Core Insights - The State Grid DC Technology Center has developed a high-performance impregnated paper insulation technology for ultra-high voltage converter transformer bushings, achieving international leadership and recognized as a world-first innovation [1][2] Group 1: Technology Development - The new technology replaces traditional oil-immersed paper insulation with impregnated paper, eliminating safety hazards such as abnormal gas generation and reducing the risk of porcelain bushing explosions [1][2] - The project team overcame key technical challenges related to large-size core materials, design, and processes, establishing a complete independent intellectual property technology system [2] Group 2: Performance and Application - The new impregnated paper bushings have surpassed existing insulation levels, partial discharge levels, and current-carrying capacity, with strict testing criteria [2] - As of now, 258 units of 550kV and 800kV bushings have been successfully applied in engineering, with 154 units in operation showing zero defects [2] Group 3: Industry Impact - This breakthrough addresses technical bottlenecks in DC safety operation, providing strong support for the construction of ultra-high voltage projects during the 14th Five-Year Plan [2] - The development is significant for promoting energy technology revolution and aiding in achieving carbon neutrality goals [2]

证券代码：300664 证券简称：鹏鹞环保 鹏鹞环保股份有限公司 投资者关系活动记录表 投资者关 系活动类 别 □√特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位 名称与人 员姓名 信达证券郭雪 信达证券吴柏莹 上海证券葛博威 时间 2025 年 06 月 11 日 10:00 -12:00 地点 宜兴市高塍镇鹏鹞科技创新园 上市公司 接待人员 姓名 夏淑芬女士 公司副总经理 董事会秘书 陈伟锋先生 公司投资关系总监 投资者关 系活动主 要内容介 绍 主要交流内容： 一、公司 SAF 目前现状 答：2024 年盘锦鹏鹞完成 SAF 的技术改造，并于 2024 年 9 月成 功产出生物航煤（简称 SAF），整体的产品收率为 82%，46 项指标均 达到国际标准。2024 年 12 月，盘锦鹏鹞与中国石油国际事业公司合 作签约，首次将生产的 4950 吨生物航煤出口至国际市场。目前公司 在 SAF 的工艺流程上继续做优化，未来有望提高 SAF 的收率。 二、国内 SAF 政策现状 答：2024 年 9 月，中国正式启动 SA ...

Group 1 - The core viewpoint emphasizes that multiple listed companies are actively engaging in the circular economy sector under the "dual carbon" goals, showcasing significant development potential and market value across various industries [1] Group 2 - The DaaS (Device as a Service) model is leading a new trend in equipment recycling, with Lingxiong Technology being a key player, providing comprehensive services that significantly enhance IT equipment utilization [3] - DaaS solutions can reduce initial investment by over 97% compared to traditional IT equipment procurement methods and save around 30% in operational costs over three years [3] - Lingxiong Technology's philosophy reflects the core idea of circular economy: "limited resources, infinite cycles" [3] Group 3 - Various listed companies are exploring diverse paths in the circular economy, with Guqi Down Materials focusing on the harmless and resourceful reuse of by-products from the upstream livestock and slaughtering industry [4] - Yingke Recycling specializes in the full industry chain of recycled plastics, holding key technologies in foam reduction and PET "bottle-to-bottle" recycling, with plans to expand into other plastic recycling areas [4] - Mingtai Aluminum is building a low-carbon circular green economy with a closed-loop industry chain from raw material recovery to deep processing, increasing the proportion of recycled aluminum products [4] - The use of recycled aluminum products aligns with global environmental and sustainable development strategies, effectively reducing carbon emissions and production costs while enhancing market competitiveness [4]

在众多海水提铀方法中，电化学法因其快速的动力学和材料再生特性成为非常有前景的方法。然而，传 统电化学法面临着诸多挑战，如阳极氧析出半反应所需的电位高且不具备提铀的功能，以及高盐海水环 境中铀的选择性差、提取效率低等。 核能铀原料可持续获取有了新技术方案。近日，记者从湖南大学获悉，该校化学化工学院教授王双印团 队开发了一种新型电化学双极提铀技术。 该技术突破了传统单极提铀体系理论效率受限、能耗过大的难题。相关研究日前在线发表于国际期刊 《自然·可持续性》。 在全球能源转型与"双碳"目标推动下，核能作为清洁能源的重要性日益凸显。陆地铀矿资源的有限性， 制约了核电的快速发展。海水铀资源储量丰富，大约有45亿吨，相当于陆地总储量的几千倍。从海水中 提取铀资源对保障核能可持续发展具有重要意义，海水提铀技术也被《自然》杂志评为"能改变世界的 七种化学分离技术之一"。 团队成员、副教授王燕勇介绍，针对以上问题，团队设计了一种新型阳极间接提铀半反应，并开发出了 新型双极提铀电化学体系，突破了传统单极回收体系理论效率受限的瓶颈，大幅提升了铀的提取效率。 在0.6伏槽电压的宽铀浓度区间模拟海水中，该体系的铀离子提取率可达近100 ...

Core Viewpoint - The event "Green Certificate: Smoothly Connecting China to the World - Green Certificate Entering the Yangtze River Delta" aims to promote the widespread application of renewable energy green power certificates (referred to as "green certificates") in the Yangtze River Delta region, supporting the construction of a green power consumption system and contributing to regional green, low-carbon, and high-quality development [1][2]. Group 1: Event Overview - The event was held on June 5 at the third Carbon Expo in Shanghai, with over 200 attendees including representatives from government, enterprises, and power trading institutions [1]. - The event was organized by the Beijing Electric Power Trading Center, with support from various organizations including State Grid Shanghai Electric Power and the National Energy Administration [1]. Group 2: Market Development - The green certificate market in China is entering a rapid development phase, with an improved policy framework and a significant increase in trading scale and market participation [2]. - In the first five months of this year, a total of 1.093 billion green certificates were issued, with trading volume reaching 289 million certificates, a year-on-year increase of 490% [2]. Group 3: Platform Launch - The Beijing Electric Power Trading Center's Green Certificate Trading Platform 2.0 was officially launched at the 2025 Shanghai International Carbon Neutrality Expo, featuring optimized operational processes and enhanced system performance [3]. - The new platform aims to improve transaction efficiency and transparency, providing a more convenient and efficient trading service for users [3].

Group 1 - The core viewpoint emphasizes the significant growth of green finance in Zhanjiang, with green credit exceeding 60 billion yuan and maintaining over 25% growth for six consecutive years, supporting the green and low-carbon development of the real economy [1] - The local financial sector is not only supporting green enterprises but also guiding high-carbon enterprises towards decarbonization through transformation finance, marking a new path to achieve carbon neutrality goals [1][2] - The People's Bank of China (PBOC) in Zhanjiang has initiated transformation finance loans for the construction materials industry, with a notable loan of 7 million yuan issued to a cement company, representing a significant step in the green transition of the industry [1][4] Group 2 - The PBOC in Zhanjiang has established a green finance reform leadership group and launched various initiatives to explore the integration of marine blue finance and green finance, supporting the development of a modern industrial system focused on green steel, green petrochemicals, green energy, green food, and marine economy [2] - The focus on transformation finance development includes building mechanisms, collaborating with multiple parties, conducting policy advocacy, and managing enterprise lists to promote the effective connection between green finance and transformation finance [2][3] - The local bank has actively engaged with enterprises to understand their financing needs and has tailored transformation finance solutions to reduce financing costs and promote upgrades [4][5] Group 3 - A cement company in Zhanjiang plans to invest approximately 50 million yuan over the next three years to upgrade equipment and develop low-carbon technologies, aiming to reduce carbon emissions intensity by over 20% [4][5] - The successful issuance of transformation finance loans not only provides new momentum for the sustainable development of the construction materials industry but also serves as a model for transformation finance practices in Zhanjiang [6] - The ongoing transformation of traditional industries is deemed essential for the high-quality economic development of Zhanjiang, with plans to expand the coverage and scale of transformation finance to support green low-carbon transitions [6]

Core Viewpoint - The company, COSCO Shipping Energy Transportation Co., Ltd., is planning to issue A-shares to specific investors in 2025 to fund the construction of new vessels, including 6 VLCCs, 3 Aframax oil tankers, and 2 LNG carriers, in response to growing global energy transportation demands and to modernize its aging fleet [5][6][8]. Group 1: Investment Projects - The fundraising project involves the construction of 6 VLCCs, 3 Aframax oil tankers, and 2 LNG carriers, with total investment planned to be funded entirely by domestic cash contributions [5][6]. - The construction of 6 VLCCs is expected to be completed by 2028, with 20% of the construction costs already paid and contracts in execution [7][8]. - The LNG carriers are projected to be delivered by 2027, with similar progress in contract execution and payment [7][8]. Group 2: Industry Trends - Global oil transportation demand is expected to grow due to economic recovery and geopolitical tensions, with an estimated 2.212 billion tons of oil trade in 2024 [8][9]. - The average age of VLCCs is increasing, leading to a significant need for fleet renewal, as the delivery of new vessels is insufficient to meet the demand for replacing aging ships [9][10]. - China's LNG import volume is projected to increase significantly, making it the largest LNG importer globally by 2024, which will drive demand for LNG transportation [10][11]. Group 3: Competitive Landscape - The company holds the largest fleet capacity in the oil transportation sector, but its VLCC fleet is aging compared to competitors like China Merchants Energy Shipping and Fredriksen Group [11][12]. - The company aims to enhance its competitiveness by expanding its LNG fleet, which currently ranks fourth globally, to meet the rising demand for LNG transportation [12][13]. - The company has established strong relationships with major clients in the oil and LNG sectors, ensuring stable demand for its services [13][14]. Group 4: Financial and Operational Considerations - The company has a high utilization rate of approximately 94% for its VLCCs and 98% for its LNG carriers, indicating effective operational management [15][16]. - The investment in new vessels is seen as necessary to maintain market leadership and improve profitability, especially in the context of increasing domestic oil transportation needs [21][22]. - The transition to a market-based operation model for LNG carriers is expected to provide more flexibility and responsiveness to market conditions, enhancing revenue potential [22][23].

Core Viewpoint - The photovoltaic industry is currently experiencing a significant transformation characterized by systemic restructuring, with both major changes and market consolidation occurring simultaneously [4][5][8]. Industry Overview - The SNEC International Photovoltaic and Energy Storage Conference in June 2023 saw reduced attendance compared to previous years, reflecting the industry's current challenges [4][8]. - Industry leaders are advocating for a market-driven approach to address overcapacity and inefficiencies, emphasizing the need for mergers, technology elimination, and strict regulatory measures [9][10]. Market Dynamics - The photovoltaic sector is shifting from linear growth patterns to a more unpredictable spiral growth model, driven by market forces rather than policy support [8][11]. - The global photovoltaic installed capacity is projected to exceed 600 GW in 2024, with China's new installations expected to reach 278 GW, solidifying its position as the second-largest power source [10][12]. Future Projections - The photovoltaic industry is expected to maintain a linear growth trajectory over the next five years, driven by global energy transition demands and the need for electricity in underserved populations [11][12]. - By 2030, the total global photovoltaic installed capacity could reach between 5200 GW and 5800 GW, with significant contributions from traditional and emerging markets [12][13]. Policy and Regulatory Environment - The ongoing electricity market reforms are seen as both a challenge and an opportunity for the photovoltaic sector, necessitating innovation and adaptation to new market conditions [13][16]. - Recommendations for enhancing the photovoltaic industry's development include improving regional cooperation, integrating advanced technologies, and promoting international standards and products [16][17].

Core Insights - The industrial gas turbine industry is characterized by a highly specialized and collaborative supply chain, with cast steel components and rotor forgings holding significant market positions due to their essential functions and technological barriers [1][2] Group 1: Industry Overview - Industrial gas turbines operate under extreme conditions of high temperature, pressure, and speed, making the material properties and manufacturing precision of core components critical to the reliability, efficiency, and lifespan of the entire machine [1] - Cast steel components include complex structures such as cylinders, valve housings, and partition sleeves, which are crucial for sealing, guiding, and bearing high-temperature steam [1] - Rotor forgings are the core rotating components that transmit torque and withstand significant centrifugal and thermal stresses, requiring ultra-high purity materials and advanced manufacturing techniques [1] Group 2: Market Dynamics - The market for cast steel components and rotor forgings accounts for approximately 20% of the total industrial gas turbine market size, reflecting their critical weight in the overall cost structure despite their smaller physical volume [2] - The growth of this niche market is driven by two main factors: the global push for industrial energy efficiency and carbon neutrality, leading to increased demand for high-performance components, and the emergence of innovative manufacturing technologies such as additive manufacturing and numerical simulation [2] Group 3: Future Outlook - The technological advancements and industrial upgrades in cast steel components and rotor forgings are expected to continue driving improvements in overall machine performance [3] - Future market focus will not only be on enhancing material performance limits but also on establishing a comprehensive digital quality assurance system throughout the design, manufacturing, and testing processes [3] - The healthy development of this high-value segment is strategically significant for ensuring the safety and competitiveness of national major equipment supply chains [3]

Core Viewpoint - The company is transforming its marketing strategy by implementing a "sitting merchant + traveling merchant" composite sales model to enhance market competitiveness in the face of increasing competition in the coal chemical industry [1][2]. Group 1: Marketing Strategy Transformation - The company has established a composite sales system that shifts from passive response to proactive market engagement, integrating both online and offline marketing approaches [2][3]. - A digital sales bidding platform has been developed to enhance operational efficiency, allowing customers to compare prices, consult on technology, generate orders, track logistics, and provide after-sales feedback [2]. - The sales teams are organized into specialized groups that actively engage with downstream clients, offering customized solutions tailored to specific needs, thereby extending the sales reach into the industry chain [2][3]. Group 2: Building Trust and Customer Engagement - The company invites executives and technical leaders from major downstream clients to visit its production facilities, showcasing its production capabilities and technological advancements [4][5]. - During these visits, technical teams address specific customer inquiries, providing data support and technical advice, which enhances customer trust and satisfaction [4][5]. - Following these engagements, customers express intentions to deepen cooperation, leading to immediate discussions on framework procurement agreements [5]. Group 3: Industry Leadership and Green Transition - The company actively participates in high-profile industry events, co-hosting conferences to discuss green transformation in the energy sector and promote domestic oil product alternatives [6][7]. - The company showcases its advanced clean energy products, such as CTL synthetic base oils and Fischer-Tropsch hydrocarbons, during these events, leading to preliminary cooperation agreements with multiple enterprises [7]. - The company aims to continue its dual marketing model while enhancing product quality and service, contributing to a greener and more sustainable energy landscape [7].