公司点评报告 · 公用事业行业 火电基石稳固,盈利仍有较大提升空间 核心观点 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 23517.24 | 22560.01 | 22212.64 | 23495.72 | | 收入增长率% | 20.09 | -4.07 | -1.54 | 5.78 | | 归母净利润(百万元) | 531.16 | 1325.90 | 1460.35 | 1583.13 | | 利润增速% | 181.59 | 149.62 | 10.14 | 8.41 | | 毛利率% | 15.35 | 22.13 | 24.04 | 24.45 | | 摊薄 EPS(元) | 0.29 | 0.73 | 0.81 | 0.87 | | PE | 26.50 | 10.62 | 9.64 | 8.89 | 主要财务指标预测 2025 年 7 月 22 日 建投能源 (000600.SZ) 推荐 首次评级 分析师 陶贻功 ☎：010-8092-7673 网: taoyigong_y ...

公司点评报告 · 公用事业行业 火电基石稳固,盈利仍有较大提升空间 核心观点 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 23517.24 | 22560.01 | 22212.64 | 23495.72 | | 收入增长率% | 20.09 | -4.07 | -1.54 | 5.78 | | 归母净利润(百万元) | 531.16 | 1325.90 | 1460.35 | 1583.13 | | 利润增速% | 181.59 | 149.62 | 10.14 | 8.41 | | 毛利率% | 15.35 | 22.13 | 24.04 | 24.45 | | 摊薄 EPS(元) | 0.29 | 0.73 | 0.81 | 0.87 | | PE | 26.50 | 10.62 | 9.64 | 8.89 | 主要财务指标预测 2025 年 7 月 22 日 建投能源 (000600.SZ) 推荐 首次评级 分析师 陶贻功 ☎：010-8092-7673 网: taoyigong_y ...

证券研究报告 | 宏观深度报告 | 中国宏观 宏观深度报告 报告日期：2025 年 07 月 15 日 6 月经济：名义 GDP 增速边际放缓，关注股债双牛兑现 ——2025 年 6 月宏观数据解读 核心观点 我们认为，6 月经济回稳势头较好，二季度 GDP 实际增长 5.2%，供给端修复斜 率显著高于需求端，6 月规模以上工业增加值同比实际增长 6.8%，量价总体延续 背离。据我们测算，二季度名义 GDP 增速较一季度放缓 0.7 个百分点至 3.9%左 右，价格因素或拖累企业盈利改善的斜率。整体来看，二季度经济相较一季度将 有所回落，全年可能呈现前高后低的走势，需要重点关注经济的波动，我们预计 经济运行在内外部环境不确定性抬升的过程中或呈现非线性特征，供给和需求可 能呈现 K 型分化走势。我们判断，后续在出口波动的影响下，供给端大概率在抢 出口效应下保持偏强态势，但固定资产投资尤其是制造业投资方面可能受制于中 长期不确定性的约束，预计固定资产投资后续可能放缓。 6 月份服务业景气较为积极，6 月份全国服务业生产指数同比增长 6.0%。工业生 产积极对生产性服务业有带动作用。 展望未来，在工业稳增长及两新政 ...

Core Viewpoint - The article highlights the growth trends in China's retail sales, fixed asset investment, and industrial production for June 2025, indicating a mixed economic recovery with varying performance across sectors and regions [1][6][14]. Retail Sales - In June 2025, the total retail sales of consumer goods reached 42,287 billion yuan, marking a year-on-year growth of 4.8% [5] - Urban retail sales amounted to 36,559 billion yuan, growing by 4.8%, while rural retail sales were 5,728 billion yuan, with a growth of 4.5% [2] - For the first half of 2025, total retail sales were 245,458 billion yuan, reflecting a 5.0% increase, with non-automobile retail sales growing by 5.5% [5] Fixed Asset Investment - In the first half of 2025, fixed asset investment (excluding rural households) totaled 248,654 billion yuan, with a year-on-year increase of 2.8% [7] - The investment in the primary industry was 4,816 billion yuan (up 6.5%), while the secondary industry saw an investment of 88,294 billion yuan (up 10.2%), and the tertiary industry experienced a decline of 1.1% with 155,543 billion yuan [8] - The eastern region's investment decreased by 0.8%, while the central and western regions saw increases of 3.2% and 4.8%, respectively [11] Industrial Production - In June 2025, the industrial added value for large-scale enterprises grew by 6.8% year-on-year, with a month-on-month increase of 0.50% [15] - The manufacturing sector showed a growth of 7.4%, while the electricity, heat, gas, and water production and supply sector grew by 1.8% [16] - Among 41 major industries, 36 reported year-on-year growth in added value, with notable increases in coal mining (6.5%), chemical manufacturing (7.5%), and automotive manufacturing (11.4%) [17] Online Retail - In the first half of 2025, online retail sales reached 74,295 billion yuan, reflecting an 8.5% year-on-year growth, with physical goods online retail sales at 61,191 billion yuan (up 6.0%) [4] - The share of physical goods online retail sales in total retail sales was 24.9%, with food, clothing, and daily necessities growing by 15.7%, 1.4%, and 5.3%, respectively [4] Capacity Utilization - The capacity utilization rate for large-scale industries in the second quarter of 2025 was 74.0%, down 0.1 percentage points from the previous quarter [21] - The manufacturing sector's capacity utilization was 74.3%, while the mining sector was at 72.7% [22]

统计局：6月，规模以上工业增加值同比实际增长6.8%，环比增加0.5%。分经济类型看，6月份，国有控股企业增加值同比增5.7%；股份制企业7.1%，外商及港澳台投资企业5.5%；私营企业6.2%。（前值分别为3.8%、6.3%、3.9%及5.9%）6月生产钢材12784万吨，同比增加1.8%，前值3.4%；水泥15547吨，下降5.3%，前值降8.1%；十种有色金属695万吨，增长4.4%，前值增2.9%；乙烯285吨，增长5.8%，前值增14.4%；汽车280.9万辆，增长8.8%，其中新能源汽车123.4万辆，增长18.8%；发电量7963亿千瓦时，增长1.7%；原油加工量6224万吨，增长8.5%，前值下降1.8%。 ...

Group 1 - China Yangtze Power Co., Ltd. has applied for a patent titled "Intelligent Operation Method Based on Hydropower Station Equipment Operating Time and Power Generation Statistics" [1] - The patent application was published under CN120277128A with an application date of March 2025 [1] - The intelligent operation method includes several steps: determining optimal data collection periods, calculating planned power generation, real-time monitoring and error calculation, closed-loop control adjustment, and customized operational management strategies [1] Group 2 - China Yangtze Power Co., Ltd. was established in 2002 and is located in Beijing, primarily engaged in the production and supply of electricity and heat [2] - The company has a registered capital of approximately 24.47 billion RMB [2] - The company has made investments in 46 enterprises, participated in 5,000 bidding projects, and holds 5000 patent information along with 432 administrative licenses [2]

Group 1 - Shanghai aims to enhance tracking services for innovative enterprises throughout their lifecycle, focusing on technology evolution and innovation models [1][2] - In 2024, Shanghai is set to recognize 7,237 new high-tech enterprises, averaging 20 new companies daily, with a total of 25,000 high-tech enterprises during their validity period [1] - The city emphasizes optimizing policy services and increasing support for startups, aiming to free entrepreneurs from non-essential tasks to focus on innovation and market expansion [2] Group 2 - Shanghai's innovation ecosystem has been continuously optimized since 2017, with initiatives aimed at enhancing service capabilities for innovation and entrepreneurship [2][3] - The establishment of specialized incubators is not merely about clustering similar startups but involves deep, continuous innovation technology incubation and industry cultivation [3] - As of May 2025, the 12 high-quality incubators in Shanghai cover over 120,000 square meters and host more than 300 enterprises, with significant revenue and R&D investment [4]

报载：最近，江苏省城市足球联赛（以下简称"苏超"）联赛开赛至今，共吸引逾25万人次现场观赛，在 文旅和消费领域掀起层层涟漪，全省服务业用电量同比增长9.3%，这一数据背后，是"苏超"对整个产业 链的深度激活。国网江苏省电力有限公司通过精准监测用电量数据，洞察"苏超"背后巨大的经济带动效 应，解锁了消费市场的新密码。 省电力有限公司那样，继续发挥数据监测的优势，通过对用电量数据的监测和分析，进一步挖掘自身的 经济潜力，清晰看到"苏超"与消费市场之间的紧密联系，助力消费市场的持续繁荣，只有这样，才能为 经济发展贡献更多的力量。 在经济发展的大舞台上，一场体育赛事往往能成为带动消费的强力引擎，江苏省城市足球联赛（"苏 超"）便是这样一股不可小觑的力量，国网江苏省电力有限公司提供的用电量数据，成为了反映这一赛 事影响力的直观指标。从体育产业本身来看，体育场地设施管理单位用电量同比增长8.9%，体育组织 用电量更是猛增18.5%，这源于场馆的高使用率和密集的赛事组织工作。体育用品制造业用电量同比增 长4.5%，进入6月健身休闲场所用电量同比增长15.8%，这些数据表明"苏超"不仅带动了赛事的火热进 行，还促进了体育相关 ...

Group 1 - The company, as the exclusive insurance supplier for the "Su Super" league, has developed tailored risk protection plans to support event operations, showcasing the innovative practice of financial empowerment in the sports industry [1] - The collaboration project reflects the company's technological advancements, utilizing a digital platform to create specialized insurance solutions such as comprehensive liability insurance and accident insurance for staff, demonstrating the company's professional capabilities in risk management for large sports events [1] - The company has also addressed the urgent need for cybersecurity in emerging sectors like blockchain and smart investment advisory by drafting and filing comprehensive cybersecurity insurance clauses, covering core risks in digital finance [1] Group 2 - The company has introduced innovative insurance products to support the national "dual carbon" goals, including compensation insurance for distributed photovoltaic power generation losses and performance warranty insurance for new energy storage systems, contributing to the green transformation of the construction industry [2] - The scale of green insurance risk protection is projected to reach 1.7 billion yuan in 2024, representing a 15% year-on-year growth, indicating the company's commitment to fostering green development [2] - The company has extended its services to various aspects of public welfare, including the "Jiangsu Medical Insurance No. 1" product, which has benefited over one million families, and long-term care insurance covering 183.4 million people in multiple cities [2] Group 3 - The company emphasizes its role in safeguarding intellectual property for innovative enterprises and ensuring safety in sports, reflecting its commitment to "finance for the people" [3] - The company plans to continue deepening the cross-sector integration of insurance protection to provide stronger support for the economic and social development of Jiangsu [3]

点击蓝字 关注我们 乘联分会&科瑞咨询联合发布 新能源商用车周报 (总第0108期 2025年6月第3周) ▌自录 CONTENTS 僵）行业数据 · 市场：市场：新能源轻卡保持大幅上升 供应链 政策法规 倍耐力：倍耐力推出新型传感器轮胎：可实时监测路况，辅助提 醒路政部门修路 众钠能源：东软睿驰携手宁德时代子公司时代智能，推动智能滑 板底盘域控平台高效落地 · 工业和信息化部发布关于制造业计量创新发展的意见 文件明确,将制造业计量与工业绿色低碳安全同步推进,全面 推广低能耗、低排放的计量器具和标准物质，广泛推行电子证 书，促进绿色低碳转型。引导仪器仪表企业建设绿色生产线, 开展能源和污染物全过程动态监测、精准控制和优化管理，提 升资源利用水平。研究碳计量技术,探索"可测量、可报告、 可核查"的碳计量体系，为国家碳排放统计核算体系的建立和 完善提供支撑。 娄底市人大常委会发布《娄底市电动汽车充电设施管理规定》 . 文件指出，本市行政区域内电动汽车充电设施（以下简称充电 设施）的规划建设、运营服务等相关管理活动适用本规定。供 电企业应当加强充电设施配套电网建设与改造，满足充电设施 电力需求，为充电设施接入电网提 ...