金十图示：2025年06月13日（周五）富时中国A50指数成分股今日收盘行情一览：银行股走低，石油、航运股走强 保险 中国太保 队 中国人保 中国平安 04 3759.04亿市值 3454.66亿市值 9920.94亿市值 10.24亿成交额 26.17亿成交额 8.64亿成交额 35.91 8.50 54.48 -0.15(-0.42%) -0.33(-0.60%) +0.02(+0.24%) 酸酒行业 贵州茅台 五粮液 山西汾酒 17925.31亿市值 2087.36亿市值 4623.77亿市值 13.22亿成交额 43.95亿成交额 84.67亿成交额 119.12 1426.95 171.10 -2.75(-1.58%) -3.38(-2.76%) -32.05(-2.20%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2193.11亿市值 2525.20亿市值 3185.74亿市值 21.82亿成交额 24.36亿成交额 26.57亿成交额 410.56 604.90 137.06 +6.34(+1.57%) +0.10(+0.02%) +0.97(+0.71%) 汽车整车 铁路公路 比亚 ...

Market Overview - The FTSE China A50 Index showed mixed performance with the liquor industry declining, banking stocks fluctuating, and the oil sector strengthening [1] Industry Performance Liquor Industry - Major companies like Kweichow Moutai, Shanxi Fenjiu, and Wuliangye experienced declines in stock prices, with Moutai down by 1.42% [3] - Market capitalizations: Kweichow Moutai at 1,832.79 billion, Shanxi Fenjiu at 212.09 billion, and Wuliangye at 475.50 billion [3] Banking Sector - China Pacific Insurance, Ping An Insurance, and China Life Insurance had varying stock performances, with Ping An up by 1.12% [3] - Market capitalizations: China Pacific Insurance at 998.10 billion, Ping An at 3,750.19 billion, and China Life at 346.91 billion [3] Semiconductor Industry - Companies like Northern Huachuang and Cambrian Technologies saw stock price changes, with Northern Huachuang down by 3.01% [3] - Market capitalizations: Northern Huachuang at 215.92 billion, Cambrian at 252.48 billion, and Haiguang Information at 316.32 billion [3] Oil Industry - The oil sector showed strength with companies like China Petroleum and China Shipping experiencing slight gains [3] - Market capitalizations: China Petroleum at 1,625.23 billion, China Shipping at 714.13 billion [3] Coal Industry - China Shenhua and Shaanxi Coal experienced declines, with Shenhua down by 2.04% [3] - Market capitalizations: China Shenhua at 191.19 billion, Shaanxi Coal at 77.52 billion [3] Electric Power Industry - Companies like Yangtze Power and China Nuclear Power had slight increases in stock prices [4] - Market capitalizations: Yangtze Power at 191.08 billion, China Nuclear Power at 83 billion [4] Internet Services - Dongfang Wealth saw a stock price increase of 0.74% [4] - Market capitalization at 738.69 billion [4] Consumer Electronics - Companies like Industrial Fulian and Luxshare Precision had mixed performances, with Industrial Fulian up by 1.27% [4] - Market capitalizations: Industrial Fulian at 410.28 billion, Luxshare at 230.80 billion [4] Logistics Industry - SF Holding experienced a significant increase of 4.01% in stock price [4] - Market capitalization at 286.86 billion [4] Construction Industry - China State Construction had a market capitalization of 517.20 billion with a stock price increase of 4.29% [4]

证券研究报告 | 2025年06月12日 明阳电气（301291.SZ） 优于大市 持续推动产品升级，数据中心与海外业务打开空间 一季度业绩快速增长，交付结构影响毛利率。2025 年第一季度公司实现营收 13.06 亿元，同比+26.21%，环比-44.53%；归母净利润 1.12 亿元，同比 +25.01%，环比-50.51%。一季度公司毛利率 21.78%，同比-1.29pct.，环比 +0.82pct.，净利率 8.60%，同比-0.08pct.，环比-1.04pct.。一季度公司数 据中心产品交付占比有所提升，造成毛利率同比略有下降。 持续推动产品升级，110kV 海风变和 252kV 环保 GIS 通过型式试验。公司重 点突破了海上风电植物油变压器研发、深远海低频输电电力升压系统开发、 12-72.5kV 开关设备全系列环保升级等多项关键技术。今年以来，公司成功 研发 110kV 海上风电机舱上置油浸式变压器，成功填补国内行业空白；自主 研发的 252kV 真空开断环保 GIS 获得行业首份权威型式试验报告。 数据中心业务取得重要进展，智能电网竞争力持续增强。公司精准对接数据 中心客户需求及应用场景 ...

证券研究报告 | 2025年06月12日 明阳电气（301291.SZ） 优于大市 持续推动产品升级，数据中心与海外业务打开空间 全年收入利润快速增长，盈利能力保持稳健。2024 年公司实现营收 64.44 亿元，同比+29.62%；归母净利润 6.63 亿元，同比+33.80%；扣非净利润 6.54 亿元，同比+33.57%。2024 年公司销售毛利率为 22.29%，同比-0.40pct.； 销售净利率为 10.28%，同比+0.22pct.。 一季度业绩快速增长，交付结构影响毛利率。2025 年第一季度公司实现营收 13.06 亿元，同比+26.21%，环比-44.53%；归母净利润 1.12 亿元，同比 +25.01%，环比-50.51%。一季度公司毛利率 21.78%，同比-1.29pct.，环比 +0.82pct.，净利率 8.60%，同比-0.08pct.，环比-1.04pct.。一季度公司数 据中心产品交付占比有所提升，造成毛利率同比略有下降。 持续推动产品升级，110kV 海风变和 252kV 环保 GIS 通过型式试验。公司重 点突破了海上风电植物油变压器研发、深远海低频输电电力升压系统开 ...

[Table_Main] 行业研究|能源|新能源 证券研究报告 新能源行业周报、月报 2025 年 06 月 11 日 [Table_Title] 供给侧有望反转，技术迭代加速破局 ——电力设备新能源行业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 06 月 01 日至 06 月 06 日，上证综指上涨 1.13%，深证成指 上涨 1.42%，创业板指上涨 2.32%。其中申万电力备上涨 1.38%，较 沪深 300 跑赢 0.5pct。细分子行业来看，申万光伏设备/风电设备/电 池/电网设备分别上涨 1.10%/1.50%/1.05%/1.80%。 重点板块跟踪 特斯拉：6 月 4 日，特斯拉宣布在美国构建覆盖"锂矿提炼-材料制造 -电芯生产-整车组装"的全链条电池生产体系，旨在彻底摆脱对中国供 应链的依赖。马斯克明确表示："供应链本地化对降低地缘政治风险 至关重要"。 投资建议 光伏：在经历"430 抢装"驱动的分布式项目采购潮后，光伏产业链 价格如期进入回调周期，硅料、硅片及组件等环节价格中枢较抢装期 下移，但较 Q1 低点仍保有一定的缓冲空间。当前价格波动实为产能 调节 ...

Group 1 - The non-bank financial sector saw a net inflow of over 38 billion yuan, indicating strong investor interest [1][2] - The securities and transportation equipment sectors also experienced significant net inflows of 32.65 billion yuan and 29.20 billion yuan, respectively [2] - In contrast, the pharmaceutical, basic chemicals, and new energy sectors faced substantial net outflows, with pharmaceuticals leading at -28.82 billion yuan [2] Group 2 - The top stock by net inflow was N影石, attracting 17.03 billion yuan, with a net inflow rate of 49.54% [3] - Other notable stocks with significant net inflows included 东方财富 (6.37 billion yuan), 比亚迪 (6.34 billion yuan), and 兴业证券 (6.01 billion yuan) [3] - On the sell side, 联化科技 experienced the highest net outflow at -8.61 billion yuan, followed by 中科曙光 (-7.23 billion yuan) and 乐山电力 (-3.66 billion yuan) [4]

金十图示：2025年06月11日（周三）富时中国A50指数成分股午盘收盘行情一览：证券、石油行业走强，银行股涨跌不一 保险 R 中国人保 中国太保 中国平安 咖啡 3701.55亿市值 3417.15亿市值 9900.90亿市值 24.63亿成交额 5.07亿成交额 6.20亿成交额 35.52 54.37 8.37 +0.64(+1.83%) +0.94(+1.76%) +0.05(+0.60%) 酸酒行业 贵州茅台 山西汾酒 五粮液 18645.12亿市值 2170.80亿市值 4846.96亿市值 29.50亿成交额 11.07亿成交额 7.71亿成交额 1484.25 177.94 124.87 +9.24(+0.63%) +0.48(+0.39%) +1.12(+0.63%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2226.12亿市值 3165.52亿市值 2519.64亿市值 7.68亿成交额 29.28亿成交额 9.26亿成交额 416.74 603.57 136.19 +1.68(+0.28%) -5.79(-4.08%) -0.26(-0.06%) 汽车整车 铁路公路 比亚迪 ...

数据中心供配电方式持续升级，移相整流变压器可配套 HVDC。人工智能应用 迎来拐点，23-28 年全球数据中心 IT 负载 CAGR 高达 24%，其中 AI 负载五年 增长 20 倍。智算时代下数据中心供配电系统持续升级，目前 HVDC 正在逐步 取代 UPS，巴拿马电源等高度集成方案正在成为主流，而移相变压器是其重 要组成部分。 公司前瞻布局固态变压器，"十五五"后期有望迎来规模化应用。固态变压 器（SST）由电力电子变换器和高频变压器组成，可省去笨重的工频变压器， 具有占地面积小、重量轻、效率高的优势，且具有交直流多端口输出能力， 有望成为数据中心终极供电方案。我们预计，"十五五"后期固态变压器有 望迎来规模化应用，目前公司已启动固态变压器技术研发。 证券研究报告 | 2025年06月11日 新特电气（301120.SZ） 无评级 变频用变压器领先企业，数据中心有望打开成长空间 变频变压器国产化先驱，员工持股计划覆盖核心成员。公司成立于 1985 年， 深耕变频用变压器 40 余载，2004 年成功研制高绝缘等级变频用变压器，打 破国外垄断，2022 年在创业板上市。公司产品广泛应用于国家重点工程并远 ...

Core Viewpoint - The stock shows a strong performance with a comprehensive score of 59.50, indicating a bullish trend in the short term, while the mid-term trend remains uncertain, awaiting direction from major funds [1][2]. Price Analysis - The current main cost for the stock is 27.57 CNY, with a daily main cost of 27.40 CNY, a 5-day main cost of 27.25 CNY, and a 20-day main cost of 25.60 CNY [1]. - The stock has not experienced any limit-up or limit-down events in the past year [1]. Technical Analysis - The short-term resistance level is at 27.54 CNY, while the short-term support level is at 28.90 CNY. The mid-term resistance is at 25.84 CNY, and the mid-term support is not specified [2]. - The K-line pattern indicates a "friend's counterattack" and a bottom reversal, but the long upper shadow suggests significant overhead pressure, indicating that the upward momentum is hindered [2][3]. Fund Flow Data - On June 10, 2025, the net inflow of major funds was 613.80 million CNY, accounting for 7% of the total transaction volume. There was a net inflow of 668.87 million CNY from large orders, while large orders saw a net outflow of 55.06 million CNY, and retail investors experienced a net outflow of 23,000 CNY [2][3]. Financial Data - The latest financial report shows earnings per share of 0.2 CNY, operating profit of 0.36 billion CNY, and a net profit of 29,993,169.3 CNY. The sales gross margin stands at 22.638% [2][3]. Related Industries/Concepts - The stock is associated with sectors such as power grid equipment (-0.06%), railway infrastructure (-0.66%), energy storage (-0.84%), and smart grid (-0.65%) [2][3].

长江电力 中国核电 东方财富 7399.19亿市值 1945.73亿市值 3353.62亿市值 10.77亿成交额 2.55亿成交额 27.70亿成交额 9.46 30.24 21.22 +0.26(+0.87%) 0.00(0.00%) -0.24(-1.12%) 食品饮料 证券 中信证券 国泰海通 海天味业 期天 2338.79亿市值 3894.84亿市值 3305.57亿市值 7.31亿成交额 10.19亿成交额 2.81亿成交额 18.75 26.28 42.06 -0.15(-0.57%) +0.20(+1.08%) -0.06(-0.14%) 消费电子 化学制药 恒瑞医药 立讯精密 工业富联 4027.38亿市值 3674.20亿市值 2328.34亿市值 5.77亿成交额 18.90亿成交额 16.09亿成交额 55.64 32.12 20.28 -0.15(-0.73%) +1.28(+2.35%) +0.19(+0.60%) 家电行业 农牧饲渔 格力电器 牧原股份 海尔智家 出台名字 2516.15亿市值 2343.85亿市值 2318.95亿市值 7.83亿成交额 4.93亿成交额 6.4 ...