从国家电网上海电力获悉，今天11时49分，上海电网最高用电负荷达4216万千瓦，较8月11日上一轮最 大负荷4055万千瓦增长3.9%，较去年最大负荷4030.2万千瓦增长4.6%，再创历史新高。 (上观新闻) ...

Core Viewpoint - Securities firms have given "buy" ratings to nearly 100 A-share listed companies on August 25, focusing on various industries such as textiles, food and beverage, construction materials, agriculture, jewelry, pharmaceuticals, telecommunications, electricity, and transportation equipment [1] Group 1: Company Ratings and Reports - Huayi Group received significant attention from securities firms, with 10 reports in the past month, ranking first among stocks promoted by brokers on August 25 [2] - Salted Fish Company was also highlighted, receiving 10 reports from various securities firms, with a focus on maintaining high growth in its core product, konjac [3] - Beixin Building Materials was noted for its strategic development and received 9 reports, with a revised profit forecast for 2025-2027 [3] - Other companies such as Muyuan Foods, Chaohongji, Hengrui Medicine, Huadong Medicine, China Unicom, Guodian Power, and Aima Technology also garnered attention from multiple securities firms in the past month [4] Group 2: Industry Focus - The industries attracting broker attention include textiles and apparel, food and beverage, construction materials, agriculture, jewelry, pharmaceuticals, telecommunications, electricity, and transportation equipment [1] - The reports indicate a trend of focusing on companies with strong growth potential and innovative strategies within these industries [3]

华电国际最新一期业绩显示，截至2025一季报，公司营业总收入265.77亿元、同比减少14.14%，归属净 利润19.30亿元，同比增长3.66%，扣非净利润18.96亿元，同比增长17.01%，流动比率0.395、速动比率 0.344、资产负债率60.35%。 金融界消息 截至2025年8月25日收盘，华电国际（600027）报收于5.49元，上涨1.48%，换手率1.66%， 成交量140.95万手，成交金额7.71亿元。 资金流向方面，今日主力资金净流入3230.62万元，占比成交额4.19%。其中，超大单净流入4651.68万 元、占成交额6.03%，大单净流出1421.07万元、占成交额1.84%，中单净流出流出5438.02万元、占成交 额7.05%，小单净流入2207.40万元、占成交额2.86%。 来源：金融界 天眼查商业履历信息显示，华电国际电力股份有限公司，成立于1994年，位于济南市，是一家以从事电 力、热力生产和供应业为主的企业。企业注册资本1022756.1133万人民币，实缴资本784651万人民币。 公司法定代表人为刘雷。 通过天眼查大数据分析，华电国际电力股份有限公司共对外投资 ...

8月15日，甘肃能源监管办相关负责同志带队，赴750千伏秦川变电站和国网甘肃兰州新区供电公司、重 要用户等现场开展调研，全面了解"十四五"能源规划确定的重大能源工程推进情况和用电营商环境建设 情况。 调研组针对新能源接入电网存在的困难及用户关于优化服务的建议，现场进行分析研判、协调落实，督 促有关单位高度重视、主动履责，坚决落实国家能源局关于推进"十四五"能源规划重点工程建设、全面 打造现代化用电营商环境的有关要求，推动关键接入工程安全施工、尽快投运，促进用电营商环境全面 优化、争创一流。 在750千伏秦川变电站，调研组详细了解变电站远期规模、本期投运、技术创新、运维管理、作用发挥 等方面情况，重点了解国家"十四五"能源规划确定的"陇电入鲁"工程白银新能源基地450万千瓦风光电 项目接入变电站的间隔预留、系统调试等方面情况，以及影响新能源项目接入电网的困难和问题等。 调研组深入兰州新区供电公司中心营业厅，听取该公司关于网架结构和生产经营情况，以及优化用电营 商环境、提升"获得电力"服务水平政策措施落实情况的汇报，查阅服务用户档案资料和供电相关信息公 开情况。同时，在瑞岭翠苑充电桩项目现场了解充电桩报装、运行情 ...

固定收益周报 本轮信用债调整还会持续吗？ 信用周报 20250824 理财规模跟踪：理财规模环比下滑，破净率抬升。 核心结论 本轮信用债调整怎么看： 1、本轮信用债调整主要是由于权益市场火热叠加纯债赚钱效应下降带动债市资 金分流。 2、历次调整的经验显示，最大回调幅度来看，二永债整体回调幅度大于其余信 用债、中短久期券种回调幅度较大；从回调初始时间来看，二永债、中短久期券 种、高评级券种往往率先回调；从回调结束时间来看，二永债率先回调结束、 7-10 年期券种回调结束时间滞后。 3、风险偏好仍可能是近期信用债走势的主要驱动因素。美联储主席鲍威尔释放 偏鸽信号、美国降息预期升温利于风险偏好提振，预计权益市场仍将对债市构成 较大扰动，看股做债可能短期仍将持续。若固收+理财规模持续增长，预计对中 高评级、中短久期非金信用债需求构成一定的支撑，但考虑到当前增幅相对有 限，或难以扭转信用债的整体走向。 4、策略上看，建议缩短久期。当前信用债进入阶段性逆风期，建议中短久期参 与为主，把握调整中的适度参与机会。其中城投债可考虑中短久期适度下沉，产 业债建议中高等级配置为主，银行二永债交易难度较大，交易能力强的机构建议 快进 ...

金融界消息 截至2025年8月25日收盘，华光环能（600475）报收于23.9元，下跌7.79%，换手率5.37%， 成交量50.66万手，成交金额12.65亿元。 天眼查商业履历信息显示，无锡华光环保能源集团股份有限公司，成立于2000年，位于无锡市，是一家 以从事电力、热力生产和供应业为主的企业。企业注册资本95596.5729万人民币，实缴资本40340.36万 人民币。公司法定代表人为蒋志坚。 通过天眼查大数据分析，无锡华光环保能源集团股份有限公司共对外投资了46家企业，参与招投标项目 2770次，知识产权方面有商标信息33条，专利信息905条，此外企业还拥有行政许可132个。 来源：金融界 资金流向方面，今日主力资金净流入5037.43万元，占比成交额3.98%。其中，超大单净流入746.91万 元、占成交额0.59%，大单净流入4290.51万元、占成交额3.39%，中单净流出流入3269.18万元、占成交 额2.58%，小单净流出8306.60万元、占成交额6.57%。 华光环能最新一期业绩显示，截至2025一季报，公司营业总收入19.65亿元、同比减少32.25%，归属净 利润1.29亿元， ...

Core Insights - National fixed asset investment (excluding rural households) reached 288,229 billion yuan from January to July 2025, showing a year-on-year growth of 1.6% [1] - Private fixed asset investment experienced a year-on-year decline of 1.5% [1] Investment by Industry - Investment in the primary industry was 5,646 billion yuan, with a year-on-year increase of 5.6% [3] - Investment in the secondary industry totaled 104,455 billion yuan, growing by 8.9% [3] - Investment in the tertiary industry was 178,128 billion yuan, reflecting a year-on-year decrease of 2.3% [3] - Within the secondary industry, industrial investment grew by 9.0%, with mining investment increasing by 3.0%, manufacturing investment rising by 6.2%, and investment in electricity, heat, gas, and water production and supply surging by 21.5% [3] Infrastructure Investment - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) in the tertiary industry grew by 3.2% year-on-year [3] - Specific sectors within infrastructure saw significant growth: water transport investment increased by 18.9%, water conservancy management investment rose by 12.6%, and railway transport investment grew by 5.9% [3] Regional Investment Trends - Eastern region investment declined by 2.4% year-on-year, while the central region saw a growth of 3.2%, the western region increased by 3.6%, and the northeastern region experienced a decline of 3.0% [3] Investment by Registration Type - Domestic enterprises' fixed asset investment grew by 1.7% year-on-year, while investment from Hong Kong, Macau, and Taiwan enterprises increased by 3.5% [4] - Foreign enterprises' fixed asset investment saw a significant decline of 15.7% [4] Detailed Investment Metrics - The overall fixed asset investment (excluding rural households) grew by 1.6% year-on-year, with state-controlled investments increasing by 3.5% and private investments declining by 1.5% [5] - Specific categories showed varied performance: construction and installation projects decreased by 0.8%, while equipment purchases surged by 15.2% [5] - In the secondary industry, notable growth was observed in automotive manufacturing (21.7%) and railway, shipbuilding, aerospace, and other transport equipment manufacturing (29.3%) [5]

Group 1 - The core driving force behind the recent rise in the A-share market is the increase in liquidity, with a positive cycle expected to form as new and old funds take turns to drive the market upward [1] - As of August 25, 2025, the A-share market saw a significant increase in trading volume, with over 2 trillion yuan traded in a single day, indicating strong market activity [1] - The semiconductor industry has shown notable performance, with key stocks reaching new highs, such as Cambrian Technology's stock price surpassing 1300 yuan [1] Group 2 - Foreign institutional investors are accelerating their entry into the A-share market, with hedge funds buying Chinese stocks at the fastest pace since June [2] - As of August 21, 2025, foreign institutions held approximately 2.5 trillion yuan in A-shares, an 8% increase from the end of 2024, indicating growing foreign interest [2] - The market outlook remains positive, supported by reasonable valuations and the potential for a new easing cycle from the Federal Reserve, which could further boost market sentiment [2]

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, recommending specific companies for investment based on their performance and market conditions [4][16]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [4][7]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, with significant contributions from the secondary and tertiary industries as well [8][9]. - The report highlights the impact of high temperatures on electricity demand, noting that July was the hottest month since 1961, which significantly boosted residential electricity usage [8][9]. - Natural gas prices in Europe have rebounded due to geopolitical tensions, while prices in Asia and the US have decreased, indicating a mixed market environment [16][20]. - The report emphasizes the potential for improved profitability in the biomass energy sector following the introduction of new methodologies for carbon emissions reduction [4][16]. Summary by Sections Electricity - July's total electricity consumption reached 10,226 billion kWh, marking a historic milestone with an 8.6% year-on-year growth [4][7]. - The first, second, and third industries, along with urban and rural residents, contributed to the overall electricity consumption growth, with the second industry showing a recovery in electricity usage [8][9]. - Recommendations include investing in hydropower, green energy, nuclear power, and thermal power companies such as Guodian Power and Huaneng International [14][15]. Natural Gas - The report notes a stable supply-demand balance in the natural gas market, with US prices dropping to $2.76/mmBtu, while European prices have seen fluctuations due to geopolitical risks [16][20]. - Recommendations for investment include companies in the city gas sector and integrated natural gas traders, highlighting firms like Kunlun Energy and New Hope Energy [41][42]. Environmental Sector - The introduction of new methodologies for biomass energy projects is expected to enhance profitability, with a focus on companies like Evergreen Group and China Everbright [4][16]. Market Performance - The report reviews market performance from August 18 to August 22, indicating that the gas, public utility, electricity, and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 index [43][44].

中国核电最新一期业绩显示，截至2025一季报，公司营业总收入202.73亿元、同比增长12.70%，归属净 利润31.37亿元，同比增长2.55%，扣非净利润31.33亿元，同比增长2.95%，流动比率0.884、速动比率 0.583、资产负债率68.48%。 金融界消息 截至2025年8月25日收盘，中国核电（601985）报收于9.27元，上涨1.31%，换手率0.89%， 成交量168.26万手，成交金额15.51亿元。 资金流向方面，今日主力资金净流入2.51亿元，占比成交额16.18%。其中，超大单净流入2.11亿元、占 成交额13.63%，大单净流入3960.24万元、占成交额2.55%，中单净流出流出19962.35万元、占成交额 12.87%，小单净流出5130.33万元、占成交额3.31%。 通过天眼查大数据分析，中国核能电力股份有限公司共对外投资了48家企业，参与招投标项目5000次， 知识产权方面有商标信息17条，专利信息88条，此外企业还拥有行政许可5个。 来源：金融界 天眼查商业履历信息显示，中国核能电力股份有限公司，成立于2008年，位于北京市，是一家以从事电 力、热力生产和供应业 ...