下一步,该公司将持续深化客户走访机制,推动走访活动常态化、制度化,并将通过电话回访等方式,对问题 整改效果和服务质量进行跟踪验证,从而不断提升服务水平,切实解决群众在用电过程中遇到的难题,全力 构建和谐共赢的供用电关系。(郭聪莉 赵学红 李燕宝) 为进一步提升供电服务质量,优化电力营商环境,近日,国网晋中供电分公司组织太行黎明共产党员服务队 和青年突击队,启动专项用户走访活动,将优质服务送上门,保障客户用电安全。 为确保走访活动取得实效,该公司制定了详尽的走访方案,并组建了多支由领导班子带队,客户经理、台区 经理及专业技术骨干共同参与的走访团队,多举措开展走访活动。该公司实施分层分类、精准走访,针对 居民社区、中小微企业、大型工商业及重要客户等不同群体,量身定制走访计划和沟通内容,确保服务针 对性。聚焦问题,现场解决,走访人员携带移动作业终端,能够现场解答电费电价政策、办理更名、过户等 简单业务咨询,针对于客户反映的低电压、频繁跳闸等用电质量问题,立即进行现场勘查,能当场处理的立 即处理,无法立即解决的建立专属台账,明确责任人与整改时限,实现闭环管理。延伸服务,传递安全理念, 全面检查客户侧的用电线路和安全装 ...

Core Viewpoint - The report highlights the emergence of "anti-involution" in industries such as photovoltaic and new energy vehicles, which are characterized by low operating rates and low profits, amidst a backdrop of economic slowdown and significant losses in the copper smelting industry [2][3]. Group 1: Economic Context - Economic growth is slowing, with the political bureau meeting on July 30, 2024, emphasizing the need for industry self-discipline to prevent "involution-style" competition [2]. - The macroeconomic environment is marked by a decline in GDP growth and a prolonged negative Producer Price Index (PPI) [2]. Group 2: Industry Challenges - The copper smelting industry is facing significant losses, necessitating the implementation of "anti-involution" measures [2][3]. - Factors contributing to the challenges in the copper smelting sector include weak raw material conditions, high costs, and a mismatch between mining and smelting capacities due to continuous expansion of smelting capacity [2][3]. Group 3: Strategic Recommendations - The focus for the copper smelting industry should be on optimizing capacity by eliminating outdated production, reducing costs through advanced smelting technologies, and encouraging the establishment of high-level smelting plants [3]. - There is an expectation for the copper industry to return to profitability as capacity alignment improves, with stronger profitability anticipated for companies with cost advantages in smelting [3]. Group 4: Investment Opportunities - Companies with smelting cost advantages and those involved in mining and smelting integration are recommended for attention, including Zijin Mining, Western Mining, Jiangxi Copper, China Nonferrous Mining, Yunnan Copper, and Northern Copper [4].

7月我国PCB产业对亚洲地区贸易伙伴出口规模增长强劲：2025年7月我国PCB产业出口 金额排行靠前的贸易伙伴为中国香港、越南、中国台湾、泰国、韩国、马来西亚、墨西哥、 美国、印度、德国、日本等，前五位均处于亚洲地区，合计出口金额占比为72.27%，其 中，出口金额增速排行靠前的贸易伙伴有中国台湾、越南、泰国等。分不同层数来看，四层 及以下，2025年7月我国出口金额排行首位的贸易伙伴为中国香港，出口金额为24.29亿元， 同比增长1.3%，远高于其他贸易伙伴；此外，四层及以下PCB出口增长较快的为越南，其在 出口金额中排名第二，出口金额为9.36亿元，同比增长50.53%。四层以上，2025年7月出口 增幅较大的贸易伙伴为越南、泰国和中国台湾等，其中，对中国台湾出口金额为22.61亿 元，同比增长202.38%；对越南出口金额为21.54亿元，同比增长97.49%；对泰国出口金额为 7.18亿元，同比增长119.25%。 投资建议：AI浪潮持续推进，算力建设方兴未艾，随着推理需求爆发，AI服务器和高速 交换机出货有望保持增长，AI PCB需求旺盛，高多层板及HDI市场需求增速相对较快；同 时，机器人、汽车电 ...

商算力投入上调，考虑到国产下一代AI芯片性能&产能的提升以及主流大模型在AIinfra 的积极适配我们认为国产算力投资额资本开支占比有望上升。在服务器方面，2026年国产芯 片最大的变化来自超节点，我们认为随着超节点整机柜方案的渗透，铜连接、光模块市场规 模有望加速增长，服务器代工单卡价值量有望显著提升。当前时点，我们建议积极关注 IDC、铜连接、交换芯片、液冷、PSU等国产算力核心环节。 山西证券近日发布通信行业周跟踪：阿里云Q2业绩超预期增长，且有望大力支持国产算 力投入。8月29日，阿里巴巴发布截止6月底业绩，季度收入同比大涨26%至334亿元，增速 创3年新高；其中，AI相关收入连续8个季度三位数增长，带动公有云需求持续上升。2025 上半年，阿里云收入635亿元，同比增长22%。IDC数据显示阿里云在中国AI基础设施AIIaaS 市场位居第一，份额超过第二和第三名之和。 以下为研究报告摘要： 投资要点 行业动向： 1）英伟达财报继续引领全球算力投资情绪，网络收入强劲环比增长带来光模块乐观预 期。上周，英伟达发布2026财年第二季度财报，公司第二财季营收达到467亿美元，同比增 长56%，核心引擎数据 ...

投资建议：行业需求在缓慢复苏，价格有所回暖；海外压力下自主可控力度依然在不断 加大，可逢低缓慢布局。建议关注：（1）受益海内外需求强劲AIOT领域的乐鑫科技、恒玄 科技、瑞芯微、中科蓝讯、炬芯科技、全志科技。（2）AI创新驱动板块，算力芯片关注寒 武纪、海光信息、龙芯中科、澜起科技，光器件关注源杰科技、中际旭创、新易盛、光迅科 技、天孚通信。（3）上游供应链国产替代预期的半导体设备、零组件、材料产业，关注北 方华创、中微公司、拓荆科技、华海清科、盛美上海、富创精密、新莱应材、中船特气、华 特气体、安集科技、鼎龙股份、晶瑞电材。（4）汽车电子受益于新能源车高增长与国产化 机遇的板块。关注功率板块的新洁能、扬杰科技、斯达半导、宏微科技；MCU市场的国芯 科技、兆易创新等；CIS的韦尔股份、思特威、格科微；存储的北京君正、江波龙、佰维存 储；模拟芯片的圣邦股份、思瑞浦、纳芯微等。 8月电子板块涨跌幅为24.79%，半导体板块涨跌幅为27.22%；8月底半导体估值处于历史 5年分位数来看，PE为96.53%，PB为67.95%。申万31个行业中，申万电子行业涨跌幅为 24.79%，其中半导体涨跌幅为27.22%，同期 ...

镁合金市场空间凸显,潜在市场规模达397.58亿元。目前国内汽车上已经批量使用加上正 在换用以及试用中的镁合金零部件的总重量可达106.47kg/车，按照2024年国内汽车产量计 算，镁合金137万吨/年的市场空间正在打开，是2023年国内镁合金压铸件产量的7倍。 自2024年镁价低于铝价后，镁合金相比于铝合金价格更低，车用镁合金零部件的成本优 势更加明显。 五矿证券近日发布新能源汽车新材料研究之八：镁合金市场空间凸显,潜在市场规模达 397.58亿元。目前国内汽车上已经批量使用加上正在换用以及试用中的镁合金零部件的总重 量可达106.47kg/车，按照2024年国内汽车产量计算，镁合金137万吨/年的市场空间正在打 开，是2023年国内镁合金压铸件产量的7倍。 以下为研究报告摘要： 报告要点 风险提示：1、大型镁合金零部件尚处于初始应用阶段，可能存在一些潜在技术风险； 2、镁合金及其下游零部件加工产能尚在发展阶段，是否能够满足下游使用需求有待观 察。（五矿证券 孙亮） 【责任编辑：杨梓安 】 耐蚀性镁合金突破带来的新机遇。传统镁合金的耐蚀性低于铝合金，所以目前在汽车的 应用主要是仪表盘支架、方向盘骨架等密闭 ...

Core Viewpoint - The recent meeting of the State Grid Jiangsu Electric Power Company emphasizes the importance of safety production, confidentiality, and integrity for the company's stable development [1][2] Group 1: Safety Production - The company recognizes that solidifying safety foundations is essential for stable operations, highlighting the importance of safety production awareness among all employees [1] - The implementation of the "Five Responsibilities" system aims to clarify safety responsibilities across various positions, ensuring effective safety management [1] - Emphasis on emergency response and disaster management is crucial for protecting the lives and property of the company and its employees [1] Group 2: Confidentiality - Confidentiality is deemed a vital safeguard for the company's development, with a focus on political leadership to enhance employees' understanding of its significance [2] - Strengthening the management of classified information and personnel, along with network security measures, is essential to prevent information leaks [2] - Regular confidentiality education is necessary to improve employees' awareness and effectiveness in maintaining information security [2] Group 3: Integrity - Upholding integrity is an intrinsic requirement for the company's healthy development, with a focus on deepening educational initiatives and adhering to integrity standards [2] - The company aims to advance its management system through a self-revolution approach, ensuring effective implementation of educational tasks [2] - Establishing a regulatory framework is key to normalizing and sustaining integrity practices, fostering a positive work environment [2]

临涣月饼集合了当地芝麻、花生的香甜，以及手工小磨香油的醇厚，皮薄馅靓，香酥可 口。自清代以来，在苏鲁豫皖久享盛名。为保留这份传承，临涣月饼一直坚持传统手工制 作。 "现在正是制作月饼最忙的时候，烤箱、搅拌机一天到晚转，我很担心用电出问题，你 们上门检查，这下我心里就踏实了！"9月2日，国网濉溪县供电公司"皖美"共产党员服务队 走进临涣街孙记顺心月饼店，店主孙顺心高兴地说。 中秋前，濉溪县供电公司组织党员服务队，逐个走访临涣镇月饼制作场所，检查用电安 全隐患，保障临涣月饼生产安全用电，新鲜出炉。 图为濉溪县供电公司党员服务队正在帮助店主检查用电安全隐患。储运涛摄。 图为濉溪县供电公司党员服务队向店主宣传用电安全。储运涛摄。 图为濉溪县供电公司党员服务队正在帮助店主检查用电安全隐患。储运涛摄。 近期，濉溪县供电公司将密切跟踪辖区月饼制作场所用电需求，持续开展延伸服务，主 动上门解决用电中遇到的问题，以优质的服务助力临涣月饼顺利供应市场，让特色美味走进 千家万户的中秋餐桌。 【责任编辑：刘澄谚 】 "我是孙记顺心的第四代传承人，以前制作月饼都是烧柴火，又慢又不干净。"孙顺心向 濉溪县供电公司党员服务队介绍。现在临涣 ...

Market Performance - The basic chemical index increased by 1.11% from August 23 to August 29, while the CSI 300 index rose by 2.71%, indicating that the basic chemical sector underperformed the CSI 300 by 1.60 percentage points, ranking 11th among all sectors [1][2] - The top-performing sub-industries included nylon (5.68%), rubber additives (5.44%), potassium fertilizer (4.65%), food and feed additives (2.99%), and fluorochemicals (2.99%) [1][2] Chemical Product Price Trends - The top five products with the highest weekly price increases were NYMEX natural gas (11.11%), crude phenol (7.12%), niacinamide (5.78%), phenol oil (5.16%), and hydrofluoric acid (5.00%) [3] - The top five products with the largest weekly price declines included liquid chlorine (-75.00%), sodium (-6.78%), coal tar (-4.17%), anthracene oil (-4.11%), and lithium carbonate (industrial grade) (-4.09%) [3] Industry Dynamics - In the first half of 2025, the basic chemical sector achieved operating revenue of 1,123.83 billion yuan, a year-on-year increase of 3.03%, and a net profit attributable to shareholders of 69.72 billion yuan, up 4.43% year-on-year [4] - In Q2 2025, the sector reported operating revenue of 587.10 billion yuan, a year-on-year increase of 0.80% and a quarter-on-quarter increase of 9.38%, with a net profit of 35.72 billion yuan, down 2.66% year-on-year but up 5.03% quarter-on-quarter, indicating an improving trend in quarterly profitability [4] Company Performance Highlights - In the refrigerant sector, Juhua Co. reported H1 2025 operating revenue of 13.33 billion yuan, up 10.36% year-on-year, and a net profit of 2.05 billion yuan, up 145.84% year-on-year [6] - Sanmei Co. achieved H1 2025 operating revenue of 2.83 billion yuan, a 38.58% increase year-on-year, with a net profit of 999.5 million yuan, up 159.22% year-on-year [6] - In the agricultural chemicals sector, Yara International reported H1 2025 operating revenue of 2.52 billion yuan, a 48.54% increase year-on-year, and a net profit of 855 million yuan, up 216.64% year-on-year [7] - Salt Lake Co. reported H1 2025 operating revenue of 6.78 billion yuan, down 6.30% year-on-year, but a net profit of 2.52 billion yuan, up 13.69% year-on-year [7] Investment Recommendations - Current investment focus includes the refrigerant sector, with recommendations for companies like Jingshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [9] - The chemical fiber sector is also highlighted, with recommendations for Huafeng Chemical, Xin Fengming, and Taihe New Materials [9] - Other recommended companies include Wanhua Chemical, Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [9] - The tire sector includes recommendations for Sailun Tire, Senqilin, and Linglong Tire [9] - In the agricultural chemicals sector, recommended companies include Yara International, Salt Lake Co., Xingfa Group, Yuntianhua, and Yangnong Chemical [9] - High-quality growth stocks to watch include Blue Sky Technology, Shengquan Group, and Shandong Heda [9] Industry Rating - The basic chemical industry maintains an "overweight" rating [10]

Industry Overview - The chemical sector's overall performance ranked 11th this week (2025/08/25-2025/08/29) with a fluctuation of 1.11%, positioned in the upper-middle of the market. The Shanghai Composite Index fluctuated by 0.84%, while the ChiNext Index saw a fluctuation of 7.74%. The Shenwan Chemical sector outperformed the Shanghai Composite by 0.27 percentage points but underperformed the ChiNext by 6.63 percentage points [1][2]. Key Industry Insights - The chemical industry is expected to continue its differentiated trend in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [2]. Synthetic Biology - A pivotal moment for synthetic biology is anticipated, driven by energy structure adjustments. Traditional chemical companies will face competition based on energy consumption and carbon tax costs. Companies that utilize green energy alternatives and scale advantages are likely to reduce energy costs and expand into larger overseas markets. The demand for bio-based materials is expected to surge, leading to potential profitability and valuation increases. Key companies to watch include Kasei Bio and Huaheng Bio [2]. Refrigerants - The implementation of quota policies is expected to usher in a high-growth cycle for third-generation refrigerants. Starting in 2024, the supply of these refrigerants will enter a "quota + continuous reduction" phase, while second-generation refrigerants will see accelerated reductions. The demand for refrigerants is projected to grow steadily due to the development of heat pumps, cold chain markets, and the expansion of the air conditioning market in Southeast Asia. Companies with a high quota share in refrigerants are likely to benefit from the ongoing supply-demand gap. Relevant companies include Juhua Co., Sanmei Co., Haohua Technology, and Yonghe Co. [3][4]. Electronic Specialty Gases - Electronic specialty gases are critical to the electronics industry and represent a core aspect of domestic industrial chain localization. The domestic market is experiencing rapid upgrades in wafer manufacturing, leading to a mismatch between the demand for high-end electronic specialty gases and the insufficient domestic production capacity. Companies that can establish high-end production capacity and possess substantial technical reserves are expected to gain a competitive edge. Key players include Jinhong Gas, Huate Gas, and China Shipbuilding Gas [4][5]. Light Hydrocarbon Chemicals - The trend towards light raw materials in the global olefin industry has been significant over the past decade, with a shift from heavy naphtha to lighter low-carbon alkanes like ethane and propane. This transition is characterized by shorter processes, higher yields, and lower costs. Light hydrocarbon chemicals are also aligned with global low-carbon and energy-saving initiatives. The leading companies in this sector are expected to see their valuations reassessed positively [5]. COC Polymers - The industrialization process of COC/COP (cyclic olefin copolymer) is accelerating in China, driven by domestic companies achieving breakthroughs after years of research. The shift of downstream industries, such as consumer electronics and new energy vehicles, to domestic production has heightened the urgency for local alternatives. The market for COC/COP remains constrained by supply-side bottlenecks, but domestic companies are poised to break through and expand market opportunities. Notable companies include Akerley [6]. MDI Market Dynamics - The MDI market is characterized by oligopolistic supply dynamics, with demand remaining stable due to the expansion of polyurethane applications. The global MDI production capacity is concentrated among eight manufacturers, with five major companies accounting for 90.85% of total capacity. Despite current price pressures, MDI is expected to maintain profitability, and the supply landscape is likely to improve as demand recovers. Key companies to monitor include Wanhua Chemical [9]. Price Tracking - The top five price increases this week included NYMEX natural gas (11.08%), bisphenol A (2.99%), PX (2.86%), refrigerant R32 (2.56%), and butadiene (2.08%). Conversely, the largest price declines were seen in liquid chlorine (-25.86%), urea (-3.45%), TDI (-3.33%), toluene (-3.18%), and pure benzene (-2.70%) [10]. Supply Side Tracking - This week, 153 chemical companies reported changes in production capacity, with six new maintenance activities and four restarts noted [11].