2025年8月28日下午，杭州银行（600926）2025年半年度业绩发布会召开，该行董事长宋剑斌在会上再 次强调"不以风险换取发展"的核心经营原则。他明确表示，结合当前市场环境与杭州银行自身发展阶 段，适配的增长速率应处于10%至20%区间内——这一增速不仅与该行发展需求相匹配，更能通过内源 资本补充能力实现支撑，最终推动资产扩张始终遵循轻资本发展路径。 谈及当前市场下的经营策略，宋剑斌指出，杭州银行需全力实现"量、本、利、险"的协调发展，坚持风 险可控业务多做、风险不可控业务不做、看不清的业务少做；在信贷投向上，对公信贷将重点投向制造 业、科技类贷款，零售贷款将积极布局场景消费信贷；同时将继续坚持轻资本发展路径。 杭州银行2025年半年报数据显示，今年上半年，该行实现归属于母公司股东的净利润116.62亿元，较上 年同期增长16.66%。不良贷款率0.76%，拨备覆盖率520.89%，这一业绩表现的背后，主要依托于资产 规模的稳步增长，以及资产负债结构的持续完善和较低的不良水平。 ...

Core Insights - The company has significantly improved its operational efficiency and financial performance in the first half of 2025, with a revenue of 66.308 billion yuan, a year-on-year increase of 12.73%, and a net profit attributable to shareholders of 598 million yuan, up 44.75% [1] Financial Performance - In the first half of 2025, the company achieved a total revenue of 66.308 billion yuan, representing a 12.73% increase year-on-year [1] - The net profit attributable to shareholders reached 598 million yuan, marking a 44.75% increase compared to the previous year [1] - The net profit after deducting non-recurring gains and losses was 355 million yuan, showing a substantial growth of 63.71% year-on-year [1] - Total assets at the end of the period amounted to 267.060 billion yuan, with net cash flow from operating activities at 6.063 billion yuan [1] Production and Capacity - The company maintained stable production capacity, with pig iron, crude steel, and steel product outputs of 16.48 million tons, 15.73 million tons, and 14.36 million tons respectively in the first half of 2025 [1] - Vanadium slag production reached 132,500 tons during the same period [1] Product Structure and Market Performance - The plate business was particularly strong, generating revenue of 47.028 billion yuan, accounting for 70.92% of total revenue, with a year-on-year growth of 18.97% [2] - The North China region emerged as a core market, contributing 41.866 billion yuan in revenue, a 34.40% increase year-on-year, representing 63.13% of total revenue [2] - The company's overseas market expansion was notable, with revenue of 1.608 billion yuan, a remarkable increase of 84.46% year-on-year [2] Marketing and Customer Strategy - The company optimized its customer structure and enhanced direct supply management, leading to an increase in key customer numbers in line with industry growth [2] - The focus on professional marketing and service efforts has driven sales growth of key products and improved customer and product structures, resulting in higher overall product prices [2] Research and Development - The company invested 939 million yuan in R&D in the first half of 2025, reflecting a year-on-year increase of 3.09% [2] - The company has established a robust R&D system with multiple recognized centers and laboratories, including three national-level technology centers and three provincial engineering research centers [3] - The company is committed to high-end, intelligent, and green development, leveraging technological innovation to drive high-quality growth in the steel industry [3]

9月2日，重庆银行（601963）（601963）2025年半年度业绩说明会如期举办，公司核心高管悉数亮相，与投资者共话未来发 展新蓝图。 中报显示，重庆银行今年上半年实现营业收入76.59亿元，同比增长7%；归属于股东的净利润31.90亿元，同比增长5.39%， 在城商行盈利普遍承压的环境中展现出强劲韧性。 图/重庆银行董事长杨秀明介绍"三降一增"情况 针对投资者关于公司资产规模突破1万亿元后布局有关情况，公司方面回应称：重庆银行始终坚持围绕国家重大战略，服务 实体经济，协同高效、共同作战，资产规模突破1万亿元将作为我们工作的新起点。接下来，重庆银行将重点围绕资产结构 优化、夯实与拓展客群、提升市场化定价能力等方面，推动业务迈上新台阶。 图/重庆银行中报业绩说明会投资者问答 公司表示，将保持战略定力，持续提升金融服务的专业性、有效性，为广大股东、客户和投资者创造更大的价值回馈。 值得指出的是，截至今年7月末，重庆银行集团口径资产总额突破1万亿元，达到10087亿元，提前完成其"十四五"战略规划 目标。 必须看到，在银行业整体面临息差收窄压力的背景下，重庆银行上半年以核心风控指标的"三降一增"实现了高质量发展 ...

而面对室内甲醛净化难题，"复合金属常温催化除甲醛技术在空调净化中的应用研究" 实现了突破。随 着消费升级，用户对健康空气需求激增，但传统空调甲醛净化模块存在催化剂负载不均、易脱落导致性 能衰减快、常温催化效率低等问题。为此，海尔劲爽除甲醛空调创新应用Nano-AMC净醛技术，能将空 气中的甲醛污染物催化分解成水和二氧化碳，从源头去除甲醛，且速度更快、更省心。除了专业的除甲 醛空调，海尔还创新了洗空气空调，不仅能除菌、除病毒、祛异味等7类污染物，还能轻松吹出上亿级 负离子，有效除菌降尘并增加2类健康因子。 此次两项技术通过鉴定，不仅展现了海尔空调强大的研发实力，更体现了其以用户需求为导向的创新理 念。未来，海尔空调将继续深耕技术，推出更多解决用户痛点的产品，为消费者打造更智能、更健康的 生活环境。 夏夜被空调冷风冻醒、冬日暖气过足口干舌燥，睡眠中反复调整空调温度成了不少人的困扰；新房装修 后甲醛难除，传统空调净化能力不足，让追求健康空气的家庭束手无策。这些生活中常见的问题让用户 在空调使用体验上出现难题。 8 月 30 日，在中国轻工业联合会组织的科技成果鉴定会上，由中国机械工业集团有限公司、北京工业 大学、北 ...

Group 1 - The logistics industry is a key area for carbon emissions, accounting for approximately 12% of the total national carbon emissions, with heavy-duty trucks contributing significantly to this figure [1] - Leading companies are accelerating the deployment of new energy heavy-duty trucks, which not only significantly reduce energy costs but also support the long-term strategy of green logistics in the country [1] - Over 60% of logistics companies have already laid out plans for new energy heavy-duty trucks, indicating that the industry is entering the era of new energy heavy-duty trucks [2] Group 2 - New energy heavy-duty trucks are gaining traction due to their environmental advantages, effectively reducing urban pollution emissions and aligning with the needs of urban green development [2] - The operational costs of new energy heavy-duty trucks are lower than traditional fuel trucks in certain scenarios, and advancements in battery technology are alleviating range anxiety for users [2] - The integration of new energy heavy-duty trucks into logistics operations is creating new growth points for the industry, with companies like Rishun Supply Chain implementing solutions that enhance operational efficiency and reduce carbon emissions by 1,500 tons [3] Group 3 - The exploration of green logistics by leading companies extends beyond transportation to include green packaging and green warehousing, contributing to the overall dual carbon goals of society [3] - Continuous technological advancements and deepening ecological collaboration are expected to further support the logistics industry in achieving new milestones in green logistics [3]

Core Viewpoint - Shanghai Hengcen Enterprise Management Consulting Co., Ltd. and Shanghai Kangheng Environment Co., Ltd. have signed a strategic cooperation agreement with Shenzhen Zhongzhuang Construction Group Co., Ltd. to explore new models of industrial collaborative development in various fields including low-carbon industrial park property management, integrated facility management, and green electricity direct connection [1][2][3] Group 1: Strategic Cooperation Agreement - The strategic cooperation aims to enhance property management services for 89 waste-to-energy projects managed by Kangheng Environment, utilizing advanced technologies such as automated cleaning robots [1] - Zhongzhuang Construction, leveraging its subsidiary Shenzhen Technology Park Property Group, will customize management solutions for these projects [1] Group 2: Integrated Facility Management Services - By the end of 2024, there are over 1,100 waste incineration operation projects in China, and Zhongzhuang Construction will extend its services from property management to integrated facility management (IFM) [2] - The collaboration will involve deploying smart devices in incineration plants to improve inspection efficiency and provide comprehensive equipment management services for Kangheng Environment's partners [2] Group 3: Green Electricity Direct Connection and IDC Collaboration - The partnership will explore new business models for direct supply of green electricity to data centers (IDC), aligning with the national "dual carbon" strategy [3] - Kangheng Environment's projects can provide over 3.7 billion kilowatt-hours of green electricity annually, while Zhongzhuang Construction will offer full support based on its experience in the IDC sector [3] - This collaboration represents a new model of integrating environmental protection with property services, promoting industry transformation and high-quality development [3]

Core Insights - The core viewpoint of the news is that Juewei Foods has demonstrated resilience and adaptability in a changing market environment, focusing on digital operations, supply chain enhancements, and targeted marketing strategies to maintain its competitive edge and drive growth. Group 1: Financial Performance - In the first half of 2025, Juewei Foods achieved an operating income of 2.82 billion yuan and a net profit attributable to shareholders of 175 million yuan [1] Group 2: Digital Operations - Juewei Foods' investment in digital operations has been a crucial support for its operational resilience, utilizing data-driven systems to track consumer demand changes and adjust product and marketing strategies accordingly [2] - The company has enhanced member engagement and gained insights into regional market differences through its digital initiatives, allowing for more accurate market strategies [2] Group 3: Supply Chain Management - The supply chain system is a core foundation for Juewei Foods' stable operations, with a nationwide cold chain distribution network ensuring product freshness and safety [2] - This robust supply chain supports rapid replication of store operations and is seen as a key competitive advantage for future expansion and innovation [2] Group 4: Marketing Strategy - Juewei Foods is actively integrating its brand into diverse lifestyle scenarios, such as music festivals and camping, to enhance communication with younger consumers [3] - The company is focusing on building consumer profiles and optimizing products, marketing, and services based on the differentiated characteristics of various consumer groups, particularly targeting Generation Z [3] Group 5: Overall Strategy - The 2025 half-year report reflects Juewei Foods' approach as a leading chain enterprise in navigating a complex market environment, balancing stability and innovation to solidify long-term brand value [4]

Core Insights - Company has made significant technological advancements in solid-state battery development, particularly for humanoid robots, with a focus on high energy density and safety [1][2] - The second-generation solid-state battery is set to launch in 2026, featuring a lithium-rich manganese/high nickel cathode and lithium metal anode, achieving an energy density of over 500Wh/kg, a 25% improvement over the first generation [2] Group 1 - Company has completed sample delivery of sulfide solid-state batteries to a leading humanoid robot client, marking a key breakthrough in the humanoid robot sector [1] - The current humanoid robot battery solutions typically offer less than 2 hours of runtime, while the company's solution is expected to support 8-12 hours of continuous operation, positioning it as a mainstream technology choice for mass production [1] Group 2 - The company plans to produce a pilot line for solid-state batteries by the end of 2025, with small-scale delivery of 60Ah products, and aims for large-scale production by 2030 [2] - The company has established a technological moat through its flexible production capabilities and has already partially launched a 15GWh capacity at its Ganzhou base, with another 15GWh line in Guangzhou set to begin production [2] Group 3 - The global demand for robot batteries is projected to reach 100GWh by 2030, indicating a significant market opportunity for the company [2] - The company is well-positioned to lead in the solid-state battery sector and aims to capture market share in emerging fields such as low-altitude economy and smart equipment [2]

Core Viewpoint - Company is actively advancing its nickel and cobalt resource development and refining projects, with plans to double its production capacity by 2028, while also optimizing costs in its lithium and copper businesses [2][3][12]. Nickel and Cobalt Resource Development and Refining - The company has three major projects in progress: the Bomara project (61.5% ownership), the Lofat area project (4,000 tons capacity), and the Waku wet process project (6,000 tons capacity), with total nickel-cobalt refining capacity expected to reach 360,000 tons by 2028 [2]. - The company is adjusting the process of its 45,000-ton high-pressure acid leaching project in Indonesia to improve profitability, shifting from a multi-step process to direct processing into liquid stainless steel due to current losses [2]. Lithium Business - The company's lithium business in Zimbabwe has an initial cost of approximately 67,000-68,000 RMB/ton, which is expected to decrease to below 60,000 RMB/ton as new projects come online [3]. - The projected lithium carbonate output for 2025 is 26,000 tons, with a target of 60,000-80,000 tons for 2026, potentially increasing to 120,000 tons if lithium prices are favorable [3]. - A lithium sulfate project is set to be completed by the end of 2025, with production ramping up in early 2026, although it will not fully meet the raw material needs for the planned lithium carbonate output [3]. Copper Business in the Democratic Republic of Congo - The company has a current copper refining capacity of 100,000 tons, with an expected output of 80,000-90,000 tons in 2025, relying on external purchases after its own mines are depleted [5]. - To address power shortages, the company plans to build a 28 MW solar and storage project in the DRC, which is expected to significantly reduce electricity costs and increase profitability [5]. Energy Metal Price Outlook - Nickel prices are currently at a bottom cost line of $15,000-$16,000/ton, with limited upward movement expected due to government regulations in Indonesia [7]. - Cobalt prices are anticipated to rise due to tight supply and low inventory levels, with the company benefiting from its 12,000 tons of cobalt rights [8]. - The reasonable price for lithium carbonate is around 80,000 RMB/ton, with limited room for significant price increases [9]. Financial and Capital Expenditure - The company plans to invest approximately 10 billion RMB annually, focusing on key projects in Indonesia and resource acquisition [11]. - The financing cost is low at 3.6%-3.7%, with a manageable leverage ratio, and the company is encouraging the conversion of convertible bonds to reduce interest expenses [11]. - The company aims to maintain a stable cash flow to cover most capital expenditures, with a target of achieving a net profit of 700-800 million RMB annually from its copper business [5][11].

特别地，梅蓄项目正式进入现货市场交易，抽蓄电站盈利能力有望得到进一步改善。券商研报指出：电 力现货市场机制将推动储能从"计划调度"走向"市场竞价"，储能具有同时参与电能量市场、辅助服务市 场及容量市场的机会。 南网储能（600995）（600995）披露中报显示，今年上半年公司实现总营业收入33.01亿元，同比增长 13.38%；利润总额达到12.65亿元，同比增长24.92%；实现归母净利润8.32亿元，同比增长32.93%；公 司期间毛利率进一步提升至52.74%，一举创出历年同期新高。 全景网了解到，截至2025年6月底，公司在运抽水蓄能装机规模达1028万千瓦，在建项目共10座、总装 机容量1200万千瓦，其中梅蓄二期、南宁项目计划年内投产，韶关新丰项目完成可研审查，新增临沧云 县项目投资开发权，展现出公司在传统与新兴储能领域的强大布局能力和项目推进效率。 公司2025年半年度利润分配方案拟每10股派现0.52元（含税），中期分红诚意十足。 为便于广大投资者更全面深入了解公司经营情况，公司定于2025年9月5日(星期五)下午15:00-16:00召开 2025年半年度业绩说明会，就投资者关心的问题进行 ...