"你们提前一个多月就给我们通了动力电，使我们在五一节前就正式投产，今天又上门检查用电安全隐 患、宣传安全用电知识，你们的服务真是太贴心了。"5月14日，阳高龙华企业负责人对上门走访的山西 阳高县供电公司工作人员竖起了大拇指。 近年来，国网阳高县供电公司积极响应地方经济发展需求，全力为招商引资入驻企业及广大居民提供优 质电力服务。公司秉持"宁可让电等项目，不让项目等电"的理念，积极落实各项惠企政策，不断精简办 电流程。以构建"供电管家 + 专业团队支撑"服务体系为依托，主动了解企业用电应急预案、设备运维管 理等情况，第一时间收集用电需求，为每户企业建立专属档案，量身定制科学合理的用电方案。借助用 电信息采集系统深入分析客户用电数据，实行"一对一"全过程跟踪服务并逐户回访，及时协助企业办理 用电业务，确保企业电力设备以最佳状态投入生产，助力企业降本增效。 在这场服务攻坚战中，国网阳高县供电公司的黎明党员服务队与青年突击队成为了中坚力量。黎明党员 服务队充分发挥党员先锋模范作用，队员们深入企业车间，为企业提供专业的用电指导和技术支持，解 决企业在用电过程中的各类难题。他们以高度的责任感和使命感，为企业发展保驾护航。 ...

Core Viewpoint - The mechanical industry is experiencing revenue growth in 2024, but profitability has slightly declined, with total revenue reaching 24,389.96 billion yuan, a year-on-year increase of 4.97%, while net profit attributable to shareholders decreased by 12.47% to 1,291.17 billion yuan [2] Revenue and Profitability - In 2024, the mechanical industry's gross margin was 23.50%, down by 0.98 percentage points year-on-year, and the net profit margin was 5.29%, a decrease of 1.05 percentage points, primarily due to falling product prices and insufficient effective demand [2] - The inventory and accounts receivable turnover rates changed by +0.52% and -3.54% respectively, indicating a slight improvement in cash generation capacity, with operating cash flow as a percentage of revenue increasing by 0.41 percentage points [2] Sector Performance - The semiconductor equipment, shipbuilding and offshore engineering, and usage equipment sectors showed high revenue growth in 2024, with year-on-year revenue growth rates of 32.90%, 23.08%, and 18.76% respectively, and net profit growth rates of 13.39%, 74.84%, and 4.17% [3] - For Q1 2025, these sectors are expected to maintain strong performance, with revenue growth rates of 38.60%, 164.08%, and 19.94% respectively, indicating a high level of industry prosperity [3] - The engineering machinery sector showed marginal improvement in Q1 2025, with revenue and profit growth rates of 10.29% and 31.52% respectively, an increase of 6.01 and 21.23 percentage points compared to Q1 2024 [3] Investment Recommendations - Key investment recommendations include companies such as Huace Testing, Bochu Electronics, Yirui Technology, and others, focusing on value and forward-looking opportunities [4] - Long-term investment themes suggest focusing on emerging market growth and export acceleration, particularly in sectors like humanoid robots, AI infrastructure, and coal chemical equipment [5] - Attention is also drawn to supply-side factors, including stock updates and import substitution opportunities in sectors like shipbuilding and nuclear power equipment [6]

Core Viewpoint - The chemical industry is experiencing a low level of prosperity, with expectations for a cyclical recovery in the future. The performance of the petrochemical and basic chemical sectors has shown significant divergence, influenced by factors such as oil price fluctuations and market demand [2][3]. Group 1: Industry Performance - In Q1 2025, the petrochemical sector achieved revenue of 1,015.1 billion yuan, a year-on-year decrease of 7.1%, while the basic chemical sector reported revenue of 607.0 billion yuan, an increase of 6.4% [1][2]. - The net profit attributable to shareholders for the petrochemical sector was 17.0 billion yuan, down 23.5% year-on-year, whereas the basic chemical sector saw a net profit of 37.1 billion yuan, up 4.7% year-on-year [1][2]. - For the full year of 2024, the petrochemical sector is projected to generate revenue of 43,056 billion yuan, a decrease of 3.2%, while the basic chemical sector is expected to reach 24,970 billion yuan, with a slight increase of 0.3% [2]. Group 2: Cost and Demand Dynamics - The average Brent crude oil price in Q2 2025 is projected to be 65.3 USD/barrel, reflecting a decline of 12.9% from Q1 2025 and 23.2% from Q2 2024 [3]. - The petrochemical and basic chemical sectors experienced year-on-year capital expenditure growth rates of -24.5% and -5.3%, respectively, indicating a slowdown in investment [3]. - Despite challenges in international trade, the resilience of China's chemical exports is anticipated, particularly with the potential release of domestic demand driven by ongoing policy support [3]. Group 3: Investment Recommendations - The current price-to-earnings (PE) ratios for the petrochemical and basic chemical sectors are 18.2x and 23.7x, respectively, indicating a premium compared to historical averages [4]. - The basic chemical sector is viewed as undervalued, presenting medium to long-term investment opportunities [4]. - Key investment themes include expanding domestic demand, fostering new production capabilities, and capitalizing on high-performing resource sectors [5].

华源证券近日发布建筑装饰行业专题报告：2024年，申万建筑板块实现营收8.73万亿 元，同比-3.95%；归母净利润1715亿元，同比-14.22%。尽管整体盈利水平承压，但行业毛 利率小幅回升至10.90%，显示成本控制与项目优化有所见效。展望2025年，地方专项债额 度增至4.4万亿元，同比增加5,000亿元，叠加稳投资政策支持，建筑板块盈利修复动力逐步 增强。 一季度受季节因素扰动，全年节奏有望逐步回稳。2025年一季度，受春节错位与重点项 目开工延后影响，建筑板块整体营收19,385亿元，同比下降6.35%；归母净利润460.39亿 元，同比下降8.40%。从板块结构看，仅化学工程与钢结构实现营收同比正增长，分别为 +6.37%和+5.20%；在归母净利润方面，仅装修装饰、设计咨询和化学工程板块实现了同比 上升。随着特别国债、专项债项目加快落地，各地交通投资计划稳步推进，行业工作量有望 逐季改善。 投资建议：国内基建在"一带一路"倡议深化与海外订单快速增长的推动下，央企在国际 市场拓展优势明显，重点推荐中国建筑、中国中铁，建议关注中国铁建、中国电建、中国中 冶、中国化学、中国能建和中国交建；专项债支持 ...

图为国网兰州新区供电公司员工在110千伏耀望变电站，协助客户开展安全用电检查。 史双绚/摄 这样的"电力速度"，正是国网兰州新区供电公司赋能产业发展的生动注脚。国网兰州新 区供电公司营销部五级职员陆晓军向记者回忆了耀望变电站的诞生轨迹——2023年7月提前 接通临时电，2024年3月接到13.5万千伏安正式用电申请后，48小时内完成供电方案设计， 系统接入审批流程提速60%。最令人惊叹的是：原定2025年4月8日的送电节点，硬是被压缩 至4月1日凌晨。"那天凌晨1点，我们裹着军大衣在变电站盯着仪表，直到所有指示灯转绿才 敢松口气。"陆晓军揉了揉被风吹眯的眼睛，仿佛那夜的寒风仍萦绕指尖。 图为国网兰州新区供电公司员工在甘肃耀望化工有限责任公司了解客户最新用电需求， 并开展安全用电检查。史双绚/摄 这场"与时间赛跑"的底气，源于三年前的前瞻布局。2023年初，当耀望化工的项目规划 图还躺在设计院档案室时，供电公司已联合兰州新区管委会协同开展园区电网规划研究。 330千伏红乐变电站如同巨人的心脏，将澎湃电流泵送至园区每个角落。 "我们给这片区域预留了五年的负荷增长空间。"站在红乐变电站站内，石培杰指向站外 塔吊林立 ...

青山赤梦，红色两当。站在传承红色基因的高地上，国网两当县供电公司党支部充分发 挥党建引领示范作用，坚持"三位一体抓住关键、两项协同守住底线"，在"两当党旗红"引领 带动下，实现党的建设与供电服务同频共振，为乡村振兴注入强劲动能。交出了一份沉甸甸 的民生答卷——连续69个月实现全口径供电服务"零投诉"，客户满意率持续保持100%。为 民服务的坚强红色堡垒在一张电力建设与优质服务的新画卷铺展开来，让这里更有活力，更 具魅力。 急群众之所"需"，主动服务展担当 今年"五一"小长假期间，两当县红色旅游持续升温。作为全国爱国主义教育基地，两当 兵变纪念馆、老南街兵变旧址等红色景点迎来客流高峰。国网两当县供电公司组织国家电网 甘肃电力（陇南金橄榄·两当）连心桥共产党员服务队开展保电专项行动，以可靠电力护航 红色传承，用贴心服务擦亮"白龙江畔电小二"品牌，让红色基因在新时代焕发璀璨光芒。 5月3日清晨，两当兵变纪念馆配电室内，身着红马甲的共产党员服务队队员杨佳豪和他 的同事们正手持红外测温仪，对高低压配电柜进行"体检"。"供电设备就是红色教育的'血 脉'，必须确保万无一失！""红色保电突击队"针对纪念馆、红军街等5处红色遗 ...

Core Viewpoint - The completion and operation of the intelligent drone warehouse by State Grid Baiyin Power Supply Company marks a significant advancement in the field of power operation and maintenance, initiating a new chapter in the intelligent management of power grid operations [1][4]. Group 1: Intelligent Drone Warehouse Features - The intelligent drone warehouse is equipped with advanced systems such as a fresh air system and central air conditioning, which automatically regulate the temperature and humidity to ensure optimal storage conditions for drones and equipment, thereby extending their lifespan and maintaining performance stability [1][4]. - The warehouse includes a smoke alarm system and an intelligent temperature detection system that monitors temperature and smoke levels 24/7, triggering alarms and emergency measures in case of anomalies, ensuring comprehensive safety for the warehouse [1][3]. Group 2: Security and Management Systems - A comprehensive video surveillance system is installed in the warehouse, allowing management personnel to monitor the dynamics within the warehouse in real-time, ensuring the safety of drones and equipment [3]. - The introduction of an advanced intelligent drone entry and exit management system, utilizing IoT and RFID technologies, enables fully automated and intelligent management of drone operations, significantly reducing preparation time and enhancing operational efficiency [3][4]. Group 3: Investment in Drone Technology - In recent years, State Grid Baiyin Power Supply Company has increased its investment in drone technology, currently deploying multiple high-performance drones for tasks such as transmission line inspections and fault detection, which have effectively improved the efficiency and quality of power operation and maintenance [4]. - The establishment of the intelligent drone warehouse further enhances the drone operation system, promoting the transition of power operation and maintenance models towards greater efficiency, intelligence, and reliability [4].

Core Viewpoint - The article highlights the importance of stable electricity supply for the production of Yianping Tribute Tea, emphasizing the efforts made by the State Grid Nanjing Yianping District Power Supply Company to ensure reliable power for tea production during the peak season [1][2]. Group 1: Electricity Supply and Safety Measures - The company conducted thorough inspections of the power supply for tea production, utilizing drones and infrared thermometers to identify potential hazards and ensure a "zero defect" operation of the power grid [2]. - A proactive approach was taken to optimize the power grid operation in response to the changing electricity load during tea production, ensuring real-time monitoring and adjustments [2]. - The company established a voltage quality monitoring mechanism and maintained 24-hour communication with tea farmers and processing plants to quickly address any electricity-related issues [2]. Group 2: Support for Tea Farmers - The company promoted all-electric tea processing equipment to enhance the efficiency and quality of tea production, providing one-stop services for equipment selection, installation, and debugging [2]. - Regular visits to tea farmers were conducted to check electrical equipment and provide safety education on electricity usage [2]. - The ongoing commitment of the company to provide reliable electricity and quality service aims to boost the development of the Yianping Tribute Tea industry, increase farmers' income, and support rural revitalization [2].

Core Insights - The newly opened electric power service station in Jixian County enhances the visitor experience at the Hukou Waterfall scenic area by providing essential amenities such as hot water, seating, and a comfortable waiting area [3][4] - The service station aims to support the increasing number of tourists during holidays and weekends, ensuring a reliable power supply and addressing the growing demand for charging facilities [3][4] Group 1: Service Features - The electric power service station offers various amenities including hot water, seating, reading corners, umbrellas, power banks, free WiFi, and clean public restrooms to meet diverse visitor needs [3] - The station has served over 2,000 visitors and distributed more than 500 safety electricity manuals as of May 11 [3] Group 2: Operational Support - The Jixian County Power Supply Company has implemented daily inspections of power supply lines and charging equipment to prevent electrical issues and ensure uninterrupted service [3] - The company plans to continue enhancing its "power supply + public service" model to improve service quality and support local tourism development [4]

Core Insights - The company is utilizing drones for efficient inspection of 10 kV rural power lines, enhancing the precision of maintenance tasks and addressing potential hazards effectively [1][2] - The integration of drone technology allows for real-time temperature monitoring and detailed imaging of hard-to-reach areas, contributing to a comprehensive defect management plan [1] - The company aims to further explore the integration of drone inspections with data analysis to improve the efficiency and quality of power grid operations [2] Group 1 - The company completed inspections of 10 kV rural power lines using drones, focusing on fire prevention lines and high trip rate lines [1] - Drones equipped with infrared detectors were used to monitor equipment temperatures and capture images of potential defects, which are then included in a defect rectification plan [1] - The use of drones allows for inspections to be conducted safely and efficiently, regardless of weather conditions, and even while the equipment is energized [1] Group 2 - The company is leveraging the high intelligence, mobility, and portability of drones to conduct comprehensive acceptance tests on distribution network projects [2] - This approach effectively addresses the risks and limitations associated with traditional inspection methods, ensuring defect-free construction quality [2] - The company plans to increase the coverage and application scenarios of autonomous drone inspections, thereby enhancing the management level of power grid operations [2]