何炳祥表示，作为新一届会长，他将秉承"服务行业、促进发展"的宗旨，带领协会成员积极应对市场变 化，推动产业转型升级。同时，协会还将致力于提升行业标准，推动技术创新，培养专业人才，为盐步 内衣产业的可持续发展注入新的活力。未来，将继续秉承"服务会员、推动行业、回馈社会"的宗旨，携 手共进，为南海区盐步内衣行业的繁荣发展贡献更多力量。 当晚，还举办了"凝心聚力创辉煌 转型赋能赢未来——南海区盐步内衣行业协会第六届理监事会成员就 职仪式"，进行了第六届理监事会就职授牌，以及广东省内衣产业电商生态联盟启动仪式及多项签约仪 式。 广东省内衣产业电商生态联盟启动。 6月25日，佛山市南海区盐步内衣行业协会第六届会员大会隆重召开，会议选举产生了新一届理监事 会。 经会员大会及理监事会第一次会议投票产生，广东奥丽侬内衣集团有限公司董事长何炳祥当选会长，佛 山市姐妹花内衣有限公司董事长潘楚文当选执行会长，常务副会长黄爱群、陈彦宇等18人、副会长方凯 潼、陈小东等25人，监事长吴艳芬、秘书长由任辉常务副会长兼任。佛山市依黛丽内衣有限公司董事长 危志强，当选永远名誉会长。 广东奥丽侬内衣集团有限公司董事长何炳祥（图左）任新一届会长 ...

Core Viewpoint - Zhejiang Morning Light Cable Co., Ltd. has recently won significant contracts from the State Grid and its subsidiaries, totaling approximately 1.015 billion yuan (including tax), showcasing its strong market competitiveness and comprehensive strength in the power cable industry [1] Group 1: Company Overview - Founded in 1984, Morning Light Cable has evolved into a professional enterprise specializing in the research, production, and sales of power cables, with a registered capital of 120 million yuan and an area of over 200,000 square meters [2] - The company employs nearly 600 staff and has established itself as an influential player in both national and international markets [2] - Morning Light Cable emphasizes technological innovation, continuously increasing R&D investment and implementing rolling technological upgrades [2] Group 2: Recent Contracts and Market Impact - The recent contracts include significant projects such as the Northeast Region Low Voltage Power Cable Agreement Stock Procurement Project, with a winning bid of 11.2137 million yuan, and the 10kV Power Cable Agreement Stock Procurement Project, with a winning bid of 11.6853 million yuan [1] - In the 2024 procurement project for the State Grid and 27 provincial power companies, Morning Light Cable secured contracts worth approximately 1.21917 billion yuan, accounting for 1.14% of the total, placing it among the top 20 winning companies [3] - The influx of orders is expected to enhance production capacity utilization, optimize production scheduling, and improve operational efficiency and profitability [3] Group 3: Industry Context and Future Outlook - The power cable industry is experiencing significant growth due to the country's push for infrastructure development and the establishment of a new power system [4] - Morning Light Cable's recent contract wins position the company for accelerated growth in this favorable market environment, with a focus on leveraging technological innovation and market expansion [4]

Core Viewpoint - The company is strategically positioning itself for international expansion through its Hong Kong IPO, which is seen as a critical step for future growth and credibility in the global market [3][9]. Group 1: IPO and International Strategy - The company submitted its H-share listing application to the Hong Kong Stock Exchange on May 27, 2025, marking a significant move towards its internationalization strategy [3]. - The IPO aims to enhance the company's credibility among global investors and support its overseas business expansion, particularly in Southeast Asia, with Vietnam identified as a key market [3]. - Funds raised from the IPO will be allocated to global supply chain expansion, breeding and smart farming R&D, and working capital replenishment [3]. Group 2: Business Development and R&D - The company’s subsidiary, Muyu Anliang, is in trial production, achieving 80% of its designed capacity, focusing on synthetic biology technology, particularly amino acid applications [4]. - The strategic goal of this initiative is to reduce reliance on soybean protein, thereby safeguarding national food security and mitigating risks associated with international soybean price fluctuations [4]. Group 3: Industry Outlook and Strategic Adjustments - The company perceives a stable future for the pig farming industry, supported by government policies aimed at stabilizing production capacity and pig prices [5]. - Since 2021, the company has shifted its focus from rapid growth to high-quality development, emphasizing cost control and technology output [5]. Group 4: Slaughtering Business and Synergy - The company’s slaughtering business, initiated in 2019, currently has a capacity of 29 million heads per year, with plans to enhance sales channels and optimize product structure [6]. - There is a strong emphasis on the synergy between slaughtering and breeding operations, allowing for better market demand understanding and value maximization [6]. Group 5: Cost Control and Financial Management - Since 2025, the company has seen a monthly decrease in pig farming costs, with May's cost at 12.2 yuan/kg, aiming for an average of 12 yuan/kg for the year [7]. - Future cost optimization will focus on disease prevention, breeding system improvements, feed cost reduction through synthetic biology, and enhanced smart equipment application [7]. - The company has set a target to reduce debt by 10 billion yuan, with a long-term goal of lowering the debt-to-asset ratio to over 40% [8]. Group 6: Industry Transformation and Social Responsibility - The company aims to elevate the pig farming industry’s image through technological innovation and model upgrades, making it a respected profession [9]. - The vision is to make pig farming less labor-intensive and more profitable, integrating technology and management to enhance production efficiency [9].

Core Viewpoint - The article emphasizes the importance of quality control in school uniforms, highlighting the shift in consumer demand towards comfort, safety, and functionality in school attire, with Jiangsu Sumida Eaton Jide emerging as a trusted brand in this sector [1][2]. Group 1: Company Overview - Jiangsu Sumida Eaton Jide has established itself as a leading provider of school uniforms, serving nearly 4,000 primary and secondary schools across China, with a projected revenue of 1.289 billion yuan in 2024 and an annual delivery of approximately 14 million pieces [1]. - The company is committed to transforming the school uniform industry in China, focusing on quality management to provide comfortable, safe, and aesthetically pleasing uniforms for students [1][2]. Group 2: Quality Control Measures - Eaton Jide implements a five-tier quality inspection system that includes supplier selection, sampling, production, warehousing, and shipping, and collaborates with international third-party testing organizations to ensure compliance with national standards [3]. - The company prioritizes the use of environmentally friendly dyes sourced from Switzerland and Germany, ensuring that harmful substances are eliminated from the production process [2][3]. Group 3: Technological Innovations - The company has introduced advanced technologies to enhance the functionality and safety of school uniforms, including the use of wrinkle-resistant and washable materials, as well as reflective materials for improved visibility in low-light conditions [4]. - Eaton Jide has developed a UPF50+ ice sensation sun protection garment for summer, utilizing cooling fibers and breathable designs to effectively block UV rays [4]. Group 4: Logistics and Supply Chain Management - The company's intelligent logistics center can process up to 150,000 orders daily and has a storage capacity of 8.5 million pieces, significantly improving delivery efficiency [5]. - Eaton Jide's self-developed SCM supply chain management platform facilitates digital quality control and enhances transparency across the supply chain, optimizing costs and ensuring stable quality [5]. Group 5: Commitment to Transparency - The company has established a transparent procurement process that involves parents in decision-making, promoting a system where those who fund the uniforms also have a say in the purchasing process [5][6]. - Eaton Jide's approach to quality control encompasses every detail of the production process, reflecting a deep understanding of the importance of quality in education [6].

近年来，我国黄金产业迅速发展，已成为全球最大的黄金生产和消费国。图为安徽铜陵有色金冠铜业分公司稀贵车间里，机器设备对黄金金锭进行编码。 （图片由CNSPHOTO提供） 聚焦产业升级 近年来，我国黄金产业迅速发展，已成为全球最大的黄金生产和消费国。2024年，我国矿产金产量377吨，连续18年保持全球第一；黄金消费量985吨，连续 12年保持全球第一。同时，黄金产业科技攻关取得进展，金矿深井开采深度达到千米以上，氰渣绿色化综合治理水平不断提升，电子信息、航空航天等领域 用新材料不断突破。 值得关注的是，我国黄金产业发展仍面临资源保障能力不足、关键核心技术和装备难以满足需求等问题。为解决这些发展痛点问题，实施方案应运而生。 黄金作为战略性矿产资源，兼具商品和货币属性，在维护国家产业安全和金融安全方面意义重大。近日，工业和信息化部、国家发展改革委、自然资源部等 九部门联合印发《黄金产业高质量发展实施方案（2025—2027年）》（以下简称实施方案），提出到2027年，我国资源保障能力和产业链创新水平明显提 升，黄金资源量增长5％至10％，黄金、白银产量增长5％以上。 and and e and the state ...

格林大华期货研究院 证监许可【2011】1288 号 2025 年 6 月 26 日星期四 早盘提示 Morning session notice 更多精彩内容请关注格林大华期货官方微信 重要事项: 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制发布， 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 联系方式：yujunli@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 周三市场继 ...

[Table_Title] 证券研究报告 / 公司深度报告 石墨高端设备领军企业，业绩拐点将至 报告摘要： [国内新增 Table_Summary] 氯碱产能进入加速放量期，扩大资本开支，上游石墨设备厂商 有望充分获益 近些年我国下游氯碱新增产能节奏放缓，2024 年实现产能 4860 万吨（同 比+3.32%)，其中新增产能 157 万吨。根据我们统计，截至 2025 年 3 月， 我国 2025 年烧碱的新增产能约为 341 万吨，在建/拟建的烧碱产能约为 854 万吨，新增产能增速显著提升，有望进入加速放量期。上游石墨合成 炉企业或将受益于烧碱厂商扩产带来的资本开支增加，收入有望大幅增 长。 国内合成炉替换周期将至，存量替换和升级需求驱动高副产蒸汽石墨合 成炉渗透率提升 石墨合成炉的使用寿命为 8 年，最早的国产替代石墨合成炉已进入更新 周期；同时，随着环保节能的产业升级需求，国家出台政策鼓励氯化氢 合成炉在余热余压领域的应用，高副产蒸汽氯化氢石墨合成炉正在逐步 替换传统石墨合成炉。高副产蒸汽氯化氢石墨合成炉未来市场渗透率提 升空间广阔，预计将成为石墨合成炉的主要需求。公司组合式副产蒸汽 石墨氯化氢合成 ...

Core Insights - The article discusses the return of the legendary game IP with a new technological approach, highlighting the upcoming internal test of "Legend M: Twilight Double Dragons" developed by Yumei De's Chinese studio [1] - The game aims to combine classic elements with modern technology, focusing on user experience and innovation [1][2] Group 1: Technological Innovation - "Legend M: Twilight Double Dragons" utilizes Unreal Engine 4, enhancing classic visuals to 4K while reconstructing user experience [1] - The introduction of an intelligent combat assistance system allows for automatic skill activation based on combat conditions, lowering the operational threshold for users [1][3] - Cross-platform compatibility enhances user engagement by providing a seamless gaming experience across PC and mobile devices [1] Group 2: Market Trends - The Chinese gaming market reached a record high of 325.783 billion yuan in actual sales revenue, growing by 7.53% year-on-year, with a user base of 674 million, up by 0.94% [2] - The application of new technologies like 5G, cloud computing, and AI is driving high-quality development in the gaming industry [2] Group 3: AI Integration - The shift from using AI as a development tool to integrating it into core gameplay signifies a deeper application of technology in the gaming industry [3] - The game features a customizable skill tree and intelligent recommendation system, enhancing strategic depth while maintaining the core experience of character development [3] Group 4: International Collaboration - The game represents a significant collaboration between China and South Korea, leveraging each country's strengths in game development and market access [4] - This partnership model is becoming a trend in the global gaming industry, enhancing the adaptability of game products to different markets [4] Group 5: Compliance and Licensing - The game has received a publishing license in China, reflecting a commitment to copyright compliance and collaboration with relevant stakeholders [6][7] - Establishing a clear licensing framework is crucial for protecting intellectual property and fostering a healthy development environment in the gaming industry [7] Group 6: Cultural Integration - The game incorporates Eastern cultural elements, enriching its narrative and world-building, which reflects a mature development in the gaming industry [8] - The integration of technology and culture aims to enhance the quality of the gaming experience while driving innovation [8]

宁德时代正以技术创新和市场扩张为核心，巩固其作为全球电池行业领军者的地位。 据追风交易台消息，摩根士丹利分析师Jack Lu、Adam Jonas、Stephen C Byrd在其最新研报中指出，受 益于技术迭代、每车电池容量提升及卡车电气化加速等因素，预计宁德时代未来三年盈利以超过20%的 年均复合增长率（CAGR）攀升。 此外，报告强调，宁德时代在欧洲电动车市场份额的持续扩大以及其在高价值市场中的战略布局，均将 支撑其长期增长并抵御行业竞争压力。 大摩表示，宁德时代的电池技术正逐步扩展至AI领域，在超大规模数据中心、人形机器人和eVTOL的 发展前景值得期待。 技术迭代驱动，ROIC未来三年料将持续改善 大摩强调，宁德时代的商业模式本质是技术升级驱动回报，而非简单的制造业务。 报告显示，公司研发支出占全球电动车/储能电池研发总支出的44%，远超竞争对手。技术研发体系涵 盖材料科学和动力总成解决方案两大核心领域，已形成从NCM、LFP到钠离子电池的全化学体系布 局。 尽管电池价格有所下滑，但公司投资资本回报率（ROIC）持续改善，2024年达到50%以上。报告预 计，随着第二代钠电池、无负极技术等新技术的推 ...

Core Insights - The Chinese automotive industry has made significant breakthroughs in recent years, particularly in the areas of new energy vehicles, showcasing technological innovation and market promotion that contribute to the global transition towards low-carbon and electric vehicles [2][3] Group 1: Technological Innovations - The automotive power system innovation is a core support for the low-carbon and electrification transition, with notable advancements in hybrid dedicated transmission efficiency and engine thermal efficiency reaching 46%, an increase of over 13 percentage points since 2020 [3] - Diesel engine thermal efficiency has surpassed 48%, improving by 4.3% compared to 2020, achieving international advanced levels [3] - Peak power density of drive motors has reached over 7000 kW/kg, with high-performance motor controllers based on silicon carbide devices achieving a power density of 45 kW/L, nearly a 50% increase since 2020 [3] Group 2: System Integration and Material Innovation - The automotive power system is evolving towards higher efficiency, integration, and intelligence, with a focus on multi-domain fusion and the integration of core drive units, high-voltage systems, battery management systems, and thermal management systems [3][4] - Material innovations such as silicon carbide, carbon fiber, and high-strength steel are being rapidly adopted, enhancing vehicle lightweighting and performance [4] - Advanced manufacturing processes like laser welding and 3D printing are improving production efficiency and product quality [4] Group 3: Artificial Intelligence and Smart Technologies - The application of artificial intelligence in automotive power systems is accelerating, transitioning from traditional electromechanical control to full-link intelligent control [4] - AI algorithms enable millisecond-level torque distribution, enhancing stability under extreme conditions, while intelligent thermal management systems optimize energy distribution [4] Group 4: Future Trends in Power Systems - The automotive power system is expected to undergo systemic reconstruction, focusing on control separation and soft-hard decoupling, enhancing user experience and R&D efficiency [9][10] - The shift from mechanical to intelligent electric drive is making power enhancement more cost-effective, allowing luxury car acceleration experiences to be available in mass-market models [9] - The integration of power systems and chassis is anticipated to improve vehicle space utilization and overall performance [10][11]