Core Viewpoint - The conference in Zhaoqing High-tech Zone showcased significant achievements in high-quality development and investment attraction, highlighting the region's commitment to becoming an industrial, technological, livable, vibrant, and progressive city [1] Group 1: Industrial Development - A total of 23 industrial projects were successfully signed, with a total investment exceeding 10.8 billion yuan; 23 projects commenced construction with a planned investment of 6.9 billion yuan; and 22 projects were completed and put into production with a planned investment of 6.5 billion yuan [2] - The industrial output value of the high-tech zone surpassed 100 billion yuan, with industrial technological transformation investment reaching 4.88 billion yuan, a year-on-year increase of 128% [2] - The region saw the addition of 3 national key "little giant" enterprises, marking a breakthrough in the city, and the number of provincial specialized and innovative enterprises reached 109 [2] Group 2: Technological Innovation - The conference awarded exemplary enterprises and signed the "Zhaoqing-Hong Kong Technology Empowerment Plan," aimed at integrating innovation resources from both regions to enhance industrial transformation [3] - The high-tech zone's ranking in the national high-tech zone comprehensive evaluation improved from 103rd to 86th, the largest increase in the province [3] - The number of high-tech enterprises reached 274, with the establishment of 3 provincial new-type R&D institutions and 3 national incubators [3] Group 3: Livability and Social Welfare - Key infrastructure projects such as the Xiaopeng Motors Industrial Park and a new hospital were launched to enhance the livability of the high-tech zone [4] - The total population of the area exceeded 300,000, with 375 manufacturing projects completed, accounting for 32% of the city's total industrial space [4] - Educational resources were expanded with the addition of 6,320 new quality school places and the construction of a new comprehensive hospital [4] Group 4: Urban Vitality - Several cultural and recreational projects were launched, including the Jiangonggang Grain Creative Industry Park and the Longhu Water Ecological Leisure Project, enhancing the urban charm [5] - The integration of public resources with leisure spaces is driving improvements in surrounding rural environments and industries [5] Group 5: Regional Collaboration - The signing of a project to promote an industrial chain supply and demand matching platform, which has served over 650 enterprises, marks a shift to a city-wide industrial collaboration hub [7] - The establishment of a human resources collaborative innovation project aims to replicate successful service models from the high-tech zone to surrounding areas [7] - The local human resources service model has been recognized at the national level, leading to rapid industry growth with a revenue increase of 177%, reaching 960 million yuan [7]

在源网侧储能领域，科华数能凭借全域构网型储能技术创新构建了差异化竞争优势。其核心产品2.5MW储能PCS、5MW储能变流升压一体机与S 液冷储能系 统，构建了"高效集成、安全可靠、成本更优"的源网侧构网型储能解决方案。在内蒙古阿荣旗1GW/4GWh电网侧储能项目中，该方案展现出超强环境适应 性，-35℃低温下仍能安全运行，为电网稳定运行与清洁能源消纳提供了有力支撑。 1月14日，第四届"光能杯"储能行业颁奖盛典在苏州顺利举行。科华数能凭借在储能技术创新领域的深厚积淀与构网储能技术上的卓越突破，荣获"中国储能 产业卓越源网侧储能解决方案"、"中国储能产业优秀用户侧应用场景创新项目"双项奖项。 作为全球领先的智慧光储解决方案提供商，科华数能深耕电力电子技术领域37年，始终以创新驱动发展，坚持长期主义理念，用先进技术赋能行业生态。据 标普全球报告显示，科华数能在500kW以上功率段储能PCS市场稳居全球首位；据中关村储能产业技术联盟发布的2025年度中国储能企业系列榜单显示，科 华数能蝉联中国市场储能PCS出货量第一，截至2024年底，科华数能全球储能装机规模达30GW/12GWh，产品与服务覆盖超100个国家和地 ...

Core Insights - ICBC Credit Suisse Asset Management Co., Ltd. (ICBC Credit Suisse) has faced significant challenges, including stagnation in growth, weak equity performance, and talent loss, despite its rapid rise in the past [1] Group 1: Scale Challenges - ICBC Credit Suisse's asset management scale reached 800 billion yuan in 2021 but has seen minimal growth since, projected to only increase to 864.2 billion yuan by the end of 2025, while the overall public fund industry grew by 42% during the same period [2] - The company's ranking in the industry has dropped from 9th in 2021 to 14th by the end of 2025, indicating a diminishing competitive edge [2] - New product launches have declined since 2021, with active equity business shrinking significantly, which is critical for assessing the company's investment research capabilities [2][4] Group 2: Performance Issues - From 2022 to 2023, ICBC Credit Suisse's funds incurred substantial losses totaling 45.016 billion yuan, with 36.541 billion yuan in 2022 and 8.575 billion yuan in 2023, marking a period of severe scale contraction [5] - In 2024, the market recovery allowed the company to achieve a profit of 25.755 billion yuan, leading to a slight rebound in scale [5] - The long-term performance of equity products has been underwhelming, with annualized returns for stock and mixed funds ranking 53rd and 33rd in the industry, respectively, during the market recovery in 2024 [5] Group 3: Talent Loss - Since 2022, 18 fund managers have left ICBC Credit Suisse, including key figures, leading to a significant talent drain [7] - The departure of prominent managers has resulted in a gap in the investment research system, particularly affecting the company's ability to capitalize on key investment opportunities in sectors like technology and new energy [7][8] - The company has attempted to fill the talent gap by hiring 50 new fund managers, primarily from within, but these individuals lack the experience needed to quickly replace the lost expertise [7][8]

Core Insights - The seventh "Carbon Entrepreneur" New Year Sharing Conference was held in Suzhou, where Kehua Data was awarded the title of "Most Influential Photovoltaic Inverter Company" [1] - This recognition highlights Kehua Data's strong R&D capabilities, excellent product performance, and extensive project experience in the global energy storage industry [1] Group 1 - Kehua Data has 37 years of deep technical accumulation in the power electronics field and has been focused on photovoltaic inverters for 18 years [3] - The company emphasizes technological innovation as its core driving force, continuously launching efficient, safe, stable, reliable, and intelligent photovoltaic inverter products [3] - Kehua Data has developed the first domestic 1500V 5MW liquid-cooled centralized photovoltaic inverter and a new generation 320kW string inverter, receiving acclaim within the industry [3] Group 2 - The new generation string inverter achieves a maximum efficiency of 99.04% and has been successfully applied in various challenging project environments [3] - The 5MW liquid-cooled centralized photovoltaic inverter utilizes advanced liquid cooling technology, capable of operating at full load in 45°C environments, with a maximum MPPT voltage range increased to 1500V [3] - Kehua Data aims to continue its innovation efforts, enhancing product R&D levels and promoting photovoltaic technology advancements to provide more efficient, safe, and intelligent solutions for global users [3]

1月16日，华为以"让有路的地方就有高质量充电"为主题，在深圳举办2026充电网络产业十大趋势发布会。华为智能充电网络领域总裁王志武从产业与技术 多重维度全面解读，正式发布2026充电网络产业十大趋势。 王志武表示，充电网络产业仍处于波次发展的初级阶段，未来还有无限的可想象空间。我们当下正在经历的重卡物流电动化，不仅社会价值更高，更代表一 场交通能源变革，商用车场景将成为直流充电绝对的流量高地。充电网络产业在未来十年仍然会保持高速发展态势，充满挑战的同时也拥有更多机遇。 趋势一：高质量发展 从乘用车到商用车，"高质量"成为超充必选项，并推动存量老旧充电设备大规模升级换代、满足不同车型大电量补能需求。高质量发展从"超充之城"向"兆 瓦超充之城"延展，将以"统一规划、统一标准、统一监管、统一营维"四个要素，促进行业伙伴实现"高质量兑现高收益"。 重卡"以电替油"可实现商业闭环，将从封闭场景快速走向全场景。动力电池成本下降与兆瓦超充技术革新，让物流兆瓦化势不可挡，达成经济价值与社会价 值双收益。 趋势四：场站百兆瓦化 全电物流趋势下，百兆瓦级场站将是高运力场景标配。以技术壁垒、电价差额、规模优势等因素在所处区域形成 ...

Core Insights - The "Compact Renewable Energy Electric Thermal Hydrogen Co-production System Module Key Technology" project was officially launched in Ningbo, Zhejiang, on January 16, marking a significant advancement in green hydrogen manufacturing technology [1] - The project enhances hydrogen production efficiency and safety while significantly reducing the space required for hydrogen production, storage, and fuel cell equipment, thus promoting the industrialization and accessibility of green hydrogen [1] Group 1 - The project utilizes only 14 square meters of container space, compared to the thousands of square meters previously required, achieving a breakthrough in lightweight and compact green hydrogen manufacturing technology [1] - Zhejiang province, being a major energy consumer with limited resources, is actively exploring green hydrogen to address its high fossil energy consumption and external energy dependency [1] - The State Grid Zhejiang Electric Power has implemented four hydrogen energy demonstration projects in various locations, innovatively integrating hydrogen energy with wind and solar power [1] Group 2 - The project has achieved a significant reduction in the size of hydrogen production devices while improving overall energy conversion efficiency, with a conversion efficiency exceeding 98% and a fuel cell combined heat and power efficiency over 97% [2] - The engineering employs low-pressure high-density solid-state metal hydrogen storage technology, which allows for hydrogen storage at normal pressure, significantly reducing leakage and explosion risks [2] - The system includes nearly 20 monitoring probes and features a pioneering hydrogen micro-leakage early warning and positioning technology, with a rapid response time of only 56 milliseconds for leak or fire risk management [2]

Group 1 - A new company, Hubei Yangtze River Enterprise Management Research Institute Co., Ltd., has been established with a registered capital of 30 million RMB [1] - The legal representative of the company is Tu Junshan, indicating a structured leadership [1] - The company's business scope includes social and economic consulting services, information technology consulting services, and enterprise management consulting [1] Group 2 - The company is jointly owned by Hubei Provincial Investment Company, Changjiang Securities Innovation Investment (Hubei) Co., Ltd., and Tianfeng Innovation Investment Co., Ltd., showcasing a collaborative investment approach [1]

凛冬已至，民生供暖进入关键窗口期。能源保供，是关乎千家万户温暖的"头等大事"。神东煤炭补连塔 煤矿开足马力保生产，该矿综采二队12417工作面复杂地质条件给煤炭开采带来严峻考验。面对挑战， 综采二队全体干部职工化身"地下尖兵"，以精准高效的硬核举措攻坚克难，在百米井下筑牢坚实的能源 保供生命线，用担当与坚守，守护万家冬日暖意。 ...

2025年是"十四五"规划收官之年，也是能源行业深化供给侧结构性改革、推动高质量发展的关键之年。面对煤炭市场供需调整与价格波动 的复杂局面，煤炭运销公司全面落实国家电投内蒙古公司"绿色转型 奋进百亿"目标，坚持以市场为导向、以效益为中心，聚焦销售结构 优化与运营效能提升，全力以赴推动销售收入稳步增长，为"十四五"圆满收官贡献运销力量。 政策引领，精准施策，筑牢保供稳价基础 （煤炭运销公司 刘鹏 陈雪晗） "十四五"期间，国家持续推进能源革命，强调煤炭的"压舱石"作用与清洁高效利用。煤炭运销公司积极顺应政策导向，严格落实长协煤履 约机制，2025年长协煤兑现率稳定在90%以上，有效发挥稳价保供作用；在特殊时段，优先保障农牧民取暖、区域供热等民生用煤需 求，"十四五"期间累计供应民生保障用煤超过850万吨，切实履行了国有企业社会责任。同时，公司密切关注宏观经济走势与区域能源需 求变化，动态优化销售策略。迎峰度夏期间，全国多地出现持续高温暴雨等极端天气，电力负荷屡创新高，公司迅速响应，加强供需衔 接，保障全月日均运力45列以上，兑现"暴雨冲不垮输煤生命线"的承诺。2025年迎峰度夏期间，公司创下单日外运峰值近30万 ...

Core Viewpoint - The report highlights the current trends in the chemical industry, focusing on price movements, supply and demand dynamics, and investment opportunities in undervalued leading companies amid a backdrop of geopolitical tensions and changing market conditions [1][4][8]. Industry Dynamics - In the week of January 12-18, 49 out of 100 tracked chemical products saw price increases, while 20 experienced declines, and 31 remained stable. The average monthly price of 49% of products rose compared to the previous month [3]. - The average price of WTI crude oil futures increased by 0.54% to $59.44 per barrel, while Brent crude oil futures rose by 0.66% to $63.76 per barrel during the same week [4]. - As of January 9, U.S. crude oil production averaged 13.753 million barrels per day, a decrease of 58,000 barrels from the previous week but an increase of 272,000 barrels year-on-year. Total U.S. oil demand was 21.009 million barrels per day, up by 178,200 barrels from the previous week [4]. Price Movements - The price of butadiene rose by 4.04% to 9,663 yuan per ton as of January 18, with a month-on-month increase of 25.98% but a year-on-year decrease of 20.8%. The production of butadiene was 109,300 tons, down 2.85% from the previous week [5]. - Epoxy propane prices increased by 8.84% to 8,620 yuan per ton, with a year-on-year rise of 9.88%. The market operating rate was 65.38%, reflecting a 1.51% increase from the previous week [6][7]. Investment Recommendations - As of January 18, the price-to-earnings ratio (TTM) for the SW basic chemical sector is 14.68, at the 59.64% historical percentile, while the price-to-book ratio is 1.54, at the 40.20% historical percentile. The SW oil and petrochemical sector has a TTM P/E ratio of 13.44, at the 39.81% historical percentile [8]. - Investment suggestions include focusing on undervalued leading companies, the impact of "anti-involution" on supply in related sub-industries, and the growing importance of self-sufficiency in electronic materials and certain new energy materials amid rising prices [2][8]. - Recommended stocks include Wanhua Chemical, Hualu Hengsheng, and others, with a focus on sectors like semiconductor materials, OLED materials, and new energy materials [8][9].