作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 水贝黄金市场的天，变了。 作为国内黄金市场风向标，深圳水贝黄金市场被买金人推崇备至。但现在，水贝厂商都转行改做铂金了。 今年以来， 在黄金仍在高位震荡，不少人游移不定之时，有一些投资者已经悄悄盯上了另一种贵金属 —— 铂 金。 从年初至今，铂金的累计涨幅已接近 40% ，高于黄金的 30% 左右的年内涨幅。 放眼国内， 仅 6 月上金所铂金 9995 价格就上涨了近 30% ，涨势何其凶猛！ 01 一线市场对于趋势的洞察，往往比很多投资者都更为敏锐 —— 在金价飞涨之下成为不少人的买金圣地的深圳水贝市场，早已悄悄转向。 不少档口缩小了黄金销售铺位，用更大的面积销售铂金，有的档口甚至直接撤掉了黄金销售摊位，专门销售铂 金。 5 月开始，部分水贝黄金厂商已经开始转型做铂金，想在金价高企之时立场避险。 而更敏锐的卖家，早在 4 月初就已经把做黄金首饰的展厅中的黄金库存换成了铂金。 因为彼时，一公斤黄金价格已达 80 多万元，价格较高，销量却走低。一公斤铂金却仅 20 多万元，铺货压力 小，且铂金价格相对较为稳定，风险相对低。铂金首饰的销 ...

Core Viewpoint - The credit rating report for Guangzhou Baiyun Electric Equipment Co., Ltd. indicates a stable outlook, supported by strong order backlog and market demand in the smart grid, rail transit, and ultra-high voltage sectors, despite facing short-term debt pressures and capacity digestion challenges [3][6][8]. Financial Performance - As of 2024, the company reported total assets of 100.09 billion, total liabilities of 29.67 billion, and operating revenue of 49.85 billion, with a net profit of 1.90 billion [3][4]. - The company’s short-term debt is projected to reach 24.32 billion by the end of 2024, constituting 82.52% of total debt, indicating significant short-term debt pressure [6][8]. - The net profit margin for 2024 is expected to be 3.86%, with a return on total assets of 2.58% [4][20]. Market Position and Demand - The company maintains stable relationships with major clients such as State Grid and Southern Grid, with a backlog of orders amounting to 79.85 billion as of 2024, ensuring future revenue stability [6][15]. - The demand for electric power distribution and control equipment is expected to grow due to the ongoing construction of new energy systems and urban rail transit networks [11][12]. Operational Challenges - The company faces challenges related to the digestion of newly added production capacity, particularly in the electric power capacitor and transformer segments, which may lead to underutilization [16][18]. - The industry is characterized by long project cycles and complex customer payment terms, leading to potential risks in inventory depreciation and accounts receivable collection [7][8]. Industry Environment - The electric power distribution equipment market is supported by strong demand driven by infrastructure upgrades and the rapid development of renewable energy [11][12]. - The national policies promoting high-quality development of distribution networks and large-scale equipment updates are expected to further stimulate market growth [11][12]. Competitive Landscape - The company’s core business focuses on the research, production, and sales of complete switchgear, electric power capacitors, components, and transformers, with complete switchgear being the primary revenue contributor [14][15]. - The company has established strategic partnerships with leading new energy firms, enhancing its competitive position in the market [15][16].

Core Viewpoint - The article highlights the increasing popularity of platinum jewelry as its prices rise significantly, leading many jewelers to shift their focus from gold to platinum products [2][6][10]. Market Trends - Platinum prices have surged over 35% since the beginning of the year, surpassing gold's price increase [2]. - The price of platinum reached over 320 yuan per gram, with a notable increase of nearly 50 yuan in just over two weeks [2]. - Many jewelers in the Shenzhen Shui Bei market are reducing their gold inventory in favor of platinum due to the competitive nature of the gold market [2][5]. Consumer Behavior - Although gold jewelry remains popular, there is a growing interest in platinum among consumers, who are becoming more aware of its rising prices [4][10]. - The convenience and transparency of the recycling mechanism for gold jewelry are significant factors driving consumer interest, with similar mechanisms being developed for platinum [6]. Supply and Demand Dynamics - The World Platinum Investment Council reported a 10% year-on-year decline in global platinum supply in Q1, totaling 45.3 tons, while demand increased by 10% to 70.7 tons [10]. - It is projected that there will be a platinum shortage for the third consecutive year, with a deficit of 30 tons expected [10]. - China has surpassed North America to become the largest retail investment market for platinum [10]. Market Outlook - Analysts suggest that the recent price increases for platinum and silver may be driven by long-term demand expectations for precious metals, rising global inflation pressures, and higher interest rate expectations [10]. - The unique characteristics of platinum, such as its purity challenges and smaller market size compared to gold, may affect its liquidity and investment appeal [10].

Core Viewpoint - Liaoning Province's Chaoyang City is making significant strides in the development of the renewable energy industry, aiming to become a major clean energy supply hub by 2023 [1][2] Group 1: Renewable Energy Development - Chaoyang City has notable advantages in wind and solar resources, with solar energy having an average annual utilization of 1500 hours and wind energy between 2800-3200 hours [1] - By May 2025, the total installed capacity for wind and solar energy in the city is expected to reach 7.3 million kilowatts, accounting for 79% of the total installed capacity in the province [1] - In 2024, the clean energy generation is projected to reach 10.5 billion kilowatt-hours, representing 62.2% of the total power generation [1] Group 2: Key Projects - The city is focusing on key renewable energy projects, with a 2 million kilowatt wind power project already connected to the grid, having completed an investment of 11.7 billion yuan [1] - The Chaoyang pumped storage project, with a total investment of 9.46 billion yuan, has made significant progress in its preliminary work [1] - The Yunda Wind Power Zero Carbon Industrial Park has achieved its goal of starting and completing operations within the same year [1] Group 3: Future Plans - Chaoyang City aims to elevate its renewable energy industry, targeting the construction of wind and solar projects by 2025 [2] - The city plans to develop a comprehensive clean energy industry chain, including power generation, high-end equipment manufacturing, energy storage, and green electricity applications [2] - By the end of 2030, the total installed capacity for clean energy is expected to reach 25 million kilowatts [2] Group 4: Integration with Other Sectors - The city intends to integrate clean energy with the cultural tourism industry, enhancing local infrastructure and activating rural tourism resources [2] - A 5 million kilowatt photovoltaic desertification control project is planned to improve ecological conditions while achieving economic benefits [2]

欢迎关注"方志四川"！ 在江安逗留 温亚军 清晨起来，一直惦记着去看长江日出，拉开窗帘见外面依然漆黑一片，看时间应该天亮了呀。出了宾馆 大门，发现浓雾弥漫，白茫茫似云般翻腾缭绕，将天地连成一片。日出是看不到了，长江应该能看到 吧。昨夜到达得较晚，听说住处距长江只有百米，想连夜去看的，当地人说夜色中看不清，不如留给早 晨看日出。长河日出，晨曦初照，波澜壮阔，想着都令人兴奋。然而眼前的情景出乎我的意料，氤氲的 雾气迷蒙散淡，笼罩四周，如缥缈的薄纱在眼前挥之不去。一眼望出去，天地皆成一体，偶尔眼前雾气 飘离，才见前方水墨一样的建筑淡淡的轮廓，极其写意。这样的晨景，若是闲来无事，落在眼里倒也自 成一派，很是悦目。只是隔着晨雾，别说看日出，连那触手可及的长江也一样看不清楚。一夜枕江而 眠，竟然听不到滚滚涛声，我在想，长江进入江安境内，是不是被两岸的景致迷住，才依依不舍放缓了 脚步，像极了人们希望的那种岁月，一路缓缓走过，收起了惊涛骇浪，只有平静安然、恬淡祥和。因 此，这里才叫江安吧。依水而生，自然是水安，则人兴了。 江安长江竹岛俯瞰图（图源：四川新闻网） 在晨雾的江边行走，我想这个时候最应景的，应该是明代大才子杨慎的《 ...

Core Viewpoint - The establishment of the Feimaotai Green Energy Storage Intelligent Manufacturing Project in Tianjin represents a significant investment in the energy storage sector, aiming to enhance the local industrial structure and promote the development of the new energy industry chain [1][2]. Group 1 - The Feimaotai Green Energy Storage Intelligent Manufacturing Project covers an area of 500 acres with a total investment of 5 billion yuan [1]. - The project will focus on the research and production of high-end products such as power storage battery boxes, commercial vehicle battery swap packs, and large-scale energy storage containers, with a planned production capacity of 96 GWh per year [2]. - Upon completion, the project is expected to achieve an annual output value of approximately 10 billion yuan, positioning itself as a super factory in Northern China [2]. Group 2 - The project is anticipated to optimize the industrial structure of the Baodi District, fostering collaborative development across the new energy supply chain and enhancing regional industrial competitiveness [2]. - It aims to create a synergy between energy storage batteries, new energy vehicles, and their subsequent utilization, laying a solid foundation for Baodi to become a hub for the new energy industry [2].

Group 1: Market Conditions and Company Response - The current lithium carbonate market is experiencing low price adjustments, but the long-term development trend of the new energy industry remains positive. The company is leveraging technological innovation and process optimization to maintain a competitive cost advantage in lithium carbonate production [1] - The company plans to enhance product quality and implement refined cost control measures, focusing on both technological upgrades and comprehensive cost monitoring to strengthen its market position [1] Group 2: Financial and Operational Updates - The company has integrated into the China Minmetals Corporation system as of 2025, marking a new chapter in high-quality development and ensuring stable production and sales of major products [3] - The company’s potassium fertilizer production capacity is 5 million tons, with a national reserve task of 500,000 tons [12] Group 3: Strategic Initiatives and Future Plans - The company is advancing its 40,000 tons/year lithium salt integration project, with significant progress in the core lithium extraction device, which has completed acceptance testing [5] - By 2030, the company aims to establish a production capacity of 10 million tons of potassium chloride and 200,000 tons of lithium carbonate, aligning with the strategic goals of its parent company [10] Group 4: Shareholder Engagement and Value Creation - The actual controller, China Minmetals Group, plans to increase its stake in the company by purchasing at least 211.66 million shares within six months to boost investor confidence [6] - The company is committed to a diversified dividend policy and aims to enhance shareholder returns through steady performance growth and effective capital management [12]

Core Viewpoint - The China Securities New Energy Index has experienced a decline in recent months, reflecting the overall performance of listed companies in the renewable energy sector [2]. Group 1: Index Performance - The China Securities New Energy Index fell by 1.29% to 1768.83 points, with a trading volume of 36.878 billion yuan [1]. - Over the past month, the index has decreased by 1.69%, by 10.68% over the last three months, and by 9.32% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in renewable energy production, application, storage, and related equipment, with a base date of December 31, 2011, set at 1000.0 points [2]. - The top ten weighted companies in the index are: CATL (9.99%), Sungrow Power (5.53%), LONGi Green Energy (5.26%), China Nuclear Power (4.73%), Three Gorges Energy (3.69%), TBEA (3.52%), EVE Energy (3.15%), Huayou Cobalt (2.96%), Tongwei Co. (2.45%), and Ganfeng Lithium (2.13%) [2]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shenzhen Stock Exchange (58.70%), followed by the Shanghai Stock Exchange (40.87%) and the Beijing Stock Exchange (0.43%) [2]. - In terms of industry composition, the index is comprised of 73.71% in industrials, 14.26% in utilities, and 12.02% in materials [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3].

光伏赋能生态养殖，探索产业升级新路径。走进张掖市山丹县20万只光伏生态羊养殖示 范项目现场，"咩咩咩"的羊叫声此起彼伏，循声望去，只见圈舍内的肉羊个个膘肥体壮、毛 色亮泽，它们在饲养员的精心照料下悠闲地吃着草料。与普通圈舍不同的是，这些新型圈舍 的房顶换成了光伏板，让羊儿们住上了"光伏房"。 "感谢你们定期帮我们检查光伏发电设备，这个月我们引进了1000只育肥羊，养殖棚上 面发电，下面养殖，不仅提高了土地利用率，还能每年为电网提供清洁电，真正实现了双 赢。"6月17日，国家电网甘肃电力（张掖电骆驼）连心桥共产党员服务队员在山丹县20万只 光伏生态羊养殖示范基地开展分布式光伏客户侧专项检查时客户称赞道。 据了解，张掖市山丹县20万只光伏生态羊养殖示范基地是山丹县现代种养循环产业园的 重要项目之一，主要建设内容为30栋高标准羊舍，以及配套的草料车间、干草棚、青贮窖、 隔离舍等。同时，在养殖区域上方建设约5.99兆瓦屋顶分布式光伏发电站，采用"全额上 网"模式，安装55块高效单晶硅太阳能电池组件并网发电，并配套安装逆变器、分接箱等附 属设施。 光伏与羊棚这样浑然天成的"良配"，是国网张掖供电公司立足新能源产业发展优 ...

Group 1: Lithium Project Overview - The company has a lithium resource reserve of approximately 3.24 million tons of lithium carbonate equivalent in the Tongtianmiao mining section of the Hunan Jijia Mountain area, with a planned annual production scale of 20 million tons [1] - The company employs an integrated operation model of "mining, selection, and smelting," achieving 100% self-sufficiency in lithium raw materials [1][2] - The company is advancing two core technology R&D projects aimed at enhancing resource utilization efficiency and cost control [2] Group 2: Cost Control and Efficiency - The new process for lithium extraction from mica has reduced the amount of lithium slag by 50%, meeting first-class solid waste standards, and allowing for the recycling of lithium slag in construction materials [2] - The lithium recovery rate has significantly increased to 90%, and the comprehensive cost of lithium carbonate extraction has been substantially reduced, maintaining competitiveness even in current market conditions [2][5] Group 3: Project Progress and Timeline - The mining rights application for the Hunan Jikou Mountain lithium mine is underway, with plans to apply for a mining license once conditions are met [4] - The first phase of the 10 million tons mining and selection project and the 20,000 tons/year lithium carbonate smelting project are expected to be completed and operational by 2026 [4] - The Sichuan Jada lithium mine has a proven ore resource of 4.3436 million tons, with an average lithium oxide grade of 1.38%, and plans to complete the mining rights application by December 2025 [6] Group 4: Market Outlook and Investment Strategy - The company believes that lithium carbonate, being a cyclical product, will continue to have good development prospects despite price fluctuations [5] - The company is leveraging the current price decline to attract talent and expedite project construction, ensuring cost and efficiency advantages [5] - The funding for the projects primarily comes from self-owned funds and bank loans, with a focus on maintaining cost control to expand profit margins [5]