内容概要：随着数字经济的深入发展，无论是企业办公的服务器、日常的监控设备，还是家庭中的智能 电器，都对电力连续性依赖度大幅提升，一旦断电，可能造成数据丢失、业务中断等问题，这使得个人 和企业对UPS这类备用电源的重视程度显著提高，尤其是近几年，随着远程办公、线上服务的普及，中 小企业和创业公司的数量稳定增长，带动小型化、高性价比的单相UPS需求与日俱增，除了传统的办 公、家用及小型机房场景外，单相UPS的应用正不断向医疗、工业、风电、交通等领域拓展，带动单相 UPS市场需求进一步扩大，据统计，2023年我国单相UPS行业市场规模达22.50亿元，同比增长0.6%， 2024年，受市场需求缩减、产品价格下滑等诸多因素影响，我国单相UPS行业市场规模降至22.04亿 元，其中，在线式占比高达93.34%。 相关上市企业：科华数据（002335）、科士达（002518）、易事特（300376）、英威腾（002334） 相关企业：山特电子（深圳）有限公司、施耐德电气（中国）有限公司、维谛技术有限公司、华为技术 有限公司、台达电子企业管理（上海）有限公司、伊顿（中国）投资有限公司、溯高美索克曼电气（上 海）有限公司 关 ...

Group 1 - China Electric Power Construction Group Co., Ltd. emphasizes its role in national development, executing nearly 4,000 projects in 139 countries, contributing to local economic growth and improving livelihoods [2] - The company has over 50 million kilowatts of installed capacity in renewable energy projects and actively participates in global energy governance, having developed 13 international standards and translated over 1,100 advanced standards [2] - China Electric Power integrates innovation with responsibility, overcoming key technical challenges in major projects and developing advanced technologies such as laser 3D scanning and underwater robots [2] Group 2 - Kweichow Moutai focuses on high-quality development through industrial transformation, leveraging its unique brewing ecosystem and exploring high-value utilization of by-products [3][4] - The company has invested over 400 million yuan in watershed protection and has achieved a vegetation coverage rate of 49.7% in the Chishui River basin, promoting a positive cycle of ecological protection and industrial development [4] - Moutai has contributed over 500 million yuan to social welfare projects, benefiting more than 5 million people through various initiatives [4] Group 3 - Lenovo Holdings integrates social responsibility into its overall strategy, focusing on innovation to overcome development bottlenecks and drive industrial upgrades [5] - The company has supported over 3,000 students from underdeveloped areas through its "Lenovo Progress Class" project and has helped over 400 rural women start their own businesses [5] - Lenovo promotes green development through its green carbon reduction system, contributing to the low-carbon transition in the industry [5] Group 4 - 3D printing technology is becoming a key driver of innovation in modern manufacturing, significantly shortening product development cycles and enabling low-cost production of complex structures [6] - The technology is widely applied in various sectors, including aerospace, military, and automotive, enhancing manufacturing precision and performance [6] - Companies are encouraged to focus on integrating technology development with industrial innovation to maintain a competitive edge in the global additive manufacturing landscape [6] Group 5 - Shaanxi Yanchang Petroleum Group has maintained stable oil production for 19 years, with a natural gas output exceeding 12 billion cubic meters, aiming for an oil and gas equivalent of over 20 million tons in 2024 [9] - The company achieved a profit of 60 billion yuan during the 14th Five-Year Plan period, marking a sixfold increase compared to the previous period [9] - Yanchang Petroleum has built over 50 high-quality projects, contributing to infrastructure improvement and industrial transformation in the Shaanxi region [10] Group 6 - Shaanxi Construction Holding Group integrates social responsibility into its development strategy, establishing local companies across the country to support national strategic initiatives [12] - The group has invested over 41 million yuan in skill training for farmers and has completed numerous projects in healthcare, education, and housing, benefiting over 2.3 million people [12] - The company is committed to high-quality development while addressing national strategic needs and enhancing industrial upgrades [12] Group 7 - China Copper Corporation emphasizes high standards in social responsibility, integrating it into its development framework [13][14] - The company has established 12 national and 13 provincial-level green factories, focusing on sustainable resource supply and low-carbon upgrades in its operations [14] - China Copper is involved in rural revitalization projects, supporting collective economies and education in various regions [14] Group 8 - Samsung has been committed to sharing its business success with society, focusing on rural development, technology education, and environmental protection [16] - The company has launched initiatives to support rural revitalization and has provided technology training to over 70,000 young people [16] - Samsung integrates low-carbon principles into its product lifecycle management and collaborates with nearly 3,000 supply chain partners to promote green development [16] Group 9 - JD.com prioritizes employee welfare, providing comprehensive benefits and investing in housing for delivery personnel [18] - The company emphasizes customer trust and community growth, sharing profits with employees and partners [18] - JD.com has initiated green logistics and supply chain projects to promote environmental sustainability [18] Group 10 - Gu Yu Biotechnology Group combines technology and culture to drive brand vitality and high-quality development [19] - The company has established a research center and is expanding its raw material library to enhance innovation capabilities [19] - Gu Yu is committed to sustainable practices, including eco-friendly production methods and community engagement through environmental initiatives [19]

TCL中环陆续克服了"ESG与业务两张皮""数据碎片化难追溯""供应链协同成本高"等难题。如今，公司 的ESG实践进入深水区。"2025年，我们持续去伪存真，彻底摆脱为合规而做ESG的惯性，将其深度嵌 入技术创新、全球经营与产业链协同，让ESG成为价值创造的引擎。"杨永焘说。 TCL中环实现的ESG价值体现在降低成本与风险控制两个方面。该公司2024年度可持续发展报告显示， TCL中环通过技术创新持续推动减碳，降低了生产制造成本，同时将环境目标转化为产品竞争力。通过 工艺升级，光伏产品年度用电强度下降15%，取水强度下降19%。在供应链管理方面，通过建立供应商 全生命周期ESG评估体系，联动上下游共建绿色供应链，同步降低供应链合规风险与协同成本。 ESG实践带来的另一项价值是增强经营韧性。"公司已形成将ESG投入转化为价值的正向循环，即便身 处行业周期底部，仍凭借可持续实践增强了经营韧性。"杨永焘表示，公司持续投入技术改造与绿色产 能建设，范围一、二温室气体排放持续下降，生产端资源利用效率提升带动单位产品成本下降。同时， ESG成为企业全球化布局的"通行证"，2025年TCL中环对标国际ESG要求，完善生产制 ...

Group 1 - China Power Construction Group Co., Ltd. emphasizes its commitment to national development and has undertaken nearly 4,000 projects in 139 countries, contributing to local economic growth and improving livelihoods [1] - The company has over 50 million kilowatts of installed capacity in renewable energy projects and has participated in global energy governance by establishing 13 international standards and translating over 1,100 advanced standards [1] - China Power Construction has integrated innovation with responsibility, overcoming key technical challenges in major projects and developing advanced technologies such as laser 3D scanning and underwater robots [1] Group 2 - Kweichow Moutai Brewery focuses on high-quality development through industrial transformation, leveraging its unique brewing ecosystem and exploring high-value utilization of by-products [2] - The company has invested over 400 million yuan in watershed protection and has achieved a vegetation coverage rate of 49.7% in the Chishui River basin, promoting a positive cycle of ecological protection and industrial development [2] - Moutai has contributed over 500 million yuan in support of local development and has implemented more than 70 public welfare projects benefiting over 5 million people [2] Group 3 - Lenovo Holdings integrates social responsibility into its overall strategy, viewing it as a key driver of high-quality development [3] - The company has invested in 215 national-level specialized enterprises and provides free training for tech entrepreneurs, supporting rural revitalization and women's entrepreneurship [3] - Lenovo emphasizes ecological priority and green development, with its subsidiary Lenovo Group establishing a green carbon reduction system [3] Group 4 - 3D printing technology is recognized as a key driver of innovation in modern manufacturing, significantly shortening product development cycles and enabling complex structures at lower costs [4] - The technology is widely applied in various sectors, including aerospace, military, and automotive, enhancing manufacturing precision and performance [4] - Companies are encouraged to focus on integrating technology development with industrial innovation to lead in the global additive manufacturing field [4] Group 5 - Shaanxi Xifeng Liquor Group emphasizes cultural heritage and technological innovation in its high-quality development strategy [5] - The company has established a digital and intelligent factory and a comprehensive quality control system to ensure product safety [5] - Xifeng Group has expanded its market presence internationally, transitioning from product output to standard output [5] Group 6 - Yanchang Petroleum has maintained stable production levels for 19 years, with crude oil output reaching over 10 million tons and natural gas production exceeding 12 billion cubic meters [6] - The company aims to achieve an oil and gas equivalent of over 20 million tons in 2024, with profits increasing sixfold during the 14th Five-Year Plan period [6] - Yanchang Petroleum has launched over 50 high-quality projects, contributing to local infrastructure and employment [7] Group 7 - Shaanxi Construction Holding Group integrates social responsibility into its development strategy, focusing on national strategic initiatives and regional development [9] - The company has established over 30 innovation platforms and invested in more than 200 projects related to smart cities and green energy [9] - During the 14th Five-Year Plan period, the group has invested over 41 million yuan in skill training and has completed numerous projects benefiting over 2.3 million people [9] Group 8 - China Copper Corporation emphasizes high standards in social responsibility and has established a comprehensive work system to promote collaborative development [10] - The company has built 12 national-level and 13 provincial-level green factories, focusing on sustainable resource supply and low-carbon upgrades [10] - China Copper is involved in rural revitalization projects, supporting collective economy and infrastructure development [10] Group 9 - The ESG (Environmental, Social, and Governance) framework in China is transitioning from awareness to practical implementation, with a focus on systematic management and high-quality reporting [11][12] - Companies are encouraged to enhance their brand through responsible practices and engage with small and medium enterprises in their supply chains [12] Group 10 - Samsung has been committed to social responsibility in China for 33 years, focusing on rural development, technology education, and environmental protection [13] - The company has initiated projects to support rural revitalization and has provided platforms for technology education to over 700,000 young people [13] - Samsung integrates low-carbon principles into its product lifecycle and collaborates with nearly 3,000 supply chain partners to promote green development [13] Group 11 - JD.com prioritizes employee welfare and has invested significantly in housing and support for its workforce, including over 90,000 employees [15] - The company emphasizes customer trust and community growth, implementing profit-sharing models that benefit employees and partners [15] - JD.com has initiated green logistics and supply chain projects to promote environmental sustainability [15] Group 12 - Gu Yu Biotechnology Group leverages "technology + culture" to drive high-quality development, focusing on innovation and cultural heritage [17] - The company has established a research and development center and is expanding its raw material library to enhance its product offerings [17] - Gu Yu is committed to sustainable practices, including eco-friendly production methods and community engagement through environmental initiatives [17]

今年是《巴黎协定》签署10周年，"双碳"目标提出5周年，"绿水青山就是金山银山"理念提出20周年， 具有承前启后的重要意义。然而当前世界经济形势复杂多变，国际形势不确定性增强。报告指出，2024 年全球平均气温较工业革命前水平升幅首次超过1.5℃，世界气象组织预测未来5年，全球平均温升超过 1.5℃的概率超过70%，气候危机日趋严重。 （央视财经《天下财经》）由国家气候中心、中国社会科学院生态文明研究所与社会科学文献出版社联 合编写的《应对气候变化报告（2025）》近日在北京发布。今年的主题是"《巴黎协定》：十年之后再 出发。"报告从全球治理、绿色转型、区域实践、技术创新等不同维度展开分析，全面展现国际气候进 程的新进展和我国推进"碳达峰碳中和"目标的政策行动。 在《应对气候变化报告（2025）》中，报告基于对我国337个城市绿色低碳发展水平的系统评估指出， 2024年城市绿色低碳发展综合指数平均达80分，较2023年的76.7分有显著提升，表明"双碳"转型初见成 效，但北方短板突出、中小城市转型风险高等问题仍极为紧迫。 转载请注明央视财经 编辑：令文芳 中国社会科学院生态文明研究所研究员 陈迎：在全球治理的 ...

Investment Rating - The steel industry is rated as "Positive" [2] Core Viewpoints - The steel sector has shown resilience with a 3.42% increase this week, outperforming the broader market, while specific segments like special steel and iron ore have seen even higher gains [2][10] - Supply constraints and seasonal demand weakness are expected to lead to a gradual increase in steel prices [2][3] - The overall demand for steel is projected to stabilize or slightly increase due to government policies aimed at economic growth, particularly in real estate and infrastructure [3] Supply Summary - As of December 26, the capacity utilization rate for blast furnaces in sample steel companies is 84.9%, a slight increase of 0.01 percentage points week-on-week [2][25] - The production of five major steel products reached 6.92 million tons, with a week-on-week increase of 0.02% [2][25] - Daily average pig iron production is 2.2658 million tons, showing a week-on-week increase of 0.03 tons but a year-on-year decrease of 28,300 tons [2][25] Demand Summary - The consumption of five major steel products was 8.336 million tons, a week-on-week decrease of 1.67 million tons [2][35] - The transaction volume of construction steel by mainstream traders was 95,000 tons, down 0.43 tons week-on-week [2][35] Inventory Summary - Social inventory of five major steel products is 8.726 million tons, down 339,100 tons week-on-week, a decrease of 3.74% [2][42] - Factory inventory of five major steel products is 3.854 million tons, down 28,800 tons week-on-week, a decrease of 0.74% [2][41] Price & Profit Summary - The comprehensive index for ordinary steel is 3,439.2 yuan/ton, a week-on-week decrease of 9.57 yuan/ton [2][48] - The profit for rebar from blast furnaces is 50 yuan/ton, an increase of 8.0 yuan/ton week-on-week [2][55] - The profit for electric arc furnace rebar is -4 yuan/ton, an increase of 3.0 yuan/ton week-on-week [2][55] Raw Material Summary - The spot price index for Australian iron ore (62% Fe) is 800 yuan/ton, a week-on-week increase of 2.0 yuan/ton [2][72] - The price for primary metallurgical coke is 1,770 yuan/ton, unchanged week-on-week [2][72] Company Valuation Summary - Key companies in the steel sector include Baosteel, Hualing Steel, and CITIC Special Steel, with projected earnings per share (EPS) and price-to-earnings (P/E) ratios indicating potential for growth [2][73]

Core Insights - The Tarim Oilfield of China Petroleum has achieved a significant milestone by surpassing 2 billion kilowatt-hours in annual photovoltaic power generation, with a single-day peak output exceeding 10 million kilowatt-hours, marking the highest records for both annual and daily generation [1] Group 1: Photovoltaic Power Generation Achievements - The Tarim Oilfield has successfully established a new model for the coordinated development of oil, gas, and renewable energy [1] - The cumulative installed capacity of centralized photovoltaic projects has reached 2.6 million kilowatts, with 239 distributed photovoltaic projects totaling 63,000 kilowatts [1] - The photovoltaic power generation volume has shown a significant increase, achieving 260 million kilowatt-hours in 2023 and projected to exceed 1.34 billion kilowatt-hours in 2024 [1] Group 2: Energy Supply and Distribution - Approximately 8% of the generated electricity is used for the oilfield's own oil and gas production, replacing traditional energy sources like grid electricity and natural gas, while 92% is supplied externally [2] - The Tarim Oilfield has established long-term bilateral agreements for green electricity supply with regions such as Shanghai and Jiangsu, contributing to the "Xinjiang Electricity Export" initiative [2] Group 3: Technological Innovations and Future Plans - The oilfield has implemented an innovative "drone inspection + robot cleaning" smart operation and maintenance model to address challenges posed by frequent dust storms and temperature fluctuations [2] - Future projects will include the construction of additional photovoltaic power generation facilities in areas like Luntai County and Shaya County, as well as advancements in pumped storage, new energy storage, and hydrogen applications [2]

Core Viewpoint - The metal surface treatment industry is crucial for manufacturing development, closely linked to sectors like automotive, aerospace, and electronics, with significant growth driven by the demand for advanced surface treatment technologies in emerging fields like new energy vehicles and 5G communication [1][10]. Overview - Metal surface treatment involves altering the structure, morphology, properties, and performance of metal surfaces through physical and chemical methods to enhance surface quality and meet specific functional requirements [2][4]. Development History - The industry has evolved through five key stages: initial exploration (1949-1978), market-oriented development (1978-2000), scale development (2000-2012), technological and green transformation (2012-2020), and high-quality development (2020-present), transitioning from imitation to independent innovation and global competition [4][6]. Current Status - The market size of China's metal surface treatment industry is projected to reach 794.96 billion yuan in 2024, with a year-on-year growth of 5.3%. The market composition includes electroplating (21.2%), physical treatment (26.5%), chemical treatment (23.0%), and heat treatment (11.5%) [1][10]. Industry Chain - The upstream of the industry includes electroplating chemicals, coating materials, and related equipment, while the downstream encompasses automotive, machinery, aerospace, and electronics sectors, with automotive manufacturing being the primary demand area [8][10]. Competitive Landscape - The industry is characterized by a fragmented market with many small enterprises. Over 70% of companies have registered capital under 2 million yuan, while those with over 50 million yuan account for less than 3% [11][12]. Development Trends 1. **Green Transformation**: The industry is moving towards environmentally friendly practices, with a shift from high-pollution processes to low-emission technologies like cyanide-free electroplating and water-based coatings [13][14]. 2. **Intelligent and Digital Integration**: Automation and digital technologies are enhancing production efficiency and product quality, with smart equipment replacing manual operations [14][15]. 3. **High-End and Multifunctional Technology**: The demand from high-end manufacturing is driving advancements in surface treatment technologies, focusing on multi-functional and high-precision applications [15][16]. 4. **Accelerated Domestic Substitution and Global Expansion**: The industry is focusing on reducing reliance on imports by enhancing domestic production capabilities and exploring international markets, particularly in Southeast Asia [16][17].

交通是发展之脉、民生之基，交通畅则万业旺。 "十四五"期间，甘肃锚定"国家向西开放战略通道"新定位，将基础设施建设作为破解发展瓶颈、夯实发展根基、增进民生福祉的战略抓手，科学谋划，笃行 实干，推动全省基础设施建设实现历史性跃升，为经济社会高质量发展注入澎湃动能。 交通网络织密成网 贯通八方活力奔涌 近日，兰州至张掖三四线铁路武威至张掖段项目建设用地获国务院批准，项目建成后将形成兰州至新疆第二条高铁通道，与既有兰新高铁构建"双通道"格 局； 12月23日下午，兰州什川黄河大桥工程项目经验收委员会综合评审，工程质量符合设计及规范要求，施工资料完整齐全，正式通过交工验收。 新甘肃客户端记者 王登科 与此同时，兰合、平庆、天陇等铁路项目正加速推进，持续加密的路网为区域联动注入新活力。 航空枢纽上，2025年3月，兰州中川国际机场三6期工程建成投运。自此，"航空+高铁+城市轨道交通+高速公路"的现代综合交通枢纽全面成型，为甘肃深度 融入"一带一路"建设，架起了一座联通世界的"空中走廊"。 绿色能源强势崛起 风光无限赋能发展 在"世界风库"瓜州县，戈壁滩上风机林立、光伏板熠熠生辉，绿电澎湃不息。 …… 一个个火热的建设现 ...

行 业 研 究 煤炭 2025 年 12 月 27 日 日耗环比显著改善，权益逢低配置 投资要点： 动力煤 行 业 定 期 报 告 截至 2025 年 12 月 26 日，秦港 5500K 动力末煤平仓价 672 元/吨， 周环比-31 元/吨，内蒙产地价大涨、山西产地价持平、陕西产地价小 涨。截至 2025 年 12 月 26 日动力煤 462 家样本矿山日均产量为 520.4 万吨，环比-24.1 万吨，年同比-9.8%。本周电厂日耗大涨，电厂库存小 跌，秦港库存大跌，截至 12 月 22 日，动力煤库存指数为 211（+0.5）。 非电方面，甲醇、尿素开工率分别为 91.2%（+0.7pct）和 78.8%（-1.9pct）， 仍处于历史同期偏高水平。 焦煤 截至 12 月 26 日，京唐港主焦煤库提价 1740 元/吨，周环比持平， 山西、河南、安徽产地价格持平。截至 12 月 26 日，523 家样本矿山精 煤日均产量 74 万吨（-1.8 万吨），年同比-2.6%，523 家精煤库存 282.9 万吨（+10.1 万吨），年同比-23.4%；截止 12 月 26 日，日均铁水产量 226.6 万吨 ...