（责任编辑：郭健东 ） 东吴证券日前研报指出，当升科技固态锂电正极材料已实现10吨级批量出货，并导入多家固态电池 客户。同时，公司在富锂锰基材料方面已突破关键技术问题，开发出中高容量和超高容量产品。此外， 公司在固态电解质方面已成功开发出多种电解质体系，并实现规模化供应能力。三元构筑持续盈利基 石，铁锂后发优势逐步凸显。钴酸锂正极方面，25H1倍率型市占率超50%，我们预计25-27年出货 0.6/0.85/1万吨，同增100%/42%/18%，主供实达、亿纬、豪鹏、锂威、冠宇等。27年看，全固态NCM有 望实现千吨级出货，富锂锰基实现百吨级出货。公司开发液态LRM中高容量（220-250mAh/g），固态 LRM高容量（＞280mAh/g），综合性能行业领先。考虑公司盈利能力显著提升，上调2025-2027年盈利 预测，维持"买入"评级。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

美国总统特朗普下令向俄勒冈州波特兰派遣军队，以平息针对其移民政策的抗议活动，这标志着他 对反对者示威活动的打击进一步升级。 她对居民说："不要上钩。"州长还警告说，针对部署的财产破坏或暴力行为"将不会被容忍"。 （责任编辑：宋政 HN002） 特朗普周六在Truth Social上发帖称："应国土安全部部长克里斯蒂?诺姆的请求，我指示战争部长皮 特?赫格塞斯提供所有必要的军队，以保护饱受战争蹂躏的波特兰，以及我们所有被安提法和其他国内 恐怖分子围困的及移民与海关执法局（ICE）设施。如有必要，我还授权使用全部武力。" 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 波特兰成为特朗普派遣国民警卫队的第四个美国城市，这些部队被指派协助移民官员、清理街道并 帮助打击当地犯罪。国民警卫队已被部署到洛杉矶、华盛顿特区和孟菲斯。加州州长加文?纽瑟姆成功 挑战了特朗普在该州部署警卫队的决定，但白宫正在对联邦法院的裁决提 ...

据悉，该决议豁免了和发集团（Hoa Phat Group）生产的相关产品。 据报道，欧盟委员会对越南热轧钢进口征收12.1%反倾销税，当前越南钢铁行业正着力开拓欧洲市 场，在此背景下，欧盟委员会出台了上述征税措施。 （责任编辑：宋政 HN002） 据报道，欧盟同时对源自日本和埃及的（同类）进口产品征收了反倾销税。 美国已对源自越南及其他国家的冷轧钢进口征收反倾销税，征税期为2024年7月至2025年6月。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

此次会面将是资金截止日期临近前，特朗普与民主党领袖的首次碰面。参议院民主党领袖查克?舒 默及其众议院民主党领袖哈基姆?杰弗里斯，原本预计本周与总统会面，但白宫在最后一刻取消了此次 会面。 上周，特朗普向记者表示："我很愿意和他们见面，但我认为这不会产生任何影响。" 据两名知情人士透露，鉴于10月1日美国政府停摆的风险日益逼近，美国国会四大领袖将于周一在 白宫与总统特朗普举行会面。 特朗普此前表示，民主党必须放弃延长医保补贴、终止医疗补助计划削减的诉求，他才会同意与民 主党人会面。他还预测，政府停摆的可能性很大。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：宋政 HN002） ...

Group 1 - In August, corporate profits turned positive year-on-year, primarily due to a low base from the previous year, with a year-to-date growth rate of 0.9% compared to -1.7% in July, and an August growth rate of 20.4% compared to -1.5% in July [2][9] - The profit distribution has become more reasonable, with upstream industries showing overall improvement supported by anti-involution and price increases, while midstream and downstream industries continue to experience profit differentiation [6][7] - The industrial product inventory continued to decrease, indicating a passive destocking trend, with cumulative revenue growth of 2.3% year-on-year for the first eight months, and August's revenue growth also at 2.3%, both higher than the previous month [9][10] Group 2 - The profit margin showed marginal improvement, with the cumulative profit margin for August at 5.8% and the monthly value at 5.2%, both higher than the previous month, benefiting from a reduction in costs despite a slight increase in raw material prices [4][6] - Upstream industries benefited from price increases and margin improvements, particularly in the steel, coal, and non-ferrous sectors, while midstream industries saw profit growth driven by demand recovery [7][8] - The overall profit structure has improved, with upstream profits maintaining around 25%, midstream at 50%, and downstream slightly recovering to 25%, indicating a more balanced distribution compared to the previous month [6][7]

Core Insights - The transportation industry serves as a clear window into the progress of urban intelligence, with China's urban passenger volume reaching 1,067.97 billion trips by the end of 2024 [1] - The demand for smarter and more efficient solutions is driven by persistent issues such as congestion and safety hazards, prompting urban managers to seek advanced technologies [1] - JiaDu Technology Group Co., Ltd. has established itself as a leader in AI-driven transportation solutions, focusing on "smart rail transit + smart urban transportation" [1][3] Industry Overview - The Chinese urban transportation system is entering a new phase of digital intelligence upgrade, with "smart rail transit and smart urban transportation" at its core [2] - National policies, such as the "14th Five-Year Plan" and the "Guidelines for the Development of Smart Urban Rail Transit," support the acceleration of smart rail transit system construction [2] - The market for smart urban transportation systems has grown from 62.8 billion yuan in 2020 to an estimated 83.6 billion yuan in 2024, with projections to reach 147.1 billion yuan by 2029 [2] Company Positioning - JiaDu Technology has over 30 years of experience in the smart transportation sector, leveraging proprietary AI models and industrial control technologies [3] - The company has developed a comprehensive product ecosystem covering the entire lifecycle of rail transit systems, including core products like AFC, PSD, ISCS, and communication systems [4] - JiaDu Technology's solutions have been implemented in 45 cities, covering over 110 metro lines and more than 2,200 stations, accounting for one-third of the total metro mileage in China [5] Technological Advancements - The company has created the world's first AI smart station in collaboration with Guangzhou Metro, enhancing operational efficiency and passenger experience [4] - JiaDu Technology's IDPS urban traffic brain solution integrates AI, digital twins, and big data, providing comprehensive governance capabilities across major urban areas [5] - The company's revenue from smart urban transportation solutions reached 2.321 billion yuan by the end of 2024, reflecting a year-on-year growth of 16.75% [6] Competitive Edge - JiaDu Technology's dual-core technology system includes the "Traffic JiaHong" operating system and the "JiaDu ZhiXing" large model, addressing industry challenges such as data silos and operational inefficiencies [7] - The company has a robust R&D team exceeding 2,700 personnel and has filed over 2,000 patents, establishing a strong technological barrier [7] - JiaDu Technology has been recognized in the "2024 Hurun China AI Top 50" and won a silver medal at the 50th Geneva International Exhibition of Inventions, highlighting its innovative capabilities [8] Future Outlook - The company aims to solidify its leading position in the smart transportation industry through its differentiated strategic positioning and advanced technological strength, especially following its anticipated listing on the Hong Kong Stock Exchange [9]

9月27日，国家统计局公布1-8月份全国规模以上工业企业利润。 数据显示，1-8月份，全国规模以上工业企业实现利润总额46929.7亿元，同比增长0.9%。8月份，规模以上工业企业利润同比由上月下降1.5%转为增长 20.4%。 1-8月全国规模以上工业企业利润增长0.9% 1—8月份，全国规模以上工业企业实现利润总额46929.7亿元，同比增长0.9%。 1—8月份，规模以上工业企业中，国有控股企业实现利润总额15156.5亿元，同比下降1.7%;股份制企业实现利润总额34931.9亿元，增长1.1%;外商及港澳台 投资企业实现利润总额11723.6亿元，增长0.9%;私营企业实现利润总额13076.1亿元，增长3.3%。 | | | | | 营业收入 | 每日元营业 收入中的 | 每日元营V 收入中的 | 每自元贷产 实现的 | 人均营业 | 资产 | 产成品 存货 | 应收账款 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 利润率 | | | | 收入 | 负债率 | | 平均回收期 | | 分 组 | | 成本 | 豊用 | ...

格隆汇9月28日｜传统能源龙头携手新能源巨头发力"零碳新基建"已成为新趋势。9月26日，中国石化与 宁德时代合作的首座骐骥重卡换电站——福清渔溪景虹站正式投入运营。据介绍，该站位于G15沈海高 速与324国道交会枢纽，也是骐骥换电全国组网中的关键站点，主要服务G15沈海高速来往重卡车辆， 连接长三角和珠三角交通大动脉，同时有效辐射江阴港、莆田港等重要物流集散地，成为南北电动重卡 货运网络的重要能源补给节点。此次投入运营的换电站将打通沿海绿色货运走廊，大幅提升沿海公路货 运的电动重卡补能效率。 ...

格隆汇9月28日｜经济日报：国办近日印发《关于进一步加强旅游市场综合监管的通知》，提出要提升 旅游标准化水平。旅游是典型的服务行业，标准是衡量服务的一把尺，可以量出发展的短板，也可以标 出提升的方向。标准化水平的不断提高，能更好助推旅游业高质量发展。近年来，我国旅游业欣欣向 荣，旅游日益成为人民群众美好生活的重要组成部分。不过，一些成长的烦恼逐渐显现：从业者"看心 情服务、凭经验做事"，游客体验像"开盲盒"，一不小心还可能碰到强迫购物、大数据杀熟等陷阱…… 这些乱象，严重影响着旅游业健康发展。治理乱象、规范发展，需要进一步提升旅游标准化水平。 ...

Group 1 - The company plans to repurchase up to HKD 100 million of its H shares in the open market, reflecting confidence in its performance and commitment to shareholder returns [1] - The company has announced three repurchase plans since 2024, each not exceeding HKD 100 million, with the first two already completed [1] - The company has prioritized shareholder returns, distributing dividends of RMB 200 million at the end of 2024 and RMB 190 million in mid-2025, indicating strong management confidence [1] Group 2 - The company opened 250 new stores in H1 2025, with a net increase of 270 stores in rural areas, aligning with the trend of expanding into lower-tier markets [1] - The company is expected to successfully achieve its goal of adding 1,000 new stores this year, with strong demand anticipated in Q4 [1] - The company has demonstrated improved operational capabilities, with same-store revenue growth and a significant turnaround of loss-making stores, validating positive operational trends [2] Group 3 - The company's core operating profit margin reached 5.9% in H1 2025, an increase of 1.2 percentage points year-on-year, while the net profit margin also improved to 5.9%, up by 2.7 percentage points [2] - The company is currently valued at less than 20 times earnings for 2025, suggesting a favorable investment opportunity [2] - Revenue projections for 2025-2027 are estimated at RMB 7.29 billion, RMB 8.39 billion, and RMB 9.55 billion, with corresponding net profits of RMB 420 million, RMB 500 million, and RMB 580 million, indicating strong growth [2]