港股电力设备及新能源股跑输大盘。上周香港恒生指数涨 5.71%，恒生综指涨5.27%，恒生中国企业指数涨 5.81%，中信港股通指数涨 4.47%。中信港股通电力设备及新能源指数涨 2.81%，中信港股通电力及公用事业指数涨 3.18%，电力设备及新能源指数跑输大盘。中信港股通电力设备及新能源指数、中信港股通电力及公用事业指数上周表现在中信港股通各行业指数中分别排第十八位及第十六位，在行业分类中基本表现最差。从 PE(TTM)对比情况来看，中信港股通电力设备及新能源指数、中信港股通电力及公用事业指数估值靠近中游偏下，可排第十八位及第十四位。

储能行业刚需凸显，正值黄金发展时期。全球“双碳”目标确定，新能源快速发展，而新能源的波动性、不稳定性也随着新能源发电占比提升不断放大，储能是解决此问题的重要方式，因此具有刚性需求。全球来看，2022 年累计装机 45.75GW（YOY+80%）；中国来看，2022 年累计装机 13.08GW（YOY+128%）。由此可见，储能行业目前保持高速增长态势，正值黄金发展时期。

6月国内产销环比提升，欧洲八国渗透率同比提升6 月国内产销同环比均实现提升，渗透率维持 30%以上；欧洲八国、美国销量同比增长。根据中汽协数据，2023 年 6 月，国内新能源汽车实现产量 78.4 万辆，同环比分别上升 32.8%、10.0%；实现销量 80.6 万辆，同环比分别上升 35.2%、12.4%；渗透率达30.7%，同环比分别提升 6.9pct、0.6pct。根据 SMMT、CCFA 等官网数据，2023 年 6 月，欧洲八国合计实现新能源汽车销量 22.8 万辆，同比增长 31.2%，渗透率达 23.4%，同比提升 1.98pct。根据Marklines 数据，2023 年 6 月，美国新能源乘用车销量为 9.6 万辆，同比增长 19.0%，当月渗透率为 7.0%，同比提升 0.1pct。

Equipment Type: Solid state motor controllers (all voltages) Industry: Electrical equipment manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Residential-type incandescent portable floor lamps, complete w/ shade Industry: Lighting fixture manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Residential-type electric lighting fixtures (excluding portable), including parts Industry: Lighting fixture manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Residential-type fluorescent portable lamps Industry: Lighting fixture manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Thermoset insulated power cable (excluding underground) Industry: Communication and energy wire and cable manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below:

国内生产：6月，全国原煤产量3.9亿吨，同比增长2.5%，增速较月收窄1.72pct，日均产量1300万吨，环比增加57万吨/天，涨幅 4.6%。1-6月份，全国累计原煤产量23亿吨，同比增长4.4%，增幅较前5月收窄 0.4pct。2）进口方面：6月，国内煤炭进口量 3987万吨，环比增长0.7%，同比增长110.1%。3）总供应量：6月，供给合计4.3亿吨，环比增长1.17%。6月供应量小幅回升的原因：一方面，终端需求改善，国内煤价在6月中旬后筑底反弹，市场情绪修复，下游采购积极，煤矿出货顺畅，生产积极性有所提升；另一方面，进口煤维持较好利润，在国内价格反弹的情况下，沿海电厂偏好进口补充。展望后市，供应端存在扰动：1）安监升级常态化，制约供给弹性；2）夏季高温持续，煤矿高开工率难以为继；3）海外库存下降带动煤价反弹，海内外煤炭价差收窄使得进口煤利润下降，预计旺季进口将环比下滑。