公司于6月13日派发2024年末期股息每股102港仙，此前2024年中期已派发股息每股59港仙，2024年度累 计派息每股161港仙(2023年年年底派息为每股63港仙)。经该行测算，假设HKD/CNY汇率为0.922，24年 全年分红比例约63%，以除净日2025年5月21日收盘价计算，中国宏桥股息率约为11%。且公司自2011 年上市以来均进行分红，近5年分红比例稳定在47%以上，长期投资价值凸显。 电解铝产能逼近天花板，供需新格局下铝价易涨难跌 供给端看，国内电解铝产能逼近天花板，海外增量释放缓慢，再生铝受制于废铝供应，未来供给增量有 限;需求端看，新能源汽车及电力领域提供需求增量，弥补地产需求拖累，电解铝供需格局长期向好， 行业景气度预计持续提升。 煤炭价格中枢下移，山东自备电成本持续改善 据百川盈孚，截至2025年6月24日，2025年上半年秦皇岛港Q5500动力煤均价已回落至691元/吨，同比下 跌22%，对应自备电成本下降约0.074元/吨，电解铝成本下降约990元/吨。公司自备电厂主要位于山 东，且具备自建输电网线，截至2025年3月底，公司整体电力自给率46%，25年煤炭价格中枢持续下 移， ...

Group 1 - The infrastructure sector is leading the market, with the infrastructure ETF (159619) rising over 1.5%, supported by improved demand from the mid-western region and funding conditions [1] - Infrastructure investment is expected to show structural characteristics by 2025, with broad and narrow infrastructure growth rates projected at 8.69% and 4.03% respectively [1] - The issuance of special bonds has accelerated significantly, with 58% of the annual quota completed by May, and an additional 176 billion yuan issued in June [1] Group 2 - The mid-western region shows outstanding infrastructure activity, with special bond growth exceeding 100% in Sichuan and Shaanxi from January to April [1] - Coal chemical projects are expected to drive regional infrastructure demand, with total planned investments reaching 1,032.9 billion yuan and an average annual investment growth of 220.6% from 2025 to 2029 [1] - The water and electricity sectors remain highly active, with significant infrastructure needs arising from upcoming projects like the Tibet hydropower project [1] Group 3 - The funding environment has improved, with rapid progress in replacing hidden debts, and a narrowing decline in net financing of urban investment bonds expected to provide additional funding support for infrastructure [1]

长城在今天异动后没有出现一个极致负反馈，所以说对于短线情绪和军工板块算是超预期了。不过长城 在这个位置没有继续顶着异动，相差晋级，就没有给短线情绪带来高潮。同时对于连板一波流的孤勇者 来说，就没有带来封天，所以接下来大概率还会延续。像恒宝的断板后的趋势图形的红片，今天老题材 固态稳定币表现都是相对弱势的，不过今天的调整相对来说都属于可控，昨天固态尾盘出现了资金抢 筹，今天都没有给溢价，毕竟这个题材是机构主导，所以出现洗盘调整是正常而稳定，币这个题材船大 难掉头。恒宝今天在高位没有表态，反而后排的小弟在轮流表现，但是没有形成一致，所以很难反推恒 宝，不过恒宝今天在收盘之后，如果达到8%的涨幅的话，就会触发异动，所以恒宝可能也并不想表现 今天底部比较强的方向就是芯片光刻机。昨天的摩尔县城IPO的消息刺激，今年城邦继续晋级，同时好 上加好上继续套利，底部又发酵出来很多的大号版，而且今年银行拉升指数护盘配合科技拉升，不过今 天金融动的只有银行，所以力度很难说，如果当前指数不能继续创新高的话，那么也就说明现在的指数 环境依然很差。今天市场上穿越过来的这些老题材中的资金逐渐向科技发散了，但是也不能指望老题材 一次性出清， ...

Core Insights - The rapid growth of green electricity trading in Guizhou is highlighted by a 282% year-on-year increase in contracted green electricity volume in the first five months of this year, reaching 107 billion kilowatt-hours [1] - Guizhou's green electricity trading volume surged from 0.8 billion kilowatt-hours in 2022 to 7.9 billion kilowatt-hours in 2023, with projections of 33.64 billion kilowatt-hours for 2024, reflecting a 326% year-on-year increase [2] - The expansion of renewable energy capacity and the enhanced role of the electricity trading center are key drivers of this growth, with total installed capacity in Guizhou expected to exceed 30 million kilowatts by 2025 [2] Green Electricity Market Growth - The number of green electricity consumers in Guizhou has reached 551, with the majority concentrated in industries such as electrolytic aluminum and chemicals, where electrolytic aluminum accounts for over half of the total transaction volume [3] - Guizhou Moutai has emerged as a leader in green electricity consumption, purchasing over 100 million kilowatt-hours of green electricity, equivalent to creating 70,000 acres of carbon sink forest [4] Economic and Environmental Impact - The increase in green electricity consumption reflects a growing awareness among companies of their social responsibilities and the economic benefits of green energy [5] - The establishment of a green certificate trading mechanism complements green electricity trading, providing a way for market participants to fulfill renewable energy consumption obligations [6] Future Developments - The Guizhou Electricity Trading Center is focused on expanding the green electricity and green certificate market, optimizing the trading process, and enhancing resource allocation to support the green low-carbon transition [7] - Efforts will continue to promote the use of green electricity across various sectors, encouraging long-term trading agreements to mitigate market price volatility [7]

7月1日，市委副书记、市长盛阅春调研全市迎峰度夏电力保障工作，看望慰问高温作业 一线电力职工，强调要深入学习贯彻习近平总书记关于能源安全重要指示精神，认真落实省 委、省政府和市委部署要求，牢固树立底线思维、极限思维，加强精准调度，优化供电服 务，全力保障夏季电力安全稳定供应，有效促进经济社会发展、保障群众生活需求。 110千伏百步亭变电站10千伏三金潭线在高峰时段负载率接近90％，盛阅春来到该线路 改造工程的带电作业现场，看望慰问一线电力工人。他说，夏季用电高峰期在即，要聚焦高 负荷区域，加强电网线路检修维护，以电网安全运行保障社会用电稳定；各区各有关部门要 落实好高温天气劳动保护措施，做好一线人员防暑降温工作。 来到国网武汉供电公司供电服务指挥中心，盛阅春听取今年迎峰度夏武汉电网运行和电 力供应保障情况介绍，感谢公司为武汉经济社会发展作出的贡献。他指出，能源电力关系国 计民生、千家万户，各相关单位要从促发展、惠民生、保安全的高度，扛牢电力保供重大责 任，加强统筹协调，落实各项调度措施，着力维护城市电网平稳有序运行。 盛阅春强调，要建强一流城市电网，加快重点项目建设，结合城市更新推进老旧小区电 力设施改造，强 ...

7月1日，山东信通电子股份有限公司（股票代码：001388 简称"信通电子"）正式登陆A股。作为国内工业 物联网智能终端及系统解决方案的领先企业，公司深耕电力、通信双赛道，依托持续领先的技术壁垒，获 得了国家电网、南方电网、中国联通、中国移动等头部客户的长期认证，随着资本化进程的持续推进，公 司产能及技术实力将得到进一步的提升，为业务增长注入新动能。 双轮驱动业务布局，细分领域龙头地位凸显 信通电子自1996年成立以来，在以创始人暨实际控制人李全用为核心的技术团队引领下持续深耕工业物联 网领域。该团队核心成员多具有淄博无线电厂、淄博市计算机应用研究所等资深工业机构背景，在工业物 联网技术研发领域积淀深厚。 依托核心团队的专业底蕴，信通电子形成了 输电线路智能巡检系统、变电站智能辅控系统、移动智能终端 三大核心产品矩阵，覆盖 电力、通信 两大国民经济关键领域。2024年，公司营收首次突破10亿元大关，其 中输电线路智能巡检系统贡献64.88%营收，变电站智能辅控系统同比增长80%至1.53亿元，成为增速最快的 业务引擎。 目前，信通电子已成为了国内具有代表性的工业物联网智能系统提供商。 在通信运维领域，公司通信 ...

华菱线缆（001208）公告，公司近期在电力新能源领域中标合同金额共计约4.56亿元，占2024年经审计 营业收入的10.97%。中标项目包括国家电网有限公司2025年华东区域10kV电力电缆协议库存第一次联 合采购项目，中标金额2.27亿元；国家电网有限公司2025年华东区域第一次联合采购低压电力电缆协议 库存招标采购项目，中标金额1.59亿元；国家电网有限公司2025年华中、川渝区域第一次联合采购10kV 电力电缆协议库存招标采购项目，中标金额4603.96万元；国家电网有限公司2025年华中、川渝区域第 一次联合采购低压电力电缆、10kV及以下电缆附件协议库存招标采购项目，中标金额2444.93万元。 ...

Group 1 - The Saudi Public Investment Fund (PIF) has surpassed the Kuwait Investment Authority, becoming the second largest sovereign wealth fund in the Middle East with an asset size of $925 billion [1] - PIF has shown increasing interest in the Chinese market, recently partnering with GCL-Poly Energy Holdings to make significant investments in the new power system sector in China [1][3] - ACWA Power, a subsidiary of PIF, has signed a strategic cooperation agreement with GCL-Poly, focusing on key areas such as wind power, solar energy, energy storage, and integrated energy systems [3] Group 2 - ACWA Power has invested a total of $107.5 billion globally since its establishment in 2004, with a capacity of 78.85 GW in power generation and 9.5 million cubic meters per day in desalination [3] - By 2030, ACWA Power aims to manage global assets worth $250 billion, with one-third of these assets expected to come from China, highlighting the increasing importance of Chinese assets in global asset allocation [4] - GCL-Poly, as a key partner for ACWA Power in China, has extensive experience in clean energy investment and operations, with a total installed capacity of 5,871.01 MW [6] Group 3 - Saudi Arabia's Vision 2030 economic reform plan aims to increase the share of renewable energy to 50%, targeting a total installed capacity of 130 GW by 2030, with 70% of this development led by ACWA Power [7] - The chairman of ACWA Power emphasized the critical role of Chinese support in achieving Saudi Arabia's energy transition and creating greater value [7]

Group 1: Global Uranium Production and Demand - Nuclear power plants are crucial for global electricity supply, with uranium mines being the primary raw material, especially for populous countries like China, India, and the US [1] - The US, as the world's largest nuclear power producer, faces a structural crisis with a domestic uranium production of only 317 tons in 2024, while its actual consumption reaches 19,000 tons, leading to a 98% reliance on imports [4] - India's reported uranium production of 400 tons is contradicted by its low ore grade and outdated extraction technology, resulting in an effective supply of only about 240 tons [10][11] Group 2: Challenges in the US Uranium Industry - The US uranium industry has been weakened by historical government disinvestment, leading to a significant decline in domestic production capacity and reliance on foreign sources, including 27% of enriched uranium from Russia [4][6] - Environmental and regulatory challenges hinder the revival of uranium mining projects in the US, with local disputes and ecological concerns delaying operations [8] - The average age of uranium workers in the US is 57, indicating a critical shortage of skilled labor and a lack of sustained policy support for the industry [8] Group 3: India's Uranium Mining Issues - India's uranium mining operations face severe environmental health crises, with groundwater uranium levels exceeding safe limits and inadequate waste management practices [13][15] - The lack of transparency in resource assessment and the influence of local corruption have led to skepticism regarding India's reported uranium reserves [13][15] - Despite regulatory frameworks, the intertwining of local interests and mining companies has resulted in increased ecological costs associated with higher uranium production [15] Group 4: China's Advancements in Uranium Production - China has significantly increased its uranium production to over 1,800 tons annually, accounting for 7% of global output, driven by advancements in in-situ leaching technology [17][19] - The successful application of proprietary leaching technology has transformed previously unviable uranium deposits into strategic resources, enhancing production efficiency and environmental sustainability [19][21] - China's diversified global supply chain includes significant uranium imports from Kazakhstan, which have increased from 18% in 2019 to 37% in 2024, reflecting a shift away from reliance on Russia [24] Group 5: Future Outlook for Uranium Resources - The strategic importance of uranium resources is likened to "black gold" in the oil era, with predictions of a doubling in global uranium demand by 2040 [26] - Long-term investment in technological innovation and commitment to green development are essential for achieving energy security in a zero-carbon future [26]

| 证券研究报告| 行业研究丨深度报告丨公用事业 歧路无喧, 电启新程- 公用事业行业 2025 年 度中期投资策略 请阅读最后评级说明和重要声明 丨证券研究报告丨 %% %% %% %% research.95579.com 报告要点 [Table_Summary] 当前电力行业迎来新起点：1）火电：电改的持续深化推进或将催化火电板块的估值锚切换，聚 焦下半年将迎来的电价博弈，目前来看 2025 年现货电价并不脆弱且无需以现货电价外推至年 度长协；若下半年因电价担忧边际映射造成火电股价承压，广东火电或迎来布局良机。2）绿电： 在 136 号文出台后迈入需求主导新周期，同时部分省份风电现货电价的陆续触底以及绿电绿证 供需压力缓解，电价矛盾进入缓和通道，同时风能资源将从历史低位显著修复，重视绿电左侧 布局机遇。3）水核：以夏普比率的视角来审视，板块中最被低配的水核资产，无疑是最符合公 募新规导向的，在当前的低利率环境中长期稳定回报的水核资产稀缺性将日益凸显。 分析师及联系人 [Table_Author] 张韦华 司旗 宋尚骞 SAC：S0490517080003 SAC：S0490520120001 SAC：S ...