（原标题：港股概念追踪 | 全国最大电力负荷首次突破15亿千瓦 机构：电力板块有望迎来价值重估(附概念股)） 智通财经APP获悉，7月16日，全国最大电力负荷继今年7月4日(14.65亿千瓦)、7月7日(14.67亿千瓦)后再次刷新历史纪录，首次突破15亿千瓦，最 大达到15.06亿千瓦，较去年最大负荷增加0.55亿千瓦。本周全国电力负荷持续维持高位，迎峰度夏能源保供工作已进入关键时期。 近期全国多地电力负荷快速上升，入夏以来至16日中午，全国共有天津、冀北、河北南网、山东、江苏、浙江、安徽、福建、湖北、河南、江 西、辽宁、蒙东、陕西、四川、广东16个省级电网负荷36次突破历史新高。迎峰度夏期间，全国大部地区气温较常年同期偏高，叠加经济增长趋 势向好，共同拉动全国最大电力负荷创历史新高。 分析认为，偏高气温带动火电发电量上升，叠加煤价的继续承压，部分区域火电企业或有望迎来的显著业绩增长。其中，华银电力中报预告显 示，公司预计2025年半年度实现归属于母公司所有者的净利润1.8亿-2.2亿元(未经审计)，同比增长3600.70~4423.07%；此外，京能电力预计2025年 半年度实现归母净利润约18.28亿元 ...

Core Viewpoint - The recent rally in the power sector is driven by multiple factors, including increased electricity demand due to high summer temperatures, policy support, and improving profitability, indicating a potential for sustained investment interest in the sector [10][12][14]. Group 1: Market Dynamics - Since July, the national peak electricity load reached a historical high of 1.465 billion kilowatts, reflecting a surge in electricity demand [10]. - The Wind Power Index has seen a cumulative increase of nearly 10% since March, with a 3% rise in July alone [10]. - The power sector is experiencing a convergence of supply-demand improvements, policy support, and profit recovery, leading to a favorable investment environment [10][12]. Group 2: Factors Driving the Rally - Increased electricity demand is attributed to high summer temperatures and industrial production, alongside emerging demands from AI computing and electric vehicle charging [12]. - The policy environment is supportive, with ongoing reforms in the electricity pricing mechanism and the promotion of new energy systems, which are expected to enhance profitability for power companies [14][18]. - The decline in coal prices has alleviated cost pressures for thermal power companies, contributing to improved profit margins [14][13]. Group 3: Investment Opportunities - Key areas of focus include thermal power, nuclear power, and hydropower, with expectations of profit recovery and stable cash flows [20][21]. - The sector is characterized by low valuations and improving fundamentals, creating a "scissors gap" that may attract continued capital inflow [16][18]. - Long-term investment value is seen in large hydropower companies, which offer stable cash flows and attractive dividend yields in a low-interest-rate environment [20][21]. Group 4: Strategic Insights - Investment strategies should balance stable hydropower assets with cyclical thermal power assets, emphasizing individual stock performance and market dynamics [22]. - Monitoring coal inventory levels, bond yields, and regional electricity market conditions is crucial for informed investment decisions [22]. - The energy and power sector's evolution is heavily influenced by industrial policies, necessitating in-depth research to identify profitable segments [23].

【导读】 四位 基金经理解读电力板块投资机会 中国基金报记者 张燕北 孙晓辉 热！7月以来，全国高温不断，用电需求"爆棚"。7月4日，全国最大用电负荷达到14.65亿千瓦，创出历史新高。 伴随 着 迎峰度夏，电力板块行情也开始持续升温。今年3月以来，万得电力指数累计涨幅已接近10%，仅7月便累计上涨近3%。 就在本周五（7月11日），电力板块异动拉升，豫能控股、华银电力等部分个股直线涨停或逼近涨停，有的个股更是连日收获多个涨停板。 电力板块行情回暖背后的主要逻辑是什么？后续行情能否持续？哪些细分领域投资机会值得关注？ 为此，中国基金报记者采访了： 嘉实清洁能源基金经理 宋阳 电力ETF南方基金经理 龚涛 中银基金基金经理 刘腾 创金合信优选回报混合基金经理 龚超 在受访基金经理看来，近期电力板块行情由多重因素共同驱动，行业正处于供需改善、政策支持与盈利修复的共振阶段，投资价值逐步显 现。 大家普遍认为，历史低位估值与行业基本面改善形成的"剪刀差"，有望催生资金持续 流入 电力板块。在短期事件催化和长期逻辑支撑 下，电力板块有望呈现震荡上行趋势，但预计会出现分化。 其中，低利率环境下，低估值、高股息的电力资产吸 ...

Core Viewpoint - The extreme summer heat in China has led to a significant increase in electricity demand, benefiting thermal power companies with potential profit growth due to lower coal prices and rising electricity prices [1] Group 1: Electricity Demand and Supply - Experts predict a 5% increase in annual electricity consumption due to high temperatures [1] - The highest national electricity load reached 1.465 billion kilowatts on July 4, setting a new historical record [1] - Many provincial power grids have repeatedly hit new highs in load, indicating a surge in electricity demand [1] Group 2: Thermal Power Companies - The thermal power sector has seen a cumulative increase of over 20% in the last three months, with companies like Huayin Power experiencing varying degrees of stock price increases [1] - Sufficient coal inventory at power plants, with approximately 210 million tons available for about 35 days, supports stable coal prices [1] - Companies such as Guangdong Electric Power are expected to see performance improvements due to rising electricity prices during peak summer demand [1] Group 3: Coal Prices and Inventory - The average price of Q5000 thermal coal in Shandong decreased by 22.94% compared to the same period in 2024 [1] - Key monitored coal mines had a coal inventory of 35.96 million tons as of June 16, showing a 0.5% increase from the end of May [1] - The stable coal prices are anticipated to provide profit margins for thermal power companies as summer demand peaks [1] Group 4: Future Outlook - The power sector is expected to see profit improvement and value reassessment following multiple rounds of supply-demand conflicts [1] - Baoneng New Energy, a significant power generation company in Guangdong, is effectively controlling costs through quality improvement and cost management [1] - The company's ongoing second-phase expansion project is expected to enhance its market position [1]

本报（chinatimes.net.cn）记者李佳佳 李未来 北京报道 7月8日，大唐华银电力股份有限公司（下称"华银电力"，600744.SH）股价再度涨停，斩获6天5板，截 至当日收盘，公司股价报7.37元/股，总市值飙升至150亿元，据统计，年内公司股价累计涨幅已达 136.98%，当日，22.3万手买单牢牢封死涨停板。 在资本市场上，一直流传着"冬炒煤，夏炒电"的说法。随着夏季气温攀升，我国多地进入用电高峰期， 电力需求激增，在供需偏紧的背景下，一般会催化一波电力板块的行情。 近期市场表现似乎再次印证了这一规律，电力板块表现极为活跃，过去60日内，乐山电力 （600644.SH）、华银电力和协鑫能科（002015.SZ）股价涨幅均超100%，华电辽能（600396.SH）、豫 能控股（001896.SZ）、深南电A（000037.SZ）等多股涨幅超40%。 消息面上，国家能源局数据显示，7月4日，全国最大电力负荷达到14.65亿千瓦，较6月底上升约2亿千 瓦，较去年同期增长近1.5亿千瓦，创下历史新高。入夏以来，江苏、山东、河南、安徽、湖北等省级 电网负荷9次创新高。受持续高温影响，预计电网负荷仍将维 ...

Group 1 - The core viewpoint of the articles highlights the significant increase in electricity demand due to recent high-temperature weather, with the national maximum electricity load reaching 1.465 billion kilowatts, a year-on-year increase of 150 million kilowatts, marking a historical high [1][2] - The coal-fired power generation enterprises have seen a daily average power generation increase of 2.7% as of the end of June, with accelerated coal inventory turnover and strong coal supply security [1] - Investment opportunities in the electricity sector for the second half of the year are identified, focusing on improved coal-fired power costs due to declining coal prices, attractive dividend yields for hydropower in a low-interest-rate environment, long-term growth potential in nuclear power, and clear revenue expectations for renewable energy [1][2] Group 2 - The largest electricity ETF in the market has shown significant trading activity and growth, with an average daily trading volume of 164 million yuan over the past month and an increase in scale from 1.5 billion yuan at the beginning of the year to 3.229 billion yuan [1] - The latest price-to-earnings ratio of the index tracked by the ETF is 17.45 times, which is in the 22.2% percentile over the past three years, indicating attractive valuation [1] - The top ten weighted stocks in the index include leading companies such as Yangtze Power and China Nuclear Power, collectively accounting for 55.43% of the index, reflecting the core asset advantages of the industry [1] Group 3 - Market analysis indicates that the electricity sector benefits from both short-term catalysts and long-term structural support, with high temperatures driving electricity load and coal power generation recovery [2] - The ongoing reform of electricity central enterprises and accelerated green energy transition are contributing to the stability of industry profitability [2] - Investors are encouraged to participate flexibly through the electricity ETF and its linked funds to capture the dual benefits of peak summer demand and energy structure transformation [2] Group 4 - The electricity ETF tracks the CSI All-Share Power Index, which has seen a year-to-date increase of 1.2% [4] - The index's price-to-earnings ratio is at 17.41 times, placing it in the 41% valuation percentile since its inception [4] - Other ETFs related to the electricity sector, such as the Grid ETF and Battery ETF, have also shown positive performance, with respective year-to-date increases of 5.4% and 5.9% [4]

Group 1 - The national maximum electricity load reached 1.465 billion kilowatts on July 4, an increase of approximately 200 million kilowatts from the end of June and nearly 150 million kilowatts year-on-year, setting a historical record [1] - The East China power grid load reached 422 million kilowatts, with air conditioning load accounting for about 37% [1] - Several provinces, including Jiangsu, Shandong, Henan, Anhui, and Hubei, have seen their power grid loads hit new highs nine times since the beginning of summer [1] Group 2 - Q2 performance is expected to exceed expectations, driven by low coal prices and improved profitability from market-oriented transactions in thermal power [2] - Hydropower generation in Q2 is expected to show significant growth due to water storage advantages, outperforming industry levels [2] - The transition of electricity demand from secondary to tertiary industries, the shift towards cleaner energy, and the move towards spot trading in electricity reform are key trends impacting the sector [2] Group 3 - Related Hong Kong stocks in the power sector include Huadian International (01071), Huaneng International (00902), China Power International Development (02380), China Resources Power (00836), Datang International Power Generation (00991), and CGN Power (01816) [3] Group 4 - Key companies in the power equipment sector include Dongfang Electric (01072), Shanghai Electric (02727), and Harbin Electric (01133) [4]

Group 1 - The core viewpoint of the article highlights that the current power sector is entering a phase of performance realization and reform benefits, leading to significant enhancement in industry allocation value [1] Group 2 - Companies such as Jin控电力, 淮河能源, and others have seen their stock prices hit the daily limit up, indicating strong market interest and positive sentiment [1] - The report from Guangfa Securities emphasizes the low valuation attributes combined with deepening market capitalization management within the power sector [1]