2025第六届热管理产业大会暨博览会（iTherM2025） 将于 2025年12月03-05日 在 深圳国际会展中心 （宝安）举办，活动将 高效呈现和 着力打造热管 理产业链 一站式 价值对接服务平台，促进热管理行业各单位交流、合作和共赢发展，欢迎您的关注和支持。 参展邀请 INVITATION 电子器件、芯片和设备等持续向微型化、高性能化、集成化及多功能等方向发展,功率密度和发热量急剧攀 高。在新质生产力发展背景下,消费电子、电力电子、人工智能、5G、数据中心、物联网、动力电池、电 动车、储能、新能源、绿色建筑等应用领域场景的技术选代和节能环保需求,都积极推动了高效的热管理创 新性技术解决方案的发展,以保证终端产品的效率、可靠性、安全性、耐用性和持续稳定性。 The devices, chips and electronic equipments are developing towards to miniaturization, high performance, integration and multi-functions, the power density and calorific value ...

Group 1 - The report maintains a strong market rating for the utility sector, highlighting the dual focus on traditional and renewable energy sources as a key investment strategy for 2025 [1][2] - In the first half of 2025, electricity consumption growth was weaker than the same period last year, with a total of 4.84 trillion kWh consumed, reflecting a year-on-year increase of 3.7% [3][11] - The report forecasts that by 2030, the share of wind and solar energy will exceed 30%, while coal power will drop below 40%, indicating a shift towards a more balanced energy market [3][57] Group 2 - The hydropower sector is expected to see accelerated growth in pumped storage capacity, reaching approximately 66 million kW by the end of 2025, driven by increasing demand for flexible power resources [3][28] - The thermal power sector is experiencing a reduction in revenue but an increase in profitability, with coal prices declining, which is expected to enhance the earnings potential of coal power companies [3][61] - Nuclear power development remains robust, with 10 new units approved in 2025, contributing to a total of 56 units under construction or approved, ensuring long-term growth in this segment [3][61] Group 3 - The renewable energy sector is transitioning from subsidy dependence to market-driven dynamics, with policies promoting direct market access for wind and solar projects [3][61] - Investment recommendations include focusing on companies that can adapt to the new energy structure, with specific mentions of companies in hydropower, thermal power, nuclear power, and renewable energy sectors [3][61] - The report emphasizes the importance of system flexibility to accommodate the increasing share of renewable energy, predicting a gradual increase in the proportion of flexible adjustment resources [3][66]

Group 1 - The article emphasizes that mutual funds should not be viewed as a "get-rich-quick" scheme, highlighting the difference between historical performance and future expectations [5][6] - It suggests categorizing funds into three circles: liquid funds for immediate needs, stable funds for short-term savings, and long-term investment funds for future goals [6][7] - The recommended initial investment strategy is to focus on broad index funds like the CSI 300 and to adopt a regular investment plan (dollar-cost averaging) to mitigate risks [10] Group 2 - The article advises setting a stop-loss threshold to manage investment risks, suggesting a pause in investment if losses exceed 15% [11] - It encourages investors to invest in educational resources before committing significant funds to mutual funds, promoting a gradual investment approach [14][15] - The overall message is to adopt a patient and disciplined investment strategy, emphasizing that slow and steady growth is more sustainable than chasing quick profits [15]

Company Overview - Recently, Hundo Shuangqu Technology (Shenzhen) Co., Ltd. was established with a registered capital of 5 million RMB [1] - The legal representative is Xu Zirong, and the company is held by three shareholders: Hundo Green Energy Superconducting Technology (Shenzhen) Co., Ltd. (51%), Houwei Traditional Chinese Medicine Holdings Biotechnology (Shenzhen) Co., Ltd. (30%), and Huizhou Xinlian New Energy Co., Ltd. (19%) [1] Business Scope - The company's business scope includes: - Construction and operation of centralized fast charging stations - Sale of electric vehicle charging facilities and charging piles - Research and development of emerging energy technologies - Sale of new energy power equipment - Energy storage technology services - Sale of solar thermal utilization products and equipment - Sale of photovoltaic equipment and components - Engineering management services - Solar power generation technology services - Contract energy management [1] Industry Classification - The company is classified under the national standard industry of electricity, heat, gas, and water production and supply, specifically in electricity production [1]

本报告所涉及的公司未来展望、经营计划等前瞻性陈述不构成对投资者的 实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理 解计划、预测与承诺之间的差异，请认真阅读注意风险。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和应 对措施"部分，详细描述了公司经营中可能存在的风险，敬请投资者关注相 关内容。 公司 2024 年度经审计的财务数据触及《深圳证券交易所股票上市规则》 第 9.3.1 条之"（一）最近一个会计年度经审计的利润总额、净利润、扣除 非经常性损益后的净利润三者孰低为负值，且扣除后的营业收入低于 3 亿元" 规定的对股票交易实施退市风险警示的情形，公司股票交易被实施退市风险 警示(股票简称前冠以"*ST"字样)。敬请广大投资者注意风险，谨慎投资。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 司 2025 年半年度报告全文 神雾节能股份有限公司 2025 年半年度报告全文 （一）载有公司法定代表人、财务负责人、会计机构负责人签名并盖章的财务报表 神雾节能股份有限公司 2025 年半年度报告全文 神雾节能股份有限公司 【2025 年 8 月】 神雾节能股份有限公司 ...

西南证券8月1日发布研报称，给予华能国际（600011.SH）买入评级。评级理由主要包括：1）煤价低位 对冲电价下降风险，煤电盈利稳步攀升；2）风光建设加速，上网电量高增；3）新加坡/巴基斯坦业绩 同比分别-20.9%/+1.6%。风险提示：煤价电价波动风险，新能源发展不及预期风险。 （文章来源：每日经济新闻） ...

本报（chinatimes.net.cn）记者李佳佳 李未来 北京报道 近日，华能国际电力股份有限公司（下称"华能国际"，600011.SH）率先发布2025年半年度报告，据 悉，这是电力行业首家披露中报的上市公司。 从财务数据看，华能国际呈现出营收下降但利润大增、现金流大幅改善的态势。公司实现营收1120.32 亿元，同比下降5.7%；归母净利润不降反增，达到92.62亿元，同比大幅增长24.26%。与此同时，公司 经营活动产生的现金流量净额从236.03亿元增加至307.48亿元，同比增长30.27%。 记者进一步梳理发现，华能国际的利润大增并非个例。随着燃料成本下降，火电企业的盈利水平普遍提 高，豫能控股、建投能源、宝新能源、晋控电力等多家火电企业业绩均增长显著。 对此，华能国际公司人员告诉《华夏时报》记者，二季度，公司光伏板块净利润为9.95亿元，风电板块 为12.01亿元，而在一季度，光伏利润大概为4.17亿元，风电为14.88亿元，由此来看，光伏利润确实有 所增长。 据该人员透露，为了在"531"之前全量并网更多的新能源项目，公司确实进行了一些抢装，上半年，华 能国际共装机新能源6262.91兆瓦 ...

每经AI快讯，有投资者在投资者互动平台提问：请问董秘：公司目前在手的国际新能源订单是否饱 满？公司的国际新能源业务在当地的竞争力有什么优势？ 博威合金（601137.SH）8月1日在投资者互动平台表示，公司美国项目已经投产，鉴于美国的产业特 点，产能处于爬坡订单交付阶段。 公司通过多年的美国、欧洲市场营销和推广积累，已经连续8 年位列 美国布隆伯格新能源（BNEF）全球光伏组件制造商银行可贷性一级供应商列表，连续 6年位列美国光 伏进化实验室（Kiwa PVEL）全球光伏组件可靠性加严测试顶级性能供应商列表。在美国市场，公司已 建立长期、稳定且可靠的客户战略合作关系。通过数字化制造，持续提升公司产品的转换效率并降低成 本，确保其产品在目标市场的竞争力始终处于领先地位。同时，通过为客户提供差异化的增值服务，已 形成博威尔特的品牌优势，公司进一步巩固了其产品在美国光伏市场的竞争优势。 （文章来源：每日经济新闻） ...

记者丨 陈思琦 编辑丨孙超逸 全球资本"再平衡"，外资先声已至，加仓入华。 商务部数据显示，今年上半年，全国新设立外商投资企业30014家，同比增长11.7%；实际使 用外资金额4232.3亿元。 此外，深圳上半年实际使用外资209亿元，同比增长11.3%。在新设外资企业数量上，深圳以 半年新设5581家的成绩，维持全国大中城市第一。 南方财经记者梳理发现，外资逆周期加仓中国，在四大一线城市中有偏好差异。 值得注意的是，随着服务业扩大开放提速加力，电信、医疗等领域正成为外资"抢滩"新风口。 例如，上半年，深圳新设外商投资医疗企业113家、同比增长85.2%；新设外商投资电信企业 累计635家，同比增长60.0%。 年初，德意志银行一份研报引发全球热议。其认为，2025年将是全球投资界重新认识中国国际 竞争力的关键一年，中国在高附加值领域和供应链主导方面正迅速扩展，点燃中国资产价值重 估浪潮。 | 2025年上半年部分城市外资引进情况 | | | --- | --- | | 城市 | 外资引进情况 | | 深圳 | 上半年新设外商投资企业5581家，同比增长51.5% 实际使用外资209亿元，同比增长11.3% ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [3][4]. Core Insights - The company reported a revenue of 178.9 billion yuan in the first half of 2025, a year-on-year increase of 7.27%, and a net profit attributable to shareholders of 30.5 billion yuan, up 33.33% year-on-year [1]. - The gross profit margin improved to 25.0%, an increase of 1.8 percentage points compared to the previous year, reflecting strong profitability [1]. - The company has a robust cash flow with operating cash flow reaching 58.7 billion yuan and cash reserves exceeding 350 billion yuan at the end of the period [1]. - The company plans to distribute a cash dividend of 10.07 yuan per share, totaling 4.573 billion yuan [1]. Revenue and Profit Analysis - In Q2 2025, the company achieved a revenue of 94.2 billion yuan, representing an 8.26% year-on-year growth and an 11.19% quarter-on-quarter increase [1]. - The net profit for Q2 2025 was 16.5 billion yuan, a 33.73% increase year-on-year and an 18.33% increase quarter-on-quarter [1]. Market Position and Product Development - The company’s battery shipments reached nearly 150 GWh in Q2 2025, with a year-on-year growth of over 30% [1][2]. - The company holds a leading market share in the power battery sector, with a global market share of 38.1% as of May 2025, an increase of 0.6 percentage points year-on-year [2]. - New product launches, including the second generation of Shenxing and the sodium-ion battery, are expected to enhance competitive advantages [2]. Infrastructure and Ecosystem Development - The company has established over 400 battery swap stations for passenger vehicles and plans to build 1,000 stations by the end of the year [3]. - Collaborations with major automotive companies and partnerships with companies like Sinopec and NIO are accelerating the development of the battery swap ecosystem [3]. Financial Forecast - The report forecasts net profits of 65.6 billion yuan, 78.9 billion yuan, and 95.3 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 18, 15, and 13 [3][4]. - Revenue is projected to grow to 457.2 billion yuan in 2025, with a growth rate of 26.29% [3].