近年来，18兆瓦海上风电机组并网运行、"华龙一号""国和一号"三代核电机组批量应用，电力装备行业 一批标志性成果取得突破，全国累计发电装机容量达36.5亿千瓦。近期，国内部署一批重大能源工程， 国际上共建"一带一路"国家和地区需求不断提升，电力装备行业发展迎来新机遇。 工业和信息化部装备工业二司有关负责人表示，方案提出电力装备行业新的增长点，在需求侧明确要加 快"沙戈荒"新能源基地、风光水一体化基地和特高压电力外送通道等项目建设，同时，通过专项在新能 源、智能电网装备等领域支持一批关键产品创新项目，保障装备供给能力，实现需求侧与供给侧精准对 接。 本报北京9月15日电 （记者刘温馨）近日，工业和信息化部等3部门联合印发《电力装备行业稳增长工 作方案（2025—2026年）》，提出2025—2026年传统电力装备年均营收增速保持6%左右，新能源装备 营收稳中有升等目标。 《 人民日报 》（ 2025年09月16日 02 版） (责编：袁勃、赵欣悦) 关注公众号：人民网财经 ...

Core Viewpoint - The Ministry of Industry and Information Technology, along with two other departments, has issued a plan for the power equipment industry aimed at maintaining an average annual revenue growth rate of around 6% for traditional power equipment from 2025 to 2026, while ensuring stable growth for renewable energy equipment [1] Group 1: Industry Growth Targets - The plan sets a target for the traditional power equipment sector to achieve an average annual revenue growth rate of approximately 6% during the 2025-2026 period [1] - It emphasizes the need for stable growth in the revenue of renewable energy equipment [1] Group 2: Recent Achievements and Developments - Significant milestones in the power equipment industry include the operational integration of 18 MW offshore wind turbines and the mass application of the "Hualong One" and "Guohe One" third-generation nuclear power units [1] - The total installed power generation capacity in the country has reached 3.65 billion kilowatts [1] Group 3: New Opportunities and Projects - The industry is poised for new opportunities due to the deployment of major energy projects domestically and the increasing demand from countries and regions involved in the Belt and Road Initiative [1] - The plan highlights new growth points for the power equipment industry, focusing on accelerating the construction of projects such as the "Shagohuang" renewable energy base, integrated wind-solar-water bases, and ultra-high voltage power transmission channels [1] Group 4: Innovation and Supply Chain - The plan aims to support key product innovation projects in the fields of new energy and smart grid equipment through specialized initiatives [1] - It seeks to ensure equipment supply capabilities and achieve precise alignment between demand and supply sides [1]

Core Viewpoint - The joint work plan aims to stabilize growth in the electric power equipment industry from 2025 to 2026, targeting an average revenue growth rate of around 6% for traditional power equipment and an increase in revenue for new energy equipment [1] Group 1: Revenue Growth Targets - The plan sets a goal for the average annual revenue growth rate of traditional electric power equipment to maintain around 6% from 2025 to 2026 [1] - It aims for the revenue of new energy equipment to show steady growth during the same period [1] - The plan also targets an average annual revenue growth rate of 7% for national advanced manufacturing clusters in the electric power equipment sector and around 10% for leading enterprises [1] Group 2: Production and Export Goals - The plan seeks to keep the production of power generation equipment within a reasonable range from 2025 to 2026 [1] - It aims for an increase in the export volume of new energy equipment during the same timeframe [1] Group 3: Industry Achievements and Future Directions - The electric power equipment industry has made significant progress, with installed power generation capacity reaching 3.65 billion kilowatts [1] - New energy equipment has become a competitive advantage for China's manufacturing sector, with continuous improvements in supply levels [1] - The work plan proposes a series of measures to address new challenges by coordinating efforts in supply, demand, and environmental aspects [1]

后续，通过沙特比沙储能项目等标杆性工程，中电装备公司将持续助力项目所在国家实 现绿色转型与可持续发展目标，在绿色金融和社会责任方面积极作为。 近日，中国电力技术装备有限公司凭借跨境绿色保函转开方案为沙特比沙储能项目顺利 履约提供财务保障，并在亚洲权威金融媒体《财资》（《THE ASSET》）2025年度"AAA司 库管理大奖"评选中获得"最佳结构性贸易融资方案"奖项。沙特比沙储能项目保函由德意志 银行开具。该项目也因此成为国家电网有限公司首个获得德意志银行（中国）环境、社会和 公司治理（ESG）可持续金融认证的项目。 据介绍，跨境绿色保函是绿色金融的重要工具，正逐步成为企业参与国际绿色项目的重 要融资手段。此次获奖不仅印证了中电装备公司的专业能力，更是对该公司以ESG标准贯穿 保函全流程、以金融工具撬动绿色转型的认可，彰显了该公司在跨境合作和绿色能源领域的 卓越表现。 【责任编辑：王少晨 】 ...

报告日期：2025 年 9 月 15 日 申银万国期货研究所 首席点评：降息周期即将重启？ 中美在西班牙就有关经贸问题举行会谈。当地时间 9 月 14 日，中美双方在西班 牙马德里就有关经贸问题举行会谈。双方将讨论美单边关税措施、滥用出口管制 及 TikTok 等经贸问题。对于 TikTok 问题，中方将坚持原则，坚定维护中资企业 正当合法权益。涉及中国企业的具体商业安排，必须符合中国法律法规。商务部 就美国对华集成电路领域相关措施发起反歧视立案调查。本次调查自 2025 年 9 月 13 日开始，调查期限通常为 3 个月，特殊情况下可适当延长。全球金融市场 将迎来"央行超级周"，美联储、加拿大央行等多家主要央行将公布利率决议。 市场普遍预计美联储将首次降息 25 个基点，以应对疲软的劳动力市场。英美本 周将签署一项"突破性"科技协议，核心内容聚焦人工智能与量子计算合作。中 国 8 月新增社融 2.57 万亿元，新增贷款 5900 亿元，M2-M1 剪刀差创四年新低。 重点品种：黄金、铜、股指 黄金：黄金高位整理，白银接棒走强。上周公布的通胀数据整体符合预期，8 月 CPI 同比上涨 2.9%，较 7 月的 ...

Core Insights - The report highlights the urgency for domestic semiconductor companies to accelerate their replacement efforts due to new U.S. sanctions targeting the Chinese semiconductor industry [6] - The report outlines significant government initiatives aimed at promoting the development of new energy storage and power equipment sectors, indicating potential growth opportunities for related companies [6] Macroeconomic Summary - The U.S.-China high-level economic talks are scheduled from September 14 to 17, focusing on trade issues including tariffs and export controls [4] - In August, the average interest rate for new corporate and personal housing loans was recorded at 3.1%, marking a historical low, while the total social financing increased by 4.66 trillion yuan year-on-year [4] Industry Developments - The National Development and Reform Commission and the Energy Administration have issued a plan for large-scale construction of new energy storage from 2025 to 2027, which could benefit companies like CATL and Nandu Power [6] - A joint announcement from multiple departments regarding a work plan for stabilizing growth in the power equipment industry for 2025-2026 suggests a supportive regulatory environment for companies in this sector [6] Company Focus - Zhongke Shuguang is actively pursuing a major asset restructuring with Haiguang Information, with due diligence and asset evaluation currently underway [8] - Weiman Sealing is set to have 66.67 million shares of its original shareholders' restricted stock listed for trading on September 15, representing 55.56% of the company's total share capital [8] - Chip Origin reported a backlog of orders amounting to 3.025 billion yuan as of the end of Q2, with new orders signed in the first 42 days of Q3 reaching 1.205 billion yuan, reflecting a year-on-year growth of 85.88% [8] - Dechuang Environmental plans to acquire a 40% stake in Shaoxing Huaxin Environmental Technology for 67.64 million yuan, with funding sourced from its own capital and bank loans [8] Market Review and Outlook - The A-share market experienced a mixed performance with all three major indices closing lower, while trading volume increased significantly to 2.52 trillion yuan, indicating heightened market activity [10] - The technology sector continues to lead the market, particularly in areas such as computing hardware and semiconductor chips, while cyclical sectors like non-ferrous metals and real estate also showed strong performance [10] - The report suggests that the market may maintain a volatile consolidation pattern in the near term, with a focus on sectors showing growth potential and stable earnings [11]

首席 点 评 ： 降息周期即将重启？ 中美在西班牙就有关经贸问题举行会谈。当地时间9月14日，中美双方在西班牙马德里就有关经贸问题 举行会谈。双方将讨论美单边关税措施、滥用出口管制及TikTok等经贸问题。对于TikTok问题，中方将 坚持原则，坚定维护中资企业正当合法权益。涉及中国企业的具体商业安排，必须符合中国法律法规。 商务部就美国对华集成电路领域相关措施发起反歧视立案调查。本次调查自2025年9月13日开始，调查 期限通常为3个月，特殊情况下可适当延长。全球金融市场将迎来"央行超级周"，美联储、加拿大央行 等多家主要央行将公布利率决议。市场普遍预计美联储将首次降息25个基点，以应对疲软的劳动力市 场。英美本周将签署一项"突破性"科技协议，核心内容聚焦人工智能与量子计算合作。中国8月新增社 融2.57万亿元，新增贷款5900亿元，M2-M1剪刀差创四年新低。 重点品种： 黄金、铜、股指 黄金： 黄金高位整理，白银接棒走强。上周公布的通胀数据整体符合预期，8月CPI同比上涨2.9%，较7 月的2.7%小幅上升，环比上涨0.4%，超过部分市场预期。核心通胀同比仍为3.1%，环比上涨0.3%。8月 PPI环比 ...

Market Overview - The overall market sentiment remains cautious, with the Shanghai Composite Index closing at 3870.60, down 0.12%, and the Shenzhen Component Index down 0.43% at 12924.13. The ChiNext Index saw a decline of 1.09%, closing at 3020.42, while the STAR Market 50 Index increased by 0.90% to 1338.02 [1][7]. Economic Indicators - As of the end of August 2025, the broad money supply (M2) stood at 331.98 trillion yuan, reflecting a year-on-year growth of 8.8%. The narrow money supply (M1) was 111.23 trillion yuan, up 6% year-on-year, and the cash in circulation (M0) reached 13.34 trillion yuan, growing by 11.7% [18][19]. - The total social financing increment for the first eight months of 2025 was 26.56 trillion yuan, which is an increase of 4.66 trillion yuan compared to the same period last year. Notably, the net financing from corporate bonds was 1.56 trillion yuan, a decrease of 221.4 billion yuan year-on-year [17]. Industry Dynamics - The State Council has approved the draft regulations for the management of clinical research and clinical application of new biomedical technologies, aiming to enhance the innovation and development of the biomedical industry [25]. - The National Development and Reform Commission and the National Energy Administration have issued a special action plan for the large-scale construction of new energy storage from 2025 to 2027, targeting a cumulative installed capacity of over 180 million kilowatts by 2027 [31]. - The electric power equipment industry is expected to maintain a good growth outlook, with traditional power equipment revenue projected to grow at an annual rate of around 6% from 2025 to 2026 [32]. Company Updates - Ji'an Medical (002432.SZ) has announced a shareholder return plan for the next three years (2025-2027), committing to distribute no less than 30% of its cumulative net profit as cash dividends, contingent on meeting certain conditions [34]. - CRRC Zhuzhou Electric Locomotive Co., Ltd. has won a bid for the Mexico City International Airport-Pachuca line project, providing 15 passenger trains with a total project cost of 5.846 billion pesos, significantly lower than competitors' bids [29].

Core Viewpoint - The "Power Equipment Industry Stabilization Growth Work Plan (2025-2026)" outlines the positive growth outlook for the power equipment industry in China, driven by the global transition to a green and low-carbon energy structure and the establishment of a new power system [1] Group 1: Goals for 2025-2026 - The plan sets a target for traditional power equipment to maintain an average annual revenue growth rate of around 6%, while revenue from new energy equipment is expected to show stable growth [2] - The production of power generation equipment is to remain within a reasonable range, ensuring effective supply, and the export volume of new energy equipment is anticipated to increase [2] - Key regions and enterprises are expected to enhance their driving role, with the national advanced manufacturing cluster in the power equipment sector aiming for an average annual revenue growth rate of 7%, and leading enterprises targeting a 10% growth rate [2] Group 2: Adjustments and Market Insights - The current plan's target for traditional power equipment growth is lower than the previous plan's target of over 9%, reflecting a reasonable adjustment due to a slowdown in power consumption growth [2] - Despite uncertainties in the external environment, the export prospects for new energy equipment are expected to continue growing, particularly in emerging markets outside of Europe and the U.S. [3] - The plan emphasizes the steady advancement of nuclear power development, with a focus on safely and orderly promoting the approval and construction of coastal nuclear power projects [3] Group 3: Technological Integration and Upgrades - The plan encourages the deep integration of new-generation information technology with power equipment, accelerating the green upgrade and transformation of equipment [3] - It aims to guide enterprises in the power equipment sector towards a comprehensive digital transformation and enhance the intelligence level of distribution busbars [3] - The initiative includes actions to cultivate smart factories and accelerate the application of "5G + Industrial Internet" in the power equipment field [3]

Group 1 - The performance of major asset classes since the beginning of 2025 has been led by precious metals, with COMEX gold rising by 38.8% and COMEX silver by 45.8% [1] - Emerging market stocks have also performed well, with the MSCI Emerging Markets Index up 19.7% and the Vietnam VN30 Index up 38.7% [1] - The technology sector has seen significant gains, with the NASDAQ rising by 14.7% and the Philadelphia Semiconductor Index increasing by 20.5% [1] Group 2 - The weakening of the US dollar credit and the "soft decoupling" of asset classes are key themes driving asset performance [2] - Geopolitical factors are reshaping global supply chains, leading to a "backup" of supply and increased value for key metals and resources [2] - A new wave of technological revolution, particularly in renewable energy and artificial intelligence, is creating new demand for non-ferrous metals [3] Group 3 - The expectation of US interest rate cuts has led to a rise in global stock markets, with Chinese technology assets leading the gains [4] - The G7 long-term bond yields have decreased, and the US dollar has weakened against most currencies, supporting the performance of commodities like gold and silver [5] - The recent performance of gold has shown a strong correlation with external markets, with London gold prices rising by 1.6% to $3,651 per ounce [6] Group 4 - The Chinese stock market has seen a return of high growth narratives, particularly in technology and real estate sectors, with the overall A-share index rising by 2.12% [12] - The automotive industry is projected to achieve stable growth, with a target of approximately 3% year-on-year growth in sales by 2025 [26] - The electric power equipment industry has set a target for an average revenue growth rate of around 6% from 2025 to 2026 [24] Group 5 - The recent economic data indicates a recovery in both actual and nominal GDP, with September's actual GDP growth estimated at around 4.76% [17] - The PPI is expected to show a slight recovery due to low base effects, with projections indicating a monthly decline of around -0.13% [19] - The liquidity environment is being closely monitored, with the central bank increasing base currency injections to stabilize market fluctuations [20]