难得一见的乌龙指！ 港股市场东方电气今日刷屏，该股最高涨至119.9港元/股，较前一个交易日收盘价上涨超700%。分析人士认 为，这可能是一笔乌龙指，交易员原本或许想以19.9港元/股买入，却误输入为119.9港元/股。不过，这笔单子 并不大。 然而，若这只是一笔乌龙指，其意义却可能并不仅限于其本身，更多的在于市场的情绪。一般情况下，买盘如 此急促，显示了多头对于当下市场的认可。因为，在这一笔乌龙之前，东方电气的成交价格为19.32港元/股， 若交易员敲出一笔19.9港元/股的价格，亦比19.32港元/股高出3%。 那么，这个利好究竟会有多大？持续性又如何？ 暴涨700% 7月21日早上，东方电气突然异动，该股H股在开盘后不久，出现一笔以119.9港元/股的价格成交，较上一笔交 易19.32港元/股暴涨520%，较上一日收盘更是暴涨超700%。随后，该股股价快速回落，目前涨幅在60%上 下。 有分析指出，该笔交易可能是一个乌龙指，即交易员原本或许想以19.9港元/股买入，却误输入为119.9港元/ 股。然而，即使考虑到乌龙指，也显示出投资者在买入该股时"志在必得"的心态，因为在这一笔乌龙之前，东 方电气的成交 ...

Core Viewpoint - The stock of Dongfang Electric (HK01072) experienced a significant and unusual spike, rising over 700% due to a suspected erroneous trade, which was later corrected, but the stock still closed with a substantial gain of 65.21% [1][3]. Group 1: Stock Performance - At 9:30:22 AM, a trade occurred at 119.90 HKD per share for 400 shares, amounting to approximately 47,960 HKD, which was a drastic increase from the previous price of 19.32 HKD per share [1][2]. - Following the erroneous trade, the stock price quickly corrected to around 20.85 HKD per share [1]. - Despite the correction, Dongfang Electric closed at 24.65 HKD per share, reflecting a 65.21% increase [3]. Group 2: Market Context - The erroneous trade was speculated to be a result of a trader mistakenly entering 119.90 HKD instead of 19.90 HKD [2]. - The A-share of Dongfang Electric also hit the daily limit up, closing at 19.62 CNY [3]. - The opening of the Yarlung Tsangpo River downstream hydropower project in Tibet contributed to a broader market rally in related sectors such as infrastructure and cement [3].

Investment Rating - The report maintains a "Recommended" investment rating for the photovoltaic industry [1]. Core Viewpoints - The Yarlung Zangbo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly enhance electricity supply and contribute to carbon neutrality goals. The project will utilize abundant hydropower resources and promote the development of solar and wind energy in the surrounding areas [3]. - The project has an installed capacity of nearly 70 million kilowatts and an annual power generation capacity of 300 billion kilowatt-hours, which can meet the annual electricity needs of 300 million people and replace 90 million tons of standard coal, reducing carbon dioxide emissions by 300 million tons [3]. - The project is anticipated to strengthen the synergy between computing and electricity, benefiting the AIDC computing power industry chain [3]. Summary by Sections Project Overview - The Yarlung Zangbo River downstream hydropower project involves the construction of five cascade power stations and is expected to take about 10 years to complete, with production anticipated to start after 2035 [3]. - The project will enhance the utilization of "West-to-East Power Transmission" and support the national strategy of "East Data West Calculation" [3]. Investment Insights - The total investment of 1.2 trillion yuan may be adjusted upwards, with the investment in power transmission and transformation estimated to reach between 189 billion to 315 billion yuan [3]. - The report suggests that the actual investment may exceed initial estimates due to construction difficulties and uncertainties related to interest rates [3]. Beneficiaries in the Industry - The hydropower equipment supply chain is expected to benefit, with key players including Dongfang Electric, Shanghai Electric, and Harbin Electric, among others [3]. - The report highlights the stable demand for high-voltage transmission equipment and identifies major suppliers such as State Grid NARI, China XD Electric, and others as potential beneficiaries [3]. - The GIL (Gas Insulated Transmission Line) segment is entering a long-term growth cycle, with companies like China XD Electric and Pinggao Electric expected to benefit from the Yarlung Zangbo project [3]. Investment Recommendations - The report recommends focusing on the hydropower equipment and high-voltage equipment supply chains, specifically mentioning companies like Dongfang Electric, Shanghai Electric, and State Grid NARI [3]. - It also suggests monitoring the AIDC industry chain, including companies like Megmeet and Jinpan Technology [3].

7月21日午间涨停分析 智通财经7月21日电，今日午盘全市场共93股涨停，连板股总数10只，16股封板未遂，封板率为85%（不含ST股、退市股）。焦点股方面，上纬新材继续一 字涨停晋级9连板。大基建板块全线爆发，柳钢股份15天9板、四方新材11天6板。创新药概念股联环药业走出11天7板。 | 股票名称 | 板数 | 涨跌幅 | 涨停时间 | 上涨逻辑 | | --- | --- | --- | --- | --- | | 筑博设计 | 首板 | 20.03% | 09:25 | 超级水电 | | 300564 | | | | | | 保利联合 | 首板 | 10.01% | 09:25 | 超级水电 | | 002037 | | | | | | 高争民爆 | 首板 | 10.00% | 09:25 | 超级水电 | | 002827 | | | | | | 东方电气 | 首板 | 9.98% | 09:25 | 超级水电 | | 600875 | | | | | | 易普力 | 首板 | 9.98% | 09:25 | 超级水电 | | 002096 | | | | | | 西藏天路 | 首板 | 10.02 ...

点击蓝字，关注我们 今日上午港股 1、 美团-W(03690) 再涨近4%，监管约谈外卖平台企业，机构称补贴战放缓有利美团UE触底反弹。 2、7月21日，雅鲁藏布江水电工程开工，1.2万亿投资、相当于再造3个三峡。 港股市场建材水泥股全线高开 ，其中，华新水泥(06655)现涨超29%。西部水泥、中国建材、海螺水 泥、华润建材科技等跟涨。 此外， 水电设备制造商高开 ，东方电气(01072)涨超65%；哈尔滨电气(01133)涨超20%。 3、 稳定币概念股走强 ，特朗普签署稳定币法案。 华检医疗(01931) 涨超23%， 胜利证券（08540） 涨超5%， 联易融科技（09959） 涨超7%，OSL集团、耀才证券金融、阿里巴巴、招商证券跟涨。 4、 优必选(09880) 早盘涨近10%，现涨超5%，公司中标全球人形机器人企业最大采购订单，总金额 近1亿元。据悉，优必选在7月17日发布了全球首个会自主换电的人形机器人Walker S2，并计划今年交 付500台工业人形机器人投入到智能制造产业。优必选也于7月13日官宣面向科研教育的天工行者机器 人已收获百台订单，今年预计交付将超300台。 5、 农夫山泉(0 ...

【常规内容】 证券研究报告 | 2025年07月21日 | 晨会纪要 | | --- | | 数据日期:2025-07-18 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3534.48 | 10913.83 | 4058.54 | 12345.79 | 3145.53 | 1007.52 | | 涨跌幅度（%） | 0.50 | 0.36 | 0.59 | 0.30 | 0.23 | 0.18 | | 成交金额（亿元） | 6436.27 | 9274.15 | 3542.44 | 3345.49 | 4324.92 | 269.46 | $\frac{\pi^{*}}{2\pi}$$\frac{\pi^{*}}{2\pi}$$\frac{\pi^{*}}{2\pi}$$\frac{\pi^{*}}{2\pi}$$\frac{\pi^{*}}{2\pi}$$\frac{\pi^{*}}{2\pi}$$\frac{\pi^{*}}{2\pi}$ ...

金十数据7月21日讯，华泰证券研报表示，雅鲁藏布江下游水电工程7月19日开工，保守估计相关投资中 水轮机与发电机业务总量价值约535亿元—954亿元，或在2030年后接棒抽蓄成为水电设备新的增长点， 有效保障行业产能利用率饱满。华泰证券认为相关行业龙头估值已经反映了市场对订单可持续性的担 忧，未来有望随着订单不断超预期而逐渐修复。 华泰证券：雅鲁藏布江下游水电工程开工 看好水电设备 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][7] Core Views - The establishment of China Yarlung Group Co., Ltd. is expected to promote the development of hydropower resources in the Yarlung Zangbo River, leading to an acceleration in domestic hydropower equipment orders, which will benefit Dongfang Electric as a leading hydropower equipment manufacturer in China [3][6] - The total investment for the Yarlung Zangbo River downstream hydropower project is approximately 1.2 trillion yuan, with the construction of five cascade power stations [3][4] Financial Forecasts - The profit forecasts for Dongfang Electric for 2025-2027 are 4.34 billion yuan, 5.52 billion yuan, and 6.09 billion yuan, representing year-on-year growth of 48.5%, 27.2%, and 10.3% respectively [3][6] - The current price-to-earnings (PE) ratios for the years 2025, 2026, and 2027 are projected to be 13.9, 11.0, and 9.9 times respectively [3][6] Market Data - The company has a market share of 41.6% in pumped storage and 45% in conventional hydropower, indicating a strong competitive position in the energy equipment sector [5] - The company has achieved significant technological advancements, including the development of the world's largest 500 MW hydraulic turbine model and the first domestically produced 300 MW variable-speed pumped storage unit [5]

Group 1 - The world's first single-unit 500 MW Zala hydropower station impulse turbine rotor has been successfully developed by Harbin Electric Machinery Company and was shipped on July 2, marking a historic breakthrough in China's core equipment field of high-head, large-capacity impulse turbine units [1] - The independently developed impulse rotor consists of 21 precision water buckets, with an outer diameter of 6.23 meters, a total thickness of 1.34 meters, and a weight of approximately 80 tons [1] - This impulse turbine rotor serves as the "heart" of the Zala hydropower station generator set, providing the source power for generating a rated capacity of 500 MW [1]

Core Insights - The world's first 500 megawatt (MW) impulse turbine with a maximum runner size of 6.23 meters has been successfully developed and dispatched, marking a historic breakthrough in China's core equipment for high-head, large-capacity impulse turbine units [1] - The runner was independently developed by Harbin Electric Machinery Company and will be applied in the Zhala Hydropower Station, which is a key project in China's "Tibetan Electricity Transmission" initiative and is recognized as the most complex impulse hydropower project under construction globally [1] - The Zhala Hydropower Station features two of the world's largest and technically most challenging 500 MW impulse units, which are also the first major technological equipment projects in the energy sector approved by the National Energy Administration [1]