行业简报 电力巡检无人机行业深度报告： 智能电网时代的平台化演进 深度分析电力巡检无人机行业， 将如何推进智能电网时代的平台化？ 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另 行标明出处者除外）。 ，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改 编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究院保留采取法律措施、追究相关人员责任的权利。头豹 研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名称之外的其他分支机构 ，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 头豹研究院 1 行业研读 | 2025/02 Chapter 1 行业综述：电力巡检无 人机演进背景 ❑ 定义与核心价值：从"飞行工具"到"诊断平台"的范式革命 ❑ 政策与技术双驱动：低空经济与新型基建的共振 ❑ 市场规模与增长动能：百亿蓝海的爆发曲线 www.leadleo.com 400-072-5588 2 行业研读 | 2025/09 电力巡检无人机 为什么无人机需要从"飞行工具"升级为"诊断平台"？ • 升级源于电 ...

黑色金属&能源化工专场 20260122 摘要 此外，一些非主流矿山如思路粉项目、阿特拉斯麦菲顿山等也将贡献显著增量， 总计约 4,000 万吨。这些新增产能中的一部分将流向中国市场。 2026 年铁矿石市场预计供应过剩，主要矿山如 FMG、力拓、淡水河谷 等均有增产计划，非主流矿山亦有显著增量，总进口增量预计达 3,150 万吨，上半年和下半年增量分别为 1,610 万吨和 1,540 万吨，价格运行 区间大致在 85 至 110 美元之间。 2026 年中国房地产市场对钢材需求拉动作用较弱，新房成交量累计跌 幅已超 50%，仅存在边际改善效应。基建投资预期中性偏乐观，但可能 更倾向于新型基建，难以大幅拉动钢材需求增长。制造业投资环比快速 下滑，需求拉动力减弱。 中国钢材出口预计保持高位，但边际增速可能放缓，通过价格优势实现 以价换量。螺纹钢运行区间预计在 2,850 至 3,350 元之间，热轧卷板期 货价格运行区间在 2,950 至 3,500 元之间。单边钢价倾向于区间摸底运 行。 2026 年煤焦市场主要关注政策变化对供需结构的影响。2025 年下半年 煤焦价格反弹，产业基本面已测试出结果，显性库存 ...

Core Viewpoint - The article discusses the ambitious goals and strategic plans of Yuan Cheng New Energy Commercial Vehicles as it enters the "3.0 era," aiming to become the top seller in both domestic and global new energy commercial vehicle markets by 2030, with a target of 1 million annual sales [1][10]. Group 1: Strategic Goals and Market Performance - Yuan Cheng aims to achieve an annual sales target of 1 million vehicles by 2030, positioning itself as the leader in both domestic and global new energy commercial vehicle sales [1]. - In 2025, Yuan Cheng's commercial vehicle sales are projected to exceed 160,000 units, with cumulative sales surpassing 500,000 units, reflecting a compound annual growth rate of over 120% since 2020 [3]. - The company has established a sales target of 260,000 units for 2026, indicating a strong growth trajectory in the commercial vehicle sector [5]. Group 2: Technological Advancements and Product Development - Yuan Cheng focuses on two core technology routes: "alcohol-hydrogen + electric," continuously leading the industry through innovation and product optimization [7]. - The company has launched a series of new energy commercial vehicle products tailored to various market segments, including urban logistics and intercity transportation, which have gained significant traction among logistics companies and individual transport operators [8]. - The introduction of the "X platform" enhances the company's competitive edge, offering a wide range of specifications for electric and alcohol-hydrogen vehicles, outperforming industry averages [15]. Group 3: Market Expansion and Competitive Landscape - Yuan Cheng has achieved significant growth in overseas markets, with exports leading in key regions such as the UK, Spain, and Australia, and a nearly 500% year-on-year increase in overseas business [5]. - The new energy commercial vehicle industry is expected to see a penetration rate of 30% in 2025, rising to 40% in 2026, and over 70% by 2030, indicating a rapidly evolving competitive landscape [12]. - The favorable policy environment, including investments in artificial intelligence and high-end manufacturing, provides opportunities for Yuan Cheng to expand its market presence [13]. Group 4: Future Outlook and Industry Positioning - Yuan Cheng is committed to building a green and intelligent transportation ecosystem, focusing on user needs and market-driven product development [21]. - The company plans to launch various new models in 2026, including advanced electric and hydrogen-powered vehicles, as well as autonomous driving solutions, to cover all market scenarios [19]. - With a clear strategic path and strong technological foundation, Yuan Cheng aims to solidify its position as a global leader in the new energy commercial vehicle sector [21].

Industry Overview - The core logic supporting the surge in aluminum prices is a tight balance between supply and demand, with domestic electrolytic aluminum production capacity reaching 44.46 million tons, nearing the 45 million tons capacity ceiling, and only an estimated 550,000 tons of new capacity expected by 2026 [1] - On the supply side, projects in Indonesia and India are experiencing slow capacity release due to power and political factors, with an expected annual increase of only 1.3 million tons [1] - Demand is being driven by the accelerated "aluminum replacing copper" trend in the air conditioning and home appliance sectors, as well as new demand from emerging fields such as AI and energy storage [1] Company Insights - Xinjiang Zhonghe's main products include high-purity aluminum, electronic aluminum foil, electrode foil, aluminum products, and alloy products, with a market share of approximately 40% for high-purity aluminum [3] - China Aluminum has the largest alumina production capacity in the world [4]

Group 1: Aluminum Oxide - The supply surplus in the aluminum oxide market remains unchanged, with previous prices significantly below spot prices, stimulating warehouse inventory digestion. However, as prices rise at the end of the month, delivery profits will reduce warehouse risks [2][13] - The market concentration for aluminum oxide is high, and without substantial supply reductions, prices lack sustained upward momentum. Current raw material reserves at electrolytic aluminum plants are sufficient, and expectations for winter storage are low [2][13] - The overseas supply of bauxite remains excessive, with the end of the Guinea referendum and the resumption of Axis mine production reducing risk levels. Although bauxite prices are approaching the marginal cost, there is still slight downward potential [2][13] Group 2: Electrolytic Aluminum - The supply-demand imbalance remains largely unchanged, with high-frequency data indicating a transition from peak to off-peak consumption. Downstream processing product operating rates and output are declining, leading to an increase in aluminum ingot social inventory [3][14] - The absolute price, driven by macroeconomic factors, has significantly increased, suppressing downstream purchasing enthusiasm, resulting in a continuous expansion of spot discounts [3][14] - Despite the lack of positive fundamental factors, the macro outlook remains optimistic, with domestic policies supporting new infrastructure and major projects, alongside expectations of monetary easing [3][14] Group 3: Bauxite - In November 2025, China's bauxite imports reached 15,108,975 tons, a month-on-month increase of 1,342,917 tons and a year-on-year increase of 22.34%. The cumulative import volume from January to November was 185.96 million tons, up 29.23% year-on-year [4][15] - The latest port inventory of imported bauxite is 26.021 million tons, with a decrease of 2 million tons in December. The inventory at aluminum oxide plants is 24.16 million tons, down 370,000 tons month-on-month [4][15] - The resumption of Axis mine shipments in January will support future supply, maintaining the oversupply situation in the market. The first quarter long-term contract price is set at CIF $66 per ton, down $5 from the fourth quarter of 2025 [4][15] Group 4: Aluminum Production and Costs - In December 2025, China's aluminum oxide production was 7.52 million tons, with a month-on-month increase of 80,000 tons and a year-on-year increase of 0.79%. The net import of aluminum oxide in November was 62,000 tons, with a cumulative net export of 1.39 million tons from January to November [5][17] - The weighted cost of the electrolytic aluminum industry is currently 16,138 yuan per ton, with a profit margin of 6,322 yuan per ton [20][22] - The total social inventory of aluminum reached 5.171 million tons, with an increase of 230,000 tons in December. The inventory of electrolytic aluminum plants increased by 140,000 tons, while warehouse receipts decreased by 100,000 tons [6][18] Group 5: Downstream Consumption - The operating rate for cables is 56.8%, with a month-on-month increase of 3.5%. The operating rate for aluminum plates is 65.9%, down 4.4%, and for aluminum foils, it is 65.5%, down 0.7% [9][21] - In November 2025, China's net aluminum product exports were 466,000 tons, a year-on-year decrease of 22.8%, while cumulative net exports from January to November were 4.737 million tons, down 13% year-on-year [10][21] - The export of aluminum products was 289,000 tons, up 1.73% year-on-year, with cumulative exports from January to November reaching 2.949 million tons, an increase of 10.8% year-on-year [10][21]

Group 1: Market Overview - Today's Shanghai lead futures saw a slight increase, with the main contract opening at 16,970 yuan, reaching a high of 17,030 yuan and a low of 16,890 yuan, closing at 16,920 yuan, up 70 yuan or 0.42% [1] - The latest LME lead price reported at 1,978.5 USD, down 6 USD [1] - The average price for ccmn Longjiang comprehensive 1 lead was reported at 17,025 yuan, an increase of 75 yuan compared to the previous day [1] Group 2: Macro Analysis - The expectation of a Federal Reserve interest rate cut has led to a weaker dollar, providing liquidity support for dollar-denominated commodities like lead [2] - LME inventory continues to decrease, with a weekly reduction of 3,500 tons, reinforcing bullish sentiment and expectations of tight supply in the global market [2] - Domestic macro sentiment is improving, but the impact on lead demand is undergoing structural changes, with traditional infrastructure support weakening due to capital flow towards debt reduction [2] Group 3: Supply and Demand Dynamics - The lead market is characterized by "internal tightness and external shortage," with supply facing rigid gaps due to raw material shortages and environmental production limits affecting domestic recycled lead [3] - While primary lead production is recovering, delivery brand output is tightening due to maintenance, and LME inventory outflows are exacerbating global supply tightness [3] - Demand shows structural weakness, with core support from seasonal replacement demand for automotive starter batteries, but electric bicycle battery demand is weak due to new standards and export barriers [3] Group 4: Spot Market and Price Forecast - The current lead spot market is in a weak balance supported by low inventory, with traders reluctant to sell, leading to increased spot premiums [4] - Short-term price trends are expected to show strong fluctuations, with lead prices likely to continue high-level oscillations in the near term [4]

Group 1 - The report maintains a positive outlook on the construction and decoration industry, emphasizing the sustained growth policies and the favorable economic environment in the western regions of China, particularly in Xinjiang and Sichuan [5][12][22] - The "14th Five-Year Plan" is expected to drive high-quality development in domestic infrastructure investment, with significant projects like the Yarlung Tsangpo River downstream hydropower project and the Duku Highway in Xinjiang set to commence construction [10][11][15] - The report highlights the importance of new infrastructure needs, including the construction of a modern energy system and the development of smart transportation systems, which are anticipated to create new investment opportunities for companies in the sector [25][26] Group 2 - The report identifies key companies that are likely to benefit from the infrastructure boom in Xinjiang, such as Xinjiang Communications Construction, Qingsong Construction, and China Chemical Engineering, due to their involvement in major projects [14][16][19] - The coal chemical industry in Xinjiang is entering a phase of accelerated investment, with numerous projects planned or under construction, which is expected to enhance the operational performance of companies like China Metallurgical Group and China Railway Group [17][19][20] - The report notes that the Belt and Road Initiative continues to present overseas construction opportunities, with significant growth in new orders for major state-owned enterprises in both domestic and international markets [5][19][22] Group 3 - The report emphasizes the potential for companies involved in the new energy sector, as the government aims to construct a new energy system and achieve carbon peak goals, creating opportunities for firms engaged in renewable energy projects [25][26] - Companies like Suzhou Transportation Science and Technology and Huase Group are highlighted for their roles in the emerging low-altitude economy, which is expected to see accelerated development in infrastructure and operational capabilities [5][25] - The report discusses the rising prices of key minerals such as gold, copper, and cobalt, suggesting that companies involved in mineral resource development, like China Metallurgical Group and China Railway Group, may see increased value from their operations [17][19][22]

Core Viewpoint - The construction sector is experiencing a significant surge in investment, driven by local governments' accelerated project launches to meet annual targets amid the ongoing recovery from the pandemic [1][14]. Group 1: Market Performance - On the first trading day of March, the Shanghai and Shenzhen stock markets saw strong gains, particularly in the infrastructure sector, which experienced a wave of limit-up stocks [1]. - Among the 28 Shenwan first-level industry indices, cyclical industries such as construction materials and construction decoration rose over 8%, with major state-owned enterprises like China State Construction and China Railway Construction performing exceptionally well [1]. Group 2: Investment Plans - A total of 15 regions have announced clear plans for major projects in 2020, with a combined planned investment exceeding 6 trillion yuan, and nine provinces reporting total project investments over 24 trillion yuan [1][2]. - Six provinces, including Henan, Guangdong, Sichuan, Jiangsu, Fujian, and Shaanxi, have annual investment plans exceeding 500 billion yuan [2][4]. Group 3: Project Details - The investment plans include significant infrastructure projects across various sectors such as highways, high-speed rail, and energy, with Yunnan Province planning a total investment of approximately 3.6 trillion yuan for major infrastructure projects [1][8]. - In addition to traditional infrastructure, there is a notable emphasis on healthcare and elderly care facilities, reflecting a shift in investment focus [1][8]. Group 4: Regional Highlights - Sichuan Province has identified 700 key projects with an expected annual investment of over 600 billion yuan, while Fujian Province has 1,567 key projects with a total investment of 3.84 trillion yuan [5][4]. - Yunnan plans to launch 525 key projects with a total investment of around 5 trillion yuan, emphasizing large-scale projects [8][9]. - Chongqing's investment in infrastructure is projected at approximately 1.45 trillion yuan, focusing on various public health emergency service projects [9][8]. Group 5: Future Directions - Analysts suggest that the new round of infrastructure investment will not only focus on traditional sectors but also expand into healthcare and other public service areas, addressing long-standing deficiencies [14]. - The emphasis on increasing public investment in healthcare infrastructure is seen as a strategy to mitigate economic downturns while improving regional healthcare conditions [14].

Report Information - Report Title: Black Series Weekly Report [2] - Report Date: October 31, 2025 [2] - Analyst: Shi Lei [2] - Research Assistant: Shi Zhuoran [2] Industry Investment Rating - Not provided Core Views - **Mid - to - Long - Term**: For steel and iron ore, the "Golden September and Silver October" period is over, macro - level positive impacts are weakening, and the market is returning to fundamental influences. With increasing environmental restrictions and approaching winter storage, there is an expectation of a mild rebound in steel and iron ore futures, but trading should be based on an oscillatory mindset. For glass and soda ash, glass inventory has stopped increasing and started to decline, with stable supply and weak downstream demand, maintaining a weak pattern. Soda ash has a slight reduction in inventory, weak downstream demand, and a supply - surplus situation, with the main contract continuing a weak oscillatory trend [62][66] - **Short - Term**: For black series products, influenced by the "14th Five - Year Plan" on new infrastructure and stable real estate policies and the easing of Sino - US trade relations, the overall market showed an oscillatory upward trend this week, but cooled on Friday. Steel, hot - rolled coils, and iron ore are expected to oscillate, with risks of repeated fluctuations. Glass and soda ash followed the sector up and then down, with prices under pressure, and short - term trading should be based on fundamental logic [63][67] Summary by Directory Black Series Weekly Market Review | Variety | Futures Closing Price (10/24/2025) | Futures Closing Price (10/31/2025) | Change | Percentage Change | Spot Price | Basis (Unconverted) | | --- | --- | --- | --- | --- | --- | --- | | Rebar (RB2601) | 3046.0 | 3106.0 | 60.0 | 2.0% | 3230.0 | 124.0 | | Hot - rolled Coil (HC2601) | 3250.0 | 3308.0 | 58.0 | 1.8% | 3330.0 | 22.0 | | Iron Ore (I2601) | 771.0 | 800.0 | 29.0 | 3.8% | 814.0 | 14.0 | | Coke (J2601) | 1757.5 | 1777.0 | 19.5 | 1.1% | 1670.0 | - 107.0 | | Coking Coal (JM2601) | 1248.5 | 1286.0 | 37.5 | 3.0% | 1450.0 | 164.0 | | Glass (FG601) | 1092.0 | 1083.0 | - 9.0 | - 0.8% | 1210.0 | 127.0 | | Soda Ash (SA601) | 1229.0 | 1225.0 | - 4.0 | - 0.3% | 1270.6 | 45.6 | [3] Rebar - **Blast Furnace Profit**: On October 30, the rebar blast furnace profit was - 58 yuan/ton [7] - **Supply Side**: As of October 31, the blast furnace operating rate was 81.75%, a decrease of 2.96 percentage points; the daily average pig iron output was 2.3636 million tons, a decrease of 35,400 tons; the rebar output was 2.1259 million tons, an increase of 55,200 tons [12] - **Demand Side**: In the week of October 31, the apparent consumption of rebar was 2.3218 million tons, a week - on - week increase of 61,700 tons; as of October 30, the trading volume of construction steel by mainstream traders was 90,196 tons [16] - **Inventory**: In the week of October 31, the social inventory of rebar was 4.3081 million tons, a week - on - week decrease of 66,800 tons; the in - plant inventory was 1.7171 million tons, a week - on - week decrease of 129,200 tons [21] Iron Ore - **Supply Side**: In the week of October 24, the global iron ore shipment volume was 3.3884 million tons, a week - on - week increase of 54,900 tons; the arrival volume at 47 ports in China was 2.0843 million tons, a week - on - week decrease of 592,000 tons [26] - **Inventory**: In the week of October 31, the inventory of imported iron ore at 47 ports in China was 15.27293 million tons, a week - on - week increase of 163,440 tons; the inventory of imported iron ore at 247 steel enterprises was 8.84986 million tons, a week - on - week decrease of 229,330 tons [31] - **Demand Side**: In the week of October 31, the average daily discharge volume of imported iron ore at 47 ports in China was 331,220 tons, a week - on - week increase of 91,500 tons; as of October 30, the trading volume at major Chinese ports was 74,000 tons [36] Float Glass - **Supply Side**: In the week of October 31, the number of operating float glass production lines was 226; the weekly output was 1,128,925 tons, unchanged from the previous week; as of October 30, the capacity utilization rate was 80.63%, unchanged; the operating rate was 76.35%, unchanged [41] - **Inventory**: In the week of October 31, the in - plant inventory of float glass was 65.79 million weight boxes, a decrease of 823,000 weight boxes compared to October 24; the available days of in - plant inventory were 28 days, a week - on - week decrease of 0.3 days [46] Soda Ash - **Supply Side**: In the week of October 31, the capacity utilization rate of soda ash was 86.89%, an increase of 1.95 percentage points from the previous week; the output was 757,600 tons, an increase of 17,000 tons from the previous week [50] - **Inventory**: As of October 31, the in - plant inventory of soda ash was 1.702 million tons, a week - on - week decrease of 10 tons [55] - **Production and Sales Rate**: As of October 31, the production and sales rate of soda ash was 100.01%, a week - on - week increase of 0.23 percentage points [59]

Core Viewpoint - Dongguan Qunshang Optoelectronics Co., Ltd. held an online performance briefing on September 19, 2025, where the management discussed the company's operational status and business layout, revealing a revenue of 263 million yuan for the first half of the year, representing an 18.8% year-on-year increase [1][2]. Group 1: Financial Performance - The company achieved a revenue of 263 million yuan in the first half of 2025, marking an 18.8% increase compared to the same period last year [1]. - The company plans to continue expanding both domestic and international markets in the second half of the year and accelerate project construction progress [1]. Group 2: Business Strategy - The company is focusing on opportunities presented by the "new infrastructure" policy, leveraging its smart pole technology to launch integrated solutions that include smart poles, smart boxes, RSU roadside units, MEC edge computing devices, and holographic digital intersection platforms [2]. - Management expressed confidence in future development and is actively working to improve the company's fundamentals and enhance core competitiveness [2]. Group 3: Shareholder and Market Concerns - The company has not triggered any delisting risk warnings according to Shenzhen Stock Exchange regulations [3]. - In response to concerns about cash flow management, the company explained that it engages in entrusted financial management to improve fund utilization efficiency while ensuring normal business operations [3]. - The company has repurchased a total of 16,498,650 shares, accounting for 1.15% of the current total share capital, and will arrange further repurchases as per regulations [3].