Core Viewpoint - The green electricity direct connection model is expected to benefit export-oriented enterprises' demand for direct green electricity, enhancing the utilization rate of power generation and helping users reduce carbon emissions [1][2]. Group 1: New Consumption Model - The green electricity direct connection model addresses the carbon reduction needs of enterprises, evolving from previous regional pilot projects integrating source, network, load, and storage [2]. - With the EU carbon border tax policy set to be implemented in 2026, export-oriented enterprises face significant carbon reduction pressure, making the green electricity direct connection model advantageous for clear physical tracing of electricity consumption [2]. Group 2: Cost Savings in Direct Connection - Although self-generated electricity under the green electricity direct connection model requires payment of various fees, it is expected to save costs in several areas, including: 1. Line loss costs due to lower line loss rates compared to the large grid [3]. 2. Transmission and distribution fees, which are significantly lower than purchasing electricity from the large grid [3]. 3. Policy cross-subsidies, which may be exempted for self-generated electricity based on supportive policies in some provinces [3]. 4. System operation fees, which are still applicable but reduced due to decreased reliance on the large grid [3]. 5. Government funds and surcharges, which will still be required as per policy [3]. - The estimated savings on intermediate electricity costs for self-generated electricity in Jiangsu, Zhejiang, Shandong, and Guangdong provinces range from 0.09 to 0.13 yuan/kWh, indicating significant cost reduction [3]. Group 3: Attractive Return Levels - The green electricity direct connection projects are expected to yield higher returns due to enhanced consumption capacity, reduced auxiliary service costs, and savings from intermediate fees [4]. - Simulations indicate that under the current coastal photovoltaic cost and price levels, the capital return rate for projects using the green electricity direct connection model could reach around 9%, making it attractive for operators amid uncertainties in regional price settlement mechanisms [4].

Core Viewpoint - China Three Gorges New Energy (Group) Co., Ltd. reported a total power generation of 19.531 billion kWh in Q2 2025, representing a year-on-year increase of 6.24% [1] Group 1: Power Generation Performance - In Q2 2025, the total power generation was 19.531 billion kWh, with wind power contributing 11.693 billion kWh, an increase of 5.93% year-on-year [1] - Onshore wind power generation reached 8.492 billion kWh, up 10.24% year-on-year, while offshore wind power generation was 3.201 billion kWh, down 4.02% [1] - Solar power generation totaled 7.677 billion kWh, marking an 8.16% increase year-on-year, and independent energy storage generated 0.161 billion kWh, a significant increase of 85.06% [1] Group 2: Cumulative Power Generation - For the first half of 2025, the cumulative total power generation was 39.314 billion kWh, with wind power contributing 25.061 billion kWh, an increase of 8.69% year-on-year [1] - Onshore wind power accounted for 17.524 billion kWh, up 15.21% year-on-year, while offshore wind power was 7.537 billion kWh, down 3.95% [1] - Cumulative solar power generation reached 13.911 billion kWh, a 10.25% increase year-on-year, and independent energy storage generated 0.342 billion kWh, an increase of 84.86% [1]

Core Viewpoint - The "14th Five-Year Plan" has achieved significant progress in China's economic and social development, particularly in green development, which has become a prominent feature of contemporary China [1] Group 1: Achievements in Green Development - The concept of "green mountains and clear waters are as valuable as mountains of gold and silver" has gained widespread acceptance, leading to improved environmental quality across urban and rural areas [1] - Forest coverage has increased to over 25%, with new forest area equivalent to the size of Shaanxi Province, contributing to one-fourth of the global increase in greening [1] - The proportion of days with good air quality has stabilized at around 87%, an increase of 3 percentage points compared to the "13th Five-Year Plan" period [1] - Major rivers like the Yangtze and Yellow Rivers have achieved Class II water quality standards throughout their main streams [1] Group 2: Energy and Resource Utilization - The scale of installed renewable energy generation has historically surpassed that of coal power, establishing the world's largest clean power system, with one-third of electricity being green energy [2] - Over 20% of raw materials used in steel production come from recycled scrap, demonstrating significant energy savings and carbon reduction [3] Group 3: Future Opportunities in Green Investment - The construction of a new energy system, including large-scale wind and solar bases, new energy storage, smart grids, and hydrogen industry, presents vast opportunities [4] - Industrial green and low-carbon transformation will focus on high-energy-consuming sectors such as steel, non-ferrous metals, building materials, and chemicals [4] - Development of a green transportation system, including the entire supply chain for new energy vehicles and smart urban traffic systems, is essential [4] - Enhancements in urban and rural living environments through green buildings and resilient cities are prioritized [4] - Ecological restoration and carbon sink enhancement, including forestry, marine, and grassland carbon sinks, are critical areas for investment [4] - Innovations in green technology and services, such as advanced low-carbon technologies and environmental big data, are also highlighted [4]

国泰海通证券：近年来伴随着新能源装机高增，新能源发电量高速增长，对煤电的挤压效益日益明显， 市场担忧在新能源的挤压下未来煤电将进入负增长阶段，从而导致电煤消费进入下行通道。而新能源高 速发展时代已过，2025年起随着新能源"430、531"新政出台，并且考虑到当前电网巨大的消纳压力和新 能源项目盈利性下降明显，国泰海通判断未来新能源发电将减速，对煤电的边际冲击减弱，电煤的需求 拐点或将在2027年。从板块推荐角度，国泰海通推荐业绩风险释放，板块龙头企业。 中信建投：中长期来看，医疗器械行业的产业趋势向好，创新、并购、国际化将推动中国器械龙头逐步 成长为全球龙头。前期行业承压主要与政策影响有关，多数公司全年整体呈现前低后高的业绩增速趋 势，下半年业绩改善的趋势更为明显。细分板块来看，医疗设备板块部分企业受益于行业招标数据高增 长和库存加速消化、业绩将逐步改善，高值耗材板块部分企业有望受益新产品逐步放量和集采优化政 策、业绩确定性和估值修复。看好脑机接口、外骨骼机器人、AI医疗、手术机器人等新科技方向的投 资机会。 新华财经北京7月9日电A股三大指数7月9日全天冲高回落，沪指3500点得而复失，最终微幅收跌；创业 ...

报告导读： 我们判断" 430 、 531 "新政出台后，受新能源项目收益率进一步降低且不确 定性增加影响， 2025 年 1-5 月抢装过后，下半年起新能源发展将进入下半场，电煤边 际冲击减小，电煤消费的拐点或将在 2027 年出现。 投资建议 ： 近年来伴随着新能源装机高增，新能源发电量高速增长，对煤电的挤压效益日益明显，市场 担忧在新能源的挤压下未来煤电将进入负增长阶段，从而导致电煤消费进入下行通道。而我们认为新能源 高速发展时代已过， 2025 年起随着新能源" 430 、 531 "新政出台，并且考虑到当前电网巨大的消纳压 力和新能源项目盈利性下降明显，我们判断未来新能源发电将减速，对煤电的边际冲击减弱，我们测算电 煤的需求拐点或将在 2027 年。从板块推荐角度，我们推荐业绩风险释放，板块龙头企业。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称：新能源步入下半场，电煤压力最大已过 报告日期：2025.07.07 报告作者： 黄涛 （分析师），登记编号： S 0880515090001 邓铖琦 ( 分析师 ) ，登记编号：S 0880523050003 扫码关注 星标不迷路 ...

Group 1 - The rapid development of renewable energy in China has significantly impacted thermal power demand, with thermal power generation capacity decreasing from 66.75% in 2015 to 43.88% in 2024, and thermal power generation share dropping from 75.39% to 64.51% during the same period [1][5][15] - By the end of 2024, China's total installed capacity for wind and solar energy is expected to reach 1.4 billion kilowatts, achieving the 2030 target six years ahead of schedule [1][6][10] - The growth rate of thermal power generation has been notably lower than the overall electricity consumption growth rate since 2024, indicating a shift in energy consumption patterns [1][17] Group 2 - The introduction of the "430" and "531" policies has increased pressure on renewable energy consumption, particularly for distributed solar power, leading to a significant decline in profitability and uncertainty in revenue [2][32][44] - The "430" policy emphasizes local consumption and safety management for distributed solar projects, marking a transition from rapid growth to regulated, high-quality development [33][39] - The "531" policy aims to fully integrate renewable energy into market transactions, which may lead to further declines in settlement prices for renewable energy [2][32][44] Group 3 - The rapid expansion of renewable energy has created significant challenges in energy consumption, particularly in regions rich in wind and solar resources, where curtailment rates have increased [21][24][25] - The utilization rates for wind and solar energy have decreased significantly, with wind utilization dropping from approximately 97% to 93.4% and solar utilization from 98% to 93.8% [24][28] - The mismatch between high renewable energy generation and low electricity demand in certain regions has exacerbated the consumption pressure [25][36] Group 4 - The overall electricity demand is expected to grow steadily, driven by sectors such as electric vehicles, AI, and energy storage, which will help alleviate pressure on coal consumption by 2026 [3][10] - The anticipated decline in renewable energy installations starting in mid-2025 may lead to a turning point for coal consumption in 2027 [3][10]

7月7日，特斯拉(TSLA)开盘下跌7.56%，截至21:30，报291.51美元/股，成交34.6亿美元，总市值 9389.41亿美元。 财务数据显示，截至2025年03月31日，特斯拉收入总额193.35亿美元，同比减少9.23%；归母净利润 4.09亿美元，同比减少70.58%。 大事提醒： 特斯拉目前或正计划推出电动汽车,以满足广泛的消费和商用车市场,包括Model 3、Model Y、Model S、 Model X、Cybertruck、Tesla Semi和一款新的Tesla Roadster。结合其动力系统、自动驾驶和全自动驾驶 ("FSD")硬件和神经网络的技术进步,其电动汽车拥有领先里程和充电灵活性等优势;优越的加速、操控和 安全特性;一套独特的方便用户和信息娱乐功能;通过无线更新启用额外功能的能力;以及节省充电、维护 和其他拥有成本。 本文源自：金融界 作者：行情君 7月3日，特斯拉获汇丰银行重申评级Reduce，目标价上调至120美元。 7月23日，特斯拉将于(美东)盘后披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国 当地时间，实际披露日期以公司公告为准）。 资料显示 ...

文/珠玑说 (本文所有内容皆有官方可靠信源，具体资料赘述文章结尾) 风电光伏项目大面积关停，新能源领域发生重大变故，山西一省就在一个月内废止了4个风力发电项目和10个光伏发电项目，你以为发财梦碎 了？真实情况是，那些被拆除的，恰恰是过去野蛮生长留下的问题项目，难道真是光伏项目不合规？ 那几年，风口上的猪都飞上了天 一股叫"新能源"的风，从20世纪90年代开始大规模刮向全中国，全世界都在琢磨着怎么让天更蓝、水更清，我们这么大的家业，当然不能落 下。 风电、光伏，门槛不高，一下就成了香饽饽，政策积极拨款，那时候你要是跟人说你在搞新能源，对方看你的眼神都不一样。 一夜暴富的神话，隔三差五就冒出来一个，第一个登上中国首富榜的新能源企业老板就是施正荣，在2001年时，他创立了尚德太阳能发电有限 公司，4年后公司成功上市，他也凭借23亿美元的身价登上2005年中国首富榜。 可有句话说得好，人无横财不富，马无夜草不肥，钱来得太容易，规矩就成了摆设，什么牛鬼蛇神都想进来分一杯羹，但是无脑扩张的后果就 是出现大批的不合规项目，所以被国家大量废止。 那时候但凡沾上"新能源"三个字，好像石头都能给你点成金疙瘩，这股风吹得有多野？西 ...

重要新闻： 1. 瑞银：6月以来需求持续走弱，光伏玻璃制造商减产10%至20%属合理。 个股新闻： 金十数据整理：每日港股市场要闻速递（7月7日 周一） 1. 新华保险(01336.HK)拟出资112.5亿元认购三期私募基金份额。 2. 正荣地产(06158.HK)前6个月累计合约销售金额约为23.65亿元。 3. 碧桂园(02007.HK)6月归属公司股东权益合同销售金额约28.1亿元。 4. 广汽集团(02238.HK)：6月汽车产量为15.33万辆，同比下降10.05%。 5. 中国飞鹤(06186.HK)：拟启动10亿元回购计划，彰显未来发展信心。 6. 秦港股份(03369.HK)上半年总吞吐量约2.08亿吨，同比增长3.08%。 7. 协合新能源(00182.HK)6月权益发电量总计652.29GWh，同比增长9.55%。 8. 中国海外宏洋集团(00081.HK)上半年累计合约销售额约166.1亿元，同比下降12.7%。 9. 中国海外发展(00688.HK)上半年累计合约物业销售金额约1201.50亿元，同比下降19.0%。 ...

•周五（2025年7月4日），A股三大指数涨跌不一，截至收盘，上证指数涨0.32%，深证成指跌0.25%， 创业板指跌0.36%；北证50跌1.88%。沪深两市成交额约14285.58亿元，较前一个交易日放量约1188.01 亿元。 •周五（2025年7月4日），港股低开后下挫，恒指失守两万四大关；午后三大指数集体拉升，国指及恒 科指曾一度翻红。截止收盘，恒生指数跌0.64%或153.88点，报23916.06点，全日成交额为2678.08亿港 元；恒生国企指数跌0.45%，报8609.27点；恒生科技指数跌0.33%，报5216.26点。全周来看，恒指累跌 1.52%，国指累跌1.75%，恒科指累跌2.34%。 •周五（当地时间2025年7月4日），因美国独立日假期，美股全天休市，无交易数据。 【民航局成立通用航空和低空经济工作领导小组】近日，为贯彻落实党中央、国务院决策部署，加强对 通用航空、无人驾驶航空、低空经济等相关工作的组织领导和协调统筹，民航局于近日优化调整了民航 局通用航空工作领导小组、民用无人驾驶航空器管理领导小组和民航局促进低空经济发展工作领导小 组，成立了通用航空和低空经济工作领导小组。领 ...