业绩简评 7 月11 日，公司发布2025 半年度业绩快报，1H25 实现营收84.5 亿元，同比+37.8%，归母净利润12.9 亿 元，同比+45.7%；Q2实现营收52.7 亿元，同比+50.2%，归母净利润8.5 亿元，同比+61.5%，大超预 期。 经营分析 主网建设超预期，变压器出口维持高景气，网外新能源装机高增。 公司前三批合计中标39.2 亿元，同比+80%，主要系750kV GIS 中标份额大幅提升。 2）海外：2025 年1-5 月我国电力变压器出口20 亿美元，同比+45%，维持高速增长。公司在英国、意大 利、沙特、科威特等多个国家市场实现了多款产品的突破，并通过了多个国家的资质认证，有望持续受 益于海外电力设备需求外溢，海外订单加速兑现。 1）国内：2025 年1-5 月电网工程完成投资2040 亿元，同比+20%。 国网输变电设备第3 批中标结中标金额211.9 亿元，同比+38%，创单批次中标金额新高，前3 批累计中 标540.6 亿元，同比+25%，我们预计主要由于西北电网建设超预期带动设备招标快速增长。 公司发展战略明确、业务规划清晰，在国内电网投资加速、海外电力设备需求持续景 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 在最近于日本举行的超大规模集成电路技术与电路研讨会上，应用材料公司发表了一篇论文，描述了一种扩展 2nm 及 以上工艺节点的先进逻辑芯片铜互连的方法。 应用材料公司开发了一种铜互连工艺流程，该流程利用了各种设备和材料，包括新的Low k电介质线和钌钴（RuCo）衬里 技术。在论文中，应用材料公司通过开发基于2纳米节点最新晶体管技术的AI加速器测试芯片，证明了该工艺的可行性。 诚然，这是一个涉及多个方面的复杂过程。简单来说，一个先进的逻辑芯片包含数十亿个被称为晶体管的微型结构。晶体 管是芯片的关键组成部分，用于切换器件中的电信号。 在同一块先进的芯片中，微型晶体管通过复杂的铜布线方案相互电连接。这种布线方案称为铜互连，是芯片的重要组成部 分。 但近年来，芯片制造商在铜互连方面遇到了一些挑战和问题。基本上，铜互连中的细线在每个节点上变得更小、更紧凑， 从而可能在这种复杂的布线方案中产生电阻和其他问题。这会影响芯片的性能和可靠性。 预计在2纳米及以后的工艺节点，这些挑战将会加剧。为了解决这些问题和其他问题，应用材料公司的新工艺为开发用于2 纳米及以后先进芯片的复杂铜互 ...

Group 1 - Shandong SD Electric Technology Co., Ltd. (referred to as "SD Electric") has disclosed its prospectus and will begin subscription on July 14, with plans to list on the ChiNext board under the stock code "301609" [1][3] - SD Electric is the fourth A-share listed company from Shandong this year, following Weigao Blood Products, New Henghui, and Xintong Electronics [1] - The company plans to issue 40.72 million shares, accounting for 25% of the total share capital post-issuance, which will be approximately 163 million shares [1] Group 2 - The actual controller of SD Electric is Shandong University, with the largest shareholder being Shandong SD Capital Operation Co., Ltd., holding a 40.15% stake [3] - SD Electric was established in 2021 and focuses on the research and industrialization of intelligent products related to power systems, with two main business segments: smart grid monitoring and renewable energy [3] - The company's main products, including fault recording monitoring devices and transmission line fault monitoring devices, are leading in their niche markets, and it also engages in the renewable energy charging pile sector [3] Group 3 - Financial data shows that during the reporting period (2022 to 2024), SD Electric achieved revenues of 478 million yuan, 549 million yuan, and 658 million yuan, with net profits of 77 million yuan, 100 million yuan, and 122 million yuan, and comprehensive gross margins of 41.24%, 43.62%, and 44.36% respectively [4] - As of December 31, 2024, the number of R&D personnel at SD Electric will be 176, representing 30.77% of the total workforce, with R&D expenses increasing to 31.43 million yuan, 37.58 million yuan, and 45.96 million yuan over the same period [4] - The company aims to raise 500 million yuan through this listing for projects related to distributed generation source network load storage systems, smart charging pile production for electric vehicles, and intelligent equipment for power grid fault analysis and distribution network [4]

点击上图▲立即收听 " 这份给 ' 空调以生命 ' 的夏日清凉，是中国稳健的电力系统给予的底气。 " 文 / 巴九灵（微信公众号：吴晓波频道） 想象一下，如果东北气温最高飙到39℃，是种什么程度的热？如果还没有空调，怎么办？ 这个夏天，东北地区遭遇了55年来罕见的高温天气，连中国最北端的漠河气温都连续几天突破35℃大关，地表温度更是高达65℃。 但是！东北没有普及空调。 根据《中国住户调查年鉴2023》的数据，辽宁、吉林、黑龙江三省的"空调家底"实在有点薄——平均每百户才拥有56.8台，甚至是17.7台和13.3 台，跟全国平均线差了一大截。而在浙江，这个数字是218.8台，相当于每户就有2台以上的空调。 所以，甭管是"在东北的南方人"还是"纯正东北银"，统统热到破防。 大学生们更是各显神通：操场扎营睡觉、住酒店蹭空调，甚至自发评选出了"N6联盟高校"，指的是六所没有统一安装空调的985、211院校，分别 是吉林大学、兰州大学、东北师范大学、哈尔滨工程大学、辽宁大学、太原理工大学。 于是乎，空调就水灵灵地成了东北高校招生的撒手锏。哈尔滨工业大学专门剪了条视频喊话，"哈工大学生公寓空调全覆盖，欢迎你"，还在几天 ...

比特币此次价格的大幅上涨，与市场信心的增强有着密切的关系。近年来，随着区块链技术的不断发展和应用场景的拓展，越来越多的投资者开始认识到 比特币的价值。此外，一些传统金融机构也开始涉足比特币市场，为比特币的发展提供了更多的机遇和可能性。这些因素共同作用，使得投资者对比特币 的热情高涨，推动了其价格的上涨。 比特币价格的上涨并非偶然，而是多种因素共同作用的结果。首先，从供需关系来看，比特币的总量是固定的，而市场需求却在不断增加，这种供需不平 衡推动了价格的上涨。 一些国家对比特币的态度逐渐明朗，出台了一些支持性的政策，为比特币的发展提供了良好的环境。此外，比特币的技术优势也在不断提升，例如闪电网 络等技术的应用，使得比特币的交易速度和效率得到了显著提高，进一步增强了其市场竞争力。 尽管比特币价格目前呈现出强劲的上涨势头，但其未来走势仍具有不确定性。一方面，比特币市场仍然存在着一定的泡沫，价格的波动较大，投资者需要 谨慎对待。另一方面，各国政府对比特币的监管政策也在不断变化，可能会对其价格产生重要影响。此外，随着其他数字货币的崛起，比特币也面临着激 烈的竞争。 对于投资者而言，比特币价格的上涨无疑是一个好消息，但同 ...

Core Viewpoint - The power industry is experiencing significant growth opportunities, as evidenced by multiple companies winning bids for power grid procurement projects, indicating a robust and vibrant sector [1][5]. Group 1: Company Performance - Several companies, including Hanlan Co., Ltd. and Fengfan Electric Equipment Co., Ltd., have reported successful bids for power grid projects, with bid amounts ranging from millions to billions [1][2]. - Hanlan Co., Ltd. won bids totaling approximately 907 million yuan, accounting for 9.79% of its projected 2024 revenue [2]. - Fengfan Electric Equipment Co., Ltd. secured bids worth about 337 million yuan, representing 10.45% of its expected 2024 revenue [2]. - Henan Tongda Cable Co., Ltd. reported winning bids totaling 180 million yuan, which is 2.91% of its anticipated 2024 revenue [2]. - Jinguang Electric Co., Ltd. announced bids amounting to approximately 42.81 million yuan, making up 5.76% of its projected 2024 revenue [3]. Group 2: Industry Trends - The power industry is witnessing a transformation driven by the "dual carbon" goals, leading to increased demand for infrastructure upgrades and new energy integration [4][5]. - The China Electricity Council's report indicates that by the end of 2024, the length of transmission lines at 35 kV and above will reach 2.477 million kilometers, a year-on-year increase of 1.7% [4]. - The capacity of substations at 35 kV and above is projected to reach 82.1 billion kVA, reflecting a 6.7% year-on-year growth [4]. - The industry is evolving towards high resilience and adaptability, with companies that have stronger R&D capabilities poised to capture more market opportunities [4]. Group 3: Market Dynamics - The recent surge in bidding activity highlights the maturity and resilience of the power industry supply chain, with companies leveraging their technological strengths and product specialties [3][5]. - The economic recovery is driving an increase in electricity demand, further accelerating the need for grid enhancements and smart grid solutions [4].

Core Viewpoint - The approval of the "Cross-Grid Normalized Electricity Trading Mechanism Plan" by the National Development and Reform Commission and the National Energy Administration marks a significant step towards establishing a unified national electricity market, allowing for the free flow of electricity resources across different grid operating areas [1][2]. Group 1: Mechanism Overview - The new mechanism creates a "national online electricity mall," enabling electricity trading between the State Grid and Southern Grid under a unified set of rules, facilitating the free flow of electricity resources nationwide [2]. - Approximately 40,000 power generation enterprises will be able to sell electricity across the country, enhancing the overall electricity supply and supporting domestic circulation [6][7]. Group 2: Green Electricity Trading - The plan emphasizes "green electricity trading," addressing the mismatch between green electricity supply in regions like Northwest China and demand in economically developed eastern regions [3][5]. - The establishment of cross-regional green electricity trading is seen as a crucial solution to the supply-demand imbalance of green electricity in China [3]. Group 3: Operational Details - The cross-grid electricity trading will be organized by various entities, including the Beijing Power Trading Center and the Southern Power Grid's dispatch control center, ensuring accurate matching of electricity purchase and sale demands [6][8]. - The trading process will initially involve grid companies acting on behalf of local users to participate in cross-grid electricity purchases, with future plans to include distributed energy generation enterprises [7]. Group 4: Transmission and Costs - The plan outlines the transmission costs for cross-regional transactions, with a specific rate of 2.56 cents per kilowatt-hour for transactions not involving Fujian and Guangdong provinces, ensuring fair cost distribution [10]. - The existing transmission channels, such as "Jiangcheng DC" and "Min-Guang DC," are currently utilized for significant electricity transactions, ensuring reliable supply during peak demand periods [8][9]. Group 5: Future Considerations - The electricity grid companies are encouraged to monitor supply and demand dynamics closely and consider cross-regional electricity purchases when local supply is insufficient [11]. - There is a need for enhanced management and technical support systems to ensure the safe and stable operation of the electricity grid and to facilitate market participation for various stakeholders [11].

Core Viewpoint - The newly approved cross-grid electricity trading mechanism aims to enhance the efficiency of electricity distribution from renewable sources in Xinjiang and other regions to major consumption centers like Guangdong and Shanghai, marking a significant step towards a unified national electricity market system [1][2]. Group 1: Mechanism Overview - The State Development and Reform Commission and the National Energy Administration have jointly approved a plan for cross-grid electricity trading, which includes rules for medium- and long-term electricity transactions, green electricity trading, and spot trading [1][4]. - The plan addresses the historical barriers between the State Grid and Southern Grid, allowing for more flexible and larger-scale electricity transactions across regions [2][3]. Group 2: Trading Capacity and Infrastructure - Currently, there are two established interconnection channels between the State Grid and Southern Grid, with ongoing construction of additional channels to enhance trading capacity [3]. - A significant cross-regional electricity transaction has been initiated, involving over 2 billion kilowatt-hours of electricity from Guangdong, Guangxi, and Yunnan to be delivered to Shanghai, Zhejiang, Anhui, and Fujian [3]. Group 3: Trading Rules and Structure - The trading structure will be organized by multiple entities, including the Beijing Power Trading Center and the Guangzhou Power Trading Center, ensuring collaborative transaction results and settlements [4]. - The plan specifies different trading scenarios, such as large-scale direct current projects and flexible power supply between adjacent provinces, to ensure market integrity and balance [5][6]. Group 4: Green Electricity Trading - The plan emphasizes green electricity trading, allowing renewable energy projects to participate as individual trading units, thus facilitating easier access for power users to purchase green electricity [7][8]. - Various trading methods, including centralized bidding and bilateral trading, are outlined, along with a clear process for green certificate transfer to ensure traceability and market integrity [7][9]. Group 5: Future Goals and Implementation - The plan sets short-term, medium-term, and long-term goals, including pilot projects for demand-based trading and green electricity transactions by the end of 2025 [6][10]. - Continuous improvements in channel construction, transaction processes, and market coordination are planned to transition from sporadic trading to a fully normalized trading environment [10].

Core Insights - The maximum load of the Tianjin power grid has reached a historical high of 19.22 million kilowatts due to sustained high temperatures [1] - The overall operation of the Tianjin power grid remains stable despite the record load [1] Industry Summary - The Tianjin power grid is experiencing unprecedented demand, indicating a significant impact from weather conditions on energy consumption [1] - The record load achievement highlights the challenges faced by power infrastructure during extreme weather events [1]

Key Points - The new trading mechanism breaks down barriers, allowing electricity trading to occur freely across operational zones, enhancing market operations for various types of transactions including medium to long-term, green electricity, and spot trading [1] - The mechanism introduces a "one registration, shared by all" approach, enabling market participants to register in one location and access resources nationwide, eliminating institutional and technical barriers [1] - Green electricity trading is facilitated, with individual renewable energy projects recognized as basic trading units, allowing for easier transactions between regions [3][4] - The trading mechanism does not impose transaction fees for cross-grid trading, and electricity prices will fluctuate based on market conditions, providing more choices for market participants [5] - The establishment of this trading mechanism enhances the overall electricity supply capacity, creating a nationwide "online electricity marketplace" that improves resource utilization and strengthens the grid's ability to respond to regional and seasonal shortages [6]