Group 1 - The core viewpoint indicates that Jinpan Technology (stock code: 688676) has a weak overall score of 47.48, with the main cost analysis showing a current price of 32.50 yuan, a 5-day cost of 31.80 yuan, and a 20-day cost of 32.53 yuan [1] - The stock has experienced no limit-up occurrences and one limit-down occurrence in the past year, indicating a lack of significant upward momentum [1] - Northbound capital data shows a holding volume of 9.96 million shares, accounting for 2.17% of the circulating shares, with a net buy of 965,200 shares yesterday, reflecting a 0.211% increase in position [1] Group 2 - Technical analysis indicates a short-term resistance level at 32.19 yuan and a support level at 31.37 yuan, suggesting potential short-term strength if the price breaks through the resistance [2] - The net inflow of main funds on June 24, 2025, was 51.785 million yuan, representing 20% of the total trading volume, with significant inflows from large orders [2] - The stock is associated with sectors such as power grid equipment (2.39%), energy storage (2.67%), solar energy (2.05%), and nuclear power (1.83%), indicating its relevance in these industries [2]

金十图示：2025年06月24日（周二）富时中国A50指数成分股今日收盘行情一览：成分股大面积飘红，保险、证券、汽车整车涨 势较大 -0.10(-1.15%) +0.02(+0.47%) -0.04(-0.71%) 保险 100 中国太保 中国平安 中国人保 08 3980.16亿市值 3532.59亿市值 10341.59亿市值 14.29亿成交额 58.74亿成交额 11.14亿成交额 56.79 36.72 9.00 +0.83(+2.31%) +1.69(+3.07%) +0.36(+4.17%) 酸酒行业 贵州茅台 山西汾酒 五粮液 18054.07亿市值 2188.49亿市值 4648.23亿市值 52.29亿成交额 11.77亿成交额 21.39亿成交额 1437.20 179.39 119.75 +17.20(+1.21%) +1.68(+0.95%) +1.47(+1.24%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2328.04亿市值 2535.01亿市值 3187.60亿市值 17.03亿成交额 53.14亿成交额 26.75亿成交额 137.14 435.82 607.2 ...

Group 1: Lithium Battery Sector - The demand for lithium batteries is strong, with a cumulative installation of 184.3 GWh from January to April 2025, representing a year-on-year growth of 52.8% [1] - Upstream material prices are at historical lows, and profitability is also low, which may accelerate the clearing process, with continued strong demand expected in the second half of 2025 [1] - Solid-state battery technology is anticipated to lead a new round of material system updates due to its significant advantages in safety and energy density, with applications expected in consumer batteries, eVTOL, and new energy vehicles [1] Group 2: AIDC and Energy Storage - In Q1 2025, the combined capital expenditure of four major overseas cloud vendors reached approximately $71.9 billion, a year-on-year increase of about 62%, while domestic companies Alibaba and Tencent's capital expenditure totaled approximately 52.1 billion yuan, up 112% [2] - The energy storage sector is expected to see steady growth in installed capacity domestically, with high-margin demand in the large-scale energy storage markets in Europe and the U.S., and emerging markets in the Middle East and Africa entering a performance realization phase [2] - The industry is expected to benefit from high growth in demand, technological iterations, and increased concentration [2] Group 3: Wind Power and Photovoltaics - The photovoltaic sector is entering a deep adjustment phase in supply and demand, with a new market structure expected to emerge in 2025 due to policy and market competition [3] - Attention is recommended on the supply-side adjustment progress of heavy asset and high-energy consumption segments such as silicon materials and photovoltaic glass, as well as the performance indicators of new technologies like N-type BC routes and new metallization schemes [3] - In the wind power sector, the domestic offshore wind industry is entering a peak construction season, which is expected to enhance industry prosperity, while onshore wind profitability is anticipated to recover as turbine bidding prices stabilize [3] Group 4: Power Grid Equipment - As of the end of March 2025, cumulative investment in the State Grid's power grid is expected to grow by 27.7% year-on-year, with ongoing high-intensity construction of ultra-high voltage projects [4] - Major projects such as the Southeast Tibet to Guangdong-Hong Kong-Macao, Shaanxi-Henan, Inner Mongolia to Beijing-Tianjin-Hebei, Southern Xinjiang to Sichuan-Chongqing, and Kubuqi to Shanghai ultra-high voltage projects are expected to accelerate in 2025, with 4-5 ultra-high voltage direct current lines anticipated to be approved for construction [4] - The increasing reliance on intelligent regulation capabilities in distribution networks is expected to lead to a peak period of intelligent transformation in distribution networks [4]

金十图示：2025年06月23日（周一）富时中国A50指数成分股午盘收盘行情一览：银行股多数走高、酿酒股、汽车股、石油股全 线下跌 富时中国A50指数连续 电力行业 互联网服务 东方财富 长江电力 8 中国核电 1916.94亿市值 n in home 7457.91亿市值 3271.44亿市值 9.17亿成交额 3.74亿成交额 17.77亿成交额 9.32 20.70 30.48 +0.08(+0.26%) -0.07(-0.75%) -0.01(-0.05%) 食品饮料 证券 中信证券 国泰海通 海天味业 (D 2231.91亿市值 3841.49亿市值 3233.29亿市值 3.45亿成交额 6.13亿成交额 3.14亿成交额 18.34 25.92 38.22 +0.04(+0.15%) -0.10(-0.54%) -0.29(-0.75%) 消费电子 化学制药 工业富联 立讯精密 恒瑞医药 3981.70亿市值 2402.28亿市值 3398.83亿市值 21.38亿成交额 10.26亿成交额 8.31亿成交额 51.47 20.05 33.14 -0.29(-0.56%) -0.54(-2.62 ...

行 业 电力设备及新能源行业 超配（维持） 电力设备及新能源行业双周报（2025/6/6-2025/6/19） 国家能源局发布《关于组织开展能源领域氢能试点工作的通知》 2025 年 6 月 20 日 投资要点： 资料来源：iFinD，东莞证券研究所 目录 | 一、行情回顾 | | 3 | | --- | --- | --- | | 二、电力设备板块估值及行业数据 | | 6 | | 三、产业新闻 | | 9 | | 四、公司公告 | 10 | | | 五、电力设备板块本周观点 | 10 | | | 六、风险提示 | 11 | | 插图目录 | 图 | 1 | ：申万电力设备行业年初至今行情走势（截至 2025 | | | | | | | | 年 | 6 月 | 19 | 日） | | 3 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 图 | 2 | ：申万电力设备板块近一年市盈率水平（截至 2025 | | | | | | | | 年 | 6 月 | ...

Group 1: Market Overview - The FTSE China A50 Index components showed a rebound in banking, insurance, and liquor sectors, while the power sector continued to adjust [1][4][5] - Major insurance companies like China Pacific Insurance, China Life Insurance, and Ping An Insurance reported market capitalizations of 378.55 billion, 342.10 billion, and 994.83 billion respectively, with trading volumes of 4.88 million, 24.23 million, and 3.99 million [4] - The liquor industry, led by Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, had market capitalizations of 1807.87 billion, 225.39 billion, and 463.74 billion respectively, with trading volumes of 27.96 million, 15.85 million, and 20.97 million [4] Group 2: Sector Performance - The semiconductor sector, including companies like Northern Huachuang and Cambrian, had market capitalizations of 226.75 billion and 240.86 billion respectively, with trading volumes of 7.87 million and 14.31 million [4] - In the automotive sector, Great Wall Motors and BYD reported market capitalizations of 281.32 billion and 1874.12 billion respectively, with trading volumes of 13.90 million and 1.60 million [4] - The power sector, represented by companies like Yangtze Power and China Nuclear Power, had market capitalizations of 746.53 billion and 329.67 billion respectively, with trading volumes of 9.73 million and 16.36 million [5] Group 3: Notable Companies - China Shenhua Energy and Shaanxi Coal and Chemical Industry had market capitalizations of 193.12 billion and 1095.10 billion respectively, with trading volumes of 4.57 million and 18.81 million [4] - In the food and beverage sector, companies like Citic Securities and Haitai Flavor reported market capitalizations of 385.04 billion and 325.62 billion respectively, with trading volumes of 5.48 million and 3.31 million [5] - The electronics sector, including companies like Industrial Fulian and Luxshare Precision, had market capitalizations of 342.13 billion and 409.89 billion respectively, with trading volumes of 5.39 million and 23.98 million [5]

Group 1 - Chengjian Development received a dividend of 7.1282 million yuan from Beijing Jingcheng Jiaye Property Co., Ltd., in which it holds a 33.47% stake [1] - Shengnuo Bio expects a net profit attributable to shareholders of 77.0275 million to 94.1448 million yuan for the first half of 2025, representing a year-on-year increase of 253.54% to 332.10% [1] - JKN2301 dry mixed suspension has been approved for clinical trials, targeting children with influenza [5][6] Group 2 - Jindawei obtained a patent for a method of purifying natto kinase, with a validity of twenty years [2] - CITIC Guoan plans to increase its stake in China Broadcasting Hunan Company to approximately 5.29% through a capital increase of 278 million yuan [2] - Ji Electric announced the resignation of its general manager, Niu Guojun, due to work changes [3] Group 3 - Xintian Green Energy successfully issued 1.5 billion yuan in green medium-term notes with a term of 3+N years and an interest rate of 2.05% [7] - Hengrun Co. plans to invest 1.2 billion yuan in a project to produce 2,000 sets of wind turbine gearbox components [9] - Pulaide received a government subsidy of 10 million yuan, accounting for 15.87% of its audited net profit for the last fiscal year [10] Group 4 - Boteng Co. passed the EU QP audit, receiving a compliance statement for its CDMO services [12] - Zhou Dasheng added 7 self-operated stores in May, with total investments ranging from 900,000 to 6.5 million yuan [13] - Wantai Bio initiated a Phase III clinical trial for its live attenuated varicella vaccine [15] Group 5 - Shanghai Pharmaceuticals received a drug registration certificate for Pregabalin capsules in Thailand [19] - Sanxing Medical's subsidiary is expected to win contracts worth approximately 143 million yuan from State Grid projects [21] - Jiangsu Huachen plans to issue 460 million yuan in convertible bonds [24] Group 6 - Jian Gong Repair won a soil pollution remediation project worth 32.76 million yuan [25] - Dize Pharmaceutical completed patient enrollment for a global Phase III clinical trial of its drug [26] - Del Co. received acceptance for its application to issue shares for asset acquisition and raise matching funds [27] Group 7 - Beijing Kerui won multiple power grid projects with a total value of approximately 154 million yuan [27] - Xie Chuang Data signed financing lease contracts totaling 498 million yuan with Su Yin Financial Leasing [28] - Meige Intelligent submitted an application for H-share listing on the Hong Kong Stock Exchange [29][31] Group 8 - Aikodi plans to repurchase shares worth 100 million to 200 million yuan for employee stock ownership plans [54] - Kong Kong Industrial intends to sell 80% of Tianyuan Construction to its controlling shareholder [55] - Youyou Green Energy proposed a cash dividend of 12 yuan per 10 shares, totaling 50.4 million yuan [55]

金十图示：2025年06月19日（周四）富时中国A50指数成分股今日收盘行情一览：石油板块午后翻红，银行股全天走势分化 保险 中国太保 队 中国人保 中国平安 ■ 3705.97亿市值 3354.61亿市值 9687.84亿市值 9.40亿成交额 21.44亿成交额 4.70亿成交额 34.87 8.38 53.20 -0.62(-1.75%) -0.61(-1.13%) -0.10(-1.18%) 酸酒行业 贵州茅台 山西汾酒 五粮液 17913.38亿市值 2154.46亿市值 4552.35亿市值 34.90亿成交额 19.27亿成交额 10.57亿成交额 117.28 1426.00 176.60 +1.00(+0.07%) -0.85(-0.48%) -1.05(-0.89%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2262.55亿市值 2429.93亿市值 3118.10亿市值 25.20亿成交额 19.75亿成交额 14.36亿成交额 423.56 582.08 134.15 +7.58(+1.82%) -1.83(-0.31%) -0.53(-0.39%) 汽车整车 铁路公路 比 ...

Market Overview - The FTSE China A50 index components showed a decline in sectors such as automotive, oil, electricity, and coal, while bank stocks exhibited mixed performance [1][6]. Automotive Sector - Great Wall Motors and BYD reported market capitalizations of 1,879.61 billion and 181.11 billion respectively, with Great Wall Motors experiencing a decrease of 4.87 (-1.40%) [3]. Oil Sector - China Petroleum and China Shipping reported market capitalizations of 695.95 billion and 1,661.83 billion respectively, with China Petroleum declining by 0.02 (-0.35%) [3]. Coal Sector - China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 191.67 billion and 774.08 billion respectively, with China Shenhua decreasing by 0.21 (-1.05%) [3]. Electricity Sector - Yangtze Power and China Nuclear Power had market capitalizations of 943.68 billion and 1,943.68 billion respectively, with Yangtze Power declining by 0.10 (-0.33%) [4]. Semiconductor Sector - Northern Huachuang and Cambrian reported market capitalizations of 226.54 billion and 310.90 billion respectively, with Northern Huachuang increasing by 8.12 (+1.95%) [3]. Insurance Sector - China Pacific Insurance and Ping An Insurance had market capitalizations of 370.60 billion and 335.75 billion respectively, with China Pacific Insurance decreasing by 0.59 (-1.66%) [3]. Food and Beverage Sector - Kweichow Moutai and Shanxi Fenjiu reported market capitalizations of 1,790.08 billion and 216.30 billion respectively, with Kweichow Moutai remaining unchanged [3]. Electronics Sector - Industrial Fulian and Luxshare Precision had market capitalizations of 416.24 billion and 237.40 billion respectively, with Industrial Fulian decreasing by 0.20 (-0.95%) [4]. Construction Sector - China State Construction reported a market capitalization of 491.95 billion, with a decline of 0.27 (-1.44%) [4]. Communication Services Sector - China Unicom had a market capitalization of 163.20 billion, with a decline of 0.07 (-1.32%) [4]. Summary of Trading Volumes - The trading volumes for major companies varied, with Kweichow Moutai leading at 19.30 billion, followed by China Pacific Insurance at 4.48 billion [3].

富时中国A50指数连续 金十图示：2025年06月17日（周二）富时中国A50指数成分股今日收盘行情一览：银行、酿酒板块全天走势分化 保险 中国太保 队 中国人保 中国平安 ■ 3812.11亿市值 3481.60亿市值 9875.41亿市值 10.41亿成交额 7.19亿成交额 27.46亿成交额 54.23 36.19 8.62 -0.30(-0.82%) -0.09(-0.17%) -0.09(-1.03%) 酸酒行业 贵州茅台 山西汾酒 五粮液 17925.94亿市值 2131.89亿市值 4569.04亿市值 38.68亿成交额 23.17亿成交额 14.93亿成交额 117.71 1427.00 174.75 +2.53(+1.47%) -0.56(-0.47%) +4.71(+0.33%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2221.64亿市值 2393.28亿市值 3154.13亿市值 12.99亿成交额 37.90亿成交额 17.89亿成交额 135.70 415.90 573.30 -24.25(-4.06%) -2.65(-1.92%) +3.51(+0.85%) 汽车 ...