用电量的持续攀升不断刷新纪录，点燃了电力行业的热度。7 月以来，在A股市场上，多只电力股脱颖而出，获得资金的追 捧。 作者： 蔡越坤 封图：图虫创意 7月以来，电力板块持续受到资金的热烈追捧，成为A股市场焦点。其中，大唐华银电力股份有限 公司（600744.SH，下称"华银电力"）表现尤为突出，自7月1日至9日7个交易日已斩获6个涨停 板。7月1日至9日，电力指数上涨2.89%，高于同期上证指数1.41%、深证成指1.11%、沪深300指 数1.41%的涨幅。据Wind数据统计，华银电力年内股价累计涨幅高达160.77%。 截至7月9日收盘，华银电力的股价收于8.11元/股，总市值飙升至165亿元。从近10日股价涨幅来 看，Wind数据显示，已有近20只电力股涨幅超过10%。华银电力的股价以超过80%的涨幅领跑电 力板块，华电辽能（600396.SH）、乐山电力（600644.SH）、韶能股份（000601.SZ）、华电能 源（600726.SH）、深南电A（000037.SZ）等个股也表现不俗，股价涨幅均超过20%。 华银电力成立于1993年，于1996年在上交所上市，是大唐集团的控股子公司。该公司以火力发 ...

Core Viewpoint - The power sector has been experiencing significant investor interest since July, with companies like Huayin Power leading the surge in stock prices, driven by increased electricity demand due to high temperatures and favorable market conditions [1][4]. Group 1: Stock Performance - Huayin Power's stock has achieved six consecutive trading limit-ups from July 1 to July 9, with a cumulative increase of 63.41% during this period, significantly outperforming the Shanghai Composite Index [2][1]. - As of July 9, Huayin Power's stock price reached 8.11 yuan per share, with a total market capitalization of 16.5 billion yuan, reflecting a year-to-date price increase of 160.77% [1][2]. - Nearly 20 other power stocks have also seen price increases exceeding 10%, with several stocks like Huadian Liaoning and Leshan Power showing gains over 20% [1]. Group 2: Market Drivers - The surge in electricity demand is attributed to extreme summer temperatures, with national peak electricity load surpassing 465 million kilowatts, driven largely by air conditioning usage [4][5]. - The International Energy Agency (IEA) predicts a 4% increase in global electricity demand over the next two years, the highest annual growth rate since 2007, fueled by advancements in artificial intelligence and increased electrification across various sectors [5][6]. - Ongoing upgrades to the power grid are expected to enhance the profitability of power generation companies by improving transmission capacity and resource allocation [5]. Group 3: Cost Factors - Recent declines in coal prices are beneficial for thermal power companies, as coal is a significant production cost, and lower costs can lead to increased profitability [5][6]. - The long-term outlook for the power industry suggests stable demand and a favorable cost environment, with thermal power companies expected to maintain reasonable profit margins despite market fluctuations [6].

Group 1 - The article highlights the upgrade and transformation of the 10 kV Tongping Agricultural II Line in She Shang Village, aimed at enhancing the power supply reliability during the summer peak demand [1][2] - The project involves the installation of 135 new 12-meter high electric poles and a total of 7.299 kilometers of new lines, which will significantly improve the safety and efficiency of the power grid [2] - The upgrade will optimize the path of the power line, making maintenance and fault detection easier, thus ensuring a stable power supply for local residents during the hot summer months [2]

电力是经济发展的动力，也是民生保障的基础。从"指尖办电"的便捷服务到 智能电网 的科技升级，从 园区企业的定制化保障到多维治理的精准施策， 广西能源 股份始终秉持"为民服务"的初心，以全程"零 跑腿"的服务速度、近乎"零中断"的供电可靠性、服务"零距离"的惠民温度，为人民对美好生活的向往 和经济社会高质量发展提供坚强电力保障。 "三零三省"全落实"指尖服务"暖民心 电力数据是经济运行的"晴雨表"，更是民生幸福的"温度计"。广西能源股份全面落实"三零""三省"服 务，对160千瓦及以下用户实现"零上门、零审批、零投资"，同步在高压用户深化"省力、省时、省 钱"服务。通过 线上线下 宣传，确保业务"一次办结"。2025年1月至5月，累计为约1600户用户节约办电 成本超200万元。通过构建" 互联网 +电力服务"体系，整合网上营业厅、微信公众号及小程序等平台， 打造"指尖办电"服务，并拓展微信、支付宝等7个缴费渠道，实现业务全程线上办理，让用户"一次都不 跑"。 广西能源股份强化信息公开，线上线下全渠道公示电价政策、业务流程等关键信息，推出"刷脸办 电""一证办电"等智慧服务，推动电力服务上门进社区、进企业，让电 ...

Core Insights - New Special Electric Co. experienced a 20% limit increase, while Xinling Electric, Koru Intelligent Control, and Meishuo Technology saw gains exceeding 10% [1] - Other companies such as Kelu Electronics, Taiyong Changzheng, and New Energy Taishan also reached their limit increase, indicating a strong market response [1] - The National Development and Reform Commission, along with three other departments, recently issued a notice to promote the scientific planning and construction of high-power charging facilities [1] Industry Developments - The notice emphasizes the integration of high-power charging facility layout planning with distribution network planning, suggesting a proactive approach to grid construction and timely upgrades [1] - This initiative is likely to enhance the infrastructure for electric vehicles, potentially leading to increased demand for related technologies and services [1]

Investment Rating - The report maintains a "Positive" investment rating for the power equipment industry [4] Core Insights - The dual carbon strategy emphasizes the coexistence of highly clean power generation and highly electrified power consumption, with the grid serving as a crucial link between the two [4][7] - The development of ultra-high voltage (UHV) technology is essential for achieving carbon neutrality, but progress has been slower than expected [4][8] - The distribution network is critical for renewable energy consumption, yet investment during the 14th Five-Year Plan period has fallen short of expectations [4][39] Summary by Sections Ultra-High Voltage (UHV) - UHV is a key component of the dual carbon strategy, with a planned investment of 380 billion yuan for over 30,000 kilometers of lines and a capacity of 340 million kilovolt-amperes [8] - The actual progress of UHV projects has been below expectations, with only eight projects likely to be completed by 2025 [16][18] - The shift towards flexible direct current technology is noted, as it allows for higher proportions of renewable energy to be transmitted [22][24] Distribution Network - The distribution network's role has evolved significantly post-dual carbon strategy, requiring upgrades to accommodate distributed energy resources [39][40] - Despite a consensus on the need for increased investment in the distribution network, actual investment levels have been lower than anticipated during the 14th Five-Year Plan [47] - The rapid growth of distributed solar power has led to challenges in the capacity of the distribution network, necessitating further enhancements [50]

Group 1 - The unprecedented power outage in Europe has raised alarms about global energy security, prompting discussions on how China can prevent similar incidents [1] - The State Grid of China is actively researching ways to enhance grid resilience and is focusing on improving stability management, predictive capabilities for renewable energy, and fault defense mechanisms [1][3] - The transition of China's power system is significant, with a notable increase in renewable energy sources leading to changes in grid characteristics and operational theories [1][3] Group 2 - A recent large-scale power outage in Spain, Portugal, and southern France affected over 50 million people, highlighting the risks associated with high proportions of renewable energy in the grid [2] - The investigation into the outage identified three main causes: insufficient voltage regulation, voltage fluctuations, and improper disconnection of power plants, with blame being shared between grid operators and power plants [2] - In 2023, Portugal generated 61% of its electricity from renewable sources, while Spain's renewable energy generation reached 56% of total consumption in 2024, indicating a trend towards higher renewable energy integration [2] Group 3 - The increasing integration of renewable energy sources like wind and solar is causing significant challenges in frequency and voltage regulation, raising the risk of grid failures and large-scale outages [3][4] - As of now, renewable energy installations in the State Grid's operational area exceed 1,325 GW, accounting for 46.9% of total capacity, while in the Southern Grid, renewable capacity is approaching 50% [3][4] - The National Energy Administration has issued guidelines to enhance the safety management of renewable energy integration into the grid, addressing the challenges posed by the rapid increase in renewable energy installations [3][4] Group 4 - The characteristics of the new power system, defined by high proportions of renewable energy and power electronic devices, pose risks to grid stability due to the lack of inertia and voltage support from renewable sources [4][6] - Accurate forecasting of renewable energy output is essential for mitigating the rapid changes in voltage and frequency caused by high renewable penetration [4][6] Group 5 - To effectively integrate high levels of renewable energy, the flexibility of the power system must be improved, which includes enhancing the capabilities of coal-fired power plants and developing pumped storage hydropower [7][8] - As of the end of 2023, the total installed capacity of flexible power sources in China was approximately 496 GW, representing only 16.9% of total capacity, which is below the target of 24% by 2025 [8] - Pumped storage hydropower is expected to reach a total capacity of around 66 GW by the end of 2025, but its growth is limited by geographical constraints and long construction cycles [8][9] Group 6 - Demand-side response capabilities are crucial for managing power supply and demand balance, particularly during peak load periods, and have been recognized as a key element in the new power system [11][12] - The demand-side response can help alleviate peak loads, such as those caused by air conditioning, which accounted for 40% of peak load in Zhejiang province during extreme heat [11][12] - Industries like textiles, steel, and aluminum have significant demand-side flexibility, with potential adjustable loads reaching up to 35% and 20% respectively, indicating opportunities for enhancing grid resilience [15]

Group 1 - On July 7, Shenzhen's power grid load reached a historical high of 23.71 million kilowatts, marking a year-on-year increase of 1.70% compared to last year's peak load of 23.32 million kilowatts [1] - The forecast indicates that the highest load for Shenzhen's power grid this year may reach 25.6 million kilowatts, representing a year-on-year growth of 9.8% [1] Group 2 - The Southern Power Grid Shenzhen Supply Bureau has implemented various measures to manage the peak electricity load during the flood season and summer, including detailed load forecasting and risk management [2] - The bureau is enhancing real-time load management and monitoring the operational status of power supply equipment, while also accelerating targeted upgrades in overloaded areas [2] - Collaborative mechanisms between government and enterprises are being strengthened to ensure energy supply and optimize the performance of key power sources [2] - The bureau is focusing on a coordinated approach involving the power grid, supply, and demand sides to ensure stable and reliable electricity supply for Shenzhen's high-quality development [2]

面对外界对蔚来汽车近千亿亏损的质疑，蔚来创始人李斌7月6日在直播中披露关键"底牌"："公司累计 600亿元研发投入全额计入当期费用。" 财务数据显示，自2019年至2025年第一季度，蔚来累计亏损925.92亿元。随着这一"全额费用化"策略的 传播，蔚来的财务策略与未来走向再度受到高度关注，2025年第四季度实现盈利的目标能否如期兑现？ 数据显示，蔚来近三年研发费用占营收比例维持在15%-20%区间，这一数据相比同行企业略高。这一差 异背后，除了蔚来未将研发投入资本化的因素外，还与自身经营特性相关。蔚来定位高端新能源汽车市 场，在技术研发上坚持高投入，同时相比行业头部企业，蔚来销量规模相对较小，导致研发费用分摊到 单车上的成本更高。 技术投入路径：芯片开放、换电调峰与产能布局 在技术创新与落地方面，李斌透露，蔚来自主研发的5纳米智驾芯片"神玑NX9031"将面向全行业开放。 他强调，该芯片具备强大的算法支撑能力，可满足未来10年智能驾驶算法的迭代需求，并达到车规级最 高安全标准。这一举措或为其开辟新的盈利增长点。 产能布局上，蔚来第三工厂（F3工厂）计划今年9月正式投产，将同时生产蔚来品牌以及子品牌乐道的 车 ...

Group 1 - NIO and JAC established a joint venture in 2021, which is now set to be dissolved due to a resolution to disband the company [1][6] - The joint venture, Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd., had a registered capital of 510 million RMB and its insured employee count peaked at 4,620 in 2023, dropping to 104 in 2024 [4][6] - NIO's acquisition of manufacturing capabilities from JAC has allowed it to gain vehicle manufacturing qualifications, making the dissolution of the joint venture expected [6] Group 2 - NIO's cumulative losses have exceeded 100 billion RMB, with a net loss of 6.891 billion RMB in Q1 2024, raising concerns among shareholders and customers [7][9] - To improve efficiency, NIO has implemented a "Basic Operating Unit (CBU)" mechanism, resulting in a 40% reduction in frontline sales staff [7] - NIO's R&D investment has reached 60 billion RMB, with a projected 13.037 billion RMB for 2024, leading the competition in R&D spending [9] Group 3 - NIO delivered 24,925 vehicles in June 2024, a 17.5% year-on-year increase, but still falling short of CEO Li Bin's target of 10,000 monthly sales [9][10] - The upcoming launch of NIO's second brand, Lado's L90 model, is positioned as a large SUV with a starting price below 300,000 RMB, aimed at boosting sales [10]