人民财讯7月31日电，7月24日，国家发展改革委价格成本和认证中心副主任成钢同志带队赴湖南省衡阳 市开展电化学储能调研。调研组实地考察了大唐华银电力（600744）股份有限公司耒阳分公司现役火电 机组、电化学储能电站，深入了解企业生产经营等有关情况。 ...

Economic News - The National Development and Reform Commission is soliciting public opinions on the "Guidelines for the Layout and Investment Direction of Government Investment Funds" and the "Management Measures for Strengthening the Guidance and Evaluation of Government Investment Fund Investment Direction," emphasizing the role of government investment funds in supporting strategic initiatives and attracting social capital [1] - In June 2025, the Ministry of Finance issued new bonds totaling 628.1 billion yuan, including 101 billion yuan in general bonds and 527.1 billion yuan in special bonds, with a total of 1,175.3 billion yuan in local government bonds issued [1] - The State Administration for Market Regulation has initiated a pilot program for product carbon footprint labeling, aiming to enhance collaboration among regulatory departments and promote the application of certification results [1] - In July, the Manufacturing Purchasing Managers' Index (PMI) was reported at 49.3%, indicating a slight decline in manufacturing activity, with large enterprises maintaining a PMI above the critical point [1] - Beijing has issued measures to improve the fertility support policy system, including optimizing childcare support policies and establishing a dynamic adjustment mechanism for childcare service prices [1] - The National Health Commission held a meeting to strengthen the prevention and control of the Chikungunya virus, emphasizing the need for effective measures to maintain public health and economic stability [1] - The U.S. has suspended the minimum tax exemption for low-value goods, effective August 29, impacting goods valued at or below $800 [5] - The Federal Reserve has decided to maintain the federal funds rate target range at 4.25% to 4.50%, indicating a cautious approach to future rate changes amid economic uncertainties [5] - The China Council for the Promotion of International Trade reported a 37.8% month-on-month decrease in the global trade friction index in May, reflecting a reduction in trade tensions [5] - Guangdong Province is intensifying efforts to regulate the live e-commerce industry, focusing on protecting consumer rights and enhancing regulatory enforcement [5] Company News - Yonghui Supermarket plans to issue A-shares to no more than 35 specific investors, raising up to 3.992 billion yuan for store upgrades, logistics improvements, and working capital [6] - Hehua Co., Ltd. has suspended trading of its stock due to potential changes in its controlling shareholder, with discussions ongoing [6] - Changjiang Electric Power reported a total revenue of 36.587 billion yuan for the first half of 2025, a year-on-year increase of 5.02%, driven by increased electricity generation [6] - Jinchengzi is planning to acquire a 55% stake in Changchun Samit Optoelectronics through a combination of stock issuance and cash payment, with trading suspended for up to 10 days [6] - CATL's revenue for the first half of the year reached 178.886 billion yuan, a year-on-year increase of 7.27%, with net profit growing by 33.02% [7] Industry Insights - The implementation of the child-rearing subsidy policy is expected to benefit the entire fertility industry chain, particularly in the demand for baby products and children's clothing [8] - The textile manufacturing sector is showing positive performance, with Baolong Oriental expecting a net profit increase of 50.2% to 76.0% in the first half of the year due to strong order volumes [9] - The home furnishing sector is experiencing pressure from declining real estate data, but retail sales remain strong, supported by government subsidies [9] - The toy industry, particularly for brands like Pop Mart, is seeing stable second-hand prices, indicating strong demand and a healthy market environment [10] - The textile and apparel industry has shown growth, with significant increases in various sectors, including beauty and personal care [11]

1．美国ETF创新产品：提高、降低集中度的产品同时发行 上周美国共37只新发产品，发行再次提速，涉及多家公司的系列产品： Direxion、Leverage Shares、Defiance、Rex Shares继续扩充单股票杠杆反向产品，涉及联合健康集团、电力公司 VISTRA、JPMorgan、福特、核能公司Nuscale Power、AI 企业CoreWeave，覆盖面不断提升。 WEBs上周发行Defined Volatility系列产品，对单一的ETF采用目标波动率策略，根据历史30年以上的长周期数据给出 目标波动率，然后根据产品过去1个月的年化波动率来加杠杆或减仓以达到目标波动率，该系列此前已发行SPY、 QQQ的挂钩产品，此次又发行了挂钩道富11个GICS行业分类ETF的产品，目前各产品的杠杆都在接近2倍水平。 景顺、Janus Henderson上周都发行了债券产品，景顺的核心固收ETF覆盖不同券种但以投资级为主，另一只产品聚 焦市政债，而Janus Henderson的为ABS产品。 Crossmark上周发行大盘成长、价值两只ETF，采用基本面和量化结合的方法，希望战胜罗素1000成长、罗素 ...

二是区域电力市场建设迈上新台阶。南方区域电力市场于今年6月28日成功转入连续结算试运行，在全 国范围内首次实现多省区电力资源统一优化配置，是全球集中统一出清电量规模最大的电力市场，对于 构建全国统一大市场、打破省间壁垒具有重要意义。长三角电力市场创新探索省市间抽蓄、皖电、绿电 交易机制，在6月成立了市场管理委员会，为长三角一体化发展贡献力量。 三是省级电力现货市场建设实现新加速。国家发展改革委、国家能源局联合印发了《关于全面加快电力 现货市场建设工作的通知》，对全年现货市场建设作出系统安排，各地也形成了阶梯式、加快推进的良 好态势。其中，蒙西、湖北连续试运行一年以上，在经历新能源大发、极端天气等多场景考验后，分别 于2月、6月转入正式运行；陕西、安徽、辽宁、河北南网已进入连续结算试运行。 新华财经北京7月31日电（记者安娜） 国家能源局综合司副司长张星7月31日说，今年上半年，全国电 力市场运行总体平稳，各电力交易中心累计完成市场交易电量2.95万亿千瓦时，同比增长4.8%。 张星是在当日国家能源局举行的新闻发布会上提供上述数据的。据他介绍，今年上半年，全国市场化交 易电量规模和市场主体数量均延续稳步增长态势 ...

Core Viewpoint - The article highlights the stable recovery of electricity consumption in China, driven by various factors including economic growth and energy supply stability, while also addressing the challenges posed by extreme weather conditions and the need for enhanced energy infrastructure [1][3][4]. Group 1: Electricity Consumption and Supply - In the first half of the year, the growth rate of total electricity consumption stabilized, with April and May showing increases of 4.7% and 4.4% respectively, and June recording a year-on-year growth of 5.4% [1][4]. - The overall electricity supply is secure, although certain regions like East China, Central China, and Southern provinces are experiencing tight supply during peak hours, which can be managed through appropriate measures [1][5][6]. Group 2: Energy Production and Structure - Energy supply has been sufficient, with coal production increasing by 5.4% year-on-year, and oil and gas production also showing stable growth, with crude oil and natural gas production rising by 1.3% and 5.8% respectively [3][4]. - The transition to a greener, low-carbon energy structure is accelerating, with renewable energy installations, particularly wind and solar, doubling compared to the same period last year, and non-fossil energy generation capacity surpassing 60% for the first time [3][4]. Group 3: Charging Infrastructure for Electric Vehicles - The number of electric vehicle charging facilities has reached 16.1 million by June 2025, with public charging facilities accounting for 4.096 million and private facilities for 12.004 million, achieving a county coverage rate of 97.08% [9][10]. - The government is enhancing the planning and construction of high-quality charging infrastructure to meet the growing demand for electric vehicles, with a focus on improving service quality and operational efficiency [9][10].

东海证券指出，资本市场新国九条顶层设计指引明确，活跃资本市场逻辑不变，建议关注并购重组、高含财率和ROE提升主线，大型券商因资本实力雄厚且 业务稳健具配置机遇。央企背景的大型券商在政策支持下，有望凭借资源优势获取更多业务机会，实现业绩增长。 规模方面，央企现代能源ETF近2周规模增长436.13万元，实现显著增长，新增规模位居可比基金1/3。 截至2025年7月31日 14:22，中证国新央企现代能源指数(932037)下跌1.80%。成分股方面涨跌互现，上海电力(600021)领涨0.74%，中国电建(601669)上涨 0.15%，中国石油(601857)上涨0.00%；华能国际(600011)领跌3.94%，云南铜业(000878)下跌3.93%，中国铝业(601600)下跌3.75%。央企现代能源ETF(561790) 下跌1.85%，最新报价1.12元。拉长时间看，截至2025年7月30日，央企现代能源ETF近2周累计上涨4.69%。 流动性方面，央企现代能源ETF盘中换手13.52%，成交665.09万元，市场交投活跃。拉长时间看，截至7月30日，央企现代能源ETF近1周日均成交865.29万 元 ...

因此，该行重申华能国电"买入"评级；基于煤价成本下调，将2025至27年净利润预测上调19至23%，H 股目标价升15%至6.2港元，A股目标价升14%至8.8元，当前股息收益率分别为7.8%及5.1%，具吸引 力。 花旗发表研究报告指，华能国际电力股份上半年业绩胜预期，净利润按年升23.2%至95.78亿元，较市场 及该行预期高，期内单位煤炭成本按年跌10.1%。该行预期未来12至18个月现货煤价将因需求减弱而进 一步下行，足以抵消煤炭行业供给侧改革带来的价格支持，而且公司自由现金流改善，股息率有望提 升。 ...

花旗发表研究报告指，华能国际电力股份上半年业绩胜预期，净利润按年升23.2%至95.78亿元，较市场 及该行预期高，期内单位煤炭成本按年跌10.1%。该行预期未来12至18个月现货煤价将因需求减弱而进 一步下行，足以抵消煤炭行业供给侧改革带来的价格支持，而且公司自由现金流改善，股息率有望提 升。因此，该行重申华能国电"买入"评级；基于煤价成本下调，将2025至27年净利润预测上调19至 23%，H股目标价升15%至6.2港元，A股目标价升14%至8.8元，当前股息收益率分别为7.8%及5.1%，具 吸引力。 ...

东吴证券研报指出，华能国际2025年上半年公司实现营业收入1120.32亿元，同比-5.7%；实现归母净利 润92.62亿元，同比+24.3%，超市场预期。2025年上半年全国规模以上电厂发电量4.54万亿千瓦时，同 比+0.8%。其中，火电同比-2.4%；水电同比-2.9%；核电同比+11.3%。关注火电行业资本开支下行期间 现金流、ROE、分红率改善的可能：火电行业进入"控容减量"周期，资本开支下行，分红率长维度提高 确定性高，煤价下行周期背景下，行业资产质量、现金流、ROE均有望显著改善。维持"买入"评级。 ...

Sales Revenues and Profitability - Eesti Energia Group's sales revenue in Q2 2025 was EUR 388 million, with a decline in EBITDA to EUR 80 million and adjusted EBITDA at EUR 83 million. Reported net profit was EUR 30 million, while adjusted net profit reached EUR 33 million [1][2] - The performance was primarily affected by falling shale oil and electricity prices, with Baltic energy prices returning to pre-energy crisis levels seen before 2022 [2][5] - The 'Other' segment, particularly frequency services, showed strong growth in both revenue and EBITDA despite overall lower profitability compared to Q2 2024 [2] Renewable Generation and Electricity Sales Segment - Sales revenue from this segment decreased by 26% year-on-year to EUR 170 million, while renewable electricity production increased by 27% to 0.6 TWh due to new wind farms [6] - Segment EBITDA dropped by 64% to EUR 13 million, primarily due to lower sales prices and sales volumes, although reduced electricity purchasing costs provided some offset [7] Non-Renewable Electricity Production - Sales revenue from non-renewable electricity increased by 6% year-on-year to EUR 37.1 million, with generation rising by 2% to 0.3 TWh [8] - Segment EBITDA declined by EUR 18 million due to higher CO₂ costs and increased fixed costs, despite the importance of fossil-based generation facilities for power generation and frequency services [9] Distribution Segment - Sales revenue from the distribution segment increased by 9% to EUR 73.7 million, supported by higher tariffs and a 2% increase in distributed volumes [11] - Segment EBITDA grew by 35% year-on-year, driven by a higher average sales price and lower variable costs [12] Shale Oil Segment - Sales revenue in the shale oil segment fell by 17% to EUR 43 million, mainly due to a 15% drop in sales volumes and a 20% decrease in average sales price [13] - Segment EBITDA declined by EUR 64 million, largely due to a one-off benefit recorded in Q2 2024 that did not recur this year [14] Other Products and Services - Sales revenue from other products and services nearly doubled year-on-year to EUR 32 million, driven by strong performance in frequency services [15] - Frequency services contributed EUR 27 million in revenue and EUR 31.3 million in EBITDA, with overall segment EBITDA rising by EUR 23 million [15] Investments - Group capital expenditure amounted to EUR 120 million in Q2 2025, down 43% year-on-year, with significant investments directed towards renewable energy projects and electricity distribution network enhancements [17] Financing and Liquidity - As of 30 June 2025, Eesti Energia held EUR 619 million in liquid assets, with total available liquidity of EUR 1,019 million [18] - Total debt stood at EUR 1,731 million, with net debt amounting to EUR 1,113 million, down EUR 271 million from a year earlier [18] Key Financial Information - For Q2 2025, the company reported revenue of EUR 387.8 million, operating profit of EUR 38.3 million, and profit for the period of EUR 30 million [20]