Core Viewpoint - The article highlights the advancements and innovations in the wind energy sector showcased at the Beijing International Wind Energy Conference and Exhibition (CWP2025), emphasizing China's leading position in wind power technology globally. Group 1: Turbine Innovations - Goldwind Technology introduced a trading-type wind turbine that shifts from a passive to an active generation model, potentially increasing project returns by 2% to 2.5% over its lifecycle [3] - Mingyang Smart Energy launched the world's first 50MW wind turbine, significantly increasing the maximum capacity of wind turbines and designed for deep-sea applications [7] - SANY Heavy Energy presented the SI-242 series wind turbine, capable of operating efficiently across a wide range of wind speeds, with a rotor diameter of 242 meters [8] - Envision Energy unveiled the first AI-integrated wind-storage unit, merging wind turbines, storage, and AI to enhance operational efficiency [5] Group 2: Component Innovations - Luozhou showcased the world's first 16MW offshore wind turbine main bearing, designed for large-scale wind turbine stability [23] - Pangu Intelligent launched a hydraulic motor yaw system that improves reliability and lifespan compared to traditional systems [25] - TBEA New Energy introduced the upgraded TSVG6.0 product, enhancing reliability and operational efficiency through advanced design and technology [27] Group 3: Comprehensive Solutions - China CRRC presented a comprehensive energy solution integrating wind, solar, hydrogen, and AI technologies, aimed at achieving sustainable development goals [11] - Shanghai Electric highlighted its integrated projects, including green hydrogen production and floating wind-fish integration, showcasing its capabilities in the renewable energy sector [13] - XBL Wind Power signed a strategic partnership with Multi Engineering Group to develop a dual-head floating wind power solution, focusing on cost efficiency and system performance [19]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The current core contradictions affecting the LPG price trend include supply - demand imbalances, geopolitical issues, and cost - end fluctuations. Cost - end crude oil is under pressure from supply surplus and geopolitical disturbances, leading to increased volatility. The CP contract price in October dropped unexpectedly, and the external market remains weak. There are concerns about supply due to issues related to the US and Iran. The domestic fundamentals have little change, with increased civil gas supply suppressing spot prices, stable chemical demand, and weak combustion demand [2]. - There are both positive and negative factors in the LPG market. The expansion of PDH profits supports demand to some extent, and the widening of the FN spread may attract some cracking demand. However, there are also negative factors affecting the market [5]. 3. Summary by Relevant Catalogs LPG Price Forecast and Volatility - The monthly price range forecast for LPG is 3800 - 4400. The current 20 - day rolling volatility is 21.91%, and the historical percentage of the current volatility over 3 years is 34.05% [1]. LPG Hedging Strategies Inventory Management - For companies with high inventory worried about price drops, they can short PG2511 futures with a 25% hedging ratio in the 4400 - 4500 range to lock in profits. They can also sell PG2511C4400 call options with a 25% ratio in the 60 - 70 range to collect premiums and reduce costs [1]. Procurement Management - For companies with low regular inventory and aiming to purchase based on orders, they can buy PG2511 futures with a 25% hedging ratio in the 3800 - 4000 range to lock in procurement costs. They can also sell PG2511P3800 put options with a 25% ratio in the 50 - 70 range to collect premiums and reduce procurement costs [1]. Industry Data - Various price data for LPG and related products are provided, including Brent, WTI, MOPJ, FEI, CP, etc., along with their daily and weekly changes. For example, on October 21, 2025, Brent was at 61.36, with a daily increase of 0.56 and a weekly decrease of 0.92 [3]. - Different spread data such as FEI - MOPJ M1, LPG - FEI, etc., are presented, showing their daily and weekly changes. For instance, the LPG - FEI spread was 180.88 on October 21, 2025, with a daily decrease of 2.63 and a weekly increase of 47.14 [6]. - Month - spread data for LPG and related products are given, like LPG11 - 12 and LPG12 - 1. The LPG11 - 12 month - spread was 146 on October 21, 2025, with a daily increase of 4 and a weekly decrease of 11 [6]. - Ratio data such as MB/WTI and FEI/Brent are provided, along with their daily and weekly changes. The MB/WTI ratio was 0.46 on October 21, 2025, with no daily change and a weekly increase of 0.01 [6]. - Both盘面 and spot profit data are presented, including PDH盘面 profits based on different benchmarks (PG, FEI, CP) and Asian naphtha and propane cracking profits. For example, the PDH盘面 profit - FEI was 366.36 on October 21, 2025, with a daily increase of 20.73 and a weekly increase of 88.12 [6]. - Freight data for different routes (Middle East to Far East, US to Europe, etc.) are provided, showing their daily and weekly changes. The Middle East to Far East freight was 59.333 on October 21, 2025, with a daily decrease of 0.5 and a weekly decrease of 3.167 [6]. Seasonal Data - Seasonal data for various factors are presented, including price, spread, month - spread, ratio, profit, and freight. For example, there are seasonal charts for FEI, CP, MB prices, LPG futures prices, and different spreads like FEI - MOPJ M1, PG - FEI, etc. [7][9][10]

证券日报网讯10月21日晚间，禾望电气（603063）发布公告称，公司不存在违规担保、逾期担保的情 形。 ...

南华煤焦产业风险管理日报 2025/10/21 南华研究院 黑色研究团队 张泫：Z0022723 投资咨询业务资格：证监许可【2011】1290号 双焦价格区间预测 source： 南华研究 黑色仓单日报 | | 单位 | 2025-10-21 | 2025-10-20 | 2025-10-14 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | | 螺纹钢 | 吨 | 151396 | 151396 | 290165 | 0 | -138769 | | 热卷 | 吨 | 143657 | 146032 | 59778 | -2375 | 83879 | | 铁矿石 | 手 | 1000 | 1200 | 800 | -200 | 200 | | 焦煤 | 手 | 200 | 200 | 200 | 0 | 0 | | 焦炭 | 手 | 2050 | 2050 | 2190 | 0 | -140 | | 硅铁 | 张 | 11400 | 12103 | 13665 | -703 | -2265 | | 硅锰 | 张 | 46638 | 47636 ...

证券代码：603063 证券简称：禾望电气 公告编号：2025-084 深圳市禾望电气股份有限公司 关于为全资子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | | | 深圳市禾望科技有限公司（以下简称"禾望科技"） | | --- | --- | --- | --- | --- | | | 本次担保金额 | 35,000 | 万元 | | | 担保对象 | 实际为其提供的担保余额 | 183,902.24 | | 万元（不含本次） | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子公 司对外担保总额（万元） | 570,117.63 | | 对外担保总额占上市公司最近一期经 | 132.54 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The current spot market for container shipping has a mix of bullish and bearish factors, with geopolitical and tariff issues remaining uncertain. The short - term futures price is likely to show a wide - range oscillatory trend. The market should continue to monitor the situation in the Middle East and the development of Sino - US relations [1]. - In the near - term, although the spot quotes for the European route in November and the SCFI European route have rebounded, the cargo volume in the spot market is still insufficient. Considering geopolitical risks and uncertain macro - sentiment, the futures price is more likely to continue to oscillate or oscillate slightly stronger [2]. - In the long - term, the situation in the Middle East is still uncertain. Any significant change in the Gaza cease - fire process or the resumption of shipping in the Red Sea will have a significant impact on the futures price. Also, the peak - season characteristics of the European container shipping market have been vague in the first eight months of this year, and the demand support in the peak season may be weak [5][7]. 3. Summary by Directory 3.1 Core Factors and Strategy Recommendations - **Core Factors** - The core contradiction affecting the EC price trend this week is that shipping companies announced price increase letters for November, but some later reduced quotes at the end of October. The upward trend of the futures price is due to major shipping companies' price increase announcements for November and Maersk's successful price support in mid - to - late October, which boosted market confidence. The downward trend is because some major shipping companies lowered quotes in late October, reducing the futures price valuation [1]. - **Trading Strategy Recommendations** - **Market Positioning**: The overall strategy is to continue with intraday short - term trading. The futures price is expected to oscillate within a range, with short - term support between 1500 - 1550 and resistance between 1700 - 1750. Traders can stay on the sidelines for the spot - futures (basis) strategy. For the arbitrage (inter - delivery) strategy, the previous long 10 - short 12 contract arbitrage can be held, but future actions should be cautious due to geopolitical and tariff uncertainties [13]. - **Industrial Customer Operation Recommendations** - For companies with full shipping capacity or poor booking volume, worried about falling freight rates, they can short the container shipping index futures (EC2512) at 1700 - 1750 to lock in profits. - For shipping companies concerned about rising freight rates and increased transportation costs, they can buy the container shipping index futures (EC2512) at 1450 - 1500 to pre - determine booking costs [11]. - **Basic Data Overview** - The FBX comprehensive route index increased by 21.23% week - on - week, the CICFI decreased by 2.16%, the SCFI increased by 12.92%, the NCFI increased by 16.79%, the CCFI decreased by 4.11%, and the CFFI decreased by 4.99%. The SCFIS European route decreased by 1.40%, the SCFIS US - West route decreased by 1.64%, the SCFI European route increased by 7.21%, the SCFI US - West route increased by 31.88%, and the SCFI US - East route increased by 16.35% [12]. 3.2 This Week's Important Information - **Bullish Information** - Sino - US trade representatives held a video call and agreed to hold a new round of Sino - US economic and trade consultations soon. - CMA CGM and Hapag - Lloyd announced price increase letters for November for Asian - to - Nordic and Far - East - to - European routes respectively. - Israeli Prime Minister Netanyahu stated that the Gaza war will not end until Hamas is disarmed and Gaza is "demilitarized", and the US accused Hamas of planning new attacks [24]. - **Bearish Information** - SeaLead and CMA CGM reformed and upgraded their routes, respectively. - The PA alliance lowered its offline freight rates to $1500/FEU [25]. 3.3 Market Interpretation - **Unilateral Trend and Capital Flow** - The container shipping index (European route) futures (EC) showed a wide - range oscillatory trend this week due to changes in shipping company quotes. Technically, the short - term moving average crossed below the long - term moving average, indicating a short - term downward expectation. The main positions of container shipping futures had no significant changes, but the profitable positions and foreign net short positions increased slightly, showing a relatively bearish market sentiment [26]. - **Basis Structure** - The Shanghai Export Container Freight Index Settlement (SCFIS) for the European route continued to decline, with a significant narrowing of the month - on - month decline to 1.40%, closing at 1031.80 points. The main contract shifted to EC2512, closing at 1654.70 points on Friday. The basis rate decreased, and caution is needed for hedging at the current level [30]. - **Inter - Delivery Spread Structure** - The spreads of EC2510 - 2512, EC2510 - 2602, and EC2512 - 2602 were - 557.8 points, - 375.1 points, and 182.7 points respectively. Due to shipping companies' price increase announcements for November and partial reduction of October quotes, the spreads of EC2510 - 2512 and EC2510 - 2602 widened. The previous 10 - 12 contract long - short arbitrage can be held, but future actions should be cautious [34]. 3.4 Profit Analysis - In the first half of 2025, major shipping companies such as COSCO SHIPPING Holdings, Maersk, and CMA CGM Group had good profit and revenue performance, while some companies like ONE and Yang Ming Marine Transport saw a significant reduction in profits compared to the same period last year. Most shipping companies still made a profit, indicating that the current market is not bad. - For the second half of the year, shipping companies believe that uncertainty has increased, and they will operate more cautiously, focusing on cost control and potentially affecting freight rates through supply - side and cost - side measures [36].

Group 1 - The core point of the news is that Hewei Electric experienced a decline of 5.06% in its stock price, reaching 32.48 yuan per share, with a trading volume of 759 million yuan and a turnover rate of 5.02%, resulting in a total market capitalization of 14.867 billion yuan [1] - Hewei Electric, established on April 20, 2007, and listed on July 28, 2017, is based in Shenzhen, Guangdong Province, and focuses on the field of power conversion, helping clients achieve efficient, reliable, and high-quality power generation, usage, and transmission [1] - The company's main business revenue composition includes 80.88% from new energy control business, 11.99% from engineering transmission business, and 5.02% from other sources [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Bank of China Securities holds a significant position in Hewei Electric, specifically the Bank of China Securities New Energy Mixed A (005571), which held 40,000 shares in the second quarter, accounting for 3.06% of the fund's net value, ranking as the eighth largest heavy stock [2] - The fund has a total scale of 27.0731 million yuan and has achieved a return of 44.6% year-to-date, ranking 1246 out of 8160 in its category, with a one-year return of 53.81%, ranking 969 out of 8021 [2]

Core Insights - The wind power equipment sector saw a 0.7% increase on October 15, with Zhonghuan Hailu leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Wind Power Equipment Sector Performance - Zhonghuan Hailu (301040) closed at 24.07, up 6.08% with a trading volume of 95,900 shares and a transaction value of 227 million [1] - Electric Wind Power (688660) closed at 20.40, up 4.29% with a trading volume of 339,800 shares and a transaction value of 677 million [1] - Tai Sheng Wind Energy (300129) closed at 8.45, up 3.94% with a trading volume of 506,100 shares and a transaction value of 421 million [1] - Other notable performers include Jin Lei Co. (300443) up 3.87%, Shuangyi Technology (300690) up 3.56%, and Changyou Technology (301557) up 3.10% [1] Capital Flow Analysis - The wind power equipment sector experienced a net outflow of 320 million from institutional investors and 210 million from retail investors, while retail investors saw a net inflow of 531 million [2] - The capital flow for individual stocks indicates that Tai Sheng Wind Energy had a net inflow of 35.63 million from institutional investors, while it faced a net outflow of 42.72 million from retail investors [3] - Other stocks like He Wang Electric (603063) and Tian Shun Wind Energy (002531) also showed mixed capital flows, with varying net inflows and outflows from different investor categories [3]

公司 2023 年股票期权激励计划授予的期权已于 2025 年 6 月 3 日进入第二 个行权期（期权代码：1000000365），行权期为 2025 年 6 月 3 日至 2026 年 4 月 16 日，目前尚处于行权阶段。 证券代码：603063 证券简称：禾望电气 公告编号：2025-083 深圳市禾望电气股份有限公司 关于股票期权激励计划限制行权期间的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上市公司股权激励管理办法》《深圳市禾望电气股份有限公司 2023 年股票期权激励计划》及中国证券登记结算有限责任公司上海分公司关于股票 期权自主行权的相关规定，结合深圳市禾望电气股份有限公司（以下简称"公 司"）2025 年第三季度报告的披露计划，现对公司 2023 年股票期权激励计划 第二期的行权时间进行限定，具体如下： 2023 年股票期权激励计划本次限制行权期为 2025 年 10 月 23 日至 2025 年 10 月 27 日，在此期间全部激励对象将限制行权。 公司将按照有关规定及时向中国证券登记 ...

Core Viewpoint - The green hydrogen and ammonia industry is entering a significant strategic opportunity period due to national policies promoting the increase of renewable energy non-electric consumption and the development of the green hydrogen and ammonia industry [1][2] Group 1: Policy Developments - The National Development and Reform Commission released a draft implementation plan for the minimum proportion target of renewable energy consumption and the responsibility weight system for renewable energy power consumption [1] - The plan includes mandatory assessments for renewable energy non-electric consumption, marking a shift in energy management focus from solely electricity to a multi-energy collaborative consumption model [2] Group 2: Market Implications - The inclusion of green hydrogen and ammonia as a compliant path in the policy creates unprecedented access for the industry, enhancing market demand and expectations [2] - The establishment of minimum non-electric consumption targets for provincial regions and key energy-consuming enterprises, along with punitive measures, creates a systematic market demand for green hydrogen and ammonia [2] Group 3: Investment Opportunities - Companies to watch in the green hydrogen and ammonia sector include Jin Feng Technology (002202.SZ), Yunda Co., Ltd. (300772.SZ), Sany Renewable Energy (688349.SH), Hewei Electric (603063.SH), and Huadian Technology (601226.SH) [1]