内容概要：自卸车是指通过液压或机械举升而自行卸载货物的车辆，又称翻斗车，由汽车底盘、液压举 升机构、货厢和取力装置等部件组成。氢能源自卸车则是使用氢能作为动力源的自卸车。与传统自卸车 相比，氢能源自卸车不仅实现了零排放、无污染，而且动力强续航长，安全系数与能源转化效率更高， 能够有效降低运营成本。氢能被誉为21世纪最清洁的能源，氢能的可持续发展对实现碳达峰、碳中和目 标具有重要意义。氢能作为新质生产力，正逐渐成为推动能源转型和绿色发展的重要引擎。受限于技 术、成本等因素，目前氢燃料电池自卸车销量规模较小，2024年销量为262辆，仅占新能源自卸车销量 的2%。新能源自卸车仍以纯电为主。未来，氢能源自卸车将在技术创新与产业协同驱动下迈向更广阔 的发展前景。随着核心技术持续突破，系统效率与耐久性将显著提升，制氢、储运等环节的瓶颈逐步化 解，为规模化应用铺平道路。商用车领域将继续引领示范运营，推动港口物流、城际货运等场景深度脱 碳。全球产业链合作将深化技术融合，促进成本下降与可靠性增强。政策引导下，绿氢生产与加氢网络 建设将形成良性循环，全生命周期减排效益进一步凸显。未来，氢燃料电池技术将与纯电动技术互补共 生，成 ...

Macro Insights - The recent financial policy package has been substantial and contains many unexpected details, shifting market focus towards the implementation of incremental fiscal policies [2] - A-shares are likely to enter a strong oscillation phase, while the bond yield curve is expected to steepen before flattening [2] Industry Strategy - In May, if market sentiment declines, the top-performing sectors according to the five-dimensional industry comparison framework will be utilities, banking, construction decoration, transportation, food and beverage, and coal [3] - Conversely, if market sentiment rises, the leading sectors will include media, national defense, computer, electronics, machinery, and automotive [3] Investment Strategy - The A-share market showed a rebound in April, with internal policies and medium to long-term funding providing resilience to the index [4] - Key investment themes include domestic consumption, domestic substitution, and industries with relatively high first-quarter performance, particularly utilities, banking, construction decoration, transportation, food and beverage, and coal [4] Bond Market - A comprehensive policy package has exceeded expectations, largely due to prior preparations by monetary authorities [5] - The recent 7D OMO rate cut of 10 basis points is expected to lead to a similar decline in the LPR, effectively guiding down actual loan rates and stimulating more financing demand [5] Internet Media - The internet sector's recent adjustments are more influenced by liquidity and sentiment rather than fundamentals, with concerns over decoupling risks between China and the US [6] - Post-adjustment, a divergence is expected, with Alibaba and Tencent showing resilience due to their lower exposure to cross-border e-commerce and tariffs, respectively [6] Retail Sector - During the Labor Day holiday, key retail and catering enterprises saw a 6.3% increase in sales compared to the previous year, while Hainan's duty-free shopping revenue decreased by 7.3% [8] - Notable segments to watch include national subsidy-related categories, gold and jewelry retail, and emotional consumption [8] Real Estate - In April, the top 100 real estate companies reported a 9.2% year-on-year decline in sales, indicating a need to consolidate the stability of the housing market [9] - The cumulative sales figures for the first four months show a decline of 7.8% year-on-year, with some high-energy cities beginning to stabilize [9] Coal Industry - The decline in coal prices has led to increased performance differentiation among companies, with expectations of limited further price drops in the current market [10] - Recommendations focus on companies with high long-term contract ratios and stable profits, such as China Shenhua and China Coal Energy [10] High-end Manufacturing - The company reported a 2.9% year-on-year increase in revenue for Q1 2025, with a significant 54% increase in net profit, driven by emerging businesses and overseas market expansion [15] - Future profit forecasts for 2025-2027 are set at 50.0, 62.2, and 73.5 billion yuan, respectively [15] Utilities Sector - The company reported a 4.67% year-on-year decline in revenue for 2024, but a 9.14% increase in Q1 2025 revenue, indicating a recovery trend [12] - The acquisition of Yili Technology is expected to accelerate industry optimization [12] Food and Beverage - Shanxi Fenjiu achieved a total revenue of 360.11 billion yuan in 2024, with a 12.79% year-on-year growth, and a 7.72% increase in Q1 2025 [22] - Predictions for EPS from 2025 to 2027 are 10.90, 12.14, and 13.53 yuan, respectively [22]

Core Viewpoint - Teruid has secured significant orders, including a recent bid for approximately 126 million yuan from the State Grid Corporation, which is expected to positively impact its future performance [1] Group 1: Company Overview - Teruid Electric Co., Ltd. was established in 2004 and is headquartered in Qingdao, with its main business divided into "smart manufacturing + integrated services" and electric vehicle charging networks [1] - The company reported a revenue of 15.374 billion yuan in 2024, a year-on-year increase of 21.15%, and a net profit of 917 million yuan, up 86.62% [1] Group 2: Business Performance - In 2024, the "smart manufacturing + integrated services" segment generated revenue of 10.485 billion yuan, a growth of 22.47%, with net profit soaring by 91.42% to 709 million yuan [2] - The "electric vehicle charging network" segment achieved revenue of 4.890 billion yuan, an 18.41% increase, with net profit rising by 71.93% to 208 million yuan [2] - Teruid operated 709,000 public charging terminals by the end of 2024, maintaining its industry-leading position, with total charging volume exceeding 13 billion kWh, a 40% year-on-year increase [2] Group 3: Global Expansion - Teruid's overseas business contracts reached 800 million yuan in 2024, a 131.87% increase, with revenue doubling [2] - The company focused on regions such as the Middle East, Central Asia, and Southeast Asia, successfully winning contracts for notable projects in Kazakhstan, Saudi Arabia, and Uzbekistan [2] Group 4: Strategic Partnerships - Teruid secured a 700 million yuan order from the Saudi National Grid at the beginning of 2025 and has established partnerships with international giants like Siemens, ABB, and Schneider [3] - The company has collaborated with over 70 automotive brands, including Porsche, Audi, and BMW, to promote its charging network ecosystem [3]

"房价如潮水，退去方知谁在裸泳。"——《资本论》如是说 本文核心观点：房子不是资产，而是负债。当潮水退去，真正的财富藏在认知里。 作者简介：言叔，资深财经评论员，坚信 "认知才是最大的不动产"。关注我，用不一样的视角看世界。 一、4月楼市：从"小阳春"到"速冻模式" 4月的楼市数据，像一盆冰水浇在所有人头上。 中指研究院的数据显示，百城二手房均价环比下跌0.69%，同比跌幅扩大到7.23%，100个城市无一幸免。 北京、上海、广州、深圳这些"铁打的"一线城市，房价环比跌幅都超过0.3%，广州更是以0.49%的跌幅领跌。 最惨的是二线城市，环比跌幅达到0.77%，相当于每套房每月蒸发3-5万。 言叔想分享个身边的现实故事：杭州中介小王说，他手里有套西湖边的学区房，房东年初挂牌800万，4月直接 降到680万，还没人问津。 "以前是'皇帝女儿不愁嫁'，现在是'白菜价甩卖'。" 这哪里是"小阳春"？分明是"倒春寒"！ 2月份还有3个城市房价上涨，3月只剩1个，4月干脆全军覆没。就像有人开玩笑说："楼市就像坐过山车，刚升 到顶点，突然垂直坠落。" 二、房价暴跌背后的"三重危机" 1.供需失衡：房子多到"过剩" 数据会 ...

Core Viewpoint - The article emphasizes the importance of scaling and cost-effectiveness in the bio-manufacturing industry to compete with traditional manufacturing sectors, particularly the chemical industry, and to achieve carbon neutrality goals [6][10][12]. Group 1: Key Elements of Bio-Manufacturing - Bio-manufacturing is positioned as a manufacturing sector that aims to replace traditional industries, particularly chemicals and inorganic materials [6][10]. - The success of high-tech industries relies heavily on research and development investments, which must be supported by companies possessing core technological capabilities [6][7]. - Intellectual property protection is crucial for fostering innovation and ensuring that companies can profit from their research investments [8][9]. - The supply of raw materials is a significant challenge, as bio-manufacturing must find reliable and stable sources of biomass that do not compete with food supplies [9][10]. Group 2: Resource Factors - Current bio-manufacturing resources primarily include food crops and biomass, with high-energy raw materials like palm oil and soybeans being expensive [13][17]. - Corn is the main raw material for bio-manufacturing globally, but its use in China is limited due to population pressures [17][19]. - The industry faces challenges in utilizing agricultural waste effectively, with many attempts resulting in commercial failures [17][19]. Group 3: Cost Factors - Selecting the right projects is essential to minimize trial and error costs in bio-manufacturing [20][22]. - The bio-manufacturing industry must compete with fossil fuels, and the energy density of bio-based materials is inherently lower than that of traditional chemical products [21][22]. - The cost structure of bio-manufacturing in China is competitive due to lower labor and investment costs compared to the US and Europe [28][30]. Group 4: Market Factors - New bio-manufactured products face significant market entry challenges, including user risk perceptions and complex value chains [31][33]. - The competition is not only from peers but also from established fossil fuel industries, which dominate market standards and decision-making processes [37][38]. - There are negative perceptions about bio-manufacturing being small-scale and high-cost, which can hinder investment and market acceptance [38][40]. Group 5: Recommendations for Bio-Manufacturing in Hainan - Companies should consider competitive energy solutions and the availability of raw materials when establishing bio-manufacturing projects in Hainan [48][49]. - The government should facilitate market access for bio-manufactured products to encourage early adoption and create demonstration cases [49][50].

Core Viewpoint - The article discusses the advancements and challenges faced by Chinese lithium battery material companies in Finland, highlighting the strategic importance of the region for the European market and the complexities involved in project execution [3][6][7]. Group 1: Industry Developments - The 2025 High-Performance Sodium Battery Industry Summit and the 2025 High-Performance Solid-State Battery Technology and Application Summit are scheduled for June 9 and June 10, respectively, in Suzhou, China [2][3]. - A new lithium battery cathode material project by Dangsheng Technology (Finland) has commenced, with a total investment of approximately €800 million (around 6.537 billion RMB), aiming for an initial production capacity of 60,000 tons/year of NCM [4]. - Sanyuan Technology plans to establish a lithium-ion battery anode material integrated project in Finland, with a projected annual capacity of 100,000 tons, divided into two phases [5]. Group 2: Regional Advantages - Finland's geographical proximity to the Baltic Sea facilitates easy access to European markets, enhancing logistics for raw materials and products [6]. - The country possesses abundant resources necessary for lithium battery production, including nickel, cobalt, and lithium, along with a stable supply of graphite materials from its forestry industry [6]. - Finland's renewable energy resources, such as hydropower and biomass, contribute to lower energy costs, making it an attractive location for energy-intensive lithium battery production [6]. Group 3: Challenges and Uncertainties - The construction cycle for lithium battery projects in Europe is notably longer, with Dangsheng Technology's project planning initiated six years ago and Sanyuan Technology's projects requiring two years for each phase [6]. - The international market's volatility and changing geopolitical landscape have introduced uncertainties for Chinese companies operating in Finland, exemplified by Zhongwei Co.'s decision to shelve its high-nickel ternary precursor production project after four years of planning [7].

Group 1: Energy Transition Overview - The report highlights that in 2024, clean energy investments reached $2 trillion, yet global CO2 emissions hit a record high, indicating uneven distribution of energy investment benefits and challenges from energy security, policy changes, and emerging technology demands [1][30][59] - Global energy demand is projected to grow slowly or decline, with significant increases in electricity demand driven by electrification in various sectors, particularly in Ambitious Climate scenarios [20][52] Group 2: Energy Development Trends - Oil demand is expected to peak around 2030 and decline thereafter, with significant regional differences in natural gas demand, particularly growth in developing countries [2][18] - Renewable energy capacity saw a record addition of 562 gigawatts in 2023, but achieving the COP28 target of tripling global renewable capacity by 2030 will require substantial additional capacity [66][70] Group 3: Regional Energy Dynamics - China leads in solar energy development, while India shows strong growth but remains behind China and the US; the global "East" region dominates solar demand but is experiencing a declining share [3][22] - In Africa, energy demand is expected to decline despite rapid population growth, with a significant energy poverty issue and low per capita electricity consumption [4][22] Group 4: Future Projections and Challenges - By 2050, renewable energy sources, particularly wind and solar, are projected to account for over 50% of electricity generation, with coal generation declining significantly across all scenarios [31][37] - The report emphasizes the need for enhanced policy support, technological innovation, and international cooperation to overcome the challenges facing global energy transition [4][30]

4月29日晚，孚能科技发布了2024年年度报告，报告期内，公司实现营收116.80亿元，实现归母净利润 为-3.32亿元。 孚能科技表示，公司本年度虽然营业收入同比有所下降，但归属于上市公司股东的净利润、归属于上市 公司股东的扣除非经常性损益的净利润的亏损均大幅收窄，主要包括了综合毛利率提升和推行降本增效 措施等原因。 随着广州工控逐步完成对孚能科技控股权的收购，公司表示，2025年公司将进一步利用广州工控的国资 背景和资源优势对公司的赋能作用，例如公司未来可积极融入广州乃至大湾区新能源汽车产业链、低空 经济产业链发展布局，加强和拓展与当地企业的业务合作，此外也有助于公司降低融资成本、优化公司 治理结构等，有利于公司长期稳健发展。 提前布局前沿技术 公司是全球三元软包动力电池的领军企业之一，是中国第一批实现量产三元软包动力电池的企业。公司 作为业内最早确立以软包动力电池结构为动力电池研发和产业化方向的企业之一，在市场方向把握和技 术路线判断方面体现出较强的前瞻性。 在前沿技术布局方面，2024年公司延续"投产一代、储备一代、开发一代"的技术研发思路，根据市场需 求适时将技术储备产业化，并储备了多项下一代动力电 ...

4月30日， 全球容量最大的高温超导储能装置 在翠亨新区落户动工，这是国家重点研发计划"高 性能高温超导材料及磁储能应用"在中山配套落地的示范工程项目，能为高新企业提供超级稳定 的电能。 据悉，高温超导储能技术是推动我国新型电力系统建设，助力实现"碳达峰、碳中和"目标的关键 技术之一。此次落地的示范工程项目坐落于翠亨新区马鞍岛110kV滨海变电站旁，该装置由超导 磁体、低温制冷系统、变流器及监控系统等关键部件组成， 最大输出功率不低于5兆瓦，储能量 不低于10兆焦。 目前， 电网普遍采用的化学储能方式，虽然已经做到线路断电后能以秒为单位恢复供电的先进水 平，但随着高精尖企业的增多，企业对供电稳定性的质量又提出了更高的要求 ，需要应用高性能 的高温超导材料及磁储能技术。中山市翠亨新区党工委委员、管委会副主任邓锦平表示，深中通 道通车以来包括中广核、康方、中科药物研究所等大批高科技企业陆续建成投产，这批企业对电 力的需求不光量大，而且对稳定性的要求很高。 为满足企业需求，降低电力运营成本， 中山供电局在广东电网公司的组织下，联合中国科学院、 北京大学、北京交通大学、上海超导等国内顶尖团队 ，集中力量攻克了高温超导 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [3][14]. Core Insights - The company achieved a revenue of 17.79 billion yuan in 2024, representing a year-on-year growth of 19.10%, while the net profit attributable to shareholders decreased by 9.70% to 1.81 billion yuan [1]. - The company has successfully expanded its offshore wind market presence, securing significant orders in both domestic and international markets, with domestic new orders exceeding 20GW in 2024, a historical high [2][3]. - The company is actively pursuing overseas market expansion, with new project contracts signed in Europe, India, Kazakhstan, and the Philippines, totaling nearly 2GW [3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 177.92 billion yuan, a 19.10% increase from the previous year, while the net profit attributable to shareholders was 18.12 billion yuan, down 9.70% [1]. - The first quarter of 2025 saw a revenue of 21.87 billion yuan, marking a 26.58% year-on-year increase but a 74.93% decrease from the previous quarter [1]. Market Position - The company maintained a stable position in the wind turbine industry, with a market share increase of 1.18 percentage points, ranking fifth in new installed capacity with 9.15GW in 2024 [1][2]. - The wind turbine manufacturing business generated approximately 135.79 billion yuan in revenue, with a gross margin of 10.99% [1]. Order and Project Development - The company has a robust order backlog, with over 24GW of domestic orders as of the end of 2024, supporting future revenue growth [2]. - The company has adopted a "rolling development" strategy for wind farm projects, enhancing economic efficiency through the transfer of project capacities [2]. International Expansion - The company has made significant strides in international markets, including the establishment of subsidiaries in multiple countries and the signing of a technology licensing agreement in India [3]. - The company is expanding its production capacity in India and has commenced operations in Kazakhstan, aiming to strengthen its international business capabilities [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 2.10 billion yuan, 2.51 billion yuan, and 2.91 billion yuan respectively, reflecting a downward adjustment of 16% and 14% for 2025 and 2026 [3][4]. - The projected earnings per share (EPS) for 2025-2027 are 1.71 yuan, 2.05 yuan, and 2.38 yuan, with corresponding price-to-earnings (P/E) ratios of 13, 11, and 10 [3][4].