瑞财经 吴文婷近日，武汉里得电力科技股份有限公司（以下简称"里得科技"） 北交所IPO申请获受理，保荐机构为开源证券股份有限公司，保荐代表人为 利佳、张清华，会计师事务所为中审众环会计师事务所（特殊普通合伙）。 值得注意的是，里得科技曾冲击深主板IPO未果，彼时其保荐机构为中原证券。 里得科技是一家专业从事配网不停电作业专用车辆、专用设备、专用工具、专业服务和系统解决方案的高新技术企业，自成立以来一直致力于为我国电力 系统提供更安全、更可靠、更高效的配网不停电作业产品和服务。 据招股书，2022年-2024年，里得科技实现营收分别为4.2亿元、3.46亿元、3.97亿元；归母净利润分别为6727.11万元、5615.34万元、6568.99万元。 | 项目 | 2024年12月31日 | 2023年12月31日 | 2022年12月31日 | | --- | --- | --- | --- | | | /2024年度 | /2023年度 | /2022年度 | | 资产总计(元) | 840,562,049.84 | 771,437,043.23 | 771,238,922.75 | | 股东权益合计(元) ...

Economic Overview - In June, the profit of large-scale industrial enterprises in China decreased by 4.3% year-on-year, with a total profit of 715.58 billion yuan, showing a narrowing decline compared to May's 5.1% drop [1] - The Ministry of Agriculture and Rural Affairs released a plan to promote agricultural product consumption, focusing on optimizing supply, innovating circulation, and activating market demand [1] - The U.S. and EU reached a new trade agreement, with the U.S. imposing a 15% tariff on EU products and the EU committing to invest an additional $600 billion in the U.S. [1] - The National Development and Reform Commission announced the issuance of 69 billion yuan in special bonds to support the consumption of old goods [1] - The Ministry of Finance reported a slight decline in public budget revenue by 0.3% year-on-year, while expenditures increased by 3.4% [1] Agricultural Sector - The Ministry of Agriculture's plan aims to enhance the supply of high-quality agricultural products and improve market satisfaction through better quality and branding [1] - The agricultural sector is expected to benefit from increased consumer demand for diverse and high-quality products [1] Robotics Industry - Wuhan Investment Holding Group and partners are establishing a 10 billion yuan fund to invest in humanoid robotics, focusing on core technologies and applications in various sectors [1][6] Pharmaceutical Industry - The National Medical Products Administration reported a significant increase in the approval of innovative drugs and medical devices, with approvals for 43 innovative drugs and 45 medical devices in the first half of the year, marking increases of 59% and 87% respectively [1][9] Silver Market - The global silver market is entering a new phase of structural supply-demand gap expansion, with industrial demand being the primary driver [7] - Silver demand is projected to grow from 31,241 tons in 2019 to 36,207 tons by 2024, with industrial silver demand increasing significantly [8][10] - The electronic and electrical sectors are the largest consumers of silver, with demand expected to rise due to growth in the photovoltaic and automotive industries [9][13] Construction and Infrastructure - The commencement of the Yarlung Tsangpo River hydropower station project signals increased government investment in infrastructure, with an estimated total investment of 1.2 trillion yuan [19][20] - The project is expected to significantly boost demand for construction materials, particularly cement and steel, benefiting local companies [20] E-commerce and Food Industry - Lotus Holdings is expanding into the smart computing sector while maintaining its core business in seasoning products, capitalizing on the growing demand for convenience foods [24][25] - The company is leveraging digital marketing and e-commerce platforms to enhance brand visibility and sales [25][26] Logistics and Delivery Sector - The express delivery industry in China saw a 15.8% year-on-year increase in business volume in June, with significant differentiation in growth rates among major companies [30][31] - The ongoing focus on reducing internal competition may lead to a stabilization of pricing strategies in the logistics sector [31]

Core Viewpoint - The market is concerned about the impact of Warren Buffett's retirement announcement on Berkshire Hathaway's stock performance, leading to a decline of over 10% since the announcement on May 3, 2023 [1][5]. Group 1: Stock Performance and Market Sentiment - The decline in stock price reflects investor worries about the "Buffett premium" fading, as well as uncertainties surrounding the leadership transition [5]. - Berkshire Hathaway's stock has underperformed the S&P 500 by over 20 percentage points, despite previously outperforming the index earlier in the year [1][5]. - Analysts note that the lack of transparency regarding the succession plan and the future of key executives contributes to investor anxiety [5]. Group 2: Financial Position and Valuation - Despite the stock price drop, Berkshire Hathaway maintains an attractive valuation, with A shares trading at approximately $725,000, which is less than 1.6 times the book value of $461,000 as of June 30 [6]. - The expected price-to-earnings ratio is around 24 times based on 2025 earnings, which is comparable to the S&P 500 [6]. - Adjusting for "normalized earnings" as per Buffett's preferred metrics, the P/E ratio drops to about 20 times, enhancing the company's valuation appeal [6]. Group 3: Core Business Strengths - Berkshire Hathaway's three core businesses—insurance, railroads, and utilities—remain robust, generating approximately $45 billion in annual operating income [8]. - The company is expected to see its book value per share rise to $525,000 by the end of 2026, with the current stock price reflecting 1.4 times the forward book value [8]. - The insurance segment, particularly Geico, has shown resilience with a premium growth rate of 4%-5%, while Berkshire Hathaway Energy is investing $10 billion annually in various projects [8]. Group 4: Potential Catalysts for Growth - Major acquisitions could serve as catalysts for stock price recovery, with potential targets including CSX and Occidental Petroleum [7]. - A successful merger between Union Pacific and Norfolk Southern could lead to Berkshire acquiring CSX, potentially enhancing earnings by 8% by 2026 [7]. - The company has not repurchased shares since May 2024, and restarting buybacks could signal management's confidence in the stock's attractiveness [7].

- The report tracks the performance of various fund products, highlighting that cyclical theme funds saw significant net value increases, with a gain of 5.97% as of July 25, 2025[2][39] - Passive index funds, particularly those focused on rare metals, building materials, and coal, performed well, with the median net value change for stock passive index funds being 2.32%[2][45] - The ETF market saw significant inflows into cyclical and manufacturing theme ETFs, with Hong Kong ETFs continuing to attract substantial inflows, totaling 95.45 billion yuan[3][57] - The report also monitors the high-frequency positions of active equity funds, noting an increase of 0.53 percentage points in their positions compared to the previous week[3][67] - ESG financial products are tracked, with the green bond issuance market heating up, issuing 23 new green bonds with a total issuance scale of 32.919 billion yuan[4][73] - The report provides a detailed breakdown of the performance of different types of ESG funds, with active equity, stock passive index, and bond ESG funds showing median net value changes of 1.77%, 2.40%, and -0.25%, respectively[4][85]

目前华晨宝马沈阳生产基地及36个非生产场所已实现100%可再生能源电力覆盖，太阳能光伏面积达 42.4万平方米。在建深层地热能项目预计2025年投用，年减排量约1.8万吨二氧化碳当量。风电并网后， 基地可再生能源比例将进一步提升。 构建绿色产业生态 计划开发百万千瓦陆上风电项目 近日，华晨宝马汽车有限公司与中国大唐集团有限公司于沈阳签署战略合作协议，共同组建绿电合资公 司。根据协议，双方将联合开发装机容量100万千瓦的陆上风力发电项目，规模相当于中型发电站。此 次合作使宝马成为直接投资可再生能源发电的汽车制造商之一。华晨宝马总裁兼首席执行官戴鹤轩博士 表示："辽宁是宝马深耕二十余载的重要基地，推动绿色转型是企业的重要责任。" 创新能源合作模式覆盖全产业链 此次成立的合资公司将优先保障宝马沈阳生产基地绿电供应，同时为宝马在辽宁的供应商、经销商及充 电服务运营商提供多样化绿电采购方案。该模式有助于产业链协同减碳，提升中小企业绿电获取效率。 当前约200家宝马本地一级供应商已承诺使用绿电生产，全供应链碳排放较2019年减少约100万吨。新建 绿电平台将推进2025年供应链减排20%目标的实现。 绿电赋能新世代车型生 ...

Core Viewpoint - The establishment of the Pumped Storage Division by State Grid Corporation aims to enhance the development level of pumped storage business, supporting the construction of a new power system and promoting green and low-carbon energy transition [1][2]. Group 1: Overview of Pumped Storage - Pumped storage is currently the most mature and widely used large-scale energy storage method, playing crucial roles in peak shaving, frequency regulation, phase adjustment, energy storage, system backup, and black start in the power system [1]. - The rapid growth of new energy installations in China has increased the demand for power system regulation capabilities, highlighting the importance of pumped storage in ensuring the safe and stable operation of the power system and facilitating the consumption of new energy [1]. Group 2: Responsibilities of the Pumped Storage Division - The Pumped Storage Division will oversee the planning, preliminary work, construction management, and production operation of pumped storage projects, aiming to enhance management efficiency and operational effectiveness [2]. - The division will develop a scientific pumped storage development plan that aligns with national energy development strategies and electricity market demands, ensuring coordination with new energy development and grid construction [2]. Group 3: Engineering and Operational Management - The division will enforce strict quality and safety management in engineering construction, promote advanced construction technologies and management experiences, and ensure the timely and quality completion of ongoing pumped storage projects [2][4]. - In operational management, the division will focus on improving the reliability and efficiency of operational equipment and explore innovative operational models to enhance the comprehensive benefits of pumped storage plants [4]. Group 4: Technological Innovation and Future Contributions - The Pumped Storage Division will increase investment in technological research and development, collaborating with research institutions and universities to advance key technologies and equipment for pumped storage [4]. - The establishment of the division is a significant move by State Grid to align with energy development trends and national strategies, aiming to contribute to national energy security and promote green economic development [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week, A-share market showed strong bullish sentiment, with significant trading volume increase. Cyclical stocks performed well, but funds shifted from high - risk themes to low - risk and high - certainty targets on Thursday and Friday. [2][11] - Active equity funds in the second - quarter adjusted their positions around prosperity and valuation repair, with a focus on the computing power chain, innovative drugs, military, and financial sectors. [12] - The "anti - involution" market is a theme - driven market under a capital - rich environment, and state - owned enterprises may see more marginal improvements. [13] - The technology wave is ongoing, with AI still having room for growth, and semiconductors are also worth attention due to potential low - level rebound. [4][13] Summary by Directory 1. Weekly Market Observation 1.1. Equity Market Review and Observation - **Market Performance**: From July 21 to 25, 2025, major A - share indices rose. The average daily trading volume was about 1.85 trillion yuan, a significant increase of 300 billion yuan compared to the previous week. Cyclical stocks led the rise, but funds shifted on Thursday and Friday. [11] - **Public Fund Q2 Report Adjustment**: Active equity funds increased their positions in the ChiNext and slightly raised their Hong Kong stock holdings. They concentrated less on heavy - position stocks. The top five industries for increased holdings were communication, medicine, non - bank finance, bank, and national defense and military industry, while the top five for reduced holdings were food and beverage, automobile, commerce and retail, power equipment and new energy, and machinery. [12] - **Re - discussion on "Anti - involution"**: The "anti - involution" theme stimulates traditional cyclical industries. It is a theme - driven market, and state - owned enterprises may have more marginal improvements. [13] - **Technology Sector Rebound**: The 2025 World Artificial Intelligence Conference was held. The AI industry is booming, and semiconductors may benefit from low - level rebound. [13] 1.2. Public Fund Market Dynamics - On July 24, the second batch of 12 new floating - rate funds was approved, including industry - themed products. Some funds adjusted their management fee thresholds to strengthen performance constraints. [4][14] 2. Active Equity Fund Index Performance Tracking 2.1. Active Stock Fund Selection - The index selects 15 funds equally weighted, with core positions balanced according to the style distribution of the CSI Active Stock Fund Index. Its performance benchmark is the Active Stock Fund Index (930980.CSI). It rose 1.67% last week and has a cumulative excess return of 12.31% since its establishment. [15][16] 2.2. Value Stock Fund Selection - The index includes value - style funds, selecting 10 funds based on style classification. Its performance benchmark is the CSI 800 Value Index (H30356.CSI). It rose 2.49% last week and has a cumulative excess return of - 3.41% since its establishment. [15][19] 2.3. Balanced Stock Fund Selection - The index selects 10 balanced - style funds. Its performance benchmark is the CSI 800 (000906.SH). It rose 1.25% last week and has a cumulative excess return of 6.01% since its establishment. [15][20] 2.4. Growth Stock Fund Selection - The index selects 10 growth - style funds. Its performance benchmark is the 800 Growth Index (H30355.CSI). It rose 1.68% last week and has a cumulative excess return of 18.39% since its establishment. [15][24] 2.5. Pharmaceutical Stock Fund Selection - The index selects 15 pharmaceutical - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the pharmaceutical - themed fund index. It fell 0.95% last week and has a cumulative excess return of 22.21% since its establishment. [15][26] 2.6. Consumption Stock Fund Selection - The index selects 10 consumption - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the consumption - themed fund index. It rose 0.84% last week and has a cumulative excess return of 14.87% since its establishment. [15][28] 2.7. Technology Stock Fund Selection - The index selects 10 technology - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the technology - themed fund index. It rose 2.35% last week and has a cumulative excess return of 17.37% since its establishment. [15][32] 2.8. High - end Manufacturing Stock Fund Selection - The index selects 10 high - end manufacturing - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the high - end manufacturing - themed fund index. It rose 1.67% last week and has a cumulative excess return of - 2.78% since its establishment. [15][32] 2.9. Cyclical Stock Fund Selection - The index selects 5 cyclical - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the cyclical - themed fund index. It rose 2.28% last week and has a cumulative excess return of - 0.40% since its establishment. [15][37]

您可点击今日推送内容的第1条查看 【钢铁】交易所调整焦煤期货合约交易限额，建议关注期货价格波动风险——金属周期品高频数据周报 （2025.7.21-7.27） 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【宏观】海南封关：如何重塑中国开放格局？——《见微知著》第二十五篇 海南封关并非自贸区简单升级版，而是一次系统性突破。影响主要体现在四个方面，一是打造文体商旅展融合 消费生态，进一步强化对各地消费者的吸引力。二是为境外投资者投资境内市场探索新渠道，是人民币国际化 进程关键步骤。三是在制度、营商环境以及税率优惠政策等方面持续优化，对全球投资者吸引力显著增强。四 是贸易结构向高附加值方向转型，贸易便利化升级、积极对标高标准经贸规则。 （高瑞东/赵格格/周欣平/周可）2 ...

证券研究报告：电力设备|点评报告 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 7548.79 | | --- | --- | --- | | 52 | 周最高 | 8068.94 | | 52 | 周最低 | 5403.16 | 2024-07 2024-10 2024-12 2025-03 2025-05 2025-07 -7% -2% 3% 8% 13% 18% 23% 28% 33% 38% 电力设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 近期研究报告 行业相对指数表现（相对值） 《抽蓄系列产业报告 1：抽蓄是促进新 能源高质量发展和提升电力系统安全 性的有效途径》 - 2025.06.24 国网增资 365 亿元推动抽蓄发展 l 投资要点 事件：根据中国电力报，2025 年 7 月 23 日，国网新源控股有限 公司增资扩股项目在北京产权交易所成功签约，增资规模 365 亿元， 本次募集资金将全部投入抽水蓄能项目建设。国网董事长、党组书记 张智刚 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's revenue in Q2 2025 was affected by weak wind conditions, leading to a 4.44% year-on-year decrease in revenue, while net profit increased by 12.48% [7] - The company experienced a 17.00% decline in wind power generation in Q2 2025 compared to the previous year, but overall wind generation for the first half of 2025 increased by 8.37% [7] - The company is focusing on profitability in thermal power generation, with a decrease in output but an increase in profit due to falling coal prices [7] - The company has a robust pipeline of projects, including multiple hydropower and thermal power projects, which are expected to drive growth [7] - The company has demonstrated confidence in its asset value through multiple share buyback announcements [7] - Profit forecasts for 2025-2027 remain unchanged, with expected net profits of 30.47 billion, 32.34 billion, and 35.43 billion respectively, corresponding to PE ratios of 9, 8, and 8 [7] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 14,428 million, with a year-on-year decrease of 0.9% [6] - The net profit attributable to the parent company for 2025 is projected to be 3,047 million, reflecting a 9.1% year-on-year growth [6] - The earnings per share for 2025 is expected to be 1.10 yuan [6] - The gross profit margin for 2025 is forecasted to be 29.6% [6]