7 月全社会用电量同比增长 8.6%，LNG 进口量同比下降 7.8% 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 8 月 23 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 化工行业： 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 7 月全社会用电量同比增长 8.6%，LNG 进口量同比 下降 7.8% [Table_StockAndRank] 公用事业 投资评级 看好 上次评级 看好 李 ...

Core Insights - The National Energy Administration reported that as of the end of July, the total installed power generation capacity in China reached 3.67 billion kilowatts, representing a year-on-year growth of 18.2% [1] - Solar power generation capacity reached 1.11 billion kilowatts, with a significant year-on-year increase of 50.8% [1] - Wind power generation capacity reached 570 million kilowatts, showing a year-on-year growth of 22.1% [1] - The average utilization hours of power generation equipment from January to July were 1,806 hours, which is a decrease of 188 hours compared to the same period last year [1]

证券研究报告·固定收益·固收点评 固收点评 20250823 绿色债券周度数据跟踪 （20250818-20250822） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20250818-20250822）银行间市场及交易所市场共新发行绿色债券 16 只，合计发行规模约 67.90 亿元，较上周减少 63.41 亿元。发行年限 多为 3 年；发行人性质为地方国有企业、大型民企、央企子公司；主体 评级多为 AAA、AA+级；发行人地域为北京市、广东省、广西壮族自治 区、贵州省、河北省、河南省、江苏省、山东省、四川省、天津市、云 南省、重庆市；发行债券种类为超短期融资券、定向工具（PPN）、交 易商协会 ABN、企业 ABS、中期票据、私募公司债、一般公司债。 ◼ 二级市场成交情况： 本周（20250818-20250822）绿色债券周成交额合计 530 亿元，较上周减 少 48 亿元。分债券种类来看，成交量前三为非金公司信用债、金融机 构债和利率债，分别为 252 亿元、196 亿元和 41 亿元；分发行期限来 看，3Y 以下绿色债券成交量最高，占比约 82.16% ...

Group 1 - Yongzhen Technology (Wuhu) Co., Ltd. and Yongzhen Technology Co., Ltd. have obtained a patent for a "Photovoltaic Module Packaging Corner Installation Device" with the authorization announcement number CN223253446U, applied on September 2024 [1] - The patent includes a product transfer device with a transport roller line equipped with a lifting component, and a corner installation device with various components for handling corners [1] - Yongzhen Technology (Wuhu) Co., Ltd. was established in 2021, focusing on electricity and heat production and supply, with a registered capital of 500 million RMB [1] Group 2 - Yongzhen Technology Co., Ltd. was founded in 2016, primarily engaged in non-ferrous metal smelting and rolling processing, with a registered capital of approximately 237.26 million RMB [2] - The company has made investments in 12 enterprises and participated in 2,389 bidding projects, holding 241 patents and 91 trademark registrations [2] - Yongzhen Green Energy Materials Research Institute (Changzhou) Co., Ltd. was established in 2024, focusing on research and experimental development, with a registered capital of 10 million RMB [2]

专利摘要显示，本发明适用于照明装置生产技术领域，提供了一种便携式智能助眠照明装置及其调控方 法，其中一种便携式智能助眠照明装置包括底座，所述底座底部固定连接有夹具，所述夹具螺纹连接有 定位螺栓，所述底座上端面固定连接有箱体，所述底座的下端面设置有橡胶囊，橡胶囊与箱体连通，所 述底座的上端面设置有能够控制橡胶囊中液体压强的液压机构。所述箱体固定连接有固定杆，所述固定 杆通过螺栓固定连接有安装板，所述安装板上固定卡接有照明灯具，所述固定杆的顶部固定连接有防护 机构。调控系统能够通过控制散热机构、冷却机构、防护机构、液压机构的方式对照明时温度、噪声以 及振动进行消减，从而增加照明状态的稳定性。 金融界2025年8月23日消息，国家知识产权局信息显示，国网四川省电力公司超高压分公司、成都体育 学院、国网信息通信产业集团有限公司申请一项名为"一种便携式智能助眠照明装置及其调控方法"的专 利，公开号CN120521188A，申请日期为2025年06月。 ...

Core Viewpoint - The article highlights the significant role of enterprises in disaster relief donations, emphasizing the correlation between donation behavior and industry characteristics, as well as the impact of social trust and economic vitality on donation patterns [1][2][8]. Group 1: Enterprise Donations - Enterprises have become the main force in disaster relief donations, with their contributions reflecting distinct industry characteristics [2]. - New-type entities, defined by their technological innovation and digital capabilities, have shown remarkable performance in donations, with notable contributions from companies like State Grid (50 million yuan), China Petroleum (20 million yuan), and others during recent disasters [2]. - Internet companies leverage their platform advantages to create donation networks, with Tencent's online charity platform facilitating significant fundraising efforts [3]. Group 2: Material and Cash Donations - Many companies align their donations with their business, providing essential goods such as food, medicine, and clothing to disaster-stricken areas [4]. - The combination of material and cash donations enhances the coverage of diverse needs in disaster areas, with material donations addressing immediate requirements and cash donations supporting long-term recovery [5][7]. Group 3: Response Levels and Donation Scale - The scale of donations is closely linked to the severity of disasters and the corresponding response levels, with higher response levels typically leading to larger social donations [6]. - Observations indicate that donation types adapt dynamically to the nature of disasters, with specific materials being prioritized based on the disaster's characteristics [7]. Group 4: Challenges in Donation Engagement - There is a noticeable decline in public enthusiasm for disaster donations, attributed to the frequency of disasters and the division of attention among multiple fundraising projects [8][9]. - Companies' donation behaviors are increasingly influenced by public sentiment, with some facing criticism for their contributions, which may deter future donations [10]. Group 5: Trust and Transparency in Donations - Social trust in charitable organizations has been affected by past incidents, leading to increased public scrutiny over donation efficiency and transparency [11]. - The demand for clear and transparent reporting on the use of donated funds is rising, with a significant portion of donations being directed towards specific causes to ensure accountability [11][12].

Core Insights - The Chinese enterprise credit index for July stands at 160.10, maintaining a high operational status, with the electricity, heat, gas, and water production and supply industry ranking second overall, just behind the financial sector [1] - The top five industries by credit index in July are financial services, electricity and related services, residential services, manufacturing, and water management, with notable increases in agriculture and mining sectors [1] - The electricity sector has shown significant achievements in credit system construction, compliance, and sustainable development, reflecting its foundational role in the national economy [1] Industry Developments - The electricity industry has implemented a systematic approach to "credit governance modernization," characterized by early initiation, comprehensive standards, practical measures, diverse scenarios, and significant impact [2] - Since 2007, the China Electricity Council has been at the forefront of industry credit evaluation, establishing a comprehensive institutional framework for credit system construction [2] - The industry has introduced mechanisms such as credit commitment systems, credit report applications, and blacklisting for punitive measures, achieving a full credit management loop from generation to consumption [2] - The launch and iteration of the "credit electricity" platform have enabled real-time aggregation, dynamic assessment, and cross-departmental sharing of credit data, strengthening the technical foundation of credit management [2]

从股价来看，2025年3月31日至2025年6月30日，珈伟新能区间涨幅为9.23%，在此期间股东户数减少 3881.0户，减幅为7.88%。 证券之星消息，近日珈伟新能披露，截至2025年6月30日公司股东户数为4.54万户，较3月31日减少 3881.0户，减幅为7.88%。户均持股数量由上期的1.69万股增加至1.83万股，户均持股市值为7.57万元。 在电力行业个股中，珈伟新能股东户数低于行业平均水平，截至6月30日，电力行业平均股东户数为 10.86万户。户均持股市值方面，电力行业A股上市公司户均持股市值为28.32万元，珈伟新能低于行业 平均水平。 根据统计，珈伟新能2025年3月31日至2025年6月30日，主力资金净流出1.2亿元，游资资金净流出 5546.95万元，散户资金净流入1.75亿元。 | | | | 统计截止日 区间股价涨跌幅 股东户数 增减 增减比例 户均持股市值（元） 户均持股数（股) | | | | --- | --- | --- | --- | --- | --- | | 2025-06-30 | 9.23% | 45384 -3881 | -7.88% | 7.57万 | ...

Core Viewpoint - Huaihe Energy Group's recent response to the Shanghai Stock Exchange's inquiry highlights the necessity of the asset acquisition and its potential benefits in enhancing business scale and asset quality, while also addressing concerns regarding industry competition and related transactions [1][2]. Group 1: Transaction Necessity - The transaction aims to enhance the company's business scale and asset quality, thereby improving core competitiveness and reducing industry competition [2]. - Post-transaction, the company and the target power group will achieve synergies in coal-electricity integration, management, regional influence, and technology application [2]. - Although related transactions will increase, they are deemed commercially reasonable and fair, with no significant adverse impact on competition or independence [2]. Group 2: Power Group Business - The power group operates three thermal power plants and 22 photovoltaic projects, with plans for four additional thermal and five photovoltaic projects [3]. - The group's power generation metrics are competitive compared to regional peers, aligning with energy-saving and carbon reduction policies [3]. - Despite rapid growth in renewable energy capacity, thermal power is expected to maintain high utilization hours, supporting electricity consumption in Anhui province [3]. - The group plans to enhance coal-electricity operations and establish an integrated transition model post-acquisition [3]. - The projected increase in carbon emission rights purchases in 2024 is attributed to prior year allocations, with no significant adverse impact expected on operations [3].

Core Viewpoint - Huaihe Energy Group Co., Ltd. is undergoing a significant acquisition of 89.30% equity in a power group, which is expected to enhance its scale, reduce industry competition, and strengthen its core competitiveness [1] Group 1: Transaction Necessity and Synergy - The transaction is deemed necessary due to significant business synergy, as both the listed company and the target company primarily engage in thermal power generation, which will lead to enhanced operational efficiency [2] - The acquisition will help resolve industry competition issues by incorporating Huaihe Coal Power and Huaihe Electric Power into the listed company, thereby enhancing its core competitiveness [2] - The financial company within the group will provide various supports to the power group and its subsidiaries, aligning with the main business operations [2] Group 2: Business Operations and Competitiveness - The power group operates multiple thermal and photovoltaic power projects, demonstrating competitive advantages in power generation metrics compared to regional peers [3] - Despite rapid growth in renewable energy capacity, thermal power is expected to maintain high utilization hours, indicating low consumption risk for the power group [3] - The acquisition is projected to improve the operational quality of coal power business and facilitate the development of clean energy projects [3] Group 3: Asset Evaluation and Investor Protection - The asset-based valuation method was chosen as it aligns closely with the results from the income approach, which is considered reasonable and in line with industry practices [4] - The performance commitment scope of the transaction is comprehensive and complies with regulatory requirements, which is beneficial for protecting the rights of minority investors [4] - The overall assessment and arrangements related to the acquisition are deemed reasonable and supportive of the long-term development of the listed company [4]