Core Insights - Hedge fund manager Bill Harnisch warned earlier this year about high market valuations and potential disruptions to global trade due to Trump's tariff agenda [1] - Harnisch concentrated over 90% of his long positions in three infrastructure construction stocks: Quanta Services, Dycom Industries, and MasTec, which are aligned with trends in artificial intelligence, high-speed internet, and clean energy [1] - The strategy resulted in a 79% return for Harnisch's $3.1 billion fund this year, significantly outperforming the S&P 500 by more than four times [1] - Looking ahead to 2026, Harnisch maintains a cautious outlook, predicting that the S&P 500 will be "flat or even down," contrary to mainstream Wall Street views [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][10]. Core Insights - The company is a clean energy equipment platform under CIMC, focusing on LNG transportation, storage, and processing equipment, with a strong financial position and a projected CAGR of 17% for net profit from 2020 to 2024, driven by the growth in clean energy equipment [9][10]. - The company has a robust order book, with total orders amounting to 30.8 billion yuan as of Q3 2025, including 27.3 billion yuan in clean energy equipment [10][51]. - The report highlights the potential for growth in hydrogen and methanol businesses, supported by national policies and increasing demand for clean energy solutions [12][10]. Summary by Sections 1. Company Overview - The company, established in 2004, is a subsidiary of CIMC, primarily engaged in the production of various transportation, storage, and processing equipment for clean energy, chemical environments, and liquid food industries [20][21]. - The company has shown steady revenue and profit growth, with a CAGR of 19% for revenue and 17% for net profit from 2020 to 2024 [26][32]. 2. Energy Equipment - The company benefits from a full order book in clean energy equipment, with significant growth expected in LNG storage and transportation due to declining natural gas prices and increasing demand [9][10]. - The report notes that the company is well-positioned to capitalize on the LNG market, with a projected increase in LNG-powered vessels and infrastructure [62][66]. 3. Energy Operations - The company is expanding its operations in blue hydrogen and green methanol production, with projects expected to come online in the near future [10][12]. - The focus on utilizing by-products from steel production for hydrogen and LNG production is highlighted as a key growth area [21][61]. 4. Chemical and Food Industries - The company holds a significant market share in chemical tank containers, although it faces short-term pressures from the chemical cycle [32][34]. - The liquid food segment is also impacted by consumer trends, but diversification strategies are in place to enhance resilience [32][34]. 5. Investment Analysis - The projected net profits for 2025-2027 are 1.133 billion, 1.469 billion, and 1.762 billion yuan, respectively, with corresponding PE ratios of 13, 10, and 8 [10][11]. - The report suggests a reasonable valuation of 19.1 billion yuan for 2026, indicating a potential upside of 29% from the current market capitalization [10][11].

本文字数：2356，阅读时长大约4分钟 作者 | 第一财 经 后歆桐 2025.12. 12 由于全球供应紧缩，以及套利交易需求，白银本周稍早史上首次突破60美元/盎司。2025年倒数之 际，白银和铜近期取代黄金，成为投资者押注最大的两个贵金属。 "穷人的黄金" 自1月以来，白银价格年内已经翻了一番多。在多年供应不足的情况下，叠加工业用户和投资者强劲 需求，10月白银供应短缺加剧，出现严重的供应紧缩，伦敦金属交易所（LME）基准白银期货市场 遭遇历史性供应短缺，而印度和白银挂钩的交易所交易基金（ETF）需求激增。加之对美联储的降息 预期，白银价格本周稍早一度达到60.4美元/盎司，创下历史新高，也是史上首次突破60美元/盎司。 白银通常被用于珠宝和硬币，但近年来工业用途的需求激增，比如被用于电子产品和太阳能电池板。 与黄金不同，白银主要是作为其他矿物的副产品生产的，因此近年来矿商生产白银的速度，无法轻松 应对不断增长的需求。近几个月来，由于担心美国可能对白银征收关税，美国囤积了大量白银库存， 加剧了其他地区的白银短缺。尽管近几周库存开始略有减少，但纽约商品交易所的白银库存仍约为 4.56亿盎司，为历史平均水平 ...

此次交易由北京电力交易中心统一组织，汇聚了青海省内107家发电企业参与。交易基于对青海省内光 伏出力特性和东北地区负荷曲线的精准测算，充分利用现有跨省输电通道能力，在确保青海本地电力可 靠消纳的基础上，优化时段、集约外送，不仅提升了青海新能源的利用率，也为东北地区电力保供与民 生用电提供了绿色助力，为接下来深入研究小时级绿电交易、推动省间市场协同运行积累了宝贵实践经 验。 作为国家清洁能源示范省，青海清洁能源装机占比常年居全国前列，绿电外送潜力巨大。此次青海绿电 首次送入东北电网，成为全国统一电力市场高质量发展的有益实践，此举也进一步扩大了青海新能源在 全国范围的优化配置，青海电力中长期外送范围扩展至22个省区市。 近日，青海电力交易中心与北京电力交易中心、吉林电力交易中心"三网"联动，共同达成跨省跨区中长 期外送电力交易，交易电量自12月8日起执行至31日截止，累计交易电量1876万千瓦时。 青海地处西北高原，冬季日落时间相对较晚，每日16时至17时光照资源依然充沛，光伏发电出力保持高 位。而东北地区日落较早，此时正值用电晚高峰。此次交易正是利用这一天然的时空互补特性，借助全 国互联电网，成功将西北的"阳光 ...

2025年倒数之际，白银和铜取代黄金成为投资者押注最大的两个贵金属。 蒙特利尔银行（BMO）的大宗商品分析师阿莫斯（Helen Amos）表示："我们预计大部分地区的白银供应紧张将持续 下去。"她补充称，散户投资者眼下也在追捧白银走高，特别是在北美地区，白银通常被称为"穷人的黄金"。 白银、铜取代黄金成为投资者最大押注 除了触及历史新高，随着2026年的临近，白银和铜已取代黄金成为热门金属交易品种，机构与散户交易者正为创纪录 的上涨行情布局。 白银价格年内大部分涨幅集中在过去两个月。Marex Group的分析师埃德·梅尔（Ed Meir）表示，银价反弹期间波动性 加剧。从图表来看，此次反弹的抛物线形态比以往更为陡峭，买盘更加集中，且持续时间大幅缩短。 由于全球供应紧缩，以及套利交易需求，白银本周稍早史上首次突破60美元/盎司。2025年倒数之际，白银和铜近期 取代黄金，成为投资者押注最大的两个贵金属。 "穷人的黄金" 自1月以来，白银价格年内已经翻了一番多。在多年供应不足的情况下，叠加工业用户和投资者强劲需求，10月白银 供应短缺加剧，出现严重的供应紧缩，伦敦金属交易所（LME）基准白银期货市场遭遇历史性供 ...

近日，标普全球能源（S&P Global Energy）发布最新《2025年电化学储能系统集成商报告》。 报告数据显示，海博思创再次位列全球储能系统集成商前三强，在2024年新增装机规模中稳居全球第三，彰显其在全球储能市场的综合实力与项目交付能 力。 在中国市场，海博思创继续保持领先优势。 此次发布的报告显示，海博思创在中国大陆累计储能装机及签约项目规模继续排名第一，稳居中国储能系统 集成商榜首。 随着全球储能市场需求持续增长，海博思创正加速推进国际化布局，海外业务规模与交付能力全面提升。 目前，海博思创业务版图已覆盖全球五大洲20 多个国家，并形成针对不同市场需求的本地化交付和服务体系。 海博思创创始人、董事长兼CEO张剑辉博士表示："再次获得标普全球排名认可，体现了海博思创在产品技术、安全性能、系统交付与全球化能力上的综 合优势，尤其是在整体系统交付与复杂项目管理方面的实力。未来，我们将继续以可靠的技术研发和智能制造能力，为全球能源转型提供更高价值的储能 解决方案。" 秉承"赋能绿色能源，共创零碳生态"的使命，海博思创将持续推动储能技术与清洁能源的发展，助力全球能源体系向更安全、更高效、更智能的方向加速 ...

上市企业：西子洁能[002534.SZ]、中国电建[601669]、上海电气[601727]、川润股份[002272]、振江股 份[603507]、首航高科(002665)、江苏国信(002608)、东华科技[002140]、冰轮环境[000811]、科远智慧 [002380]、中国能建[601868]、中控技术[688777.SH） 相关企业：浙江可胜技术股份有限公司、中国华能集团有限公司、河南安彩高科股份有限公司、上海电 气亮源光热工程有限公司 关键词：光热发电行业政策、光热发电行业产业链、光热发电行业在建情况、光热发电行业已建情况、 光热发电市场规模、光热发电市场竞争格局、光热发电行业未来展望 内容概要：光热发电作为安全、清洁且兼具调峰电源和储能的双重功能，具有调峰和基础性电源的潜 力，可实现新能源调节、支撑新能源，为电力系统提供更好的长周期调峰能力和转动惯量，是新能源安 全可靠替代传统能源的有效手段。目前，我国已成功掌握塔式、槽式、菲涅尔式等主流光热发电技术， 并建成了全球领先的光热发电全产业链，技术装备国产化率超过95%，关键材料设备实现自主可控。我 国光热发电产业正以超越全球平均水平两倍的速度迅猛 ...

Core Viewpoint - The meeting between the Mayor of Suzhou and Airbus executives highlights the strategic partnership and investment potential between Airbus and Suzhou, emphasizing the city's commitment to becoming a leading "smart manufacturing city" through innovation and collaboration [1][2]. Group 1: Airbus's Role and Commitment - Airbus is a Fortune Global 500 company involved in the development and manufacturing of civil aircraft, helicopters, defense, and aerospace equipment [1]. - Since establishing its R&D center in Suzhou Industrial Park in mid-2023, Airbus has developed capabilities in R&D, innovation, and incubation, providing advanced technologies and solutions globally [1]. Group 2: Suzhou's Strategic Initiatives - Suzhou is focused on expanding high-level openness and promoting technological and industrial innovation to accelerate the development of new productive forces [1]. - The city aims to create a first-class business environment that is market-oriented, law-based, and internationalized to support Airbus in enhancing its operations and sharing new development opportunities [1]. Group 3: Future Collaboration - Airbus plans to deepen collaboration with Suzhou's local innovation ecosystem, promoting resource sharing and complementary advantages to optimize the local aerospace industry and supply chain [2]. - The goal is to drive high-quality development of the aerospace innovation ecosystem in Suzhou [2].

因武汉涉江治水产业集聚，来自浙江金华的中国水电十二局第二工程公司迁址武汉，在 全国各地建设绿色"充电宝"。 三峡集团、长江水利委员会、长江航务管理局……这些重点机构、龙头企业、科研单 位，现在都成了中国水电十二局第二工程公司的"邻居"。 "今年6月搬到江岸区后，我们和涉江治水产业的联系比以前更紧密。涉江治水产业上下 游企业环绕在身边，接触重大项目的机会非常多。"中国水电十二局第二工程公司党委副书 记张顺发介绍。企业入驻的江岸区黄埔国际中心距三峡集团总部不到3公里，企业正在与三 峡集团等企业谋划多个大型水电项目。 今年初，江岸区政府主要领导带队赴杭州拜访中国水电十二局总部，深入对接产业合作 方向。 "湖北水域面积广阔，武汉涉江治水产业集聚，场景丰富。无论是市场支撑，还是项目 合作，发展优势都很明显。"张顺发说。综合考虑武汉的产业优势与营商环境后，企业在多 个备选城市中选择了武汉。落地过程中，招商服务团队一周内帮30多户随迁家庭解决租房问 题，企业得以安心开展业务。 这家从事绿色"充电宝"建设的企业，目前在全国有十余座"充电宝"在建。绿色"充电 宝"是指抽水蓄能电站。夜间等用电低谷时，利用电网多余的电能将水从下水 ...

Project Overview - Lifezone Metals owns 84% of the Kabanga Nickel Project, a world-class, high-grade, development-ready nickel-copper-cobalt sulfide deposit[35] - The Kabanga project has proven and probable mineral reserves of 43.9 million tonnes grading 1.98% nickel, 0.27% copper, and 0.15% cobalt[95] - The project is expected to have an 18-year mine life with a steady-state throughput of 3.4 million tonnes per annum[36] - The project's after-tax NPV8% is $1.58 billion and the after-tax IRR is 23.3% at $8.49/lb Ni[36] Financials and Costs - The Kabanga project has a first quartile AISC (All-In Sustaining Cost) of $3.36/lb Ni net of credits[36] - The Life of Mine revenue is projected to be $14.1 billion, with an after-tax free cash flow of $4.6 billion[50] - The project has a high capital efficiency of 1.4x (NPV/pre-production CAPEX)[36] Strategic Importance - Nickel is critical for U S energy requirements and industries, including battery energy storage for AI, stainless steel, aerospace, and defense[18, 20, 22, 23] - Lifezone's Kabanga Project is a strategic critical metals asset, one of the largest and highest-grade development-ready nickel sulfide deposits[28] - The project is fully permitted with execution readiness underway, and political risk insurance and project finance discussions are in progress[32] Recycling Project - Lifezone is pursuing a Platinum, Palladium, and Rhodium (PGM) recycling project in the USA with Glencore[32, 65] - Glencore has invested $1.5 million for 6% of the PGM recycling project, with an option to fund 50% of the project capex[71]