"近年商用车市场最大的变化，就是电动化转型加速！" 在近日举办的 "2025第一商用车网年度评选" 颁奖典礼上，国家信息中心正高级经济师徐 长明就商用车电动化转型现状与趋势进行了演讲。他表示，从近六年来看，商用车电动化转 型自2024年以来进入快速发展期，这其中，重卡和轻卡两大细分市场，虽然新能源渗透率 并非行业最高，但由于市场体量大，其电动化进程的加快备受业内人士关注。 那么，重卡和轻卡电动化具体呈现出哪些特征？未来将如何进一步发展？下面随小编一起来 回顾徐长明演讲中的干货内容，探寻这将为企业带来怎样的发展新契机。 商用车电动化转型加速 重卡、轻卡看点多 具体来看，商用车电动化转型是从2024年下半年开始呈现明显加速态势。 从终端零售数年度数据来看，2020年到2024年新能源商用车渗透率依次为1.9%、 2.9%、9.1%、10.6%和19.8%，2024年相比2023年渗透率一下子增长了至少9个百分 点。2025年1-10月，新能源商用车渗透率为25.2%，相比2024年全年增长了将近6个百 分点，电动化转型进一步加速。 从终端零售数月度数据来看，新能源商用车渗透率从2024年六七月份起开始加速，202 ...

证券代码：002480 证券简称：新筑股份 编号：2025-006 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 （请文字说明其他活动内容） 活动参与人员 公司参与人员：董事会秘书陈思遥、首席合规官贾珺 参与机构：国联民生证券股份有限公司 时间 2025 年 11 月 21 日（星期五）上午 9:30-11:30 地点 成都市高新区交子大道 499 号蜀道集团大厦 形式 现场交流 交 流 内容 及 具 体问答记录 一、基本情况介绍 成都市新筑路桥机械股份有限公司（以下简称"新筑股份 或公司"）副总经理、董事会秘书陈思遥介绍了控股股东蜀道 集团成立背景、主责主业和发展规划；介绍了新筑股份从四川 发展无偿划转至蜀道集团的背景和意义以及本次重大资产重 组方案中注入资产蜀道清洁能源集团的经营情况、竞争优势及 产业布局等。 二、问答环节 问 1：介绍一下新筑股份本次推进重大资产重组后，对未 来可持续发展，有没有设定一个短期、中期和长期目标。 答：本次重组完成后，新筑股份将全面退出磁浮及桥梁功 能部件，蜀道清洁能源成为控股子 ...

Group 1: Company Overview and Background - Chengdu Xinzhu Road & Bridge Machinery Co., Ltd. introduced its history, industry status, and restructuring background [2] - The controlling shareholder, Shudao Group, has three main business sectors, including clean energy [2] Group 2: Resource and Market Analysis - Shudao Clean Energy Group has over 30 million kilowatts of resource reserves, primarily in the "Three Prefectures and One City" region of Sichuan [2] - By 2025, Sichuan's electricity consumption is expected to reach 486.5 billion kilowatt-hours, with a supply capacity of approximately 460 billion kilowatt-hours, resulting in a shortfall of 26.5 billion kilowatt-hours [3] Group 3: Future Development Trends - Future electricity development in Sichuan will focus on three areas: multi-energy complementary power source construction, promoting electricity imports from Xinjiang and Gansu, and building virtual power plants [3] - The company aims to leverage its advantages in transportation and energy integration to secure high-quality clean energy resource development rights [3] Group 4: Impact of Policy Changes - The implementation of Document No. 136 is expected to have limited impact on hydropower, while wind and solar energy prices will gradually align with hydropower prices [3] - The company plans to mitigate market risks through long-term electricity trading agreements and innovative business models [3] Group 5: Storage and Renewable Energy Initiatives - Shudao Clean Energy Group is focusing on energy storage development, targeting both local and coastal areas for project implementation [4] - The company has already secured provincial demonstration projects for electrochemical storage and compressed air storage [4] Group 6: Infrastructure and Operational Efficiency - Shudao Group operates nearly 100 highways, with distributed photovoltaic systems installed on 53 of them, achieving a self-consumption rate exceeding 40% [4] - Future plans include transitioning to comprehensive energy services and enhancing operational efficiency through standardized management [4] Group 7: Shareholder Meeting and Restructuring Progress - The temporary shareholder meeting scheduled for November 24, 2025, was canceled to protect minority investors' interests due to the expiration of financial data validity [4] - The delay in the shareholder meeting does not affect the overall progress of the major asset restructuring [4]

（编辑 王雪儿） 证券日报网讯 金溢科技11月21日发布公告，在公司回答调研者提问时表示，当前在政策支持、技术突 破与市场需求的共同推动下，智慧交通行业正迎来快速发展的重要机遇期，"交能融合"作为重要发展方 向，正逐步构建起深度融合、协同发展的新业态。公司作为一站式"数字交通"与"交能融合"解决方案及 核心设备提供商，依托"交通+IT"双基因优势，坚持以客户需求和技术创新为双轮驱动，持续强化全栈 式服务能力，围绕"聪明的车、智慧的路、协同的云、清洁的能、低碳的园、韧性的城"构建业务集群， 致力于打造覆盖iACT网联交通智能体与CCTE网联交能复合体的全场景解决方案，助力实现更安全、高 效、绿色、可持续的未来交通愿景。在数字能源业务方面，公司积极推动"车、能、路、云"一体化融合 发展，积极推进与能源企业、整车厂等产业链伙伴的战略合作，共同打造多样化用电场景，助力交通能 源系统的清洁化、数字化升级。 ...

Core Insights - The North China Electric Power Research Institute and Shanghai Qiyuan Chip Power Technology Co., Ltd. successfully conducted the first commercial vehicle 100 MW charging and swapping station regulation capability test in China, marking a significant milestone in the integration of transportation and energy sectors [1][2] Group 1: Event Overview - The event included experts from various organizations such as the Ministry of Transport, National Energy Administration, and State Grid, highlighting the collaborative effort in advancing technology verification to large-scale engineering applications [1] - The demonstration achieved specific targets for load deviation and response times, showcasing the effectiveness of the 100 MW charging and swapping station in peak load management [1] Group 2: Future Directions - The North China Electric Power Research Institute plans to enhance its technical supervision and management standards for new entities involved in the grid, focusing on the impacts of new business models like "transportation-energy integration" and "electricity-computation collaboration" [2] - The institute aims to strengthen its forward-looking capabilities and talent development to support the high-quality construction of the new power system in North China [2]

Core Viewpoint - The company Jin Yi Technology (002869.SZ) is advancing its energy integration business strategy by establishing a joint venture with Yu Sheng Wisdom (Shenzhen) Energy Technology Co., Ltd in Shenzhen, Guangdong Province [1] Group 1: Joint Venture Details - The registered capital of the joint venture is set at RMB 15 million [1] - Jin Yi Technology plans to contribute RMB 7.65 million, holding a 51% stake, to be fully paid within two years from the establishment of the joint venture [1] - Yu Sheng Wisdom will contribute RMB 7.35 million, holding a 49% stake, also to be fully paid within two years from the establishment of the joint venture [1]

Core Viewpoint - On November 11, Jinli Technology's stock experienced a sudden drop, raising significant market attention due to its weak financial performance and increased selling pressure from investors [2][4]. Financial Performance - Jinli Technology reported a net loss of approximately 30 million yuan for the first three quarters, a significant decline from a profit of 31 million yuan in the same period last year, indicating a shift from profit to loss [4][11]. - The company's operating revenue for the first three quarters was approximately 124.43 million yuan, a slight increase of 0.02% year-on-year, but the net profit attributable to shareholders decreased by 214.62% [11]. - The net cash flow from operating activities was -94.94 million yuan, reflecting the company's inability to generate positive cash flow from its core business [12]. Stock Market Activity - On November 11, Jinli Technology's stock price fell by 8.43%, closing at 26.28 yuan per share, with a trading volume that indicated significant selling pressure [2][6]. - The stock was listed on the "Dragon and Tiger List" due to a price deviation of over 7%, showing a stark divide in buying and selling forces among investors [6][7]. - The top five buying seats accounted for 24.62% of the total buying amount, while the top five selling seats represented 22.01% of the total selling amount, indicating a notable interest from institutional investors despite the overall decline [6][7]. Operational Challenges - The company faced increased expenses, with sales expenses rising by 59.17% year-on-year, while revenue growth remained stagnant, leading to concerns about operational efficiency [14]. - Credit impairment losses and asset impairment losses increased significantly, reflecting challenges in accounts receivable collection and inventory management [14]. Shareholder Activity - There were rumors regarding the seventh largest shareholder, Weng Renyuan, selling shares, which may have contributed to the stock's decline [8].

Core Viewpoint - The article highlights the recognition of Shandong High-speed New Energy's achievements in green sustainable development, particularly in the integration of transportation and energy sectors, aligning with global climate change initiatives and China's dual carbon goals [1][2]. Group 1: Policy and Market Opportunities - The Chinese government has increasingly emphasized green low-carbon development, issuing policies to encourage the deep integration of transportation and energy sectors, with a target for 2027 to have electric energy account for 10% of the transportation sector's terminal energy consumption [2][3]. - The market potential for transportation and energy integration is estimated to be in the hundreds of billions, potentially exceeding one trillion yuan, as indicated by industry experts [2]. Group 2: Company Initiatives and Achievements - Shandong High-speed New Energy has been awarded the "2025 Green Design International Award" and "Green Design Engineer" certification, showcasing its innovative solutions in the "photovoltaic + port logistics" integration project [1]. - As of June 2025, the company has a grid-connected capacity of 4,799 MW, a year-on-year increase of approximately 4.4%, and a total operational power generation of about 3.674 billion kWh, reflecting a growth of around 6.9% [4][5]. - The company is actively expanding its clean energy projects, including a 175 MW distributed wind power project and a 93.75 MW onshore wind power project, which is expected to save 80,000 tons of standard coal and reduce carbon dioxide emissions by approximately 200,000 tons annually [5][6]. Group 3: Strategic Development and Innovation - The company is leveraging its unique advantages in scale and scenario resources, with over 9,000 kilometers of highway under management, to develop renewable energy projects along these routes [5][6]. - Shandong High-speed New Energy is focusing on technological innovation and collaboration with academic institutions, such as the establishment of the "Beihang Shandong High-speed Energy Integration Research Center," to enhance its research and development capabilities [6][7]. - The company aims to create a modern transportation industry system that is high-end, intelligent, and green, with plans to establish a comprehensive energy system by 2030 [3][4].

Core Viewpoint - The company is experiencing revenue pressure due to tight local government finances, leading to slower project acceptance and revenue recognition, despite improvements in gross margin and cash flow management [4][5][6]. Financial Performance - For the first three quarters of 2024, the company reported revenue of 670 million, net profit attributable to shareholders of 40 million, and net profit excluding non-recurring items of 20 million, representing year-on-year declines of 14.0%, 27.2%, and 37.9% respectively [4]. - In Q3 2025, the company achieved revenue of 260 million, net profit attributable to shareholders of 50 million, and net profit excluding non-recurring items of 50 million, with year-on-year declines of 18.9%, 23.8%, and 21.3% respectively [4]. Margin Analysis - The company's gross margin for the first three quarters of 2025 was 40.9%, up 7.29 percentage points year-on-year, while the net margin was 4.7%, down 1.15 percentage points [5]. - In Q3 2025, the gross margin was 51.0%, an increase of 10.50 percentage points year-on-year, and the net margin was 19.9%, a decrease of 2.18 percentage points [5]. Cost Management - Management and R&D expenses have increased, negatively impacting net profit margins. For the first three quarters of 2025, the expense ratios were 3.3% for sales, 15.4% for management, 0.7% for finance, and 15.2% for R&D, with year-on-year increases of 0.12, 3.59, 0.99, and 5.04 percentage points respectively [6]. - In Q3 2025, the expense ratios improved slightly, with sales at 2.7% (down 0.22 percentage points), management at 12.9% (up 4.25 percentage points), finance at 0.8% (up 1.06 percentage points), and R&D at 13.2% (up 5.21 percentage points) [6]. Cash Flow Improvement - The company has improved its cash flow management, with operating cash flow net outflow of 360 million for the first three quarters of 2025, which is 90 million less than the same period last year. In Q3, the cash outflow was reduced by 120 million year-on-year [6]. Strategic Initiatives - The company is accelerating its transformation strategy focusing on "productization, platformization, and internationalization," targeting new sectors such as low-altitude economy, intelligent networking, and smart computing [7]. - The "14th Five-Year Plan" emphasizes the development of strategic emerging industries, including low-altitude economy and intelligent networking, which aligns with the company's strategic focus [7][8].

Core Viewpoint - The article discusses the importance of building a modern transportation infrastructure system in China, emphasizing the integration of artificial intelligence (AI) with logistics to enhance supply chain resilience and efficiency during the 14th and 15th Five-Year Plans [1][4][6]. Group 1: Modern Infrastructure System - The modern infrastructure system in transportation includes a comprehensive, efficient, convenient, intelligent, green, safe, and resilient network [4]. - It emphasizes the advantages of various transportation modes such as rail, road, water, and air, and aims for seamless connections and one-stop services for passenger and cargo transport [4]. - The system also focuses on digital transformation for intelligent operations, energy conservation, pollution prevention, and enhancing resilience against natural disasters and emergencies [4][5]. Group 2: Logistics System Resilience - The 15th Five-Year Plan aims to support a new development pattern that promotes domestic circulation and international cooperation, requiring improvements in multi-modal transport networks and logistics infrastructure [5]. - Key measures include breaking down policy barriers, enhancing regional and departmental collaboration, and promoting standardized logistics practices [5]. - The development of backup hubs and emergency material storage centers is essential for creating a diversified supply chain and improving logistics resilience [5][6]. Group 3: AI Integration in Logistics - The integration of AI in logistics is crucial for enhancing operational efficiency and reducing costs, as outlined in the "Artificial Intelligence + Transportation" implementation plan [6][7]. - AI applications include demand forecasting, route optimization, and the development of smart transportation and warehousing systems [7]. - The establishment of a multi-modal logistics service platform using AI will facilitate seamless transport connections and real-time risk analysis [7][8]. Group 4: Energy and Transportation Integration - The integration of energy and transportation is highlighted as a key pathway for green transportation, with a focus on clean energy transitions and the rise of electric vehicles [9][10]. - The development of photovoltaic power generation along highways and the establishment of a "light-storage-charge-exchange" system are essential for achieving low-carbon energy supply [10][11]. - The market-driven approach in the construction of energy facilities should consider traffic flow, electric vehicle charging needs, and grid connectivity for effective implementation [11].