国家能源局23日发布的信息显示，截至6月底，我国累计发电装机容量36.5亿千瓦，同比增长 18.7%。 其中，太阳能发电装机容量11亿千瓦，同比增长54.2%；风电装机容量5.7亿千瓦，同比增长 22.7%。上半年，全国发电设备累计平均利用1504小时，比上年同期降低162小时。 （王悦阳、 戴小河） （来源：新华社） ...

7月24日，A股市场整体上涨。 截至收盘，上证指数收报3605.73点，上涨0.65%，深证成指收报11193.06点，上涨1.21%，创业板指收 报2345.37点，上涨1.5%，北证50指数上涨1.1%。A股市场合计成交18741.85亿元，较上一交易日减少 245.11亿元。 1. A股市场全天主力资金净流出29.95亿元 今日A股市场主力资金开盘净流出69.95亿元，尾盘净流入41.62亿元，全天净流出29.95亿元。 （注：此表为主力资金净流入统计，与上一张表及下一张表的机构净买入统计口径均不同） | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | | 净流入金额 开盘净流入 尾盘净流入 超大单净买入 | | | 2025-7-24 | -29.95 | -69.95 | 41.62 | 66. 68 | | 2025-7-23 | -408. 34 | -149.26 | -68.01 | -169.98 | | 2025-7-22 | -352. 69 | -130. 31 | 1.98 | -137. ...

相关报告 《市场分析：金融医疗行业领涨 A 股震荡上 行》 2025-07-23 《市场分析：资源酿酒行业领涨 A 股小幅上 行》 2025-07-22 《市场分析：证券基建行业领涨 A 股震荡上 行》 2025-07-21 联系人： 李智 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 证券有色行业领涨 A 股震荡上行 ——市场分析 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 07 月 24 日 投资要点： ◼ A 股市场综述 周四（07 月 24 日）A 股市场低开高走、小幅震荡上行，早盘股指低 开后震荡上行，盘中沪指在 3608 点附近遭遇阻力，尾盘股指维持震 荡，盘中证券、有色金属、半导体以及能源金属等行业表现较好； 贵金属、银行、保险以及电力等行业表现较弱，沪指全天基本呈现 小幅震荡上行的运行特征。创业板市场周四震荡上行，创业板成分 指数全天表现强于主板市场。 ◼ 后市研判及投资建议 ...

1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints of the Report - In 2025Q2, the A-share market showed a volatile upward trend with significant structural differentiation and style rotation. The median return of active equity funds was 1.90%, outperforming major indices such as the CSI 300 and CSI 500. Nearly 70% of stocks in the whole market recorded positive returns [3]. - As of the end of Q2 2025, the total scale of active equity funds was 3.29 trillion yuan, a decrease of 0.04 trillion yuan from the previous quarter. In Q1 2025, there was a net outflow of 113.407 billion yuan from active equity funds [6]. - Different - style and theme fund managers had diverse investment strategies and outlooks. For example, value - style fund managers focused on undervalued traditional assets and looked for opportunities in some consumer and cyclical sectors; growth - style fund managers concentrated on long - term growth companies and adopted a "boom - mining + balanced allocation" strategy [21][23]. 3. Summary According to the Table of Contents 3.1 Active Equity - Type Fund 2025 Second - Quarter Report Data Review 3.1.1 Performance Review - In Q2 2025, the A - share market was volatile. After a brief decline in early April due to US tariff policies, it stabilized from mid - April to mid - May and saw theme rotations since June. The Guozheng 2000 and ChiNext 50 recorded relatively high positive returns of 4.41% and 3.19% respectively. The median return of active equity funds was 1.90%, and the median stock price change was 5.39% [3]. 3.1.2 Scale and Fund Flow - As of the end of Q2 2025, the total scale of active equity funds was 3.29 trillion yuan, down from 3.33 trillion yuan in the previous quarter. In Q1 2025, there was a net outflow of 113.407 billion yuan from active equity funds. Funds with a fund - flow change ratio < - 1% accounted for 74.34%, while those with a net inflow ≥ 1% accounted for only 16.51% [6]. 3.1.3 Position Change - As of Q2 2025, the average stock position of active equity funds was 87.23%, with an average position change of 1.15%. The average active position change was 1.18%, and the average natural position change was - 0.04%. 39.57% of funds adjusted their active positions by 0 - 5%, and 33.76% adjusted by - 5% - 0 [9]. 3.1.4 Industry Allocation - The top five industries for increased holdings were communication, medicine, non - bank finance, banking, and national defense and military industry. The top five industries for reduced holdings were food and beverage, automobile, commerce and retail, power equipment and new energy, and machinery. Five industries had over - allocation reductions, and nine industries had under - allocation increases [12]. 3.1.5 Individual Stock Heavy - Holdings - The top ten heavy - holding stocks by market value included Tencent Holdings, CATL, Kweichow Moutai, etc. The top ten heavy - holding stocks by the number of holding funds included CATL, Tencent Holdings, Zijin Mining, etc. The stocks with the largest increase in market value of heavy - holdings included Zhongji Innolight, New H3C Semiconductor Technology, etc., while those with the largest decrease included BYD, Alibaba - W, etc. [15][16][18] 3.2 Second - Quarter Report Fund Manager Views Summary 3.2.1 Value Style - Since 2022, value - style funds have attracted more attention. In 2025, they faced headwinds. Many value - style fund managers believed that undervalued stocks were still worth buying. In terms of position structure, most did not significantly adjust their allocations and focused on traditional undervalued assets, while also looking for opportunities in some consumer and cyclical sectors [21]. 3.2.2 Growth Style - Affected by overseas uncertainties and domestic policies, the market was volatile. Growth - style fund managers adhered to selecting long - term growth companies and adopted a "boom - mining + balanced allocation" strategy. They focused on AI, innovation drugs, and some emerging consumption sectors [23]. 3.2.3 Balanced Style - Balanced - style fund managers selected stocks from multiple dimensions and controlled portfolio risks through diversification. In the context of increased market risk appetite, many reduced holdings in traditional industries and high - dividend consumer stocks and increased holdings in growth stocks and booming industries [25]. 3.2.4 Consumption Theme - Traditional consumption showed differentiation and repair. New consumption had structural opportunities, but the sustainability and space of consumption trends needed to be judged. Some fund managers made structural adjustments in traditional consumption and increased investment in new consumption [27]. 3.2.5 Medicine Theme - Innovation drugs became a consensus. Some fund managers also looked for investment targets with low growth this year, such as innovative medical devices, CXO, and pharmacies [29]. 3.2.6 TMT Theme - The AI industry chain developed rapidly. TMT - theme fund managers continued to focus on AI - related companies and also paid attention to other technology sectors such as robotics and semiconductors [31]. 3.2.7 High - End Manufacturing - The attention to the military industry increased. High - end manufacturing showed competitive advantages, and some fund managers expected the recovery of some electro - new energy sectors [33]. 3.2.8 Cycle Theme - Resource sectors had long - term investment logic. Dividend - type cycle assets had allocation significance, and banks were still the core of the dividend sector [35]. 3.2.9 Hong Kong Stock Theme - Most fund managers were relatively optimistic about Hong Kong stocks. Some adjusted their positions from crowded sectors to the technology sector with lower valuations and expected performance growth [37].

随着"双碳"目标深化与新一轮能源体系建设提速，电力行业正站在智能化、绿色化与系统化跃迁的历史 交汇点。"十四五"进入收官之年，"十五五"布局开启，能源底层逻辑正在重塑。 越是宏观环境充满不确定，越需要看得更深、看得更远。面对技术演进、市场波动与政策更迭的多重交 织，如何识别一家企业的真实价值，不仅取决于眼下的财务指标，更取决于其是否具备顺应时代变革的 结构性能力。 在这一深度转型的发展进程中，煜邦电力凭借清晰的发展逻辑、稳健的战略节奏与扎实的技术演进路 径，走出了一条契合时代方向、回应产业使命的可持续发展之路。其内生动能的释放，正在结构中积 蓄，亦在周期中显现。 非线性市场中，寻找结构性价值 2025年行至中段，外部不确定性依然交织——国际政治经济格局多变、产业链重塑进入深水区、终端需 求周期性错位。但真正具备持续发展能力的企业，并不依赖顺风顺水的环境，而是能够在复杂波动中锚 定方向、沉着推进的"系统型选手"。 2024年，煜邦电力展现出良好的业务兑现力，其成长并非依赖单点突破，而是来源于结构演进与系统能 力的协同发力。2025年，公司节奏趋稳，发展模式从"速度驱动"逐步转向"结构驱动"，显示出较强的自 适应 ...

"咔嗒——"当第一盏应急灯在地震废墟中亮起时，国网定日县供电公司共产党员服务队 队长旦达的对讲机依旧滋滋拉拉地裹着震颤的余波。 7月，定日县的灾后重建工作正在加速推进，总投资2亿元的重建项目已核准开工，帐 篷、发电机、导线等60余吨应急物资等早已在受灾区域储备妥当。在这样的坚实保障下，旦 达和队员们的脚步更加从容有力。在挖掘机清理碎石的轰鸣声里，他们背着20多斤的工具 包，沿着平均海拔4300米的线路巡查。缺氧、风沙让每一步都显得格外沉重，可每基电杆都 得仰头细看，每处接头都要用测温仪反复检测。"这里线路得再架高一点，防止施工碰撞。" 旦达在笔记本上画下隐患点，密密麻麻。 "党员就应该把最危险的地方当作阵地。"旦达的这句话，像一颗钉子牢牢钉在每个人心 里。从1月7日到6月30日，800余次抢修、1400余次延伸服务的数字背后，是暴雨、积雪都无 法阻挡的抢修速度，更是重建工地上，老百姓对往后踏实生活的满满憧憬。 "莫啦（藏语：奶奶），我们又来啦。"旦达蹲在安置点板房里，手把手教着格桑莫啦如 何使用电暖器，嘴里还不断强调着电的安全。老人摸着电暖器的开关，看着旦达忙前忙后的 工作，眼里充满感激。"打完酥油茶一定要记 ...

七月以来，临汾地区持续高温，午间最高温突破 42℃。居民空调全力运转，企业设备满 负荷轰鸣，高温橙色、红色预警接连响起。临汾电网用电负荷屡创新高，连续 7天维持在 350万千瓦以上，迎峰度夏进入最 "烤" 验最"焰"峻时刻。在国网临汾供电公司供电服务指挥 中心，供电服务班班长、入党积极分子马宁，正以青春之姿，成为守护电网平稳的"幕后哨 兵"。 反馈变为服务"优化指南"，他明白，供指中心是服务窗口，既要精准指挥，更要倾听用户诉 求，这是"以人民为中心"的践行。 在马宁及其团队努力下，全市故障报修及时处置率100%,，截至7月中旬，完成意见回访 109次，收集到客户建议71条，26条已转化为服务优化措施。这份"把诉求放在心上"的坚 守，让供电服务从 "被动响应" 转向 "主动预判"，也让马宁成为电网与用户间的"暖心桥"， 以青春汗水筑牢电网平稳防线。 从工单研判的抽丝剥茧，到回访用户的耐心倾听，再到故障坚守的突破创新，供电指挥 中心的马宁，用敢拼敢为的劲头，在迎峰度夏中书写青春担当。他以行动证明：青春力量， 是电网平稳的"守护者"，供电指挥中心的坚守，是电力可靠的"底气"，青春汗水，更是对供 电事业的深情告白。 ...

固定收益 | 专题报告 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 报告发布日期 2025 年 07 月 24 日 | 齐晟 | qisheng@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860521120001 | | 徐沛翔 | xupeixiang@orientsec.com.cn | | | 执业证书编号：S0860525070003 | | 短期估值偏贵，中期依然看多：可转债市 | 2025-07-22 | | --- | --- | | 场周观察 | | | 股市上涨不是利率上行的充分条件：利率 | 2025-07-21 | | 债市场周观察 | | | 超长信用债可以考虑逐渐止盈：信用债市 | 2025-07-21 | | 场周观察 | | | 短端做底仓+挖掘收益率曲线"凸点"： | 2025-07-16 | | 2025Q3 城投债策略 | | 挖掘"反内卷"下的行业配置机会 2025Q3 产业债策略 研究结论 风险提示 政策变化超预期；信用风险 ...

分析师：王骅 登记编号：S0890522090001 分析师：宋逸菲 登记编号：S0890524080003 -- 公募基金专题报告 证券研究报告- F 主动权益基金经理在关注哪些方向? 2025Q2主动权益型基金季报点评 分析师:王骅 执业证书编号: S0890522090001 分析师:宋逸菲 执业证书编号: S0890524080003 4 十 十 回 明 。 2025年7月24日 久巾日册: ZUZ0牛7月Z4日 ▶销售服务电话: 021-20515355 ▶ 请仔细阅读报告结尾处风险提示及免责声明 目录/CONTENTS 主动权益型基金2025二季报数据回顾 1 ALLAD RECURITED 二季报基金经理观点综述 2 风格:价值、成长、均衡风格 行业主题:消费、医药、TMT、高端制造、周 期、港股主题 业绩回顾 规模变化:截至2025年二季度末,主动权益类基金（主 动管理的股票型和混合型基金,且成立以来权益仓位均值 占比在60%以上）总计规模为3.29万亿元,较上一季度的 3.33万亿元减少0.04万亿元。 资金流变化:我们采用"本季基金规模-上季基金规模* (1+本季基金净值回报率)"来定义资 ...

Group 1 - The Shanghai Composite Index has finally surpassed the 3600-point mark, which has not been seen for nearly a decade, leading to optimism about a potential bull market [1][4] - The bull market has already begun in certain sectors, such as the banking index and innovative pharmaceutical index, which have shown significant gains [5][6] - Historical data indicates that while the overall index may rise, individual sector performance can vary greatly, with some sectors lagging behind [6][7] Group 2 - During previous bull markets, the Shanghai Composite Index's growth was less than 100%, and less than 35% of sectors experienced over 100% growth, indicating a structural bull market rather than a comprehensive one [6][10] - The performance of individual stocks during a bull market can lead to significant disparities in returns, emphasizing the importance of sector selection [7][11] - The article highlights that many investors may not benefit from the bull market if they are invested in underperforming sectors, regardless of the index's performance [11][12] Group 3 - The article suggests that the focus should not solely be on whether a bull market has arrived, but rather on whether individual accounts are positioned to benefit from it [13][14] - A diversified investment strategy is recommended to capture opportunities across different markets and asset classes, regardless of market conditions [16][24] - The All Weather Strategy, as demonstrated by Bridgewater, shows that a diversified approach can yield stable returns across various macroeconomic environments [16][19][22]