Group 1 - The event "Yibao Cup" Yunnan Rural Motorcycle Sports Culture Carnival successfully took place in Fengqing, showcasing the integration of speed and rural charm with over 500 motorcycle enthusiasts from 24 provinces [4] - The event featured a scenic 114-kilometer racecourse that highlighted the unique appeal of Fengqing, known as the "Hometown of World Dianhong" [4] - The local power supply bureau proactively engaged with the event organizers to ensure reliable electricity supply, customizing plans to address the specific needs of the rural and outdoor environment [4][6] Group 2 - On the day of the event, power supply personnel conducted thorough checks on the main venue's power interfaces and monitored voltage and current data in real-time [6] - A comprehensive safety initiative was implemented, distributing over 400 copies of the "Outdoor Sports Safety Electricity Guide" to participants, emphasizing safety measures during outdoor activities [6] - The power supply team aimed for "zero faults, zero outages, and zero errors," maintaining a 24-hour presence and rapid response to ensure uninterrupted power throughout the event [6][8] Group 3 - The successful conclusion of the event not only highlighted the athletes' achievements but also demonstrated the role of power services in supporting local development [8] - The local power supply bureau's professional support and attentive service contributed to the vibrant atmosphere of rural life and promoted the integration of agriculture, culture, and tourism [8]

Core Viewpoint - The company has proactively prepared for the impending cold wave and snowstorm by organizing special inspections and infrared temperature measurements at its substations to ensure the safe and stable operation of the power grid during extreme weather conditions [1] Group 1: Preparation and Actions - The company has deployed the Taihang Dawn Communist Party Service Team and Youth Commando Team to conduct comprehensive inspections of its 35 kV substations [1] - The special inspections combine manual checks with intelligent temperature measurements, focusing on key equipment and vulnerable areas [1] - Key equipment such as main transformers, circuit breakers, isolators, and busbars underwent infrared temperature checks and mechanical inspections [1] Group 2: Specific Measures - The company paid special attention to oil levels and temperatures in oil-filled equipment, as well as frost prevention and condensation measures for outdoor equipment [1] - Insulators and surge arresters' external insulation conditions were carefully examined, and the sealing and heating dehumidification functions of control boxes and terminal boxes were rigorously tested [1] - Comprehensive checks were conducted on drainage systems, cable trench sealing, and surrounding environments to identify and address various hazards on-site [1] Group 3: Future Actions - The company will closely monitor weather changes, enhance emergency response and equipment monitoring, and optimize repair forces and material allocation [1] - Strengthening collaboration with meteorological departments is planned to ensure the stable operation of the power grid [1] - The proactive measures signify that the company's winter supply guarantee work has entered a practical phase [1]

在中煤新集阜阳矿业千米井下的巷道中，一台台满载生产物料的单轨吊机车，如同悬挂在"天轨"上的专 属列车，正依照预设路线有序穿梭。沿途动态视频实时监视、关键节点语音智能播报、巷道风门自动开 闭，一套流程下来，实现了从采区车场到各采掘迎头各类物料的"一站式"直达运输，勾勒出矿井智能辅 助运输的全新图景。 这一高效运输模式的实现，离不开矿用无线通信和工业环网技术的强力支撑。依托两大核心技术，该矿 单轨吊运输系统成功集成了多项智能功能：不仅能实现单轨吊机车的即时语音通讯，保障井下运输指令 传递高效畅通；还搭载了尾气自动净化装置，助力井下作业环境绿色升级；同时实现了风门司控（遥 控）或自动控制、自动声光预警报警以及动态视频监视等功能。相较于传统物料打运模式，这套智能系 统让运输作业综合效率提升了60%，大幅缩短了物料运输周期。 "供料的运输速度直接影响采掘一线的生产任务完成进度，智能运输模式的落地彻底打通了井下运输的 关键堵点。"该矿生产办负责人黄仁屏介绍，单轨吊运输具备多重显著优势，既能实现长距离、大坡度 条件下的无转载运输，从根源上消除了传统运输中的"中梗阻"问题；又能有效破解传统运输方式环节繁 琐、用工数量多、人员 ...

Core Insights - LG Energy has signed a contract with Mercedes-Benz Group for battery supply worth 2.06 trillion KRW (approximately 9.89 billion RMB), which represents 8% of LG Energy's total sales last year [1][3] Group 1: Contract Details - The contract stipulates that LG Energy will supply batteries to Mercedes-Benz's North American and European factories from March 2028 to June 2035, primarily for mid-range electric vehicles [3] - LG Energy previously signed contracts to supply 50.5 GWh of batteries to Mercedes-Benz in October last year, and additional contracts for 75 GWh and 32 GWh in September this year [3] Group 2: Market Position and Competition - LG Energy's main clients include Tesla and General Motors, and the company is currently building battery factories in the U.S. and Europe [3] - According to SNE Research, LG Energy ranked third in global battery installation volume with 79.7 GWh and a market share of 9.8% for the first three quarters of 2025, while CATL and BYD led with 36.6% and 17.9% market shares, respectively [3] - However, LG Energy's year-on-year growth rate of 14.7% in installation volume for the first three quarters is the lowest among the top ten battery manufacturers, only surpassing Samsung SDI, while six Chinese battery companies exceeded 30% growth [4]

Core Viewpoint - The electric power equipment and new energy industry index is expected to accelerate its growth in the second half of 2025, with a year-to-date increase of 39.0%, ranking third among 29 industries that have seen index growth in 2025 [1][2]. Industry Overview - The new energy industry has gradually emerged from difficulties characterized by capacity expansion, supply-demand imbalance, plummeting product prices, and widespread corporate losses, supported by anti-involution policies [1][2]. - The industry is experiencing a rebalancing of supply and demand, with new technologies and market expansions driving demand [1][2]. Financial Performance - Overall industry profitability indicators have stopped declining, although the photovoltaic sector still faces significant profit pressure [3]. - Revenue has ceased its accelerated decline and is showing signs of a rebound entering 2025, while photovoltaic revenue continues to decline year-on-year [4]. - Net profit attributable to the parent company shows a rebound for lithium batteries, wind power, and power grids, while photovoltaic profits are declining at a slower rate, indicating signs of bottoming out [5]. Inventory and Capital Expenditure - The industry is in a destocking cycle, with significant alleviation of inventory risks; battery inventory has rebounded from its low point, while photovoltaic inventory continues to decrease [6][7]. - Absolute inventory values have significantly decreased from their peak, with battery inventory showing a notable rebound, while photovoltaic inventory is still rapidly declining [7]. - Capital expenditure, a key indicator for current investments, has been declining for batteries and photovoltaics since their peak in 2021, while wind power capital expenditure has rebounded from its low point [8]. Investment Trends - The electric new energy industry has experienced three years of volatility, with current fund holdings at historically low levels; as supply and demand recover and prices rebound, the investment value of the industry is increasing, indicating potential for fund holdings to rise [8]. - In Q3 2025, the electric new energy industry’s fund overweight ratio is 2.1%, significantly down from the 2022 peak and at a near five-year low [9]. - Among the top 15 companies by fund holdings in the electric new energy sector, nine are from the lithium battery supply chain, showing a strong correlation between institutional allocation trends and industry recovery [9]. - Leading companies like CATL have seen their fund holding ratio increase by 4.62 percentage points to 9.06% in Q3 2025, with an overweight ratio of 7.22%, indicating enhanced investment attractiveness due to performance and growth certainty [9].

Group 1: Cement Industry - The national high-standard cement market price is 354.7 CNY/ton, an increase of 4.5 CNY/ton from last week, but down 70.3 CNY/ton compared to the same period in 2024 [1][2] - The average cement inventory of sample enterprises is 66.4%, a decrease of 1.7 percentage points from last week, and an increase of 0.8 percentage points compared to 2024 [2] - The average cement shipment rate is 44.6%, down 0.8 percentage points from last week and down 2.1 percentage points compared to 2024 [2] Group 2: Glass Industry - The average price of float glass is 1163.9 CNY/ton, an increase of 16.0 CNY/ton from last week, but down 254.7 CNY/ton compared to 2024 [2] - The inventory of float glass in 13 provinces is 56.75 million heavy boxes, a decrease of 830,000 heavy boxes from last week, but an increase of 14.03 million heavy boxes compared to 2024 [2] - The market price of electronic yarn has increased by 2.57% for G75 products, with mainstream prices ranging from 9200 to 9500 CNY/ton [2] Group 3: Investment Recommendations - The construction materials sector has shown a gain of 1.55%, outperforming the Shanghai Composite Index and the Wind All A Index [1] - Recommended companies in the infrastructure chain include Conch Cement, Oriental Yuhong, and China Communications Construction [3] - In the renovation consumption sector, companies such as Sangke Tree, Hanhai Group, and Arrow Home are suggested for investment [3] Group 4: Market Outlook - The cement industry is expected to maintain a volatile adjustment trend due to fluctuating demand and pricing pressures [6] - The glass industry may see price rebounds in 2026 as supply-side adjustments continue and demand remains resilient [7] - The overall construction materials sector is positioned for potential recovery as industry policies and market conditions evolve [6][7]

Investment Highlights - Copper prices continue to rise, with LME copper increasing by 4.38%, driven by the cancellation of LME warehouse receipts and expectations of U.S. tariffs on copper in 2026, leading to a premium for COMEX copper over LME copper [1][2] - Precious metals are recommended to hold firmly, with COMEX gold down by 0.67% and COMEX silver up by 3.00%. The long-term trend of de-dollarization is expected to continue, supporting the performance of precious metals [1] Copper Market - The upward trend in copper prices is attributed to the cancellation of LME warehouse receipts, which has intensified the inventory relocation logic. This has led to expectations of a shortage of copper in Europe and Asia [2] - The anticipated supply-demand tightness in copper is further supported by downward adjustments in production forecasts from Freeport and Teck Resources for 2026, alongside expectations of increased U.S. government spending [2] Aluminum Market - LME aluminum prices rose by 1.24%, following the increase in copper prices. However, the aluminum market is showing signs of seasonal weakness, with a slight decrease in the aluminum water ratio [3] - Domestic aluminum processing companies are experiencing a marginal decline in operating rates, indicating cautious demand in the market [3] Tin Market - Tin prices have surged, exceeding 320,000 yuan/ton, primarily due to geopolitical factors affecting transportation routes in the Democratic Republic of the Congo. However, a peace agreement between Congo and Rwanda may stabilize the market [3] - Long-term supply constraints for tin are expected to persist, driven by demand from AI computing and inference chips [3] Tungsten Market - Tungsten prices continue to reach new highs, with black tungsten concentrate prices surpassing 350,000 yuan/ton, influenced by rising overseas tungsten prices and domestic export controls [4] - The ongoing decline in domestic mining grades and production is contributing to a sustained upward trend in tungsten prices [4] Investment Recommendations - Companies to watch include Shengda Resources, Xingye Silver Tin, Chifeng Gold, Shenhuo Co., and Zijin Mining [5]

本期内容提要: 来源：中国能源网 供需格局：全球：北美产能逐步释放，需求"西强东弱"。2025年至今全球天然气供需在时间上呈现"前 紧后松"，空间上呈"西强东弱"格局。供应端，LNG产能稳步释放，美国出口大幅领跑，全球LNG供应 进一步向北美和中东集中。需求端，亚洲市场基本面偏弱，LNG进口大幅缩减，中国贡献主要缩量。 欧洲市场管道气替代需求强劲，LNG进口高增。价格方面，全年呈现"前高后低"态势，并存在"欧洲溢 价"重现、出口推动下美国HH气价中枢系统性上移等结构性变化。展望2026-2029年，随着美国、卡塔 尔等国新增液化产能的密集投放，全球天然气市场将进一步转为买方市场，欧亚气价中枢有望进一步下 移。国内：俄气放量挤占LNG进口，价格回落驱动需求逐季改善。供应端国产气稳步增产，中俄东线 爬坡带动进口管道气量同比增长，LNG进口量受高价抑制，天然气对外依存度有所降低。需求端呈 现"前低后高、逐季修复"态势，中国石化经济技术研究院预计，2025年全年我国天然气表观消费量同比 增长1.2%。 信达证券近日发布天然气行业2026年度策略报告：2025年至今全球天然气供需在时间上呈现"前紧后 松"，空间上呈"西 ...

Core Viewpoint - The photovoltaic and energy storage industry is experiencing a decline in production and demand, with domestic and international markets showing signs of weakness, leading to adjustments in production plans and pricing strategies [1][2]. Production - Photovoltaic module production in November 2025 decreased by 2.43% compared to October, with domestic installation progress in December falling short of expectations, leading to increased inventory levels [1][2]. - In December 2025, the production forecast for China's market of power, storage, and consumer batteries is 220 GWh, a 5.3% increase month-on-month, with energy storage batteries accounting for approximately 35.3% of this production [2]. Pricing - As of December 3, 2025, the price of polysilicon remained stable at 52.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers decreased slightly to 1.18 CNY/piece [3]. - The average bid price for lithium iron phosphate battery storage systems in October 2025 was 0.5547 CNY/Wh, reflecting a 10% increase month-on-month [3]. Demand - In October 2025, the export value of photovoltaic modules was approximately 2.258 billion USD, a year-on-year increase of 4.39% but a month-on-month decrease of 19.34% [4]. - Domestic photovoltaic installations in October 2025 reached 12.6 GW, a month-on-month increase of 30.4%, while cumulative installations for the year totaled 252.87 GW, a year-on-year increase of 39.5% [4]. Investment Recommendations - The report suggests focusing on companies related to photovoltaic and energy storage sectors, recommending stocks such as Sungrow Power Supply (300274.SZ), Narada Power Source (300068.SZ), and others [5].

五矿证券近日发布A股锂矿行业2025年三季报梳理分析：2025Q3全球新能源汽车销量540万辆，同比 +23%；储能电池出货量170Gwh，同比+98.5%，产业链排产增加带动库存去化并加速。2025Q3锂盐库 存由15万吨下降至13万吨，进入十月份后，库存去化速度加快。 以下为研究报告摘要： 事件描述 A股12家涉及锂矿&锂盐业务企业均已披露2025Q3季报，我们从价格、产量、库存、营业收入、归母净 利润、毛利率&净利率、费用、资本支出和偿债能力九大方向进行分析，通过样本企业观测市场整体变 化趋势，以寻求锂行业周期拐点启示。 12家样本企业为：天齐锂业、中矿资源、盛新锂能、雅化集团、融捷股份、永兴材料、江特电机、盐湖 股份、藏格矿业、西藏矿业、天华新能、华友钴业（以上排名不分先后）。 事件点评 通过我们对A股12家锂矿企业2025Q3季报的梳理，我们发现： 1.市场方面： 2）产量：2025Q3盐湖放量叠加冶炼端套保利润增加，中国锂盐产量增速提升； 3）库存：需求旺季，锂盐库存逐月下降并向下游聚集。 2.上市公司业绩层面： 1）营业收入：2025Q3上市公司量价齐升，营业收入同比+27%； 2）归母净利润： ...