【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 国海证券研报指出，申菱环境聚焦高景气赛道，积极扩张产能与出海。为应对持续旺盛的市场需 求，公司希望通过新建智能化液冷设备生产线，提升公司液冷温控设备产品的规模化生产能力，有效保 障现有及未来订单的按时高质量交付，巩固并扩大公司在液冷温控设备领域方面的市场地位。海外业务 是未来数据服务板块的重要增长点。公司近年来在新加坡和马来西亚有规模交付液冷、相变冷却等创新 高能效产品，重视通过技术创新、预制化、本土服务保障等增加客户合作粘性。顺趋势聚焦算力+能源 领域。结合产业发展趋势，近期公司业务更多聚焦于数字与算力，电力与能源两大应用领域。结合行业 景气度与新增订单节奏，首次覆盖公司，给予"增持"评级。 （责任编辑：张晓波 ） ...

Investment Rating - The report maintains an "Accumulate" rating for the public utility sector [1]. Core Insights - The Gansu Energy Investment Green Power Aggregation Pilot Project promotes the integration of "computing power + energy" development, with a planned capacity of 1 million kilowatts, including 750,000 kilowatts of wind power and 250,000 kilowatts of solar power [4]. - Shandong Province has issued implementation details for the source-network-load-storage integration pilot, emphasizing compliance and prohibiting illegal practices [4]. - The report highlights a decrease in electricity prices and coal prices, with the average electricity purchase price in March 2025 at 398 RMB/MWh, down 4% year-on-year [34]. Summary by Sections 1. Market Review - The public utility index rose by 2.19% from March 10 to March 14, 2025, outperforming the market [12]. - The top five gainers included KAITENG Gas (+34.7%) and LINGDA Co. (+24.2%) [12]. 2. Power Sector Tracking 2.1 Electricity Consumption - Total electricity consumption for 2024 is projected at 9.85 trillion kWh, a year-on-year increase of 6.8% [14]. - The growth rates for different sectors are: primary industry (+6.3%), secondary industry (+5.1%), tertiary industry (+9.9%), and urban-rural residential use (+10.6%) [14]. 2.2 Power Generation - Cumulative power generation for 2024 is expected to reach 9.42 trillion kWh, reflecting a 4.6% year-on-year increase [24]. - The growth rates for various power sources are: thermal power (+1.5%), hydropower (+10.7%), nuclear power (+2.7%), wind power (+11.1%), and solar power (+28.2%) [24]. 2.3 Electricity Prices - The average electricity purchase price in March 2025 is 398 RMB/MWh, down 4% year-on-year and stable compared to the previous month [34]. 2.4 Coal Prices - As of March 14, 2025, the price of thermal coal at Qinhuangdao port is 681 RMB/ton, down 21.99% year-on-year and 1.02% week-on-week [41]. 2.5 Water Conditions - The water level at the Three Gorges Reservoir is 164.01 meters, with inflow and outflow rates showing significant year-on-year increases [4]. 2.6 Nuclear Power - In 2024, 11 nuclear units have been approved, indicating a positive growth trajectory for the sector [4]. 2.7 Green Power - The report emphasizes the growth potential of green power, with significant increases in installed capacity for wind (+25.0%) and solar (+25.9%) [4]. 3. Investment Recommendations - Recommendations include focusing on hydropower companies like Changjiang Electric, thermal power companies such as Waneng Power, and nuclear power firms like China Nuclear Power [4].