Market Performance - On August 21, A-shares showed mixed performance with the Shanghai Composite Index slightly up by 0.13%, while the Shenzhen Component Index fell by 0.06% and the ChiNext Index decreased by 0.47% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 24,241 billion RMB, showing a slight increase compared to the previous trading day [2] Index Performance - The China A50 Index rose by 0.77% with a year-to-date increase of 5.91% [2] - The CSI 300 Index increased by 0.39% year-to-date, showing an 8.98% rise [2] - The ChiNext Index has a year-to-date decline of 21.19% [2] Sector Performance - The Agriculture, Forestry, Animal Husbandry, and Fishery sector led with a rise of 1.50%, followed by the Oil and Petrochemical sector at 1.39% and Beauty and Personal Care at 0.98% [7] - The Machinery Equipment sector saw a decline of 1.08%, while the Electrical Equipment sector fell by 0.98% [7] Public Utilities - The implementation of the "Price Law Amendment Draft" aims to break the "loss-subsidy" cycle, with market-oriented pricing for gas and electricity entering the implementation phase [8] - The performance and valuation of public utility companies are expected to improve as subsidy and pricing policies are set to be concentrated in 2025 [8] Chemical Sector - Significant capital inflow was observed in the chemical sector, with the largest chemical ETF (159870) seeing a net subscription of 1.23 billion units, bringing its total size to 6.5 billion RMB [9] - Two potential paths for the chemical sector's anti-involution were identified: proactive industry self-discipline and passive policy-driven improvements [10] Investment Opportunities - The report suggests focusing on high-quality green electricity operators and premium offshore wind projects as the new energy sector fully enters the market [8] - The chemical sector's leading companies are expected to have strong bottom configuration value due to their sensitivity to policy changes [10]

根据Wind数据统计，截至8月21日，社保基金持有129只股票，持股市值合计达332亿元。在个股选择上，持有市值前 十的个股为银行板块的常熟银行、PCB板块的鹏鼎控股、农业板块的海大以及化工龙头万华化学。 序号 从行业板块看，集中在化工、硬件设备、食品饮料、医药生物和银行。其中低位板块化工板块持股市值达60亿位列第 一。 名称 持股数量(万股)-本期 持股市值(万元)-本期 Wind行业 1常熟银行27779.13 204732.18 银行2鹏鼎控股4301.00 137760.98 硬件设备3海大集团2103.44 123240.26 食品饮料4万华 化学2120.99 115084.84 化工5信维通信3700.00 82880.00 硬件设备6藏格矿业1812.00 77318.04 化工7涪陵电力8169.94 75163.43 公用事业Ⅱ8华东医药1758.97 70992.21 医疗设备与服务9思源电气935.74 68224.45 电气设备10华工科技 1437.52 67577.86 硬件设备 近期化工板块再起攻势。成份股方面，今日钛白粉、氮肥、钾肥、聚氨酯等板块部分个股涨幅居前，中核钛白涨停 ...

沪指8月21日上涨0.13%，申万所属行业中，今日上涨的有17个，涨幅居前的行业为农林牧渔、石油石 化，涨幅分别为1.50%、1.39%。公用事业行业今日上涨0.89%。跌幅居前的行业为机械设备、电力设 备，跌幅分别为1.08%、0.98%。 资金面上看，两市主力资金全天净流出664.20亿元，今日有5个行业主力资金净流入，商贸零售行业主 力资金净流入规模居首，该行业今日上涨0.70%，全天净流入资金7.50亿元，其次是公用事业行业，日 涨幅为0.89%，净流入资金为5.57亿元。 主力资金净流出的行业有26个，电子行业主力资金净流出规模居首，全天净流出资金149.90亿元，其次 是电力设备行业，净流出资金为83.80亿元，净流出资金较多的还有机械设备、有色金属、汽车等行 业。 公用事业行业今日上涨0.89%，全天主力资金净流入5.57亿元，该行业所属的个股共131只，今日上涨的 有106只，涨停的有4只；下跌的有19只。以资金流向数据进行统计，该行业资金净流入的个股有59只， 其中，净流入资金超5000万元的有9只，净流入资金居首的是华银电力，今日净流入资金2.06亿元，紧 随其后的是上海电力、中国核电，净 ...

（原标题：主力资金动向 7.50亿元潜入商贸零售业） | 行业名称 | | 成交量 | | | 今日 | | --- | --- | --- | --- | --- | --- | | | 成交量 （亿股） | 较昨日 增减 | 换手率 （%） | 涨跌幅 （%） | 主力资金 | | | | （%） | | | 净流入（亿元） | | 商贸零售 | 37.20 | 2.16 | 3.10 | 0.70 | 7.50 | | 公用事业 | 51.23 | 26.82 | 1.28 | 0.89 | 5.57 | | 钢铁 | 39.59 | 12.23 | 2.01 | 0.54 | 4.23 | | 煤炭 | 16.51 | 41.26 | 1.26 | 0.72 | 0.71 | | 综合 | 6.94 | -9.34 | 4.11 | -0.73 | 0.14 | | 建筑装饰 | 51.84 | 18.19 | 1.85 | 0.43 | -0.18 | | 美容护理 | 4.86 | 9.77 | 4.92 | 0.98 | -0.21 | | 石油石化 | 25.57 | 33.76 | 0.69 ...

（文章来源：证券时报网） Choice统计显示，8月21日，沪深两市可交易A股中，上涨个股有2099只，下跌个股有2896只，平盘个 股149只。不含当日上市新股，共有58只个股涨停，15只个股跌停。从所属行业来看，涨停个股主要集 中在化工、计算机、公用事业、纺织服饰、电力设备等行业。 ...

智通财经APP获悉，美银证券发布研报，将美国公用事业公司黑山(BKH.US)评级从"跑输大盘"上调 至"中性"，目标价从57美元上调至64美元。美银证券认为，相较于独立的黑山公司而言，合并后的公司 的战略定位和基本面前景有望实现一定程度的改善。 此前，黑山和NorthWestern Energy Group(NWE.US)宣布了一项全股票合并交易，交易价值达154亿美 元。根据协议条款，NorthWestern股东每持有1股股份，将获得0.98股黑山公司股票。这将使黑山股东的 持股比例达到 56%，而NorthWestern股东的持股比例则为 44%。合并后的公司董事会将由11名成员组 成，其中6名由黑山公司指定，5名由NorthWestern指定。此次交易无需发行股票来筹集资金。 美银证券将黑山的目标价上调至64美元，以反映电力和天然气业务板块的最新市盈率，分别为16.1倍 (原为15.1倍)和15.7倍(原为15.1倍)。目前，美银证券对该公司 2025/2026/2027 财年每股收益的预测保持 不变，分别为4.09 美元/4.31 美元/4.56 美元，以等待资本支出计划、协同效应、交付情况以及合并后 ...

Group 1 - The core viewpoint of the article emphasizes the unexpected performance of the utility sector, particularly focusing on the advantages of thermal power generation and the reasons for its weak market performance [2][5]. Group 2 - The article discusses the historical performance of the utility sector over the past few years, highlighting key trends and shifts in market dynamics [5]. - It elaborates on the advantages of thermal power generation, which include reliability and established infrastructure, making it a critical component of the energy mix [5]. - The article also addresses the factors contributing to the weak performance of the thermal power market, such as regulatory challenges and competition from renewable energy sources [5].

| 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2025.06.30 | 10派0.5元（含税） | 3.94 | 0.79 | | 2024.12.31 | 10派1.2元（含税） | 9.46 | 1.83 | | 2024.06.30 | 10派0.85元（含税） | 6.70 | 1.34 | | 2023.12.31 | 10派1.2元（含税） | 9.46 | 2.13 | | 2023.06.30 | 10派0.8元（含税） | 6.31 | 1.41 | | 2022.12.31 | 10派2元（含税） | 15.76 | 3.25 | | 2021.12.31 | 10派1.5元（含税） | 11.82 | 2.60 | | 2020.12.31 | 10派1.9元（含税） | 14.98 | 4.18 | | 2019.12.31 | 10派1.9元（含税） | 14.98 | 3.51 | | 2018.12.31 | 10送3派2.5元（含税） | 15.16 | 4.37 | | 2017.12.31 | ...

智通财经APP讯，沈阳公用发展股份(00747)公布，该集团预期于2025年上半年取得净亏损约人民币410 万元至约430万元，而于2024年同期取得净溢利约人民币190万元。 董事会认为，本期间取得净亏损乃主要由于(其中包括)(i)收益大幅减少，原因是基础设施建设业务的项 目整体结算工作已于过往期间全部完成，且本期间并无确认来自该业务的收益;及(ii)其他收入减少，原 因是与过往期间相比，并无取得出售分类为持作出售资产的收益。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expectation of over 20% relative return within the next six months [6][15]. Core Insights - The company reported a revenue of RMB 97.543 billion for the first half of 2025, an increase of RMB 4.621 billion or 4.97% year-on-year. However, the profit before tax decreased by RMB 5.12 billion or 7.06% to RMB 6.737 billion, and the profit attributable to shareholders fell by RMB 1.44 billion or 4.36% to RMB 3.161 billion. The interim dividend was set at RMB 0.166 per share, slightly up from RMB 0.164 per share in the same period last year [1]. Sales Performance - The total natural gas sales volume reached 29.095 billion cubic meters, reflecting a year-on-year growth of 10.05%. Retail gas volume was 16.666 billion cubic meters, up 2.23%. The breakdown shows industrial gas volume at 12.47 billion cubic meters (+8%), commercial gas at 1.693 billion cubic meters (-1.5%), residential gas at 2.014 billion cubic meters (-3.6%), and gas station sales at 0.488 billion cubic meters (-48.5%). Distribution and trade saw a significant increase of 22.6% to 12.429 billion cubic meters. The average sales price of natural gas was RMB 2.77 per cubic meter, down RMB 0.1 from the previous year [2]. Processing and Transportation Performance - The LNG processing and transportation segment generated revenue of RMB 4.371 billion, a slight decrease of 1.58%. However, profit before tax increased by 11.41% to RMB 1.836 billion. The LNG plants achieved a record profit of RMB 140 million, with a 25% reduction in maintenance cycles. The total LNG gasification and loading volume at the receiving stations reached 7.899 billion cubic meters, a year-on-year increase of 1.66% [3]. Oil and LPG Sales - The average selling price of crude oil decreased from USD 67.77 per barrel to USD 62.88 per barrel, leading to a 15.91% drop in crude oil sales revenue to RMB 0.74 billion. LPG sales volume increased by 4.87% to 3.0684 million tons, with revenue rising by 1.03% to RMB 13.02 billion. The profit before tax for the LPG segment decreased by 3.03% to RMB 544 million [4]. Cost Management and Capital Expenditure - The company effectively controlled costs, reducing other sales, general, and administrative expenses to approximately RMB 1.121 billion, down 8.86% from RMB 1.230 billion in the previous year. Employee compensation costs also decreased by 10.07% to approximately RMB 2.850 billion. Capital expenditure for the first half of 2025 was RMB 1.926 billion, a significant decline of 31.6% [5]. Profit Forecast and Valuation - Due to a slowdown in natural gas demand growth and a decline in international oil prices, the profit forecasts for 2025, 2026, and 2027 have been revised down to RMB 6.229 billion, RMB 6.696 billion, and RMB 7.213 billion, respectively, from previous estimates of RMB 6.414 billion, RMB 7.011 billion, and RMB 7.656 billion [6].