星石投资表示，短期来看，市场成交相对稳定，板块分化和跷跷板现象明显，可能意味着当前资金缺少 共识、博弈性增强，预计后续市场整体或保持震荡。在此过程中，市场筹码充分交换，将夯实基础，为 后续股市表现蓄势。从中期角度看，国内内生动能正在修复，全市场有望进入业绩释放期，股市主要驱 动因素有望由估值端转为业绩端，叠加A股整体的股债比价仍处于历史中高水平，A股仍处于"慢牛"驱 动中。 11月18日，三大股指盘中震荡下探，午后加速下行，创业板指跌超1%，场内超4100股飘绿。 截至收盘，沪指跌0.81%报3939.81点，深证成指跌0.92%报13080.49点，创业板指跌1.16%报3069.22点， 北证50指数大跌近3%，科创50指数逆市涨0.29%，沪深北三市合计成交19461亿元。 盘面上看，煤炭、钢铁、有色、化工、地产、电力、石油等板块走低，半导体板块拉升，AI应用、存 储芯片、网游概念等活跃。 （文章来源：证券时报网） ...

风光储电力政策频出，预计估值有望提升 本报告导读： 苏粤两省呼吁电力交易签约减少恶性竞争，政策引导有利于市场化，预计估值有望 提升。 投资要点： 股 票 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 行 业 周 股票研究 /[Table_Date] 2025.11.17 [table_Authors] 2025-11-18 [Table_Summary] 电力政策频出，预计估值有望提升：1、核电等能源行业也在鼓励民 企进入。电力市场逐渐完善，电力开放必然趋势，国企逐渐退出光 伏制造业。2、江苏广东呼吁电力交易签约减少恶性竞争，行业应有 合理盈利。3、压低售电侧盈利空间，避免用户和电厂受损。以上政 策全部有利市场化，预计估值有望提升。 《关于促进新能源消纳和调控的指导意见》：每年新增保底 2 亿新 能源装机来满足用电需求增量。1、持续保障新能源顺利接网，新增 用电量需求主要由新增新能源发电满足，全国每年新增 2 亿千瓦以 上新能源合理消纳需求。2、通过新能源集成发展、东部地区产业梯 度转移、西部地区挖掘消纳潜力等方式，促进"沙戈荒"新能源基地 实现规模化就地消纳。3、修订分布式新能源接网承载 ...

Core Viewpoint - Southern Power Grid Digital Research Institute Co., Ltd. (referred to as "Southern Digital") has successfully listed on the Shenzhen Stock Exchange's ChiNext board, with a significant opening price and trading performance, indicating strong market interest and potential for growth [1]. Group 1: Company Overview - Southern Digital provides comprehensive digital construction solutions for the power energy sector, aiming to build a world-class digital and intelligent innovation platform for power grids [1]. - The controlling shareholder is Southern Power Grid Digital Grid Group Co., Ltd., which holds 62.90% of the shares prior to the public offering [1]. - The actual controller of the company is the State-owned Assets Supervision and Administration Commission of the State Council [1]. Group 2: Financial Performance - In 2022, 2023, and 2024, the company's operating revenues were 568,625.21 million, 423,446.96 million, and 608,972.26 million respectively, with net profits of 65,327.06 million, 37,743.61 million, and 57,445.98 million [4]. - For the first nine months of 2025, the company reported operating revenue of 277,924.27 million, a year-on-year increase of 31.88%, and achieved profitability [8]. - The company expects 2025 operating revenue to be between 640,000 million and 670,000 million, with a projected net profit for shareholders ranging from 57,200 million to 60,000 million [8]. Group 3: Fundraising and Investment Projects - Southern Digital issued 47,694.7534 million new shares, raising a total of 271,383.15 million, with a net amount of 263,841.41 million after deducting issuance costs [2]. - The funds raised will be allocated to various projects, including a spatial intelligent digital twin platform and an advanced digital energy technology research base [3][2]. - The total investment for the fundraising projects amounts to 255,446.06 million, with detailed allocations for each project outlined [3]. Group 4: Shareholder Returns - The company has conducted three cash dividend distributions during the reporting period, totaling 340 million [9]. - The cash dividends distributed were 50 million in 2022, 200 million in 2023, and 90 million in 2024 [9].

Group 1: Key Points on Jiachi Technology - Jiachi Technology is positioned as a core supplier of stealth materials for aerospace, with expected continuous growth in performance driven by the accelerated demand for stealth materials due to the ramp-up of aerospace equipment [1][2] - The projected net profit for Jiachi Technology from 2025 to 2027 is estimated at 5.35 billion, 7.73 billion, and 9.94 billion yuan, with corresponding EPS of 1.34, 1.93, and 2.48 yuan [1][2] - A target price of 83.68 yuan has been set for Jiachi Technology, with a recommendation to "increase holdings" [1][2] Group 2: Key Points on Public Utilities - Recent policies in Jiangsu and Guangdong provinces aim to reduce vicious competition in electricity trading, which is expected to enhance market valuation [5][31] - The electricity market is gradually improving, with encouragement for private enterprises to enter the nuclear power sector, indicating a trend towards marketization [5][31] - The guidance on promoting renewable energy consumption includes a commitment to add at least 200 million kilowatts of new renewable energy installations annually to meet increasing electricity demand [31][32] Group 3: Key Points on Transportation - Anhui Expressway's acquisition of group road assets is expected to significantly enhance performance, with the completion of expansion projects driving accelerated profit growth [9][10] - The projected net profit for Anhui Expressway in 2025 has been revised upwards to 20 billion yuan, with a target price adjustment to 19.66 yuan [9][10] - The company is expected to benefit from a proposed acquisition of a 7% stake in Shandong Expressway, which could add approximately 200 million yuan to annual investment income [10][11]

中国南方电网有限责任公司（以下简称"南方电网"）董事长、党组书记孟振平表示，南方电网将深入贯彻落实数字中国、 能源强国战略部署，进一步做强做优做大数字电网产业生态，更好服务支撑能源电力产业智能化、绿色化、融合化转型升级， 加快塑造能源电力生产力新质态。接下来，将全力支持南网数字高质量发展，将其打造成为数字电网领域的龙头上市公司，以 优秀业绩回报广大投资者和社会各界。 当前，我国电力能源系统正处于绿色低碳转型的关键阶段。"十五五"规划建议明确提出"加快建设新型能源体系、建成统 一电力市场"。 2019年，南方电网率先提出"数字电网"理念，同年7月成立全球首家数字电网研究院，即南方电网数字电网研究院股份有 限公司。南网数字践行南方电网数字化转型战略支援部队和数字电网建设主力军的战略使命，打造数字电网关键载体，以数字 化绿色化协同促进新型能源体系和新型电力系统建设。 本报讯 （记者王镜茹）11月18日，南方电网数字电网研究院股份有限公司（以下简称"南网数字"）在深圳证券交易所正式 挂牌上市。 南网数字的成功上市，彰显了资本市场对数字电网发展前景的高度认可，为构建安全、智能、绿色的新型电力系统注入强 劲动能，打造了南 ...

Group 1 - Shanghai Electric's stock price fell by 5.38% on November 18, closing at 24.79 CNY per share, with a trading volume of 1.486 billion CNY and a turnover rate of 2.08%, resulting in a total market capitalization of 69.937 billion CNY [1] - The stock has experienced a continuous decline over three days, with a cumulative drop of 11.73% during this period [1] - Shanghai Electric was established on June 4, 1998, and listed on October 29, 2003, with its main business activities including power generation, heating, and electricity services [1] Group 2 - According to data from the top ten holdings of funds, one fund under Bosera Asset Management holds shares in Shanghai Electric, specifically the Bosera CSI All Share Power Utility ETF (561700), which held 227,900 shares in the third quarter, accounting for 3.64% of the fund's net value, ranking as the eighth largest holding [2] - The estimated floating loss for the fund today is approximately 321,300 CNY, with a total floating loss of 793,100 CNY during the three-day decline [2] - The Bosera CSI All Share Power Utility ETF (561700) was established on July 1, 2022, with a current size of 132 million CNY, and has recorded a year-to-date return of 6.62%, ranking 3,890 out of 4,212 in its category [2]

Core Viewpoint - The establishment of China Petroleum Electric Power Company is a strategic move to promote green transformation and integrate energy supply systems, aligning with national policies on renewable energy and market development [5][6]. Group 1: Company Establishment and Leadership - The unveiling ceremony of China Petroleum Electric Power Company was attended by key leaders, including Chairman Dai Houliang and General Manager Zhou Xinhui, highlighting the company's significance in the energy sector [4]. - The company aims to serve as a hub for the development of renewable energy and optimize electricity supply and marketing [6]. Group 2: Strategic Importance and Goals - The formation of the new company is a response to the call for high-quality development of renewable energy and the establishment of a unified national market, emphasizing the need for innovation and adaptation in the energy sector [5]. - The company is tasked with responsibilities such as ensuring energy consumption, supply security, cost reduction, and efficiency improvement, while also focusing on creating a leading clean energy service brand [6]. Group 3: Operational Focus and Development - China Petroleum Electric Power Company will enhance its operational capabilities by adopting advanced market models, such as virtual power plants, and will prioritize the cultivation of a skilled workforce that understands both energy and market dynamics [6]. - The company is committed to optimizing resource allocation and expanding cooperative efforts to enhance the value of electricity marketing [6].

近日，渝黔、湘粤、湘黔、闽赣、皖鄂等5项背靠背工程获国家发展和改革委员会核准批复。5项工 程总投资244亿元，其中国家电网有限公司投资184亿元、中国南方电网有限责任公司投资60亿元，共新 建5座容量为300万千瓦柔直换流站，建设500千伏接入系统线路1227千米。涉及跨国家电网、南方电网 经营区的3项工程中，渝黔、湘粤工程由国家电网公司牵头，湘黔工程由南方电网公司牵头，计划2027 年迎峰度夏前投产发挥作用。 国家电网相关负责人表示，5项工程建成后，在台风、暴雨、极端气温等自然灾害，以及电网事故 等极端情况下，可分别增加300万千瓦、共计1500万千瓦省间双向送电能力，提升紧急事故支援能力和 调度运行灵活性，降低运行风险，有力保障经济社会和民生用电需求。 "下一步，国家电网公司将抓紧做好开工建设的各项准备工作，在建设中统筹安全、质量和进度， 确保全部项目早日开工、顺利建成。"该负责人说。 ...

陈杰强调，南方电网作为扎根大湾区的龙头央企，始终是广州践行"双碳"目标的"亲密战友"。广州市政 府将始终坚持"有呼必应"，携手双向奔赴，全心全意服务企业高质量发展。期待上市后的南网数研院， 在能源数字化智能化大潮中，成为大湾区最耀眼的"数字明星"。 当前，我国电力能源系统正处于绿色低碳转型的关键阶段。"十五五"规划建议明确提出"加快建设新型 能源体系、建成统一电力市场"，数字电网正是实现这一目标的关键载体。 11月18日，继南网能源、南网科技、南网储能后，南方电网培育的第4家上市企业——南方电网数字电 网研究院股份有限公司（简称"南网数字"，股票代码：301638）在深圳证券交易所正式挂牌上市。这是 南方电网加快融入资本市场的又一重大突破，也标志着南方电网全面数字化智能化转型进入了新的发展 阶段。南方电网公司董事长、党组书记孟振平，广州市委常委、常务副市长陈杰出席上市仪式并致辞。 战略引领，锚定科产融合发展航向 孟振平表示，南方电网公司将深入贯彻落实数字中国、能源强国战略部署，进一步做强做优做大数字电 网产业生态，更好服务支撑能源电力产业智能化、绿色化、融合化转型升级，加快塑造能源电力生产力 新质态。接下来， ...

Core Viewpoint - The new power system is a crucial component of the new energy system and a key vehicle for achieving the "dual carbon" goals, prompting a call for innovative practices and brand promotion in its construction [2]. Group 1: Initiating Organizations - The initiative is launched by China Energy News and the China Energy Economic Research Institute [4]. Group 2: Application Requirements - Application cases should closely align with the core features and development directions of the new power system, demonstrating significant economic and social benefits [4]. - The cases must be disseminated through domestic and international media and social media platforms between 2024 and 2025, aiming for positive impact and significant influence [4]. Group 3: Eligible Applicants - Eligible applicants include registered enterprises and institutions in China involved in various aspects of the new power system, such as grid companies, power generation companies, energy technology firms, and research institutions [5]. Group 4: Process Arrangement - The collection period for applications is from July 1, 2025, to November 24, 2025 [6]. - A review committee composed of industry experts and media representatives will evaluate the applications based on fairness and transparency [6]. Group 5: Case Publication - Outstanding cases will be published at the "2025 Eighth China Energy Industry Development Annual Conference" in Beijing on December 4, 2025 [7]. Group 6: Promotion - The selected cases will be promoted across all media platforms of China Energy News [8]. Group 7: Submission Requirements - Interested units can download the application form and submit up to two projects [9]. - Submission materials must include basic information about the applicant, case overview, innovative highlights, and implementation results, ensuring accuracy and clarity [12].