热点透视 图片来源/新华社 ■中国经济时报记者 李海楠 从"蓝色引擎"到"生态红利"，我国海洋经济正在人海和谐的道路上持续跑出"加速度"。6月8日世界海洋日当天，自然资源部发布《2025中国海洋经济发展 指数》《2024年中国海洋生态预警监测公报》等一系列重要成果，全面展示了我国海洋事业的最新发展成就。 成就的取得标志着我国海洋事业发展迈入新阶段：2024年，我国海洋生产总值首次突破10万亿元。接受中国经济时报记者采访的专家认为，这背后是海洋 新兴产业崛起、海洋生态保护深化、海上风电规模化发展三股力量的协同驱动，彰显我国海洋经济与生态保护并重的战略定力。 海洋新兴产业：创新引擎驱动经济升级 所谓海洋经济，是指开发海洋资源和依赖海洋空间而进行的生产活动，包括直接或间接为开发海洋资源及空间的相关服务性产业活动。进入新世纪的20余 年来，我国海洋工程装备制造、海洋生物医药等海洋新兴产业，经历了从崛起到壮大的发展历程，带动海洋经济整体呈现快速转型升级发展的态势。 《2025中国海洋经济发展指数》涵盖发展规模与效益、结构优化与升级、资源节约与利用、对外经济与贸易、民生保障与改善五个领域。指数以2015年为 基期，基期指 ...

以下文章来源于超募研究所 ，作者杉域资本 超募研究所 . 结合实操业务及公域&私域数据，为私募股权行业从业者（FOF、LP、GP等）提供专业性、垂直类研究内容输出。 本期导读： AI大模型、高算力芯片与多传感器融合技术的突破，加速了智能驾驶商业化落地。 作者丨杉域资本 本期推荐阅读5分钟 在全球碳中和进程加速与能源结构转型的背景下，中国新能源汽车产业迎来历史性发展窗口。地缘政治博弈推动能源安全与产业链自主可控上升至国家 战略高度，国内新能源汽车正大举进军国际市场并在科技与服务方面领先众多知名品牌。AI大模型、高算力芯片与多传感器融合技术的突破，加速了 智能驾驶商业化落地。资本市场深度聚焦，VC/PE机构重仓布局具备技术壁垒与生态整合能力的头部企业。 本报告覆盖新能源汽车全产业链，涵盖三 电系统（电机、电控、电池）、核心部件与关键技术、整车制造与平台化集成、充换电网络及续航服务、智能网联与车载软件等领域，系统解析产业生 态与投资价值坐标。 2025年新能源汽车行业融资概况 从融资轮次来看， 新能源汽车行业加速整合，头部优势凸显 新能源汽车行业融资事件366起。其中种子-Pre-A轮221起，A轮90起，B-C轮 ...

Group 1 - China is the world's largest coal producer and consumer, with coal production expected to reach 4.78 billion tons and consumption at 4.81 billion tons in 2024, accounting for 66.6% and 53.2% of energy production and consumption respectively [1] - The coal industry in China has undergone significant structural reforms, leading to increased production capacity and improved safety, with production rising from 3.41 billion tons in 2016 to 4.78 billion tons in 2024, a growth of 40.18% [2] - Despite coal's dominant position, the rapid growth of non-fossil energy sources has raised concerns among industry professionals, with renewable energy generation capacity surpassing 2 billion kilowatts by April 2025, a year-on-year increase of 26% [2] Group 2 - The transition of coal's role in the energy structure is expected to evolve through four stages from now until 2060, with coal's position shifting from a primary energy source to a supporting role, while non-fossil energy sources will gradually take precedence [3] - A new energy system is being constructed, characterized by a shift from high-carbon to low-carbon and eventually to zero-carbon energy sources, with an emphasis on distributed energy systems and integrated supply-demand models [4] - The coal industry is transitioning from being viewed solely as a fuel source to being recognized as a raw material and material source, with a focus on creating an integrated ecosystem involving coal, new energy, storage, and hydrogen [6] Group 3 - Future coal industry policies are expected to prioritize quality over quantity, focusing on energy security, green transformation, technological innovation, and social equity, while facilitating an orderly exit from coal dependency [6][7] - The coal sector's strategic focus will include optimizing capacity, low-carbon demonstration projects, new energy integration, carbon trading, and the development of high-end coal-based materials [7] - The consensus among experts is that coal will continue to play a crucial role in ensuring energy security, particularly as renewable energy sources face challenges related to storage and volatility [6]

"双碳"目标推动下，我国新能源汽车产业呈现爆发式增长。中国汽车工业协会发布数据显示，2024年我 国新能源汽车销量突破1000万辆大关，市场渗透率超过40%。这一变革性趋势正在深刻重塑能源消费结 构，倒逼传统石油销售企业加速业务转型。记者日前调查发现，以"三桶油"为代表的国内原油销售企业 正全力拓展非油业务，通过便利店零售、充换电服务、综合能源站等多元化经营模式，寻找新的业绩增 长点。 新能源汽车井喷式发展传统燃油市场承压明显 中国汽车工业协会最新发布的行业报告显示，2024年，我国新能源汽车产销分别完成1288.8万辆和 1286.6万辆，同比分别增长34.4%和35.5%，新能源汽车新车销量达到汽车新车总销量的40.9%，较2023 年提高9.3个百分点。 据中国汽车流通协会乘用车市场信息联席分会（简称"乘联会"）统计，2024年全国传统燃油车累计零售 1199万辆，同比下降14%。乘联会秘书长崔东树向媒体表示，预计在2025年二季度，新能源车销量将全 面超越燃油车。 市场结构的深刻变化直接影响了原油消费。综合行业数据及上市公司年报信息，2024年国内成品油市场 需求小幅下降，成品油消费量（包括汽油、柴油 ...

证券代码：301150 证券简称：中一科技 湖北中一科技股份有限公司 3、公司是否有并购重组计划 答：尊敬的投资者，您好！公司围绕能源结构转型及人工智 能兴起的宏观背景，深入挖掘新能源汽车、储能、数据中心、低 空经济等生态化发展对铜箔行业所带来的需求潜力，保持主业稳 步增长。优化公司产品整体价值链，在前端与后端持续关注下游 应用领域的发展，发挥自身资源优势，优化产业布局，通过合作、 投资、并购等多种方式，培育新的业务增长点，提升公司核心竞 争力。未来公司如有相关计划，将会严格按照法律法规的规定及 时履行信息披露义务。感谢您的关注。 4、公司的铜箔产品加工费在第二季度有没有增加呢？ 答：尊敬的投资者，您好！公司铜箔产品的销售加工费定价 遵循市场化原则，受原材料成本、供需关系及行业竞争格局等多 重因素影响。第二季度以来，公司销售加工费呈现持续回升态势， 公司产品加工费将根据市场动态灵活调整。具体财务数据请以公 司定期报告披露的为准。感谢您的关注。 5、公司去年投资一个亿在云梦基地建设 AI 铜箔生产线，可以 详细介绍下情况吗?目前 AI 铜箔的客户有哪些?是否间接为英伟 达供货? 答：尊敬的投资者，您好！公司坚持 ...

新华财经墨西哥城6月10日电（记者翟淑睿吴昊）近期，全球白银市场持续升温，银价攀升至十余年来 新高。受地缘政治紧张、美元走软以及全球制造业复苏等因素推动，贵金属投资需求回暖，墨西哥这一 世界主要白银生产国，正站在新一轮资源红利与结构调整的风口之上。 银价飙升提振矿业板块 受此提振，墨西哥证券交易所上市的矿业企业股价也纷纷上扬。资源巨头Peoles公司股价近日上涨逾 10%，刷新历史纪录；其子公司Fresnillo在伦敦股市的表现同样强劲，涨幅近5%。评级机构标准普尔已 将Peoles的信用展望从"负面"上调至"稳定"。 墨西哥的挑战与机遇 墨西哥集团（Grupo México）也在一季度财报中披露，得益于铜与白银价格大幅上涨，其净利润同比增 长17%，至10.9亿美元，远超市场预期。这一增长主要得益于金属价格走高与生产成本控制。 工业需求与投资需求分化明显 虽然白银整体需求在2024年同比略降3%，但结构性变化值得关注。世界白银协会数据显示，2024年工 业用银增长4%，达到6.805亿盎司，主要受电动汽车、5G通信设备、半导体等行业带动。 工业领域对白银的需求连续创下新高。其中，光伏发电仍是推动白银消费的关 ...

行业普遍认为，这标志着我国能源结构向清洁低碳转型迈出了重要一步。 长期以来，火电在我国能源结构中占据主导地位，风电光伏装机量的超越表明可再生能源在能源供应中的地位日益凸显，有助于减少对传统化石能源的依 赖，降低碳排放，推动实现碳达峰、碳中和目标。 从经济效益出发，尚方清洁能源科技有限公司联席董事长金鑫告诉观察者网，算上发电设备的全生命周期折旧成本和运行管理成本在内，光伏的发电成本 不到0.2元/度，而火电仅有一些坑口煤电能达到这种水平，全国平均火电发电成本要在0.3元/度以上。而且降低火电在社会用电量中的占比，除了更加绿 色、清洁外，也可以大幅度降低煤炭这种不可再生资源的进口依赖和境内资源消耗速度。因此，大力发展光伏风电等清洁能源，对于减少社会总成本、保 障可持续发展意义重大。 风电、光伏装机连续4年保持两位数增长 （文/张志峰 编辑/周远方） "截至今年4月底，我国可再生能源发电装机达到了20.17亿千瓦，同比增长58%；风电光伏合计装机达到15.3亿千瓦，历史性超过了火电装机。"6月5日， 国家能源局副局长宋宏坤在发布会上表示。 电网接入、消纳和智能化调度问题更关键 日前，国家发展改革委、国家能源局联合印 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯一订阅号。其他任 何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券研究所品牌名称等相关信息的订阅号均不是光大证 券研究所的官方订阅号。 生物柴油具有环保性能好、发动机启动性能好、燃料性能好、原料来源广泛、可再生等特性。大力发展生物柴 油对经济可持续发展、推进能源替代、减轻环境压力、控制城市大气污染具有重要的战略意义。目前，生物柴 油主要应用于道路交通领域，航海、航空领域已经开始逐步推广试用。根据国际航空运输协会（IATA）的分 析，到2050年，航空领域65%的减排将通过使用生物航煤来实现。与此同时，在法国、英国等西欧国 ...

中原内配（002448）公告，公司于2025年5月30日与阳光新能源签署了《战略合作协议》。本次签署的 合作协议为双方合作的框架性协议，旨在围绕能源结构转型，实现优势互补、合作共赢。合作内容包括 源网荷储风电一体化项目、氢能装备产业合作、氢能应用场景以及绿电长协合作等。合作预计对公司 2025年度的财务状况和经营成果不构成重大影响。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In 2025, the main factors influencing the crude oil market are OPEC+ production policies, US tariff policies, and global crude oil demand. OPEC+ is in an expansion cycle, and with the global energy transition, there is a growing supply surplus, leading to limited upward momentum for oil prices and potential for a lower price center. Geopolitical factors such as the Russia-Ukraine conflict, US-Iran nuclear talks, and US policies towards Venezuela increase price volatility but do not change the overall supply surplus situation. In June - July, which is the consumption peak season, oil prices may find some support and are expected to trade in a range with a gradually declining center. Recommended strategies include shorting on rallies, selling call options, or using bull spread options. The recommended trading ranges are WTI [55, 65] and SC [420, 500] [6][108]. Summary by Directory 1. Market Review and Outlook - **Market Outlook**: In 2025, the crude oil market is mainly affected by OPEC+ production policies, US tariff policies, and global demand. OPEC+ is expanding production, and combined with the global energy transition, there is a supply surplus. Geopolitical factors increase price volatility but do not change the supply - surplus trend. In June - July, oil prices may be supported by peak - season consumption and are expected to trade in a range with a declining center [6][108]. - **Macro - economic Situation**: On May 7, the People's Bank of China cut the reserve requirement ratio by 0.5 percentage points, injecting about 1 trillion in long - term liquidity. As of May, the probability of the Fed keeping interest rates unchanged in June is 97.8%, and the probability of a 25 - basis - point cut is 2.2%. By July, the probability of unchanged rates is 76.6%, with a 22.9% chance of a 25 - basis - point cut and a 0.5% chance of a 50 - basis - point cut. The IMF has lowered the global economic growth forecast for 2025 from 3.3% to 2.8%, and the expected growth rate for 2026 is 3% [6][27]. - **Supply and Demand, and Inventory**: - **Supply**: OPEC+ did not adjust production policies at the Wednesday meeting but proposed a mechanism for setting 2027 production benchmarks. There is a possibility of accelerated production increases in July. In April 2025, OPEC's production decreased by 62,000 barrels per day to 26.71 million barrels per day. The US crude oil production remained stable at 13.4 million barrels per day as of the week ending May 23 [7][43][47]. - **Demand**: The IEA's May report maintained the 2025 global crude oil demand growth rate at 740,000 barrels per day and raised the 2026 growth rate by 70,000 barrels per day to 760,000 barrels per day. In May 2025, EIA, OPEC, and IEA predicted global crude oil demand at 10.371 million, 10.5 million, and 10.39 million barrels per day respectively, with year - on - year increases of 970,000, 130,000, and 740,000 barrels per day [7][52]. - **Inventory**: As of the week ending May 23, US commercial crude inventories decreased by 2.8 million barrels to 440.36 million barrels, strategic reserves increased by 820,000 barrels to 401.31 million barrels, gasoline inventories decreased by 2.44 million barrels to 223.08 million barrels, and distillate fuel oil inventories decreased by 720,000 barrels to 103.41 million barrels. Chinese port inventories increased by 319,000 tons to 28.216 million tons, and Shandong refinery inventories increased by 23,000 tons to 2.499 million tons [7][71][75]. 2. Core Drivers - **OPEC+ Production Policies since 2017**: In 2017, OPEC+ implemented production cuts. Since October 2022, there have been multiple rounds of production cuts and extensions, with actual production decreasing by about 3 million barrels per day, mainly contributed by Saudi Arabia, Russia, Iraq, and Kuwait. The overall production cut implementation rate is 51.02% [10][12][14]. - **2025 OPEC+ Production Increase Path**: In 2025, OPEC+ has a production increase plan through quota increases and compensatory production cuts. It is expected that by the end of the year, the net increase in OPEC+ production will be about 1 million barrels per day [15][16][21]. 3. Price Spreads and Positions - **Cross - market Spreads**: The WTI monthly spread increased slightly. As of May 29, the M1 - M2 spread was $0.74 per barrel, and the M1 - M6 spread was $2.21 per barrel. The US refined product crack spreads declined, while the domestic refined product crack spreads rebounded [90][94][95]. - **Fund Positions**: No specific information on changes in WTI and Brent fund positions was provided. The SC warehouse receipt volume is low, and the total SC positions increased [102][104].