Core Viewpoint - Leshan Electric Power (600644.SH) announced a series of price adjustments for residential gas usage, effective from September 1, 2025, and September 1, 2026, indicating a structured increase in gas prices across different consumption tiers [1] Price Adjustments Summary - From September 1, 2025, the first-tier residential gas price will increase by 0.10 yuan per cubic meter, from 2.16 yuan to 2.26 yuan [1] - The second-tier residential gas price will increase by 0.12 yuan per cubic meter, from 2.60 yuan to 2.72 yuan [1] - The third-tier residential gas price will increase by 0.15 yuan per cubic meter, from 3.24 yuan to 3.39 yuan [1] - The consolidated user price will increase by 0.11 yuan per cubic meter, from 2.38 yuan to 2.49 yuan [1] - From September 1, 2026, the first-tier residential gas price will increase by 0.13 yuan per cubic meter, from 2.26 yuan to 2.39 yuan [1] - The second-tier residential gas price will increase by 0.15 yuan per cubic meter, from 2.72 yuan to 2.87 yuan [1] - The third-tier residential gas price will increase by 0.20 yuan per cubic meter, from 3.39 yuan to 3.59 yuan [1] - The consolidated user price will increase by 0.14 yuan per cubic meter, from 2.49 yuan to 2.63 yuan [1]

长江电力披露上述公告次日（7月31日），公司股价下跌3.00%。8月1日，公司股价小幅上涨0.54%，但尚未修复至公告披露前的水平。 每经记者｜杨煜 每经编辑｜金冥羽 文多 近日，因业绩稳定、分红丰厚而口碑出众的长江电力（SH600900，股价27.99元，市值6849亿元）正面临来自中小投资者的质疑。7月30日晚，长江电力 发布董事会决议公告，宣布拟出资建设葛洲坝航运扩能工程，出资金额约为266亿元（可研估算）。 然而，部分投资者担忧，上述工程是否缺乏经济效益、是否影响公司未来业绩及分红表现？ 图片来源：公司公告截图 8月1日，《每日经济新闻》记者就此事致电长江电力，询问公司是否有进一步解释或回应。接电话的工作人员表示，这一点以后续审批流程为准。关于上 述工程实施后能否提高葛洲坝电站上网电价的问题，其表示还在争取，尚未确定。 拟出资266亿元用于葛洲坝航运扩能 葛洲坝又被称为"万里长江第一坝"，是长江干流上第一座大型水电工程，兼具发电、航运、防洪等综合效益，此次拟实施的工程主要与其航运功能有关。 公告显示，葛洲坝船闸原设计年单向通过能力为5000万吨，但多年来一直处于超负荷运行状态，已成为长江上游航运的"堵 ...

Core Insights - The 2024 China electricity market has shown significant growth, with market-based trading volume exceeding 6.18 trillion kilowatt-hours, accounting for 62.7% of total electricity consumption [1][3] - The report highlights a substantial increase in renewable energy trading, with a volume of 956.9 billion kilowatt-hours, representing 52.3% of total renewable generation [1][3] - The green certificate trading volume surged by 364% year-on-year, while green electricity trading volume grew by 235.2% [1][7] Group 1: Market Expansion and Structure Optimization - In 2024, the total installed power generation capacity in China surpassed 3.349 billion kilowatts, with an increase of 429 million kilowatts, primarily driven by solar and wind energy [2] - The total electricity generation reached 10.09 trillion kilowatt-hours, marking a 6.7% year-on-year increase, with wind and solar contributing 58.1% of the new generation [2][3] - The number of market participants rose to 816,000, an 8.9% increase, including 35,000 power generation companies and 777,000 electricity users [3] Group 2: Trading Dynamics and Price Differentiation - The market-based trading volume reached 6.18 trillion kilowatt-hours, a 9.0% increase, maintaining over 60% of total electricity consumption for three consecutive years [3][4] - Provincial trading volumes totaled 4.75 trillion kilowatt-hours, reflecting a 5.4% increase, with price differentiation observed in provinces with active spot markets [4] Group 3: Unified Market Structure and Green Transition - The establishment of a unified national electricity market is accelerating, with significant growth in green electricity trading and certificates [5][6] - The inter-provincial electricity spot market officially launched after two years of trial, facilitating over 88 billion kilowatt-hours of trading, with 44% from clean energy [6] - The green certificate trading volume reached 446 million, with a 92.3% share from inter-provincial transactions, indicating a robust market for green energy [7][8] Group 4: New Business Models and Regulatory Enhancements - New business models, including diversified energy storage and virtual power plants, are emerging, enhancing market participation [8] - Regulatory frameworks are being upgraded to support market health, including the revision of the Electricity Market Supervision Measures and the establishment of real-time monitoring systems [8]

Core Viewpoint - The A-share market demonstrated resilience amid a significant downturn in Western markets, with 3,178 stocks rising despite the overall index decline, indicating a strategic defense by major funds [1][2]. Group 1: Market Performance - On the day of the U.S. market crash, the Shanghai Composite Index only fell by 0.37%, while the ChiNext index remained stable at 2,304 points, showcasing a strong defensive posture [2][3]. - Despite the overall market showing red, sectors such as power equipment and coal stocks attracted significant capital inflows, with power equipment gaining 1.9 billion yuan and coal stocks receiving 730 million yuan in purchases [2][3]. Group 2: Strategic Fund Management - Major funds anticipated the downturn in Western markets and established a solid defense at the 3,550-point level, which is a key Fibonacci retracement point [3][14]. - The People's Bank of China signaled continued monetary easing, with liquidity reserves reaching 7.4 trillion yuan, indicating a robust support mechanism for the market [3][14]. Group 3: External Influences - The U.S. non-farm payroll data significantly underperformed, leading to a spike in gold prices and a drop in the dollar index, which triggered panic selling in global markets [1][5]. - The depreciation of the dollar positively impacted the offshore yuan, which appreciated by 400 basis points, benefiting foreign investors holding 2.1 trillion yuan in A-shares [8][12]. Group 4: Sectoral Insights - The industrial sector showed strong performance, with companies like Sany Heavy Industry reporting a 67% year-on-year increase in overseas revenue, highlighting the structural differentiation within the A-share market [5][12]. - The gold sector also saw significant gains, with London gold prices rising by 2.3% to a historical high, reflecting a dual strategy of hedging against economic downturns while betting on China's manufacturing recovery [12][14]. Group 5: Valuation Comparisons - The current price-to-earnings ratio of the CSI 300 is only 13.1 times, indicating that A-shares are undervalued compared to U.S. stocks, where similar growth companies have P/E ratios exceeding 30 times [14]. - The A-share market has outperformed the Dow Jones, with an 18% increase in the first seven months of the year, contrasting with the Dow's 5% rise, suggesting a decoupling from Western market trends [14].

WESTERN 四部的手 行业周报 | 电力设备 高压架构驱动 AIDC 供电系统升级,电源结构持续转型 证券研究报告 2025 年 08 月 03 日 电新行业周报 20250728-20250803 · 核心结论 800V 高压架构驱动 AIDC 供电系统升级,柴发价值迎新一轮重估。英伟达 此前宣布将在 2027 年投产 800V 高压直流供电系统,引发产业链变革。核 心供应商英诺赛科业绩大幅增长。国内 AI 需求持续旺盛,大柴油发电机价 格年内涨幅或达 30%。在供电系统高压化趋势与 AI 算力需求双重驱动下, 柴发与配套零部件迎来新一轮景气周期。Al 数据中心推荐麦格米特，建议 关注联德股份、禾望电气、中恒电气、盛弘股份、欧陆通、潍柴重机。 上半年电源结构持续转型,山东、河南出台 136 号文及辅助服务新政策。本 周河南出台辅助服务细则,山东出台新能源机制电价竞价细则;上半年我国 新能源装机及发电量持续增高，电源结构持续向绿色能源转型;诺瓦聚变获 5 亿元天使轮融资，聚变领域招标超 9700 万元。我们持续推荐：思源电气、 神马电力、国能日新、南网科技、东方电子、东方电气,建议关注协鑫能科、 金杯电工 ...

中国经济网北京8月3日讯福能股份（600483）(600483.SH)8月1日晚间披露关于向不特定对象发行可转 换公司债券申请获得上海证券交易所上市审核委员会审核通过的公告。 福能股份本次可转债的发行对象为持有中国证券登记结算有限责任公司上海分公司证券账户的自然人、 法人、证券投资基金、符合法律规定的其他投资者等(国家法律、法规禁止者除外)。本次可转债每张面 值为100元人民币，按面值发行。 上海证券交易所上市审核委员会于2025年8月1日召开2025年第28次审议会议，对福能股份向不特定对象 发行可转换公司债券的申请进行了审议。根据会议审议结果，福能股份本次向不特定对象发行可转换公 司债券的申请符合发行条件、上市条件和信息披露要求。 福能股份表示，公司本次向不特定对象发行可转换公司债券事项尚需获得中国证券监督管理委员会(以 下简称证监会)作出同意注册的决定后方可实施。本次发行最终能否获得证监会同意注册的决定及其时 间尚存在不确定性。 根据福能股份于2025年2月28日披露的向不特定对象发行可转换公司债券募集说明书(申报稿)，该公司 本次向不特定对象发行可转债拟募集资金总额不超过人民币380,200.00万元 ...

Group 1 - The article highlights the unprecedented rise in electricity demand due to continuous high temperatures across various regions in China, particularly in Jiangsu, where electricity load has reached historical highs [1][2][4] - As of July 3, 2025, electricity load surpassed 150 million kilowatts for the first time, reaching 152.8 million kilowatts on July 7, which is 5.75 million kilowatts higher than the same period in 2024 [4][6] - The peak electricity load in 2025 occurred over 20 days earlier than in 2024, remaining above 140 million kilowatts, driven by increased use of air conditioning and cooling systems [6][9] Group 2 - The internet data service industry has significantly contributed to the increase in electricity consumption, with major data centers expanding their capacity and switching to more energy-intensive cooling systems [11][13] - Despite the high electricity demand, many companies, including a battery manufacturing firm, did not receive notifications to adjust their production schedules, allowing them to operate normally during peak times [14][16] - New energy storage systems have been rapidly deployed, with a total installed capacity exceeding 91 million kilowatts, providing a quick response to peak demand and alleviating pressure on the grid [18][19] Group 3 - Nationwide, over 10 provinces have implemented large-scale new energy storage systems during the summer peak, with the maximum power call exceeding 44 million kilowatts, enhancing electricity supply capabilities [21] - The total installed capacity of renewable energy in China has surpassed 1.6 billion kilowatts, making it the largest power source in the country [22][30] - In industrial parks, distributed photovoltaic systems have been installed, significantly reducing reliance on the main grid and achieving over 95% utilization of renewable energy [27][30] Group 4 - The coal power sector is actively participating in balancing the grid, adjusting output based on renewable energy generation, which has increased its share of total electricity generation to 35.2%, up 2.1 percentage points from 2024 [30][32] - The Chinese government is employing multiple strategies, including stable coal power supply and enhanced grid infrastructure, to ensure electricity balance during peak demand periods [32]

今年1至6月，全国新增发电装机容量29332万千瓦。其中，太阳能发电新增21221万千瓦，风电新增5139 万千瓦，火电新增2578万千瓦，水电新增393万千瓦。 (责任编辑：张紫祎) 国家能源局发布的全国电力工业统计数据显示：截至6月底，全国累计发电装机容量36.5亿千瓦，同比 增长18.7%。其中，太阳能发电装机容量11.0亿千瓦，同比增长54.2%；风电装机容量5.7亿千瓦，同比 增长22.7%。 ...

公告显示，此举旨在提高上市公司质量，推动优质资源向上市公司汇聚，打造全球领先的以煤炭为基础 的综合能源上市公司。根据安排，中国神华股票自8月4日开市起开始停牌，预计停牌时间不超过10个交 易日。 #中国神华启动千亿级资产收购#【#中国神华拟收购13家公司资产#，沪市千亿级并购有望再添一例！】 8月1日晚，中国神华公告，当日收到控股股东国家能源投资集团有限责任公司（以下简称"国家能源集 团"）通知，初步考虑拟由中国神华发行股份及支付现金购买国家能源集团持有的煤炭、坑口煤电以及 煤制油煤制气煤化工等相关资产并募集配套资金，前述资产涉及13家公司股权。 分析人士推测，此次交易金额有望跻身目前并购交易的前列。自"并购六条"发布以来，沪市已出现3单 千亿级并购，中国神华此单交易有望为沪市大额并购再添一例。（中国经营报，嘉玛） ...

作者：情报员 天眼查工商信息显示，近日，龙源电力集团股份有限公司出资17920万元成立封开龙源新能源有限公 司，持股100%，所属行业为电力、热力生产和供应业。 本文源自：金融界 资料显示，封开龙源新能源有限公司成立于2025年7月31日，法定代表人为钱世庆，注册资本17920万人 民币，公司位于肇庆市，许可项目：发电业务、输电业务、供（配）电业务。（依法须经批准的项目， 经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...