Group 1 - The East China headquarters project of China Automotive Research is in the final acceptance stage, with a 90% equipment procurement rate and 50% of the equipment already delivered for installation and debugging, expected to be fully completed and put into trial operation by the end of 2025 [2] - The project includes four major R&D centers focused on new energy vehicle testing, intelligent connected vehicle testing, electronic communication and software testing, and specialized parts and materials testing, enhancing the company's capabilities in intelligent, connected, electric, and low-carbon services [2] - The project aims to provide localized one-stop services for enterprises in East China, including standard formulation, common technology research, and third-party testing R&D services, becoming a public service platform for the development of the intelligent connected new energy vehicle industry in the region [2] Group 2 - The Southern (Shaoguan) Intelligent Connected New Energy Vehicle Testing Center, co-invested by China Automotive Research and China Quality Certification Center, is currently under construction, with an overall completion rate of 80%, expected to be completed and put into trial operation by the end of 2025 [2] - The Hydrogen Energy Quality Inspection and Testing Center has officially commenced operations in January 2024, running smoothly, and includes multiple laboratories for hydrogen vehicles, fuel cells, and powertrains [3] - The Hydrogen National Testing Center has established a testing system covering hydrogen vehicles, systems, and components, providing detection services for hydrogen fuel cell vehicles, key components, and hydrogen quality, encompassing the entire hydrogen energy industry chain [3]

5月9日，华昌化工（002274）2024年度业绩说明会在全景网顺利举行，公司董事长胡波、董事兼董事会 秘书卢龙、财务负责人赵惠芬等高管与投资者进行了深入交流。会议围绕公司经营状况、氢能业务进 展、未来发展规划等核心议题展开，展现了公司在复杂市场环境下的战略定力和发展潜力。 尽管2024年受纯碱等主要产品价格波动影响，公司业绩出现阶段性承压，但华昌化工展现出了较强的风 险管控能力。财务负责人赵惠芬介绍，公司通过优化管理措施，持续降低资产负债率，保持经营性现金 流良好，为未来发展奠定了坚实基础。特别值得一提的是，公司坚持"10股派3元"的分红政策，持续回 报投资者，体现了负责任的企业担当。 投资者重点关注的30万吨多元醇项目进展顺利。卢龙介绍，截至2024年底项目财务付款进度已达65%。 该项目建成投产后，将成为公司新的利润增长点，进一步优化产品结构，提升市场竞争力。 在长达一个半小时的交流中，公司高管耐心细致地回答了投资者关心的各类问题。对于股价表现，管理 层表示理解投资者的关切，强调将坚持做好企业经营，以实实在在的业绩回报股东。胡波董事长特别指 出："公司生产经营活动正常，管理层对企业的未来充满信心。" 面 ...

Core Insights - The hydrogen energy industry in Liupanshui, Guizhou, is rapidly developing, with the establishment of a complete ecological system for hydrogen energy production, storage, transportation, and utilization [1][2] - The region is transitioning from traditional coal coking to green hydrogen energy, leveraging its abundant coal resources to produce hydrogen efficiently [2][3] - The "Meijin Huayu Coal-Focused Hydrogen Comprehensive Utilization Demonstration Project" is a key initiative, expected to produce 4 million standard cubic meters of high-purity hydrogen annually and significantly reduce carbon emissions [3][4] Industry Development - Liupanshui has established a hydrogen energy industry development plan from 2019 to 2030, focusing on the integration of coal power and new coal chemical industries [2] - The city has achieved several milestones, including the first hydrogen production plant, hydrogen refueling station, hydrogen bus, and hydrogen transport vehicle in Guizhou [2][3] - The local government aims to create a hydrogen energy demonstration area and has outlined a development plan for 2024-2030 to support the entire hydrogen energy industry chain [2][4] Project Details - The Meijin Huayu project utilizes advanced technology to achieve a synergistic production of metallurgical coke and hydrogen, incorporating 12 core technologies for a circular economy model [3] - The project is expected to generate an annual output value of 20 billion yuan and create over 1,500 jobs, while also promoting the transition from coal to hydrogen [3][4] - The deployment of hydrogen fuel cell locomotives, buses, and heavy trucks is set to expand application scenarios and create a demonstration effect for the hydrogen energy sector [4]

·当地时间10日上午中美经贸高层会谈在瑞士日内瓦开始举行 ·国家统计局：2025年4月份CPI环比由上月下降0.4%转为上涨0.1% 核心CPI涨幅稳定 ·2025世界品牌莫干山大会5月10日在浙江德清开幕：搭建品牌交流对话平台发出全球品牌声音 ·巴基斯坦和印度10日分别表示两国已同意立即停火 ·当地时间10日上午，中美经贸高层会谈在瑞士日内瓦开始举行。中共中央政治局委员、国务院副总理何立峰作为中美经贸中方牵头人，当天与美方牵头 人、美国财长贝森特举行会谈。（新华社） ·当地时间5月9日，瑞士联邦主席凯勒-祖特尔、联邦副主席帕姆兰在日内瓦会见国务院副总理何立峰。何立峰表示，中瑞建交75年来，在两国领导人的战略 引领下，两国关系日益成熟稳定，经济互补性持续增强，贸易投资成果丰硕。当前国际形势复杂严峻，中瑞应当加强沟通、凝聚共识，携手应对挑战，共同 维护自由贸易和开放市场，同时尽快推动中瑞自贸协定升级谈判取得实质性进展，为实现全球和平稳定和经济发展繁荣作出贡献。（新华社） ·国家统计局数据显示，4月份，居民消费价格指数（CPI）环比由上月下降0.4%转为上涨0.1%，同比下降0.1%，降幅与上月相同。核心CPI环 ...

撰 文 / 周 洲 设 计 / 琚 佳 在复杂的政治经济环境下，全球最大的零部件企业博世集团2024财年取得了来之不易的业绩。 中国作为博世除德国之外最大的市场，贡献了20%的销售额。 2024年，博世中国的销售额达到1427亿人民币，同比增长2.7%。其中，智能出行业务占整体销售额 的82%，达到1166亿人民币，同比增长4%，在非汽车业务降了近3%的形势下，去年整体销售额的 增长主要得益于中国汽车市场总量的增长。 5月8日，博世全球及中国的高管们，在近三小时的财报会上聊了聊这家零部件巨头对复杂政经形势 下的判断和应对，涉及裁员、关税影响和中国市场。 中国市场是其重中之重。 博世集团董事会主席史蒂凡·哈通（Stefan Hartung）在2024财年新闻发布会上数次强调，中国市场 对博世集团非常重要，"中国每年汽车产量超过3000多万辆，超过欧洲和美国生产的汽车总量。作 为汽车技术供应商，如果不进入中国市场，很难在行业中立足。" 他称，博世会紧密依据中国的客户需求以及中国市场的发展趋势，灵活调整并增加生产规模，并且 支持中国企业的全球化发展计划。 2024年，博世在中国投资了约60亿元。过去10年，博世在中 ...

全国首台商用氢能机车头试运行 填补西南地区氢能铁路货运交通空白 智通财经5月10日电，全国首台商用氢能机车头10日在贵州六盘水市六枝特区试运行，填补了西南地区 氢能铁路货运交通空白。同时，100辆49吨级氢能重卡及4辆8.6米氢燃料电池公交车正式投运。 ...

2025年05月09日，华昌化工2024年度业绩说明会在全景网顺利举行。出席本次业绩说明会的人员有董事 长胡波、独立董事汪激清、董事、董事会秘书卢龙、董事、财务负责人赵惠芬。 根据全景数据后台统计，在今天的交流过程中，来自全国多个省、市地区的投资者共向上市公司提问28 个，公司嘉宾共回答问题28个，答复率100.00%，充分实现了上市公司与投资者的良好互动。 以下为业绩说明会问答实录： 1、问：公司氢能经营多年，至今没有效益没有前景，为什么还要继续投入呢？【征集问题】 回答：您好，氢能源为未来产业，属政府部门鼓励、增育的产业方向之一，各地政府出台了不少相关产 业政策；本公司在控制风险的基础上进行产业培育。2024年年报披露：目前，已完成103辆交运装备示 范应用投放；其中，公交车辆38辆，重卡60辆，牵引车辆5辆。2025年度主要目标任务包括：一是稳步 推进氢燃料电池（电堆）产品，由示范应用阶段向商业推广应用阶段过渡；二是推进矾液流（储能）电 池（电堆）技术研发，向储能领域拓展，着力培育未来产业。在产业投入方面，本公司依据子公司--华 昌能源，初始投入注册资本3,000万元，公司持股70%；后续本公司进行了资 ...

Core Viewpoint - Toyota's overall profit is expected to decline by 30% in the 2026 fiscal year due to the impact of Trump's tariffs and the appreciation of the yen, as indicated in their financial report for the 2025 fiscal year [1][4]. Financial Performance - For the fiscal year ending March 2025, Toyota reported total revenue of 48.03 trillion yen (approximately 2.41 trillion RMB), a year-on-year increase of 6.5% [4]. - Operating profit for the same period was 4.79 trillion yen (approximately 240.5 billion RMB), reflecting a decline of 10.4% [4]. - The company anticipates a 34.9% decrease in operating profit for the 2026 fiscal year, aligning closely with industry expectations of a 30% drop [4]. Market Impact - In April and May of this year, Toyota's operating loss in the U.S. expanded from 28 billion yen (approximately 1.4 billion RMB) in the previous year to 180 billion yen (approximately 9.03 billion RMB) [5]. - A 1 yen appreciation of the yen is estimated to reduce Toyota's annual operating profit by approximately 50 billion yen (around 2.51 billion RMB) [5]. - The company plans to reconsider its global sales strategy for electric vehicles, initially targeting 1.5 million units annually by 2026 [5]. Strategic Adjustments - Toyota announced an additional investment of 88 million USD (approximately 636 million RMB) in its West Virginia plant to mitigate the impact of tariffs [5]. - The company maintains a strong commitment to domestic production, with over 60% of its profits coming from Japan, amounting to 3.1 trillion yen [9]. - In the fiscal year 2025, Toyota produced 3.23 million vehicles in Japan, exporting 1.94 million, with 540,000 units (28% of total production) sent to the U.S. [10]. R&D and Investment Focus - Toyota's group companies plan to increase R&D and capital investments by 6% in the 2025 fiscal year, totaling 1.22 trillion yen (approximately 61.4 billion RMB) [12]. - Denso, Toyota's largest parts supplier, plans to focus on smart technology with a projected R&D budget of 660 billion yen (approximately 33.2 billion RMB), a 7% increase from the previous year [13]. - Aisin Seiki aims for a 25% increase in capital expenditure, reaching 280 billion yen (approximately 14.1 billion RMB), with a focus on hybrid technology [17]. Competitive Landscape - Toyota's hydrogen energy business faces competition from China, which is advancing rapidly in hydrogen technology and infrastructure [21]. - The company has invested heavily in hydrogen technology and aims to avoid the pitfalls experienced in the electric vehicle sector [21].

相关报告 证 券 研 究 报 告 超配（维持） 公用事业行业双周报（2025/4/25-2025/5/8） 分析师：苏治彬 SAC 执业证书编号： S0340523080001 邮箱： 国家能源局发布《中国氢能发展报告（2025）》 2025 年 5 月 9 日 投资要点： 电话：0769-22110925 suzhibin@dgzq.com.cn 行业指数走势 资料来源：iFinD，东莞证券研究所 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 公用事业 公用事业行业双周报（2025/4/25-2025/5/8） 行 业 周 报 行 业 研 究 分析师：刘兴文 ◼ 行情回顾：截至5月8日，近两周申万公用事业指数上涨0.9%，跑输沪深 300指数0.9个百分点，在31个申万行业中排第22名；年初至今，申万公 用事业指数下跌1.3%，跑赢沪深300指数0.8个百分点，在31个申万行业 中排第21名。 ◼ 分板块来看，近两周申万公用事业指数的子板块涨多跌少，其中6个子 板块上涨，热力服务板块上涨3.4%，光伏发电板 ...

Core Viewpoint - Guanghui Energy Co., Ltd. is actively enhancing its operational efficiency and resilience in response to economic pressures, focusing on the transition from traditional coal chemical processes to modern energy solutions, including hydrogen energy and carbon capture technologies [8][9][12]. Group 1: Company Overview - As of December 31, 2024, the total number of shares for Guanghui Energy is 6,565,755,139, with a total of 145,050 shareholders [9][10]. - The company has implemented a robust governance structure, adhering to relevant laws and regulations, ensuring effective internal controls and compliance [10][11]. Group 2: Financial Performance - For the reporting period, the total assets of the company amounted to approximately CNY 56.84 billion, a decrease of 3.24% year-on-year [12]. - The company reported operating revenue of approximately CNY 36.44 billion, down 40.72% year-on-year, and a net profit attributable to shareholders of approximately CNY 2.96 billion, down 42.60% year-on-year [12][13]. Group 3: Natural Gas Operations - The company produced approximately 68.24 million cubic meters of LNG, a year-on-year increase of 17.58%, while total natural gas sales decreased by 52.95% to approximately 408.56 million cubic meters [12][14]. - The company has adopted a "2+3" operational model to enhance the efficiency of its gas receiving stations, focusing on both domestic and international markets [13][14]. Group 4: Coal Production and Sales - The company achieved a record coal production of approximately 3.98 million tons, a year-on-year increase of 78.52%, and coal sales of approximately 4.72 million tons, up 52.39% [14][16]. - The company is enhancing its coal production capabilities through advanced technologies and smart mining systems [14][17]. Group 5: Chemical Production - The company produced approximately 107.88 million tons of methanol, an increase of 18.43% year-on-year, while ethylene glycol production reached approximately 15.56 million tons, up 23.73% [17][19]. - The coal chemical segment is focusing on high-end and differentiated product development, aiming for sustainable and low-carbon growth [17][18]. Group 6: Future Development Outlook - The natural gas industry in China is expected to grow significantly, driven by policy support and technological innovation, with a projected increase in natural gas consumption [33][34]. - The company is positioning itself to capitalize on the transition to modern coal chemical processes and the development of hydrogen energy, aligning with national energy security goals [36][37][38].