本次引入战略合作方旨在响应国家"双碳"战略，推动国有资本布局优化，有利于推动专业化整合，深化 资源互补、战略协同，进一步促发展、防风险，提升东方风电发展质量。本次以木垒东吉 100%股权作 价参股投资，本次交易完成后，木垒东吉不再纳入公司合并报表范围，预计将增加公司 2025 年利润总 额，具体数据以审计结果为准。 智通财经APP讯，东方电气(01072)公布，为应对政策变化、适应市场竞争、控制投资风险，提升风电场 专业化、市场化运营能力，公司控股子公司东方风电拟以木垒东吉 100%股权作价参股投资，引入外部 战略合作方成立合资公司，共同推进东方电气木垒 100 万千瓦科技创新实验风场项目，实现资源互补、 风险共担。东方风电与皖能能源共同成立合资公司，东方风电持股 49%，皖能能源持股 51%。合资公 司注册资本为：185,683.0205 万元，东方风电以木垒东吉 100%股权作价出资，根据北京天健兴业资产 评估有限公司出具的资产评估报告，基于评估基准日 2025 年 6 月 30 日，木垒东吉新能源有限公司评估 后的股东全部权益价值为 90,984.68 万元，皖能能源以 94,698.3405 万元现金 ...

Core Viewpoint - Dongfang Electric (600875) is responding to policy changes and market competition by forming a joint venture with Anhui Energy, aiming to enhance its wind farm operational capabilities and mitigate investment risks through strategic collaboration [1] Group 1: Joint Venture Formation - Dongfang Electric's subsidiary, Dongfang Wind Power, will invest in a joint venture by contributing 100% equity of Muli Dongji, valued at approximately 90,984.68 million yuan, while Anhui Energy will contribute 94,698.3405 million yuan in cash [1] - The joint venture will have a registered capital of 185,683.0205 million yuan, with Dongfang Wind Power holding 49% and Anhui Energy holding 51% [1] Group 2: Strategic Objectives - The partnership aims to align with the national "dual carbon" strategy, optimize state capital layout, and promote professional integration and resource complementarity [1] - The transaction is expected to enhance the quality of development for Dongfang Wind Power and is projected to increase the company's total profit in 2025, subject to audit results [1]

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 有色金属 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 报告日期：2025 年 11 月 19 日 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 铜 | 专题报告 2025 年专题报告 铜 专业研究·创造价值 应对矿端收缩与冶炼困局——再生铜 摘 要 | 1 再生铜的重要性 3 | | --- | | 2 全球再生铜情况 4 | | 3 国内再生铜情况 5 | | 4 总结 8 | | 图 1 21 世纪全球铜矿产量 3 | | --- | | 图 2 全球再生铜产量占比 4 | | 图 3 全球原生铜和再生铜产量 4 | | 图 4 美国废铜和精铜情况 5 | | 图 5 国内原生铜和再生铜产量 5 | ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy sector [1] Core Viewpoints - The rapid development of new energy sources poses challenges to the power system's regulation and support capabilities, necessitating a transition from a "source-grid-load" model to a "source-grid-load-storage" model, with energy storage becoming a crucial foundation for the new power system [2][11] - The demand for energy storage is expected to grow significantly due to energy security and carbon neutrality strategies, with China's wind and solar installed capacity projected to continue increasing [2][30] - As of September 2025, China's new energy storage capacity has exceeded 100GW, representing over 40% of the global total, but the penetration rate remains low compared to the overall power system, indicating substantial growth potential [2][41] Summary by Sections Concept - Energy storage refers to devices that convert and store electrical energy, acting as a "reservoir" in the power system. It helps balance real-time energy production and consumption, improving power quality and efficiency [7][9] Logic - The demand for energy storage is driven by the need for energy security and carbon neutrality, with significant growth expected in wind and solar installations. By the end of 2024, China's wind and solar installed capacity is projected to reach 1.4 billion kW, accounting for 42% of total power generation capacity [2][19] - The penetration of new energy storage is still low, with only 2.7% of total installed capacity and 5.9% of new energy capacity as of September 2025, indicating ample room for growth [2][41] Technology Routes and Installation Status - The report outlines various technology routes for energy storage, including pumped hydro storage and electrochemical storage, with lithium batteries being the primary growth driver. The current installed capacity of new energy storage in China is substantial but still small relative to the overall power system [3][41] Investment Recommendations - The report suggests that the total installed capacity of wind and solar will continue to grow, and the penetration rate of energy storage has significant room for improvement. It recommends investing in leading companies in the energy storage sector, such as Sunshine Power and Haibo Technology, which are well-positioned to capitalize on the growth opportunities in both domestic and international markets [2][45]

Core Viewpoint - The 2025 Zero Carbon Industry Ecological Conference was held in Kunming, focusing on the development paths for zero-carbon industries and the role of financial institutions in supporting this transition [1][2] Group 1: Conference Highlights - The conference gathered participants from government, industry, academia, and research sectors to discuss zero-carbon industry development [1] - A representative from Industrial Bank's Kunming branch shared insights on the bank's innovative solutions for zero-carbon parks, emphasizing a comprehensive service system that includes both financial and non-financial products [1] Group 2: Financial Products and Services - Industrial Bank's Kunming branch has introduced various innovative loan products, including the first "zero-carbon park linked loan" and "biodiversity protection sustainable and green energy generation linked loan" in Yunnan province [2] - The bank has also launched "ESG-linked loans" and "carbon reduction + CCER development + green certificate linked loans," demonstrating its commitment to green finance [2] - The bank has published an "Environmental Information Disclosure Report" for three consecutive years, showcasing its dedication to green finance principles [2] Group 3: Future Plans - Moving forward, Industrial Bank's Kunming branch aims to deepen its engagement in the green finance sector by offering more innovative products and comprehensive services, collaborating with government, enterprises, and society to contribute to Yunnan's zero-carbon development [2]

Core Insights - The sustainable aviation fuel production equipment manufacturing project has officially settled in Shenyang, with an annual production capacity of 1 million tons of sustainable aviation fuel [1][2] - The raw materials for sustainable aviation fuel primarily include waste oils and agricultural and forestry waste, which can reduce carbon emissions by 80% compared to traditional aviation fuel [1] - By 2050, the annual consumption of sustainable aviation fuel in China is expected to reach between 25 million to 30 million tons, indicating a broad market prospect [1] Group 1 - The project involves the development of the world's first scalable equipment for producing sustainable aviation fuel through plasma cracking technology [1] - The plasma cracking furnace directly synthesizes clean energy such as carbon monoxide and hydrogen from organic materials, with no intermediate substances formed, thus avoiding secondary pollution [1] - The first phase of the project includes the construction of an assembly center for 1,000 units of 5-ton furnaces, along with testing and certification centers [1] Group 2 - Approximately 99% of carbon emissions in the civil aviation industry come from aviation fuel consumption during flights, making the development of sustainable aviation fuel a practical path for achieving national carbon neutrality goals [2] - The manufacturing of sustainable aviation fuel production equipment will support the enhancement of the high-end equipment industry in the region [2]

Group 1: Industry Trends - A wave of electrification and intelligence is sweeping through China's commercial vehicle sector, with electric heavy-duty trucks transitioning from demonstration operations to market-driven applications, marking a significant step in the country's "dual carbon" strategy [1][9] - The penetration rate of new energy heavy-duty trucks has rapidly increased, reaching a historical high of 28.8% in September 2023, indicating explosive growth in this market segment [1] Group 2: Regional Development - Zhengzhou, as the core of Henan Province's automotive industry, is set to produce over 1.12 million vehicles in 2024, positioning itself among the top cities in the nation [2] - The city has attracted major manufacturers like Yutong, Dongfeng Nissan, and BYD, creating a comprehensive ecosystem for commercial vehicles, including light, heavy, and mining trucks [2] Group 3: Technological Advancements - Yutong has made significant strides in overcoming operational challenges for new energy heavy-duty trucks, achieving a low energy consumption of 0.66 kWh per kilometer over a 479-kilometer test route [3] - Innovations such as dual-gun fast charging technology and lightweight vehicle designs have improved operational efficiency and alleviated range anxiety [3][4] Group 4: Economic Benefits - Yutong's electric cargo trucks can reduce per-kilometer energy costs to under 0.5 yuan, saving over 1 yuan compared to similar fuel vehicles, leading to annual fuel cost savings of up to 120,000 yuan per vehicle [4] - The "Anruitong" intelligent management system helps users optimize energy costs by managing charging strategies effectively [4] Group 5: Hydrogen Fuel Cell Development - Zhengzhou has initiated the delivery of hydrogen fuel cell heavy-duty trucks, marking a significant milestone in the city's hydrogen energy transportation system [5] - Yutong has established a comprehensive lineup of hydrogen fuel commercial vehicles, maintaining a leading position in global production and sales [5] Group 6: Challenges and Future Outlook - Despite significant growth, new energy heavy-duty trucks face challenges in long-distance applications, with diesel trucks still holding a 50% penetration rate in the first nine months of 2025 [7] - The logistics industry is undergoing a transformation, with increasing demand for efficient and green transportation solutions, supported by the rapid development of charging infrastructure [8] - The future development path for new energy heavy-duty trucks is becoming clearer, with a focus on battery technology improvements and a shift from policy-driven to market-driven growth [8][9]

Core Viewpoint - The company plans to transfer 51% equity of its wholly-owned subsidiary, Tongying Thermal Power, to Jinbei Energy Company, aiming to enhance project construction and improve cash flow [1][3]. Group 1: Transaction Details - The transaction will be conducted through a non-public agreement transfer [1]. - Tongying Thermal Power, established in 2022, is currently in the construction phase of a thermal power project and has not yet commenced production or sales [1]. - As of December 31, 2024, Tongying Thermal Power's total assets are valued at 2.855 billion, with total liabilities of 2.341 billion and equity of 514 million [1]. - By June 30, 2025, the total assets are projected to reach 3.338 billion, with liabilities of 2.824 billion and equity remaining at 514 million [1]. Group 2: Valuation and Financial Impact - The assessed value of Tongying Thermal Power as of the evaluation benchmark date is 3.345 billion, with an increase of 6.6473 million, resulting in a 0.2% appreciation [2]. - The net asset value is assessed at 521 million, reflecting an increase of 6.6473 million, with a 1.29% appreciation [2]. - The value of the 51% equity stake held by the company is estimated at 266 million, with an increase of 3.3901 million, also showing a 1.29% appreciation [2]. Group 3: Strategic Rationale - The buyer, Jinbei Energy Company, is a significant player in the development of a new energy base, aligning with the "dual carbon" strategy and possessing strong financial resources [3]. - The equity transfer is expected to accelerate the construction of the project and improve the company's cash flow, alleviating financial pressure and enhancing asset liquidity [3]. - The transaction adheres to principles of voluntariness and equality, ensuring fair pricing and no detriment to the interests of the company or its shareholders, particularly minority shareholders [3].

Core Insights - The article emphasizes the importance of zero-carbon parks as a key battleground for implementing the "dual carbon" strategy and seizing opportunities in the green low-carbon industry [1][3] - Shenzhen is highlighted as a leading city in green development and is working towards creating a "Shenzhen model" that aligns with national standards for near-zero carbon pilot projects [1][3] Group 1: Event Overview - The event titled "Zero Carbon Park China Solution: Innovative Practices and Collaborative Governance" aims to explore pathways and practices for the green low-carbon transformation of industrial parks [1][3] - The roundtable will focus on critical issues such as the balance between zero-carbon transformation and economic growth, practical challenges in planning, and collaborative mechanisms among diverse stakeholders [3] Group 2: Event Details - The event is scheduled for November 27, 2025, from 13:00 to 16:30 at the First Financial Studio in Shenzhen [4] - The agenda includes a series of discussions and presentations, including the analysis of the "2025 Zero Carbon Park Industry Impact Insight Report" and case studies on zero-carbon park solutions [5] Group 3: Key Topics of Discussion - The roundtable will address the outlook for zero-carbon park construction and the development of green low-carbon industries, emphasizing Shenzhen's leadership in policy innovation and technical implementation [5] - The event aims to gather insights from various stakeholders to provide practical pathways and forward-thinking considerations for zero-carbon park development [3][5]

近日，备受瞩目的2025中国国际商用车展览会在武汉国际博览中心举办。武汉商用车展是国内唯一的国家级专业商用车展，这里集结着 体现行业发展风向的顶尖技术与创新产品，每一次举办都吸引着行业人士的广泛关注。 作为新能源车桥"国家队"企业，东风德纳虽然没有以零部件厂商的身份正式参加本次车展，但并不影响其在武汉商用车展引领重卡电驱 系统的发展趋势，全新的德纳"劲擎王"电驱桥也迎来了行业"首秀"。为何这么说呢？下面请看第一商用车网报道。 在最抢眼的展台"低调现身"！东风德纳"劲擎王"电驱桥亮了 要说2025武汉商用车展哪个展台最吸引人关注？想必很多人都能会脱口而出——东风商用车展台。 东风商用车展台 作为国内中重卡行业领军企业，东风商用车本次车展主要围绕用户关切的续航、补能、运营成本与工况适应性为重点，整车方面携覆盖 纯电、氢能、混动、智能技术路线的6款重卡展车亮相，款款都是爆品，呈现其在高端化、智能化、绿色化领域的战略布局与突破性成 果。 其中，在纯电动这一技术路线上，东风商用车带来的2款展车中有一款是东风天龙KL 600度大电量底部电池纯电动牵引车。该车亮点之 一便是配套了集成化电驱桥，电耗优于传统中央驱动技术路线1 ...