五矿证券近日发布电气设备行业25Q3风电业绩总结：从主要财务指标来看，25Q3风机制造及轴承环节 出现盈利改善，风机价格持续小幅回升。行业合同负债及库存水平维持高位，支撑未来行业需求。风机 投标价格持续反弹，叠加反内卷成效及大型化的减缓，风机价格持续修复。海外市场单价高盈利好，出 口企业及海外产能布局企业有望获得持续盈利提升。 以下为研究报告摘要： 风险提示 电力需求减弱，导致风电发电企业电价不及预期。 电源结构发生超预期变化导致风电需求减弱。 反内卷力度不及预期，厂商恶性竞争加重。 报告要点：盈利趋势向好，"两海"指引方向 2025年三季报：从主要财务指标来看，25Q3风机制造及轴承环节出现盈利改善，风机价格持续小幅回 升。行业合同负债及库存水平维持高位，支撑未来行业需求。 需求上：25Q3国内风电装机同环比均有下滑，主要是25Q2抢装后需求处于观望期。中长期来看，全球 陆上风电稳步增长，支撑主要新增装机量，海上风电增速更快带来增量贡献。 盈利上：风机投标价格持续反弹，叠加反内卷成效及大型化的减缓，风机价格持续修复。海外市场单价 高盈利好，出口企业及海外产能布局企业有望获得持续盈利提升。 观点：看好海上风电 ...

上海证券近日发布基础化工行业周报：过去一周（11.15-11.21），基础化工指数涨跌幅为-7.47%，沪深 300指数涨跌幅为-3.77%，基础化工板块跑输沪深300指数3.70个百分点，涨跌幅居于所有板块第29位。 基础化工子行业涨跌幅靠前的有：橡胶助剂（3.34%）、钾肥（-3.30%）、炭黑（-3.97%）、膜材料 （-4.30%）、合成树脂（-5.60%）。 以下为研究报告摘要： 市场行情走势 过去一周（11.15-11.21），基础化工指数涨跌幅为-7.47%，沪深300指数涨跌幅为-3.77%，基础化工板 块跑输沪深300指数3.70个百分点，涨跌幅居于所有板块第29位。基础化工子行业涨跌幅靠前的有：橡 胶助剂（3.34%）、钾肥（-3.30%）、炭黑（-3.97%）、膜材料（-4.30%）、合成树脂（-5.60%）。 周涨幅排名前五的产品分别为盐酸（江苏）（33.33%）、国际硫磺（13.41%）、碳酸锂（电池级） （7.59%）、碳酸锂（工业级）（7.47%）、甲基环硅氧烷（DMC）（5.60%）。周跌幅前五的产品分 别为：液氯（-98.00%）、盐酸（山东）（-41.67%）、浓硝酸（金禾 ...

Core Insights - The lithium battery industry in China has shown significant production growth in 2025 compared to 2024, with domestic battery production reaching 170.6 GWh in October, a year-on-year increase of 50.84% and a month-on-month increase of 12.83% [1][2] - The production of lithium iron phosphate (LFP) cathode materials also increased, reaching 26.69 million tons in October, marking a year-on-year growth of 45.92% and a month-on-month growth of 8.36% [1][2] Production - In the first ten months of 2025, domestic battery and LFP cathode material production significantly exceeded the same period in 2024 [2] - The capacity utilization rate for LFP cathode materials was reported at 63.54%, surpassing the figures from 2024 [1][2] Pricing - Prices for key raw materials and battery cells have seen a moderate increase. As of November 21, 2025, industrial-grade lithium carbonate prices exceeded 92,400 CNY per ton, with a weekly increase of 10.13% [3] - The price of LFP (power type) reached 38,100 CNY per ton, with a weekly increase of 8.09% [3] - Lithium hexafluorophosphate prices rose from approximately 60,000 CNY per ton at the end of September to 160,000 CNY per ton by November 21, reflecting a weekly increase of 13.39% [3] Demand - Several provinces in China have introduced capacity price compensation mechanisms, with Heilongjiang Province aiming for over 6 GW of new energy storage installations by 2027 [4] - In October 2025, the monthly shipment of LFP batteries reached 67.5 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 8.52%, marking a new high for the year [4] - The export volume of Chinese power batteries in October 2025 was 19.4 GWh, representing a year-on-year increase of 79.63% and a month-on-month increase of 10.23% [4] Investment Recommendations - The report suggests focusing on companies that are well-positioned in the power battery and energy storage sectors, particularly those with strong overseas layouts [5] - Companies to watch include CATL (300750.SZ), EVE Energy (300014.SZ), Xinwangda (300207.SZ), Hunan Youneng (301358.SZ), and Rongbai Technology (688005.SH) [5]

Core Viewpoint - The company is actively enhancing its power supply capabilities in response to increased electricity demand due to severe cold weather, ensuring that residents can stay warm during winter [1][2][3] Group 1: Power Supply Management - The company has initiated winter load assessment two months in advance, analyzing historical supply data and trends in returning residents to identify weak points in the power grid [2] - A combination of grid upgrades, smart inspections, and public service initiatives is being implemented to ensure reliable electricity supply [1][2] Group 2: Infrastructure Improvements - The company is focusing on upgrading the distribution network, optimizing urban and rural grid structures, and modernizing old equipment to enhance the grid's capacity to integrate and manage renewable energy [2] - A comprehensive inspection of substations and transmission lines is being conducted using drones and infrared thermometers to identify potential hazards [2] Group 3: Emergency Response and Community Engagement - An emergency repair team has been established, equipped with generators and other emergency supplies, to ensure quick response and efficient recovery from faults [2] - The company is providing targeted services to key users such as hospitals and heating stations, implementing a tailored support mechanism to ensure their electricity needs are met [2] Group 4: Future Plans - The company will continue to monitor weather changes and load trends closely, applying stricter standards and practical measures to maintain power grid operations and service support [3]

Core Insights - The application software "Smart Water Management Platform" (V1.0) developed by Panzhihua Water Affairs Group and Chengdu Haide Control System has successfully passed the National Copyright Administration review, marking the first national-level software intellectual property for the group [1] - This project took three years to develop and includes six major production systems, facilitating a shift from "dispersed management" to "co-construction and sharing" of information resources [1] - The next steps for the group involve focusing on the iterative upgrade of the "Smart Water Management Platform" and expanding production data application scenarios to enhance operational efficiency and management levels [1] Summary by Sections Development and Features - The "Smart Water Management Platform" integrates key data from scheduling management, pipeline management, water quality management, and other critical systems [1] - It enables real-time monitoring of water production operations at various plants and supports precise scheduling, inspections, and emergency responses based on supply network data [1] Impact and Future Plans - The platform aims to establish a benchmark for smart construction applications in the southwestern region of Sichuan and northwestern Yunnan [1] - The group plans to inject new vitality into the high-quality development of Panzhihua City and contribute to the common prosperity experimental zone through enhanced information technology [1]

丰宁公司在二小广场人流量密集区，工作人员设置了"e"起节电宣传展板和咨询台，向前来咨询的客户 讲解冬季节约用电小技巧，耐心解答各种用电问题，详细讲解节能电器的选择、合理用电的方法等，并 发放文明用电宣传手册，现场指导客户通过网上国网APP参与"e起节电"活动增强客户节能降耗意识， 引导客户自觉践行绿色低碳生活理念。 "您好，现在登录'网上国网'找到'e起节电'活动入口，您点我要报名，填写基本信息就可以参加活动 了。"11月13日，丰宁公司组织党员服务队在丰宁二小广场开展迎峰度冬"e起节电"宣传推广，引导广大 居民在冬季用电高峰时段科学节电，共同助力电力保供与节能减排。 当前正是冬季用电、取暖高峰期，工作人员以节能宣传周为契机，利用微信朋友圈等线上渠道以及线下 宣传推广，向广大群众推广"e起节电"惠民福利活动。"e起节电"活动依托"网上国网"APP展开，致力于 让用户自发节能省电、绿色用电，将参与活动的用户本月的用电量与上一个月的用电量或去年同期的用 电量进行对比，达到相应的节省电量可以领取电费优惠券。 同时，工作人员还积极对接小区物业，通过张贴公示栏、现场发放宣传资料，开展节约用电进商户、进 小区、进家户的" ...

Core Viewpoint - The successful completion of the 220 kV Yuling Substation comprehensive automation renovation project by the Ulanqab Power Supply Company enhances the safety and stability of the regional power grid [1][3]. Group 1: Project Overview - The project took four months to complete, transitioning from summer to winter, and is the first full station backend replacement project for the Ulanqab Power Supply Company [3]. - The project team implemented an innovative "dual backend operation" model to address the challenge of "full station power outage" during traditional renovations [3]. Group 2: Technical Achievements - The renovation involved significant work, including the upgrade of core equipment at the substation, with a total of 51 protection, measurement and control, recording, and DC screen cabinets replaced [3]. - The team updated 22 switch cabinet protection and measurement control devices, thereby refreshing the core control equipment configuration of the substation [3]. Group 3: Operational Efficiency - During the construction, each completed interval's power outage was smoothly integrated into the new backend system, while the remaining unrenovated intervals operated under the synchronized dual backend, achieving the goal of "renovation without power outage and uninterrupted supply" [3]. - The maintenance team optimized work processes by pre-raising the screen cabinets and completing wiring tasks, significantly reducing on-site construction time and minimizing the impact on users' power supply [3].

Market Overview - A-shares experienced significant adjustments this week, with major indices showing weekly changes of -3.77% for CSI 300, -5.99% for ChiNext 300, -5.54% for STAR 50, -5.78% for CSI 500, and -5.80% for CSI 1000, with ChiNext 300 showing the most pronounced decline [1] Company Performance - In the humanoid robot sector, stock performance was mixed, with the top five gainers being Weichuang Electric, Shida Group, Longxi Co., Henggong Precision, and Anpeilong, while the top five losers included Siling Co., Fangyuan Co., Baichuan Energy, Fulim Precision, and Xingyun Co. [1] Recent Events - Yushu Technology has completed its IPO guidance report, with CITIC Securities noting that the company has established the necessary governance structure, accounting practices, and internal controls to qualify for listing, and that its management and major shareholders are well-versed in the legal responsibilities and obligations of public companies [1] Industry Insights - Humanoid robots are considered a significant downstream application of AI technology, with China's industrial manufacturing capabilities leading globally, creating substantial scale effects. As companies like Tesla and Zhiyuan continue to innovate, the industry chain is expected to accelerate [2] - The Intel Technology Innovation and Industry Ecosystem Conference held on November 19 introduced a dual-path cold plate liquid cooling server, developed in collaboration with several companies, which utilizes domestic memory to enhance reliability while reducing energy consumption and operational costs [2] - The application of diamond heat dissipation is gaining recognition among downstream clients, as the semiconductor industry progresses towards smaller nodes, necessitating effective heat management to maintain chip performance and reliability [2]

Core Insights - The Southern Power Grid Company has successfully implemented a "theory + practical training + real combat" training model, leading to significant skill improvements and clearer career paths for employees [1][2] - The company has initiated a three-system reform focusing on "cadres can rise and fall, employees can enter and exit, and income can increase and decrease," which has effectively integrated mechanism innovation with talent development [1] Group 1 - The competition involved 31 elite teams, with the Hechi Luocheng Power Supply Bureau's 8 participants winning a team third prize, showcasing the effectiveness of the reform [1] - The reform has allowed 7 outstanding grassroots employees to be promoted to key technical positions and 24 employees to achieve precise job matching through transfer training [1][2] - The income distribution system has been restructured to favor frontline, challenging positions, and high-skilled talents, breaking the "averageism" model [1] Group 2 - The bureau has established a "three-in-one" training system, allowing employees to select training based on their needs, ensuring they master new industry regulations and cutting-edge technologies [2] - The bureau has won 20 team awards and 66 individual awards in skill competitions, with several employees achieving technician status and recognition as technical experts [2] - The company aims to deepen the three-system reform and optimize the training and incentive system to help more employees realize their career aspirations, contributing to high-quality development [2]

Core Points - The event focused on "Fire Safety for All, Life First" with an emphasis on "Safe Use of Fire and Electricity" [1] - The company distributed over 260 promotional flyers, 180 safety manuals, and 120 gifts, reaching more than 500 people [2] Group 1 - The event was held on the 34th National Fire Day, aiming to raise awareness about fire safety and electrical safety among the public [1] - Promotional materials included the "Home Electrical Safety Manual" and "Electric Vehicle Charging Safety Tips," highlighting the dangers of improper electrical practices [1] - The company plans to continue its "Fire Safety Promotion into the Community" initiative, targeting various groups to integrate safety knowledge into daily life [2]