Core Viewpoint - The electronic industry is experiencing upward inflation driven by AI demand, leading to a positive resonance in the storage cycle and growth [2] Group 1: Market Performance - The Shanghai Composite Index rose by 2.88% in the past week, influenced by improved expectations regarding the US-China tariff negotiations and the emphasis on domestic technology development from the Fourth Plenary Session [2] - The electronic sector increased by 8.49%, with sub-sectors such as components rising by 12.84% and optical optoelectronics by 4.04% [2] - Concurrently, the Hang Seng Tech Index, Philadelphia Semiconductor Index, and Taiwan Information Technology Index rose by 5.20%, 2.94%, and 0.70%, respectively [2] Group 2: Storage Prices and Trends - The spot price of 512Gb/1Tb Flash Wafer has increased by over 25% since September [3] - The price of 1TB PCIe 4.0 SSD has risen by more than 20% since September due to rising costs and resource control [3] - The demand for enterprise-level storage is increasing, leading to a comprehensive rise in storage prices, with domestic storage manufacturers expected to benefit from this trend [3] Group 3: Company Performance and Recommendations - TI's Q3 2025 revenue reached $4.742 billion, a year-on-year increase of 14.2% and a quarter-on-quarter increase of 6.6%, nearing the upper limit of guidance [4] - PCB industry performance has exceeded expectations, with companies like Dingtai High-Tech and Dazhu CNC reporting significant revenue growth driven by AI demand [5] - The capital expenditure for CSP is expected to exceed $520 billion by 2026, driven by the rapid expansion of AI server demand [5] - Recommendations include companies with strong positions in the domestic storage and semiconductor sectors, such as Jiangbolong, Demingli, and others [3][5]

东兴证券近日发布有色金属研究报告：10月28日《中共中央关于制定国民经济和社会发 展第十五个五年规划的建议》（以下简称《建议》）全文发布，结合9月28日工业和信息化 部等八部门发布的《有色金属行业稳增长工作方案（2025—2026年）》（以下简称《方 案》），为中国有色金属行业的发展做出了清晰的指引，强调高质量绿色发展路径。我们认 为，金属行业的供给或维持低速稳定高质量发展，金属行业的需求或受益新质生产力行业发 展而快速扩张，供需结构的改善或推动金属行业盈利能力及估值水平持续优化。 事件：10月28日《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》 （以下简称《建议》）全文发布，结合9月28日工业和信息化部等八部门发布的《有色金属 行业稳增长工作方案（2025—2026年）》（以下简称《方案》），为中国有色金属行业的发 展做出了清晰的指引，强调高质量绿色发展路径。我们认为，金属行业的供给或维持低速稳 定高质量发展，金属行业的需求或受益新质生产力行业发展而快速扩张，供需结构的改善或 推动金属行业盈利能力及估值水平持续优化。 从供给侧观察，《建议》和《方案》自上而下对有色金属行业战略矿产的保护和产能产 ...

队员来到当地蔬菜大棚，为大棚农户提供了节能用电建议，帮助他们优化用电方案，降低生产成本，并 向农户普及了安全用电知识，提醒他们定期检查用电设备，确保农业生产用电安全。随后，队员们走进 商户，对商业用电设备进行了细致检查。重点检查了商铺的配电箱、照明设备、空调系统等，确保其符 合安全用电标准。此次活动不仅提升了商户的用电安全水平，也为商业活动的顺利开展提供了有力支 持。 供电公司走进蔬菜大棚和商户的行动，不仅是一次用电安全检查，更是一次服务意识的提升。该公司通 过主动上门服务，及时解决了农户和商户的用电问题，了解了用户用电需求，赢得了广泛好评。下一 步，永年公司将继续加强用电安全检查与指导工作，确保农业生产和商业活动的用电安全，为地方经济 发展贡献力量。（曹艳 张瑞平） 近日，为推动"五进五送"服务活动持续深入，保障农业生产和商户用电安全，国网邯郸市永年区供电公 司党员服务队组织专业人员深入辖区蔬菜大棚和商户，开展用电安全检查与宣传工作。此次行动旨在宣 传安全用电常识，提升用电安全水平，确保农业生产和商业活动的顺利进行。 ...

Group 1 - The core viewpoint emphasizes the importance of electrical safety in agricultural settings, particularly in the context of the growing agricultural and tourism industries in Yongnian District [1][2] - The service team conducts thorough inspections of electrical equipment, focusing on aging wiring and potential hazards to prevent electrical fires and enhance safety awareness among farmers [1] - The increasing electrical load from tourism-related facilities necessitates higher reliability in power supply, prompting proactive measures from the local power company [2] Group 2 - The power company implements a comprehensive inspection of power supply facilities in tourist areas, ensuring the safety and reliability of electrical systems [2] - A closed-loop management system is established to address previously identified issues, enhancing the operational safety of tourist attractions and contributing to the development of the local tourism industry [2] - Future initiatives will focus on innovative service models and efficient power services to support rural revitalization efforts in Yongnian District [2]

"秸秆堆放要远离电力设施，张大爷"10月27日，在永年区永合会镇林果种植基地，国网邯郸市永年区供 电公司工作人员深入田间地头，通过发放宣传手册、现场讲解等方式，向农户普及电力设施保护知识和 防山火要点，为秋收季电网安全运行保驾护航。 为提升应急响应能力，永年供电公司完善政企联动机制，与应急管理局、气象局建立火情实时共享平 台，在重点区域构筑起"人防+技防"立体防护网。 下一步，永年公司将持续加强秋冬季线路巡视力度，严格执行24小时值班制度，利用"电力驿站"便民服 务点延伸宣传触角，全力保障电网安全稳定运行，为乡村振兴提供可靠电力支撑。（王亚康 曹艳） 针对秋季天干物燥、农事活动频繁的特点，永年区供电公司建立"网格化+立体化"防控体系，将西部紫 山生态区、朱山植物园等景区周边线路纳入重点防护范围。组织特巡小组运用无人机巡检+人工踏勘方 式，对35千伏及以下线路开展"拉网式"排查，重点清理通道内秸秆堆积、塑料薄膜等易燃物，修剪超高 树木，消除设备接点过热等隐患。 永年公司创新推行"电力安全协管员"机制，在涉林行政村设立联络点，联合乡镇林业站开展"安全用电 赶大集"活动。通过农村大喇叭广播、流动宣传车等方式，结合真 ...

"真得很感谢你们！每次都主动上门帮我们检查充电桩，小到接口松动、指示灯故障，大到线路安全隐 患，都帮着一一排查修复，还手把手教维护技巧，现在设备用着放心，村民充电也更安心了！"辖区充 电桩负责人握着永年区供电公司员工的手说道。 巡检过程中，工作人员还结合实际案例，向充电桩管理者和村民讲解日常维护要点，演示紧急断电操作 流程，发放《充电桩安全用电手册》40余份。"以后发现充电桩有异常，直接打我们的服务电话，我们 会第一时间上门处理！"工作人员的承诺让在场村民倍感暖心。 此次专项巡检，不仅及时消除了设备安全隐患，更用"面对面、心贴心"的服务拉近了与群众的距离，切 实将"人民电业为人民"的服务宗旨转化为守护民生的实际行动，赢得了辖区群众的一致好评。（曹艳 张凯明） 近日，国网邯郸市永年区供电公司组织运维人员开展充电桩及配套线路专项巡检，以"设备零隐患、用 电零风险"为目标，全力保障村民绿色出行用电安全。工作人员携带专业仪器，对辖区内12台充电桩逐 一"把脉问诊"。重点检查充电模块运行参数、应急停机按钮灵敏度、充电接口有无破损烧蚀，同时沿充 电桩供电线路展开巡查，排查导线接头紧固情况、配电箱防雨防潮措施及漏电保护装置 ...

Market Performance - The basic chemical index increased by 2.14% from October 18 to October 24, while the CSI 300 index rose by 3.24%, indicating that the basic chemical sector underperformed the CSI 300 by 1.11 percentage points, ranking 15th among all sectors [1][2] - The top-performing sub-industries included other chemical fibers (6.42%), adhesives and tapes (5.75%), rubber additives (5.70%), other rubber products (5.32%), and polyurethane (5.21%) [1][2] Chemical Prices - The top five products with the highest weekly price increases were hydrochloric acid (Shandong) at 450.00%, liquid chlorine at 400.00%, hydrochloric acid (Jiangsu) at 50.00%, domestic vitamin E at 17.95%, and international sulfur at 12.31% [3] - The top five products with the largest weekly price declines included octanol (-7.63%), propylene (-6.92%), acrylic acid (-6.11%), domestic vitamin D3 (-5.88%), and domestic vitamin B6 (-5.74%) [3] Industry Dynamics - The "14th Five-Year Plan" aims to promote high-quality development in the chemical industry, with a focus on optimizing and upgrading traditional industries, enhancing competitiveness in global industrial division, and fostering emerging pillar industries such as new energy and new materials [4] - The National Development and Reform Commission emphasized the need to accelerate the effective improvement of traditional industries and reasonable growth in quantity, which could lead to the emergence of several trillion-level markets [4] Regulatory Updates - The Ministry of Ecology and Environment announced the 2026 quota plan for ozone-depleting substances, including a total production quota of 151,416 tons for HCFCs, with a reduction of 3,000 tons (-2%) for HCFC-22 compared to 2025 [5][6] - The plan also includes the allocation of production quotas for HFCs based on types, with no restrictions on HFC varieties [5][6] Investment Recommendations - Current investment focus includes the refrigerant sector, with potential price increases expected as the supply-demand balance is restored; recommended companies include Jinshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [7] - The chemical fiber sector is also highlighted, with recommendations for Huafeng Chemical, Xin Fengming, and Taihe New Materials [7] - Other sectors of interest include tire manufacturing (recommended companies: Sailun Tire, Senqilin, Linglong Tire) and agricultural chemicals (recommended companies: Yara International, Salt Lake Co., Xingfa Group, Yuntianhua, Yangnong Chemical) [7] - High-quality growth stocks to watch include Bluestar Technology, Shengquan Group, and Shandong Heda [7] Industry Rating - The basic chemical industry maintains an "overweight" rating [8]

Core Insights - Hengtong Optic-Electric has successfully won the bid for the Dandong Donggang Phase I 1 million kW offshore wind power project, with a bid amount exceeding 1.7 billion yuan, covering the production, transportation, and installation of ±500kV DC submarine cable systems and 66kV aluminum core submarine cables [1][2] - The project represents a technological benchmark in China's offshore wind power sector, being the first to adopt a ±500kV DC output system and a 66kV aluminum core branching system for a million-kilowatt deep-sea wind power project [1][2] - The successful bid highlights the company's comprehensive strength in the marine energy sector and showcases its core capabilities in the research and application of ±500kV flexible DC submarine cable technology [1][2] Technical Challenges and Solutions - The ±500kV DC submarine cable system involves high technical barriers, including stringent requirements for high voltage resistance, seawater corrosion resistance, and wind and wave impact resistance due to the deep-sea environment [2] - The company has overcome these technical challenges through years of technological accumulation, forming a full-chain service capability from research and development to production, transportation, and installation [2] Environmental and Economic Impact - The Dandong million-kilowatt wind power project is expected to provide 3 billion kWh of clean electricity annually, reducing carbon emissions by 2.4 million tons, thus contributing to the achievement of carbon neutrality goals [3] - The project will also drive local industrial upgrades in equipment manufacturing and port logistics, aligning with the company's mission to serve national strategies and promote green development [3] Future Outlook - Hengtong Optic-Electric plans to continue increasing its R&D investment in deep-sea energy transmission and core materials, enhancing its capability in marine energy system solutions [3] - The company aims to deepen its domestic market presence while also participating in international competition, leveraging independent technological innovation to support the development of national deep-sea technology and contribute to the global energy system's green transition [3]

天眼查App显示，近日，中煤（盈江）新能源有限公司成立，法定代表人为李阳，注册资本9600万人民 币，经营范围包括发电业务、输电业务、供（配）电业务，建设工程监理。股权全景穿透图显示，该公 司由中煤绿能科技（北京）有限公司全资持股，后者为中国中煤能源集团有限公司全资子公司。 天眼查App显示，近日，中煤（盈江）新能源有限公司成立，法定代表人为李阳，注册资本9600万人民 币，经营范围包括发电业务、输电业务、供（配）电业务，建设工程监理。 ...

Core Viewpoint - Yichun Xuanqi Future New Energy Co., Ltd. was established on October 30, with a registered capital of 10 million RMB, focusing on various new energy services and products [1] Company Summary - The legal representative of Yichun Xuanqi Future New Energy Co., Ltd. is Zhang Yu [1] - The company is wholly owned by Shanghai Guoxuan Digital Energy Technology Co., Ltd., a subsidiary of Guoxuan Holding Group [1] Industry Summary - The business scope of the new company includes solar power generation technology services, emerging energy technology research and development, sales of new energy driving equipment, and various solar thermal power generation products and equipment [1] - Additional services offered include energy storage technology services and energy management services [1]