高端装备制造业实现集群式跃升。哈密建成全疆最大、产业链最全的风电装备制 造基地，本地化生产率超70%，具备年产风电整机2200万千瓦、叶片1320套、塔筒40万 吨能力。重型齿轮箱、退役叶片循环利用等项目持续补链强链，光伏、储能、氢能等 高端装备板块加速集聚，成为区域能源产业的关键支撑。 新华社客户端乌鲁木齐8月25日电（记者 杜刚）25日，记者从新疆维吾尔自治区 人民政府举行的新闻发布会了解到，近年来哈密市坚定不移推进新型工业化，构建以 煤炭煤化工、新能源、装备制造、新材料和新质生产力为主导的现代工业体系，工业 经济实现从弱到强、从规模扩张到质效并举的历史性跨越。 煤炭煤化工产业积厚成势，成为工业增长核心引擎。哈密煤炭资源丰富，预测资 源量达5708亿吨，含油率高、品质优异，是国家煤制油气战略基地。目前已形成煤制 甲醇、煤焦油加工、荒煤气制乙二醇等完整产业链，煤炭年转化量近7000万吨，建成 一批国家级示范项目。2024年工业增加值较2012年增长4.8倍，占全市经济比重57.6%， 提高23.8个百分点。 新能源产业动力强劲，绿色转型成效显著。哈密电力总装机容量3486万千瓦，新 能源装机占比67.8%， ...

降本增效+订单加速回款，现金流显著好转 公司2025H1 销售/管理费用同比降低16.41%/13.64%，销售/管理费用率同比下降6.33/7.04 pct，降本增效 成效明显，财务/研发费用同比增长360.77/7.33%，反映公司通过借款以满足积极扩张业务的资金需求并 持续投入研发以提升竞争力。经营性现金流净额5517.02 万元，同比增长119.30%，主要因算力订单回 款加速。 在手订单高涨，算力租赁业务乘AI 行业东风有望持续受益 事件 宏景科技发布2025 年半年报：公司2025H1 实现营业收入11.88 亿元，同比增长567.14%；实现归母净利 润6028.04 万元，同比增长725.73%；经营性现金流净额5517.02 万元。 投资要点 算力服务业务爆发，助力2025 上半年营收高增公司2025H1 实现营业收入11.88 亿元，同比增长 567.14%，主要因算力项目增加，算力服务作为营收增长的绝对主力业务贡献10.8 亿元（ 占比91.28% ） ， 同比大幅增长5627.22%，环比增长142.68%，毛利率达11.75%；实现归母净利润6028.04 万元，同 比扭亏为盈增长7 ...

半年报业绩超预期，算力服务业务爆发 —宏景科技（301396.SZ）公司事件点评报告 买入(首次) 事件 宏景科技发布 2025 年半年报：公司 2025H1 实现营业收入 11.88 亿元，同比增长 567.14%；实现归母净利润 6028.04 万 元，同比增长 725.73%；经营性现金流净额 5517.02 万元。 2025 年 08 月 25 日 投资要点 ▌ 算力服务业务爆发，助力 2025 上半年营收高增 公司 2025H1 实现营业收入 11.88 亿元，同比增长 567.14%， 主要因算力项目增加，算力服务作为营收增长的绝对主力业 务贡献 10.8 亿元（占比 91.28% ） ， 同比大幅增长 5627.22%，环比增长 142.68%，毛利率达 11.75%；实现归母 净利润 6028.04 万元，同比扭亏为盈增长 725.73%，盈利能 力显著改善。公司 2025Q2 实现营业收入 6.99 亿元，同比增 长 430.20%，环比增长 43.09%；实现归母净利润 3862.92 万 元，同比增长 10094.82%，环比增长 78.42%。 ▌ 降本增效+订单加速回款，现金流显著好 ...

当人工智能的浪潮席卷神州，大同这座能源重镇，再次拿出转型求变的改革魄力，力图完成从"输煤 炭、输电力"到"输算力、输服务"的华丽转身。 近日，中国证券报记者跟随"算力中国行"调研活动走进山西大同，"瓦特"与"比特"的化学反应在这座古 城清晰可见，从"煤炭之都"到"算力之城"，从煤矿的智能化到文物的数字化，算力的脉动、数据的流 动，书写着资源型城市高质量发展的全新范本。 从"输煤炭"到"输算力" 曾几何时，"煤都"是大同最鲜明的标签，煤炭经济为这座城市带来经济发展的高光时刻，但也一度让城 市面临可持续发展的严峻挑战。 链式思维打造算力生态 除了建项目，大同以"建链、延链、补链、强链"的链式思维打造算力生态：上游，先后引进服务器制 造、配电设施等产业主体，建成年产30万台服务器的自动化生产线2条，以及年产量5万台的高端智能算 力服务器生产线1条。 许俊告诉记者，跟很多城市不一样，大同本地有非常好的工业基础，因此秦云在大同延展落地了整个算 力产业链，无论是集装箱变电站、储能，还是数据中心的机电以及服务器，都基本实现了在大同生产、 大同应用，"大同本地的算力中心，80%都可以采购大同本地的产品。"同时，当大同的算力产 ...

打造设备租赁平台，线上+线下模式成熟，并向多品类拓展。公司于2019 年切入高空作业平台租赁平 台，同时开展线下网点建设，截至2024 年末合计建设了370 个线下网点（含轻资产运营的25个网点）， 创设"大黄蜂"品牌，已覆盖超过600 个城市，对全国基本实现全覆盖。截至2024 年年末，公司总管理规 模已经达到16.8 万台，较上年增长了38.8%，市场占有率达25.1%，已经具备领先的市场地位和规模优 势。围绕核心客群，公司正借由渠道和服务网点向叉车、无人机、消费级房车等多品类拓展。 海南国资控股赋能，融资成本优势明显，探索新融资模式。2024年海南海控以20 亿元收购14.0%股权并 控股，公司也完成民企向国企的转变。国资入股以来公司建设了海南区域总部，与海南本地企业联动建 设算力等设施，总额超百亿元。并购以来融资成本显著下降，发行两期债券利率分别为2.9%和2.66%， 极大增强了公司在融资成本方面的竞争力。公司也积极探索多元融资方式，近年来规模扩张多通过融资 租赁和轻资产模式实现，减轻现金流压力，拟在新加坡交易所上市。公司7 月发行了"黄蜂哥"NFT，与 上海数交所开启设备租赁RDA 合作，探索区块 ...

降温用电以外，经济新动能强势增长也为用电量提供了有力支撑。中国电力企业联合会统计与数智部副 主任蒋德斌对中新社记者表示，从今年电力消费数据来看，第三产业用电量表现亮眼，延续快速增长势 头。 7月份，中国全社会月度用电量首次突破万亿千瓦时大关，相当于东盟国家全年用电量。高温加持的同 时，万亿千瓦时电力也折射出中国经济热力。 7月以来，中国电力数据屡创新高。根据国家能源局日前公布的数据，7月份全社会用电量达到1.02万亿 千瓦时，同比增长8.6%。官方数据显示，截至8月1日，今年以来，全国最高用电负荷已经连续四次创 历史新高，最高达到15.08亿千瓦，较去年极值提高5700万千瓦。截至7月16日中午，已有天津、山东、 江苏、浙江等16个省级电网负荷36次突破历史峰值。 高温天气带来的降温需求是电力消费急剧增长的一大原因。根据国家气候中心数据，7月1日至8月5日， 全国平均高温日数7天，为1961年以来历史同期最多。7月5日至8月5日，全国平均气温较常年同期偏高 1.5℃，为1961年以来历史同期最高。其中，湖北、山东、陕西、河南等10省份平均气温达到历史同期 最高。 国家能源局数据显示，今年1-7月，第三产业用电 ...

Group 1 - The core viewpoint of the articles highlights the significant growth of Hongjing Technology's revenue and net profit in the first half of 2025, primarily driven by the large-scale implementation of its computing power services [1][2] - In the first half of 2025, Hongjing Technology achieved an operating income of 1.188 billion yuan, representing a year-on-year increase of 567.14%, and a net profit attributable to shareholders of 60.28 million yuan, compared to a net loss of 9.63 million yuan in the same period of 2024 [1] - The company disclosed computing power orders amounting to approximately 2.75 billion yuan in 2025, with a total of 4.054 billion yuan in disclosed contracts when combined with those from 2024 [1] Group 2 - Hongjing Technology has strategically expanded into the artificial intelligence industry, enhancing its computing power business layout and becoming one of the leading companies in this field [2] - The computing power business has evolved from the smart city sector, achieving synergistic development with it, and the company aims to build an integrated computing power service system to support various applications in production and daily life [2][3] - The company is committed to the "AI+" strategy and has proposed the "ALL in AI" strategy, focusing on the integration of computing power, algorithms, and data with digital industries, aiming to enhance its technological capabilities in the smart city sector [3]

Core Insights - Hongjing Technology (301396) reported a significant increase in revenue and net profit for the first half of 2025, with revenue growing by 567.14% year-on-year and net profit increasing by 725.73% [2][3][6] Financial Performance - The company achieved a revenue of 1.188 billion yuan in the first half of 2025, compared to 178 million yuan in the same period last year, marking a 567.14% increase [4] - The net profit attributable to shareholders was 60.28 million yuan, a substantial rise from a net loss of 9.63 million yuan in the previous year, reflecting a 725.73% growth [4][6] - The net cash flow from operating activities turned positive, reaching 55.17 million yuan, compared to a negative cash flow of 285.83 million yuan in the previous year [4][6] Business Strategy and Growth - Hongjing Technology has strategically expanded into the artificial intelligence sector, significantly boosting its computing power services, which has led to rapid revenue growth [2][6] - The company has disclosed computing power contracts worth approximately 2.75 billion yuan this year, totaling 4.054 billion yuan when combined with contracts from 2024 [6] - The company aims to deepen its computing power business layout, focusing on AI, big data, and IoT applications, and plans to enhance its capabilities in smart city solutions [8][9] Market Performance - As of August 18, 2023, Hongjing Technology's stock price closed at 63.17 yuan per share, reflecting a year-to-date increase of 215.53% [7]

Group 1: Electricity Consumption and Economic Growth - Nanjing's total electricity consumption reached 37.238 billion kWh in the first half of the year, with a GDP of 917.918 billion yuan, reflecting a 5.3% year-on-year growth [1] - The peak electricity load in Nanjing hit a historical high of 16.43 million kW on July 7, indicating strong economic activity [1] Group 2: Consumer Activity and Power Demand - From January to July, the wholesale and retail sector's electricity consumption increased by 12.55% year-on-year, driven by events like music and beer festivals [2] - The core area of the Fuzimiao business district saw a 13% year-on-year increase in electricity consumption since July, attributed to the vibrant night market economy [2] - The "Rich Road" area, a popular tourist destination, experienced a 19% increase in electricity usage, necessitating upgrades to outdated power distribution equipment [2] Group 3: Digital Economy and Power Usage - Nanjing Tencent Digital Co., Ltd. reported a staggering 520.26% year-on-year increase in electricity consumption from January to July, highlighting the growth in the digital economy [4] - The average load of Tencent's data center is 70,000 kW, equivalent to the simultaneous operation of six manufacturing plants [4] Group 4: Green Transition and Electric Vehicle Growth - Nanjing's production of new energy vehicles surged by 45% in volume and 68.9% in retail value in the first half of the year, with over 4000 public charging stations and more than 220,000 private charging piles [5] - The electricity consumption of the charging and swapping service industry rose by 51.64% year-on-year, reflecting the growing market for electric vehicles [5] Group 5: Advanced Manufacturing and Power Support - The second industry in Nanjing saw a 4.1% year-on-year increase in added value, with significant projects in advanced manufacturing [6] - The Chip Technology AI advanced packaging base project in Jiangbei New Area requires high power reliability, with the power supply company completing necessary infrastructure ahead of schedule [6] Group 6: Efficient Power Services for Industry - The Nanjing power supply company has successfully completed 43 major project connections this year, enhancing the electricity service environment for businesses [7] - The rapid response to power supply requests, such as the 3000 kVA application for the Yika Intelligent Vehicle project, demonstrates the efficiency of the local power service [7]

Core Viewpoint - The article discusses the emerging trend of pricing clean electricity and computing power in Renminbi, highlighting the potential for these commodities to become standardized and tradable, similar to oil in the past [1][2][3]. Group 1: Clean Electricity and Renminbi Pricing - The shift towards clean electricity involves a significant reduction in costs and the establishment of a stable supply chain, positioning China as a key supplier in the global market [2]. - The pricing mechanism for clean electricity is evolving, with contracts now including elements like green power certificates and third-party verification, which contribute to a transparent pricing structure [5]. - The historical analogy drawn between the "oil-dollar" mechanism and the potential for a "clean electricity-Renminbi" framework emphasizes the importance of stable supply and long-term contracts [2][5]. Group 2: Computing Power as a Commodity - Computing power is transitioning into an independent, measurable, and tradable commodity, with clear pricing structures and service level agreements (SLAs) that enhance comparability and auditability [4]. - China's computing power industry is rapidly advancing, with improvements in hardware and software capabilities, positioning it to compete globally and potentially dominate in pricing [4]. - The establishment of long-term contracts for computing power, priced in Renminbi, could lead to its recognition as a strategic asset, similar to energy resources [4]. Group 3: Requirements for Renminbi Adoption - For Renminbi to become the default currency in clean electricity and computing power transactions, three key elements must be established: a standardized pricing mechanism, a smooth cross-border settlement system, and a pool of safe assets [5]. - The integration of these elements will facilitate habitual use of Renminbi in transactions, reducing the need for persuasion and promoting its acceptance in the market [5].