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 ...

Core Viewpoint - The oil and petrochemical sector is experiencing a significant price drop due to the recent ceasefire between Israel and Iran, with WTI crude oil futures falling by 11.99% and Brent oil futures by 12.95% from June 20 to June 27, 2025 [2][4] Oil and Petrochemical Sector - The ceasefire between Israel and Iran was announced on June 24, 2025, following a statement from U.S. President Trump on June 23, indicating a potential for renewed talks with Iran [2][3] - Short-term oil prices are expected to fluctuate based on Middle Eastern geopolitical developments, particularly the U.S.-Iran negotiations, but a return to previous high prices is unlikely without significant conflict [2][3] - U.S. commercial crude oil inventories have decreased unexpectedly, and the summer travel season is anticipated to boost demand for gasoline and jet fuel [2][3] - China's gasoline and diesel supply is low, with inventory levels also at a low point, which, combined with increased travel during the summer, is expected to support gasoline consumption [2][3] - Trump's comments suggest a potential easing of sanctions on Iranian oil, which could lead to an increase in Iranian oil supply [2][3] - The upcoming OPEC+ meeting on July 6 is crucial, as eight member countries are gradually lifting production cuts, which may lead to increased global oil supply pressure [2][3] Fluorochemical Sector - The fluorochemical sector is benefiting from strong downstream demand, particularly in air conditioning, with refrigerant prices remaining high [3] - The production of second-generation refrigerants is continuing to decrease, while third-generation refrigerants have limited production increases, leading to a tight supply situation that supports higher prices [3] - Domestic air conditioning production is expected to grow significantly due to government subsidies, with a year-on-year increase of 29.3% and 22.8% in June and July 2025, respectively [3] - The automotive sector is also seeing growth, with production and sales figures for the first five months of 2025 showing increases of 12.7% and 10.9%, respectively [3] Investment Recommendations - The oil and petrochemical sector is advised to be monitored closely due to the volatility driven by geopolitical factors, with a long-term focus on fundamentals [4] - Companies with resilient earnings, such as China National Petroleum, Sinopec, and CNOOC, are recommended for investment [4] - In the fluorochemical sector, companies leading in third-generation refrigerant production and upstream fluorite resource companies are suggested for attention [4] - The semiconductor materials sector is also highlighted, with a positive outlook on inventory reduction and domestic substitution trends [4]

Core Viewpoint - The conference held by State Grid NARI Group focused on the launch of new technologies and products in the fields of green hydrogen production and energy storage, emphasizing the "One Hydrogen, Two Storage" paradigm to overcome traditional energy storage limitations and enhance grid stability [2][4][10]. Group 1: New Technologies and Products - NARI Group introduced the 4S energy storage system solution, which integrates System, Smart, Safety, and Savvy concepts to optimize energy storage architecture and enhance system reliability [6][7]. - The green hydrogen production solution aims to create an "electric-hydrogen" synergy, addressing industry challenges and improving the efficiency of green hydrogen production [10][11]. - The variable-speed pumped storage excitation system offers advantages such as rapid power response and flexible operation, effectively addressing frequency fluctuations and voltage issues caused by high renewable energy integration [7][8]. Group 2: Expert Insights and Future Directions - Experts from China Electric Power Research Institute and Tsinghua University provided insights on energy storage integration technology and green hydrogen development, highlighting cost challenges and potential business models [4][10]. - NARI Group is committed to ongoing research in energy storage and green hydrogen, focusing on enhancing system stability and investment returns while developing new technologies for large-scale applications [11][13]. - The company plans to explore innovative upgrades to traditional technologies and lead the development of emerging technologies in smart grids and low-carbon energy solutions [13].

Core Viewpoint - Cao Cao Mobility (02643.HK) listed on the Hong Kong Stock Exchange on June 25, 2024, but experienced a significant drop in share price on its first day, closing at 36 HKD per share, down 14.16% from the issue price of 41.94 HKD per share [2] Group 1: Company Overview - Cao Cao Mobility is a ride-hailing platform incubated by Geely Group, operating in 136 cities as of December 31, 2024 [2] - The company's Gross Transaction Value (GTV) reached 12.2 billion CNY in 2023, a 37.5% increase from 2022, and is projected to grow to 17 billion CNY in 2024, representing a 38.8% increase [2] - The market share of Cao Cao Mobility is reported to be 5.4% [2] Group 2: IPO and Financials - The company raised approximately 1.853 billion HKD through its IPO, with a post-listing valuation of 22.823 billion HKD [3] - 30% of the raised funds will be used for debt repayment and operational funding, as the company has a high debt-to-asset ratio of 276.71% and total debts of 7.219 billion CNY against cash reserves of only 159 million CNY [3] - Cao Cao Mobility has not yet achieved profitability, with cumulative losses exceeding 8.2 billion CNY from 2021 to 2024, despite increasing revenues [4] Group 3: Operational Challenges - The company operates on a B2C model, owning a fleet of over 33,000 vehicles, which incurs significant depreciation and maintenance costs [6] - Cao Cao Mobility heavily relies on aggregation platforms for customer acquisition, with orders from these platforms accounting for 85.4% of its GTV in 2024 [6] - The commissions paid to aggregation platforms have increased from 321 million CNY in 2022 to 1.046 billion CNY in 2024 [6] Group 4: Regulatory Issues - The company faces compliance issues, with a significant number of vehicles and drivers lacking the necessary permits, leading to multiple regulatory penalties [7] Group 5: Strategic Initiatives - The company is promoting a "customized vehicle" strategy, leveraging Geely Group's automotive resources to enhance driver retention and reduce operational costs [8] - Cao Cao Mobility is collaborating with Geely Group to develop a dedicated L4-level Robotaxi, expected to launch by the end of 2026 [9]

Core Viewpoint - The company is actively implementing the "Youth Marxist Project" to cultivate young political talents, enhancing their theoretical understanding and practical skills to support high-quality development in the power grid sector [3][8][12]. Group 1: Training and Development - The "Youth Marxist Project" has been systematically implemented for five years, resulting in the training of 259 core youth members and influencing a total of 3,106 trainees across various levels [3][8]. - The company has introduced four new training classes this year, focusing on different demographics, including those under 30 and technology talents, to better align with its central work [3][12]. - A dual training model combining classroom learning and on-the-job training has been established, allowing trainees to solidify their theoretical foundations while gaining practical experience [3][12]. Group 2: Educational Approach - The training emphasizes a combination of theoretical education and practical storytelling, with 70% of the course dedicated to party theory and party character education [8][15]. - The program includes immersive experiences, such as visits to innovative centers and historical sites, to deepen the understanding of the company's political culture and historical context [12][13]. - Activities like group discussions and presentations are designed to enhance the internalization of learned concepts, ensuring that the training resonates with the participants [15][18]. Group 3: Impact and Future Aspirations - The initiative aims to foster a new generation of committed Marxist learners and practitioners, contributing to the company's mission and the broader goals of the power grid industry [8][18]. - The company expresses confidence that the youth trainees will embody the principles learned and contribute significantly to the high-quality development of the power grid [18].