Core Viewpoint - The stock of Jingcheng Machinery Electric Co., Ltd. (00187) has seen a significant increase, rising over 8% following the operational launch of the world's first heavy oil extraction solar thermal replacement project in Xinjiang, marking a major breakthrough in solar thermal technology and green development of heavy oil in China [1]. Company Summary - Jingcheng Machinery Electric's subsidiary, Beijing Bawen, is the key equipment solution provider for the project, having successfully developed and designed the core equipment, a high-temperature heat absorber installed at the top of the heat-absorbing tower [1]. - The company is transitioning from traditional manufacturing to emerging industries such as hydrogen energy, digital hydraulics, and robotics, aligning with the dual carbon strategy and the wave of intelligent manufacturing [1]. Industry Summary - According to Guojin Securities, 2025 is a critical milestone for the medium to long-term planning of the hydrogen energy sector, with expectations for a surge in the hydrogen and fuel cell industry, particularly in fuel cell vehicles and green hydrogen projects [1]. - The manufacturing of hydrogen energy and fuel cells is currently identified as two main lines of focus, suggesting ongoing attention to these sectors [1].

Group 1: Research Basic Information - The research object is Houpu Co., Ltd., belonging to the special equipment industry, and the reception time was September 17, 2025. The company's reception staff included the board secretary Hu Wanling, the securities affairs representative Chen Qiang, the deputy general manager of Chengdu Houpu Shen Naichen, and the secretary of the board office Liao Ting [16] Group 2: Detailed Research Institutions - The research institutions include Linrui Fund, Tyco Fuerman Fund, Galaxy Securities, Taoyanglve Trading, Yishu Investment, Puxing Assets, Shanghai Zhangying Investment, and individuals such as Li Yixian [17] Group 3: Main Content Company Overview - Houpu Co., Ltd. was established on January 7, 2005, and listed on the Growth Enterprise Market of the Shenzhen Stock Exchange on June 11, 2015. It is a provider of overall solutions for clean - energy refueling equipment. Its business covers R & D, production, and integration of natural gas/hydrogen refueling equipment; R & D and production of core components in the clean - energy and aviation parts fields; EPC of natural gas and hydrogen - energy related projects; R & D, production, and integration of intelligent IoT information - integrated supervision platforms; and professional after - sales services covering the entire industry chain [21] Business Profit - The company's aviation parts business is mainly carried out by its holding subsidiary Jiaqirui. In the first half of 2025, the gross profit margin of the company's aviation parts manufacturing industry increased by 8.26% compared with the same period last year [21] Business Cooperation - The company cooperates with China Shipbuilding Industry, Shantou Shipyard, and Chongqing Dagang Shipbuilding [21] Profit and Loss Situation - In the first half of 2025, the company achieved positive non - recurring profit after deduction, but the attributable net profit was in the red due to the provision of expected liabilities for litigation cases. The company will focus on clean - energy businesses such as natural gas and hydrogen, and expand instrument parts, marine cryogenic business, and aviation equipment business [23] Hydrogen Energy Application - According to the "Manufacturing Industry Green and Low - Carbon Development Action Plan (2025 - 2027)", hydrogen energy will be applied on a large scale in the metallurgy and chemical industries by 2027. The company believes hydrogen energy has more application value in special scenarios such as heavy trucks and logistics industrial parks [23] Hydrogen Energy Advantages - The company has a first - mover advantage in the hydrogen - energy field, starting related business in 2013. It has years of technology accumulation, and its self - developed key components of hydrogen - refueling equipment have broken international monopolies. It has comprehensive capabilities covering the entire hydrogen - refueling station industry chain and has an integrated service advantage in the "production, storage, transportation, and refueling" of hydrogen energy [23][24] Dividend and Incentive Plans - The company currently does not meet the profit - distribution conditions. Regarding the equity - incentive plan, it will study appropriate incentive plans according to strategic development, talent - structure optimization, and market - environment changes [24] Solid Hydrogen Storage - Solid hydrogen storage is safer, with hydrogen molecules physically adsorbed on the surface of metals or alloys, less prone to leakage or explosion, and it occupies less space when stacked. The company's current application directions for solid - hydrogen storage material technology are hydrogen - powered two - wheelers, hydrogen - energy production and storage projects, and emergency power sources, and it will explore applications in heavy trucks and passenger cars in the future [24] Hydrogen Energy Investment - The company is optimistic about the development of the hydrogen - energy field and will rely on traditional businesses to support the development of hydrogen - energy business [25] Competitiveness in the Hydrogen - Energy Field - The company has over 10 years of technology and market accumulation. It welcomes large enterprises entering the hydrogen - energy field, has advantages in niche areas, and will cooperate with other hydrogen - energy enterprises [25] Overseas Market Expansion - The company promotes through demonstration projects in Germany, the Netherlands, France, South Korea, and Malaysia, and actively expands its international sales network. This year, it has signed new projects such as the Nigerian CNG mobile refueling station project and the Papua New Guinea gasification station and LNG station design contract project [25]

Core Viewpoint - The company reported its 2025 H1 financial results, showing a steady revenue growth but a decline in net profit margins, indicating mixed performance across different business segments [1][3]. Group 1: Financial Performance - In 2025 H1, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 212.1 billion, 2.8 billion, and 2.5 billion yuan, respectively, with year-on-year growth rates of +9%, +1%, and +8% [1]. - For Q2 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 111.7 billion, 1.2 billion, and 1.1 billion yuan, with year-on-year changes of +15%, -9%, and -6% [1]. Group 2: Business Segments Performance - The company experienced strong revenue growth in H1 2025 across various segments, with design consulting, engineering construction, investment operations, and industrial manufacturing showing year-on-year increases of +16%, +10%, +16%, and +11%, reaching 9.1 billion, 182.0 billion, 15.2 billion, and 16.2 billion yuan, respectively [2]. - The engineering construction and investment operations segments, particularly in new energy and integrated smart energy, saw revenue growth of +18% and +49%, outperforming other business areas [2]. - The new contract value signed in H1 2025 was 775.4 billion yuan, representing a year-on-year increase of +5%, providing a solid revenue assurance [2]. Group 3: Profitability and Debt Management - The company's overall gross margin in H1 2025 decreased by 0.9 percentage points to 11.3%, with Q2 showing a further decline of 2.3 percentage points to 11.4% [3]. - The gross margins for design consulting, engineering construction, investment operations, and industrial manufacturing were 39.3%, 6.5%, 35.1%, and 16.6%, reflecting year-on-year changes of +2.8%, -0.8%, -8.4%, and -0.7 percentage points, respectively [3]. - The company's asset-liability ratio increased by 0.3 percentage points to 77.7% by the end of H1 2025, indicating a slight rise in leverage [3]. - The turnover days for accounts receivable and inventory improved by 26 days to 259 days, while net cash flows from operating and investing activities were -13.4 billion and -25.5 billion yuan, respectively, both showing year-on-year increases of +1.1 billion [3]. Group 4: Future Outlook - The company maintains its profit forecast, expecting revenues of 475.2 billion, 517.0 billion, and 556.9 billion yuan for 2025-2027, with year-on-year growth rates of +9%, +9%, and +8% [4]. - The projected net profits attributable to shareholders for the same period are 9.2 billion, 10.0 billion, and 11.3 billion yuan, with year-on-year growth rates of +10%, +9%, and +12% [4]. - The company is positioned as a "national team" in energy infrastructure, with emerging businesses in hydrogen and energy storage showing promising growth potential [4].

Group 1: Company Overview - The company was established on January 7, 2005, and listed on the Shenzhen Stock Exchange on June 11, 2015 (stock code: 300471) as a provider of clean energy refueling equipment solutions [2]. - The company has expanded its business to include R&D, production, and integration of natural gas/hydrogen refueling equipment, as well as core components for clean energy and aerospace sectors [2][3]. Group 2: Financial Performance - In the first half of 2025, the gross profit margin for the aerospace components manufacturing segment increased by 8.26% compared to the same period last year [3]. - The company achieved a positive net profit excluding non-recurring items in the first half of 2025, despite a net loss attributable to shareholders due to litigation-related provisions [3]. Group 3: Hydrogen Energy Business - The company has been actively involved in the hydrogen energy sector since 2013 and is recognized as a domestic solution provider for box-type hydrogen refueling stations [3][4]. - The State Council's "Green and Low-Carbon Development Action Plan for Manufacturing (2025-2027)" aims for large-scale hydrogen applications in metallurgy and chemical industries by 2027 [3]. - The company believes that hydrogen energy has significant application value in specific scenarios such as heavy-duty trucks and logistics industrial parks [3]. Group 4: Competitive Advantages and Market Strategy - The company possesses a comprehensive capability in the hydrogen energy sector, covering the entire industry chain from design to key component R&D, production, and installation [3][4]. - The company is optimistic about the hydrogen energy market despite current profitability challenges, viewing it as a high-potential clean energy source [4]. - The company has established international sales networks and is actively promoting its products in markets such as Germany, the Netherlands, France, South Korea, and Malaysia [4].

Group 1: Event Overview - The 2025 China International Service Trade Fair (CIFTIS) is being held at Shougang Park in Beijing, showcasing innovations in green energy, circular economy, and new materials [1] - The event features a focus on environmental services, with companies presenting cutting-edge technologies and solutions for green low-carbon development [1] Group 2: Key Technologies and Innovations - Solid-state batteries showcased at the event demonstrate stable power supply even after being cut, highlighting advancements in battery safety [6] - BOE's "zero-carbon house" converts sunlight into electricity, representing a revolutionary shift from energy consumption to energy production [1][4] - Huawei's liquid-cooled ultra-fast charging technology aims to address long charging times for electric vehicles, with a charging station capable of delivering "one kilometer per second" [5] Group 3: Major Industry Players - China's major oil companies, including Sinopec, PetroChina, and CNOOC, are transitioning from traditional oil and gas suppliers to comprehensive energy service providers, focusing on hydrogen energy and CCUS technologies [2][3] - Sinopec has showcased its latest achievements in hydrogen energy, CCUS, geothermal, wind and solar green electricity, and biofuels [2] - CNOOC has implemented over 400 energy-saving and low-carbon projects since the 14th Five-Year Plan, achieving energy savings of 1.04 million tons of standard coal and reducing carbon emissions by 3.15 million tons of CO2 equivalent [2] Group 4: Zero-Carbon Solutions - The "Zero-Carbon Park Solution Pavilion" features over ten companies presenting comprehensive zero-carbon solutions, including distributed photovoltaic power systems [7] - Beijing Huamao Center achieved 100% green electricity operation in 2024, reducing carbon emissions by 24,000 tons [8] - The AI-powered waste incineration system presented by Chaoyang Environmental Group addresses long-standing technical challenges in the industry [7] Group 5: Market Trends and Future Outlook - The event reflects a shift from showcasing technologies to facilitating transactions, with green technologies becoming more accessible and tradeable [9] - Companies are transforming green productivity into tradeable and replicable solutions, breaking down technologies into modular components for global buyers [9]

在新兴产业崛起和低碳可持续的大趋势下，化工新材料产业正向着材料高性能化、生产绿色低碳化、制造过程智能化方向发展。 其中，生物基材料已经成为最"闪亮"的赛道之一。从早期 海正生材 的聚乳酸，到 凯赛生物 的生物基尼龙，到 金发科技 的生物基LCP，到 泰和新材 的生 物基芳纶，到 万华化学 的生物基TPU，每次都能引起市场极大关注，甚至凭借单品造就一代龙头，越来越多的新品也正在被开发。 【DT新材料 】 获悉，近日， 由 中油工程旗下昆仑工程公司 与 中石油（持股33.8%）参股子公司 濮阳市盛通聚源新材料有限公司 合作开发的生物基 聚碳酸酯（PC）特种工程塑料惊艳亮相。 据悉，双方 打造 国内首套且产能最大的生物基PC工业生产装置在 2025年2月开车成功，填补了国内空白， 开辟生物基PC本土商业化的可能性。 项目工艺采用 可再生异山梨醇 生物基单体替代共聚单体双酚A，在聚合产品中引入独特的双呋喃环结构， 表面硬度接近玻璃，加工流动性与通用PC相 当， 透光率高达92%， 因为分子结构中苯环少，不易吸收紫外线 ，在光学镜头、汽车内外饰件等领域展现广阔前景， 并且规避了双酚A带来的健康风 险，可以精准切入食品包 ...

Group 1 - The company established a subsidiary, Anhui Hangyi Technology Co., Ltd., in Wuhu, Anhui, focusing on the research, production, and sales of liquid cooling pumps for data centers, renewable energy storage, and charging piles, with a power range of 16W to 22kW [2] - The company has over 40 clients in the liquid cooling sector, including HP, Shunling Environment, and Delta, and has a maximum production capacity of 1.2 million electronic pumps per year to meet the growing demand [2] - Currently, the company is involved in over 120 projects in the liquid cooling field, with some already in mass production, and is integrating thermal management technology with various advanced sectors such as AI cooling, 5G base stations, and renewable energy [2] Group 2 - In the first half of the year, the company reported revenue of 2.162 billion yuan, a year-on-year decrease of 8.67%, while net profit attributable to shareholders increased by 14.49% to 210 million yuan [3] - The company's net profit excluding non-recurring items reached 218 million yuan, reflecting a year-on-year growth of 24.65% [3]

人民财讯9月15日电，中信建投（601066）研报称，储能方面，继续重点推荐储能板块。近期山东机制 电价折价明显，业主自发配储意愿提升；宁夏继甘肃之后推出容量电价，有助于业主投资积极性。锂电 方面，锂电板块已经兑现2025年市场需求超预期，当前核心矛盾为2026年需求预期是否继续上修，后续 持续关注储能招标及装机数据、2026年指引置信度、2026年车以旧换新等政策延续情况以及锂电排产信 息等。持续看多锂电、储能。氢能方面，北美电力需求缺口带来SOFC(固体氧化物燃料电池)的产业趋 势仍在被验证并加强，持续看好SOFC降本带来度电成本优势；绿醇长期应用趋势是船运脱碳的必然结 果，IMO规则正在加快平价进度、提升行业空间。 ...

请注意： 势银活动小程序遵循一人一号一码， 必须使用本人手机号码 进行报名，才能完成现场签到。签到成功可查看议程/公开版ppt/会后报 告等内容（非本人号码无法签到且无法享受相关线上查阅功能） 冠名/赞助单位（持续更新） 支持赞助： 骥翀氢能、鲲华科技、中材科技（苏州）、擎动科技、华工激光、通微新能源、山海氢、智优普、云韬氢能、拜特测控、魔方氢能 源、必维、华熔科技、 会议日程 "宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银年会： 2025势银氢燃年会（1月6-8日，宁波） 点此报名 添加文末微信，加 绿氢 群 此次会议为收费会议 势银（Trend Bank）定于 2026年1月6-8日在宁波 举办 【 2025势银氢能与燃料电池产业年会 】 。 本次年会以 "洞察政策新机，破局产业寒冬 —— 共筑氢能产业新未来" 为主题，特别设置多个热门专场与特色环节，围绕业界核心话题展开深度探讨。同时，年会还设置了—— 【 势银未 来奖颁奖典礼】、【首届氢能圈掼蛋友谊赛】 等精彩环节，期望带给与会嘉宾更多更好的获得与体验。 联合冠名： 天荣科技 专场冠名： 中集氢能 势银未来奖& ...

Group 1 - The core project of Zhongke Fuyuan (Ya'an) Technology Development Co., Ltd. has officially commenced, with an annual production capacity of 100,000 tons of immersion cooling liquid [2] - The total investment for the project is 106 million RMB, located in the Ya'an Economic and Technological Development Zone, covering an area of approximately 200 acres [2] - Zhongke Fuyuan was established on November 8, 2024, with a registered capital of 15 million RMB, and is a wholly-owned subsidiary of Zhongke Xingshi (Sichuan) Technology Group Co., Ltd. [2] Group 2 - Zhongke Xingshi (Sichuan) Technology Group Co., Ltd. is a state-owned holding enterprise focusing on three core areas: fluorinated new materials, hydrogen energy, and basalt fiber [3] - In the fluorinated new materials sector, the company has developed leading products such as ETCF-22 immersion cooling liquid and GFR-02 environmentally friendly polymer flame retardants [3] - The hydrogen energy sector includes key technologies like PEM water electrolysis and solid-state hydrogen storage, with products such as hydrogen energy storage systems and hydrogen-powered vehicles [3]