Core Viewpoint - Pacific Shipping (02343.HK) has announced the signing of four similar contracts for the purchase of four new small handy-sized bulk carriers, with a total consideration of approximately $119 million [1] Group 1: Acquisition Details - The acquisition involves an indirect wholly-owned subsidiary of the company, with the total price expected to be paid from the group's cash reserves and/or bank loans prior to the delivery of the vessels [1] - The expected delivery dates for Vessel 1 and Vessel 2 are in the first quarter of 2028, while Vessel 3 and Vessel 4 are expected to be delivered in the second quarter of 2028 [1] Group 2: Vessel Specifications and Market Context - The new vessels feature the latest energy-efficient designs, open hatch covers, and the capability to carry logs, providing stronger cargo capacity and flexibility compared to earlier standard designs [1] - The design improvements also enhance fuel efficiency, allowing these new vessels to replace earlier single-fuel designs [1] - In the current market environment, the specifications, contracting timeline, and agreed price for these newbuild vessels are considered highly attractive [1]

消息称，这次打击是在美国防部长赫格塞思的指示下进行的。情报认为，这艘船正"沿东太平洋已知的 毒品走私路线航行，并从事毒品走私活动"。在这次行动中有1名男性"毒品恐怖分子"被打死，美军没有 人员受伤。 美军在东太平洋袭击一艘"贩毒船"致1人死亡 来源：新华社 美军南方司令部22日发布消息称，美军"南方之矛"联合特遣部队当天在东太平洋对一艘"被认定为恐怖 组织的船只"实施打击，打死1人。 ...

新华社华盛顿12月22日电 美军南方司令部22日发布消息称，美军"南方之矛"联合特遣部队当天在东太 平洋对一艘"被认定为恐怖组织的船只"实施打击，打死1人。 责编：卢思宇、张振 消息称，这次打击是在美国防部长赫格塞思的指示下进行的。情报认为，这艘船正"沿东太平洋已知的 毒品走私路线航行，并从事毒品走私活动"。在这次行动中有1名男性"毒品恐怖分子"被打死，美军没有 人员受伤。 ...

Core Viewpoint - The report from Pacific Securities emphasizes the importance of re-entering the bottom of the new energy industry, highlighting the continuous implementation of new technologies and the improving supply-demand dynamics in the upstream sector. It suggests that the current period presents a favorable opportunity for investment, particularly focusing on the certainty of leading companies and the elasticity of upstream resources [1] New Energy Vehicle Industry Chain - A new cycle has begun with ongoing innovations in battery technology, such as large cylindrical and solid-state batteries. For instance, the new BMW iX3, equipped with a new generation large cylindrical battery from EVE Energy, achieved a real-world range of 1007.7 km, surpassing the official WLTP range of 805 km. EVE Energy is also planning a 30 GWh production facility for large cylindrical batteries near BMW's plant in Hungary, expected to be operational by 2026. Companies like CATL, EVE Energy, and Putailai are expected to benefit [2] - Solid-state battery technology is progressing, with laboratory tests showing energy densities reaching 824 Wh/kg, with potential to exceed 1000 Wh/kg in the future. The industry is adopting a strategy of prioritizing solid-state applications in high-value scenarios while using semi-solid-state for transitional applications [2] Lithium Battery Cathode Industry Chain - The lithium iron phosphate (LFP) market is projected to see significant demand growth, with production expected to reach 3.9 million tons in 2025 and 5.8 million tons in 2026. Companies like Hunan Youneng, Rongbai Technology, and Tianci Materials are likely to benefit from this trend [3] - The cost of lithium iron phosphate is anticipated to rise, with the industry cost range reported at 16,798.2 to 17,216.3 yuan per ton in November, an increase of 89.6 yuan per ton from October. The average market price also rose by 279.3 yuan per ton to 14,704.8 yuan [3] - Rongbai Technology announced plans to acquire Guizhou Xinren, which specializes in the research and production of lithium iron phosphate materials, enhancing its production capacity [3] Photovoltaic Industry Chain - The photovoltaic sector is undergoing a "reverse internal competition" with major companies like Longi, Aiko, and GCL benefiting. A self-regulatory initiative has been formed among leading firms to address industry practices, including the cancellation of export tax rebates and setting production limits for silicon materials [4] - The Ministry of Industry and Information Technology has outlined six key tasks for the photovoltaic industry by 2026, focusing on capacity regulation, innovation, and international cooperation to enhance the industry's global competitiveness [4] AI + New Energy and Wind Power Industry Chain - The application of robotics in manufacturing is advancing, with CATL launching the world's first humanoid robot production line for battery assembly, marking a significant breakthrough in intelligent manufacturing [5] - The wind power sector is experiencing unexpected growth, with a total of 117.97 GW of wind power projects opened for bidding from January to November 2025. The market is highly concentrated, with the top five companies holding a combined market share of 68.02% [6] - Daikin Heavy Industries has commenced manufacturing core components for the BC-Wind offshore wind project in Poland, marking its first international project [6]

太平洋煤气电力公司（PG&E）宣布为受旧金山停电影响的客户自动提供账单信用额度。 ...

太平洋煤气电力公司（PG&E CORP）：正在对停电情况进行全面审查。 ...

Group 1 - Pacific Gas and Electric Company (PCG) experienced a 0.5% decline in stock price [1] - Alphabet's Waymo temporarily suspended its autonomous taxi service due to a fire at a PG&E substation that caused power outages for approximately 130,000 users in San Francisco [1] - Tesla (TSLA) saw a 1.4% increase in stock price, stating that its services requiring human supervision were not affected by the power outage [1]

Quantitative Models and Construction Methods 1. Model Name: Industry Crowding Monitoring Model - **Model Construction Idea**: This model is designed to monitor the crowding levels of industries on a daily basis, focusing on the Shenwan First-Level Industry Index. It identifies industries with high or low crowding levels and tracks changes in crowding over time[3]. - **Model Construction Process**: The model calculates the crowding level of each industry based on specific metrics (not detailed in the report). It then ranks industries by their crowding levels and highlights those with significant changes in crowding. For example, the report notes that the military and retail industries had high crowding levels, while the computer industry had relatively low levels. Additionally, it tracks main fund flows into and out of industries over recent trading days[3]. - **Model Evaluation**: The model provides actionable insights into industry crowding trends, helping investors identify potential opportunities or risks in specific sectors[3]. 2. Model Name: Premium Rate Z-Score Model - **Model Construction Idea**: This model is used to screen ETF products for potential arbitrage opportunities by calculating the Z-score of their premium rates. It also serves as a warning signal for potential price corrections in ETFs[4]. - **Model Construction Process**: The model involves rolling calculations of the Z-score for the premium rates of various ETFs. The Z-score is calculated as: $ Z = \frac{(P - \mu)}{\sigma} $ where $ P $ is the current premium rate, $ \mu $ is the mean premium rate over a rolling window, and $ \sigma $ is the standard deviation of the premium rate over the same window. ETFs with extreme Z-scores are flagged as potential arbitrage opportunities or correction risks[4]. - **Model Evaluation**: The model is effective in identifying ETFs with significant deviations from their historical premium rates, providing opportunities for arbitrage or risk management[4]. Model Backtesting Results 1. Industry Crowding Monitoring Model - No specific numerical backtesting results are provided for this model in the report[3]. 2. Premium Rate Z-Score Model - No specific numerical backtesting results are provided for this model in the report[4]. Quantitative Factors and Construction Methods No specific quantitative factors are detailed in the report. Factor Backtesting Results No specific backtesting results for factors are detailed in the report.

12月22日，中共海口市委关于制定海口市国民经济和社会发展第十五个五年规划的建议发布。其中提 到，深度融入国内国际双循环重要交汇点建设。加快推进"两个基地"建设，持续招引全球性总部企业落 地，借助自贸港税收政策和境外直接投资政策叠加优势，吸引国内企业通过海口布局海外，打造国内外 企业"走出去"和"请进来"的桥头堡。加快推进"两个枢纽"建设，推进美兰机场三期扩建项目建设，持续 释放航权开放政策效应，提升客货中转便利化水平，拓展国内外直飞航线，打造面向太平洋、印度洋的 航空区域门户枢纽。优化海口港"一港三区"功能组合，加快琼州海峡港航一体化发展，拓展国际中转与 保税服务能力，努力建设成为辐射东南亚的重要贸易中转节点。加快推进"两个网络"建设，深化同共 建"一带一路"国家和地区自由贸易园区的交流合作和功能对接，探索自贸港产业园区与境外园区互 为"飞地"模式。深耕国际友好城市资源，广泛开展形式多样的国际人文交流合作，努力打造成为侨商投 资的集聚地、首选地。主动对接国家区域重大战略，强化同粤港澳大湾区、长三角等区域的合作发展， 推进广东海南先进制造业合作产业园、琼港经济合作示范区、海南自贸港绿色低碳国际合作示范区等重 ...

太平洋煤气与电力公司：预计在明天下午2点之前完全恢复旧金山供电。 ...