新能源汽车：乘联会预计，10月新能源乘用车零售可达132万辆左右，渗透率有望提升 至约60%。《节能与新能源汽车技术路线图3.0》提出：至2035年，传统能源乘用车实现全 面混动化；到2040年，含内燃机乘用车（HEV、PHEV、REEV）销量在乘用车新车销量中 的比例仍将有三分之一左右；至2040年，新能源乘用车渗透率达到85%以上，其中BEV占 80%。相关标的：比亚迪（002594）、吉利汽车（0175.HK）、新泉股份（603179）、星宇 股份（601799）、多利科技（001311）、川环科技（300547）、无锡振华（605319）。 西南证券近日发布汽车行业周报：乘联会预计，10月新能源乘用车零售可达132万辆左 右，渗透率有望提升至约60%。《节能与新能源汽车技术路线图3.0》提出：至2035年，传 统能源乘用车实现全面混动化；到2040年，含内燃机乘用车（HEV、PHEV、REEV）销量 在乘用车新车销量中的比例仍将有三分之一左右；至2040年，新能源乘用车渗透率达到85% 以上，其中BEV占80%。 以下为研究报告摘要： 投资要点 投资建议：乘联会初步预计10月狭义乘用车零售约220万辆 ...

Core Insights - The global semiconductor equipment sales are projected to reach a record high of $125.5 billion by 2025, driven by capacity expansion for advanced logic and memory to support AI applications and technological iterations across various market segments [1][2] Group 1: Semiconductor Equipment Market - The demand for semiconductor equipment continues to grow, with advanced logic and memory technology iterations leading to upgraded equipment requirements [2] - China is expected to maintain its lead in global 300mm equipment spending, with total investments projected to reach $94 billion from 2026 to 2028 [1][2] - The evolution towards more advanced processes in logic will further drive demand for etching, thin film deposition, bonding, and coating equipment [2] Group 2: AI and Semiconductor Demand - AI demand is significantly boosting the growth of the logic and memory markets, with data center investments expected to rise from $17 billion in 2020 to $45.3 billion by 2028 [3] - OpenAI plans to deploy a total of 6 GW of AMD GPU computing power, estimating that $50 billion will be needed to bring 1 GW of AI computing online, with two-thirds allocated for chips and supporting data center infrastructure [3] - The overall revenue for AI semiconductors is projected to grow from $8.2 billion in 2020 to $41.3 billion by 2030, with a compound annual growth rate of 24.4% [3] Group 3: Supply Chain and Domestic Production - There are ongoing supply chain challenges, with limitations on acquiring key semiconductor equipment, particularly for advanced chip manufacturing [4] - The U.S. Congress is proposing broader bans on the sale of chip manufacturing tools to China, which could impact the availability of advanced technology [4] - Domestic demand for AI chips is expected to increase as China progresses with its computing infrastructure, following NVIDIA's complete exit from the Chinese market [5]

2025H1汽车板块毛利率有所下降，但费用控制得到一定改善。2025年1-6月汽车板块整 体毛利率与净利率分别为15.56%和4.34%，较2024年同期分别下降0.52和0.06个百分点。毛 利率下降的主要原因为车企为了刺激需求、清理库存、争夺新能源市场份额，普遍采取了降 价、增配降价等促销手段，直接拉低了单车售价和毛利空间。但在毛利率明显承压的情况 下，净利率保持了相对稳定。2025年1-6月汽车板块整体销售费用率、管理费用率与财务费 用率分别为3.44%、3.66%、-0.54%，较2024年同期分别-0.59、+0.09和-0.71个百分点。这表 明车企通过严格的费用管控，对冲了大部分毛利率下滑带来的负面影响。其中销售费用率下 滑幅度较大，"降价"本身取代了部分传统的营销支出，车企将原本可能用于广告、渠道返利 的预算，直接转化为对消费者的"官降"或现金优惠，这种方式的营销在财务上直接体现为收 入的减少而非销售费用的增加。 汽车各子板块：整车制造利润承压。子板块营收及归母净利润方面，2025年1-6月乘用 车、汽车零部件、商用车、摩托车及其他、汽车服务板块分别实现营收9,453.83亿元、 7,164. ...

Group 1: Industry Trends - The "14th Five-Year Plan" emphasizes technological self-reliance and the focus on new materials and autonomous industrial chains, highlighting high-quality development as a priority [2] - The National Development and Reform Commission aims to accelerate the development of strategic emerging industries such as new energy, new materials, and aerospace, potentially creating several trillion-level markets [2] - The report indicates that the chemical new materials industry is entering a period of accelerated domestic substitution, with opportunities in semiconductor materials and high-end engineering plastics [2] Group 2: Market Performance - During the week of October 20-24, 2025, the Shanghai and Shenzhen 300 Index rose by 3.24%, while the Shenwan Oil and Petrochemical Index increased by 4.33%, outperforming the market by 1.09 percentage points [3] - The Shenwan Basic Chemical Index rose by 2.14%, underperforming the market by 1.10 percentage points, with the oilfield services and other petrochemical sectors showing the highest gains [3] Group 3: Price Movements - Key price increases for the week included hydrochloric acid (19.05%), NYMEX natural gas (7.42%), and sulfur (6.57%), while significant price drops were seen in R22 (-21.69%) and propylene (-6.62%) [4][5] Group 4: Investment Recommendations - The supply side is expected to undergo structural optimization, with a focus on sectors with elastic and advantageous products, such as organic silicon and membrane materials [5] - The report suggests that domestic chemical enterprises are rapidly filling gaps in the international supply chain, driven by cost advantages and technological advancements [5] Group 5: Consumer Trends and Technological Development - New consumer trends are driving demand for health additives and sugar substitutes, with the food additive industry expected to expand due to supportive regulations [6] - The overall self-sufficiency rate of China's chemical new materials is about 56%, indicating a significant opportunity for domestic substitution in sectors like semiconductor materials and high-end additives [6]

【责任编辑：刘澄谚 】 在神东煤炭百米井下，书写属于能源人的家国情怀。岁岁重阳 初心不改，万家灯火 我 们守护。 ...

Core Viewpoint - The National Grid Qinyang Power Supply Company organized a volunteer service activity themed "Warmth for the Elderly, Power Safety" to celebrate the Double Ninth Festival, emphasizing the importance of caring for the elderly and ensuring their electrical safety [1][5]. Group 1: Volunteer Service Activities - The company collaborated with the Gansu Electric Power (Qinyang Naliang) Communist Party Service Team and youth volunteers to provide electrical safety checks and education for elderly residents in a nursing home [1][5]. - The volunteers conducted thorough inspections of electrical facilities in high-activity areas such as dormitories, dining rooms, and activity rooms, focusing on identifying and rectifying safety hazards like aging wiring and faulty connections [3][5]. Group 2: Safety Education and Awareness - Volunteers acted as "safety electricity educators," using easy-to-understand language and visual materials to teach elderly residents about safe electricity usage, emergency responses, and energy-saving tips [3][5]. - The initiative aimed to enhance the elderly's awareness of electrical safety and their ability to protect themselves from potential hazards [3][5]. Group 3: Community Engagement and Social Responsibility - The company has consistently prioritized caring for special groups and fulfilling social responsibilities, particularly during traditional festivals like the Spring Festival and Double Ninth Festival [5]. - This initiative not only provided professional electrical safety services but also fostered a warm and caring atmosphere within the nursing home, showcasing the company's commitment to community welfare [5]. Group 4: Future Plans - The company plans to continue enhancing its service measures and volunteer service brand, aiming to provide even better and warmer electrical services to safeguard the happiness of the elderly in the community [5].

Core Viewpoint - The company is proactively conducting winter inspections of its power supply facilities to ensure reliable electricity supply during the upcoming cold season, emphasizing early planning and critical time management [1][4]. Group 1: Winter Inspection Activities - On October 22, the company conducted a comprehensive inspection of its 35 kV power station to prepare for winter electricity supply [1]. - Staff followed standardized operating procedures to inspect high-voltage equipment, utilizing advanced technologies such as infrared temperature measurement drones to detect potential overheating issues [3]. Group 2: Emergency Preparedness and Risk Management - The company analyzed weather forecasts and load trends to identify weak points in the power grid, adjusting operational methods and improving emergency response plans to enhance capabilities during extreme weather [3]. - Increased frequency and quality of inspections for transmission and distribution lines, with a focus on protective measures against wind, frost, and foreign object risks [3]. Group 3: Commitment to Power Supply - The company is dedicated to maintaining high standards and effective measures to ensure the safety of the power grid, providing stable and quality electricity services to support local economic development and community welfare during winter [4].

Core Viewpoint - The launch of four key provincial power supply projects centered around the 330 kV Jinzha Line in southern Shaanxi is expected to significantly enhance the regional power grid structure and support local economic development [1][6]. Group 1: Project Overview - The joint offensive campaign includes four major projects: the Gan-Zhe UHV project, the 750 kV Ankang transmission line, and the 330 kV power supply projects for the Xikang high-speed railway in the Shanyang and Ankang sections [2][6]. - The construction site is characterized by organized operations, with drones monitoring the lines and various engineering vehicles actively working [2]. Group 2: Construction Challenges and Progress - The construction tasks must be completed within 13 days, involving nearly 10 infrastructure construction and maintenance tasks, amidst challenges such as continuous rain and complex mountainous terrain [6]. - As of October 24, progress includes 25% completion of the Gan-Zhe UHV and 750 kV Ankang line crossing tasks, and 27% completion of the Ankang and Zhen'an line projects, with all operations expected to be completed by November 3 [6]. Group 3: Economic Impact - The successful completion of these projects will directly support the electrification testing goals for the Xikang high-speed railway by the end of 2025 and will significantly enhance the power supply capacity in southern Shaanxi, providing reliable energy support for high-quality regional economic and social development [6].

为了从根本上解决这些问题，今年以来，国网山西电力在深入调研基础上，提出了建 设"基于人工智能的电力市场综合服务"场景目标，希望通过新质生产力的广泛应用提高工作 效率和效能。 国网山西电力创新采用"数字化+电力交易"双牵头工作模式，组织人工智能团队与业务 专家协同攻坚。项目以"光明电力"大模型为核心，构建了"1+4+6"领先技术架构，即以一套 电力市场知识图谱为底座，集成语义识别、逻辑推理、数据分析、语言生成四大核心AI能 力，最终打造出具备智能问答、菜单导航、交易分析、报告生成、任务执行、安全防护六大 功能的综合智能体。 10月17日，第一批全国9家省级电力公司集中参加了由国网山西省电力有限公司牵头建 设的"基于人工智能的电力市场综合服务"场景线上推广宣贯，这标志着国家电网公司在人工 智能与电力市场深度融合应用领域取得新突破，进入新阶段。 随着电力市场主体接入范围的不断扩大，电力交易平台用户规模增长迅速，交易平台涵 盖的批发交易、零售交易、市场服务、市场合规、市场结算、市场出清、信息发布等各大功 能模块、功能体系、菜单体系变得更加庞大复杂，用户体验下降，平台积累的大量历史数据 难以快速精准统计分析，电力交易咨 ...

Group 1 - Recently, Sankeshu (Hainan) International Trade Co., Ltd. was established with a registered capital of 50 million RMB [1] - The legal representative of the new company is Hong Shengyuan [1] - The business scope includes domestic trade agency, sales of surface functional materials, and trade brokerage [1] Group 2 - The company is wholly owned by Sankeshu (603737) through indirect holdings [1]