展会同期召开小型动力设备分会、活塞运动组件分会、轴瓦分会、测试技术与设备分会、电机电器 分会、进排气机构分会等相关工作会议。 为充分体现内燃机行业助力"碳达峰、碳中和"目标实现的决心和落实的实力，由中国内燃机工业协 会主办的2025内燃机产业发展大会、2025国际内燃机及动力装备博览会将于11月11日在南京召开。 此外展会还将集中展示行业向低碳化、零碳化转型的最新成果和技术应用，不仅为企业搭建了学 习、交流、洽谈、展示、采购的一站式优质服务平台，更是以前瞻性引领动力装备产业加速向高质量发 展跃迁，助力内燃机行业高质量发展。 据介绍，该展会自1994年首届举办至今，已经成功举办二十多届，不仅全面展示了中国内燃机工业 各阶段光辉历程和先进技术，同时与时俱进，重磅加入新能源动力，覆盖整个动力产业链。 值得一提的是，中国内燃机工业协会第八次全国会员伐表大会暨八届一次理事会也将在南京举行。 中国内燃机工业协会第八次全国会员代表大会将审议《中国内燃机工业协会第七届理事会工作报告》、 《中国内燃机工业协会第七届理事会财务收支报告》、《中国内燃机工业协会第一届监事会工作报告》 以及《中国内燃机工业协会章程》修订案，审议《第八 ...

Core Insights - In the first half of 2025, China's new installed capacity for wind and solar energy reached a record 264 gigawatts, marking a significant milestone in renewable energy development [4][5][8] - The National Energy Administration (NEA) plans to achieve approximately 600 gigawatts of new capacity for the entire year, aiming for a total installed capacity of 1,680 gigawatts by the end of 2025 [4][5] - The rapid growth in renewable energy capacity is aligned with China's goal of reaching carbon peak by 2030, with wind and solar energy being crucial for this transition [4][7][8] Installed Capacity Growth - In the first half of 2025, solar power added 148 gigawatts, bringing the total solar capacity to 1,270 gigawatts, a 50% increase year-on-year [5] - Wind power saw an addition of 116 gigawatts, resulting in a total capacity of 704 gigawatts, reflecting a 75% year-on-year growth [5] - The combined installed capacity of wind and solar now accounts for 44% of China's total power generation capacity [5] Energy Generation and Consumption - Total electricity generation in the first half of 2025 reached 7,100 terawatt-hours, a 9.3% increase from the previous year [5][7] - Solar energy generation was 1,260 terawatt-hours, while wind energy generation was 1,210 terawatt-hours, together constituting 35% of total electricity generation, up from 28% the previous year [5] - For the first half of 2025, the share of fossil fuel generation dropped to 52%, down from 58% in the previous year, indicating a significant shift towards renewable energy [7] Strategic Implications - The surge in wind and solar capacity is a critical step towards achieving carbon neutrality and reducing reliance on fossil fuels [6][8] - The expansion of the renewable energy sector is supported by advanced solar panel manufacturing processes and a stable supply chain for key raw materials [5] - The NEA emphasizes the importance of improving the efficiency of renewable energy systems and reducing electricity waste to enhance overall energy management [7]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the aluminum industry [5]. Core Viewpoints - The report highlights a tight supply-demand balance in the global electrolytic aluminum market, with domestic supply constraints leading to potential price increases in 2025 and 2026 [3][25]. - The domestic demand for electrolytic aluminum is expected to show resilience, driven by the recovery in the real estate sector and strong growth in the new energy vehicle market [2][3]. - The report anticipates a continued expansion of profit margins in the electrolytic aluminum industry due to declining raw material costs and rising aluminum prices [3][21]. Summary by Sections 1. Policy Side: Capacity Ceiling and Low-Carbon Policies - The Chinese electrolytic aluminum industry is undergoing a supply-side reform that locks in a total capacity ceiling, shifting the focus from quantity to sustainable quality development [14][15]. - The emphasis on energy conservation and carbon reduction is becoming the main theme, with policies aimed at optimizing capacity layout and energy structure [19][20]. 2. Supply Side: Domestic Capacity Nearing Ceiling, Limited Overseas Increment - Domestic electrolytic aluminum supply is constrained by a capacity ceiling, with net new capacity expected to be only 20,000 tons in 2025 and 56,000 tons in 2026 [28][29]. - The report notes that overseas production increases, particularly from Southeast Asia, will have limited impact on the domestic market due to the "strong external, weak internal" price dynamic [25][26]. 3. Demand Side: Strong Domestic Demand and Export Advantages - Domestic consumption of electrolytic aluminum is projected to grow at rates of 2.7% and 2.1% in 2025 and 2026, respectively, supported by a recovering real estate market and robust demand from the new energy vehicle sector [2][3]. - The report emphasizes that China's aluminum processing capacity remains significantly advantageous in the global market, reinforcing demand stability [2][3]. 4. Cost: Downward Pressure on Costs, High Profit Era Expected to Continue - The average complete cost of the electrolytic aluminum industry is expected to range between 16,000 and 16,400 RMB per ton, with aluminum prices projected to rise to approximately 20,600 RMB per ton in 2025 and 21,500 RMB per ton in 2026 [3][21]. - The combination of declining costs and rising prices is expected to expand profit margins, establishing a high-profit environment as a norm [3][21]. 5. Supply-Demand Balance: Continued Tight Balance, Price Expectations to Rise - The report indicates that the tight balance in supply and demand will persist, with expectations of rising aluminum prices due to domestic supply rigidity [3][25]. - The anticipated implementation of the Carbon Border Adjustment Mechanism (CBAM) in January 2026 is expected to further influence pricing dynamics in the industry [3][21]. 6. Key Companies to Watch - The report suggests focusing on companies with strong cost control capabilities and stable dividend returns, particularly those leading in low-carbon transitions, such as China Hongqiao, China Aluminum, and Nanshan Aluminum [3][21].

Core Viewpoint - Shanghai Xinpeng Industrial Co., Ltd. has signed a memorandum of cooperation with Grundfos Pumps (Shanghai) Co., Ltd. to collaborate on data center liquid cooling technology, green energy solutions, and global market expansion, which is expected to have a significant positive impact on the company's future business development and operational performance [1][2]. Cooperation Overview - The memorandum aims to deepen collaboration in low-carbon energy structures and energy-saving fields, focusing on five core areas: water system power optimization, liquid cooling infrastructure solutions, breakthroughs in single-phase immersion liquid cooling technology, utilization of industrial waste heat, and energy efficiency improvements [2]. - The memorandum is an intention document and does not involve specific transaction amounts or require board or shareholder approval, with formal agreements to follow [2]. Partner Background - Grundfos Pumps is a foreign-owned enterprise with a registered capital of 5 million USD, recognized as a global leader in water pump and water technology solutions, operating in over 55 countries [3]. - In China, Grundfos has established two production plants and the largest overseas R&D center, with products used in various sectors including construction, industry, infrastructure, regional heating, and wastewater treatment [3]. Strategic Significance - The cooperation is expected to leverage the complementary resources of both companies, with Grundfos's advanced experience in fluid control and energy efficiency management and Xinpeng's capabilities in liquid cooling technology and product manufacturing [4]. - The partnership aims to enhance the company's competitiveness in emerging fields such as data center liquid cooling and is not expected to affect the company's business independence or constitute a major asset restructuring [4].

Core Viewpoint - The company Xinpeng Co., Ltd. has signed a memorandum of cooperation with Grundfos Pumps (Shanghai) Co., Ltd. to collaborate on data center liquid cooling technology innovation, green energy solutions, and global market expansion [1] Group 1: Collaboration Areas - The cooperation will focus on key areas such as water system power optimization, liquid cooling infrastructure solutions, breakthroughs in single-phase immersion liquid cooling technology, industrial waste heat utilization, and energy efficiency improvements [1] - Both companies aim to enhance communication and cooperation in the low-carbon energy structure and energy conservation and emission reduction fields [1] Group 2: Strategic Goals - The partnership supports the strategic goals of achieving "carbon peak and carbon neutrality" [1]

中方：将继续同各方一道维护气候多边进程 中新网北京11月7日电 (记者 李京泽 谢雁冰)外交部发言人毛宁7日主持例行记者会。 有记者提问：据报道，联合国环境规划署4日发布年度排放差距报告，认为全球实现《巴黎协定》关键 气候目标面临巨大挑战。《联合国气候变化框架公约》第30次缔约方大会贝伦气候峰会正在举行，中方 如何看待目前各方应对气候变化的努力？将为此发挥什么作用？ 毛宁：中国始终积极落实《联合国气候变化框架公约》及其《巴黎协定》，落实2030年国家自主贡献已 取得显著成效，提前完成风电、太阳能发电总装机容量和森林蓄积量等目标。习近平主席在联合国气候 变化峰会上郑重宣布中国2035年国家自主贡献，覆盖全经济范围、包括所有温室气体，首次提出绝对量 减排目标，体现了中国的坚定决心和最大努力。中共二十届四中全会审议通过"十五五"规划建议，对建 设美丽中国作出重要部署。中国将加快经济社会发展全面绿色转型，积极稳妥推进和实现碳达峰，为应 对气候变化作出更大贡献。 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财 ...

气候变化是全球性挑战，需要各方共同努力。发达国家应承担历史责任，带头率先大幅减排，为发展中 国家提供资金技术和能力建设支持。中方将继续同各方一道，坚持真正的多边主义，维护气候多边进 程，推动全球绿色低碳发展。 （文章来源：央视新闻） 11月7日，外交部发言人毛宁主持例行记者会。有记者问，据报道，联合国环境规划署4日发布年度排放 差距报告，认为全球实现《巴黎协定》关键气候目标面临巨大挑战。《联合国气候变化框架公约》第30 次缔约方大会贝伦气候峰会正在举行，中方如何看待目前各方应对气候变化的努力？将为此发挥什么作 用？ 毛宁表示，中国始终积极落实《联合国气候变化框架公约》及其《巴黎协定》，落实2030年国家自主贡 献已取得显著成效，提前完成风电、太阳能发电总装机容量和森林蓄积量等目标。习近平主席在联合国 气候变化峰会上郑重宣布中国2035年国家自主贡献，覆盖全经济范围、包括所有温室气体，首次提出绝 对量减排目标，体现了中国的坚定决心和最大努力。中共二十届四中全会审议通过"十五五"规划建议， 对建设美丽中国作出重要部署。中国将加快经济社会发展全面绿色转型，积极稳妥推进和实现碳达峰， 为应对气候变化作出更大贡献。 ...

Core Viewpoint - During the "14th Five-Year Plan" period, China has integrated the requirements of green development into all aspects of economic and social development, promoting both development and protection simultaneously [1][5] Group 1: Green Development Achievements - The new energy industry has significantly contributed to global climate change response and green energy transition, with China maintaining the world's largest production and sales of new energy vehicles for ten consecutive years [2][3] - Wind and solar power exports during the "14th Five-Year Plan" period have cumulatively reduced global carbon emissions by approximately 4.1 billion tons [2] - As of August this year, China's total installed capacity for wind and solar power has surpassed 1.69 billion kilowatts, which is over three times that at the end of the "13th Five-Year Plan" [2] Group 2: Policy and Structural Changes - The establishment of the world's largest and most complete new energy industrial chain has been a crucial foundation for this development [3] - A new round of energy-saving and carbon reduction actions has been initiated, with over 6,400 national-level green factories cultivated, demonstrating significant energy-saving and carbon reduction effects [3] - The implementation of ecological protection measures, such as the ecological protection red line and pollution discharge permit systems, has created a robust institutional framework for environmental protection [4] Group 3: Economic Transformation and Future Goals - The construction of a green, low-carbon, and circular economic system is seen as the key to balancing development and protection [4] - The share of non-fossil energy consumption is projected to rise to 19.8% by 2024, while coal consumption continues to decline, indicating the effectiveness of the green transition [4]

Core Viewpoint - The company, Guoliang New Materials, is facing significant challenges due to its high dependency on Hebei Steel, with over 80% of its revenue tied to this region, leading to vulnerability in performance fluctuations and regional reliance [1][2][8] Revenue and Profitability - The company's revenue and net profit have shown significant volatility, with revenues of 9.37 billion, 9.84 billion, 9.05 billion, and 5.11 billion from 2022 to mid-2025, and net profits of 403.68 million, 837.98 million, 709.65 million, and 414.97 million during the same period [3] - In 2024, the company experienced an 8.09% decline in revenue and a 15.31% drop in net profit due to a downturn in the steel industry [3] - Despite a revenue increase of 21.18% in the first three quarters of 2025, the profit growth of 4.41% indicates ongoing cost control pressures [3] Financial Health Risks - The company has a high level of accounts receivable, with values of 4.42 billion, 4.81 billion, 4.81 billion, and 4.84 billion, representing 43.81%, 45.11%, 40.25%, and 40.58% of current assets, respectively [4] - The low provision for bad debts at 2%-3% compared to the industry average of 5%-8% raises concerns about potential financial risks [4] - Inventory risks are also present, with values of 2.33 billion, 2.23 billion, 2.74 billion, and 2.60 billion, constituting 23.08%, 20.90%, 22.96%, and 21.78% of current assets, respectively [4] Market and Competitive Landscape - The company is planning aggressive capacity expansion despite a saturated market, with a production capacity utilization rate declining from 93.55% in 2022 to 76.90% in mid-2025 [5] - The industry is characterized by overcapacity, with more than 2,000 companies competing, and the company holds a market share of only 4.69%-4.83% in North China and less than 1% in other regions [6] - The competitive pressure from larger firms like Beijing Lier and Puyang shares poses a significant threat to the company's market position [6] Governance and Decision-Making Risks - The company is controlled by a family with 80.22% of voting rights, which may lead to unilateral decision-making and lack of internal checks [7] - The governance structure raises concerns about the ability to adapt strategies in response to market challenges, particularly in light of ongoing capacity expansion plans [7] - The mismatch between governance capabilities and expansion plans could exacerbate management risks if not addressed [7] Conclusion - The company's heavy reliance on the Hebei region, fluctuating financial performance, strained financial health, aggressive expansion strategy, and governance issues collectively pose significant obstacles to its IPO prospects [8]

Core Viewpoint - Delijia Transmission Technology (Jiangsu) Co., Ltd. has officially listed on the A-share market, marking a significant milestone in the wind power sector, with a strong market performance on its debut day [1] Company Overview - Delijia specializes in the research, production, and sales of high-speed heavy-load precision gear transmission products, primarily serving the wind power generation sector with its core product being the wind turbine main gearbox [1][2] - The company aims to use the funds raised from its IPO to enhance its production capacity for large onshore and offshore wind power gearboxes [1][4] Market Context - The global wind turbine gearbox market is projected to grow from approximately $5.827 billion in 2024 to $8.370 billion by 2030, driven by the rapid development of the wind power industry [2] - In China, the wind turbine gearbox market is expected to expand from about $3.358 billion in 2024 to $3.903 billion by 2030, supported by government policies promoting energy efficiency and carbon reduction [2] Technological Leadership - Delijia is recognized as a technology leader in the wind turbine gearbox sector, having developed several core technologies that enhance product performance, reliability, and efficiency [2][3] - The company has achieved significant market recognition, holding a global market share of 10.36% and ranking third worldwide, while securing a 16.22% share in the Chinese market, placing it second nationally [3] Performance Metrics - The company has shown strong financial performance, with revenues of 3.108 billion, 4.442 billion, and 3.715 billion yuan over the past three years, and a net profit of 484 million, 574 million, and 535 million yuan respectively [4] - In the first half of 2025, Delijia reported a revenue of 2.487 billion yuan, reflecting an 81.29% year-on-year increase, and a net profit of 393 million yuan, up 67.56% from the previous year [4] Strategic Vision - Delijia aims to leverage its IPO to further its mission of contributing to clean energy innovation and development, while focusing on technological advancement and maintaining its competitive edge in the market [4]