证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 12 月 28 日 投资评级： 看好（维持） 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 邱达治 SAC：S1350525050001 qiudazhi@huayuanstock.com 光热规模化发展意见出台 11 月原煤 产量降幅收窄 ——大能源行业 2025 年第 52 周周报（20251228） 投资要点： 电力设备：光热规模化发展意见出台 十五五装机有望迎近 10 倍增长空间 本周，两部委印发《关于促进光热发电规模化发展的若干意见》（以下简称《意见》）。 对于十五五的光热装机规模提出明确目标：到 2030 年总装机规模力争达到 1500 万 千瓦左右，这意味着十五五光热发电装机有望迎来近 10 倍增长空间。 光热发电兼具可靠、灵活、清洁属性，有望在我国能源转型中 ...

今天分享的是：中国上市公司协会：2025中国上市公司ESG行业报告 报告共计：144页 2025中国上市公司ESG行业报告核心总结 《2025中国上市公司ESG行业报告》由中国上市公司协会编写、中诚信绿金科技提供技术支持，聚焦电力、医药生物、交通运 输等七个重点行业，系统分析了上市公司ESG信息披露与管理实践现状。 报告显示，ESG信息披露整体呈稳步提升态势。截至2025年6月30日，A股和中资港股上市公司共6476家，3437家披露ESG相关 报告，披露比例达53.1%，较上年增长近5个百分点。其中银行业和非银金融业披露率位居前列，分别为100%和92.7%，22个行 业披露率超50%，行业覆盖范围持续扩大。在披露类型上，上市公司普遍偏好单独发布ESG报告，A股更倾向于发布社会责任报 告和可持续发展报告，中资港股则多采用年报ESG章节披露形式，91.9%的披露公司于4月30日前完成报告发布。 七大行业ESG实践各有特征。电力行业聚焦清洁能源投资与碳排放管理，披露率达82.3%，治理维度指标披露率最高；医药生物 行业披露率48.1%，在研发投入、产品质量与患者权益保障方面表现突出，研发投入披露比例达93.3% ...

Group 1 - The report highlights the cyclical nature of the Kondratiev wave, indicating that during the Kondratiev downturn, countries that are catching up often experience periods of prosperity. China is currently in a similar position to Japan in the late 1970s, with strong industrial output and export capabilities contributing to national wealth and domestic consumption recovery [1][10]. - The report notes that from 2022 to 2024, China's real sector has faced significant challenges, including cash flow and balance sheet deterioration due to aggressive interest rate hikes by the Federal Reserve, leading to capital outflows and a decline in real estate prices, which have negatively impacted both corporate and household balance sheets [2][17]. - The report suggests that the resumption of interest rate cuts by the Federal Reserve will facilitate the return of cross-border capital to China, thereby improving the cash flow situation for both enterprises and households [3][26]. Group 2 - The report emphasizes the necessity of debt restructuring in China, drawing parallels with Japan's experience in the 1990s, where failure to act decisively led to prolonged economic stagnation. In contrast, China's rapid debt restructuring in the late 1990s laid the groundwork for future economic growth [4][35]. - It is indicated that the upcoming quantitative easing (QE) by the Federal Reserve could provide the necessary liquidity for China's central bank to implement debt restructuring policies without risking currency depreciation or further capital outflows [4][44]. - The report anticipates that by 2026, China will enter a new phase of prosperity, with a cyclical shift in manufacturing and consumption, suggesting a favorable environment for investments in sectors such as non-ferrous metals, consumer goods, and high-end manufacturing [5][48]. Group 3 - The report provides a detailed industry allocation strategy for 2026, recommending a focus on sectors that are expected to benefit from the recovery of national wealth and improved consumer sentiment, including non-ferrous metals, consumer goods, and high-end manufacturing [5][48]. - It highlights that the return of cross-border capital and the anticipated recovery in consumer spending will drive demand in sectors such as food and beverage, tourism, and export-oriented industries [5][48]. - The report also notes that the current economic environment presents a unique opportunity for investors to capitalize on the cyclical recovery in various industries, particularly those with competitive advantages in exports and domestic consumption [5][48].

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - This week, both the US and Chinese stock markets performed well, with the US three major stock indices rising over 1% and the Shanghai Composite Index rising 1.9%. The growth is due to the resonance of the global technology sector and year - end pre - positioning [4]. - Market risk preference is on the rise. Since mid - December, the S&P 500 volatility has generally declined, and the basis discount of stock index futures has narrowed since December [4]. - Leverage funds' activity significantly increased this week, becoming a major driving factor for the market. The proportion of margin trading turnover in A - share turnover rebounded, and leverage funds flowed into major broad - based indices [5]. - In 2026, the incremental funds flowing into the stock market are estimated to be 3.1 trillion yuan, and the scale of "fixed income +" products will double. If the market adjusts in December, incremental funds may pre - position. Next year, technology will still be the most promising direction for the spring rally [7]. 3. Summary by Relevant Catalogs 3.1 Asset Price Performance 3.1.1 Global Asset Performance - Global stocks: Most global stock indices rose, with the Korean Composite Index rising 2.7% and the Nikkei 225 rising 2.5%. The French CAC40 and the British FTSE 100 declined [12]. - Global bonds: US Treasury yields declined, while Japanese and Chinese government bond yields rose [12]. - Global commodities: Precious metals performed well, with COMEX silver rising 18.2% and lithium carbonate rising 16.5%. The US dollar index declined [12]. 3.1.2 A - share Market Performance - Broad - based indices: A - shares generally rose, with the ChiNext and STAR 50 indices rising 3.9% and 2.8% respectively. The CSI 500 and CSI 1000 also had significant gains [21][23]. - Trading volume: Except for the dividend index, the average daily trading volume of broad - based indices increased, returning to the level around mid - August [25]. - Industry performance: The top five rising industries were non - ferrous metals (8.47%), national defense and military industry (7.51%), power equipment (6.27%), machinery and equipment (5.74%), and basic chemicals (5.70%). Most cyclical sectors performed well, except for banks and coal [31]. - Technology sector: Since December, optical modules and optical communications have led the way, and on Monday, most technology sub - sectors rose and many had increased trading volume [35][39]. 3.2 Capital Behavior Tracking 3.2.1 Leverage Funds - Margin trading turnover ratio: The proportion of margin trading turnover in A - share turnover rose from 10.24% to 11.20%. The margin trading balance increased to about 2.53 trillion yuan, and the ratio of margin trading balance to A - share free - float market capitalization slightly decreased [49]. - Inflow into broad - based indices: From Monday to Thursday, leverage funds flowed into major broad - based indices, with the Shanghai Composite Index, CSI 1000, and CSI 300 having daily net inflows of over 2.5 billion yuan. Most broad - based ETFs had net outflows on Monday - Thursday, and on Friday, most broad - based indices had inflows except for the Shanghai Composite Index ETF and ChiNext Index ETF [54]. - Market - cap gradient: Stocks of all market - cap gradients increased leverage, with large - cap stocks above 50 billion yuan having a larger increase. Stocks like Zhongji Innolight, Industrial Fulin, Cambricon, and Zijin Mining had large net margin purchases [58]. - Industry perspective: Industries with large margin net purchases as a proportion of turnover included communications, real estate, machinery and equipment, etc. The national defense and military industry increased leverage for six consecutive weeks, and agriculture, forestry, animal husbandry, and fishery increased leverage for nine consecutive weeks [62]. - Hot stocks: Some hot stocks in the national defense and military industry and electronics added leverage. Stocks like Zhaoyi Innovation, Zhongji Innolight, and others had a margin net purchase as a proportion of turnover exceeding 10% [70]. 3.2.2 Quantitative Funds - Excess return: Since December, the median excess returns of CSI 500 and CSI 1000 quantitative index - enhanced strategies have been - 1.15% and 0.61% respectively [72]. - Futures basis: This week, the near - month stock index futures basis changed from premium to discount, and the far - month contract basis discount narrowed. Excluding the futures delivery week, the basis discount has been narrowing since December [78]. 3.2.3 Main Force Funds - Sector net flows: The main force funds in the CSI 300 and ChiNext continued to have net outflows, but the outflows slowed down. The main force funds in the STAR Market had net outflows for five consecutive trading days, accelerating compared to last week [80]. - Industry flows: Main force funds flowed into the power equipment industry and out of industries such as national defense and military industry, computers, electronics, and non - bank finance [88]. 3.2.4 Northbound Funds - Trading volume and proportion: The total trading volume of northbound funds decreased, with the average daily trading volume dropping from 203 billion yuan to 176.6 billion yuan, and the proportion in A - share trading volume dropping from 11.52% to 9.29% [92]. - Performance of heavy - holding stocks: The heavy - holding stocks of the Northbound Connect changed from rising to falling, and the Northbound Connect 50 index underperformed the CSI 300 [94]. 3.2.5 Southbound Funds - Trading volume and net purchases: The average daily trading volume of southbound funds decreased from 144.2 billion yuan to 110.2 billion yuan, and the proportion increased from 52.3% to 58.9%. The average daily net purchase amount decreased from 2.9 billion yuan to 0.8 billion yuan [99]. - Industry allocation: Southbound funds still had a balanced allocation, flowing into industries such as media, electronics, and non - bank finance, and flowing out of industries such as communications, petroleum and petrochemicals, and non - ferrous metals [102].

- The report discusses the performance of BARRA style factors, highlighting that fundamental factors showed increased differentiation, with growth being preferred over value. Profitability-related factors entered a retracement phase, while trading-related factors like high turnover and short-term momentum provided significant excess returns. Additionally, mid-cap style factors outperformed, with both size and non-linear size factors showing positive excess returns[24][25] - The report identifies that high turnover stocks achieved an excess return of 0.9%, short-term momentum stocks provided 0.7%, and non-linear size factors contributed 0.7% in excess returns. Meanwhile, profitability-related factors like earnings quality and investment quality showed negative returns of -0.1% and -0.3%, respectively[25]

Market Review - A-shares led global indices with major broad-based indices generally rising, particularly the CSI 500 and ChiNext, while the Shanghai Composite Index recorded an eight-day winning streak approaching 4000 points [1] - The market liquidity is abundant, with A-share trading volume continuing to expand, reaching over 2 trillion yuan on Friday, and the financing balance exceeding 2.5 trillion yuan, setting a historical high [1] - In terms of style, small-cap and growth styles outperformed, with sectors such as non-ferrous metals, defense, and electric equipment leading gains, while beauty care, social services, and banking sectors declined [1] Market Outlook - Multiple funds are rushing to capitalize on the "spring rally," with a focus on buying on dips. The uncertainty in overseas monetary policy is dissipating, and the upcoming Chinese New Year and "Two Sessions" are expected to support risk appetite [2] - The "spring rally" conditions are accumulating, with key factors including reasonable valuation levels, a loose liquidity environment, and catalysts to boost risk appetite such as domestic policies and external risk mitigation [2] - The latest risk premium for the CSI 300 is at the median level of the past decade, indicating reasonable A-share valuations, while the central bank emphasizes continued implementation of a moderately loose monetary policy [2] Fund Flows - The net subscription of A500 ETFs has become one of the important sources of incremental funds for A-shares at year-end, with a cumulative net subscription of 90.8 billion yuan in December, the highest since April [3] - The top six A500 ETF products saw a net inflow of 97.2 billion yuan since December, reflecting accelerated inflow of institutional funds [3] Financing and Currency Trends - The financing balance of A-shares reached a historical high of 2.53 trillion yuan as of December 25, with a net buy of 72 billion yuan in financing funds since December, indicating a recovery in market sentiment [4] - The strong performance of the RMB is favorable for foreign capital inflow, with the offshore RMB briefly surpassing the 7.0 mark against the USD, reflecting market confidence in the Chinese economy [4] Industry Allocation Recommendations - Focus on growth themes benefiting from industrial policy support, such as domestic substitution, robotics, commercial aerospace, nuclear fusion, innovative drugs, and energy storage [5] - Pay attention to sectors benefiting from "anti-involution" price increases, such as chemicals, energy metals, and new energy [5] - Look for potential catalytic opportunities in the consumer sector due to the deepening of consumption policies [5]

Investment Rating - The industry investment rating is "Outperform the Market - A" [1] Core Insights - The artificial intelligence (AI) industrialization wave is approaching, leading to a rapid increase in demand for Artificial Intelligence Data Centers (AIDC) [4][11] - Power distribution equipment is a crucial component of AIDC and is expected to benefit significantly from the high demand in AIDC [36] - Major companies involved in the AIDC sector are highlighted, indicating potential investment opportunities [3] Summary by Sections Section 1: AI Industrialization and AIDC Demand Growth - AI is at a critical turning point for commercial deployment, driving a rapid increase in demand for intelligent computing power [4][11] - AIDC serves as the physical carrier for intelligent computing power, benefiting from the AI industrialization wave [12] - AIDC is evolving towards high energy consumption and high density, necessitating continuous upgrades in power distribution equipment [30][35] Section 2: Power Distribution Equipment in AIDC - Power distribution equipment is a vital part of AIDC, accounting for approximately 13% of initial investment costs [42] - AIDC's power supply architecture typically employs redundancy designs to ensure high reliability [43][44] - Diesel generator sets are the most common backup power solution for AIDC [56][60] - The transition from UPS to high-voltage direct current (HVDC) systems is anticipated, with HVDC becoming the mainstream architecture in the future [68][86] - The market for server power supplies is projected to exceed 100 billion, with supercapacitors and battery backup units (BBU) being key growth areas [113]

Core Viewpoint - The successful commercial operation of a new generation hybrid commutation converter valve, developed based on IGCT devices, marks a significant breakthrough in addressing the "commutation failure" issue in the DC transmission sector [1] Group 1: Technology Development - The new hybrid commutation converter valve was put into commercial operation at the State Grid Corporation's Lingbao back-to-back converter station in Henan [1] - This technology allows for precise current identification and rapid disconnection within microsecond timeframes, featuring a "fully controlled" characteristic that resolves the "commutation failure" problem [1] Group 2: Industry Impact - The hybrid converter valve represents a shift from traditional thyristor converter valves, which are limited by their "half-controlled" nature, leading to risks during AC-DC conversion [1] - The development involved collaboration among the State Grid Corporation, Tsinghua University, Huairou Laboratory, and China Electric Equipment Group, showcasing a significant achievement in independent innovation from core components to integrated systems [1]

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！ 来源：华金证券 行业配置：明年1 月建议继续均衡配置科技成长、部分周期和消费等行业。（1）当前成长中的电力设 备、传媒等PEG 较低。（2）明年1 月建议继续均衡配置：一是政策和产业趋势向上的机械设备（机器 人）、军工（商业航天）、电新（核聚变、储能）、电子（半导体、AI 硬件）、通信（AI 硬件）、计 算机（AI 应用、卫星互联网）、传媒（AI 应用、游戏）、医药（创新药）等行业；二是可能补涨和基 本面可能边际改善的券商、消费（食品、商贸零售、社服）等行业。 风险提示：历史经验未来不一定适用，政策超预期变化，经济修复不及预期。 MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 责任编辑：郭栩彤 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！ 来源：华金证券 复盘历史，春季行情提前启动时A 股1 月表现偏强，主要受政策和外部事件、流动性等因素影响。 （1）春季行情提前启动时A 股1 月表现多偏强。（2）影响1月A 股走势的主要因素是政策和外部事 件、流动性等。一是政策和外部事件是影 ...

Core Insights - The report indicates that significant institutional investors are continuously increasing their holdings in A500 ETF and other broad-based products, providing stable incremental capital to the market. This trend is expected to lead to a "cross-year + spring" market rally as the market's profitability improves and financing capital accelerates its net inflow [1][4][22] - The report emphasizes that the main focus of the market is likely to be on blue-chip indices represented by CSI 300 and SSE 50, while cyclical sectors should be prioritized for investment [1][5][22] Group 1: Recent Capital Flow and ETF Trends - Since the beginning of 2025, the capital flow in stock ETFs has shown distinct phase characteristics and structural differentiation, with significant net subscriptions in A500 ETF since December, reflecting institutional investors' entry into the capital market [6][9][12] - The A500 ETF has seen a substantial net subscription of 810 billion yuan in December, indicating a strong interest from institutional investors, particularly in the context of the upcoming launch of A500 ETF options in 2026 [12][13][17] Group 2: Price Trends in Key Commodities - Recent price increases have been concentrated in sectors such as non-ferrous metals, crude oil, chemicals, and the new energy industry chain, with notable price rises in platinum (+32.92%), silver (+14.38%), and nickel (+9.25%) driven by global liquidity easing and geopolitical tensions [23][24] - The report highlights that the holding volumes of various commodities are at historically high levels, indicating potential supply constraints and speculative exposure in metals like aluminum, lead, and tin [26][27] Group 3: Market Sentiment and Economic Indicators - The report notes that the overall A-share market has shown a positive trend, with major indices breaking through key moving averages, supported by a favorable monetary policy environment and improved market liquidity [30][31] - The report also points out that sectors such as non-ferrous metals and defense have performed well due to improved economic expectations and specific market events, while consumer sectors have faced challenges [31][32]