以下文章来源于财经杂志 ，作者马铭泽 韩舒淋 财经杂志 . 《财经》杂志官方微信。《财经》杂志由中国证券市场研究中心主办，1998年创刊，秉承"独立、独家、独到"的新闻理念，以权威性、公正 性、专业性报道见长，是政经学界决策者、研究者、管理者的必读刊物。 本文来自微信公众号： 财经杂志 ，作者：马铭泽、韩舒淋，编辑：韩舒淋，题图来自：财经杂志（赖忆 摄） 当地时间4月28日中午，西班牙和葡萄牙发生了大规模停电事故，两国多个地区的电力供应中断，波及超过5000万伊比利亚半岛民众，交通、通信、医 疗等关键领域受到影响，马德里网球公开赛因停电被迫暂停，周边法国、意大利等国亦受影响。 截至发稿 （北京时间28日23:55） ，西班牙、葡萄牙电力供应尚未恢复，停电原因尚不明确。 据西班牙国家电网公司Red Eléctrica官网的运行数据显示， 当天中午十二点半左右，西班牙电网负荷从大约2500万千瓦骤降至约1400万千瓦， 随后一 小时内进一步下降至约1000万千瓦，截至发稿，负荷缓慢恢复至约1200万千瓦，仍有大量电力供应没有恢复。 据媒体报道，停电后，马德里和里斯本的地铁站紧急疏散人员，商店和公共场所关闭。医院转 ...

Core Viewpoint - The company has shown significant growth in production and sales across its metal products and chemical segments, driven by increased infrastructure investment and improved profitability in the first quarter of 2025 [2][3][4]. Group 1: Company Performance - In 2024, the company produced 660,600 tons and sold 685,100 tons of galvanized steel wire and related products, marking a year-on-year increase of 20.78% and 21.55% respectively [2]. - The company’s organic silicon and related products saw production of 90,500 tons and sales of 86,400 tons, with year-on-year growth of 60.41% and 46.80% respectively, alongside an improvement in gross margin [2]. - For Q1 2025, the company reported a net profit of 5.67 million yuan, a 390.50% increase year-on-year, and a net profit excluding non-recurring gains of 2.32 million yuan, up 50.79% [3]. Group 2: Product Applications - The company’s pre-stressed steel strand products are primarily used in infrastructure projects such as highways, high-speed railways, bridges, dams, urban overpasses, and wind turbine towers [2]. - Galvanized steel wire and strands serve as structural materials for power cables, mainly applied in power cable and ultra-high voltage projects [2]. Group 3: Financial Metrics - The company’s main revenue for Q1 2025 was 1.117 billion yuan, a slight decrease of 0.83% year-on-year, with a debt ratio of 56.05% and financial expenses amounting to 20.75 million yuan [4]. - The company experienced a net inflow of 61.64 million yuan in financing over the past three months, indicating increased investor interest [4].

要是通过以下方式开拓海外市场：1、积极引进海外销售团 队，在上海成立了销售子公司；2、成立专门的研发、制造、 服务团队，专门应对海外客户的需求，快速反应，提供优 质的产品和服务；3、与大客户创新合作模式，锁定潜在的 目标市场，2025 年与大客户合资成立了伊美飞变压器（江 苏）有限公司，专门开拓服务欧洲市场，感谢您的关注！ 2.公司在维护中小股东的利益方面有何措施？ 江苏扬电科技股份有限公司 答：公司自上市以来一直将股东尤其是中小股东的利益放 在公司治理的重中之重，通过不断健全、完善公司法人治 理结构和内部控制制度，深入开展治理活动，充分保障投 资者的各项权益。近几年来，公司一直维持较高的现金和 股票分红比例，2024 年年度分配方案是以 2024 年 12 月 31 日公司总股本 142,490,190 扣除股份回购专户 1,804, 360 股后，以 140,685,830 为基数，向全体股东以每 10 股派人民币现金 1.42 元（含税），共计派发现金 19,977,3 87.86 元。以截至 2024 年 12 月 31 日公司总股本 142, 490,190 股扣除股份回购专户 1,804,360 ...

Core Points - A large-scale power outage occurred in Spain and Portugal on April 28, affecting over 50 million people on the Iberian Peninsula, disrupting critical sectors such as transportation, communication, and healthcare [1][13][19] - The cause of the outage remains unclear, with the Spanish national grid company indicating that full power restoration may take between 6 to 10 hours [5][18] - The outage led to significant disruptions in communication services, with network traffic in Spain dropping by 37% and in Portugal by 30% [14][19] Group 1: Power Outage Details - The power load in Spain dropped from approximately 25 million kilowatts to about 14 million kilowatts around 12:30 PM, further declining to about 10 million kilowatts within an hour [3][5] - The outage was described as unprecedented and extraordinary by the Spanish national grid company [5][19] - Emergency measures were taken, including the use of backup power in hospitals and the evacuation of metro stations in Madrid and Lisbon [13][17] Group 2: Impact on Daily Life - In Barcelona, residents experienced a complete blackout, with traffic lights and public transport systems failing, leading to chaos in the streets [6][10] - Tourists in León faced disrupted travel plans, with hotels reaching full capacity and transportation services halted [11][13] - Communication services were severely impacted, with mobile networks experiencing significant outages, affecting voice call capabilities [14][19] Group 3: Government Response - Spanish Prime Minister Pedro Sánchez visited the national grid control center, promising to mobilize all resources to resolve the issue [17] - The Portuguese government held an emergency meeting to assess the situation and implement response measures [17] - The European Commission is in contact with Spain, Portugal, and European grid operators to investigate the root cause of the incident [18][19] Group 4: Technical Aspects - The outage may have been triggered by a fault in the Spanish grid, exacerbated by extreme temperature variations leading to abnormal oscillations in high-voltage lines [19][22] - Prior to the incident, Spain had achieved 100% renewable energy supply for the first time, raising concerns about the risks associated with increasing renewable energy capacity [22]

Global Wire and Cable Market Overview - The global wire and cable market is experiencing steady growth, with a projected market size of $267.8 billion in 2024, reflecting an 11.4% year-on-year increase [2] - The wire and cable industry is a fundamental support for the normal operation of modern economies and is indicative of a country's manufacturing level [1] Regional Market Dynamics - The traditional manufacturing regions of wire and cable are primarily in Europe, North America, and Northeast Asia, but production is shifting towards Asia, particularly China, Vietnam, and the Philippines, due to rapid economic growth [4] - The Asia-Pacific region accounts for 45% of the global wire and cable market, driven by demand from China and India, while Europe holds a 25% share, and North America accounts for 20% [6] Competitive Landscape - Prysmian Group is identified as the leading company in the global wire and cable industry, with Chinese companies increasingly enhancing their competitive strength, holding three positions in the top ten global manufacturers as of 2023 [7][9] Growth Opportunities and Challenges - The wire and cable industry is poised for significant growth in the renewable energy sector, particularly with the demand for high-voltage submarine cables for offshore wind power, expected to reach $12 billion by 2030 [10][12] - Emerging markets in Southeast Asia and Africa present new growth opportunities as electricity access improves [12] - Key challenges include fluctuations in raw material prices, particularly copper and aluminum, and trade barriers, such as anti-dumping investigations in Europe against Chinese cables [10][12]

Company Overview - Henan Hengxing Technology Co., Ltd. was established in 1995, operating in two main sectors: metal products and chemical products [2]. - The metal products segment includes the production and sales of galvanized steel wire, galvanized steel strand, steel cord, prestressed steel strand, and diamond wire, primarily used in power cables, high-voltage projects, automotive tires, and solar energy applications [2]. - The chemical products segment focuses on the production and sales of silicone and related products, serving industries such as construction, electronics, textiles, and pharmaceuticals [2]. 2024 Operational Performance - In 2024, the company produced 660,600 tons and sold 685,100 tons of galvanized steel wire and related products, marking increases of 20.78% and 21.55% year-on-year, respectively [2]. - The production of silicone and related products reached 90,500 tons, with sales of 86,400 tons, reflecting growth rates of 60.41% and 46.80% year-on-year [2]. - Both product revenue and gross margin improved compared to the previous year [2]. Infrastructure Applications - Prestressed steel strand products are primarily used in infrastructure projects such as highways, high-speed railways, bridges, and dams [3]. - Galvanized steel wire and strand serve as essential materials for power cables and high-voltage engineering [3]. Financial Highlights - In Q1 2025, the company achieved a net profit of 5.67 million yuan, a 390.50% increase year-on-year, with a net profit of 2.32 million yuan after deducting non-recurring gains, up by 50.79% [3]. - The improved profitability is attributed to reduced donations and enhanced performance in the chemical segment [3]. Mining Developments - In March 2025, the company's subsidiary, Chifeng Yongjin Mining Co., Ltd., successfully obtained mining rights for the Longtoushan gold mine [3]. - An agreement was signed in early April 2025 for detailed exploration work to assess gold resource reserves [3].

文 | 中关村储能产业技术联盟 4月23日，星星充电在上海成功举办"零碳生活战略发布会"。系统展示了其在新能源充电技术、全球化布局及零碳生活场景构建中的核心能力。 1、"Armstrong全自动机械臂充电系统"——无人驾驶的最后一块拼图， 挑战全球最快插枪速度，全面实现"全自动充电"； 2、液冷超充2.0时代——聚合功率池能力跃升至10兆瓦，双枪输出电流提升至2400A，启动时间缩短至3秒，虚拟电厂+微电网模式，让您三年多 赚一座充电站； 二、液冷超充2.0时代： 两兆瓦超充重磅发布，三年多赚一座充电站！ 截至2025年3月，星星充电液冷超充设备已通过全球商用认证，并率先在多个国家落地。 星星充电液冷终端交付突破10000个 。从1.0到2.0，星 星充电仅用一年时间完成技术迭代，而下一个"万枪计划"将更快实现——未来一年，液冷超充设备的全球部署速度将远超行业预期！ 三、家庭能源革命：从阳台微电网到家庭全屋绿能系统 针对家庭场景，星星充电推出阳台微电网与全屋绿能系统，为全球观众呈现从能源生产、存储到智能管理的全链路解决方案。无论是城市公寓还 是独栋住宅，用户均可通过模块化设计实现"发电-储电-用电"闭环。 3 ...

证券研究报告·公司点评报告·电网设备 四方股份（601126） 2025 年一季报点评：盈利能力提升，业绩略 超市场预期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,751 | 6,951 | 8,327 | 9,809 | 11,408 | | 同比（%） | 13.24 | 20.86 | 19.80 | 17.79 | 16.31 | | 归母净利润（百万元） | 627.21 | 715.59 | 884.78 | 1,055.06 | 1,238.28 | | 同比（%） | 15.46 | 14.09 | 23.64 | 19.25 | 17.37 | | EPS-最新摊薄（元/股） | 0.75 | 0.86 | 1.06 | 1.27 | 1.49 | | P/E（现价&最新摊薄） | 21.36 | 18.72 | 15.14 | 12.70 | 10.82 | [关键词： Table_ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company achieved a revenue of 57.42 billion yuan in 2024, representing a year-on-year growth of 11.15%, and a net profit attributable to shareholders of 7.61 billion yuan, up 6.06% year-on-year [1]. - The company is expected to benefit from increased investment in China's power grid and the acceleration of digitalization in the sector, with projected revenues of 64.55 billion yuan in 2025, reflecting a growth of 12.42% [6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 57.42 billion yuan, a growth of 11.15% compared to 2023, and a net profit of 7.61 billion yuan, up 6.06% [1]. - For Q1 2025, the company achieved a revenue of 8.89 billion yuan, marking a year-on-year increase of 14.76% [1]. Business Segments - The smart grid business generated revenue of 28.47 billion yuan in 2024, growing by 10.70% year-on-year, with a gross margin increase of 0.61 percentage points to 29.52% [2]. - The energy low-carbon business saw significant growth, with revenue reaching 12.19 billion yuan, up 26.43% year-on-year, although its gross margin decreased by 0.94 percentage points to 22.98% [3]. Market Expansion - The company signed new contracts worth 66.32 billion yuan in 2024, a year-on-year increase of 13.78%, with domestic revenue growing by 7.76% to 54.04 billion yuan [4]. - Internationally, the company achieved a revenue of 3.28 billion yuan, a remarkable growth of 135.14% year-on-year [4]. Profitability and Valuation - The report forecasts net profits of 8.47 billion yuan, 9.39 billion yuan, and 10.35 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.06 yuan, 1.17 yuan, and 1.29 yuan [6]. - The projected P/E ratios for 2025, 2026, and 2027 are 22, 20, and 18 respectively, indicating a favorable valuation outlook [6].

（图片来源：路透） 周一，欧洲南部遭遇严重的大规模停电事件，西班牙政府宣布紧急状态，交通瘫痪、通信中断，数万人被困，随着夜幕降临整个国家陷入黑暗。 当地时间周一中午12:35左右，西班牙和葡萄牙大部分地区突然大面积停电，这次停电事件波及整个伊比利亚半岛，甚至影响到了法国部分地区。 据西班牙电网运营商Red Eléctrica报告，在短短5秒钟内，约15吉瓦的发电能力突然消失，相当于当时全国电力需求的60%。 （图片来源：路透） 在电网瘫痪超过11小时后，西班牙总理佩德罗·桑切斯在当地时间晚上11点的宣布，电力仅恢复了全国的一半地区，并宣布进入紧急状态。 Red Eléctrica表示，截至当地时间晚上10:30，电网仅满足了近一半的需求，部分依靠来自法国的电力供应。约三分之二的变电站恢复了运行，电力公司承诺 将"逐步增加"供电直至恢复正常水平。 葡萄牙电网运营商REN则警告， 整个系统的完全恢复可能需要长达一周的时间。 如此大规模的停电在欧洲并不常见。2003年，意大利和瑞士之间的一条水力发电站线路出现故障，导致整个意大利半岛停电约12小时。2006年，德国电网超 负荷，导致欧洲部分地区乃至远至摩洛哥的电力中 ...