a surge, with multiple stocks hitting the daily limit, including Huayin Power and Shenzhen Nanshan Electric, among others [4] - Notable performers included Disen Co., which rose over 18%, and Nanshan Technology, which increased by over 14% [6][7] - The maximum power load in China reached 1.465 billion kilowatts last Friday, an increase of approximately 200 million kilowatts since the end of June, and nearly 150 million kilowatts higher than the same period last year [6] Cross-Border Payment Sector - The cross-border payment sector also performed well, with stocks like Zhongyi Technology and Huafeng Super Fiber hitting the daily limit [8][9] - The upcoming implementation of the stablecoin regulations in Hong Kong is expected to boost this sector [9] Real Estate Sector - Real estate stocks experienced significant gains, with companies like Yudai Development and Shahe Shares hitting the daily limit [10][11] Biopharmaceutical Sector - The biopharmaceutical sector faced a downturn, with stocks like Kexing Pharmaceutical dropping over 14% [15][16] Apple Concept Stocks - Apple-related stocks continued to decline, with East Mountain Precision and GoerTek both falling over 5% [17] Gaming Sector - The gaming sector also saw declines, with companies like Gigabit and Giant Network dropping over 3% [18] Investment Recommendations - Companies in upstream resource sectors (copper, aluminum, oil) and capital goods (engineering machinery, heavy trucks) are recommended due to rising overseas demand and domestic policy shifts [19] - Consumer sectors such as hospitality, tourism, and branded apparel are also highlighted for potential investment opportunities [19]

Market Performance - High-temperature concept stocks have collectively strengthened, with Huayin Power achieving 5 consecutive trading limits and Shaoneng Co., New Zhonggang, and ShenNandian A experiencing 2 consecutive trading limits [1] - In the home appliance sector, Disen Co. surged by 17%, while Whirlpool hit the trading limit, and other companies like Aucma and Xueqi Electric also saw significant gains [1] Events - The National Climate Center predicts that due to global warming and the El Niño phenomenon, this year's high-temperature weather will be characterized by greater intensity and longer duration, with temperatures in North China potentially exceeding 42°C and lasting over 30 days [2] - From July 4 to 10, regions such as Huanghuai, Jianghan, and Jiangnan will experience persistent high temperatures, with some areas reaching or exceeding historical records, leading to increased electricity load across the country [3] - On July 4, the national maximum electricity load reached 1.465 billion kilowatts, an increase of approximately 200 million kilowatts from the end of June and nearly 150 million kilowatts year-on-year, setting a historical high [4] - Xiaomi's Vice President revealed that since June 24, air conditioning sales in Northeast Inner Mongolia have surged, with sales peaking at 20 times last year's levels [4] Institutional Insights - The high temperatures sweeping the nation have led to record electricity loads, creating a favorable environment for investment in the sector, especially with the ongoing increase in renewable energy installations [5] - In the home appliance sector, extreme heat in Europe has driven a rapid increase in air conditioning demand, with significant export growth to Europe, indicating strong market demand [5] - The recent high temperatures are expected to accelerate demand for thermal power, potentially leading to higher coal prices, with forecasts suggesting prices may exceed 750 yuan per ton by mid-August [5]

Group 1 - The electricity sector has shown strong performance recently, with multiple companies hitting their daily price limits, driven by high temperatures and increased electricity demand during the summer peak [1] - As of July 4, the national maximum electricity load reached 1,465 million kilowatts, an increase of approximately 200 million kilowatts since the end of June, marking a historical high and a year-on-year growth of nearly 150 million kilowatts [1] - Regions such as Jiangsu, Anhui, Shandong, Henan, and Hubei have reported record high electricity loads, with Jiangsu's load surpassing 150 million kilowatts for the first time, primarily driven by air conditioning usage [1] Group 2 - Xiangcai Securities remains optimistic about the revaluation of electricity assets as the national unified electricity market construction accelerates, recommending focus on three main lines: hydropower targets with stable fundamentals, thermal power targets with improving performance under cost reductions, and leading companies with strong operational capabilities in the green electricity sector [2] - The forecast for the southern power grid indicates a peak electricity load of 270 million kilowatts during the summer peak period, reflecting a year-on-year increase of 6.1% [1]

Group 1: Market Overview - A-share major indices showed mixed performance on July 4, with the Shanghai Composite Index closing at 3472.32 points, up 0.32%, while the Shenzhen Component Index fell 0.25% to 10508.76 points [2] - The total trading volume in the Shanghai and Shenzhen markets reached 142.86 billion yuan, an increase of approximately 120 billion yuan compared to the previous trading day [2] Group 2: Power Sector Performance - The power sector saw significant gains, with multiple stocks hitting the daily limit up, driven by positive earnings forecasts from several power companies [2] - Huayin Power announced an expected net profit of 180 million to 220 million yuan for the first half of 2025, an increase of 175 million to 215 million yuan compared to the same period last year [2] Group 3: Investment Opportunities in Power Sector - China Galaxy Securities' mid-term strategy report for the power industry highlights investment opportunities in the second half of the year, focusing on improved profitability in thermal power due to declining coal prices, attractive dividend yields in hydropower, long-term growth in nuclear power, and clear revenue expectations in renewable energy [3] - Despite challenges such as declining electricity volume and prices, thermal power is expected to benefit from significant coal price reductions, providing room for profit improvement [3] Group 4: Solar Energy Sector Activity - The solar energy sector has been active, with stocks like Hopu Co. and Yamaton experiencing significant gains, driven by policies aimed at phasing out outdated production capacity [4] - Recent government meetings emphasized the need to address low-price competition in the solar industry and promote sustainable development [4] - The polysilicon market is showing signs of recovery, with prices slightly increasing due to stable production and easing supply-demand tensions [4] Group 5: Earnings Outlook and Sector Focus - Historical trends indicate that July and August in the A-share market will focus on semi-annual earnings reports, with structural opportunities expected to dominate [5] - Sectors with strong earnings certainty include wind power, gaming, and rare earths, while some renewable energy segments are seen as having reached reasonable valuation levels [5] - The macroeconomic outlook for July is stable, with expectations for trading to revolve around earnings reports [5] Group 6: Defensive Investment Strategies - Given uncertainties in the overseas market, high-dividend sectors such as telecommunications and electricity are recommended as risk-hedging investments [6] - If external conditions improve, sectors like non-bank financials may drive indices upward, warranting attention to insurance and brokerage firms [6]

Market Overview - The market experienced slight fluctuations with an overall downward trend, as the indices showed mixed results with the Shanghai Composite Index up by 0.32% while the Shenzhen Component and ChiNext fell by 0.25% and 0.36% respectively [4] - Over 4,100 stocks declined while more than 1,100 stocks rose, indicating a bearish sentiment in the market [4] Sector Performance - The power sector showed significant strength, with stocks like Huayin Power and Huaguang Huaneng hitting the daily limit, and others like Dishen Co. reaching a 20% limit up [3][12] - The gaming sector also saw some gains, with stocks such as Giant Network hitting the limit up, while several others performed well [3] - The innovative drug sector experienced a resurgence, with stocks like Guangshengtang and Zhongyuan Qihua reaching the limit up, and others showing gains exceeding 10% [3] - Financial stocks rallied in the afternoon, with companies like Xiangcai Co. and Dazhihui hitting the limit up, although the gains were not sustained [6][7] Power Sector Insights - The power sector has been on a continuous rise, driven by extreme high temperatures leading to increased electricity demand, with the State Grid predicting a peak load of over 1.2 billion kilowatts this summer [14] - Huayin Power reported a significant profit increase in its mid-year earnings forecast, projecting a net profit of 180 million to 220 million yuan, marking a growth of 36.01 to 44.23 times compared to the previous year [14][15] Financial Sector Dynamics - The financial sector saw a brief surge in the afternoon, with major players like Tianfeng Securities and Dongfang Caifu experiencing collective gains, although these were followed by a retreat [6][8] - The market sentiment briefly shifted towards optimism, with discussions of a potential bull market, although this was short-lived [8] Birth Support Policy - A document regarding national-level birth subsidies was circulated, leading to a temporary uptick in stocks related to the dairy and baby products sectors [10][11] - The proposed subsidy is set at 3,600 yuan per year for children under three years old, translating to 300 yuan per month, although the impact on the market was limited and short-lived [11]

Market Overview - A-shares showed strong performance in the morning but retreated in the afternoon, with the Shanghai Composite Index reaching a new high for the year, up 1% at one point, and closing at 3472.32 points, a gain of 0.32% [1] - The Shenzhen Component Index and ChiNext Index turned negative in the afternoon, with the former down 0.25% and the latter down 0.36% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 145.47 billion yuan, an increase of over 120 billion yuan compared to the previous day [1] Sector Performance Banking Sector - The banking sector performed strongly, with major banks like CITIC Bank, Industrial Bank, and Shanghai Pudong Development Bank hitting new highs, with gains exceeding 3% [6][7] - The overall stability of the banking sector's fundamentals is expected to enhance valuation safety, supported by a relatively ample credit supply and a positive policy stance on interest margins [6][7] Power Sector - The power sector saw significant gains, with companies like Shaoneng Co., ShenNeng Electric A, and Huayin Power hitting the daily limit, while Xiexin Energy rose over 7% [9][10] - High temperatures in northern China are expected to increase electricity demand, with a projected increase of approximately 100 million kilowatts during peak summer periods in 2025 [10][11] Digital Currency Sector - The digital currency sector became active again, with Longbright Technology rising over 13% and Tianyang Technology increasing by more than 10% [12][13] - Recent developments in stablecoin regulations in the U.S. and Hong Kong are expected to promote further adoption of cryptocurrencies [14][15]

Market Overview - The A-share market experienced significant volatility, with the Shanghai Composite Index initially rising but ultimately closing with a slight gain of 0.32% [2] - The Shenzhen Component Index and the ChiNext Index both declined, closing down 0.25% and 0.36% respectively [2] Market Performance - A total of 1,169 stocks rose, while 4,120 stocks fell, indicating a broad market decline [4] - The total trading volume reached 14,545.19 billion, with a total of 117,911.8 million shares traded [4] Sector Highlights - Power stocks saw notable gains, with companies like Huayin Power and Shaoneng Co. hitting the daily limit [6] - Stablecoin concept stocks were also active, with companies such as Jingbeifang and Xinyada reaching their daily limit [8] Notable Stocks - Major banks such as CITIC Bank and Industrial Bank saw increases of 3.73% and 3.16% respectively [5] - Other banks like Everbright Bank and Minsheng Bank also reported gains, contributing to the overall performance of the banking sector [5] Economic Context - The market's afternoon surge was attributed to positive news regarding U.S.-China trade relations, with both sides reportedly reaching a consensus on export controls [9] - However, the subsequent decline in the index raised questions about the market's strength and investor confidence [10]

Company Insights - The power sector has shown significant gains, with companies like Shaoneng Co., Shenzhen Nanshan Electric A, and Huayin Power hitting the daily limit up, while GCL-Poly Energy surged over 8% [1] - Huayin Power has achieved three limit-up trades in the last four trading days, and the company announced that its operations are normal with no significant changes in the internal and external business environment [1] - Huayin Power expects a net profit attributable to shareholders of 180 million to 220 million yuan for the first half of 2025, an increase of 175 million to 215 million yuan compared to the same period last year [1] Industry Insights - The National Development and Reform Commission (NDRC) anticipates a year-on-year increase of approximately 10 million kilowatts in the highest electricity load during the summer peak in 2025 [1] - The power sector is expected to see profitability improvements and value reassessment following multiple rounds of electricity supply-demand tensions [2] - The ongoing market-oriented reforms in the electricity sector are likely to lead to a stable but slight increase in electricity prices, with the promotion of electricity spot markets and auxiliary service market mechanisms [2] - The introduction of a capacity price mechanism reinforces the foundational role of coal power, while the NDRC's efforts to enhance long-term coal supply agreements are expected to improve the actual performance rate of these agreements [2] - The outlook for power operators' performance is optimistic, with expectations of significant improvements in their financial results [2]