A股市场“高温”概念板块火热机构建言掘金五类资产

Core Viewpoint - The recent high temperatures across multiple regions in China have significantly increased electricity demand, leading to a surge in the A-share electricity sector, with multiple stocks hitting the daily limit up. Analysts suggest focusing on the electricity sector due to the upcoming mid-year report season and the accelerated construction of a unified national electricity market [1][2]. Electricity Sector Performance - On July 7, the A-share electricity sector saw a notable performance, with stocks such as Shaoneng Co., Huayin Power, and others hitting the daily limit up. The public utility sector ranked second among 31 Shenwan primary industries in terms of growth, with water power, thermal power, and virtual power plant concepts leading the market [1][2]. - The electricity industry has attracted significant capital inflow, with over 3.8 billion yuan net inflow on July 7, and nearly 12 billion yuan over the past five trading days, ranking third among Wind theme industries [2]. Electricity Demand and Market Trends - The National Energy Administration reported that on July 4, the maximum electricity load reached 1.465 billion kilowatts, an increase of approximately 200 million kilowatts from late June and nearly 150 million kilowatts year-on-year, marking a historical high. The ongoing high temperatures are expected to maintain high electricity loads [2]. - The continuous settlement trial phase of the southern regional electricity market has begun, allowing for daily trading and aiming for a more stable price signal. The national unified electricity market system is expected to be initially established by 2025 and fully by 2030 [3]. Investment Focus in Electricity Sector - Analysts recommend focusing on three main lines within the electricity sector: stable fundamentals benefiting from the unified electricity market (hydropower), improving performance in thermal power under declining costs, and green electricity projects with strong operational capabilities [3]. - The electricity sector's dividend yield is significantly higher than the 10-year government bond yield, making it an attractive investment option in the current market environment [3]. Related Investment Opportunities - The ongoing high temperatures have also increased the investment value of refrigerants and coal. The cold chain logistics index reached a 10-year high, with a cumulative increase of over 12% since June 23 [4][5]. - Analysts predict that the refrigerant market will see a monthly price increase due to seasonal demand and low inventory levels, while coal prices are expected to rise due to increased consumption in coastal provinces amid ongoing high temperatures [5].