Group 1 - The China Securities Regulatory Commission (CSRC) has intensified support for high-quality unprofitable tech companies to go public, exemplified by the IPO of Yushu Technology, leading to a bullish market trend with both the Shanghai Composite Index and the ChiNext Index reaching new highs for the year [1][3] - A significant investment of approximately 1.2 trillion yuan in water conservancy projects has driven the A-share market's upward momentum, with the Shanghai Composite Index peaking at 3560 points [2][3] - The market's strong performance is characterized by a collective rise in the three major indices, with the Shanghai Composite Index closing up 0.72%, indicating a broad-based rally across various sectors including infrastructure and technology [7] Group 2 - The market is experiencing a shift where funds are being redirected towards large infrastructure projects, while sectors such as robotics are also gaining attention due to positive news, including Yushu Technology's IPO guidance and significant procurement orders in the humanoid robot sector [7] - The current market dynamics suggest a recovery from previous losses, with over a hundred stocks hitting the daily limit up, indicating a more diverse market landscape beyond just large financial stocks [5][7] - The ongoing bullish sentiment in the market is seen as a potential recovery phase rather than the beginning of a new bull market, emphasizing a cautious yet optimistic outlook for investors [5][6]

点击按钮▲立即报名 总投资约1.2万亿元超级水电工程开工 7月21日消息，雅鲁藏布江下游水电工程开工仪式近日在西藏自治区林芝市举行。该工程位于西藏自治区林芝市，将建设5座梯级电站，总投资 约1.2万亿元。该工程电力以外送消纳为主，兼顾西藏本地自用需求。据悉，这一"超级水电工程"的投资金额之巨、施工难度之高、耗时之久、 影响之广，都将创下历史记录。 雅鲁藏布江下游特别是大拐弯段被誉为"世界水能富集之最"，技术可开发资源量近7000万千瓦（约70吉瓦），相当于三峡电站装机规模的3倍。 目前，雅鲁藏布江中游已规划建设的多个水电站（如藏木、加查等）总装机约400万千瓦（4吉瓦），平均单位投资额约为250亿元/吉瓦。（综 合证券日报） ｜点评｜ 雅鲁藏布江下游水资源十分丰富，但由于海拔较高，开发难度大，一直没有得到很好的开发利用。经过数十年的准备和论证，今年才 正式开工。雅鲁藏布江下游水电工程建成后，将对提高国内电网稳定性起到关键作用，提升国内清洁能源使用比例。 1.2万亿元投资规模空前，单从项目本身的经济效益上看，国内电网基本不存在产电量缺口，雅鲁藏布江的巨额投资回报周期将被极大拉长。不 过，正值国内经济上行压力期， ...

1.2万亿元雅下水电工程开工，引爆A股市场！7月21日，水电概念股全线高开，A股市场高开震荡上 行，沪指收获四连阳，创业板指午后跟进涨势，沪指、创业板指双双创年内新高；港股方面，恒生指数 早盘一度站上25000点，为2022年2月以来首次。西藏、水利板块全线爆发，水泥、基建等方向也发力补 涨。创新药、军工板块双双低开高走，核心股获得高溢价。 业内分析认为，A股继港股后逐步转为增量市场，随着雅下水电工程项目的正式开工，多个细分行业的 需求将迎来确定性增长。受益于国家赋能、国际金融中心地位提升及增量资金流入，下半年港股将持续 走强。 A股放量成交超4000股飘红 7月21日，A股市场高开震荡上行，沪指收获四连阳，创业板指午后跟进涨势，沪指、创业板指双双创 年内新高。截至收盘，沪指涨0.72%，深成指涨0.86%，创业板指涨0.87%。A股超4000股飘红，涨停家 数创近2个月新高。全市场总成交额1.73万亿元，较上个交易日放量1338亿元。 港股方面，恒生指数早盘一度站上25000点，为2022年2月以来首次。截至收盘，恒生指数涨0.68%，恒 生科技指数涨0.84%，国企指数涨0.60%。 迎政策利好创新药板块 ...

强！市场是真的强。雅江水电站开工的事件之前已经有预期，资本市场对这个概念已经炒作过好几轮， 周末也已经充分发酵，很多投资者担心高开低走，今天依然掀起水利电建板块涨停潮。 从资金面来说，市场近期的交易量温和放大，今天已经达到1.73万亿，比上周五继续放大1300多亿。最 近的一些政策也将助推场外资金回流A股，一个是财政部发布新指引，加强国有保险公司的长期业绩评 估，旨在减轻股市波动对其财务业绩的影响，耐心资本和长期资本的队伍日渐扩大。 第二个是网上热议的海外直接投资盈利缴税，虽然不会令大部分资金回流，但能影响小部分投资回流， 或者干脆就不出海了。 储蓄搬家也是市场比较关心的一个话题，目前来看没有出现明显的迹象。有一个观察指标是大型ETF， 比如沪深300ETF，现在还是呈现净值上行，份额被赎回的状态，一旦开始净值上行，申购同步加大， 那么可以判断储蓄搬家的趋势开始显性化了。 这说明市场的风险偏好已经发生了很大改变，人心思涨，只要有一个真真切切的题材，就能合力做多， 不管水电站1.2万亿的总投资是分摊到10年左右完成，实际上一些涨停题材受益的时间已经是很多年以 后了。 沪指上周五跳空高开，今天继续跳空高开，收盘创 ...

Group 1 - The A-share market has seen a strong performance, with the Shanghai Composite Index reaching a new high for the year, driven by significant gains in infrastructure and construction-related sectors [1][2] - The launch of the Yarlung Tsangpo River downstream hydropower project, with an investment of 1.2 trillion yuan, is expected to boost GDP growth in Tibet and increase demand for construction materials [3] - The central government's urban work conference is anticipated to accelerate policies related to urban renewal and infrastructure upgrades, further stimulating demand for construction materials [3] Group 2 - Analysts predict that the equity asset base may rise due to the combination of large-scale infrastructure investments and anti-involution policies, potentially leading to a shift from deflationary expectations to a mild inflation environment [4] - The upcoming Politburo meeting is seen as a critical point for observing policy direction, which could significantly impact market sentiment and capital flow [4] - The construction and building materials sectors are expected to benefit from policy support and improved fundamentals, with a focus on sectors related to anti-involution and stable real estate [6] Group 3 - There is a consensus on the potential of sectors driven by strong industrial trends, such as AI and innovative pharmaceuticals, while defensive dividend sectors like banking may face valuation pressures [7] - The market is advised to focus on three main strategies: industries with strong industrial trends, sectors driven by performance and valuation alignment, and themes related to anti-involution and new energy [7]

公告显示，2025年1月至6月，中国电建新签合同金额总计6866.99亿元，同比增长5.83%。其中，能源电力业务贡献大头，新签合同金额4313.88亿元，同 比增长12.27%。而能源电力业务中，增长最猛的正是风电和水电，两者新签合同额同比增速分别达到68.78%和66.67%，水电业务新签合同绝对值更是突 破千亿元，达到1004.55亿元。 对比来看，传统的火电业务新签合同额同比大幅下滑62%，跌破200亿元；与水电、风电同属清洁能源的太阳能发电，新签合同额也出现了28.55%的下 滑，但绝对值仍在千亿元以上。 | 单位:亿元 币种:人民币 | | --- | | 业务类型 | 新签项目数量(个) | 新签合同金额 | 同比增减 | | --- | --- | --- | --- | | 能源电力 | 2939 | 4313.88 | 12.27% | | 水电 | 576 | 1004.55 | 66.67% | | 其中:抽水蓄能 | 292 | 413.81 | 12.14% | | 风电 | 652 | 1429.02 | 68.78% | | 太阳能发电 | 616 | 1137.43 | -2 ...

【导读】沪指再创年内新高，基金公司解读市场 中国基金报记者 张燕北 A股三大指数7月21日集体上涨，沪指"4连阳"，再创年内新高。大基建板块井喷，超级水电 板块全线爆发，大基建、钢铁、建材等板块涨幅居前。 盘后记者采访了多家公募，分析当前市场表现，展望后市走势。受访公募普遍认为，市场表 现强势或源于国家级重大水电工程开工等多个利好消息带动，后续基建投资有望保持稳健增 长、建材行业有望迎来困境反转的修复空间。 多重利好刺激A股走强 A股周一强势表现背后，或是雅鲁藏布江下游超级水电项目开工、"反内卷"政策持续发力等诸 多利好因素的综合作用。 国泰基金表示，消息面上，7月19日，李强出席雅鲁藏布江下游水电工程开工仪式并宣布工程 开工。 华润元大基金认为，从上半年经济数据来看，全年实现5%的实际GDP增长目标具备较强可行 性。这一判断意味着，短期大规模逆周期政策加码的必要性有所降低，政策重心将更多向稳 定价格水平、优化经济结构倾斜。7月底召开的政治局会议将是观察增量政策导向的关键节 点，其表态对市场情绪和资金流向可能产生重要影响。 雅江"超级水电工程"的投资金额之巨、施工难度之高、耗时之久、影响之广，都将创下历史 纪 ...

7月21日，A股市场走出了牛市的气势，成交量放大，超4000家公司上涨，相信今天大多数人都挣钱了吧！今天市场涨停个股一度达到100只以上，而这些 股票大部分跟雅鲁藏布江下游水电工程有关。 周末，该工程开工，工程主要采取截弯取直、隧洞引水的开发方式，建设5座梯级电站，总投资约1.2万亿元。 如此大的投资规模彻底引爆市场。有分析人士认为，此举不仅带动水电板块，而且对有色、钢铁等行业也能带来支撑。对于经济和市场情绪皆构成利好。 全线爆发！直线拉升 今天，超级水电概念股大幅高开，五新隧装30%涨停，深水规院20%涨停，浙富控股、中国电建、西藏天路、保利联合、高争民爆、华新水泥等十余股涨 停。 截至今日收盘，雅下水电概念板块暴涨逾12%，个股大面积涨停，基康技术、五新隧装30cm涨停，另有多股涨停。 | | | 雅下水电概念 | | | | --- | --- | --- | --- | --- | | | | 1125.21 12.52% | | | | 涨幅榜 | 跌幅榜 | 盘口 | 新闻 | 概念解析 | | 基康技术 | | 27.18 | | 29.99% | | 830879 | | | | | | 五新 ...

EB交换完成于2025年7月21日落实，紧随EB交换完成后，段传良及Sharp Profit(推定为与段传良一致行 动)于合共1,155,718,004股股份中拥有权益，占公司已发行股本总额约54.01%。Sharp Profit(中国水务全 资附属公司)为公司主要股东，于本联合公告日期拥有公司已发行股本总额约28.46%。 格隆汇7月21日丨康达环保(06136.HK)公告，于2025年7月11日，可交换债券持有人段已向康达控股送达 EB通知，以换取546,728,004股股份，占于本联合公告日期公司已发行股本总额约25.55%，换股价为每 股股份0.25港元。股份要约价每股要约股份0.348港元较股份于最后交易日在联交所所报收市价每股 0.340港元溢价约2.4%。 由于进行EB交换，段传良须根据收购守则规则26.1(b)就所有股份(彼及Sharp Profit已拥有及╱或同意收 购者除外)提出(或促使他人代其提出)强制性无条件现金要约。段及Sharp Profit将作为联合要约人，共同 提出(或促使他人代其提出)股份要约，并分配股份要约中有效提呈以供接纳要约股份，由段及Sharp Profit按约93. ...

Group 1 - The report highlights the significant investment in the Yarlung Tsangpo River hydropower project, with a total investment of approximately 1.2 trillion yuan, which is expected to drive market sentiment and boost related sectors such as construction and engineering [2][9] - Domestic commodities have shown a strong upward trend due to favorable supply and demand dynamics, with industrial products like alumina, coking coal, and glass experiencing price increases exceeding 5% [3][6] - The report notes that the stock market has been buoyed by the positive sentiment surrounding infrastructure projects, with major indices such as the Shanghai Composite Index and CSI 300 rising by 0.72% and 0.67% respectively [2][11] Group 2 - The report discusses the implications of the "anti-involution" policies aimed at stabilizing prices in key industries, which have led to a reversal in the long-term downward trend of industrial raw material prices [6][8] - The report indicates that the recent surge in commodity prices may lead to a shift in market expectations regarding inflation and monetary policy, reminiscent of the supply-side reforms initiated in 2015 [7][8] - The report emphasizes the importance of observing the continuity of demand-side policies to sustain the current market momentum, particularly in light of the recent infrastructure developments [8][9]