Group 1: Domestic News - The State Administration of Foreign Exchange has launched a pilot program for green foreign debt in 16 provinces and cities, encouraging non-financial enterprises to use cross-border financing for green or low-carbon transformation projects [1] - The Ministry of Finance has issued guidelines to ensure the smooth completion of ongoing government and social capital cooperation projects, emphasizing the need to prioritize, accelerate construction, and secure financing [2] - The Hong Kong Monetary Authority announced that the Ministry of Finance will issue RMB government bonds in Hong Kong, with a total value of RMB 125 billion across various maturities [2] Group 2: International News - The U.S. Markit Manufacturing PMI for August reached an unexpected high of 53.3, the highest since May 2022, indicating strong manufacturing output and order growth [3] - The U.S. labor market shows signs of cooling, with initial jobless claims rising by 11,000 to 235,000, the highest since June, indicating potential increases in layoffs [4] - Federal Reserve officials expressed skepticism about a potential interest rate cut in September, citing persistent inflation concerns [5][6] Group 3: Bond Market Dynamics - The bond market showed signs of recovery, with the yield on the 10-year government bond falling by 1.90 basis points to 1.7610% [9] - The secondary market saw significant price deviations for several industrial bonds, with some experiencing declines of over 33% [12] - The convertible bond market continued its upward trend, with major indices rising and a total trading volume of CNY 99.58 billion [24] Group 4: Overseas Bond Market - U.S. Treasury yields generally declined, with the 10-year yield down by 1 basis point to 4.29% [27] - Major European economies saw an increase in 10-year government bond yields, with Germany's yield rising by 3 basis points to 2.75% [28]

内蒙古通辽市扎鲁特旗光伏风电基地，国网蒙东电力通过电网通道将新能源向外输送。何塔拉/摄 2022年至2024年，国网蒙东电力就服务新能源发展多次组织召开专题会议，与政府部门、发电企业、电力客 户就做好新能源发展工作深入研讨交流，在内蒙古自治区新闻发布厅召开全力服务新能源发展与产业转移"十项举 措"主题新闻发布会，携手蒙东四盟市政府分别成立新型电力系统建设专班，推出硬核举措，加快新能源接网工程 建设，全力服务新能源高质量发展，推动内蒙古自治区能源产业转型发展迈入快车道。 2022年，蒙东首个百万千瓦级风电项目并网发电，蒙东电网累计接入风电、太阳能装机2600万千瓦。2023年 12月，随着内蒙古自治区呼伦贝尔市的伊穆直流外送岭东100万千瓦风光项目送出工程正式投运，国网蒙东电力承 建的国家第一批大型风电光伏基地建设项目送出工程全部投运，全年新增新能源并网装机1058万千瓦。2024年， 通辽238万千瓦新能源送出等责任状工程应投尽投，仅用99天建成投产蒙东兴安蒙能突泉百万千瓦送出工程，全年 新能源项目接网849万千瓦。 2024年12月28日，兴安盟百万千瓦级保障性新能源工程——蒙东兴安蒙能突泉百万千瓦风储基地 ...

电力概念股局部走强，世茂能源涨停，华光环能、上海电力、广安爱众、金房能源、联美控股、晶科科 技等跟涨。 ...

Group 1: Baidu (BIDU US) - Traditional search continues to face pressure, but the value of the second and third growth curves has become apparent [1] - In Q2 2025, Baidu's core revenue decreased by 2% year-on-year, with adjusted operating profit and profit margin down 37% and 10 percentage points respectively [1] - Advertising revenue fell by 15% year-on-year, negatively impacted by AI search transformation, while intelligent cloud revenue grew by 27% due to enhanced AI capabilities and demand for end-to-end AI product solutions [1][2] - For Q3, it is expected that the proportion of generative search content will continue to rise, impacting Baidu's search advertising exposure, with anticipated advertising revenue declines of 25% and 15% in Q3 and Q4 respectively [2] - The target price is maintained at $99, indicating a potential upside of 14.1% [1][2] Group 2: iQIYI (IQ US) - Summer content is expected to drive marginal improvement in core business, with new regulations releasing long-term growth potential [3] - In Q2 2025, revenue decreased by 11% year-on-year due to lackluster content performance, but adjusted operating profit was better than expected at 59 million yuan [3] - The new broadcasting regulations are expected to positively impact financial performance by enhancing content diversity and production efficiency [3] Group 3: Kingsoft (3888 HK) - Short-term gaming revenue is under pressure, but office AI monthly active users are growing rapidly [6] - In Q2, revenue declined by 7% due to high base effects from key games, while operating profit margin decreased due to increased AI investment and marketing costs [6] - Office business remains robust, with AI monthly active users reaching nearly 30 million, a 50% year-on-year increase [6] Group 4: Futu Holdings (FUTU US) - Earnings continue to exceed expectations, with the target price raised to $220 [7] - In Q2, net profit grew by 112.7% year-on-year, driven by strong growth in asset clients and wealth management assets [7] - The company benefits from the rising risk appetite of investors in the Hong Kong stock market [7] Group 5: ZhongAn Online (6060 HK) - 1H25 earnings exceeded expectations, leading to an upward revision of the target price [8] - The net profit for 1H25 was 668 million yuan, surpassing the full-year profit of 2024 [8] - The growth in premium income is primarily driven by health ecosystems and consumer finance [8][9] Group 6: Xiaomi Group (1810 HK) - Automotive performance in Q2 2025 was impressive, while smartphone business adjustments were in line with expectations [13] - Revenue for Q2 was 116 billion yuan, with automotive revenue growing by 40% [13] - The management maintains a sales target of 350,000 vehicles for the year, with expectations of achieving profitability in the automotive sector by Q4 2025 [13][14] Group 7: Longyuan Power (916 HK) - The company's performance in the first half of the year was weaker than expected, but the annual new installed capacity target remains unchanged [15] - Net profit for the first half decreased by 13.6% to 3.52 billion yuan, primarily due to lower utilization hours and electricity prices [15] - The company aims for a total of 5 GW of new installed capacity for the year [15] Group 8: China Resources Power (836 HK) - The company's renewable energy profits were slightly below expectations, maintaining a target of 10 GW for new wind/solar installations [16] - The company reported a 15.9% year-on-year decline in profits, but core profits remained stable [16] - New installed capacity for renewable energy surged fourfold to 4.8 GW in the first half [16][17]

天风证券8月22日发布研报称，给予国电电力（600795.SH，最新价：4.8元）买入评级。评级理由主要 包括：1）H1新增新能源装机6.45GW，大渡河进入集中投产期；2）燃料成本下降助增业绩，H1实现扣 非归母净利润34亿元；3）公司承诺现金分红比例不低于60%且每股不低于0.22元。风险提示：新增装 机不及预期、行业竞争过于激烈的风险、煤炭价格大幅上升、电价下调的风险、下游需求低于预期、补 贴兑付节奏大幅放缓、分红规划需股东大会审议等。 （文章来源：每日经济新闻） ...

Group 1 - The A-share market showed mixed performance on Thursday, with the Shanghai Composite Index experiencing narrow fluctuations while the Shenzhen Component and ChiNext Index saw early dips followed by recoveries and subsequent declines [1][2] - Key sectors such as mining, electricity, software development, and communication services performed well, while industries like motors, batteries, small metals, and electronic chemicals lagged [1] - Policy measures are providing strong support to the market, with a notable shift of household savings towards capital markets, creating a continuous source of incremental funds [1] Group 2 - The overall profit growth expectation for A-share listed companies is projected to turn positive in 2025, ending a four-year decline, with significant profit elasticity observed in the technology innovation sector [1] - The market sentiment remains cautious as main funds show a net outflow, indicating some investors are opting to secure profits [2] - The market is expected to maintain a strong upward trend in the medium term, supported by the recovery of the domestic economy, continuous policy efforts, and a stable funding environment [2]

天风证券（601162）股份有限公司郭丽丽,王钰舒近期对国电电力（600795）进行研究并发布了研究报告《经营业绩整体稳健，新分红承诺提升股 东回报》，给予国电电力买入评级。 国电电力 事件：公司披露2025年中报。上半年公司实现营收776.55亿元，同比下降9.52%；实现归母净利润36.87亿元，同比下降45.11%；实现扣非归母净 利34.10亿元，同比增长56.12%。 点评 H1新增新能源装机6.45GW，大渡河进入集中投产期 上半年公司新增新能源控股装机645.16万千瓦，其中风电32.93万千瓦，光伏612.23万千瓦；并有浙江北仑、广东肇庆共200万千瓦火电机组投产。 展望后续，公司大渡河流域水电站2025年计划投产136.50万千瓦、2026年计划投产215.50万千瓦。从上半年运营情况来看，公司完成上网电量 1958.01亿千瓦时，同比下降3.53%，其中火电同比-7.51%、水电同比-6.44%、风电+11.11%、光伏同比+122.83%。 燃料成本下降助增业绩，H1实现扣非归母净利润34亿元 上半年公司平均上网电价409.70元/兆瓦时，同比下降29.51元/兆瓦时。叠加电量下滑，公 ...

点击按钮▲立即报名 中国月度用电量首破万亿大关 特朗普近期持续向美联储施压，然而鲍威尔作为美联储主席的地位相当稳固，他转而开始威胁美联储理事辞职。从长期来看，一个独立的美联 储对于稳定美国经济起到的作用，远比某次降息更大。 DeepSeek新AI模型V3.1正式发布 8月21日，深度求索公司正式发布DeepSeek-V3.1。据介绍，本次升级主要包括，混合推理架构，一个模型同时支持思考模式与非思考模式；更 高的思考效率，相比DeepSeek-R1-0528，DeepSeek-V3.1-Think能在更短时间内给出答案；更强的Agent（智能体）能力，通过Post-Training 优化，新模型在工具使用与智能体任务中的表现有较大提升。 ｜点评｜ 大部分工业设施都需要电力维持运转，因此，用电量数据的变化一般可以作为观察经济趋势的前瞻性数据。不过，8月国内用电量同比 增速加快，与今年极端高温天气有很大关系，空调等降温设备使用率直线上升，就连一贯夏季较为凉爽的东北地区今年都多发高温天气。在农 业以及居民用电数据变化中，体现得十分明显。 8月21日，国家能源局对外发布了7月全社会用电量，达1.02万亿千瓦时，同比增长 ...

■核心提示 今年是西藏自治区成立60周年，在这片绽放新生的雪域高原上，有一份来自中原大地的深厚情谊。河南与西 藏，从中原腹地到世界屋脊，一场跨越山河的双向奔赴正在书写：从点亮万家灯火的"电力天路"到田间地头 传授技术的农业专家，从助力高原重大工程的中原盾构到20余年接力支教的青年力量……这份绵延不断的豫 藏情缘，正是全国支援西藏、共同谱写中国式现代化的绚丽雪域篇章的生动写照。本报特推出一组报道，记 录这段跨越千山万水、情系世界屋脊、传递深情厚谊的协作实践。 世界海拔最高 河南承建拉萨换流站扩建工程全面竣工 "天路"送电照万家 初秋的青藏高原，清风送爽。拉萨的大街小巷披红挂彩，处处洋溢着庆祝西藏自治区成立60周年的喜悦氛 围。 这份喜悦，同样涌动在拉萨±400千伏换流站的每一个角落。距离拉萨市区一个半小时车程，就抵达首条通往 西藏的"电力天路"——青藏直流联网工程的受端站。值此庆祝活动之际，该站传来重大喜讯：8月20日，由国 网河南省电力公司承建的拉萨±400千伏换流站扩建工程（以下简称"拉萨扩工程"）全面竣工，为下一步启动 直流站系统带电调试、9月底投入运行奠定坚实基础。 "一年多以来，我们全力应对雪域高原高 ...

在"双碳"战略深入推进、"十五五"即将谋篇布局的重要节点，四川省如何加快构建新型电力系统，推动 能源电力事业更高质量发展?8月20日，一场聚焦时代课题、凝聚智慧共识的学术盛会——"2025兴隆湖 能源电力高峰对话"在成都市兴隆湖畔举行。 据悉，本次活动以"碳达峰目标下能源高质量发展——新型电力系统建设的目标、技术、路径"为主题， 由清华四川能源互联网研究院与四川省电力行业协会联合主办，并得到四川省电机工程学会、成都电力 行业协会、中国电机工程学会能源互联网专委会、天府永兴实验室和四川省新型电力系统研究院等单位 的大力支持。活动期间，来自省市区相关部门的负责同志，以及在川能源电力企业、高等院校、科研院 所的专家学者、行业代表等400余人齐聚一堂，共同为四川加快构建新型电力系统建言献策。 开幕式由清华四川能源互联网研究院常务副院长鲁宗相主持。中国科学院院士、中国电力科学研究院有 限公司名誉院长周孝信，四川省能源局副局长曾光，国网四川省电力公司总工程师胡朝华，清华大学党 委常委、常务副校长曾嵘先后致辞，从战略高度、政策导向、产业实践以及学术前沿等方面系统阐述四 川构建新型电力系统的方向与路径。 胡朝华介绍了国网四川 ...