国信证券主要观点如下： 智通财经APP获悉，国信证券发布研报称，在新能源需求快速释放下，硫酸需求保持中速增长，同时带 动硫磺需求增长，导致全球硫磺供需偏紧。硫磺制酸几乎是所有头部磷肥企业首选的制酸工艺。硫磺制 酸对保证硫酸供应意义重大。目前我国硫酸-硫磺产业链景气度较高，在全球供需偏紧、海外合同价格 不断走高情况下，国内硫磺价格有望进一步上涨。 硫磺主要伴生于油气开采及炼化，未来油气消费增速下降，同时明年高硫原油产量预计下降，全球硫磺 产量增速预期较低 硫磺主要在油气生产及炼化过程伴生，硫磺产量与化石能源消费紧密相关。主流机构均预测明年原油消 费增速较低，仅约1%。IEA预测，今年全年天然气消费增速为1.3%，明年天然气消费增速预计为2%。 全球高硫原油主要产区为中东，OPEC近期决定于2026年一季度暂停增产，并且部分国家提交了额外减 产计划。伊朗受美国制裁，原油产量不断下降。油气需求增速较低，高硫原油产量预期下降，全球硫磺 产量预计低速增长。俄罗斯本为全球第二大硫磺生产国，今年来其炼厂持续受袭，直接影响了气硫磺的 生产和出口，加剧硫磺供应紧张。 2024年中国硫磺产量为1106.74万吨，进口量为995. ...

近期，据专业光伏网站"索比光伏"统计，今年以来，多个省区废止光伏指标项目达80个，规模超 11GW，涉中核、三峡、国家能源、华能、华电、国电投、晋能控股、 广东电力 等多家能源央企及地 方国企。 央企为何会"中断项目"？有能源央企内部人士对《能见派》表示，实行市场定价后，很多光伏项目收益 有所下降，企业不仅需要满足资本金内部收益率的硬性要求，还需承担非技术成本，这使得光伏项目前 景蒙上阴影。 收益率不能低于6.5%？ 据公开信息统计，光伏项目遭原中标业主放弃指标以云南省尤为集中，项目总规模超800MW，业主涉 及中核、 广东能源集团 、 国家能源集团 、 京能集团 、 中国能建 等。还有 中核汇能 勐丙、安龙堡两 项目合计14.5万kW，于11月15日在昆明交易中心挂牌转让，挂牌价1元/ kW，附带负债3.4亿元。 当前风电、集中式光伏项目指标的获取，要么通过竞争性配置争夺，要么借助源网荷储等市场化模式申 报。无论采用何种方式，电力企业均需投入高额前期开发成本，涵盖项目调研、方案设计、资质申报等 多个环节。一旦退出，前期投入都是沉没成本。 即便如此，为什么会有这么多开发企业"忍痛割肉"？ "国资委的要求是资本 ...

Core Viewpoint - Wanma Co., Ltd. focuses on three main business areas: electric wires and cables, new materials, and new energy [1] Group 1: Business Overview - The company has a product line in the new energy sector that includes charging piles and charging stack products ranging from 7kW to 960kW [1] - The product offerings include high-power integrated and split DC charging piles, wall-mounted AC charging piles, and smart AC charging piles [1] - The company provides charging services for new energy vehicles and has expanded into operation and maintenance services [1] Group 2: Product Applications - The electric wire and cable products are applicable in smart grid-related fields [1]

Industry Updates - The National Energy Administration projects that China's crude oil production is expected to reach 215 million tons by 2025, marking a historical high. During the 14th Five-Year Plan period, the country has added 105 million tons of new crude oil capacity, with offshore oil contributing over 60% of the new production for five consecutive years [2] - The first national-level continental shale oil demonstration zone in China, located in Xinjiang, has achieved an oil output of over 1.7 million tons this year, completing its construction tasks. The shale oil reservoir presents significant technical challenges due to its depth and low permeability [3] - The first intelligent autonomous control system for gas turbine power generation in China has been successfully put into operation, marking a transition to smart autonomous operation in thermal power generation [3] - Sichuan Province is soliciting opinions on the implementation details for green electricity direct connection projects, aiming for a self-consumption ratio of at least 60% of total available power generation by 2030 [4] - Jiangsu Province has completed its first batch of intelligent orderly charging pilot communities, enhancing the synergy between new energy vehicles and the new power system [4] Company News - The first gas turbine unit of the Sichuan Huadian Neijiang Gas Turbine Innovation Development Demonstration Project has officially commenced power generation, contributing to energy supply during the winter peak [7] - The East African Crude Oil Pipeline (EACOP) project, undertaken by a Chinese company, has completed 581 kilometers of mainline welding, reaching a completion rate of 96.5%, and is entering the final stages of construction [7] Market Performance - In November, the production of new energy passenger vehicles reached 1.757 million units, a year-on-year increase of 18.3%, with a cumulative production of 13.788 million units from January to November, reflecting a growth of 28.6% [5]

天眼查App显示，近日，河北光启智能光伏科技有限公司成立，法定代表人为陈聪，注册资本500万人 民币，经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广;企业 管理;光电子器件制造;电力电子元器件销售;电子元器件制造;光伏设备及元器件制造;太阳能发电技术服 务;新能源原动设备销售;电子专用材料销售;半导体器件专用设备制造;金属材料销售;环境保护专用设备 制造;环境监测专用仪器仪表销售;软件开发;信息技术咨询服务;自然科学研究和试验发展;发电技术服务; 实验分析仪器销售（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：检验检 测服务（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以批准文件或许可 证件为准）。 ...

Core Viewpoint - The company held a Q3 2025 earnings presentation on December 9, 2025, to provide insights into its operational results and financial status, emphasizing its commitment to innovation and market expansion in both traditional and new energy sectors [1]. Group 1: Earnings Presentation Overview - The earnings presentation was conducted via the Shanghai Stock Exchange's online platform, featuring participation from the company's chairman and key executives [1]. - The meeting aimed to address investor inquiries regarding the company's performance and future strategies [1]. Group 2: Investor Questions and Company Responses - The company plans to continue focusing on its core engine business while accelerating the development of new energy products such as hybrid, hydrogen fuel cells, and electric drive systems [2]. - The subsidiary Yuanjun Hydrogen is currently in the testing and trial production phase for hydrogen fuel cell systems, with no commercial application yet [2]. - The company aims to enhance its product structure and quality, expand market share, and explore overseas markets as potential growth areas for 2025 and beyond [2][3]. - The company is committed to technological innovation, increasing R&D efforts, and optimizing product performance across various energy types, including traditional and clean energy [2]. - To improve profitability, the company is focusing on market expansion, internal management enhancement, and cost reduction strategies [3].

Group 1 - Longhua District announced the establishment of a hundred billion-level strategic emerging industry fund cluster, with the two largest funds each having a total scale of 2 billion yuan, namely the Deep Capital Jianxin Longhua AIC Fund and the Deep Guarantee Agricultural Bank Longhua AIC Fund [1] - The fund cluster will focus on key sectors such as digital economy, new energy, high-end medical devices, integrated circuits, and artificial intelligence, aligning with Shenzhen's "20+8" industrial cluster and Longhua's "1+2+3" industrial system [1] - The Deep Guarantee Agricultural Bank Longhua AIC Fund has completed the signing of its first batch of intended investment projects, which include high-quality potential listed companies in the fields of liquid cooling heat dissipation, precision laser equipment, and automated testing equipment [1] Group 2 - Longhua District is enhancing its inclusive financial support for specialized, innovative, and high-growth startups, having provided credit support of 160 billion yuan to over 31,000 enterprises [2] - A financial matrix service was launched at the conference, offering 100 billion yuan in credit, exclusive financial products, and preferential loan rates tailored for various market entities, including gazelle enterprises, unicorns, specialized and innovative small giants, and manufacturing champions [2]

天眼查显示，近日，延寿县烽雷新能源科技有限公司成立，法定代表人为华定康，注册资本500万人民 币，由江苏顺合新能源科技有限公司全资持股。 企业名称延寿县烽雷新能源科技有限公司法定代表人华定康注册资本500万人民币国标行业制造业>汽 车制造业>汽车整车制造地址黑龙江省哈尔滨市延寿县延寿镇胜利街7委（工业园区北泰山路2号）408 室企业类型有限责任公司（非自然人投资或控股的法人独资）营业期限2025-12-9至无固定期限登记机 关延寿县市场监督管理局 来源：市场资讯 序号股东名称持股比例1江苏顺合新能源科技有限公司100% 经营范围含新兴能源技术研发；新能源汽车生产测试设备销售；新能源汽车废旧动力蓄电池回收及梯次 利用（不含危险废物经营）；新能源原动设备销售；新能源原动设备制造；汽车零部件及配件制造；电 工机械专用设备制造；电池零配件生产；电池零配件销售；电池制造；技术服务、技术开发、技术咨 询、技术交流、技术转让、技术推广；配电开关控制设备制造；配电开关控制设备销售；电力电子元器 件销售；电力电子元器件制造；智能输配电及控制设备销售；机械电气设备制造；配电开关控制设备研 发；输配电及控制设备制造；储能技术服务。 ...

接下来什么板块重点关注呢，一个是不是跟十五五相关的，涉及到什么呢，主线不会变，科技强国， AI应用，机器人方面，新能源方面，固态电池，量子科技，核聚变等等，我们熟悉的板块是不是会轮 动呢，因为科技大主线涉及的方方面面太多，防守类型的，消费方面的，三农方面的，根据自己的情况 决定。明天重点关注3900点的夯实，上方3950点附近分歧很大，所以震荡在所难免，分化在所难免，不 追高，多点耐心，守得云开见月明，才能在市场中分一杯羹。 今天大盘不到2万亿，比昨天稍微少了一点，今天4000多只下跌，又是一个普跌大跌的一天，现在的行 情还有机会吗，还能参与吗？昨天券商带头，今天券商没有带头，是不是意味着行情就结束了，又要开 始下跌了？这是很多人担心的一个问题，我们接下来讨论一下，看看明天的行情到底会出现哪一种情况 的概率大点。 今天是什么板块领跌的，我们看一下航天概念方面，海峡方面概念，再看看CPO概念方面，再看看证券 保险方面都没有怎么表现，再看看煤炭，自贸，消费，国改，医药，农化等等大部分板块都表现不佳， 最主要的是大块头表现不佳，市场才很难真正的出现好的表现，分歧在所难免，这就是一个现实的状 态，对于今天的情况来说， ...

天眼查App显示，近日，深圳睿智新材料有限公司成立，法定代表人为梁荣富，注册资本500万人民 币，经营范围为一般经营项目是：新材料技术研发；新型膜材料销售；新型建筑材料制造（不含危险化 学品）；货物进出口；技术进出口；涂料制造（不含危险化学品）；涂料销售（不含危险化学品）；建 筑材料销售；化工产品销售（不含许可类化工产品）；建筑装饰材料销售；建筑防水卷材产品销售；建 筑物清洁服务；防腐材料销售；新能源原动设备销售；新兴能源技术研发；太阳能发电技术服务；光伏 发电设备租赁；光伏设备及元器件销售；半导体器件专用设备销售；海上风电相关装备销售；超材料销 售；超导材料销售；金属材料销售；稀土功能材料销售；石墨烯材料销售；保温材料销售；合成材料销 售；新型陶瓷材料销售；金属矿石销售；五金产品批发；智能无人飞行器销售；人工智能硬件销售；工 业机器人销售；新材料技术推广服务；智能机器人销售；技术服务、技术开发、技术咨询、技术交流、 技术转让、技术推广；工业设计服务；专业设计服务；信息技术咨询服务；以自有资金从事投资活动。 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动），许可经营项目是：无。 ...