SCS(SH:601555) Zhong Guo Neng Yuan Wang·2025-09-19 02:44Group 1: Green Bonds Market - In the week from September 8 to September 12, 2025, a total of 23 green bonds were issued in the interbank and exchange markets, with a total issuance scale of approximately 20.052 billion yuan, an increase of 11.285 billion yuan compared to the previous week [1] - The total trading volume of green bonds in the secondary market for the same week was 50.9 billion yuan, which is an increase of 2.7 billion yuan from the previous week [1] - The top three types of bonds traded were non-financial corporate credit bonds, financial institution bonds, and interest rate bonds, with trading volumes of 24.4 billion yuan, 18.5 billion yuan, and 6.7 billion yuan respectively [1] Group 2: Semiconductor Equipment Industry - Huawei announced its three-year development roadmap for the Ascend AI chip at the Shanghai Connect Conference, planning to launch four new products from 2026 to 2028 and introduced self-developed HBM technology and ultra-node interconnect solutions [1] - The domestic computing chip market share is expected to rise rapidly as Chinese internet regulators have instructed major tech companies to stop purchasing all AI chips from NVIDIA and terminate existing orders [2] - The demand for advanced packaging in computing chips is beneficial for equipment manufacturers, as training cards were previously solely supplied by NVIDIA, while inference cards can be produced with strong cost performance on domestic 12nm process platforms [2] Group 3: Saudi Aramco Projects - Saudi Aramco plans to execute 85 major projects over the next three years, covering oil and gas production, pipeline networks, and civil infrastructure [2] - The oil and petrochemical sectors will play a significant role, with 20 projects focused on upgrading oil, gas, and refining facilities, particularly in sulfur recovery systems, gas field compression systems, and refining installations [2] - The procurement list for these projects includes 21,000 kilometers of carbon steel pipelines, 2.2 million tons of structural steel, 41,000 kilometers of cables, and 1,700 kilometers of power transmission lines [2] Group 4: Capital Expenditure Guidance - Saudi Aramco's capital expenditure guidance for 2025 remains in the range of 52 billion to 58 billion USD, representing a year-on-year growth of 3% to 15% [3] - The continued growth in capital expenditure indicates sustainable demand for oil service equipment, benefiting leading companies with technological advantages and market access [3]