为全面锤炼队伍能力与应急水平，国网山西超高压输电公司举办全省首届集中监控业务 技能竞赛。该竞赛依托集中监控平台，设置个人与团队双模式，以个人比拼图像分析力与单 兵决策力，团队角力多源数据整合与应急协同处置等能力，高度还原真实运维场景。 "把北斗、图像诊断等新技术融入日常监控场景，确实让我们提高了本领。"参训青年柳 辉说。 60分钟，从2000张监控画面里快速挑出隐患图片，2秒内，确认核实并通知运检班组； 从数据里高速、准确算出风偏角、铁塔偏移值并立即上报；一边是大风，导线安全距离可能 不足，一边是山火，要快速做出判断、协调做好决策……近日，山西省首个超（特）高压集 中监控技能竞赛圆满收官。 山西是重要电力外送省份，确保输电线路安全稳定运行至关重要。山西地形主要为高山 大岭，主网有70％的杆塔位于山区。近年来，国网山西电力大力推进集中监控业务的发展， 从2020年至今，国网山西电力已在全省超（特）高压输电线路上安装了超过1万台监控设 备，利用远程巡视系统+大数据分析+人工智能应用三位一体，更好助力传统运维提质增 效，降低设备故障率。 "5分钟大约需核实200处告警隐患并发送信息，每年依靠全景智慧物联平台帮助一线 ...

投资分析意见：建议关注受益海外Robotaxi高支付意愿/国内To-B解决方案加速落地的代 表公司，如：文远知行、小马智行、地平线机器人、黑芝麻智能、经纬恒润、德赛西威等； Robotaxi在高购买力市场支付意愿或强于网约车/出租车：Waymo在北美较之uber/lyft有 较高溢价；且较之网约车/出租车更看重价格与时效的特点，Waymo用户核心关注车的安全 性（系统安全+人身安全，例如规避人类司机），价格敏感度较低；国内市场目前可能还是 传统出租车/网约车平替的定位，而在中东、欧洲、北美等高购买力市场Robotaxi可能是高端 需求（专车级别）；引申到UE模型的差别可能是海外市场盈利空间可能更大；国内则需要 关注Robotaxi在去补贴情况下的支付意愿； 技术进步端：Robotaxi的技术路线跟乘用车有收敛趋势，Waymo同样在基于Gemini做 VLA/世界模型；不过从终端的MPI数据来看，以FSDV13为代表的乘用车智驾最 高水平与Waymo等比起来还有数量级的差距；需要重点关注特斯拉的9月之后V14版本 的体验与去安全员/面向公众开放后的Robotaxi运营表现； 国内To-B解决方案或许是变化更快的 ...

我国新能源汽车行业概况及存在问题。2009年以来，我国汽车产销稳居全球第一，2024 年产销均突破3000万辆，且2023年以来我国已成为全球最大的汽车出口国；我国新能源汽车 在全球具备显著竞争力，产销量连续10年稳居全球第一，2024年销量1285.9万辆，同比增长 36.10%，在我国新能源汽车销售中占比40.92%。伴随产销增长，我国汽车行业收入总体增 长，2024年我国汽车行业收入增至10.65万亿元，已成为我国重要经济支柱。但我国汽车行 业利润总体偏低，2017年利润6883亿元为近年最高，2024年行业利润仅4623亿元。国内外新 能源汽车龙头比对显示，比亚迪营收在2024年首次超越特斯拉，而销量在2022年已超越特斯 拉，研发支出在2024年超越特斯拉，但2024年比亚迪扣非后规模净利润与特斯拉相比仍存在 较大差距。我国汽车行业存在的主要问题包括汽车行业整体盈利水平具备显著提升空间，以 及行业内卷显著，市场降价促销成为近年来行业高频词。 中原证券近日发布锂电池行业综合整治内卷式竞争专题：针对"内卷式"竞争，我国宏观 政策"组合拳"精准发力。2024年7月，中央政治局首次提出防止"内卷式"竞争，2 ...

山西证券近日发布新材料行业周报：本周新材料板块上涨。新材料指数涨幅为3.72%， 跑输创业板指4.01%。近五个交易日，合成生物指数下跌1.53%，半导体材料上涨3.85%，电 子化学品上涨4.43%，可降解塑料下跌0.50%，工业气体上涨3.22%，电池化学品上涨 5.82%。 产业链周度价格跟踪（括号为周环比变化） 氨基酸：缬氨酸(13000元/吨，-0.76%)、精氨酸(23150元/吨，-0.22%)、色氨酸(41500元/ 吨，-2.35%)、蛋氨酸(22200元/吨，-0.22%) 可降解材料：PLA(FY201注塑级)(17800元/吨，不变)、PLA(REVODE201 吹膜级)(17200元/吨，不变)、PBS(17800元/吨，不变)、PBAT(9850元/吨，不变) 维生素：维生素A(64000元/吨，不变)、维生素E(65500元/吨，-2.96%)、维生素 D3(227500元/吨，1.11%)、泛酸钙(40500元/吨，不变)、肌醇(26000元/吨，不变) 工业气体及湿电子化学品：UPSSS级氢氟酸(11000元/吨，不变)、EL级氢氟酸(5600元/ 吨，5.66%) 以下为研 ...

申港证券近日发布电力设备行业研究周报：多数企业持续亏损、锂资源价格波动剧烈、 行业整体产能利用率偏低以及低水平重复建设现象频发等。这些问题不仅损害了企业自身利 益，更对产业链的可持续发展和国际竞争力构成了严峻挑战。近期，中国化学与物理电源行 业协会发布《关于维护磷酸铁锂材料行业健康有序发展的倡议（征求意见稿）》。 三、强化产能自律管理，健全行业准入机制 以下为研究报告摘要： 投资摘要： 每周一谈：响应反内卷磷酸铁锂行业发布自律倡议 近期，中国化学与物理电源行业协会发布《关于维护磷酸铁锂材料行业健康有序发展的 倡议（征求意见稿）》。 出台背景：多数企业持续亏损、锂资源价格波动剧烈、行业整体产能利用率偏低以及低 水平重复建设现象频发等。这些问题不仅损害了企业自身利益，更对产业链的可持续发展和 国际竞争力构成了严峻挑战。 依据《中华人民共和国价格法》《中华人民共和国招标投标法》《中华人民共和国反不 正当竞争法》《中华人民共和国反垄断法》，协会提出行业自律方案：一、坚决抵制恶性价 格竞争，维护市场公平秩序 建议行业内各企业严格遵守国家法律法规，坚决杜绝任何形式的低于成本价格销售、滥 用市场支配地位等不正当竞争行为。为 ...

国信证券近日发布油气行业2025年8月月报：2025年8月布伦特原油期货均价为67.3美元/ 桶，环比下跌2.1美元/桶，月末收于68.1美元/桶；WTI原油期货均价64.0美元/桶，环比下跌 3.1美元/桶，月末收于64.6美元/桶。7月底油价大幅上行后，8月上旬随局势缓和，油价趋势 下跌。 重点推荐【中国海油】、【中国石油】、【卫星化学】、【海油发展】 供给端OPEC+宣布9月份加速99增产54.7万桶/天：2024年12月第38届OPEC+召开部长级 会议，决定将200万桶/日集体减产、166万桶/日自愿减产目标延长至2026年底；将220万桶/ 日自愿减产计划延长至2025年3月底，3月初，OPEC+发布声明，确定该部分自愿减产将和 阿联酋增加的30万桶/日产量从2025年4月至2026年9月底内逐步恢复。但OPEC+在5月、6 月、7月分别增产41.1万桶/日，为原定增产计划额的3倍；7月5日OPEC+宣布8月加速增产 54.8万桶/日，为原定增产计划额的4倍。8月3日OPEC+宣布继续大幅上调9月石油产量目标 54.7万桶/日，至此OPEC+提前一年完成增产目标。 需求端：国际主要能源机构预计20 ...

Core Viewpoint - The CITIC Machinery Industry Index rose by 0.74% from August 25 to August 29, 2025, ranking 12th among all primary industries in terms of performance [2] Group 1: Machinery Industry Performance - The engineering machinery sector increased by 0.04%, general equipment by 0.20%, specialized equipment by 1.88%, while instruments and meters decreased by 0.56%, and transportation equipment fell by 0.51% [2] - Metal products saw a rise of 2.71% during the same period [2] Group 2: Engineering Machinery Insights - Major engineering machinery companies reported significant revenue growth in H1 2025: SANY (+14.96%), XCMG (+8.04%), Zoomlion (+1.3%), LiuGong (+13.21%), and Shantui (+3.02%) [2] - Net profit growth for these companies was also notable: SANY (+46.00%), XCMG (+16.63%), Zoomlion (+20.84%), LiuGong (+25.05%), and Shantui (+8.78%) [2] - The domestic market is stabilizing, supported by steady issuance of special bonds and major national projects like the New Rural Road Improvement Action Plan [2] - In H1 2025, China's engineering machinery exports totaled $28.28 billion, a year-on-year increase of 9.4%, with strong demand from Southeast Asia, the Middle East, and Latin America [2] Group 3: Semiconductor Equipment Developments - The U.S. has escalated restrictions on semiconductor equipment exports to China, requiring companies like Intel and Samsung to apply for licenses for equipment purchases [3] - This move is expected to accelerate the domestic semiconductor industry's innovation and development, presenting opportunities for local semiconductor equipment manufacturers [3] Group 4: Robotics Sector Updates - NVIDIA launched the Jetson Thor, a high-performance computing platform for robotics, enhancing multi-modal perception and decision-making capabilities [4] - UBTECH Robotics signed a strategic cooperation agreement with InfiniCapital for $1 billion, focusing on funding support and industry collaboration [4] Group 5: Nuclear Fusion Industry Progress - CFS, a leading nuclear fusion company, completed a $863 million Series B funding round, with total financing nearing $3 billion, aimed at constructing the SPARC demonstration device [5] - The Chinese Academy of Sciences announced several procurement projects totaling nearly $30 million, focusing on key components for plasma physics research [5] Group 6: Investment Recommendations - Suggested companies for investment include SANY Heavy Industry, XCMG, and LiuGong in the engineering machinery sector [6] - In the semiconductor equipment space, companies like North Huachuang and Zhongwei Company are recommended [6] - For humanoid robots, focus on high-tech components with low domestic production rates, such as assembly and sensors [6]

Core Viewpoint - TBEA has been awarded a significant contract by Saudi Electricity Company for the localization procurement of ultra-high voltage and high voltage transformers and reactors, with an estimated total order value of 16.4 billion RMB, potentially reaching 11.5 billion RMB based on a minimum execution rate of 70% [1][2] Group 1: Contract Details - The contract includes the supply of 179 ultra-high voltage transformers, 108 ultra-high and high voltage reactors, and 391 high voltage transformers, with a minimum execution requirement of 70% [2] - TBEA plans to establish a manufacturing facility in Saudi Arabia for transformers and reactors to enable local production and supply, initially supplying from its Chinese factory until the local facility is operational [2][3] Group 2: Market Context - The demand for power equipment in the Middle East is robust, attracting global energy companies to participate in bidding [3] - TBEA has previously secured multiple orders in Saudi Arabia and the Middle East, enhancing its strategic value and supply capacity in the region [3] Group 3: Financial Performance - TBEA reported a revenue of 48.35 billion RMB in the first half of 2025, a year-on-year increase of 1.11%, with a profit total of 4.42 billion RMB, up 15.62% [4] - The company signed contracts worth over 1.12 billion USD in the first half of the year, reflecting a 65.91% increase compared to the same period last year [4] Group 4: Industry Outlook - The global power grid investment is expected to rise significantly, with projections of reaching 775 billion USD annually by 2030 and exceeding 870 billion USD annually by 2040 [4] - The export of transformer products from China reached 3.65 billion USD in the first half of the year, indicating a growing market share for TBEA in regions like the Middle East and West Africa [4][5]

Core Viewpoint - The company, Tianpu Co., has experienced a significant abnormal fluctuation in its stock trading, with its stock price hitting the daily limit for eight consecutive trading days, resulting in a cumulative price deviation of 100% over this period [1][1]. Summary by Relevant Sections - **Stock Performance**: The stock price of Tianpu Co. has been on a continuous rise, reaching the daily limit for eight consecutive trading days, indicating a strong upward trend in its market performance [1][1]. - **Regulatory Compliance**: This situation falls under the category of severe abnormal fluctuations as per the Shanghai Stock Exchange trading rules, necessitating a risk warning to investors [1][1]. - **Fundamental Analysis**: Despite the significant increase in stock price, the company's fundamental situation has not undergone any major changes, suggesting that the stock price may be misaligned with the company's actual performance [1][1]. - **Investor Risk**: Investors are cautioned that participating in trading under these conditions may pose substantial risks, particularly if the stock price continues to rise abnormally, which could lead the company to apply for a trading suspension for further investigation [1][1].

Core Viewpoint - Both China Railway and China Railway Construction reported declines in revenue and net profit for the first half of 2025, attributed to macroeconomic conditions and intensified industry competition [1][2]. Group 1: Financial Performance - China Railway's revenue for the first half of 2025 reached 511.09 billion yuan, a year-on-year decrease of 5.93%, with a net profit of 10.27 billion yuan, down 21.59% [1]. - China Railway Construction's revenue was 489.20 billion yuan, with a net profit of 9.88 billion yuan, reflecting declines of 5.22% and 11.40% respectively [1]. - Both companies experienced a drop in gross margins across their main business segments, with China Railway's real estate development gross margin at 9.15%, down 3.42 percentage points from the previous year [1][2]. Group 2: New Contracts - China Railway signed new contracts worth 1,108.69 billion yuan in the first half of 2025, marking a 2.8% increase year-on-year, with domestic and overseas contract growth rates of -1.2% and 51.6% respectively [2]. - China Railway Construction's new contract total was 1,056.17 billion yuan, a year-on-year decrease of 4.04%, with domestic and overseas contract growth rates of -8.37% and 57.43% respectively [2]. Group 3: Strategic Outlook - The companies plan to enhance their operational capabilities and innovate business models in the second half of 2025, focusing on key markets, projects, and clients to improve performance [3]. - China Railway aims for a total revenue target of approximately 1,132 billion yuan for 2025, having completed 45.15% of this target in the first half [1].