Core Viewpoint - The article highlights the innovative power supply assurance strategy implemented by State Grid Tianshui Power Supply Company during the national cultural ceremony, showcasing advancements in technology and a comprehensive power supply system [1][3]. Group 1: Technological Innovations - The most significant technological breakthrough is the large-scale application of Static Transfer Switch (STS) devices, which achieve a switching speed of 15 milliseconds, providing a 20-fold efficiency improvement over traditional Automatic Transfer Switch (ATS) devices that switch in seconds [3]. - The deployment of STS devices expanded from a single unit last year to multiple units covering five core areas, creating a redundant network for rapid power switching [3]. - A modular design of the new UPS mobile uninterruptible power supply system offers "zero-second" continuous power supply for critical loads such as lighting and broadcasting equipment [3][5]. Group 2: Monitoring and Response Systems - An IoT-based intelligent monitoring platform acted as a "power sentinel," scanning seven monitoring points at a frequency of ten times per second, triggering alarms for temperature thresholds or partial discharge events [4]. - The emergency response process can be compressed to under three minutes, allowing for early diagnosis of potential issues, akin to equipping power devices with a CT scanner [5]. - The new power supply assurance system has been operational for 96 hours, successfully handling one early warning event, and demonstrated a switching speed of 13.8 milliseconds during a simulated main power interruption [5]. Group 3: Future Applications - The technologies used in this power supply assurance, such as STS and intelligent fusion terminals, will be standardized and promoted for other major event power supply scenarios, creating a replicable and iterative technical solution library [5].

Core Viewpoint - The State Grid Xinzhou Power Supply Company is transforming its material management from traditional operations to a smart and lean approach through the construction of a "green modern intelligent supply chain" [1] Group 1: Smart Warehouse and Inventory Management - The company has upgraded its warehouse with features such as automatic RFID scanning, intelligent robots for material handling, and advanced scanning technologies for precise location tracking [1][3] - Inventory efficiency has improved by over 200% due to the implementation of an integrated information scheduling module and automation in loading, inventory counting, real-time sensing, and sealing [3] - The "one map of physical resources" initiative connects production warehouses and emergency materials across 14 counties to an online platform, providing clear visibility of inventory status and turnover data [3] Group 2: Emergency Material Allocation and Control - The new system allows for automatic matching of emergency material inventory, enabling quick cross-county allocation with a single click, significantly streamlining the process [5] - The platform has established a standardized operation for inventory management, including assessment, allocation, consumption tracking, and control of inventory growth [5] Group 3: Integration with Project Management - Material control is integrated throughout the entire process of power grid construction, utilizing big data analysis for monitoring and statistical reporting of material usage, contract signing, and inventory management [7] - The company's material arrival and accounting rate has increased from 82.8% to 95%, significantly enhancing key performance indicators such as investment plan completion and project accounting completion rates [7]

Core Insights - The company is enhancing its "power supply + energy efficiency services" to optimize the business environment, exemplified by tailored energy-saving plans for clients [1][2] - A new "smart electricity fee management" service system has been established, providing dynamic monitoring and intelligent analysis of energy consumption for key enterprises [2] - The company aims to deepen data sharing between government and enterprises, leveraging new power system construction to offer diversified services that support high-quality economic development [4] Group 1 - The company conducted a service visit to a cement company, analyzing over 30 data points related to electricity usage, identifying inefficiencies, and providing actionable recommendations that could save the company 120,000 yuan per month [1] - The service team utilizes a "1+N" monitoring analysis system to ensure effective policy execution and provide customized solutions for major industrial enterprises [2] - The company emphasizes a face-to-face service model to better understand enterprise electricity needs and deliver targeted support [2] Group 2 - The company is committed to continuous improvement in energy efficiency services, aiming to assist the real economy in achieving high-quality growth [4]

Core Viewpoint - The successful operation of China's first 550 kV C4 environmentally friendly gas-insulated metal-enclosed transmission pipeline marks a significant advancement in the application of eco-friendly electrical equipment, providing a viable alternative to SF6 gas, which has high greenhouse gas potential [1][2]. Group 1: Technological Development - The C4 gas, with a greenhouse effect potential only one-tenth that of SF6 and an insulation strength 2.2 times greater, is recognized internationally as a promising substitute for SF6 [1]. - The core technology for C4 gas had been monopolized by foreign entities until its domestic industrial production was achieved in 2019 through collaboration between State Grid Anhui Electric Power Company and China Electric Power Research Institute [2]. Group 2: Implementation and Performance - The first 12 kV C4 gas ring network cabinet was successfully operated in Anhui in May 2021, demonstrating excellent performance over more than four years of stable operation [2]. - The recent commissioning of the 550 kV C4 environmentally friendly GIL signifies a major breakthrough in the engineering application of C4 gas in ultra-high voltage equipment [2]. Group 3: Future Plans - The research team at State Grid Anhui Electric Power Company plans to collaborate with various academic and industrial partners to further develop key technologies for C4 gas, aiming to create a comprehensive technology matrix for its application across the entire power grid [2].

Group 1 - Shenzhen CJTconn is a significant player in the connector industry, focusing on the research, production, and sales of connector products, establishing a strong brand image through advanced technology and product quality [1][2] - Guangdong University of Technology emphasizes the integration of theory and practice in talent cultivation, aiming to provide high-quality, application-oriented professionals while accumulating rich teaching and research experience [1][2] - The collaboration between CJTconn and Guangdong University of Technology aims to create a "Long River - Guangdong University of Technology Industry-Education Integration Practice Teaching Base," marking a significant step in integrating talent training, scientific research innovation, and industrial development [1][2] Group 2 - Students from Guangdong University of Technology will gain opportunities to engage in real projects, enhancing their practical skills and employment competitiveness [2] - CJTconn will leverage the university's research capabilities and talent resources to inject new vitality into its technological innovation and product upgrades, thereby enhancing market competitiveness [2] - The partnership serves as a positive demonstration for promoting the development of the connector industry and deepening the integration of education and industry [2]

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [2][5]. Core Views - The company has successfully achieved an IPO on the Hong Kong stock market, raising HKD 9.177 billion to expand production capacity in refrigeration and automotive sectors, and to develop electromechanical actuators for bionic robotics [3][9]. - The company has shown excellent growth in both refrigeration and automotive sectors, with a revenue of RMB 16.56 billion in the refrigeration sector (YoY +13.1%) and RMB 11.39 billion in the automotive sector (YoY +14.9%) for 2024 [4][10]. - The company is expected to benefit from Chinese appliance renewal policies in 2025, with a strong order backlog in the automotive sector [4][10]. Financial Summary - Revenue projections for the company are as follows: RMB 31.65 billion in 2025, RMB 36.28 billion in 2026, and RMB 41.65 billion in 2027, reflecting growth rates of 13%, 15%, and 15% respectively [2][4]. - Net profit is projected to be RMB 3.73 billion in 2025, RMB 4.34 billion in 2026, and RMB 5.07 billion in 2027, with growth rates of 20%, 17%, and 17% respectively [2][4]. - The diluted EPS is expected to increase from RMB 0.90 in 2025 to RMB 1.22 in 2027 [2][4]. Valuation - The company is assigned a target price of RMB 28.80 based on a 32x PE valuation for 2025, reflecting its growth potential in both existing and new markets [5][11].

Group 1: Express Delivery Industry - In May 2025, the express delivery industry experienced a year-on-year business volume growth of 17.2%, outpacing the growth of physical online retail sales at 8.2% and social consumer goods retail sales at 6.4% [3][4] - The average revenue per ticket in May 2025 was 7.25 yuan, reflecting a year-on-year decline of 7.62% and a month-on-month decline of 2.46%, indicating ongoing price competition in the industry [3][4] - Major companies like SF Express and YTO Express reported business volume growth rates of 31.76% and 21.02% respectively, while their average revenue per ticket saw declines of 13.97% and 4.93% respectively, highlighting the impact of price competition [4][5] Group 2: Aluminum Industry - The domestic aluminum industry is currently experiencing a favorable macroeconomic environment, with a stable supply of electrolytic aluminum and a decrease in costs, leading to improved profit margins for producers [6][7] - As of June 19, 2025, the average cost of electrolytic aluminum was approximately 17,030 yuan per ton, down 169 yuan from the previous week, while inventory levels remained low, supporting aluminum prices [7][12] - The demand for aluminum is facing challenges due to seasonal slowdowns in various downstream sectors, particularly in photovoltaic and home appliance industries, which are experiencing reduced operating rates [7][8] Group 3: Coal Industry - The coal market is showing signs of recovery as the demand for thermal coal increases, with port coal prices stabilizing at 609 yuan per ton as of June 20, 2025, and pithead prices beginning to rise [13][14] - The production capacity utilization rate in major coal-producing regions has increased slightly, indicating a stable supply despite some production cuts due to safety inspections [13] - The overall demand for coal is expected to improve as electricity consumption rises with the onset of summer heat, while coal inventories at power plants remain low compared to the previous year [13] Group 4: REITs Market - The first batch of data center REITs has been approved, marking a significant milestone in the domestic REITs market, which previously lacked offerings in this sector [17][18] - The total market capitalization of REITs reached 206.56 billion yuan, with a daily turnover rate of 0.60%, indicating a slight decrease in market activity [18][19] - The performance of property-type REITs has been strong, particularly in the affordable rental housing sector, which has seen significant gains [18][19] Group 5: Automotive Industry - The automotive sector has underperformed compared to the broader market, with a decline of 2.6% in the automotive index during the week of June 16-20, 2025 [22][23] - The "old-for-new" subsidy policy will continue to support automotive consumption, with significant investments in charging infrastructure by major automakers [23][25] - The launch of the Li Auto i6, a new electric SUV, is set for September 2025, reflecting ongoing innovation and product development in the sector [24][28] Group 6: Liquor Industry - The liquor sector has seen a decline of 4.27% over the past two weeks, but there are signs of emotional recovery as regulatory pressures ease [34][35] - Recent data indicates a significant improvement in retail sales growth for tobacco and alcohol, suggesting a potential rebound in consumer sentiment [36] - Major companies like Wuliangye are implementing reforms to enhance their market position, indicating a proactive approach to industry challenges [37][38]

Core Viewpoint - Shandong Province has issued a development plan for the water-saving industry, aiming to reach a scale of 100 billion yuan by 2027 and double the scale by 2035, highlighting the potential and future prospects of the water-saving industry [2][3]. Development Goals - By 2027, the water-saving industry scale in Shandong is expected to reach 100 billion yuan, with the establishment of over 10 characteristic advantage water-saving industry clusters and at least 2 national or provincial-level water-saving technology innovation platforms [2][3]. - By 2035, the industry scale is projected to double, creating over 5 characteristic advantage water-saving industry clusters with a scale of 10 billion yuan each [2]. Development Layout - The development layout is based on local resource endowments and industrial advantages, forming a "2+2+N" structure with Jinan and Qingdao as the core, the Yellow River and coastal areas as wings, and multiple supporting water-saving industry clusters [3]. - Jinan and Qingdao will focus on cultivating leading enterprises and industry clusters, while the Yellow River region will target agricultural water-saving efficiency, and the coastal area will advance seawater desalination technology [3]. Key Areas and Projects - The plan identifies four key areas for development: advanced water-saving equipment and devices, new water-saving materials and agents, water measurement monitoring and smart water-saving, and modern water-saving management services [4]. - It outlines four major projects: industry chain cultivation, major project support, innovation capability enhancement, and quality brand leadership [4]. Manufacturing and Technology Focus - The province aims to leverage its manufacturing base to meet water-saving demands across agriculture, industry, and daily life, with a target of achieving a scale of over 50 billion yuan in advanced water-saving equipment manufacturing by 2027 [4]. - The focus will also be on developing new water-saving materials and agents, with a target scale of over 30 billion yuan by 2027 [4]. Smart Water-Saving Initiatives - Emphasis is placed on enhancing the standardization and normalization of water measurement monitoring facilities, promoting the integration of IoT, AI, and digital twin technologies in water resource management [4]. - By 2027, the scale of the water measurement monitoring and smart sensing equipment industry is expected to exceed 10 billion yuan [4]. Service Industry Development - The plan includes advancing the integration of water-saving services with advanced manufacturing, modern agriculture, and water production and supply industries, targeting a scale of over 10 billion yuan in modern water-saving management services by 2027 [5].

港口库存小幅下降，产地煤价再次强势反弹。本周，产地动力煤价格再次强势反弹，监 管趋严导致供给量有一定缩减，随着供需关系的逐步改善，价格有望止跌企稳。 焦煤价格一降再降，焦钢总库存继续走低。本周，炼焦煤市场价格继续下降，焦炭第四 轮提降开启，市场观望情绪浓厚，下游多以维持刚需为主，预计焦煤市场将延续偏弱走势。 权益市场以跌为主，煤炭板块稍不及指数。本周，央行开展买断式逆回购操作，10天累 计投放1.4万亿元，缓解市场资金压力，以色列与伊朗冲突升级，推升国际油价和金价，能 源板块表现较为突出，但对权益市场的整体情绪产生一定压制。整体看，只有银行、通信、 电子行业上涨，市场平均成交额1.2万亿元，市场情绪回落，煤炭行业稍不及大盘指数。 综合上述分析，动力煤方面，监管趋严，供给量有一定缩减，叠加高温天增多，电厂日 耗有望逐渐提升，随着供需关系的逐步改善，价格有望止跌企稳，但在高库存的制约下，预 计价格以弱稳运行为主。炼焦煤方面，焦炭第四轮提降开启，市场观望情绪浓厚，下游多以 维持刚需为主，由于煤价重心逐步下移、库存处于低位，预计焦煤市场将延续偏弱走势，价 格降幅有望收窄。二级市场方面，央行开展4000亿元买断式逆回购 ...

每年4—5月，珞珈山下都会举行一场仪式，欢迎从南极、北极归来的科考师生。这些参加极地测绘科考的武汉大学师生，乘坐破冰船 远渡重洋抵达南极、北极。他们41年接续科考的路径，是武汉与远洋之间最远的一段距离，也是武汉与远洋之间最"近"的一段距离。 而距武汉大学（信息学部）不远处的武汉理工大学（马房山校区），则是武汉直通远洋、大海的另一个重要"出海口"。由武汉理工大 学科研人员设计的各种新型江海联运、江海直达和江洋直达的船舶，这几年一艘艘交付，游弋于江海。武汉，这座不靠海的江城，以学科 与产业深度融合为舟，在船舶设计与"智"造领域开辟通江达海的广阔航道，成为内陆开放高地——一座靠海很"近"的城市。 武汉理工大学"船承焕新生"企业课堂。通讯员杨立泉 供图 面朝大海 武汉驶出中国船舶业多个"第一" 在中国船舶产业链中，武汉占据重要地位。作为内陆唯一的"船舶与海洋工程装备国家新型工业化产业示范基地"，武汉拥有完备的船 舶产业链，涵盖研发、设计、制造、配套等环节，相关企事业单位超100家，船舶设计能力位居国内前列。 春暖花开 武汉船舶人才格外抢手 6月22日上午，在武汉理工大学船海与能源动力工程学院水润滑轴承性能实验室，该校 ...