Core Viewpoint - The company emphasizes the importance of maintaining integrity and discipline among its employees during the festive season, implementing measures to prevent misconduct and ensure quality service delivery [1][2]. Group 1: Integrity and Discipline Measures - The company issued a notice to all employees outlining the importance of adhering to integrity standards during the holiday season, focusing on avoiding common issues related to the "Four Winds" [1]. - Employees are reminded to uphold professional ethics and avoid seeking personal gain during the festive period, thereby maintaining the company's positive image [1]. Group 2: Service Commitment - The company integrates integrity requirements with its core operations, emphasizing the need for all employees to adhere to the principle of "Electricity for the People" and to fulfill their duties during the holiday [2]. - A 24-hour duty system and emergency response mechanism are to be strictly implemented to ensure the reliability of electricity supply for residents and businesses [2]. Group 3: Supervision and Accountability - The company plans to enhance supervision and accountability during the holiday through special inspections, random checks, and both overt and covert monitoring to address any violations promptly [2]. - There is a commitment to a "zero tolerance" policy for misconduct, ensuring that any violations are reported and dealt with decisively [2]. Group 4: Long-term Integrity Culture - The company aims to use the holiday integrity notice as a foundation for ongoing efforts in promoting a culture of discipline and integrity among all employees [2]. - The goal is to strengthen the awareness of rules and regulations, contributing to the company's high-quality development [2].

Core Viewpoint - The company is committed to expanding its global footprint in renewable energy, emphasizing the importance of sustainable development and collaboration across borders [1]. Group 1: Project Developments - The Boychinovtsi solar project in Montana, Bulgaria, has been successfully connected to the grid, with a capacity of 67.5 MWdc, expected to generate 91.82 million kWh annually, serving 83,000 households and reducing CO2 emissions by 72,000 tons per year [7]. - The Vedrare solar project, with a capacity of 87.9 MWdc, has been fully acquired by Greece's PPC Group, marking it as one of Bulgaria's largest solar projects, anticipated to generate 140 million kWh annually [10]. - The De Kromme Leek solar power station in the Netherlands, with a capacity of 7.1 MWp, has commenced operations, expected to provide clean electricity for over 2,100 households and reduce CO2 emissions by approximately 3,200 tons annually [12]. Group 2: Strategic Initiatives - The company is actively involved in the construction of a 4.55 MWp solar power station in Turkey for Oriental Tobacco Packaging, which will significantly lower electricity costs and carbon emissions for the client [22]. - The Kerta 5.5 MWh energy storage project in Murray Bridge, Australia, has been successfully connected to the grid, expanding on an existing solar project and enhancing energy management services [15]. - The Butuan solar project in the Philippines, with a capacity of 13 MW, is set to be the first megawatt-level solar station in the province, expected to generate 18.82 million kWh annually, supporting local clean energy initiatives [24].

Group 1 - The core viewpoint of the articles indicates a significant decline in liquefied gas futures prices, with the December closing average at 4188 yuan/ton, down 120 yuan/ton or 2.79% from the previous month [1] - The international crude oil prices showed a mixed trend, with WTI averaging $57.87/barrel, down $1.61/barrel or -2.70%, and Brent averaging $61.64/barrel, down $2.02/barrel or -3.18% [1] - Domestic liquefied gas supply in December was 2.1686 million tons, a slight decrease of 0.25% month-on-month but an increase of 5.49% year-on-year [1] Group 2 - The basis in South China strengthened significantly to 405 yuan/ton, expanding by 239 yuan/ton month-on-month, primarily due to the sharp decline in futures prices [2] - The average daily trading volume of the main contract decreased significantly to 19,245 lots, with the average daily open interest at 57,544 lots, down 20,880 lots month-on-month [2] - The outlook for January predicts weak fluctuations in international crude oil prices, with chemical processing profits remaining in substantial losses, likely exerting negative pressure on demand [2]

"开盘做多，先收割一把，"李文近日几乎天天在一个锂业微信群中分享他做多碳酸锂期货的经验。他是 一个期货投资者，随着近期碳酸锂极端上涨行情的出现，他也赚得盆满钵满。 但是这一天，李文发出的"收割"这个词刺痛了群里产业内人士。相关产业人士回应道："收割这个词太 血腥了，产业已经'埋'了。" 近期，碳酸锂期货价格狂飙，2605合约价格在近两个半月时间内上涨超66%。有投资者狂欢的同时，锂 矿公司却高兴不起来。 "不少产业公司面临'两头亏'的情况，"近日，第一财经记者从多个锂矿公司内部人士处获悉，一方面， 当下现货和期货基差（价差）大，锂矿公司期货套保空头头寸出现大额亏损；另一方面，现货价格短期 内快速上升，并没有得到市场的普遍认可，锂矿公司现货难以成交。 受近期碳酸锂期货价格持续上涨的影响，江特电机（002176.SZ）近日发布公告称，经初步测算，公司 商品期货和衍生品交易已确认损益及浮动亏损金额超过1000万元人民币。 为对冲锂产品（如碳酸锂）现货价格大幅波动的风险，头部锂矿公司开展期货套保业务已经较为普遍。 天齐锂业、盐湖股份、融捷股份等都曾发布公告，明确开展碳酸锂期货套保业务。而卖出套保是锂矿公 司最常用的方 ...

Group 1 - The core message is that China successfully launched the Tianhui-7 satellite using the Long March 4B rocket, marking a successful completion of the mission [1] - The Tianhui-7 satellite is developed by the China Aerospace Science and Technology Corporation and is primarily used for geographic information surveying, land resource census, and scientific research [1] Group 2 - The Long March 4B rocket is a medium-sized, three-stage launch vehicle developed by the China Aerospace Science and Technology Corporation, capable of launching various types of satellites into different orbits [3] - The rocket has a payload capacity of 2.5 tons to a 700-kilometer sun-synchronous orbit and can perform single or multiple satellite launches [3] - This mission marks the 622nd flight of the Long March series of rockets, with the Long March 4 series completing a total of 7 successful launches in the year [3]

Industry Overview - In November, excavator sales reached 20,027 units, representing a year-on-year increase of 13.9%, with domestic sales at 9,842 units (up 9.1%) and exports at 10,185 units (up 18.8%) [1][2] - The construction machinery sector is experiencing a broad recovery, with loader sales at 11,419 units, a year-on-year increase of 32.1%, including domestic sales of 5,631 units (up 29.39%) and exports of 5,748 units (up 34.8%) [1][2] - Sales of automotive cranes reached 1,536 units, marking a year-on-year increase of 16.6%, continuing a positive growth trend for three consecutive months [1][2] AI Infrastructure Demand - The demand for AI-related infrastructure remains strong, with NVIDIA planning to deliver H200 chips to Chinese customers in mid-February, with an expected shipment of 5,000 to 10,000 chip modules, equivalent to approximately 40,000 to 80,000 H200 chips [2] - OpenAI is advancing a financing plan that could reach several hundred billion dollars, potentially up to 100 billion dollars, indicating a robust investment climate in the AI sector [2] Company Highlights 1. **Riyuan Technology** - A leading domestic supplier of industrial X-ray intelligent detection equipment, with a nearly doubled order intake year-on-year in the first half of the year and a revenue increase of 44.01% year-on-year in the first three quarters [2] - The net profit attributable to the parent company increased by 18.83%, with profit growth expected to improve as the impact of new production base construction and share-based payments diminishes [2] 2. **Kangst** - Engaged in the research and sales of digital testing instruments, the company showed resilience under tariff pressures, with Q3 revenue, net profit attributable to the parent, and net profit excluding non-recurring items increasing by 22.24%, 30.66%, and 36.2% year-on-year, respectively [3] - The international business demonstrated strong operational resilience, and the domestic market performance was robust, with growth potential in MEMS sensors [3] 3. **Xinxin Shares** - The company specializes in hard alloys and tools, reporting Q3 revenue growth of 38.02% and net profit attributable to the parent increasing by 75.40% [4] - The significant profit growth is attributed to the company's ability to pass on rising raw material costs to downstream customers, indicating a stable business growth and improving profitability [4]

Core Viewpoint - The construction materials and new materials industry is expected to maintain high investment attractiveness in 2025, despite continued pressure from traditional domestic demand in real estate and infrastructure [2]. Group 1: Cement Industry - Cement demand is projected to be under pressure, with structural adjustments expected. The anticipated demand distribution for 2025 is 30% from real estate, 50% from infrastructure, and 20% from rural areas [2][3]. - The industry is expected to experience a low point around April-May 2024, with a gradual improvement in supply-demand relationships as supply exits in an orderly manner [2][3]. Group 2: Glass Fiber Industry - The glass fiber sector is expected to benefit from the release of profits in AI electronic cloth by 2026, with a focus on high-end fabric price elasticity [3]. - The industry has undergone domestic substitution, establishing China as a global supplier, making both domestic and international demand crucial [3]. Group 3: Glass Industry - The glass sector is facing demand pressure and a slowdown in cold repairs, with a net reduction of approximately 4,000 tons per day as of December 21, 2025, which is a deceleration compared to 2024 [4]. - The overall glass prices are under pressure due to weak downstream demand, with a projected decline in construction completions by 18% year-on-year from January to November 2025 [4]. Group 4: Consumer Building Materials - The consumer building materials sector has shown signs of stabilization since Q3 2025, with narrowing revenue declines and reduced price competition, indicating that the most challenging phase has passed [5]. - Despite ongoing pressures in new housing demand, the release of second-hand housing and renovation projects is expected to provide strong support, leading to structural opportunities [5].

金元证券近日发布低空经济周报（第五十二周）：本周低空经济指数涨5.61%，相对涨幅3.66%，日均 成交额829.0亿元，市盈率（TTM）达129.59倍，本周日均主力净流入额-7.70亿元。较上周而言，本周 成交额上升，估值维持高位，主力资金净流出。 以下为研究报告摘要： 板块行情回顾： 本周低空经济指数涨5.61%，相对涨幅3.66%，日均成交额829.0亿元，市盈率（TTM）达129.59倍，本 周日均主力净流入额-7.70亿元。较上周而言，本周成交额上升，估值维持高位，主力资金净流出。 个股表现： 2.广东低空金融"十二条"发布； 3.广东省低空经济人才培育服务平台正式上线；4.广东省低空飞行综合管理服务平台正式发布；5.广州 低空飞行综合管理服务平台发布； 6.广东省市场监督管理局发布低空经济应用4项地方标准； 7.京东物流无人机已进入全国常态化测试运营阶段；8.顺丰丰翼方舟ARK80物流无人机获中国民航局颁 发TC。政策动态： 1.新修订《中华人民共和国民用航空法》明年7月1日起施行； 2.深圳市监局发布《低空经济商业秘密保护工作指引》。 公司动态： 本周涨幅前五个股为超捷股份、广联航空、北斗星通 ...

Industry Overview - The chemical sector's overall performance ranked 7th this week (2025/12/22-2025/12/26) with a fluctuation of 4.23%, outperforming the Shanghai Composite Index by 2.35 percentage points and the ChiNext Index by 0.34 percentage points [1] - The chemical industry is expected to continue its differentiated trend in 2025, with a focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [1] Synthetic Biology - The arrival of a pivotal moment in synthetic biology is anticipated, driven by the adjustment of energy structures, which may disrupt fossil-based materials and favor low-energy products [1] - Traditional chemical companies are expected to compete based on energy consumption and carbon tax costs, with successful firms leveraging green energy alternatives and integrated advantages to reduce costs [1] - The demand for bio-based materials is projected to surge, leading to potential profitability and valuation increases for leading companies in the synthetic biology sector, such as Kasei Bio and Huaheng Bio [1] Refrigerants - The implementation of quota policies is expected to usher in a high-growth cycle for third-generation refrigerants, with supply entering a "quota + continuous reduction" phase starting in 2024 [2] - The demand for refrigerants is anticipated to grow steadily due to the development of heat pumps, cold chain markets, and the expansion of the air conditioning market in Southeast Asia [2] - Companies with a high quota share, such as Juhua Co., Sanmei Co., Haohua Technology, and Yonghe Co., are expected to benefit significantly from this trend [2] Electronic Specialty Gases - Electronic specialty gases are critical to the electronics industry and represent a core component of domestic industrial chain localization [2] - The domestic market faces a contradiction between rapid upgrades in wafer manufacturing and insufficient high-end electronic specialty gas capacity, presenting significant domestic substitution opportunities [2] - Key players like Jinhong Gas, Huate Gas, and China Shipbuilding Gas are positioned to capitalize on the growing demand driven by integrated circuits, panels, and photovoltaics [2] Light Hydrocarbon Chemicals - The trend towards light raw materials in the global olefin industry is becoming increasingly significant, with a shift from heavy naphtha to lighter low-carbon alkanes like ethane and propane [3] - Light hydrocarbon chemicals are characterized by low carbon emissions, low energy consumption, and low water usage, aligning with global carbon neutrality goals [3] - Companies in the light hydrocarbon sector, such as Satellite Chemical, are expected to see a revaluation of their value as this trend continues [3] COC Polymers - The industrialization process of COC/COP (cyclic olefin copolymer) is accelerating in China, driven by domestic companies achieving breakthroughs and the shift of downstream industries to domestic sources [4] - COC/COP materials are increasingly used in various applications, including mobile camera lenses and medical packaging, with a focus on high-end applications [4] - Companies like Acolyte are recommended for their potential in the COC polymer production segment [4] Potash Fertilizers - Potash fertilizer prices are expected to rebound as the industry enters a destocking cycle, with supply constraints due to Canpotex withdrawing new quotes and Nutrien announcing production cuts [5] - The demand for potash fertilizers is likely to increase as farmers respond to rising grain prices, leading to a potential reversal in potash prices [5] - Leading companies in the potash sector, such as Yara International, Salt Lake Potash, and Zangge Mining, are recommended for investment [5] MDI Market - The MDI market is characterized by oligopoly, with demand steadily improving due to the expansion of polyurethane applications [6] - The global MDI production capacity is concentrated among five major chemical giants, which control approximately 90.85% of the market [6] - Companies like Wanhua Chemical are expected to benefit from the favorable supply dynamics and demand recovery in the MDI sector [6] Chemical Price Tracking - The top five price increases this week included NYMEX natural gas (9.59%), PTA (8.95%), and butadiene (6.83%) [6] - The top five price decreases included pure MDI (-4.23%) and acrylic fiber (-3.45%) [6] - A total of 170 chemical companies reported production capacity impacts this week, with 6 new repairs and 10 restarts [6]

Core Insights - The development of AI has led to significant power consumption issues, making liquid cooling solutions increasingly essential for data centers and high-density computing environments [1] - The Chinese liquid cooling server market is projected to reach $2.37 billion in 2024, representing a year-on-year growth of 67.0%, and is expected to grow to $3.39 billion in 2025, with a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, ultimately reaching $16.2 billion by 2029 [1] - The demand for liquid cooling fluids is also expected to surge alongside the growth of the liquid cooling market [1] Liquid Cooling Fluids - Various options for liquid cooling fluids are available, with glycol, propylene glycol, and water being predominant in cold plate cooling, while oil, silicone, and fluorinated liquids are used in immersion cooling [2] - Fluorinated liquids are becoming a critical component in both immersion and cold plate cooling systems due to their surface tension, insulation properties, and material compatibility, especially in high-power density AI server applications [2] - The exit of 3M from the market presents growth opportunities for domestic companies in the high-performance fluorinated liquid segment [2] Investment Recommendations - The rise of AI has created significant power and cooling challenges, positioning liquid cooling as a vital solution, with liquid cooling fluids expected to grow rapidly [2] - Companies that are early entrants into the liquid cooling supply chain are likely to benefit, with specific recommendations to focus on firms such as Dongyangguang, Xinzhoubang, Runhe Materials, Juhua Co., Yonghe Co., Haohua Technology, Jinshi Resources, Dongyue Group, Yongtai Technology, Huayi Group, Sanmei Co., Unity Co., Bayi Shikong, Changlan Technology, Xin'an Co., and Jitai Co. [2]