中炬高新 20260304 摘要 2025 年主动去库成效显著，2026 年 1 月价盘基本恢复正常，仅剩个别 单品倒挂，渠道库存降至 2-3 倍的理想区间。 2026 年经营目标：存量业务力争恢复至 2023 年收入水平，整体目标 不低于 2024 年，且要求动销质量与利润率优于往年。 启动"五角星计划"布局增量，重点推进"餐饮种子计划"，通过厨师 +菜品闭环模式补齐餐饮渠道短板，开辟家常菜新场景。 并购四川味之美预计 3 月并表，以此为平台发力中式复调业务，并利用 其柔性供应链适配内容电商"小批快反"节奏。 渠道治理转型：成立市场联盟管理委员会，授权经销商主导本地价格与 库存管理，厂家向"产品与服务提供者"转型。 数字化与降本增效：依托 S2B2b 平台搭建专供货盘，新设效能中心推 动供应链降本，力争在原材料上涨背景下维持毛利率稳定。 激励机制优化：拟于 2026 年重启股权激励，利用 400 多万股库存股， 并配套超额利润分享机制以提升核心团队活力。 底整体基本持平。 价盘倒挂在公司体系内是何时开始显性化的，2025 年采取了哪些自上而下的 修复手段，目前修复进度如何？ 价盘问题在公司层面最早可追溯至疫 ...

高盛闭门会：电网基础设施：从全球到本地的对标分析 20260304 Q&A 如何概述日立的业务结构？能源板块在公司整体中的重要性如何？ 日立作为日本工业电子领域市值最大的公司之一，业务遍及全球，主要分为四 大板块：数字系统与服务、能源、Mobility、互联工业。其中，能源板块在业 务实质上与收购的 ABB 电网业务高度重合，是当前讨论的核心。能源业务约占 销售额和调整后 EBITDA 的 25%，属于公司最关键的业务之一。 日立电网/输配电相关业务近期经营表现如何？AI 数据中心需求与传统需求分 别带来哪些驱动？ 电力相关业务在 2026 年一季度至三季度累计销售额同比增长近 25%，同期订 单同比增长 7%；最新订单积压约 570 亿美元，同比增加 30%，目前订单积压 已超过两年的交付周期。区域层面，欧洲、北美和中东的销售增长势头较强， 同时南美需求也较为旺盛。 需求驱动上，现阶段更多体现为 AI/数据中心对电 力需求的"间接拉动"：数据中心用电增长要求电网更稳定，从而推高电网侧 建设与设备需求。向前看，日立与 OpenAI 建立开放联盟后，未来可能为 800 伏或 1,600 伏数据中心提供更多关键组 ...

以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 一面是不断强化的数字化入口，一面是来自消费者甚至一线员工的吐槽，肯德基，为何执着APP？ 顾客的麻烦，员工的无奈 薄荷的经历，不是个案。 本文来自微信公众号： 定焦One ，作者：定焦One团队，编辑：魏佳 不下载APP，就不能顺利点餐了吗？ 2月26日，阿里云宣布千问"入职"肯德基APP，在肯德基APP里可以实现"一句话点餐"。 在AI成为零售业新卖点的当下，这样的合作并不意外，但相比AI点餐带来的新奇体验，更多消费者 正在被一个老问题反复困扰：肯德基略带强制性的APP点餐方式，正在"逼疯"所有人。 用户薄荷记得，那是一个雨天，她拎着大包小包走进一家肯德基，想给家人带一份蛋挞。 据她向「定焦One」讲述，为了速战速决，她选择在柜台直接点单，但店员建议她使用APP下单，她 表示没有下载。沟通几次后，她改为按照另一位店员的提示在团购平台购买套餐。等到出示核销码 时，对方又提醒，需要在肯德基APP内完成核销。 回家后冷静下来的薄荷越想越疑惑，她在社交平台上发问：没有APP，是不配下单点餐了吗？ 在社交平台，类似的讨论并不少见。一些消费 ...

短板怎么补？难题怎么破？杨长利从企业视角给出答案——坚持绿色发展，坚定推进科技创新，加快数字化 转型。 "立足我国能源资源特点，走绿色发展道路是必由之路。"杨长利说，落实到具体行动上，就是大力发展"风光 水核"等清洁能源，大力推进落实"清洁能源+"战略，积极安全有序发展核电，持续推进新能源高质量发展， 推动多能互补、集成融合。 如何推进科技创新？杨长利透露，中广核将攻关更高效的发电方式、更有效的资源利用，加快"华龙一号" 2. 0 版示范项目落地，布局"华龙一号" 3.0版研发，推动先进堆型、先进燃料、新能源等领域前沿技术研发取得突 破。"让能源供应更安全、更经济、更自主，将发展主动权牢牢攥在自己手里。" 加快数字化转型，落点在哪里？杨长利表示，能源行业和数字技术融合是大势所趋。"我们要建设智慧电厂， 推动数字核电全链条数据互联互通，加强自动化、智能化技术应用，实现核电智能建造、智能运维。同时， 积极探索智慧能源新模式，让各类电源在电网需要时'顶得上、调得快、稳得住'，核心就是用数智赋能，把 运行效率和安全保障水平提上去。" 从2 02 1年中央经济工作会议首提"加快建设能源强国"目标，到党的二十届四中全会作 ...

Financial Performance - In 2025, the company achieved full year revenue of $6.22 billion, a 39% year-on-year increase, and net profit after tax reached $955 million, a 161% year-on-year increase [7][8][16] - Full year net operating cash flow reached $2.69 billion, a 67% year-on-year increase, and EBITDA hit $3.4 billion, up 67%, with an EBITDA margin of 55% [16][17] - The balance sheet improved significantly, with net debt falling to $3.35 billion and a gearing ratio of 33%, both historic lows [8][17][25] Operational Performance - Las Bambas achieved an EBITDA of $2.83 billion, a 78% increase year-on-year, with an EBITDA margin of 64% [17] - The mine produced 400,000 tons of copper, with unit operating costs falling by 26% due to higher production and prices [17][18] - Khoemacau's EBITDA reached $167 million, a 43% increase year-on-year, with ongoing construction of a paste fill plant [18][19] Market Conditions - The metals market saw strong performance, with copper prices rising 44%, gold climbing 65%, and silver surging 148% [11] - The company is well-positioned to navigate market volatility due to its diversified portfolio across copper, zinc, gold, silver, and other metals [11][12] Strategic Direction - The company aims to achieve 1 million tons of copper production by 2030, focusing on operational excellence, organic growth, and external opportunities [30][31] - A pre-feasibility study for a potential 200,000 ton expansion at Khoemacau is underway, signaling confidence in asset potential [12][13] - The company emphasizes responsible operations and sustainable development, having joined the United Nations Global Compact [9][10] Management Commentary - Management highlighted the importance of maintaining stable operations and community relations, especially in light of upcoming elections in Peru [36][39] - The company is committed to risk management and has established contingency plans to ensure stable production [37][38] Other Important Information - The Las Bambas joint venture declared its first-ever dividend to shareholders, totaling $1.854 billion, with MMG's share being $1.159 billion [18][24] - The company plans to invest between $1.6 billion and $1.7 billion in CapEx for 2026, focusing on sustaining existing operations and future growth [23][52] Q&A Session Summary Question: Updates on Las Bambas operations and Peru elections - Management confirmed stable operations at Las Bambas and ongoing communication with local communities to mitigate election-related risks [36][37] Question: Plans for Khoemacau Phase 2 and resource goals - The company plans to achieve a capacity scale of 130,000 tons by Q1 2028 and is conducting a pre-feasibility study for a 200,000 ton expansion [40][41] Question: Status of Brazil acquisition - Management is working on a three-year exploration plan for the Brazil project and is in the process of obtaining EU approval [45][46] Question: Dividend policy and future CapEx - The company emphasizes a prudent approach to dividends, with plans to assess financial conditions before making decisions on dividend payments [57][59] Question: Hedging policy and future profitability - Management aims to ensure cash flow stability through hedging while avoiding excessive speculative activities [60][61]

Financial Performance - In 2025, the company achieved full year revenue of $6.22 billion, a 39% year-on-year increase, and net profit after tax reached $955 million, a 161% year-on-year increase [5][6][12] - Full year net operating cash flow was $2.69 billion, a 67% year-on-year increase, and EBITDA hit $3.4 billion, up 67%, with an EBITDA margin of 55% [12][6] - The balance sheet improved significantly, with net debt falling to $3.35 billion and a gearing ratio of 33%, both historic lows [6][21] Operational Performance - Las Bambas achieved an EBITDA of $2.83 billion, a 78% increase year-on-year, with a copper production scale of 400,000 tons annually and unit operating costs fell by 26% [13][14] - Khoemacau's EBITDA reached $167 million, a 43% increase year-on-year, with ongoing construction of a paste fill plant [14][15] - Dugald River produced 183,000 tons of zinc, a 12% increase year-on-year, while Rosebery's EBITDA reached $168 million, a 36% increase year-on-year [17] Market Conditions - The metals market saw strong performance, with copper prices rising 44%, gold climbing 65%, and silver surging 148% [9] - The company is well-positioned to navigate market volatility due to its diversified portfolio across copper, zinc, gold, silver, and other metals [9][10] Company Strategy and Development Direction - The company aims to achieve 1 million tons of copper production by 2030, focusing on operational excellence, organic growth, and external growth through M&A [24][25] - A pre-feasibility study for a potential 200,000 ton expansion at Khoemacau is underway, with construction of a 130,000 ton expansion project already started [10][11] - The company emphasizes sustainable development and has joined the United Nations Global Compact, integrating high standards of human rights, labor, and environmental practices into its operations [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges, including geopolitical pressures and rising extraction costs, while maintaining stable operations [10][24] - The company is committed to responsible operations that deliver sustainable value for the long term, focusing on community relations and environmental coexistence [8][9] Other Important Information - The Las Bambas joint venture declared its first-ever dividend to shareholders, with a total distribution of $1.854 billion [14] - The company has organized 164 investor communication sessions in 2025, reflecting its commitment to market value management and shareholder return [26] Q&A Session Summary Question: Updates on Las Bambas operation and Peru election impact - Management confirmed stable operations at Las Bambas and ongoing communication with local communities and government to ensure production stability during the election period [28][29] Question: Khoemacau Phase Two production volume and resource plans - The company plans to achieve a capacity scale of 130,000 tons by Q1 2028 and is conducting exploration work to enhance resource volume [31][32] Question: Brazil acquisition status and timeline - The company is in the process of obtaining EU approval for the Brazil nickel project and hopes to complete settlements in the first half of the year [36] Question: Future CapEx and dividend policy - The company plans to increase CapEx for Las Bambas to $800 million-$850 million in 2026, with a focus on upgrading existing facilities [38][39]

资料来源：Wind,中原证券 -12% -5% 2% 9% 16% 22% 29% 36% 2025.03 2025.07 2025.10 2026.03 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 4,122.68 | -1.43 | | 深证成指 | | 14,022.39 | -3.07 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,655.90 | -1.54 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,540.70 | -1.90 | | 中证 | 500 | 8,281.61 | -4.35 | | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | 2000 | 7,801.23 | 0.58 | | 资料来源：Wind ...

白酒行业 ESG 白皮书 第一章 白酒行业概览 -1/ 0 白酒行业 ESG 白皮书 第一章 白酒行业概览 1/ 2 | Kh | ਾਉਂ | | | --- | --- | --- | | 刘 柯 佚 | | | | 眉 | 部 | 高级注册ESG分析 | | 宋远飞 | | CFAESG证书:10 | | | | 国际通用ESG策略 | | H | 榴 | 碳交易员 | | 理 | 新 | 高级注册ESG分析 | | | | 碳管理师:CHINA | | 刘 | 湘 | 中级注册ESG分析 | | 刘 | 車 | CFAESG证书:11 | | 张文张 | | 高级注册ESG分析 高级注册ESG分析 CFAESG证书:12 | | 第一章 白酒行业概览 | | --- | | 07 白酒行业简介 | | 11 白酒行业的价值链 | | 20 | | 24 自酒行业的发展趋势 | | 第二章 白酒行业的ESG发展 | 第三章 | | --- | --- | | 29 自酒行业的ESG信息披露 | 43 | | 33 白酒行业的ESG核心议题 | 44 | | | 51 | | | 56 | | | 58 | ...

筑基立本 拓新赋能 以资质信用绿证工作新成效服务新型能源体系建设 国家能源局电力业务资质管理中心主任 陈涛 岁序更替，华章日新。面对"十五五"新起点新阶段，国家能源局电力业务资质管理中心（以下简 称" 资质中心 "）坚持以习近平新时代中国特色社会主义思想为指导，认真贯彻党的二十大和二 十届历次全会精神，立足"资质筑基、信用立本、绿证拓新、系统赋能"，全面分析研判新形势新 任务，系统总结"十四五"特别是2025年工作成效，不折不扣落实2026年全国能源工作会议、国家 能源局监管工作会议部署，科学谋划下一阶段工作思路，力争在服务能源高质量发展大局中体现 新担当、展现新作为。 提高站位，在服务大局中明确新坐标 "十五五"是加快建设能源强国的攻坚阶段，党的二十届四中全会明确要求加快建设新型能源体 系，持续完善市场准入、社会信用等制度，建立健全绿色低碳标准体系，积极稳妥推进和实现碳 达峰，为资质信用绿证工作明确了战略目标和努力方向。 深刻认识服务新型能源体系的职责使命。 构建清洁低碳、安全高效的新型能源体系，是保障国家 能源安全、实现"双碳"目标的战略抉择。资质管理是维护电力市场准入秩序、保障电网安全稳定 运行的"第一 ...

辉煌"十四五" 有色新质变 ——我国有色金属工业"十四五"发展成就综述 中国有色金属工业协会 党委书记、会长 葛红林 "十四五"时期，是全面建设社会主义现代化国家新征程的开局5年，更是我国有色金属工业 实现历史性跨越、完成从"量的积累"到"质的飞跃"的关键5年。面对百年变局加速演进、全球 产业链重构、绿色低碳转型等多重挑战，我国有色金属工业在习近平新时代中国特色社会主 义思想的指引下，完整、准确、全面贯彻新发展理念，迎难而上、砥砺前行，高质量发展稳 步推进，全球竞争力持续增强，战略地位愈加凸显，书写了从"有色大国"向"有色强国"迈进 的崭新篇章。 辉煌"十四五" 时代坐标下的产业新质变 总量突破与效益跃升 质变根基持续夯实 "十四五"时期，我国有色金属工业摆脱规模扩张依赖，实现了产量、效益、贸易的协同质 变，综合实力跃上新高度。 一是主要金属产量首次突破8000万吨，全球供给主导地位稳固。2025年，我国十种常用有 色金属产量8175万吨，全球占比超50%，"十四五"年均增速5%。其中，精炼铜1472万吨、 电解铝4502万吨、精炼铅774万吨、精炼锌753万吨，分别占全球市场份额的47%、60%、 48%、 ...