） 中国正加速推进！ 全球最大太阳能电站将诞生 【Kyabram Free Presss网8月22日报道】 据称，我国正在建设全球最大的太阳能发电场。该发电场位于青藏高原，占地面积达610平方公里，与美国芝加哥市面积相当。中国正以远超世界其他任 何地区的速度安装太阳能电池板，而这类投资的回报如今也开始显现。 周四发布的一项研究显示，2025上半年，中国的碳排放量较去年同期仅下降1%，但仍延续了自2024年3月开始的下降趋势。同时好消息是，中国的碳排放 峰值可能已提前到来，早于政府设定的2030年前达峰的目标。但作为全球最大的温室气体排放国，中国仍需要大幅削减排放量，才能为减缓全球气候变化 贡献力量。 在青藏高原上，一望无际的太阳能电池板一直延伸到地平线。一座座的白色两层建筑每隔一段距离就会出现在电池板群中。 能源与清洁空气研究中心（the Centre for Research on Energy and Clean Air）的总部位于芬兰，其首席分析师是劳里・米利维尔塔（Lauri Myllyvirta），同 时也是以上研究报告的作者，他表示，中国要实现2060年碳中和的既定目标，未来35年的排放量需平均每 ...

中新网兴安盟8月24日电 题：在沙地里"追风逐日"：从"金色沙海"到"绿色蓝海" 中新网记者 张玮 从通辽市沿着111国道一路往北，一大片疏林草原渐入记者眼帘，这便是曾经漫天扬沙的科尔沁沙地北 端——兴安盟科右中旗。 近日，记者探访当地从"金色沙海"变成"绿色蓝海"的故事。 图为科右 中旗代钦塔拉苏木光伏治理区。 张泽蒙 摄 光伏"蓝海"下的"金色"希望 三北地区沙漠、戈壁和荒漠面积广阔，太阳能资源富集。光伏治沙被亲切地称为在沙漠里"种太阳"。 "就是板上发电、板下修复、板间种植。"兴安盟林业和草原局局长何云峰向记者详细介绍，巨大的光伏 板不仅可以发电，还能降低地表风速、减少风蚀作用，起到稳定沙土的作用。光伏板下的土地可以通过 种植耐旱植物或作物，用根系将沙土固定在地表，实现发电、农业增收、治沙三合一的成效。 "十年前，这里还是白茫茫的盐碱滩，春风一起黄沙遮天。"代钦塔拉苏木副苏木达(副乡长)安六十七指 向1.13万亩的光伏治理区，离地1.5米的光伏板以41°仰角构筑起独特生态空间——板间阴凉处，羊草、 紫花苜蓿等固沙植物织就绿毯；板下湿润区，吸引了不少野鸡、野兔等小动物回来安家。 据监测数据显示，这种"遮阳 ...

财务报表中对有大幅变动的财务项目的原因说明如下：货币资金变动幅度为36.88%,原因:随着公司业务 规模增长，融资资金增加。预付款项变动幅度为181.59%,原因:预付钢材款、算力业务预付设备款增 加。其他应收款变动幅度为-42.06%,原因:收到退回的预付款。存货变动幅度为44.02%,原因:库存商品增 加。合同资产变动幅度为46.13%,原因:应收质保金增加。长期股权投资变动幅度为-100.0%,原因:公司参 与投资的嘉兴国核智明股权投资合伙企业(有限合伙)清算注销。短期借款变动幅度为29.76%,原因:借款 规模增加。应付票据变动幅度为99.25%,原因:本期开具的银行承兑汇票增加。预收款项变动幅度为 220.26%,原因:上海润六尺收到的客户预付设备款增加。合同负债变动幅度为83.53%,原因:预收销售货款 增加。应交税金变动幅度为100.66%,原因:缴纳的增值税、所得税增加。其他应付款变动幅度为76.69%, 原因:预提费用、押金保证金增加。一年内到期的长期负债变动幅度为654.88%,原因:上海润六尺融资增 加。其他流动负债变动幅度为49.65%,原因:已背书未终止确认应收票据、待转销项税额增加 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - During a bull market, market corrections are often completed in a short period. For small - scale pullbacks of 2 - 4 weeks, it may be a good buying opportunity. Chasing the previous strong sectors during this period has a high probability of success, and even chasing at the market peak can often yield positive returns [1][4]. - The weakening of the excess return of sub - sectors relative to broad - based indices may be a signal for market topping. When a sector has negative excess returns during a correction, it is difficult to achieve positive excess returns after the correction ends [1][5]. - There are a few sectors that, even if their excess returns weaken during a small bull - market correction, can still offer good odds after adjustment. These sectors are mostly cyclical and resource - related [1][6]. Summary by Directory 1. How to Respond When a Small Platform Appears in a Bull Market 1.1 Chasing the Previous Strong Sectors During a Small - Scale Bull - Market Correction Has the Highest Probability of Success - During a bull market, small - scale pullbacks of 2 - 4 weeks may be a good buying opportunity. When considering whether to chase the previous high - performing sectors or switch to low - lying sectors for catch - up, historical data shows that in the "first wave of rise - platform pullback - second wave of rise" scenarios, the top 20% of sub - industries in the previous wave of rise are likely to have the largest pullbacks during the adjustment but also tend to have higher increases in the second wave of rise. The bottom 20% of sub - industries in the previous wave of rise usually do not end up at the bottom in the second wave of rise [10]. - When buying at the market's highest point before adjustment (fully "chasing up"), the TOP20% group and the DOWN20% group have similar returns, but the TOP20% group has a higher probability of success and always maintains positive returns. When buying at the lowest point of the market adjustment, the TOP20% group is likely to have better returns [4][13]. 1.2 When Not to Chase Up - The statement that "chasing the previous strong sectors during a small - scale bull - market correction has the highest probability of success" is the result of strong sectors with excess returns continuing to lead the rise and sectors with weakening marginal excess returns rising in line with the market. Excluding sectors with weakening marginal excess returns may be a good choice when a "small - scale bull - market correction" occurs [16]. - The weakening of the excess return of sub - sectors relative to broad - based indices may be a signal for market topping. When a sector has negative excess returns during a correction, it is difficult to achieve positive excess returns after the correction ends, possibly because the sector has completed the pricing of its own logic and there is no incremental logic to change this situation. Conversely, if a sector can maintain strong excess returns during a correction, it is likely to continue to do so in the future [5][19]. 1.3 Which Industries Currently Have Weakening Marginal Excess Returns - Currently, most secondary industries with continuous excess returns have not shown signs of weakening marginal excess returns. Sectors such as the consumer electronics sector have had continuous excess returns relative to the broader market for 10 weeks. As of August 20, 2025, sectors with continuous excess returns of five weeks or more include general equipment, special equipment, electronic chemicals, rubber, semiconductors, and photovoltaic equipment [20]. - Sectors that have shown weakening marginal excess returns include the gaming sector in AI applications, the aviation equipment sector in the military industry, and the wind power and glass - fiber sectors in the "anti - involution" category [20]. 1.4 How to Find Sectors That May Earn Odds When Excess Returns Weaken - There are a few sectors that, even if their excess returns weaken during a small bull - market correction, can still offer good odds after adjustment. Examples include special steel from March to July 2009, rail transit equipment from February to April 2015, rural commercial banks from December 2016 to April 2017, energy metals, small metals, general steel, and coal mining from May to September 2017, and chemical fibers and agricultural product processing from November 2020 to January 2021 [23]. - These sectors are mostly cyclical and resource - related. Before the correction, the rise is due to market beta and the difference between weak reality and strong expectations. During the correction, the negative excess return is due to the friction when moving from long - term speculation to the reality - realization stage. After the correction, the excess return comes from the reality catching up with the strong expectations. Resource sectors price their own logic more "slowly" than growth sectors. When the marginal excess returns of growth stocks weaken, it is difficult for them to restart without new incremental logic. However, for resource sectors, the realization of logic (i.e., the realization of supply - demand structure expectations) is still an incremental logic [6][23].

Group 1 - Shanghai Electric's stock price closed at 8.51 yuan on August 21, 2025, down 0.17 yuan, a decrease of 1.96% from the previous trading day [1] - The trading volume for the day was 2.823 million hands, with a transaction amount of 2.42 billion yuan [1] - Shanghai Electric is a large comprehensive equipment manufacturing group, with business covering energy equipment, industrial equipment, and integrated services [1] Group 2 - The company is a state-controlled listed company in Shanghai, holding a significant market position in power equipment, nuclear power equipment, and wind power equipment [1] - Recently, Shanghai Electric was included as a new member of the Yangtze River Delta Integration Demonstration Zone Developer Alliance, which now has 88 members and has invested over 100 billion yuan in projects within the demonstration zone [1] - The Shanghai Financial Court disclosed a case of securities false statements, mentioning that Shanghai Electric's 2020 annual report contained false records [1] Group 3 - On August 21, 2025, the net outflow of main funds for Shanghai Electric was 436 million yuan, accounting for 0.41% of its circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 738 million yuan, representing 0.69% of its circulating market value [1]

（文章来源：每日经济新闻） 2025年1至6月份，天顺风能的营业收入构成为：风电设备占比63.07%，发电占比31.66%，其他业务占 比5.26%。 天顺风能（SZ 002531，收盘价：6.98元）8月21日晚间发布公告称，公司董事会同意聘任于永洪女士为 证券事务代表，任期与第六届董事会任期一致。 ...

Investment Rating - The industry is rated as "outperforming the market" with an expected relative increase of over 10% in the next six months [38]. Core Insights - The SW power equipment sector's overweight ratio continues to decline, with a total market value of 129.79 billion yuan in Q2 2025, down 11.62% quarter-on-quarter and 22.50% year-on-year [13][14]. - The sector's market value accounts for 9.91% of the total A-share market value held by public funds, ranking third among 31 Shenwan primary industries [14]. - The concentration of holdings in the top 5, 10, and 20 stocks has increased, with respective market values of 73.96 billion, 84.77 billion, and 100.40 billion yuan, indicating a recovery in overall concentration [18]. Summary by Sections Overall Industry - The overweight ratio for the SW power equipment sector has decreased, with a current ratio of 3.98%, down 0.85 percentage points from the previous quarter [13][14]. - The total market value held by public funds in the sector is 129.79 billion yuan, reflecting a significant decline [13]. Sub-sectors - The wind power equipment sector has shown significant improvement, with a total market value of 8.16 billion yuan, up 50.84% quarter-on-quarter, while other power equipment sectors have seen declines [22][19]. - The battery, photovoltaic equipment, and grid equipment sectors have experienced a decrease in market value, with respective values of 79.27 billion, 23.05 billion, and 12.47 billion yuan, down 4.83%, 26.00%, and 21.57% [19]. Stock Trends - The top ten stocks in the SW power equipment sector include Ningde Times, Sunshine Power, and Yiwei Lithium Energy, with mixed performance; some stocks like Mingyang Smart Energy and New Era Electric have seen significant increases [29][28]. - The top ten stocks that saw the most significant increases in holdings include Aisheng Technology and JinkoSolar, primarily in the wind and photovoltaic sectors [34][31]. Investment Recommendations - The report suggests focusing on lithium battery materials due to stable growth in new energy vehicle sales, which is expected to improve the supply-demand balance [36]. - It also recommends paying attention to leading stocks in the wind power equipment sector, supported by government initiatives for large-scale wind and solar projects [36].

Group 1 - The report suggests an industry allocation strategy termed "4+1," focusing on technology growth, self-control, and military sectors, including liquid cooling, robotics, gaming, AI applications, and military technologies such as missiles, drones, satellites, and deep-sea technology. Additionally, it highlights the fintech and brokerage sectors due to their high correlation with indices [1] - The cyclical sectors benefiting from the expectation of marginal improvement in PPI and some low-level rebound include steel, chemicals, non-ferrous metals, and building materials, with potential valuation recovery opportunities in insurance, liquor, and real estate [1] - The report identifies sectors with anti-involution elasticity and broader potential, indicating that the current anti-involution trend extends beyond traditional cyclical industries, with mid-term potential in solar energy, lithium batteries, engineering machinery, healthcare, and certain manufacturing and growth directions in Hong Kong's Hang Seng Internet [1] - Structural opportunities for overseas expansion are noted, particularly due to the easing of China-Europe trade relations, benefiting high-export categories like automobiles and wind power, as well as niche exports such as snacks [1] - The report emphasizes the importance of stable dividend stocks, gold, and optimized high-dividend assets for foundational investment [1]

Core Insights - China's rapid growth in renewable energy, particularly in solar power, has surpassed Australia's total installed capacity in just one month, highlighting China's leadership in the global clean energy sector [1][4][6] Solar Power Development - In April 2023, China added 45.2 GW of solar power capacity, exceeding Australia's cumulative total of over 40 GW as of March 2023 [4][6] - Australia's solar capacity accounts for nearly 20% of its total electricity generation, which is significantly higher than the global average, yet it pales in comparison to China's monthly additions [6] Wind Power Development - China's wind power capacity has also seen remarkable growth, with installed capacity increasing from over 76 million kW to more than 440 million kW by 2024, maintaining its position as the world's largest wind power producer [7] Photovoltaic Technology - China is at the forefront of photovoltaic technology, with advancements in both crystalline silicon and emerging perovskite solar cell technologies, leading to improved efficiency and reduced costs [9] Hydropower Development - China's hydropower sector has made significant strides, with major projects like the Three Gorges Dam and Baihetan Hydropower Station contributing to its status as a global leader in hydropower capacity and generation [11] Nuclear Power Development - The development of nuclear power in China, particularly with the "Hualong One" technology, marks a significant achievement, with projects both domestically and internationally showcasing China's advanced nuclear capabilities [13] Overall Energy Landscape - China has become the world's largest power producer, with cumulative installed capacity exceeding 3 billion kW, equivalent to 134 Three Gorges Dams, surpassing the total capacity of all developed countries combined [15] - By 2024, China's electricity generation is projected to exceed 10 trillion kWh, accounting for nearly 33% of global electricity generation, and is expected to continue growing rapidly [17] Future Outlook - The future of China's energy sector looks promising, with ongoing investments in clean energy and a focus on increasing the share of non-fossil fuels in the energy consumption structure, alongside advancements in energy storage technologies [17][19]

Group 1 - The core viewpoint highlights the emergence of unicorn companies in Jiangsu, which are driven by technological innovation and high-level talent, becoming a new engine for regional economic growth [1][2] - In the first half of 2025, Jiangsu had 33 companies listed as unicorns, accounting for nearly 10% of the national total, covering sectors such as new energy, biotechnology, and artificial intelligence [1] - Suzhou leads the province with 12 unicorns, particularly in artificial intelligence, while Nanjing and Changzhou also show strong representation in software, hardware, and new energy sectors [1][2] Group 2 - The financial technology, software services, and AI sectors are witnessing rapid growth among new unicorns, with 2023 being termed the "empowerment year" for AI integration into industries [2] - Jiangsu's unicorns are forming a "symbiotic cluster," with advancements in various fields such as new energy, semiconductors, and artificial intelligence, enhancing the sustainability of new economic drivers [2] - The government is focusing on enhancing core competitiveness by encouraging increased R&D investment and collaboration between enterprises and universities in cutting-edge technologies [3] Group 3 - Jiangsu has introduced policies to accelerate the cultivation of unicorn and gazelle companies, including financial incentives and support for R&D tasks [4] - By 2027, Jiangsu aims to develop 80 unicorn companies and establish 20 new leading technology tracks in high-tech zones, reinforcing its position in global technology competition [4] - The implementation of these measures is expected to reshape the industrial landscape and contribute significantly to Jiangsu's high-quality economic development [4]