智通财经APP获悉，周四，杰富瑞基于对行业支出的担忧，下调了阿斯麦(ASML.US)与ASM International(ASMIY.US)这两家荷兰半导体设备公司的评级。截至发稿，阿斯麦股价在盘前交易中下跌 1.8%，而ASM International微跌0.14%。 分析师贾纳丹·梅农(Janardan Menon)在致客户的报告中写道："我们预测2026年晶圆厂设备支出将下降 1%，而市场共识预期为两位数增长。" 他指出，这一悲观预期源于两大因素，而这些都与共识预期有所差异：一是预计2026年DRAM晶圆厂设 备支出将暴跌16%，二是中国市场的晶圆厂设备支出将进一步下滑。 他表示，其分析模型显示阿斯麦2026年销售额将下降2%，ASM International增长3%，两家公司的2026 财年每股收益预期分别比市场共识低17%和13%。 梅农将两家公司的评级从"买入"下调至"中性"，但同时将目标价分别从660欧元和490欧元上调至690欧 元和530欧元。 除了预计DRAM相关支出下滑外，梅农表示，尽管台积电(TSM.US)2nm工艺的设备安装量可能"持平"， 但先进逻辑晶圆厂设备支出明年仍有望"小 ...

Core Viewpoint - The article highlights the innovative practices of China Energy Conservation and Environmental Protection Group's subsidiary, Feixi Company, in promoting green low-carbon development and solid waste resource utilization through advanced waste-to-energy projects [1][2]. Group 1: Waste Management and Energy Generation - Feixi Company processes 2,000 tons of municipal solid waste daily, converting it into clean electricity, which is integrated into the power grid, thus transforming waste into green energy [2]. - The company has reduced carbon dioxide emissions by approximately 260,000 tons annually, equivalent to saving 96,000 tons of standard coal [2]. - By May 2025, Feixi Company is expected to have processed over 4.1 million tons of waste and generated 1.34 billion kilowatt-hours of electricity, addressing the "garbage siege" issue in Hefei City [2]. Group 2: Environmental Impact and Technological Innovation - Feixi Company has been recognized as a "waste-free factory" in Hefei, reflecting its commitment to environmental sustainability and innovation in the field of environmental technology [3]. - The company has applied for 32 patents and 10 software copyrights, establishing a range of core technologies with independent intellectual property rights [3]. - The company actively engages with the community by addressing environmental concerns and promoting public participation in ecological protection through educational initiatives [3].

虚拟电厂聚合模式是高比例可再生能源新型电力系统中的重要灵活性调节资源。近年来，各国为解决因 系统故障、预测偏差等造成的频率不稳定问题，往往需要设立市场化平衡管理机制，通过市场化手段获 取系统平衡和辅助资源，从而保障系统频率稳定。不同国家平衡管理机制概念和内涵有一定差异，我国 采用"辅助服务市场"概念，而德国采用"平衡市场"的概念。 德国平衡市场的产品包括频率控制备用（FCR）、自动频率恢复备用（aFRR）、手动频率恢复备用 （mFRR）三类，分别对应于一次调频、自动频率控制系统和15分钟内响应的备用服务。其中，FCR仅 在容量市场招标，并要求服务提供者必须能够提供同等正负向的调节能力，而aFRR和mFRR包括容量 市场和能量市场，其正负向调节能力单独统计。 贯通多类市场管理流程，挖掘经营主体聚合潜力。德国虚拟电厂是一种通过数字化、智能化技术手段协 调各类分布式资源参与市场交易的场外组织模式。虚拟电厂运营商可通过管理或加入一个或多个平衡结 算单元的方式参与电能量市场和平衡市场，也可以为其他平衡结算单元提供可调资源、电网平衡等服 务，还可以为中小发电厂参与再调度提供技术服务。建议以系统性思维设计电能量市场、辅助服 ...

EIA数据显示，美国炼油厂利用率在最近一周上升至2024年7月以来的最高水平。 ...

美国6月20日当周EIA精炼厂设备利用率变化 1.5%，预期 0.7%，前值 -1.1%。 ...

Core Insights - The industry is shifting focus from the design of robotic bodies and algorithm iterations to infrastructure development for data production [1][4] - The establishment of the Super EID Factory by Shenzhen Pasini aims to provide large-scale, high-quality multimodal training data, addressing the shortage of tactile data essential for enhancing robotic skills and generalization capabilities [1][3] Group 1: Infrastructure Development - The Super EID Factory covers nearly 12,000 square meters and is expected to produce nearly 200 million high-quality training data entries annually [1] - The factory employs a "no-body dependency" data collection system with 150 standardized units to capture human hand movements, spatial trajectories, and mechanical interaction information in real scenarios [1][2] - This approach is designed to significantly reduce data production costs and enhance the versatility of the data produced, making it applicable across various robotic configurations [1][2] Group 2: Technological Innovations - The factory utilizes proprietary "Neural Mesh" technology to synchronize and fuse high-precision tactile data with visual, joint angle, and voice information, creating rich high-dimensional data streams [2] - The "Soma Redirect" system allows the collected human data to be effectively adapted to different robot structures, addressing the long-standing challenge of model generalization across different robotic bodies [2] Group 3: Industry Trends - Various infrastructure development paths are emerging in the embodied intelligence sector, including Pasini's third-party data service factory model and Shanghai's Zhiyuan Robotics' vertical integration strategy [2][3] - In Beijing, a collaborative effort among government and leading enterprises is focused on building an "AI public computing power platform" and industry datasets to support local businesses [3] - The Guangdong province's innovation center aims to integrate resources from universities and the industry to establish a shared data collection and management mechanism [3] Group 4: Strategic Goals - Companies are aiming beyond merely being "data suppliers"; for instance, Pasini plans to use the factory's data to build an "OmniSharing DB" and create a growth flywheel with its self-developed large models [3] - The ultimate goal is to construct a "world model" that deeply understands the laws of the physical world and to open the factory's data capabilities to the global industrial ecosystem [3][4] Group 5: Competitive Landscape - The emergence of embodied intelligence data factories signals a transition from theory to practice and from prototypes to products, indicating a deepening of industry competition [4] - Competition is evolving to encompass not just algorithms or hardware but also data production, model training, and vertical integration capabilities [4]

Group 1: EMS Development and Market Position - EMS3.0 integrates AI and renewable energy, enhancing the capabilities of EMS2.0, which focuses on centralized monitoring and management of microgrids [1] - EMS3.0 aims to optimize the operation of distributed energy resources and reduce electricity costs, adapting to new power system requirements [1] - The transition from traditional clients to new industry clients, particularly in parks and renewable energy sectors, indicates a significant improvement in the company's industry focus [1] Group 2: Financial Performance and Shareholder Returns - The company plans to maintain stable dividends to enhance shareholder returns and market recognition [1] - Continuous improvement in operational management is expected to drive core competitiveness and company value [1] Group 3: Future Growth Drivers - The rise of energy internet and carbon neutrality trends are driving industry demand and technological diversification [2] - The company is focusing on expanding its business in energy storage and photovoltaic sectors, providing intelligent microgrid solutions [2] - Emphasis on product transformation and upgrading through internet tools and cloud platforms to meet market demands [2]

6月23日，上海市经济信息化委印发《 上海市用户侧虚拟电厂建设实施方案 》（2025-2027年）。 《方案》提出，构建"1+5"超大城市虚拟电厂运行管理体系，即" 一个虚拟电厂运管平台+五类城市特 色资源 "，形成以 空调负荷、充换电站、新型储能、数据中心、工业负荷 等为核心的多元聚合虚拟电 厂。 到2025年，基本建成虚拟电厂运行管理和技术标准体系，全市虚拟电厂可调能力达到 110万千瓦 ； 2026年、2027年虚拟电厂数字化水平持续提升，可调能力分别达到 160万千瓦、220万千瓦 。 文件鼓励用户积极配储接入。推动数据中心、通信基站、分布式新能源、工业园区等 终端用户配置新 型储能 ，优化负荷峰谷特性、降低用电成本，并积极接入虚拟电厂。 根据上海市用户侧虚拟电厂规划目标， 力争2025年 用户侧储能 的接入容量为200MW，申报可调能 力为100MW，实际可调能力为50MW；2026年用户侧储能的接入容量为300MW，申报可调能力为 200MW，实际可调能力为150MW；2027年用户侧储能的接入容量为400MW，申报可调能力为 300MW，实际可调能力为250MW。 完善价格激励政策。按照国家相关 ...

Group 1 - Guangzhou government has issued a three-year action plan to promote the development of the intelligent connected new energy vehicle industry, aiming to create a world-class "Smart Car City" [1] - The plan includes annual rewards of up to 500 million yuan for vehicle manufacturers and subsidies of up to 40,000 yuan per unit for the first 5,000 fuel cell vehicles purchased and registered during the policy implementation period [1] - By 2027, the automotive industry in Guangzhou is expected to see significant transformation, with plans to cultivate 2-3 new energy vehicle manufacturers producing over 500,000 units annually and achieve initial commercialization of fuel cell vehicles [1] Group 2 - The core component enhancement initiative supports enterprises in tackling core technology challenges, with government financial assistance available for projects with fixed asset investments exceeding 100 million yuan [2] - The support system aims to promote the construction and operation of local virtual power plants, with annual rewards of up to 30 million yuan for participants [2] - Guangzhou plans to establish an automotive culture theme park and provide one-time rewards of up to 10 million yuan for passenger vehicle models with annual production exceeding 1,000 units [2]

三、底层逻辑的三维解构：信任机制 × 社交裂变 × 成本革命 1. 信任机制重建：感官体验超越话术说服 当前，中国酒类市场正经历从"渠道为王"向"消费者主权"的深刻转变。行业产能过剩、品牌挤压、消费需求分层等挑战倒逼区域酒企突破传统路径依赖。在 这样背景下，传统酒厂转型方案本质上是通过"体验经济逻辑重构产业链价值"，其核心在于以消费者为中心，将生产、组织、销售环节转化为品牌价值创造 的动态场景，传统酒厂"景区化"模式不仅解决了区域酒企的生存困境，更指向了"场景力"、"组织力"与"用户运营力"的竞争融合！ 一、生产逻辑的范式革新：从标准化制造到信任可视化构建 传统酒厂以规模化生产为核心，而现代酒庄的本质是将工业流程转化为品牌信任的具象载体。晋善晋美控股集团提出的 "透明化、可视化、可验化" 改造， 实则是通过场景化设计破解消费信任壁垒 —— 未来将酿造车间、地下酒库升级为 AAA 级参观景点，让消费者零距离见证 "地缸发酵 21 道工序" 的全流程。 这种 "生产现场即品牌展厅" 的模式，使抽象的品质承诺转化为可感知的视觉体验，数据显示，参观过酿造现场的消费者对品牌信任度提升 47%。 二、体验经济下的营销破局 ...