Group 1 - The Hannover Industrial Fair 2025 focused on cutting-edge topics such as artificial intelligence, green energy, and digital transformation, attracting over 3,800 companies from more than 60 countries, with nearly 1,000 from China [1] - Chinese companies showcased a wide range of industrial technologies, from traditional equipment manufacturing to AI industrial models and flexible manufacturing platforms, demonstrating strong "going global" momentum [1][2] - The event highlighted the transformation of companies like Shaanxi Blower (Group) Co., Ltd. from single equipment manufacturers to comprehensive smart green system solution providers, emphasizing the importance of system performance and delivery efficiency [1][2] Group 2 - Shaanxi Blower has established 28 overseas companies and service institutions in countries like Germany, Czech Republic, India, and Indonesia, forming a global system that integrates equipment, services, and operations [1][2] - The fair also featured innovations from Shanghai Electric, which signed strategic cooperation agreements worth over 3.6 billion RMB with companies from Germany, France, and Egypt, showcasing the integration of Chinese manufacturing capabilities with cultural heritage [2] - The event underscored the growing role of Chinese enterprises in global industrial collaboration, with a focus on building win-win ecosystems rather than mere formal partnerships [3]

Group 1 - TBEA plans to invest CNY 17.04 billion in a coal-to-gas project, aligning with national development strategies and enhancing energy self-sufficiency [1] - The project is expected to face risks such as product price fluctuations, market competition, and environmental safety [1] Group 2 - CNOOC has discovered a large oil field in the eastern South China Sea, with proven geological reserves exceeding 100 million tons of oil equivalent, marking a significant milestone in offshore exploration [2] - This discovery is anticipated to improve China's oil and gas self-sufficiency and reduce dependence on foreign resources [2] Group 3 - The National Data Bureau announced that by the end of this year, over 80% of new large data centers will utilize green electricity, promoting the integration of green energy and high-tech industries [3] - The initiative aims to concentrate over 60% of new computing power at national hub nodes, reinforcing China's advantages in artificial intelligence [3]

在最近的一次采访中，李良彬称目前行业正处于下行周期，要顺周期而为，已经暂停了上游买矿扩张的 动作，精力将聚焦在储能等下游业务上。 弯道超车，并购成就"锂王" 长江商报消息 ●长江商报记者 潘瑞冬 锂业周期低谷中，行业龙头也不好过。 3月28日晚间，赣锋锂业（002460.SZ）发布2024年年报，报告期，公司营业收入同比下降42.66%，归母 净利润为-20.74亿元，遭遇上市以来首次亏损。期末，公司的负债率达52.8%，较2023年末剧增近10个 百分点。 赣锋锂业的创始人李良彬，曾靠着多次对于行业准确的判断，通过在全球买矿打通上游，将赣锋锂业送 上"锂矿双雄"这一高位。2021年，李良彬的财富达到545亿元高点，成为江西首富。近几年，随着锂业 下行，赣锋锂业股价下跌，他的财富也随之缩水。根据胡润百富榜，2024年，他的财富为130亿元，3年 时间跌了415亿元。 1988年，21岁的李良彬从宜春学院化学系毕业，分配到江西锂盐厂，从事锂盐产品的研制和开发。九年 间，他从一名普通技术员成长为科研所所长、溴化锂分厂厂长。 技术出身的李良彬，对技术的发展也保持着敏感。当看到智利锂矿工业龙头SQM实现了更低成本的卤 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 中華人民共和國 • 四川省 • 成都市 二零二五年三月二十八日 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 四 川 成 渝 高 速 公 路 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 發 佈 的《四 川 成 渝 高 速 公 路 股 份 有 限 公 司2024年 年 度 報 告》《四 川 成 渝 高 速公路股份有限公司2024年 年 度 報 告 摘 要》《四 川 成 渝 高 速 公 路 股 份 有 限 公司獨立董事2024年 度 述 職 報 告（余 海 宗）》《四 川 成 渝 高 速 公 路 股 份 有 限 公司獨立董事2024年 度 述 職 報 告（步 丹 璐）》《四 川 成 渝 高 速 公 路 股 份 有 限 公司獨立董事2024年 度 述 職 報 ...

近日，位于福建上杭工业园区蛟洋新材料产业园的紫金锂元粗碳制备年产2.5万吨电池级碳酸锂项目传新动态，项目进展顺利，目前已进入地 面建设阶段。 1、 远景动力成就江苏储能"收益王" 2、 亿纬锂能/孚能科技获小鹏定点 3、 9GWh动力电池项目落地江苏 4、 2025第七届起点钠电论坛3月28日举办 据了解，该项目由紫金矿业全资子公司紫金锂元材料科技有限公司投资建设，项目占地面积80亩，总投资2.65亿元， 拟于2025年12月建成投 产。 项目依托紫金矿业阿根廷3Q盐湖碳酸锂以及其他工业级碳酸锂资源，采用先进环保的碳化+树脂除杂工艺，生产电池级碳酸锂，应用于公司自 产磷酸铁锂产品，有利于提高产品一致性和合格率项目达产后，年产量可达2.5万吨，预计年营业收入将达到19.91亿元。 紫金近年持续在非洲、美洲、欧洲收购矿业资产，锂资源领域布局也在提速。此前紫金矿业副总裁沈绍阳曾表示，公司的成功得益于积极并 购、技术创新和可持续发展承诺。他说："我们的目标是成为绿色、高科技的全球领军企业。到2030年，公司超30%的能源将来自可再生能 源。 （ 来源：综合报道 ） SEEME (2)FREMSIR 第七届起点钠电论坛 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 7.04 [7][24]. Core Insights - The company reported a core profit growth of 5% for 2024, driven by structural upgrades in green energy, despite a revenue decline of 3% to HKD 55.5 billion [1][5]. - The gas sales volume in Hong Kong remained stable, with a slight increase of 0.1% year-on-year, while the company expects to benefit from a favorable pricing mechanism [2][3]. - The renewable energy and green energy sectors show significant growth potential, with net profit from renewable energy reaching HKD 322 million, a 544% increase year-on-year [4][5]. Summary by Sections Financial Performance - For 2024, the company reported revenues of HKD 55.5 billion, a decrease of 3% year-on-year, and a core profit of HKD 5.95 billion, an increase of 5% year-on-year [1][6]. - The net profit attributable to shareholders was HKD 5.71 billion, down 6% year-on-year [1][6]. Gas Sales - The gas sales volume in Hong Kong was 27,159 TJ, with residential gas volume decreasing by 1.4% and commercial/industrial gas volume increasing by 1.4% and 5.2% respectively [2][3]. - The company anticipates stable gas sales in Hong Kong for 2025, maintaining an EBITDA margin of approximately 52% [2][3]. Renewable Energy Growth - The renewable energy segment is expected to grow rapidly, with the company shifting towards a light-asset strategy, projecting significant revenue growth from carbon services and asset management [4][5]. - The green energy business, including green methanol and sustainable aviation fuel (SAF), is strengthening its capacity to capture future demand [4][5]. Profit Forecast Adjustments - The profit forecasts for 2025 and 2026 have been adjusted downwards by 6% and 9% respectively, with expected net profits of HKD 6.24 billion and HKD 6.56 billion [5][24]. - The target price has been revised down to HKD 7.04 from HKD 7.63, reflecting a price-to-book ratio of 2.3x for 2025 [5][24].

Investment Rating - The report maintains a "Buy" rating for Hong Kong and China Gas Company Limited [1] Core Views - The company's core profit is steadily recovering, and growth in green energy is expected [1] - The company reported a total revenue of HKD 55.473 billion for 2024, a decrease of 2.6% year-on-year, while the attributable net profit was HKD 5.712 billion, down 5.9% [5] - The core profit for the year was HKD 59.55 billion, reflecting a year-on-year increase of 5.1%, aligning with expectations [5] - The company plans to distribute a final dividend of HKD 0.23 per share, resulting in a total dividend of HKD 0.35 per share for the year, yielding a dividend rate of 5.31% based on the closing price on March 19 [5] Financial Data and Profit Forecast - Revenue (in million HKD) is projected as follows: 2023: 56,971, 2024: 55,473, 2025E: 55,525, 2026E: 57,637, 2027E: 59,285 [2] - Attributable net profit (in million HKD) is forecasted as: 2023: 6,070, 2024: 5,712, 2025E: 6,131, 2026E: 6,543, 2027E: 6,911 [2] - The net asset return rate is expected to improve from 8.55% in 2023 to 9.61% in 2027 [2] - The price-to-earnings ratio is projected to decrease from 20.3 in 2023 to 17.8 in 2027 [2] Business Performance - The Hong Kong gas sales volume for 2024 is expected to be 27,159 TJ, with a slight increase of 0.1% year-on-year [5] - The company has increased its maintenance fees and basic pricing, indicating a strong pricing power in the Hong Kong market [5] - The mainland gas sales volume is projected to reach 36.36 billion m³ in 2025, with a year-on-year growth of 4.8% [5] - The gross margin for city gas sales is expected to improve, with a target of 0.54 HKD/m³ for 2025 [5] Renewable Energy Growth - The company's photovoltaic power generation is expected to increase by 95% to 1.83 billion kWh in 2024, with net profits from renewable energy activities reaching HKD 4.79 billion [5] - The company is expanding its green methanol production capacity by 50% to 150,000 tons in Inner Mongolia [5] Conclusion - The report concludes that the company's core profit is steadily increasing, and the overall business performance is stable, maintaining a "Buy" rating [5]

Investment Rating - The report maintains a "Buy" rating for Hong Kong and China Gas Company Limited [1] Core Views - The company's core profit is steadily recovering, and growth in green energy is expected [1] - The company reported a total revenue of HKD 55.473 billion for 2024, a decrease of 2.6% year-on-year, while the attributable net profit was HKD 5.712 billion, down 5.9% [5] - The core profit for the year was HKD 59.55 billion, reflecting a year-on-year increase of 5.1%, aligning with expectations [5] - The company plans to distribute a final dividend of HKD 0.23 per share, resulting in a total dividend of HKD 0.35 per share for the year, yielding a dividend rate of 5.31% based on the closing price on March 19 [5] Financial Data and Profit Forecast - Revenue (in million HKD) is projected as follows: - 2023: 56,971 - 2024: 55,473 - 2025E: 55,525 - 2026E: 57,637 - 2027E: 59,285 - Year-on-year growth rates for revenue are expected to be: - 2023: -6.5% - 2024: -2.6% - 2025E: 0.1% - 2026E: 3.8% - 2027E: 1.5% [2] - Attributable net profit (in million HKD) is forecasted as: - 2023: 6,070 - 2024: 5,712 - 2025E: 6,131 - 2026E: 6,543 - 2027E: 6,911 - Year-on-year growth rates for net profit are: - 2023: 15.7% - 2024: -5.9% - 2025E: 7.3% - 2026E: 6.7% - 2027E: 5.6% [2][6] Business Performance Insights - The company has increased gas prices in Hong Kong, leading to stable sales volume and improved profitability, with a slight increase in gas sales volume of 0.1% in 2024 [5] - The mainland business is expected to see both volume and profit growth, with total gas sales projected at 36.36 billion cubic meters in 2025, a year-on-year increase of 4.8% [5] - The company’s renewable energy business is experiencing significant profit growth, with solar power generation expected to increase by 95% to 1.83 billion kWh in 2024 [5] - The company’s net profit from extended businesses reached HKD 470 million, with contributions from both Hong Kong and mainland markets [5] Valuation Metrics - The current stock price corresponds to a price-to-earnings (PE) ratio of 20.1 for 2025, 18.8 for 2026, and 17.8 for 2027 [5] - The company maintains a stable dividend policy, with a focus on steady growth across its various business segments [5]

Investment Rating - The report does not explicitly state an investment rating for the chemical products industry or the specific company, Hai Xin Energy Technology [1]. Core Insights - Hai Xin Energy Technology is focusing on sustainable aviation fuel (SAF) and biodiesel, aiming to become a leading green energy supplier and technology innovator in the next three years [17][20]. - The company is actively engaging in strategic partnerships, particularly with China Aviation Oil, to enhance its market position and ensure stable supply of bio-aviation fuel [17][20]. - The SAF market is expected to grow significantly due to regulatory support in regions like the EU and the UK, creating opportunities for domestic producers [20]. Summary by Sections 1. Basic Research Information - The research was conducted on Hai Xin Energy Technology, a company in the chemical products industry, on February 24, 2025 [13]. 2. Detailed Research Institutions - The research involved several institutions including CITIC Securities, People’s Insurance Asset Management, CITIC Jian Investment, Zhejiang Merchants Securities, and others [14]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [15]. 4. Main Content Information - Hai Xin Energy Technology's strategic focus includes: - Collaborating with government and industry partners to promote sustainable aviation fuel and biodiesel [17]. - Aiming for significant growth in the bioenergy sector, with a focus on technology innovation and operational excellence [18]. - Plans for mergers and acquisitions to expand its bioenergy business in response to market conditions [19]. - Ongoing projects, such as a 200,000-ton SAF project in Shandong, expected to be operational by Q2 2025, which will increase the company's SAF production capacity to 190,000 tons per year [20].

关于圆柱电池方面，在电动摩托、电动自行车、铅改锂等，客户大部分用圆柱类的产品。 图：力通威 产品部经理 黄兴宇 以下是速记整理内容： 今天由我代表公司给大家做一个汇报。力通威在电池方面，特别是电池管理方面深耕了20年，这两年我们做 了一些新的产品，借此机会给大家进行汇报。 2月28日，以"聚集新技术 探索新工艺"为主题的行业首届圆柱电池技术——2025起点锂电圆柱电池技术论坛 暨圆柱电池20强排行榜发布会，在深圳宝安登喜路国际酒店正式举办，现场超200+圆柱电芯及应用、300+电 池材料设备配套企业齐聚盛会，携手共探新发展，共创新机遇。 在圆柱电池材料体系创新与应用专场环节， 力通威 产品部经理 黄兴宇 发表了《让绿色能源充满智慧》主题 演讲。 经过这么多年的发展，力通威总共有3家公司，力通威电子、能源、力通芯威。目前产能在1500万片。在技术 和技术提升方面，结合现在的热点产品，研发方向比如机器人和无人机领域，技术路线还包括钠电。我们是 以技术为主，通过技术的革新在行业里给大家提供更多的服务和产品。 目前PCBA生产线12条，贴片机24台。 这是我们完整的电池保护板检测仪器和流程。 这是我们的产品：手机电池 ...