美东时间3月26日上午，《大西洋月刊》在线发表了其记者截取自Signal群聊的进一步信息，以回 应白宫的强势否认。该群聊成员以白宫高级军事和情报官员为主，话题围绕针对也门胡塞武装的袭击展 开，包括高度敏感且可能属于机密的信息：武器包、目标和时间，以及一名现役中情局特工的姓名。 在该媒体的最新在线爆料中，国防部长赫格塞斯在群里分享了有关袭击的操作细节：天气很好，刚 刚与（美军）中央司令部确认，我们准备启动任务。随后他又列出了精确的行动时间和使用的武器： 《大西洋月刊》主编戈德伯格和他的同事谢恩·哈里斯写道，这些信息是在行动计划开始前两小时 收到的，与3月15日的事实相符。国家安全顾问华尔兹后来在群里发信息确认，目标位于一栋倒塌的建 筑内，成功命中。当天晚些时候，赫格塞斯再向该群证实，随后还会有更多的袭击行动。 《大西洋月刊》再爆料"打脸"白宫：防长在群聊中 提前公开作战细节 退出群聊后第二天，他向华尔兹、赫格塞斯、拉特克利夫等人发邮件，询问Signal上的"胡塞问题核 心小组"是否真实存在，大家是否知道他是记者而非政府官员，以及特朗普政府高级官员为何使用Signal 讨论机密问题。戈德伯格指出，拉他入群的华尔兹 ...

Core Insights - Tianqi Lithium Industries reported its worst financial results since its listing, with a net loss of 7.905 billion yuan, a year-on-year decline of 208.32% [3][4] - The company's total revenue for the year was 13.063 billion yuan, down 67.75% compared to the previous year [3] Financial Performance - The significant drop in revenue and net loss is attributed to a sharp decline in lithium product prices and a mismatch in pricing mechanisms between its subsidiaries [3][4] - Lithium concentrate prices fell drastically due to oversupply, stabilizing between 700-800 USD/ton by September 2024, down from around 1800 USD/ton at the end of 2023 [3] Market Conditions - Lithium carbonate futures prices in the first half of 2024 ranged between 90,000 to 120,000 yuan/ton, with a significant drop to about 70,000 yuan/ton in August 2024, compared to a peak of 600,000 yuan/ton [4] - The performance of Tianqi's joint venture SQM was negatively impacted by tax issues, leading to a recognition of approximately 1.1 billion USD in income tax expenses [5] Project Developments - Tianqi Lithium terminated its second-phase lithium hydroxide project in Australia due to economic unfeasibility, resulting in an asset impairment [5] - The termination of this project is expected to reduce the company's net profit attributable to shareholders by approximately 501 million yuan, which is about 6.86% of the audited net profit for the last fiscal year [5]

Core Viewpoint - China General Nuclear Power Corporation's (CGN) renewable energy subsidiary, CGN New Energy (01811.HK), reported a decline in net profit for the first time in seven years, primarily due to increased impairment losses and scrapping costs [2][3]. Financial Performance - For the fiscal year 2024, CGN New Energy's total revenue was $1.951 billion (approximately 14.16 billion RMB), a year-on-year decrease of 11.02% [2]. - The net profit attributable to equity shareholders was $248 million (approximately 1.8 billion RMB), down 7.35% year-on-year [2]. - The company experienced impairment losses and scrapping costs of $45.6 million (approximately 331 million RMB) in 2024, compared to $7.7 million (approximately 55.95 million RMB) in 2023 [4]. Operational Capacity - As of the end of 2024, CGN New Energy's installed capacity reached 10.4524 million kW, an increase of 8.6% year-on-year, with wind power capacity at 4.4364 million kW and solar power capacity at 2.545 million kW [4]. - The company’s revenue from its South Korean gas projects decreased by 21% year-on-year to approximately $910 million due to falling average electricity prices and reduced generation [4]. Market Dynamics - The average utilization hours for CGN's wind power projects in China decreased by approximately 3.1% due to increased power restrictions, while solar projects saw a decline of 16.8% despite a 44.7% increase in installed capacity [5]. - The weighted average electricity price for wind projects in China remained stable at 0.57 RMB/kWh, while the solar projects' price dropped significantly by 12.5% to 0.56 RMB/kWh due to competitive bidding pressures [5]. Strategic Positioning - CGN New Energy's operational assets represent only 12.3% of CGN Group's total renewable energy assets, highlighting competitive challenges within the sector [6]. - The company has maintained a high debt ratio, reported at 79.8% in 2024, which is significantly higher than other state-owned renewable energy companies [7]. Dividend Policy - Despite the performance challenges, CGN New Energy announced a dividend payout ratio of 25%, with a proposed final dividend of $0.01445 (approximately 0.1049 RMB) per share [8].

Group 1 - Cloudwise Technology is applying for an IPO on the Hong Kong Stock Exchange, aiming to become the first publicly listed company in the "robot service intelligent body" sector [1] - The company previously attempted to list on the Sci-Tech Innovation Board but was unsuccessful [1] - The listing will follow the new Chapter 18C rules, which lower the financial thresholds for specialized technology companies, focusing on expected market value and R&D investment [1] Group 2 - Founded in 2014, Cloudwise Technology has completed 8 rounds of financing, with notable investors including Tencent and Alibaba, and a post-money valuation of 4.08 billion yuan after the last round in December 2021 [2] - The company's robots are deployed in over 30,000 locations globally, with a significant focus on the hotel sector, where it holds a 9% market share worldwide and 12.2% in China [2][3] - The competitive landscape in the hotel robot service market is fragmented, with the top five players holding only 27.6% of the market share [2][3] Group 3 - The average selling price of Cloudwise's main robot model has decreased from 268,000 yuan in 2022 to 249,000 yuan in 2023, with further expected declines [4] - The company has not achieved profitability, reporting losses of 365 million yuan, 265 million yuan, and 185 million yuan from 2022 to 2024, totaling over 800 million yuan [5] - The current liquidity ratios are concerning, with values of 0.4, 0.2, and 0.2 from 2022 to 2024, indicating potential liquidity issues [6] Group 4 - The funds raised from the IPO will be allocated to enhancing R&D capabilities, improving commercialization efforts, and general corporate purposes [7]

Core Insights - China's first offshore CCUS well has commenced drilling, with an expected injection of over 1 million tons of carbon dioxide over the next decade [1][2] - The project aims to enhance oil recovery while promoting green and low-carbon development [1] Group 1: Project Details - The CCUS project is located at the Enping 15-1 platform in the Pearl River Mouth Basin, which is currently the largest offshore oil production platform in Asia [1] - The Enping 15-1 oil field is characterized as a high carbon dioxide content oil field, where conventional extraction methods would lead to increased CO2 emissions [1] - The project was initiated at the end of 2023, targeting four "golden layers" for CO2 reinjection located 2.4 kilometers from the platform at depths of 1200 to 1600 meters [1] Group 2: Industry Context - In March 2023, Denmark launched a project for CO2 storage on the seabed, becoming the first country to implement "shore carbon to sea" [2] - Other countries such as Norway, the USA, Brazil, and Japan are also developing various scales of "shore carbon to sea" demonstration projects [2] - China's geological conditions for CO2 storage are favorable, with a potential storage capacity estimated at 25.8 trillion tons [2] Group 3: Current Developments - As of November 2024, China has over 120 operational and planned CCUS demonstration projects, with a CO2 capture capacity of 6 million tons per year [2] - New generation carbon capture technologies are rapidly advancing from pilot testing to industrial demonstration [2]

超额完成2024年营收目标，科达制造 (600499.SH)2024年实现营收126亿元 2024年是复苏与挑战并存的一年。随着宏观方面一揽子增量政策的部署出台，新质生产力加速发 展，国民经济运行总体平稳，但房地产行业整体承压依然明显，压力亦波及产业链上下游。 在外部环境依旧复杂的背景下，科达制造(600499.SH)坚定贯彻全球化战略，在市场拓展、产品创 新、降本增效等方面不断深化，多措并举推动核心业务稳健精进，展现出了扎实的经营能力。数据显 示，2024年，科达制造实现营收126亿元，同比增长29.96%；实现归母净利润10.06亿元，扣非后归母净 利润9.21亿元。 总体来看，科达制造过去一年表现出了强大的韧劲，其海外市场增长势能不减，营收规模超80亿 元，贡献的营收占比超60%。其中，建材机械业务持续推进全球版图及产业链布局；海外建材业务稳步 推动产能释放、品类拓展，两大核心板块开拓出优质的增长曲线。参股公司蓝科锂业碳酸锂产销量进一 步提升，且随着近期产业释放回暖信号，后续经营业绩或有望迎来边际向上。 本次科达制造依旧延续往年高比例分红的传统，拟每10股分红2元(含税)，现金分红3.72亿元，2024 ...

2024年华之杰实现营业收入12.3亿元，同比增长31.26%；归属净利润1.54亿元，同比增长26.38%，近三年年复合增长率达23.6%。公司 业务增长迅速。 华之杰沪主板IPO：深耕智能控制领域，引领全球电动工具零部件 创新 近日上交所发布公告，将于3月28日审议苏州华之杰电讯股份有限公司（以下简称"华之杰"）在沪主板IPO的申请。公司此次IPO拟募集 资金4.86亿元，分别用于年产8650万件电动工具智能零部件扩产项目项目（4.26亿元）以及补充流动资金0.6亿元。 产品矩阵全场景覆盖、全球化布局业内领先，华之杰本次IPO值得关注。 全球化布局 稳步增长 华之杰成立于2001年，总部位于江苏省苏州市，是一家专注于锂电电动工具、消费电子领域关键功能零部件研发、生产与销售的高新技 术企业。公司以"智能控制"为核心战略，致力于为全球客户提供高效、安全、精密的一体化解决方案。经过二十余年的发展，华之杰顺 应由交流电源有绳电动工具向直流电源无绳电动工具发展、由镍镉电池向锂电池发展、由有刷电机向无刷电机发展、由单一品类向集成 化和智能化发展等行业趋势，已成长为行业内具有国际竞争力的领军企业，产品涵盖智能开关、智能 ...

Core Viewpoint - The recent exclusive licensing agreement between Novo Nordisk and a Chinese innovative drug company for the weight loss drug UBT251, valued at up to $2 billion, highlights the global recognition of China's innovative pharmaceutical capabilities [1] Group 1: Market Performance - The Hong Kong innovative drug ETF (159567) rose by 0.44% today, marking two consecutive days of net capital inflow [1] - The average daily trading volume of the Hong Kong innovative drug ETF over the past month was 189 million yuan, ranking first in liquidity among indices [1] - The Hong Kong stock market saw a slight rebound on March 26, with the innovative drug sector continuing to recover amid increased market attention on domestic innovative drug companies [1] Group 2: Company Performance - Major companies in the Hong Kong innovative drug index showed positive performance, with three companies, including 3SBio, rising over 10%, and several others, such as WuXi AppTec and Kintor Pharmaceutical, increasing by over 4% [2] - Recent financial reports from leading drug companies indicate a positive trend in fundamentals, with WuXi AppTec achieving a record high quarterly revenue in Q4 2024 and a 47% year-on-year increase in order size [3] - Hansoh Pharmaceutical reported a 33.4% year-on-year increase in net profit for 2024, with innovative drug revenue accounting for 77.3% of total revenue [3] Group 3: Industry Trends - The share of China's pharmaceutical licensing transactions valued over $5 million has increased from less than 5% in 2020 to approximately 30% in 2024 [3] - In the first two months of 2025, there were 16 licensing projects for Chinese innovative drugs, accounting for nearly 50% of global transaction value [3] - The innovative drug sector in Hong Kong is expected to have greater valuation expansion potential compared to A-shares, driven by higher R&D expenditure and overseas revenue ratios [4]

高盛、富达看好A股，外资做多中国热情创四年新 高 他还对界面新闻表示，中国科技股的亮眼表现是由基本面驱动的，未来上涨动能会往外扩张，成为 外资更加关注中国的关键催化剂之一，从而吸引更多国际资本回到中国股市。 尽管受外部贸易环境不确定性的影响，但今年迄今中国股市是全球表现最佳的市场之一，尤其是离 岸中资概念股。近期高盛、摩根士丹利、花旗、瑞银纷纷上调中国股票评级，认为中国资产的估值更具 吸引力。 周三，高盛首席中国股票策略师刘劲津发布名为《中国已经回归》的报告，重申A股本轮涨势将会 比去年9月时更加持久。 刘劲津表示，海外投资者对中国股市的兴趣和参与度已经上涨到近四年新高。从目前来看，特朗普 关税对于A股的冲击没有其第一任期时那么大，同时，中国以AI为代表的科技行业出现结构性增长机 会，房地产等传统经济行业也出现了复苏的萌芽，这使高盛对中国经济增长前景更为乐观. 同日，富达国际也表达了看好中国股市的观点。该公司基金经理George Efstathopoulos在一场研讨 会上表示，自2024年四季度中国政府推出新一轮刺激政策以来，经济数据明显改善，货币和财政政策立 场更加明确，企业盈利也出现改善。在房地产领域， ...