以下为研究报告摘要： 投资要点 焦点：美油库存去化，平稳。持续关注反内卷进展，石化行业中老旧装置淘汰退出和更 新改造的进展。 聚酯：涤纶长丝价格、价差均稳中有涨。江浙织机涤纶长丝库存天数上涨，织机开工率 上涨 回顾：本周申万一级行业指数表现中，石油石化指数表现一般，较上周下跌0.57%。而 中信三级行业指数表现来看，本周其他石化在石油石化中表现最佳，涨幅1.15%。 烯烃：样本聚烯烃现货价格平稳，库存下降 原油：能源价格震荡。美原油库存下降，美成品油库存表现分化 中邮证券近日发布石化行业周报：本周申万一级行业指数表现中，石油石化指数表现一 般，较上周下跌0.57%。而中信三级行业指数表现来看，本周其他石化在石油石化中表现最 佳，涨幅1.15%。涤纶长丝价格、价差均稳中有涨。江浙织机涤纶长丝库存天数上涨，织机 开工率上涨。 风险提示：油价剧烈波动、地缘风险、欧美通胀反复、欧美经济波动、行业政策变化、 项目投产进度变化、需求变化、其他等。（中邮证券 张津圣） 标的： 上游：地缘若未来再次给出原油溢价，则利好上游标的。 炼化：若需求好转，优供给、淘汰落后产能有所进展，则利好中游炼化。 【责任编辑：杨梓安 】 ...

西南证券近日发布低空经济行业双周报：本期（8月18日-8月31日）低空经济板块跑输 大盘。万得低空经济指数上涨3.12%，跑输上证指数1.24个百分点，跑输沪深300指数3.88个 百分点，跑输创业板指10.92个百分点；国证通用航空指数上涨6.85%，跑赢上证指数2.49个 百分点，跑输沪深300指数0.15个百分点，跑输创业板指7.19个百分点。 以下为研究报告摘要： 投资要点 全球首款纯电飞行汽车Alef开始试运营。Alef Aeronautics是一家可持续移动出行公司， 该公司从2022年开始研发Model A，并在不到一年的时间里获得了美国联邦航空局（FAA） 的特殊适航认证，成为首个获得此类认证的飞行汽车项目。该公司近日宣布，其全球首款纯 电动飞行汽车Model A已在加州半月湾和霍利斯特两座机场启动测试运营。 行情回顾：本期（8月18日-8月31日）低空经济板块跑输大盘。万得低空经济指数上涨 3.12%，跑输上证指数1.24个百分点，跑输沪深300指数3.88个百分点，跑输创业板指10.92个 百分点；国证通用航空指数上涨6.85%，跑赢上证指数2.49个百分点，跑输沪深300指数0.15 个 ...

国金证券近日发布电力设备中报总结：板块重点标的1H25实现营收1701亿元，同比 +13%，网内、海外、网外需求均贡献增量；实现归母净利润140亿元，同比增长14%，主要 系龙头公司高盈利水平的海外业务占比提升。电网设备行业2025年二季度行业市值达到1.2 万亿元，同比+8%，环比+1%；电网设备行业市值占全A股市值的1.2%，同比-0.2pct。2025 年二季度末公募基金重仓持股总市值中电网设备行业占比达0.6%，同比-0.8pct。 以下为研究报告摘要： 投资逻辑 财务分析——Q2板块营收&业绩持续稳健增长，盈利&营运能力保持稳定。 标的划分：我们将电网板块按照下游与产品属性，我们选取各环节具有代表性的共42家 重点公司进行分析，划分为5个细分环节：①出海、②主网设备、③配用电设备、④二次设 备及智能化、⑤通用性装置及材料。 营收&业绩持续增长：板块重点标的1H25实现营收1701亿元，同比+13%，网内、海 外、网外需求均贡献增量；实现归母净利润140亿元，同比增长14%，主要系龙头公司高盈 利水平的海外业务占比提升。分季度看，2Q24实现营收994亿元，同比增长14%；实现归母 净利润89亿元，同 ...

国金证券近日发布有色行业中报总结：金银价格全面上涨。25Q2贵金属板块营收 1265.78亿元，环比+25.15%；归母净利68.56亿元，环比+41.93%。美国主权信用评级被下 调，避险情绪提升，全球央行购金持续进行，金价25Q2延续上涨趋势。8月鲍威尔释放降息 信号，降息预期再走强，预计全球央行购金趋势将延续，金价具备较强持续性。 以下为研究报告摘要： 投资逻辑 25Q2有色金属板块涨幅5.50%，涨幅超过沪深300指数;工业金属贵金属价格上涨，带动 板块内企业业绩增长及板块表现领先。 铜：铜供应紧缺叠加新一轮电气需求驱动，Q2铜价触底反弹。铜矿及冶炼企业25Q2营 收4275.20亿元，环比+20.41%；归母净利润229.71亿元，环比+18.19%；铜加工板块25Q2营 收831.26亿元，环比+6.29%；归母净利润11.86亿元，环比+7.05%。中国新能源领域的强劲 需求及多家矿企下调产量指引，推动商品价格反弹。 镍钴板块：钴价环比持续增长，板块盈利改善。镍钴板块2025Q2收入为312亿元，同比 +28%；归母净利润26.5亿元，同比+16%；毛利率为18.3%，同比-5.1pcts；净利 ...

Core Insights - The report highlights the challenges and advancements in the design and manufacturing of isostatic pressing equipment, particularly for solid-state batteries, emphasizing the need for high structural, material, and precision standards [1][4]. Investment Highlights - Isostatic pressing technology has a wide range of applications across various industries, initially used in metals and ceramics, and now extending to aerospace, medical, automotive, and electronics sectors. The technology is categorized into cold, warm, and hot isostatic pressing, with warm isostatic pressing offering a balance between densification performance, production efficiency, and cost [2]. - Isostatic pressing can effectively address the solid-solid interface contact issues in solid-state batteries, enhancing densification and improving component contact. Warm isostatic pressing is identified as the optimal process due to its compatibility with the densification requirements of solid-state batteries, while minimizing adverse reactions at high temperatures [3]. - The market for isostatic pressing equipment in solid-state battery production is projected to reach approximately 2.9 billion yuan by 2029, with an estimated value contribution of around 13% to the production line [3]. Challenges - Current isostatic pressing equipment faces bottlenecks in safety and production capacity, with significant challenges in chamber design, temperature/pressure control systems, and overall safety assurance. These factors hinder the scalability of isostatic pressing for solid-state battery production [4]. - Enhancements in production efficiency can be achieved through process optimizations, increasing the pressure vessel volume, and adopting horizontal chamber structures to facilitate automation in solid-state battery production lines [5]. Investment Recommendations - The report recommends focusing on solid-state battery equipment suppliers such as XianDiao Intelligent, while also suggesting attention to suppliers like LiYuanHeng, NaKonoEr, and others involved in isostatic pressing equipment [5].

Group 1: Electronic Industry Overview - The electronic industry experienced a 6.28% increase from August 25 to August 29, ranking third among the primary sectors [2][6] - The electronic industry's price-to-earnings (P/E) ratio stands at 70.91, with the top three sectors in terms of valuation being computer, defense, and electronics [2][6] - Among the sub-sectors, printed circuit boards saw the highest increase at 16.93%, while semiconductor equipment and analog chip design experienced declines [2][6] Group 2: AI Development Strategy - The State Council of China released a strategic blueprint for AI development, aiming for comprehensive AI integration across six key areas by 2027, with a target application penetration rate exceeding 70% [3] - By 2030, AI is expected to significantly contribute to high-quality development, with application penetration rates surpassing 90% [3] - By 2035, AI will be a foundational infrastructure akin to the internet, supporting the modernization of socialism in China [3] Group 3: AI Hardware and Chip Development - Chinese chip manufacturers plan to triple the total production of AI processors by next year to reduce reliance on NVIDIA chips [4] - The DeepSeek company introduced the DeepSeek-V3.1, marking a step towards the era of intelligent agents with enhanced precision for next-generation AI chips [5] - Cambricon, a leading domestic AI chip company, reported a net profit of 1.038 billion yuan for the first half of 2025, indicating a shift from strategic investment to mass production in the high-end AI chip market [6] Group 4: NVIDIA's Financial Performance - NVIDIA's Q2 2026 financial report showed revenue and profit exceeding market expectations, with sales growth projected to remain above 50% [7][8] - The Blackwell platform achieved a record high performance with a 17% quarter-over-quarter increase, and the GB300 chip has entered mass production [7][8] - Global data center infrastructure and computing investments are expected to reach $600 billion this year, with significant growth anticipated in AI infrastructure investments [8]

随着秋季临近，气候条件变化可能给电力设施带来新挑战。为保障秋季供电安全稳定，近日，国网孝义 市供电公司积极行动，对辖区内线路设备展开全面细致检查。 此次检查涵盖所管辖区域内的高低压线路、变压器、配电箱等各类关键设备。工作人员分组对线路进行 巡查，重点检查线路是否存在老化、破损，杆塔基础有无松动，绝缘子是否有裂纹等情况。针对变压 器，详细检测油温、油位，查看运行声音是否正常，确保设备运行参数在正常范围。 在检查过程中，对于发现的部分线路连接点螺丝松动、绝缘子表面有轻微污垢等问题，工作人员当即进 行紧固与清理。对于较为复杂、短时间难以解决的隐患，做好详细记录，并制定整改计划，明确整改责 任人与时间节点，确保整改工作落实到位。 据了解，国网孝义市供电公司高度重视此次入秋前线路设备检查工作，旨在提前发现并消除潜在安全隐 患，为秋季用电高峰做好充足准备。通过此次全面检查，进一步提升了辖区线路设备的健康运行水平， 为秋季居民生活和企业生产用电提供坚实保障。 ...

"作业过程中必须严格遵守安全规程，不仅是对自身安全负责，也是对他人和社会负责……""正确，如 果发现施工人员违章作业必须立即制止。"8月29日，汾阳公司运检部变电站运维人员正在进行相互问 答，应急普法活动余温未减。 责任落实是普法工作的"压舱石"。该公司坚持"谁主管谁普法、谁执法谁普法、谁服务谁普法"原则，明 确各部门、基层单位在安全生产、经营管理等领域的普法职责与标准，制定领导干部应知应会法律法规 清单，聚焦宪法、民法典及电力行业相关法律法规开展专题学习。针对不同岗位员工需求，该公司打 造"分层分类、精准匹配"的普法教育体系，面向管理人员，重点开展经营合规、风险防控培训，提升法 治决策能力；面向一线员工，依托班组安全学习，普及电力操作规范与事故预防法律知识；面向新员 工，将法治教育纳入入职培训"第一课"，通过案例讲解、情景模拟培养合规习惯。截至目前，该公司已 举办法治合规专题讲座10余次，培训员工200余人次，实现"普法成效"与"专业能力"双提升。 展望未来，法治建设永远在路上。国网汾阳市供电公司将继续锚定"法治央企"建设目标，继续以法治为 笔、以合规为墨，在保障电网安全、服务民生用电、推动能源转型的道路上 ...

东吴证券近日发布有色金属行业跟踪周报：回顾本周行情（8月25日-8月29日），有色 板块本周上涨7.16%，在全部一级行业中排名靠前。二级行业方面，周内申万有色金属类二 级行业中小金属板块上涨12.02%，金属新材料板块上涨5.67%，能源金属板块上涨2.89%， 贵金属板块上涨7.22%，工业金属板块上涨6.95%。 以下为研究报告摘要： 投资要点 回顾本周行情（8月25日-8月29日），有色板块本周上涨7.16%，在全部一级行业中排名 靠前。二级行业方面，周内申万有色金属类二级行业中小金属板块上涨12.02%，金属新材 料板块上涨5.67%，能源金属板块上涨2.89%，贵金属板块上涨7.22%，工业金属板块上涨 6.95%。工业金属方面，市场延续美国降息预期临近的乐观预期，此外中国工业金属需求旺 季将至，价格趋势走强。贵金属方面，特朗普于周内宣布对美联储理事库克任职罢免，此次 行动被视为特朗普削弱美联储独立性的重要尝试，若成功，可能为未来总统干预货币政策开 创先例；此外美国通胀数据自4月以来保持温和上行态势，但随着鲍威尔于全球央行年会释 放对就业数据走弱的担忧，我们认为当下通胀幅度并不会减缓联储后续的降息 ...

Core Insights - The controlled nuclear fusion technology landscape is diversifying, with significant developments in magnetic confinement, Z-pinch, and FRC technologies [1][2] - Current nuclear fusion projects are primarily funded by public capital, while planned projects are increasingly driven by private investment, indicating a shift towards a more varied technological approach [2] - Major tech companies like Google, Amazon, and Microsoft are actively investing in nuclear fusion companies, highlighting the growing interest and competition in the global fusion race [1][2] Group 1: Technological Developments - The Tokamak device is expected to benefit from breakthroughs in high-temperature superconducting materials, potentially achieving grid-connected power generation by the 2030s [3] - The performance of Tokamak devices is significantly influenced by the strength of the toroidal magnetic field, with a theoretical increase in fusion power by an order of magnitude for every 1.8 times increase in magnetic field strength [3] - The emergence of new fusion companies utilizing high-temperature superconducting solutions, such as CFS and TokamakEnergy, indicates a shift in technological capabilities [3] Group 2: Investment and Market Dynamics - The domestic Z-pinch hybrid reactor is anticipated to accelerate its development, with significant private capital interest in FRC devices [4] - Helion's FRC device has seen substantial funding, totaling approximately $96 million from 2021 to the first half of 2025, indicating strong investor confidence [4] - The potential for commercial nuclear fusion plants could lead to annual investments reaching several hundred billion yuan if successful [2] Group 3: Industry Growth and Opportunities - The controlled nuclear fusion industry is entering a rapid incubation phase, moving towards commercialization [5] - Increased technological advancements and funding are driving the industry forward, creating investment opportunities in upstream equipment and materials [6] - Key beneficiaries of this growth include companies involved in superconducting materials, vacuum chambers, power systems, and detection equipment [6]