仅供内部参考，请勿外传！ 股 票 研 究 新能源全链加速落地，传统业务平稳运营 中国天楹(000035) 公司首次覆盖 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 杨寅琛(分析师) | 021-23188562 | yangyinchen@gtht.com | S0880525070008 | 本报告导读： 重力储能切入新能源，"环保+新能源"齐头并进，新能源全链条布局加速落地，垃 圾焚烧项目高效运营，海外市场稳步推进。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 5,324 | 5,667 | 5,843 | 7,092 | 7,609 | | (+/-)% | -20.6% | 6.5% | ...

格隆汇12月9日｜银河证券研报指出，近期，道通科技接连落地两项关键战略合作，分别于国内汽车后 市场及北美新能源市场取得突破性进展。公司正成功从一家汽车后智能化的制造型公司向AI 驱动的生 态平台与全球化的新能源解决方案提供商转型。短期看，订单与生态合作持续验证增长确定性；长期 看，"AI+机器人"与"数字能源"两大成长曲线已清晰且开始共振。维持"推荐"评级。 ...

Group 1 - The core viewpoint of the articles indicates that the recent surge in copper prices is primarily driven by short-term supply disruptions, policy interventions, and the financialization of commodities, rather than a fundamental shift in global copper supply and demand dynamics [2][4][5] - The London Metal Exchange (LME) copper price recently reached a historical high of $11,461 per ton, while domestic copper futures in China surpassed 90,000 yuan per ton, reflecting a significant increase in market sentiment and capital inflow, with domestic copper futures' capital exceeding 50 billion yuan [2] - Supply disruptions have been caused by various incidents at major copper mines, including production cuts at Grasberg in Indonesia due to landslides and safety issues at El Teniente in Chile, leading to a year-on-year decline in global copper production [2] Group 2 - According to the International Copper Study Group (ICSG), the global refined copper market is expected to experience a slight surplus of 178,000 tons in 2025, transitioning to a shortage of 150,000 tons by 2026, indicating that the supply-demand gap has not significantly changed in recent years [3] - The rise in copper prices has been significantly influenced by speculative trading and expectations surrounding U.S. monetary policy, particularly regarding potential interest rate cuts by the Federal Reserve, which has led to volatility in copper prices [5] - The future trajectory of copper prices will depend on three key variables: U.S. tariff policies and export restrictions from copper-producing countries, the actual demand from AI and energy transition sectors, and adjustments in global smelting capacity and resource exploration investments [6]

华金证券指出，电力设备及新能源行业在经历产能扩张、供需失衡后已逐步走出困境，实现供需再平 衡。电池行业呈现利润触底反弹，库存显著回升，资本开支触底反弹且固态电池等新投资方向支撑融资 意愿回升。锂电材料价格企稳回升，动力与储能市场需求旺盛，预计2025-2035年中游材料出货量仍有3 倍以上增长空间；固态电池技术迭代加速，政策推动下有望2027年量产，人形机器人等新兴场景将带动 需求。储能领域市场化交易推进，新型储能装机规模突破100GW，海外AI用电高增进一步刺激需求。 风电行业招标规模景气，风机价格企稳回升，海上风电向深远海发展，漂浮式技术加速落地，预计"十 五五"年均装机增长超80%。行业整体处于盈利修复阶段，细分领域复苏与科技突破（核聚变、固态电 池、AIDC）形成投资主线。 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅达20%，该指数从市 场中选取涉及清洁能源生产、储存及应用等业务的上市公司证券作为指数样本，聚焦可再生能源、电动 汽车、储能技术等前沿领域，以反映具备高成长性和技术创新能力的新能源相关上市公司证券的整体表 现。 （文章来源：每日经济新闻） ...

股票代码：003037 股票简称：三和管桩 广东三和管桩股份有限公司 投资者关系活动记录表 编号：2025-007 投资者关系活动 类别 特定对象调研 □分析师会议 □媒体采访 ☐ 业绩说明会 □新闻发布会 □路演活动 □现场参观 ☐ 其他 活动参与人员 一、参与人员： 东方财富证券股份有限公司 郁晾 中邮证券有限责任公司 赵洋 二、上市公司接待人员姓名： 董事会秘书：余俊乐 财务总监：曾立军 证券事务代表：高永恒 时间 2025 年 12 月 9 日（星期二）10:00-11:00 地点 公司二楼会议室 形式 现场会议 交流内容及具体 问答记录 1、问：公司现在大致的客户结构（地产、市政、基 建）和区域结构？ 答：从下游领域来看，公司营业收入主要来源于工业 项目，占比 50%以上，此外房地产、公共建设及光伏项目 也是重要的收入来源。近年来，公司持续拓展光伏、风电、 水利等新兴应用场景，收入结构不断优化。2025 年上半年， 公司光伏用桩占桩类产品销量比例已达 15.63%，水利用 桩与风电用桩占比分别提升至 3.17%和 0.51%。 分地区来看，目前公司收入主要集中在华东地区和中 | 南地区。2025 年 ...

平安证券指出，2026年工业金属行业面临供应约束强化与需求弹性释放的双重驱动。上游资源端及中游 冶炼产能扰动持续，新能源需求韧性叠加AI等新兴产业打开远期增长极，宽松货币环境有望推动宏观 与基本面共振。有色金属方面，美元信用弱化及美联储降息将强化黄金货币属性，同时弱美元为工业金 属提供向上驱动；供给收缩成为工业金属核心逻辑，铜、铝等品种面临资源约束或产能瓶颈；能源金属 中钴、锂伴随主产国政策落地及海外产能出清，供需改善显著，价格中枢有望上移。贵金属方面，美国 财政问题及政治风险抬升支撑黄金避险属性，金价中枢看涨。整体来看，有色金属行业在宏观与基本面 双轮驱动下，价格弹性有望加速释放。 （文章来源：每日经济新闻） 矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及铜、铝、铅锌、稀有 金属等矿产资源开采与加工业务的上市公司证券作为指数样本，以反映有色金属矿业相关上市公司证券 的整体表现。该指数具有较强的周期性和商品价格敏感性，能够较好地体现有色金属矿业板块的市场走 势。 ...

Group 1 - The industrial metals sector is expected to face dual drivers of supply constraints and demand elasticity by 2026, influenced by ongoing disruptions in upstream resources and midstream smelting capacities [1] - The resilience of new energy demand, coupled with emerging industries like AI, is anticipated to open up long-term growth opportunities, while a loose monetary environment may enhance macroeconomic and fundamental resonance [1] - In the non-ferrous metals sector, a weakened US dollar and potential interest rate cuts by the Federal Reserve are likely to strengthen gold's monetary attributes, while a weak dollar provides upward momentum for industrial metals [1] Group 2 - Supply contraction is identified as a core logic for industrial metals, with copper and aluminum facing resource constraints or capacity bottlenecks [1] - In the energy metals category, cobalt and lithium are expected to see significant supply-demand improvements due to policy implementations in major producing countries and the clearing of overseas capacities, leading to a potential upward shift in price levels [1] - The gold market is supported by rising US fiscal issues and political risks, with a bullish outlook on gold prices [1] Group 3 - The mining ETF (561330) tracks the non-ferrous mining index (931892), which selects listed companies involved in the extraction and processing of copper, aluminum, lead, zinc, and rare metals to reflect the overall performance of the non-ferrous metal mining sector [1] - This index exhibits strong cyclicality and sensitivity to commodity prices, effectively capturing market trends in the non-ferrous metal mining sector [1]

Core Viewpoint - Recently, the establishment of Shen Chuang Low Carbon Technology Development (Jiangxi) Co., Ltd. was reported, focusing on various technology services and manufacturing in the low-carbon and renewable energy sectors [1] Group 1: Company Overview - Shen Chuang Low Carbon Technology Development (Jiangxi) Co., Ltd. has a registered capital of 10 million RMB [1] - The legal representative of the company is Wang Letao [1] Group 2: Business Scope - The company’s business scope includes technology services, development, consulting, and transfer related to low-carbon technologies [1] - It is involved in the manufacturing and sales of optoelectronic devices, electronic components, and various energy-related equipment, including photovoltaic power generation equipment [1] - The company also focuses on carbon reduction technologies, new materials research, and energy-saving management services [1]

本周核心观点：1）江苏广东发布2026年电力市场交易通知。近日，江苏、广东等地发布2026年电力市 场交易通知，明确2026年年度交易安排，其中，广东：2026年年度交易分阶段展开，12月5日至12月22 日，每日滚动开展年度双边协商交易、年度集中竞争交易、年度挂牌交易、年度绿电双边协商交易。江 苏：年度协商交易安排在12月12、15、16日，年度挂牌交易安排在12月11、17日，年度竞价交易安排在 12月11、17日。2）攀西特高压交流工程核准。根据国家和四川省"十四五"电力发展规划，为满足攀西 地区清洁能源基地电力送出需求，保障成都、川南负荷中心电力供应，进一步优化川南500千伏电网结 构，同意建设攀西特高压交流工程。工程总投资2317662万元，其中资本金463533万元，占总投资的 20%，由国网四川省电力公司出资，其余资金通过银行贷款解决。 行业核心数据跟踪：电价：2025年11月全国平均电网代购电价同比下降2%环比+2.8%。煤价：截至 2025/12/05，动力煤秦皇岛5500卡平仓价785元/吨，周环比下跌31元。水情：截至2025/12/05，三峡水库 站水位172.84米，2021、202 ...

Core Insights - The global industry is increasingly focusing on graphene, a two-dimensional material composed of carbon atoms, due to its exceptional electrical, thermal, and mechanical properties, marking the dawn of a golden application era for graphene [1] Group 1: Industrial Applications - Graphene has transitioned from a theoretical material to practical applications, with successful uses in batteries, electronics, thermal management, carbon capture, and hydrogen energy [2] - The versatility of graphene, as a "material family," allows for customization based on different molecular structures and defects, providing vast opportunities for industrial applications [2] - Graphene's role in the industry is evolving from being seen as an "industrial seasoning" to a "vitamin," indicating its deepening application value [3] Group 2: Market Development - The graphene industry is still in its early developmental stage, with a historical timeline of investment enthusiasm from 2013 to 2015, followed by a rational adjustment period until 2018, when practical applications began to emerge [3] - The global graphene industry is witnessing a shift from conceptual applications to real-world products, with advancements in photonics, modulators, and photodetectors [3][4] Group 3: Ecosystem and Collaboration - A healthy development of the graphene industry relies on a supportive ecosystem, with a complete support system from national strategies to local policies [5] - Collaborative innovation among academia, industry, and government is essential for overcoming challenges such as high production costs and low standardization [5][6] - Establishing joint research centers between universities and enterprises can bridge market needs with research resources, accelerating technology and product innovation [6] Group 4: Future Prospects - The next decade is expected to see graphene enter a golden application era, with significant demand projected, particularly in cooling technologies for AI computing and carbon-based chip technologies [7] - The European Union's roadmap anticipates a potential increase in global graphene demand to 170,000 tons annually by 2030, indicating substantial market growth [7] - Key focus areas for graphene in the coming years include sustainable development, healthcare, and communication technologies, particularly in the context of 6G and quantum communication [8]