2025.04. 24 4月24日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 四连板先达股份：目前烯草酮产品成交价格稳中有升 后续价格具有不确定性 先达股份发布股票交易异常波动公告，公司近期关注到有相关媒体关于烯草酮产品的报道。公司所产 烯草酮产品主要销往海外市场，主要销售季节为每年4—8月份。目前烯草酮产品成交价格稳中有 升，产品供应趋于紧张，但受市场竞争、原材料价格等因素影响，后续价格具有不确定性。 恒瑞医药：一季度净利润18.74亿元 同比增长36.9% 恒瑞医药披露一季报，公司2025年第一季度实现营业收入72.06亿元，同比增长20.14%；净利润 18.74亿元，同比增长36.9%。 珀莱雅：一季度净利润3.9亿元 同比增长28.87% 珀莱雅披露一季报，公司2025年第一季度实现营业收入23.59亿元，同比增长8.13%；净利润3.9亿 元，同比增长28.87%。 超声电子：一季度净利润同比增长142.26% 超声电子发布一季报，2025年第一季度营业收入14.66亿元，同比增长15.81%；归母净利润4177.25 万元，同比增长142 ...

2025年1-2月水电发电量同比提升4.5%，其中发电大省四川和云南分别同比提升3.7%和17.0%。根据四 川省水文水资源勘测中心与长江水利网统计，四川江河流域来水情况较好，且长江流域蓄水偏高。从发 电量上看，2025年Q1长江电力、华能水电、桂冠电力等多个水电企业发电量同比提升;从电价上看，尽 管2025年各地长协电价整体下行，但四川等水电大省的交易均价则略有提升，量价齐升或进一步提升相 关区域水电企业盈利。此外，水电盈利的稳健性较强且分红比例高，股息率较长期国债收益率仍有显著 优势。 火电：量价成本三重下滑，多空博弈激烈 电价端看，2024年底开始，各省陆续启动新一年长协电价的谈判与签约，截至目前多省长协签约结果已 经落地，其中广东、江苏、浙江等地的长协电价下跌明显，而安徽、上海、河北等缺电省份电价降幅较 小。电量端看，2025年1-2月全国发电量整体下滑，其中辽宁、黑龙江、浙江、重庆、四川等省份实现 了逆势增长。成本端看，2024年Q4以来煤炭价格快速下跌，2025年Q1跌势延续但3月底起跌速放缓，底 部或逐渐企稳。该行认为，火电企业机组地域分布上的差异将导致量价影响不同，其中机组多位于电价 跌幅小或 ...

全球能源互联网发展合作组织与国家气候中心4月21日联合发布《2025年全球新能源发电年景预测报 告》(下称《报告》)，首次作出全球新能源发电能力年度预测。根据《报告》，综合考虑气象要素变化 和装机规模增长，与2024年相比，预计2025年全球风电和光伏发电能力将分别提高10%以上和30%以 上。 随着中国"双碳"目标的持续推进，可再生能源在我国电力系统中的重要性日益凸显。中国电力企业联合 会发布的数据显示，截至2024年年底，包括风电、太阳能发电以及生物质发电在内的中国新能源发电装 机达14.5亿千瓦，首次超过火电装机规模。 尽管二级市场走势不尽如人意，机构对新能源赛道股的关注度依然高涨。据数据宝统计，今年以来合计 有88只概念股获机构调研，其中12只个股获调研4次以上，相当于月均至少调研1次。比亚迪 （002594）、节能风电（601016）、云南能投（002053）、新天绿能（600956）、科士达（002518）获 调研次数排在前五位。 以比亚迪为例，公司年内累计获机构调研21次。近期，公司在接受机构调研时表示，2025年第一季度， 公司新能源汽车销量超100万辆，同比增长59.8%，再创历史同期新高， ...

电力工人前往高海拔地带巡查输电线路。国网阿坝供电公司供图 4月21日，阿坝藏族羌族自治州壤塘县蒲西乡海拔4200米以上的高山上，工人抓紧架设光伏板支架，为接下来 光伏板进场安装做准备。"我们也在加快升压站建设，打通电力外送通道。"国能四川阿水电力开发有限公司相关 负责人告诉记者。 阿坝州水、光、风清洁能源技术可开发量近1亿千瓦，90%待开发。"要实现高质量发展，必须坚持不懈向清 洁能源转化要空间。"阿坝州相关负责人说。 近年来，该州牢牢把握四川加快能源供给结构调整、构建新能源体系的发展机遇，不断完善能源领域项目谋 划机制，科学规划清洁能源发展蓝图，同时引入智算产业加快清洁能源就地消纳，国家级重要清洁能源基地建设 跑出"加速度"。 A 挖绿电潜能 电力项目遍地开花 前不久召开的阿坝州2025年第一季度县（市）委书记工作会首次融入项目拉练环节。记者注意到，很多县 （市）负责人都在发言中提到了电力项目。 "双江口水电站完成总工程的73%，巴拉水电站完成总工程的97%，大藏光伏发电项目加快实施。"阿坝州副 州长、马尔康市委书记朱锐说，这是马尔康市抓紧产业焕新突破的重要抓手。 不只马尔康。黑水县扎窝二期50MW光伏发电 ...

四川省水利厅党组成员、副厅长谭小平对此次演练给予了高度肯定，认为演练各环节衔接流畅，处置过 程科学高效，系统展示了统一指挥、组织有力、科技支撑、高效协作的水库水电站防汛抗震全链条工作 情况。他强调，要牢固树立人民至上、生命至上理念，建立健全防震减灾工作机制，层层压紧压实责任 链条，做到守土有责、守土负责、守土尽责。各市（州）水利（水务）局要担负起行业监管责任，严格 执行应急预案，落细工作措施，确保把责任和措施落实到最小工作单元。要扛牢主体责任，组织水库水 电站编制应急预案、定期组织演练，加强物资储备，全力做好应急准备，切实保障水库水电站安全万无 一失。 国能大渡河公司相关负责人表示将坚决贯彻落实中央和省委、省政府对防汛抗震减灾工作的部署要求， 健全更加高效的安全应急体系，压实压细各级安全责任，制定更加有力的措施，全力保障人民群众生命 财产安全和能源安全稳定供应，为四川省经济发展贡献大渡河力量。 演练以"9.5"泸定地震真实案例结合历史上发生在附近的大地震为背景，设置了地震、地质灾害、洪水 多灾叠加情况，模拟距大岗山水电站20公里发生6.8级地震，电站上游片区突发强降雨，库区变形体崩 塌形成堰塞湖，电站通讯和道 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 日前，远达环保于宣布以总对价277.36亿元收购五凌电力100%股权及长洲水电64.93%股权，其中235.76 亿元通过发行股份支付，41.6亿元以现金支付，并拟向特定投资者募集配套资金50亿元。 交易完成后，远达环保将从以环保业务为主的企业，转型为国家电投集团境内水电资产整合平台，新增 水力发电及流域水电站新能源一体化综合开发运营业务，包括水电装机约4.1GW，其中含五凌电力 3.5GW水电及1.2GW新能源、长洲水电0.63GW水电，总资产预计从150亿元跃升至超500亿元，增幅 233%。 重组后，远达环保净利润预计从2023年的1.2亿元飙升至20亿元以上，增幅超15倍，ROE由2%提升至 10%以上。 2024年1-10月，受益于五凌电力及长洲水电的并表，归母净利润同比大增2065.31%。五凌电力2024年上 半年净利润6.48亿元，长洲水电1.75亿元，水电业务60%以上的毛利率成为盈利核心。 值得注意的是，2023年，五凌电力因流域来水不足亏损，导致远达环保当年净利润减少3.12亿元，凸显 水电业务对自然条件的依赖性。 ...

近日，沪市公司密集披露2025年一季度经营数据与重大合同签订、项目中标公告，从多维度勾勒出开 年经济运行的积极图景。截至4月14日17时，101家沪市上市公司"透底"2025年一季度业绩（含预告、 快报），94家报喜，报喜比例超九成。 分行业看，电子、医药生物、机械设备、化工、有色金属等行业相关上市公司表现出较为强劲的业绩增 长态势。能源行业煤炭供应及发电量保持稳定增长；基建领域重大工程签约与项目推进彰显行业韧性； 科技创新相关企业持续推进研发投入，新质生产力动能逐步释放。 从实体生产到服务保障，各行业沪市上市公司以稳健的经营表现为资本市场注入发展信心。 能源行业稳产保供促发展 2025年一季度，沪市能源行业上市公司通过强化生产调度与技术创新，为经济平稳运行注入强劲动 能。 中国神华表示，公司加强生产组织协调，全力保障一体化核心业务维持高位运行，生产运营整体保持正 常。2025年公司计划商品煤产量3.348亿吨，煤炭销售量4.659亿吨，发电量2271亿千瓦时，均高于 2024年实际水平。 沪市上市公司通过加大研发投入、突破核心技术，在人工智能、半导体等领域形成新增长极。 兆易创新表示，近期公司所处半导体行业 ...

Core Viewpoint - The trade war is in a stalemate phase, making unexpected stimulus and compromise-based trade agreements unlikely to occur [2][3][4] Group 1: Economic Resilience and Policy Options - The stalemate phase tests the economic resilience of both countries, with China having more policy options, greater space, and longer endurance compared to the U.S. [4] - For China, maintaining its interests and bottom line in the trade war is more important than sustaining a specific economic growth figure [3] - The U.S. faces challenges such as supply chain disruptions, production slowdowns, and inflationary pressures, which limit its fiscal and monetary policy options [6] Group 2: A-Share Market Dynamics - The A-share market is a key element in boosting confidence during the trade war, with strong government commitment to stabilize the capital market [9] - Since April 7, significant inflows into passive ETFs have been observed, with a total net inflow of 1.5 trillion yuan into large-cap ETFs and 491 billion yuan into small-cap ETFs [10] - The central bank's liquidity support for the stock market indicates a long-term holding strategy, aiming to stabilize the domestic stock market regardless of overseas fluctuations [10] Group 3: Hong Kong Market Outlook - The Hong Kong market may be a weak link in the short term, but there is still a noticeable underweight of mainland funds in Hong Kong stocks [11][12] - The potential for future capital inflows into the Hong Kong market is significant, driven by both domestic and international investors seeking to diversify their portfolios [12] Group 4: Investment Opportunities - From a risk-averse perspective, sectors such as autonomous technology, those benefiting from European capital expenditure expansion, essential consumer goods, stable dividends, and materials not reliant on short-term performance are expected to outperform [13][14] - Key trends to monitor include the increasing recognition of China's technological self-sufficiency, rising European demand in various sectors, and strengthened trade and technological cooperation between China and non-U.S. markets [14]

Core Viewpoint - Yichang is leveraging its abundant hydropower resources, particularly from the Three Gorges Dam, to drive economic growth and development, aiming to become a key engine for high-quality development in Central China by 2024 with a GDP target of 619.1 billion yuan [1][5]. Economic Development - Yichang's GDP is projected to exceed 600 billion yuan, reaching 619.1 billion yuan in 2024, marking a significant milestone as the "first city in Central China that is not a provincial capital" [5][7]. - The city has experienced a robust industrial transformation, with a growth rate of 6.5% in GDP, supported by emerging industries such as modern chemical new materials, life health, new energy, and big data [4][5]. - Yichang's government is implementing a development strategy focused on "dual carbon leadership, hub empowerment, and strong industry to enrich the city" [7]. Industrial Growth - The city is home to the world's largest hydropower station, the Three Gorges Dam, and over 400 hydropower stations, which contribute significantly to the green energy supply for the Yangtze River Economic Belt [3][4]. - Major projects worth 136.8 billion yuan are underway, including advancements in biotechnology and electric vehicle battery production, showcasing Yichang's commitment to industrial upgrading [7][8]. Rural Development - Yichang is revitalizing its rural economy through the development of local specialties, transforming products like oranges and konjac into significant industries [8][9]. - Innovative agricultural practices, such as smart sorting for fruit and high-end fish farming, are enhancing the value of local products and improving farmers' incomes [9]. Cultural and Tourism Development - Yichang is positioned as a cultural and natural hub, with rich historical resources and 72 A-level scenic spots, including four 5A-level attractions [10][13]. - The city is developing into a world-class tourist destination, integrating night economy initiatives like the "Yangtze River Night Tour," which combines cityscapes, hydropower culture, and leisure activities [10][13].

Group 1: Company Analysis - Lu'an Huanneng is identified as a leading enterprise in the blowing coal sector, characterized by pure business operations and high elasticity. Despite being in a downward coal price cycle, the company's current price-to-book (PB) ratio presents value, with projected net profits for 2024-2026 at 2.62 billion, 2.14 billion, and 3.03 billion yuan, translating to earnings per share (EPS) of 0.87, 0.71, and 1.01 yuan respectively. The current price-to-earnings (PE) ratios are 13, 16, and 11 times, leading to an "overweight" rating [2] - Bailing Co., Ltd. reported a revenue of 27.675 billion yuan in 2024, a decrease of 9.32% year-on-year, while net profit attributable to shareholders increased by 292.73% to 1.567 billion yuan. The company is expected to benefit from the ongoing recovery in consumer spending, with net profit forecasts for 2025 and 2026 adjusted to 473 million and 519 million yuan, respectively, and a new forecast for 2027 set at 565 million yuan [19] Group 2: Industry Insights - The impact of the US-China tariff conflict on domestic electricity consumption is deemed limited. The electric machinery and equipment manufacturing sector, which has a significant export volume to the US, shows that tariff changes will not substantially affect overall electricity demand. Historical data from July 2018 to January 2020 indicates that the hydropower sector outperformed, while thermal power slightly lagged but still surpassed wind, solar, and nuclear power sectors. Recommended stocks include Yangtze Power and Sichuan Investment Energy in the hydropower sector, and Huadian International and Anhui Energy in the thermal power sector [6] - The recent tariff imposition by the US has led to a preemptive increase in consumer purchasing behavior, with March retail sales in the US showing a month-on-month growth of 1.4%, a significant rise from February's 0.2%. However, this surge may lead to a potential weakening of future retail demand, prompting the Federal Reserve to maintain a cautious stance in the short term [15]