Group 1: Precious Metals - Gold - The geopolitical situation overseas has eased, leading to a short-term fluctuation in gold prices. As of June 27, the COMEX gold futures contract fell by 2.9% to $3,286.1 per ounce. The SPDR Gold ETF increased by 0.5% to 954.82 tons [2][3] - The U.S. core PCE price index rose by 2.7% year-on-year in May, the highest since February 2025, with expectations of a 2.6% increase. The previous value was revised from 2.5% to 2.6% [2][3] - Following the PCE data release, the probability of a Federal Reserve rate cut remained largely unchanged. The easing of geopolitical tensions in the Middle East has led to a temporary decline in risk aversion, contributing to a slight drop in gold prices this week. However, the long-term outlook for gold remains positive due to ongoing macroeconomic uncertainties and a weakening dollar [2][3] Group 2: Industrial Metals - Copper - As of June 27, the LME copper futures contract rose by 2.3% to $9,879 per ton. Domestic copper social inventory reached 130,100 tons as of June 19, a decrease of 15,800 tons [3][4] - The LME copper inventory stood at 91,300 tons as of June 20, continuing to approach historical lows. The import copper concentrate index reported a negative $44.81 per ton on June 27. The annual negotiations between Antofagasta and Chinese smelters resulted in a mid-year TC long-term price dropping to $0 per ton, indicating a tight balance for copper concentrate in 2025-2026 [3][4] - The easing of geopolitical risks and expectations of a Federal Reserve rate cut have improved macroeconomic sentiment, benefiting copper prices. The combination of rigid supply, low inventory, and a weakening dollar is expected to accelerate the price elasticity of copper [3][4] Group 3: Industrial Metals - Aluminum - As of June 27, the LME aluminum futures contract increased by 1.3% to $2,595 per ton. Domestic aluminum social inventory reached 463,000 tons as of June 20, an increase of 14,000 tons [4] - The LME aluminum inventory was at 345,200 tons as of June 26, with global electrolytic aluminum inventory levels remaining low. Domestic electrolytic aluminum production capacity has been operating at high levels, with no immediate expectations for new projects to come online [4] - The rising aluminum water ratio may significantly impact the electrolytic aluminum spot market, as many northern aluminum plants have increased their aluminum water ratio, leading to a decrease in ingot production and a potential decline in aluminum ingot inventory. The mid-term outlook for aluminum prices is positive due to a tight supply-demand balance and low global inventory levels [4] Group 4: Investment Recommendations - The company suggests focusing on the gold, copper, and aluminum sectors. For gold, ongoing macroeconomic uncertainties and the strengthening of gold's safe-haven attributes are highlighted, with a long-term positive outlook. Recommended stock: Chifeng Jilong Gold Mining [5] - For copper, the gradual recovery of domestic demand and the acceleration of industrialization in emerging markets are expected to open up long-term demand for refined copper. The tight supply of copper concentrate is also noted. Recommended stock: Zijin Mining [5] - In the aluminum sector, the weak supply and strong demand dynamics are anticipated to accelerate, leading to a potential rise in aluminum prices. Recommended stock: Tianshan Aluminum [5]

Core Viewpoint - The completion of three key renewable energy projects by State Grid Inner Mongolia Electric Power Construction Management marks the successful establishment of a transmission channel for the 1 million kilowatt wind-storage base in Inner Mongolia, which will deliver 3.6 billion kilowatt-hours of renewable energy annually to East China, significantly reducing coal consumption and carbon emissions [1][3][11]. Group 1: Project Overview - The three completed projects include the 500 kV new energy gathering and transformation project at Taohomu, the 500 kV line project connecting Tongliao and Xingan, and the 220 kV outgoing project from the 1 million kilowatt wind-storage base in Keyou Zhongqi [3][9]. - The total investment for these projects is 1.69 billion yuan, involving the construction of one new 500 kV substation, 338.96 kilometers of 500 kV lines, and 116.9 kilometers of 220 kV lines, enhancing the capacity for renewable energy integration [3][5]. Group 2: Construction Efficiency - State Grid Inner Mongolia Electric Power has implemented a collaborative approach to ensure timely project operation, establishing a "point-to-point" communication mechanism to quickly resolve issues and facilitate continuous construction [5][7]. - The construction of the Taohomu 500 kV project achieved remarkable efficiency, completing feasibility studies in 39 days and obtaining approval in just 10 working days [5][7]. Group 3: Integration into National Grid - The projects are designed to connect the 1 million kilowatt wind-storage base to the national grid, optimizing electricity distribution across the country and enhancing the economic advantages of resource-rich areas [11][13]. - The integration into the national grid will facilitate the optimal allocation of electricity resources nationwide, ensuring stable power supply while promoting the green transformation of economically disadvantaged regions [11][13]. Group 4: Environmental Impact - The renewable energy projects are expected to save over 1.2 million tons of standard coal and reduce nitrogen oxides and carbon dioxide emissions by approximately 3.2 million tons annually [1][3]. - The cumulative external power transmission from the completed ultra-high voltage projects has exceeded 730 billion kilowatt-hours, equivalent to the annual electricity consumption of 280 million households, contributing to significant carbon emission reductions [3][11].

为确保工程安全高效推进，国网四川电力秉持"六精四化"建设理念，紧盯关键节点，科 学组织施工。通过深化政企协作，积极争取各级政府支持，合力破解工程建设难题。在安全 管理上，利用"云检测+现场督导"严控风险，确保施工安全与进度"齐头并进"。针对技术难 点，开展系统性技术研讨论证，精准制定解决方案。在工程验收阶段，坚持高标准、严要 求，确保所有项目以"零缺陷"状态投入运行。 期间，各工程项目部优化施工流程、加大资源投入，跑出了工程建设的"加速度"。以巴 拉水电站500千伏送出工程为例，其施工高峰期正逢高原寒冬，低温、冰雪、强降雨等恶劣 天气给施工带来巨大挑战。"为了确保工程能在夏季用电高峰前发挥作用，我们全力攻坚克 难，最终比原计划提前了4个月完工。"国网四川建设公司工程业主项目经理纪叶生介绍，工 程投运后，巴拉水电站74.6万千瓦的清洁水电和光伏装机顺利接入四川电网，有效缓解夏季 高峰期电力供应压力。 【责任编辑：王少晨 】 这批工程中，攀西电网优化改造、眉山西500千伏输变电、巴塘水电站500千伏送出等8 项500千伏工程，如同打通了电网的"主动脉"，极大增强了骨干网架的输电能力；成都金融 城、成都空港新城、达 ...

Core Viewpoint - The third Coal-Based Solid Waste Comprehensive Utilization Technology Exchange Conference was held in Ordos, Inner Mongolia, focusing on the resource utilization of coal gangue and exploring new paths for comprehensive utilization of coal-based solid waste, contributing to smart and green mining [1][3]. Group 1: Conference Overview - The conference was co-hosted by various institutions including Inner Mongolia University of Technology and the Inner Mongolia Coal Society, with over 300 participants from universities, research institutions, and industry professionals across multiple provinces [3]. - Keynote speeches were delivered by prominent figures in the field, emphasizing the importance of coal-based solid waste utilization technologies and solutions for enterprises [3][4]. Group 2: Strategic Partnerships - A strategic cooperation agreement was signed between Hetu Mining Group and Beijing Solid Waste, focusing on the "Intelligent Double-body Filling Project" for coal gangue [4][6]. - This partnership marks a significant breakthrough in the field of comprehensive utilization of coal-based solid waste, aiming to promote the innovative application of intelligent filling technology [6]. Group 3: Technological Innovations - The Intelligent Double-body Filling Project offers an integrated solution for coal mining, significantly reducing various costs associated with waste management and enhancing resource recovery [10]. - The project utilizes advanced technology to provide a revolutionary solution for the treatment of coal gangue, aligning with sustainable development goals [12][14]. Group 4: Industry Trends and Future Directions - The conference highlighted the need for collaboration among various stakeholders to explore new opportunities in the resource utilization of coal-based solid waste, including the potential for industrial chain synergies [12][16]. - Discussions included the application of machine learning in waste treatment and the feasibility of agricultural waste utilization, aiming to transform waste into valuable resources [16].

中联重科对于全地面起重机的研究由来已久，早在上世纪八十年代初期便已开始。数十年技术创新发 展，中联重科成就了超大型全地面起重机的全球引领地位，诸多技术优势在ZAT40000H7得到了淋漓尽 致的体现。从高强异级材料焊接匹配，到"大径厚比超长臂节的多能场自适应焊接技术"；从"多桥转向 系统"研发，到"重载集约型全地面起重机整机高集成设计技术"、"重载长柔臂架设计制造及其智能控制 技术"，从整机轻量化和底盘驱动能力技术，一系列制约全地面起重机继续攀高向新的关键技术瓶颈， 均被中联重科突破。 全球首台？究竟什么是"全地面起重机" 中联重科ZAT40000H7是全球唯一可满足公路行驶标准的4000吨级轮式全地面起重机。那么问题来了， 外型长像酷似"双胞胎兄弟"的全地面起重机与普通轮式起重机到底有何不同？ 全地面起重机是一种多用途起重设备，采用全轮驱动、多轴底盘和液压悬架系统，既能适应崎岖的野外 地形（如建筑工地、油田或山区），又符合公路法规允许在公共道路上快速转场。全地面起重机的起重 能力、越野能力更强，担负着更为严苛工况下的超大吨位吊装工况需求。既要符合路行驶法规，即设备 底盘需在3米宽度22.5米长度的尺寸限制范 ...

Core Insights - The first batch of domestically developed 120-ton pure electric mining trucks has been put into operation at the Zahahe'er Coal Industry Company, marking a significant advancement in the large-scale application of electric vehicles in open-pit mining [1][3]. Group 1: Technology and Performance - The electric mining trucks are powered by lithium iron phosphate batteries, capable of working continuously for over 4 hours after a 1-hour charge, achieving a daily rock and soil stripping volume of 18,000 cubic meters [3]. - Cumulatively, these trucks have completed nearly 2.8 million cubic meters of stripping, equivalent to the volume of 1,096 swimming pools [3]. - Compared to diesel trucks of the same tonnage, operational costs are reduced by 63%, energy consumption by 40%, and annual carbon emissions are decreased by over 7,500 tons, equivalent to planting 400,000 fir trees [3]. Group 2: Innovation and Safety - The development of these trucks involved overcoming challenges related to battery performance in low temperatures and heavy loads, resulting in five national patents for technologies such as multi-branch charging and discharging, battery cooling, and energy recovery [3][5]. - A self-developed "vehicle intelligent security system" has been added to enhance safety, featuring collision warnings, real-time monitoring, speed alerts, and driver behavior analysis [5]. Group 3: Future Goals - The Zahahe'er Coal Industry Company aims to accelerate the transition from oil to electric mining, expand the application of pure electric mining trucks, and enhance the efficiency of new energy equipment, focusing on building a "green electricity + electric mining truck" energy model to promote green transformation [5].

刚性执行的"力度"。国网山西电力还应用数字化手段确保"五级五控"关键要求刚性执 行。比如，"双勘查"控源头，三级及以上作业需完成计划前、作业前双重勘查，不合格无法 提报计划。"双准入"验人员，人脸识别实时比对人员信息与安监数据库，身份或资质不符者 自动拦截入场。"双案例"强意识，开工前自动匹配推送同类事故、易发违章警示案例，强制 学习并确认。"开工前，通过播放针对性案例，震撼式教育，让现场干活的人从思想根源上 强化安全意识，能够有效规范操作，确保自身和他人安全。"国网山西电力营销服务中心高 飞深有体会。 "管理模式优化后，公司每周1400多项作业风险等级尽在掌握，各专业在其业务系统从 源头落实风险分级管控职责，安监部门依托风险监督平台聚焦监督中高风险作业、关键工 "人脸识别通过！'双案例'学习完成，具备开工条件！"6月25日，在承担迎峰度夏重要负 荷的太原220千伏南社变电站检修现场，工作负责人郭永亮通过人脸识别等数字化安全管控 手段，高效组织完成了作业人员"双准入""双案例"学习。这正是国网山西电力全专业推 广"五级五控"风险管控模式的生动实践，为迎峰度夏关键作业筑牢安全根基。 为破解安全监督覆盖不足、跨专 ...

Core Viewpoint - The launch of the "All-Solid-State Battery Electric Bicycle Battery Swap Pilot Project" by Beijing Chuli New Energy Technology Co., Ltd. marks a significant step in the application of solid-state battery technology in the electric bicycle sector, aiming to enhance safety and efficiency in urban transportation [1][2]. Group 1: Project Launch and Collaboration - The pilot project was inaugurated in Beijing with the participation of around 200 representatives from government, industry, and investment sectors [1]. - Chuli New Energy has partnered with key industry players including Yadea Technology Group and Zhizhu Wulian Technology Group to create a comprehensive system integrating "vehicle, electricity, cabinet, cloud, and delivery scenarios" [1][2]. - Strategic cooperation agreements were signed with leading companies across the entire supply chain, covering core materials, manufacturing equipment, electric bicycle assembly, energy storage, and battery swap operations [2]. Group 2: Safety and Technological Advancements - The project addresses the frequent fire incidents associated with lithium batteries, with solid-state batteries being highlighted as a safer alternative due to their intrinsic safety characteristics [2][5]. - The CEO of Chuli New Energy announced that the company has overcome key challenges in the commercialization of solid-state batteries, achieving controllable costs, scalable production, and commercial application [5]. - The newly launched solid-state battery has passed multiple safety certifications, demonstrating a minimal weight loss of only 0.023% under extreme testing conditions [5]. Group 3: Market Implementation and Future Plans - The pilot project will initially target specific commercial areas in Beijing, such as Dazhu Plaza and Longhu Tianjie, focusing on B-end instant delivery scenarios [6]. - The project aims to gradually expand to key urban areas across the country, enhancing the operational efficiency of electric bicycles in urban logistics [6].

Core Viewpoint - The company is committed to integrating high-quality party building with the promotion of the South Liang spirit, establishing the "Bright South Liang" brand to support the high-quality development of the company and the power grid, thereby contributing to the modernization practices in Qingyang [1][3]. Group 1: Brand Development - The "Bright South Liang" brand is built on the revolutionary advantages of the Qingyang area, focusing on the "Three Grabs and Three Promotions" and "Quality Improvement and Speeding Up" work lines, aiming for "Three Highs and Four News" development goals [3]. - The brand's core philosophy includes "Red Heart Navigation, Loyal Heart Gathering, Craftsmanship Creation, and Warm-hearted Service," which integrates the South Liang spirit with the characteristics of the power industry [3]. - The company has established various educational facilities and conducted over 200 themed practical activities to promote patriotism and revolutionary traditions, engaging more than 1,000 visitors in understanding the history and achievements of Gansu's power development [3][4]. Group 2: Service Enhancement - The company has created the "Bright Station" service platform, addressing 42 construction challenges of the Longdong Direct Current Project and responding to over 1,400 customer electricity requests, receiving widespread acclaim from the community [4]. - The establishment of various "Bright Stations" and educational initiatives has garnered positive feedback from local governments, students, and the community, enhancing the overall service environment [4]. Group 3: Team Development - The company has formed the "Bright Pioneer" service team, which has conducted over 200 volunteer service activities, ensuring reliable power supply during extreme weather conditions and supporting agricultural activities [5]. - The team emphasizes safety and quality in major projects, achieving early completion of significant infrastructure like the 35 kV Huai'an booster project and launching a new smart integration platform for the power system [5]. Group 4: Future Directions - The company plans to further explore the "Bright South Liang" brand, aiming to solidify high-quality party building as a foundational element for organizational stability and sustainable development [7][8].

Core Viewpoint - The collaboration between the State Grid Longnan Power Supply Company and the Gansu Xiaolongshan Forestry Protection Center aims to enhance the synergy between power infrastructure protection and forestry resource management, contributing to ecological safety and quality development in Longnan City [1][7]. Group 1: Joint Activities and Initiatives - A joint event titled "Party Building Joint Construction to Gather Strength, Forest and Electricity Co-Safety Benefits People's Livelihood" was held to promote the integration of party building and business cooperation [1]. - The collaboration has led to a 40% increase in the efficiency of hazard disposal, showcasing the effectiveness of joint actions between the power and forestry sectors [3]. - A "Forest and Electricity Co-Safety Party Member Responsibility Zone" was established to enhance the joint construction efforts [3]. Group 2: Technological Integration - The joint team utilized drone inspection systems and high-precision laser measuring instruments for 3D modeling and precise measurement of trees along the 330 kV Shai Xing No. 2 line [3]. - The integration of forestry growth data with drone inspection technology allows for early identification of potential tree-line conflict risks [3]. Group 3: Fire Prevention Measures - The joint team conducted fire prevention awareness campaigns in nearby villages, distributing educational materials and playing warning videos to educate residents on protecting power facilities and preventing forest fires [5]. - A 24-hour fire situation linkage mechanism was established to respond promptly to smoke or abnormal heat sources detected near power lines [5]. - The team conducted a comprehensive inspection of fire isolation zones along the power lines, clearing over 20 areas of flammable materials [5]. Group 4: Future Plans - The collaboration will expand its scope, aiming to institutionalize the "Forest and Electricity Co-Safety" mechanism and promote joint construction experiences across the region [7]. - The 330 kV Shai Xing No. 1 and No. 2 lines will serve as demonstration points for broader implementation of joint initiatives, supporting Longnan City's strategy for ecological and green development [7].