Group 1 - Xi Jinping emphasizes the need to promote the healthy and high-quality development of the private economy, addressing prominent issues faced by private enterprises and encouraging entrepreneurs to remain resilient [1] - The People's Bank of China plans to implement a moderately loose monetary policy, ensuring liquidity remains ample and aligning social financing and money supply growth with economic growth and price level expectations [1] Group 2 - Li Qiang calls for a robust push towards green and low-carbon industrial transformation, focusing on enhancing ecological diversity and stability while optimizing land development and protection [2] Group 3 - Southbound funds recorded a net purchase of HKD 35.876 billion on August 15, marking a historical high for single-day net purchases, with Xiaomi Group and Alibaba leading the inflows [3][4] - The top ten stocks with the highest net inflows from southbound funds include Xiaomi Group (HKD 31.43 billion) and Alibaba (HKD 27.26 billion) [3] Group 4 - The first batch of total control indicators for rare earth mining and separation for 2025 has been issued to China Rare Earth Group and Northern Rare Earth, although not publicly disclosed [4] Group 5 - The Shanghai Composite Index reached a peak of 3704.77 points, approaching the 3731.69 points high from February 18, 2021, marking a significant ten-year high [5][6] - Historical analysis shows that after reaching a ten-year high, the Shanghai Composite Index typically maintains a trend of oscillating upward over an extended period [6] Group 6 - Reports suggest that polysilicon companies may implement monthly production and sales restrictions starting in September, with a total annual capacity control of 2 million tons for 2026 [7] - The average transaction price for n-type polysilicon has increased from CNY 34,400 per ton in late June to CNY 47,400 per ton, reflecting a nearly 37.8% increase [7] Group 7 - The Shanghai Electric Power Company successfully executed a demand response call for virtual power plants, achieving a maximum response load of 1.1627 million kilowatts, setting a new record [13] - Analysts recommend focusing on hydropower and thermal power stocks that are expected to benefit from the ongoing construction of a unified national electricity market [13]

第二，电力现货市场即将实现基本全覆盖。现货市场有助于精准发现价格、实时反映和调节供需，既是 电力市场体系的关键环节，也是难点所在。王任飞透露，目前，25个省内市场均已开展现货交易，其中 6个实现正式运行，6个已实现连续结算运行，其他十余个省份也将在年内实现连续结算运行。"这对于 近段时间相关省份电力保供发挥了重要作用。" 第三，统一的电力市场基础规则体系基本建立。目前，已经形成以电力市场运行基本规则为基础，中长 期、现货、辅助服务交易规则为主干，市场注册、计量结算、信息披露为支撑的"1＋6"规则体系，未来 还会根据市场的发展不断丰富完善。 王任飞表示，下一步还将持续完善全国统一电力市场体系，进一步统一规则、破除壁垒、拓展功能、扩 大规模，为保障能源安全、低碳转型、经济增长提供更加有力的支撑。 中国经济网北京8月1日讯(记者王婉莹)近年来，电力市场建设取得重大进展。在今日召开的国家发展改 革委新闻发布会上，国家发展改革委体制改革综合司司长王任飞表示，今年上半年，我国跨省区交易电 量超过6700亿千瓦时，也就是说，电力市场每交易4度电，就有1度通过跨省区交易实现。 建设全国统一电力市场是深化电力体制改革的关键任务 ...

2025 年可再生能源电力消纳责任权重发布，利好新能源消纳 相关研究： 《新疆、蒙西"136号文"承接方案发 布，存量平稳过渡》 2025.06.29 《广东"136号文"征求意见，增量项 目保障比例不超过90%》 2025.05.18 《1-3月风光新增7433万千瓦，电网投 资延续高增》 2025.04.22 证券研究报告 2025 年 7 月 20 日 湘财证券研究所 行业研究 公用事业行业周报 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -4 -4 -17 绝对收益 0 4 -2 注：相对收益与沪深 300 相比 分析师：孙菲 证书编号：S0500524010002 Tel：(8621) 50293587 Email：sf06902@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 行情回顾：本周公用事业(申万)下跌 1.37%，跑输沪深 300 指数 2.46pct 根据 wind，截至 7 月 18 日，本周沪深 300 上涨 1.09%，公用事业(申万)下 跌 1.37%，跑输沪深 300 指数 2.46pc ...

Core Viewpoint - The recent heatwave across China has led to a significant increase in electricity demand, creating a favorable environment for the power sector, with several stocks experiencing substantial gains [1][11]. Group 1: Electricity Demand and Market Performance - National maximum electricity load reached 1.465 billion kilowatts on July 4, an increase of 150 million kilowatts year-on-year [1][11]. - In the East China grid, the load reached 422 million kilowatts, with air conditioning accounting for 37% of this load [1]. - Several power stocks, including Huayin Power and Shaoneng Co., have seen significant price increases, with Huayin Power rising 116.8% since April [4][6]. Group 2: Company Performance - Huayin Power reported a revenue of 2.307 billion yuan in Q1, a year-on-year increase of 5.06%, and a net profit of 75.6749 million yuan, up 894.61% [7]. - The company anticipates a net profit of 180 million to 220 million yuan for the first half of the year, a significant increase compared to the previous year [8]. - The increase in profit is attributed to a 7.37% rise in power generation and a decrease in the benchmark coal price by 54.08 yuan per ton [8]. Group 3: Future Outlook - The National Energy Administration has released a new action plan for the construction of a new power system from 2025 to 2027, indicating structural opportunities for the power sector [12]. - Analysts predict a 5% increase in electricity consumption this summer due to high temperatures, which will further boost power generation [12]. - Recommendations for investment focus on hydropower assets, thermal power companies with improving performance, and strong operators in the renewable energy sector [13].