为确保应急响应机制高效运转，指挥中心建立起覆盖市县两级的"应急资源一张图"，动 态跟踪28类应急物资储备，设置6处战略储备库实现"3小时全域覆盖"供电保障圈。严格执行 抢修现场"现场督察+远程视频"双重管控，确保抢修作业安全可控。 政企联动 织密防灾减灾"防护网" 面对持续强降雨，指挥中心深化"政企联动、跨界协同"机制，深化与应急管理、气象、 交通等部门的数据共享，形成"雨情监测-道路管控-物资运输"协同机制。通过陇南市地质灾 害预警平台，对57处输配电线路防汛重点部位实施"地质灾害隐患点网格化管控"，与铁塔公 司建立基站供电联合保障机制，确保防汛指挥通信畅通。 6月以来，陇南地区遭遇多轮强对流天气袭击，雷暴、大风、短时强降雨频发，23日文 县梨坪最大累积降水量达84毫米，局部地区极易发生山体滑坡和地质灾害，电网安全稳定运 行面临重大考验。面对严峻形势，国网陇南供电公司指挥中心闻令而动，迅速落实陇南市政 府IV级防汛应急响应要求，以"科学研判、快速响应、精准防控"为原则，构建"立体防控、 市县联动、科技赋能"应急体系，成功应对突发灾害天气9次，全力保障电网设备安全运行和 重要用户可靠供电。 快速响应 筑牢防汛 ...

Group 1 - The core viewpoint of the articles emphasizes the proactive measures taken by the State Grid Gansu Electric Power Company to ensure reliable electricity supply during the peak summer season, focusing on government-led initiatives and collaboration between enterprises [1][2] - The company has implemented a comprehensive power supply guarantee plan that includes optimizing grid operation methods, enhancing new energy forecasting, and utilizing smart inspection technologies to improve maintenance efficiency [1][2] - The introduction of the "Air, Land, and Space" intelligent inspection system significantly enhances the efficiency and accuracy of defect detection, ensuring reliable power supply during peak demand periods [2] Group 2 - The company is actively engaging with businesses through personalized services, explaining peak and valley electricity pricing policies, and encouraging off-peak electricity usage to reduce costs [2] - The use of digital platforms, such as the "Online State Grid" app, facilitates user access to various electricity services, thereby improving customer satisfaction during the peak summer season [2]

Core Insights - The report from Minsheng Securities outlines the mid-term investment strategy for the electronics industry, emphasizing the growth of AI-driven applications and the increasing demand for computing power, particularly in the context of Nvidia's strong performance and the rise of self-developed ASICs by CSPs [1][2]. Group 1: Overseas Computing Power - Recent highs in US AI hardware and software stocks are driven by Nvidia's better-than-expected earnings, with long-term growth fueled by AI applications enhancing internet capabilities and increasing inference demand [2]. - The demand for computing power is expected to grow significantly, leading to accelerated product iterations from Nvidia and faster growth for CSP's self-developed ASICs [2]. - Upgrades in computing power rely on two main routes: speed improvements through PCB upgrades and the evolution from traditional optical modules to CPO, and power enhancements via HVDC and supercapacitors [2]. Group 2: Domestic Computing Power - Domestic models like Doubao and DeepSeek are advancing in multi-modal and lightweight capabilities, accelerating the development of domestic large models [3]. - Domestic cloud computing firms are increasing investments in computing power reserves and model optimization, with capital expenditures entering a new expansion cycle [3]. - The domestic computing infrastructure is currently insufficient to meet rapidly growing demand, leading to a rise in computing power leasing as a solution [3]. Group 3: AI Terminals - The smartphone AI functionality is still under development, but there are structural innovations in hardware such as optics, foldable screens, and fingerprint recognition [4]. - The smart glasses market is gaining traction, with sales increasing, and the success of Meta & Rayban AI glasses demonstrates the potential for AI glasses to replace traditional eyewear [5]. - The transition from AI to AR is expected to enhance user experience, with optical display modules becoming a significant component in AR glasses [5]. Group 4: Investment Recommendations - Key areas to focus on include servers (Industrial Fulian, Huqin Technology), computing chips (Chipone, Cambricon, Haiguang Information), PCBs (Huidian Technology, Shenghong Technology), and power & thermal control (Heavenly Electric, Zhongheng Electric) [6]. - Other notable mentions include brands and OEMs (Xiaomi Group, Yingshi Innovation), SOCs (Lexin Technology), and storage (Zhaoyi Innovation) [6].

Core Viewpoint - The company is enhancing its power supply services through strict disciplinary supervision and innovative monitoring methods, aiming to improve service quality and customer satisfaction while ensuring a transparent and efficient process [1][2]. Group 1: Supervision and Service Improvement - The company's disciplinary department has implemented full-process embedded supervision in the key area of power supply service, tracking every step from the moment a customer submits an electricity application [1]. - The average processing time for power supply applications has been reduced by 1 working day compared to last year, leading to high customer satisfaction with the service [1]. - A rapid response supervision mechanism has been established for fault repair services, ensuring timely monitoring of key response times during emergencies [1]. Group 2: Employee Integrity and Future Plans - The company has organized multiple integrity training and warning education activities to enhance employees' awareness of self-discipline in the power supply service sector [2]. - The company plans to continue deepening the "Clean Wind Efficiency" initiative, innovating supervision methods, and expanding the scope and depth of monitoring to further elevate service levels [2].

Core Insights - Qinghai Province is positioning itself as a leader in clean energy development, particularly in solar and wind power, with significant government support and strategic planning [3][4][5][12]. Group 1: Clean Energy Development - Qinghai has achieved a total installed capacity of over 71 million kilowatts, with clean energy and renewable energy accounting for more than 94% and 70% of the total capacity, respectively [4]. - The province is set to complete its first batch of large-scale wind and solar projects by the end of 2024, marking a significant milestone in its clean energy journey [4][6]. - The solar power park in Taratand covers over 600 square kilometers and is recognized as the largest solar power generation facility globally [5][6]. Group 2: Technological Innovation - Qinghai is at the forefront of clean energy technology, with advancements in solar, wind, and hydropower technologies that are among the best in the world [9][10]. - The province has established a high-altitude laboratory to test electrical equipment performance in challenging environments, supporting the development of clean energy infrastructure [8]. - Qinghai is also focusing on creating a diverse energy storage system, with significant projects in pumped storage and compressed air energy storage [11]. Group 3: Economic and Social Impact - The clean energy sector is becoming a new driving force for economic and social development in Qinghai, contributing to job creation and rural revitalization [12][16]. - The establishment of solar power stations has led to significant economic benefits for local communities, including increased income for impoverished households [16]. - Qinghai's clean energy initiatives are also enhancing the quality of life for residents, with projects aimed at integrating renewable energy into local economies [16]. Group 4: Policy and Strategic Planning - The provincial government is actively promoting policies to support the development of private enterprises in the clean energy sector, aiming to create a conducive environment for innovation [14]. - Qinghai's strategic plans include enhancing the innovation service system for enterprises and encouraging increased investment in technological advancements [14][19]. - The province is also working towards establishing a green computing industry that leverages its clean energy resources, aiming to create a comprehensive green energy supply system by 2025 [19].

上周（6月23日-6月27日）机械设备、电力设备及汽车行业指数涨跌幅分别为4.10%、 5.11%及2.88%，在31个申万一级行业中排名分别为第10、5、19位；同期沪深300涨跌幅为 1.95%。 世纪证券近日发布装备制造行业周报（6月第4周）：固态电池产业化持续推进。美国公 司QuantumScape在6月24日宣布成功整合Cobra隔膜工艺至标准生产线，热处理速度提升25 倍，设备占地面积大幅减少，推动千兆工厂规模化生产进程，这标志着固态电池制造效率的 飞跃。 以下为研究报告摘要： 市场行情回顾： 2)工程机械：塔机景气度依然处于低谷。据中国工程机械工业协会施工机械化分会等统 计的塔机租赁行业景气指数(TPI)，2025年5月份塔机台天利用率56.8%，同比降低1.6pct，最 大起重力矩利用率56.7%，同比降低2.8pct。这是近3年最大起重力矩利用率首次低于台天利 用率，房地产低迷拉低需求的背景下，租赁行业持续承压，过剩设备被动参与低强度施工作 业。从价格看，5月份塔机租赁价格指数为518.96点，比去年同期低115点，也依旧处于下行 通道。整体看，塔机行业继续低迷，出清压力较大。 3)光伏：光 ...

国金证券近日发布电力设备与新能源行业研究：广大特材发布中报业绩预告，Q2业绩同 环比增长230%/69%，拉开风电板块强势半年报大幕，关注量价齐升背景下零部件业绩弹性 释放；国内5月新增风电装机26.3GW，同比+801%，环比+393%，看好下半年风电需求继续 强势。 本周重要行业事件： 风光储：《三北沙漠戈壁荒漠地区光伏治沙规划（2025-2030年）》、《上海市海洋产 业发展规划（2025-2030）征求意见稿》印发；光伏/风电5月新增装机高增；国信大丰 850MW海风项目首批机组成功并网；大金重工公告筹划赴港上市。 以下为研究报告摘要： 子行业周度核心观点： 风电：广大特材发布中报业绩预告，Q2业绩同环比增长230%/69%，拉开风电板块强势 半年报大幕，关注量价齐升背景下零部件业绩弹性释放；国内5月新增风电装机26.3GW，同 比+801%，环比+393%，看好下半年风电需求继续强势。本周我们发布风电板块中期策略， 当前时点风电板块具备值得坚定看好的短、中、长期三重逻辑，持续重点推荐。 锂电：关注液相法锂金属、液相法硫化锂环节变化。锂金属工艺路线除了压延、蒸镀 外，还有液相熔融法，相较压延法，其能制 ...

Core Viewpoint - The report highlights a significant increase in China's nitrocellulose exports, with a total export value of 327 million yuan from January to May 2025, representing a 99% year-on-year growth, and an average price of 33,700 yuan per ton, up 37% year-on-year [2][3]. Group 1: Export Performance - In May 2025, the monthly export value of nitrocellulose reached 78 million yuan, further increasing month-on-month, with a price of 36,600 yuan per ton, setting a new recent high [3]. - The total export value for the first five months of 2025 was 327 million yuan, with a year-on-year increase of 99%, and an average price of 33,700 yuan per ton, reflecting a 37% increase year-on-year [2][3]. Group 2: Market Dynamics - The increase in prices is attributed to expanding demand and shrinking supply, influenced by ongoing global conflicts, leading to a growing need for energetic nitrocellulose [3]. - Global nitrocellulose production capacity is projected to decrease from 261,000 tons in 2023 to 198,000 tons in 2024, a reduction of 24% [3]. Group 3: Future Outlook - It is anticipated that in June 2025, domestic nitrocellulose exports may see a rise in price but a decrease in volume due to further contractions in production capacity following an explosion at a domestic facility [3]. - The core target in the nitrocellulose industry is Beihua Co., which maintains a leading position in production and sales globally, with over 50% market share domestically and around 15% internationally [4][5].

国金证券近日发布电子行业周报：马斯克发布推特表示，他正在和xAI团队整夜在打磨 Grok，进展不错，下一代模型将直接跳到Grok4，计划在7月4日之后发布，马斯克明确提 到，还需要为专门的编码模型进行一次大规模训练，意味着Grok4或将在代码生成和理解方 面有重大突破。 以下为研究报告摘要： Grok4即将发布，关注二季度业绩有望超预期方向。马斯克发布推特表示，他正在和xAI 团队整夜在打磨Grok，进展不错，下一代模型将直接跳到Grok4，计划在7月4日之后发布， 马斯克明确提到，还需要为专门的编码模型进行一次大规模训练，意味着Grok4或将在代码 生成和理解方面有重大突破。根据路透社报道，OpenAI最近开始租用谷歌的AI芯片，为其 ChatGPT及其他产品提供算力支持。谷歌、亚马逊、Meta等公司ASIC芯片快速发展，谷歌 及亚马逊的ASIC芯片数量今年大幅增长，明年有望持续，Meta计划在2025年Q4发布由博通 设计的ASIC芯片MTIA T-V1，2026年年中，芯片面积翻倍的MTIA T-V1.5将上市，2027年将 发布性能压倒性进步的MTIA T-V2，Meta的目标是在2025年年底和20 ...

大事件二：6月26日，路透社消息，美国商务部周三向能源企业Enterprise Products 国金证券近日发布基础化工行业周报：基础化工行业，主要关注三大变化，一是中国化 学国际公司联合东华公司与哈萨克斯坦天然气公司科研院正式签署《哈萨克斯坦煤制气项目 合作协议》，该项目是哈萨克斯坦首个煤制气项目；二是新和成与中石化合资合作的液体蛋 氨酸项目已进入试生产阶段，进展顺利，目前已成功产出合格产品；三是根据路透社消息， 美国商务部周三向能源企业EnterpriseProducts（EPD.N）和Energy Transfer（ET.N）发出许 可函，允许其向中国目的地船只装载乙烷，但在未获额外授权情况下禁止在中国港口卸货。 以下为研究报告摘要： 本周市场有所提升，化工外部扰动逐步缓解，固态电池等方向引发关注。估值层面，当 前板块估值具有一定的安全垫，其中PB历史分位数（2010年以来）为18%，PE历史分位数 （2010年以来）为69%。基础化工行业，主要关注三大变化，一是中国化学国际公司联合东 华公司与哈萨克斯坦天然气公司科研院正式签署《哈萨克斯坦煤制气项目合作协议》，该项 目是哈萨克斯坦首个煤制气项目；二是 ...