Core Viewpoint - The article highlights how Guangdong Liyuanheng Intelligent Equipment Co., Ltd. (Liyuanheng) attracts top talent like Jing Peng through its unique corporate culture, advanced technology research platforms, and broad career development opportunities [1][5]. Company Overview - Liyuanheng, founded in 2014, is a leading global enterprise in the new energy equipment sector, focusing on the research, production, and sales of intelligent equipment [5]. - The company provides comprehensive smart factory solutions for major industries including lithium batteries, energy storage, solid-state batteries, and hydrogen energy [5]. - Liyuanheng has over 20 subsidiaries or offices worldwide, serving Fortune 500 companies and leading enterprises across various sectors [5]. Talent Attraction and Development - The company emphasizes a culture of "technology-based enterprise" and "practicing internal skills," which resonates with employees like Jing Peng [6][8]. - Liyuanheng has established a national postdoctoral workstation and offers significant support for postdoctoral talents, including a 300,000 yuan settlement subsidy for those relocating to Huizhou [8][10]. - The company boasts a research team of over 1,600 high-level talents, including academicians and PhDs, making up about 30% of its total workforce [10]. Research and Funding - Liyuanheng provides substantial research funding, including millions for postdoctoral researchers, covering expenses such as facilities, equipment, and personnel [9][10]. - The company collaborates with universities for talent development, ensuring students gain practical experience and can quickly integrate into the company post-graduation [10].

Core Viewpoint - The Chinese government is accelerating the digital transformation and intelligent upgrade of the manufacturing industry through a multi-level smart factory cultivation action plan, aiming to create a clear and structured development system for smart factories [1][2]. Group 1: Smart Factory Levels - The smart factory cultivation action is structured into four levels: Basic, Advanced, Excellent, and Leading, forming a clear "pyramid" model for progression [2]. - Basic-level smart factories focus on digital transformation and network connectivity, allowing self-assessment and construction by qualifying enterprises [2]. - Advanced-level smart factories require prior self-assessment as basic-level and emphasize digital transformation and collaborative networking to set regional industry benchmarks [2]. - Excellent-level smart factories aim for national leadership in digital transformation, networking, and intelligent upgrades [2]. - Leading-level smart factories focus on exploring future manufacturing models and aim for global leadership in digital transformation and intelligent change [2]. Group 2: Implementation and Progress - Various provinces are actively promoting smart factory construction following the national action plan, with specific implementation schemes being developed [3]. - Jiangsu Province has recognized 1,808 advanced-level smart factories, with significant investments and improvements in operational efficiency reported [4]. - In Hunan Province, 174 enterprises have been recognized as advanced-level smart factories, with a focus on strategic emerging industries [5]. Group 3: Case Study - Zoomlion - Zoomlion's tower crane smart factory is recognized as the largest and most advanced in the global engineering machinery sector, showcasing significant improvements in production efficiency and quality [6]. - The smart factory has achieved an 80% increase in output per unit area, a 75% reduction in quality defects, and a 25% reduction in product delivery times compared to traditional production methods [6]. - The factory employs advanced technologies such as intelligent control, smart production lines, and AI-driven systems to enhance production efficiency and quality [6]. Group 4: Industry Insights - The integration of new industrialization and artificial intelligence is reshaping traditional production models, creating a more resilient and innovative ecosystem [3]. - Companies are encouraged to develop their own intelligent teams and tailor their smart production systems to achieve efficient development [7].

Core Insights - The Mongolian West electricity spot market has officially started operating, marking a significant innovation in the integration of renewable energy into the national grid [1][2] - The market allows for both generation and consumption sides to participate fully, optimizing resource allocation and enhancing the efficiency of electricity distribution [2][3] Mechanism Innovation - The transition from a "planned scheduling" model to a "market pricing" model has revolutionized resource allocation in the electricity sector [2] - Over 90% of electricity from both generation and consumption sides is now participating in the market, leveraging the advantages of a large market to maximize resource optimization [2][3] - The introduction of a user-side spot price mechanism has allowed for significant cost savings and efficient load management for high-energy-consuming enterprises [3] Technical Advancements - The implementation of a "day-ahead clearing + real-time market + minute-level scheduling" model has improved the efficiency of renewable energy utilization [5][6] - The prediction error for renewable energy generation has decreased significantly, providing a solid foundation for effective energy management [5] Ecological Transformation - The electricity market is evolving from a competitive model to a collaborative ecosystem, enhancing the profitability of coal-fired power plants while facilitating renewable energy consumption [7][8] - The peak-to-valley price difference in the market has incentivized coal-fired power plants to adjust their operations based on real-time pricing, leading to improved economic performance [7][9] Future Prospects - The development of virtual power plants is being actively pursued, which will enhance the coordination between thermal power and renewable energy sources [10] - The successful cross-regional green electricity trading demonstrates the potential for further integration of renewable energy into the national grid, addressing consumption challenges [10][11]

Core Viewpoint - The discussion revolves around the concept of work and the societal expectation to love one's job, questioning whether this notion is a deception and how individuals should confront the realities of work [4][5][6]. Group 1: Work Attitudes and Engagement - A survey indicates that only 20% of Chinese workers feel engaged in their jobs, which is below the global average of 21% and significantly lower than the 32% engagement rate in the United States [8]. - The notion of loving work is often propagated by societal norms and influential figures, yet many individuals feel disillusioned by this expectation [5][6][27]. Group 2: Historical Context of Work - Work is described as a modern phenomenon that has evolved from feudal obligations to a contractual employment relationship, where labor is commodified [10][14]. - The historical transition from feudalism to capitalism has shaped the current understanding of work, emphasizing the need for individuals to adapt to the demands of modern labor [27][30]. Group 3: Work's Societal Role - Work serves not only an economic function but also provides social identity and a sense of self-actualization for individuals [18][20]. - The psychological impact of unemployment is highlighted, indicating that losing a job can lead to severe mental distress [23][25]. Group 4: Modern Work Challenges - The average working hours in China have increased to 10 hours per day, contrasting with the 8-hour workday during the socialist period, leading to worker dissatisfaction [51][52]. - The phenomenon of "de-skilling" is prevalent, where jobs require less specialized knowledge, resulting in a high degree of worker replaceability and diminished job satisfaction [57][60]. Group 5: Work Environment and Power Dynamics - The workplace is characterized by a power imbalance, where employers exert significant control over employees, often leading to a culture of fear and compliance [65][70]. - The prevalence of non-negotiable employment contracts, such as non-compete agreements, reflects the exploitation of workers, particularly in lower-tier positions [71][72]. Group 6: Rethinking Work - The concept of a "lovable job" is proposed, which should include fair wages, reasonable working hours, opportunities for skill development, and a degree of autonomy in the workplace [74][76]. - The discussion suggests that society should explore alternative work structures, such as a four-day workweek, to promote a healthier work-life balance [90][91]. Group 7: Employment and Economic Trends - The current labor market is marked by a lack of sufficient job opportunities, leading to a segment of the population being unable to find work, which is exacerbated by technological advancements [81][83]. - The idea of universal basic income is presented as a potential solution to provide financial security and encourage individuals to pursue meaningful activities beyond traditional employment [94].

Core Insights - The Chinese liquor industry is currently undergoing a significant adjustment period, with a focus on stabilizing performance and exploring differentiated paths for growth [1][3][5] Group 1: Industry Dynamics - The G50 conference highlighted the urgent need for the liquor industry to adapt to changing market conditions, including reduced traditional consumption scenarios such as banquets and gatherings, which have led to significant pressure on market movement and pricing [5][7] - Industry experts emphasized that the relationship between manufacturers and distributors is a critical issue that must be addressed to stabilize the supply chain and enhance value growth [7][8] Group 2: Company Strategy - The chairman of China National Grain and Oils Group Corporation and JiuGui Jiu Company, Gao Feng, outlined five areas of confidence for the company, including confidence in development fundamentals, regional advantages, cultural identity, product quality, and overall industry growth [8][10] - JiuGui Jiu aims to leverage its three core differentiated advantages—regional uniqueness, aromatic quality, and cultural heritage—to create a premium liquor brand that fosters collaboration among stakeholders [10][12] Group 3: Recommendations and Future Outlook - Recommendations for the industry include fostering integrated relationships between manufacturers and distributors, optimizing supply chains to be more consumer-centric, and expanding value chains to include diverse elements such as technology and information [7][8] - Distributors expressed confidence in JiuGui Jiu's unique production techniques and cultural significance, suggesting that further exploration of regional culture could unlock new growth opportunities [12]

Core Insights - The article highlights the advanced automation and high technical content involved in the battery assembly process at the Shandong Times New Energy Battery Production Base, which is a strategic project by CATL in northern China [1][2] - The facility is designed to be a "lighthouse + zero-carbon factory," emphasizing high levels of digitalization and intelligence, with over 90% utilization of domestic equipment [1] Group 1: Project Overview - The Shandong Times New Energy Battery Production Base has a total scale of 160GWh and aims to produce the world's most advanced energy storage and power batteries, making it the largest new energy battery base in northern China [1] - The project is being constructed in three phases, with the first phase having a scale of 60GWh and a total building area of 512,000 square meters [2] - The first production line has already commenced operations, with the first batch of products officially launched on May 10, and the second and third production lines expected to be operational by the end of July [2] Group 2: Sustainability and Recycling - The facility incorporates a circular economy concept throughout the entire lifecycle management of batteries, from usage to disposal and recycling [2] - CATL has achieved a nickel extraction rate of over 90% from waste batteries, positioning the company as a global leader in this technology [2] - The project is expected to create over 7,000 jobs upon full production [2]

Report Information - Report Title: Asphalt Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: June 27, 2025 [3] Key Data Summary Futures Contracts - **Prices**: On June 26, BU主力合约 was at 3563, down 11 from the previous day and 132 from the previous week; BU06 was at 3274, down 6 and 142 respectively; BU09 was at 3563, down 11 and 132; BU12 was at 3396, down 9 from the previous week; BU03 was at 3321, unchanged from the previous day and down 113 from the previous week [4]. - **Volume and Open Interest**: The trading volume on June 26 was 319,183, down 61,984 from the previous day and 40,161 from the previous week; the open interest was 497,438, down 13,001 from the previous day and 47,627 from the previous week [4]. - **Warehouse Receipts**: The warehouse receipts were 59,010, unchanged from the previous day and up 3,850 from the previous week [4]. Spot Market - **Prices**: On June 26, the low - end prices in Shandong, East China, South China, North China, and Northeast China markets were 3580, 3650, 3610, 3760, and 3920 respectively. The daily changes were - 20, 0, 0, - 20, - 30, and the weekly changes were - 20, - 30, - 10, - 20, - 10 [4]. - **Price Spreads**: The Shandong - East China spread was - 70, down 20 from the previous day and up 10 from the previous week; the Shandong - Northeast spread was - 340, up 10 from the previous day and down 10 from the previous week; the East China - South China spread was 40, unchanged from the previous day and down 20 from the previous week [4]. Basis and Monthly Spreads - **Basis**: The Shandong basis was 17, down 9 from the previous day and up 112 from the previous week; the East China basis was 87, up 11 from the previous day and up 102 from the previous week; the South China basis was 47, up 11 from the previous day and up 122 from the previous week [4]. - **Monthly Spreads**: For example, the 03 - 06 spread was 47, up 6 from the previous day and up 29 from the previous week; the 06 - 09 spread was - 289, up 5 from the previous day and down 10 from the previous week [4]. Crack Spreads and Profits - **Crack Spreads**: The asphalt Brent crack spread was 34, down 48 from the previous day and up 572 from the previous week [4]. - **Profits**: The asphalt Marrow profit was - 38, down 43 from the previous day and up 518 from the previous week; the ordinary refinery comprehensive profit was 584, down 55 from the previous day and up 529 from the previous week [4]. Related Prices - **Crude Oil and Refined Products**: On June 26, Brent crude oil was at 67.7, up 0.5 from the previous day and down 11.2 from the previous week; the Shandong market price of gasoline was 7926, down 71 from the previous day and 15 from the previous week; the Shandong market price of diesel was 6918, down 45 from the previous day and up 66 from the previous week; the Shandong market price of residue oil was 3725, down 75 from the previous day and 75 from the previous week [4].

Core Viewpoint - The implementation plan aims to promote the construction of smart factories in Heilongjiang Province, establishing a tiered cultivation system to enhance the digital transformation and intelligent upgrade of the manufacturing industry [1][3]. Group 1: Implementation Goals - The overall goal is to widely promote basic-level smart factories, scale up advanced-level smart factories, and cultivate leading smart factories with global influence [1]. - The plan encourages manufacturing enterprises to develop improvement plans based on smart manufacturing maturity assessment results and to upgrade production processes accordingly [1][2]. Group 2: Smart Factory Levels - The plan outlines a tiered approach: basic-level, advanced-level, excellent-level, and leading-level smart factories, with specific criteria for each level [3]. - Advanced-level smart factories are expected to integrate production and management processes, while excellent-level factories should promote smart manufacturing solutions and standards [2][3]. - Leading-level smart factories are encouraged to apply new technologies and lead innovations in manufacturing models and organizational structures [2]. Group 3: Management and Evaluation - The plan establishes a collaborative system among provincial, municipal, and county levels to manage the smart factory cultivation process [3]. - Dynamic management of the lists for basic and advanced-level factories will be implemented, with annual evaluations and a three-year term for qualification [4].

01 大盘 昨夜美股三大股指震荡走高。道指涨 0.94%，纳指涨 0.97%，标普涨 0.8%。恐慌指数VIX跌1.01%至 16.59。美元指数昨日跌 0.41%，报97.3。美国十年国债收益率跌1.142%，收报4.243%，相较两年期国债 收益率差52.2个基点。现货黄金昨日跌0.13%，报3327.6美元/盎司。布伦特原油收涨0.42%至66.68。 02 行业&个股 行业板块方面，除房地产和日常消费分别收跌0.63%和0.09%外，标普其他8大板块悉数收涨：能源、通 讯、原料、工业、公用事业、半导体、科技和医疗分别收涨1.43%、1.16%、1.11%、1.08%、0.83%、 0.78%、0.69%和0.24%。 HIMS涨11.76%，Hims & Hers首席执行官Andrew Dudum表示，其远程医疗平台仍将提供廉价Wegovy复 方药物。 03 每日焦点 1、拟将加密货币当作房贷抵押品 美住房监管主管要求"两房"做好准备 6.26 当地时间周三，美国联邦住房金融署（FHFA）署长Pulte在社交媒体上发文："经过深入研究，并遵 循特朗普总统将美国打造成'加密货币之都'的愿景，今天我下令房 ...

从强制配储取消到地方细则滞后，谁能在政策"真空期"守住确定性值得探讨。 136号文的出台以及多省电价政策的调整，推动国内工商业储能市场走向"不确定性"，储能行业站在了商业模式重 构的关键点。 所谓的136号文，指的是今年2月，国家发展和改革委、国家能源局联合发布《关于深化新能源上网电价市场化改 革，促进新能源高质量发展的通知》（发改价格〔2025〕136号）。该文件明确提出："不得将配置储能作为新建新 能源项目核准、并网、上网等的前置条件。" 政策"真空期"的不确定性 经济性是驱动工商业配储的主要因素。 在136号文发布前，工商业储能的商业模式依赖"峰谷套利"，核心逻辑是通过储能系统在电价低谷时段充电储能， 再在电价高峰时段放电，从而赚取电价差价。 距离提出"取消强制配储"已过去半年。第一财经记者注意到，虽然136号文从国家层面明确了新能源上网电价市场 化改革的方向以及取消强制配储的政策，但在政策的具体实施过程中，存在地方细则制定相对滞后的痛点。 截至目前，仅内蒙古和新疆下发了136号文省级落地文件，山东、广东等地发布了征求意见稿，而其余省份仍未出 台细则。 部分新能源出力波动较大的地区在地方性政策中仍保留强 ...