嘉泽新能自2017年7月20日上市至今，已迎来8周年。从上市首日收盘价为1.81元、市值34.99亿元，到如今市值达到91.78亿 元，嘉泽新能的成长不仅仅是规模扩张，更是新能源行业发展的缩影，但从最近几年公司经营表现来看，业绩增长呈现波 动态势。 来源:金融界 营收角度分析，嘉泽新能2020年实现营收10.12亿元，2024年达到24.22亿元。营收规模在五年间实现翻倍增长，但增速逐年 放缓。 利润角度分析，2020年嘉泽新能实现归母净利润1.98亿元，2024年6.30亿元。归母净利润在波动中实现增长，但近年来增长 势头有所放缓。 2017年8月29日，嘉泽新能的市值巅峰达到266.37亿元，股价也顺应升至13.78元。而至7月18日收盘，嘉泽新能的股价为3.77 元，市值为91.78亿元，相比峰值时期市值减少174.59亿元，市值蒸发了65.55%。 嘉泽新能的主营业务包括新能源电力的开发、投资、建设、经营和管理。其核心产品主要分为新能源电站开发-建设-运营- 出售和屋顶分布式光伏等，从产品收入结构来看，新能源电站开发-建设-运营-出售占比最高，达到94.18%，其次是屋顶分 布式光伏，占比2.72%。 ...

国家发展改革委、国家能源局联合印发的《关于深化新能源上网电价市场化改革促进新能源高质量发展 的通知》（发改价格〔2025〕136号）（下称136号文）对新能源参与现货市场和中长期市场的交易规则 和价格机制均作出相关规定和指引。部分省份的执行政策相继落地，对电力交易市场影响几何？ 随着136号文落地，新能源入市的政策框架逐渐清晰，但各地在具体实施过程中仍存在较大差异。目 前，内蒙古自治区蒙东、蒙西地区以及新疆已率先发布实施方案，明确了新能源项目上网电量全部进入 市场，并提出了可持续发展价格结算机制的具体操作方式。其他省份也陆续进入征求意见阶段。 以蒙东为例，内蒙古自治区发展改革委、能源局印发的《深化蒙东电网新能源上网电价市场化改革实施 方案》明确表示，持续推动新能源上网电量全部进入电力市场，通过市场交易形成价格。同时，区分存 量项目和增量项目，建立新能源可持续发展价格结算机制，保持存量项目衔接，稳定增量项目收益预 期。 在山东，虽然尚未正式发布实施方案，但山东省发展改革委发布的《山东省新能源上网电价市场化改革 实施方案（征求意见稿）》《山东省新能源机制电价竞价实施细则（征求意见稿）》已明确提出新能源 项目将参与 ...

今年以来，中央企业承压前行，经济运行总体平稳。1月份至6月份，中央企业实现增加值5.2万亿元， 完成固定资产投资2万亿元，战略性新兴产业投资保持在较高水平，发售电量、原油产量、航空运输周 转量、集装箱吞吐量同比均稳步提升，有效发挥国民经济顶梁柱、压舱石作用。 "我们要坚定不移办好自己的事，以中央企业高质量发展助推经济持续向好和社会大局稳定。"国务院国 资委党委书记、主任张玉卓在近日举办的中央企业负责人研讨班上强调，当前，尽管面临一些客观困 难，但也要看到，好的因素在累积、稳的基础在夯实、进的态势在巩固。 "中央企业必须把发展新质生产力摆在更加突出的位置，不断提高全要素生产率，努力开启增长的'第二 曲线'，加快实现依靠科技创新驱动的'智慧型增长'。"张玉卓强调，下半年，中央企业要在供给提档、 转化提速、产业提质、改革提效上下更大功夫，不断增强核心功能、提升核心竞争力，全面完成今年各 项目标任务，有力有效应变局、稳大局、开新局。 按照国务院国资委的部署，要着力提升原创性引领性技术供给能力，持续优化科研组织，加快突破关键 核心技术和前沿技术，主导推动产学研深度融合，维护产业链供应链安全。要加快推动科技成果转化和 产 ...

来源：中国新闻网 中新网北京7月18日电 (记者 孙自法)记者从中国科协获悉，正在北京持续举行的第二十七届中国科协年 会，近日分别举办"基于北斗及视觉融合的大型风电设备安全状态""光计算与人工智能""先进玻璃材料 技术与产业发展"三场专题论坛。 "基于北斗及视觉融合的大型风电设备安全状态"专题论坛由中国卫星导航定位协会承办，发电、电网、 能源、电力建设企业以及科研院所和北斗相关科技领域的110多位科技工作者参加。 专家代表还分别以"基于北斗+视觉融合的新能源发电场站安全监控""北斗+AI融合技术在新能源电力中 的应用与展望""北斗赋能风电安全监测与发电能效提升""高可信、快响应、低虚警风力发电机塔健康监 测系统""电力行业北斗标准体系建设与应用技术探索"为题作报告，聚焦大部件运输路线监测、风力发 电零部件可靠性、单北斗与融合北斗的优势与区别等领域展开深入交流。 该论坛总结建议，通过学术交流不断细化北斗在能源领域的应用分类，持续增强北斗系统的竞争力；通 过协同合作，探讨研究如何将北斗短报文技术更高效地应用于能源行业的广泛领域；通过跨行业协作创 新，将北斗技术与人工智能、低轨卫星互联网等先进技术深度融合，驱动能源 ...

7月18日，国内首个以"气象经济"为核心的国家级博览会——首届气象经济博览会（以下简称"博览会"）在合肥滨湖国际会展中心启幕。博览会由中国气象 服务协会主办，中国灾害防御协会、中国旅游景区协会、中国电力发展促进会、安徽省科学家企业家协会协办，中国绿色碳汇基金会提供公益支持。 本届博览会以"气象融入新经济，携手共创好未来"为主题，汇聚来自气象、新能源、人工智能、低空经济、交通旅游、健康农业等20余个领域近百余家企 业，旨在打造国家级、综合性气象经济交流合作平台。通过覆盖1万平方米的展区成果展示、专题研讨与产业对接活动，全面呈现气象服务从"基础支撑"迈 向"经济引擎"的跃迁路径，推动气象深度赋能现代经济体系构建。 政产学研共话气象经济发展新机遇 开幕式上，来自政府部门、国际组织代表、国内外知名气象学家以及来自能源、金融、农业、航空、交通、保险、文旅、健康、环保等多个行业的企业代 表、专家学者共1200余人齐聚一堂，共同见证这一历史性时刻。 全球能源互联网发展合作组织副秘书长周原冰表示，气象是经济发展的基础性、战略性生产要素，其与经济融合创新正赋能社会发展。"气象+"新产业新业 态涌现，正成为传统产业"倍增器"和新 ...

[Table_Title] 研究报告 Research Report 17 Jul 2025 Global AI Industrial and Energy 政策刺激又下一城，特朗普于宾夕法尼亚公布新 AI 及能源投资计划 Trump unveils new AI and energy investment plans in Pennsylvania 杨斌 Bin Yang 毛琼佩 Olivia Mao bin.yang@htisec.com olivia.qp.mao@htisec.com 投资建议：建议关注受益于政策带来的减税降费及产能扩张所需的相应设备投资的企业如【Vistra】、 【Constellation】、【Talen Energy】、【GE Vernova】、【Siemens Energy】、【Hyundai Electric】、【LS Electric】、 【Schneider Electric】、【Eaton】、【Vertiv】。 风险提示：美国 AI 产业发展不及预期风险；美国电网建设不及预期风险；美国政策变化风险；地缘政治风险。 [Table_yemei1] 热点速评 Flash An ...

开盘那一刻，股价直接冲上5.50元，比发行价3.18元高出72.96%，这还不算完，这个开盘价竟然是它当天的最低价！此后股价一路狂奔，第一次临停后继续 发力，第二次临停后依然不歇气，最终一度飙至10.17元，涨幅高达219.81%，简直像坐上了火箭！ 在华电新能这只新股正式登场之前，那些幸运中签并缴款的股民们，心情可能并不像中了大奖那样激动。原因很简单——这次华电新能的发行价实在太"亲 民"了，才3.18元，是今年以来最便宜的新股。价格一低，大家心里就开始打鼓：这打新收益能有多少？ 更关键的是，它可不是那种小盘股、容易被资金炒起来的"轻盈选手"，而是一只大盘股，盘子大就意味着涨起来不容易，抛压也可能不小。不少中签的股民 心里早已默默盘算："我可能只是来凑个热闹。" 再看看中签号码，足足有438万个！这种"全民参与"的局面也让大家对后市不抱太大幻想。毕竟，大家都拿着号，开盘后一窝蜂地卖，股价能不能稳住都得 看市场脸色。 谁也没想到，这只被不少人"看扁"的新股——华电新能，一上市就上演了一出"逆袭大戏"。原本以为它发行价低、盘子大，首日表现不会太亮眼，结果却让 人大跌眼镜。 你能想象的到，竟然还有超过2600万元 ...

Core Viewpoint - China XD Electric (601179.SH) has secured a significant procurement project from the State Grid, amounting to 1.324 billion yuan, marking its third major contract win this year, with a total of 4.474 billion yuan in contracts announced so far [2][3][6]. Group 1: Contract Wins - On July 15, China XD Electric announced that its subsidiaries won a procurement project from the State Grid, with a total bid amount of 1.324 billion yuan for various electrical equipment [3]. - The company has reported multiple contract wins in 2025, including a 1.707 billion yuan contract in January and a 1.443 billion yuan contract in March, bringing the total contract value for the year to approximately 4.474 billion yuan, which represents about 20.2% of the company's projected revenue for 2024 [4][5][6]. Group 2: Financial Performance - China XD Electric has demonstrated stable operational performance, with revenue and net profit expected to grow for three consecutive years from 2022 to 2024. In Q1 2025, the company reported revenue of 5.245 billion yuan, a year-on-year increase of 11.27%, and a net profit of 295 million yuan, up 42.10% [6][8]. - The company's revenue for 2024 is projected to reach a historical high of 22.175 billion yuan, with a strong performance driven by increased sales in its transformer and switchboard segments [6][8]. Group 3: Market Position and Strategy - China XD Electric is a leading player in the energy and power equipment industry, with a comprehensive product range and a strong competitive advantage due to its extensive experience and market presence [2][6]. - The company is focusing on expanding its market presence and enhancing its technological innovation capabilities, with R&D investments totaling 1.127 billion yuan in 2024, representing 5.08% of its revenue [8]. - The company has a robust order backlog, with contract liabilities reaching 4.147 billion yuan as of Q1 2025, indicating a solid foundation for future revenue growth [6][8].

Market Overview - The Shanghai Composite Index maintained above 3500 points, closing at 3503.78, down 0.03%, while the Shenzhen Component and ChiNext both fell by 0.22% [1] - The total market turnover across three exchanges was 14,617 billion, a decrease of 1,733 billion from the previous day, with over 3,200 stocks rising [2] Robotics Sector - The market attention on the technology sector, particularly robotics, is increasing, with related ETFs recovering to levels seen in early February [2] - The Guozheng Robotics Industry Index and the CSI Robotics Index rose by 1.32% and 0.87%, respectively, with the Guozheng index showing significant elasticity due to its higher weight in humanoid robots compared to industrial and service robots [2] IPO Activity - Huadian New Energy, the largest IPO of the year, saw its stock price surge nearly 220% at one point, leading to two temporary trading halts, and its market capitalization exceeded 400 billion [4] - The stock closed with a gain of 125.79%, with a trading volume of 17.97 million hands [5][6] - The IPO involved issuing 4.969 billion shares at an issue price of 3.18 yuan per share, raising 18.171 billion for various renewable energy projects [7] Bubble Mart Performance - Bubble Mart announced a projected revenue increase of at least 200% and a net profit growth of no less than 350% for the first half of 2025, yet its stock price fell by 4.71% after an initial rise [8][9] - Despite exceeding sell-side analyst expectations, the performance was at the lower end of buy-side expectations, leading to profit-taking pressure on the stock [13] Weiyali Stock Resumption - Weiyali's stock surged by 900% upon resuming trading after nearly a year of suspension, with a peak increase of 918.4% [16][17] - The company completed a share issuance to raise approximately 39.5 million HKD, with funds allocated for debt repayment and operational costs [19]

Summary of Conference Call on Guangdong's 136 Document Industry Overview - The conference call focused on the Guangdong electricity market and the implications of the recently released 136 Document, which outlines policies for renewable energy projects in the region [1][2]. Key Points and Arguments 1. **Flagship Pricing and Volume**: The flagship pricing and volume can be seen as a form of off-market subsidy, distinguishing it from on-market contracts [2]. 2. **Project Execution Terms**: The execution terms for existing and new projects are aligned with current policies, with specific durations set for offshore projects (14 years) and other new projects (12 years) [3]. 3. **Electricity Submission Requirements**: Participants must submit a percentage of their installed capacity based on historical utilization hours, with a maximum submission cap of 90% [4][27]. 4. **Market Participation**: The document emphasizes that if a project does not meet certain criteria (observable, measurable, adjustable, controllable), it may lose its eligibility to participate in bidding [7][8]. 5. **Settlement Rules**: The settlement rules for bidding outcomes are complex, involving calculations based on actual electricity generation and adjustments for green electricity trading [9][10]. 6. **Differences with Shandong**: Guangdong's approach requires all electricity to participate in daily submissions, contrasting with Shandong's model, which does not require such participation [12][13]. 7. **Regional Market Development**: The long-term goal is to establish a unified regional electricity market involving Guangdong and surrounding provinces, enhancing inter-provincial trading dynamics [21][22]. 8. **Impact of Supply and Demand**: The pricing dynamics will be influenced by supply and demand relationships, with potential adjustments to annual contracts based on market conditions [24][26]. 9. **Encouragement of Offshore Wind**: There is a potential differentiation in policies for offshore wind projects, which may receive more favorable treatment compared to other renewable sources [46][47]. Other Important but Overlooked Content - **Risk Management**: The document outlines the risks associated with market participation, particularly regarding forecasting accuracy and the financial implications of deviations from expected generation [14][15]. - **Investment Recovery Period**: The investment recovery period for projects is set between 8 to 12 years, reflecting the varying conditions across different types of projects and locations [42][43]. - **Future Clarifications**: There is an expectation for further clarifications regarding the treatment of existing projects and their integration into the new market framework [34][35]. This summary encapsulates the essential discussions and insights from the conference call regarding the implications of the 136 Document on the Guangdong electricity market and its future direction.