| 投资者关系活动 | ★特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | ★现场参观 | | | □其他 | | 参与单位名称及 | 方德投资-田婉洲 | | 人员姓名 | | | 时间 2025 | 年 月 日 12 16 | | 地点 | 成都市兴蓉环境股份有限公司 | | 上市公司接待人 | 董事、董事会秘书 胡涵 | | 员姓名 | 证券事务部部长 梁一谷 | | | 一、主要交流内容： | | 问题 | 1：公司当前运营和在建的供排水及垃圾焚烧发电项目情况。 | | | 答：截至目前，公司运营及在建的供水项目规模约 430 万吨/日、 | | | 污水处理项目规模逾 万吨/日、垃圾焚烧发电项目规模为 480 | | 投资者关系活动 | 12,000 吨/日。 | | 主要内容介绍 问题 | 2：关于公司市场拓展情况。 | | | 答：公司立足水务环保主业，秉持"内生增长和外延并购"并重 | | | 的发展思路，持续推进供排净治一体化整合，大力拓展成都市及 | | | 周边区域水务环保资源，加强川内合 ...

Core Insights - The core focus of the news is on Weichai Group's strong performance and strategic initiatives showcased during its 2026 Business Conference, highlighting its advancements in green low-carbon products and innovative service models [2][3]. Group Performance and Growth - Weichai has evolved into a leading industrial equipment multinational group in China, with an annual revenue exceeding 300 billion yuan, and has established a diverse industrial matrix across various sectors including power systems and commercial vehicles [3]. - The brand value of Weichai reached 83.048 billion yuan, ranking second in China's machinery manufacturing sector, and it was ranked 87th in the "2025 China Top 500 Enterprises" list with a revenue of 312.29 billion yuan in 2024 [3]. - Weichai is expected to maintain stable growth in revenue and profit in 2025, with a focus on high-end power upgrades and rapid growth in new energy power [5]. Innovation and Product Development - Weichai has reinforced its market leadership, maintaining the highest market share in the domestic industry, with significant sales growth in strategic markets such as Southeast Asia and Latin America [5]. - The company has introduced high-efficiency products, including the world's first 5-megawatt high-speed diesel generator set, and has made breakthroughs in solid oxide fuel cell technology [5][6]. - The new energy industry park in Yantai has a production capacity of 20 GWh for battery packs, with battery sales expected to grow by 170% year-on-year, becoming a key growth area for the company [6]. Strategic Initiatives and Future Outlook - Weichai aims to enhance its competitive edge by focusing on customer-centric solutions, expanding into new energy and high-end hydraulic markets, and fostering a collaborative ecosystem with global partners [4][7]. - The company plans to transition its after-market business from a parts-selling model to a service solution model, which is expected to drive sustainable growth and improve profitability [6]. - Looking ahead to the "15th Five-Year Plan," Weichai will prioritize technological innovation, market expansion, and ecosystem development to strengthen its position in the global high-end equipment industry [6][7].

Core Insights - The article discusses the transformation of Rongtong Fund under the control of China Chengtong, highlighting its strategic shift towards serving state-owned enterprises and wealth management for residents, which has led to significant growth in assets [1][2]. Group 1: Company Growth and Strategy - As of June 2025, Rongtong Fund's total asset scale reached 339.8 billion yuan, an increase of 107.9 billion yuan or nearly 50% since being integrated into China Chengtong [1]. - The public fund asset scale reached 154.3 billion yuan, growing nearly 35% compared to before the integration [1]. - The company is focusing on a dual-driven development strategy centered on "serving state-owned capital operations" and "serving resident wealth management" [2]. Group 2: Investment Strategy and Product Development - Rongtong Fund is concentrating on state-owned enterprise (SOE) themed investments, launching several indices in collaboration with China Chengtong and the China Securities Index Company, which are being converted into investable ETF products [3]. - The introduction of patent data as a criterion for evaluating corporate innovation in the new indices represents a significant innovation in value assessment [3]. - The Rongtong CSI Chengtong SOE Technology Innovation ETF raised 1.785 billion yuan, setting a record for annual thematic index ETF fundraising during a market downturn [3]. Group 3: Research and Development Transformation - The company is transitioning from a reliance on individual fund managers to a platform-based, team-oriented, and integrated multi-strategy research and investment system [4]. - A major reform includes the establishment of a cross-departmental asset allocation committee to enhance collaboration and decision-making across various asset classes [4]. - The investment research system has evolved through three dimensions: from manual dispersion to intelligent aggregation, from experience-driven to process-driven, and from isolated strategies to collaborative multi-strategy approaches [4]. Group 4: Technological Empowerment - Rongtong Fund is enhancing its "AI-CORE" asset allocation system, which utilizes a unified data and AI platform to improve the breadth and depth of asset allocation [5]. - The introduction of AI Agent technology is advancing the investment research system towards a "human-machine symbiosis" model, enabling continuous learning and decision support [5]. - Over the past three years, the company's asset management scale has grown nearly 50%, with only a 5% increase in personnel, indicating significant efficiency gains from AI empowerment [5]. Group 5: Future Outlook - The company aims for a "three-year transformation and five-year elevation" strategy, focusing on a systematic strategic layout around unique resource endowments [6]. - Plans include developing three major SOE index product lines, enhancing the influence of SOE thematic investments, and creating innovative index products focused on key industrial clusters [6]. - Rongtong Fund is also expanding internationally, with the establishment of its first Cayman-listed fund and a successful public fund launch in Hong Kong [6][7]. Group 6: Global Strategy - The company is developing QDII funds to provide mainland investors access to global assets while exploring the issuance of SOE-themed ETFs in Hong Kong for foreign capital [7]. - This "dislocated development" approach reflects the company's commitment to leveraging its unique state-owned enterprise background to create a sustainable "second growth curve" [7].

Core Insights - Traditional companies are actively pursuing cross-industry collaborations to create new growth opportunities in emerging industries, driven by economic pressures and dual carbon goals [1][6] - Companies like Wuliangye and Ningde Times are signing strategic agreements to integrate traditional sectors with new energy technologies, aiming to build zero-carbon factories [1] - The trend of traditional companies entering the new energy sector is becoming more pronounced, with various firms leveraging their existing capabilities to enhance their competitive edge in high-growth areas [2][4] Cross-Industry Integration - Wuliangye Group and Ningde Times have signed a strategic cooperation agreement to deepen the integration of the liquor industry with new energy technology, focusing on project co-construction, capital collaboration, and supply chain integration [1] - Xue Tian Salt Industry is directly entering the new energy sector by acquiring a 41% stake in Meite New Materials, which specializes in lithium battery materials, indicating a strategic shift towards sodium battery materials [2] - Analysts suggest that traditional consumer companies have a potential foundation for entering high-growth sectors like new energy due to their accumulated manufacturing capabilities and supply chain management experience [1][2] Emerging Growth Opportunities - Companies that have previously engaged in cross-industry initiatives are beginning to see positive results, with Lianhua Holdings reporting a 75.32% year-on-year increase in revenue from its computing power services [3] - Huaren Power and Yueda Investment have established two new energy companies in Jiangsu, focusing on wind and solar power services, indicating a strategic pivot towards renewable energy [4] - Yueda Investment has shifted its business focus to new energy, new materials, and intelligent manufacturing, with its core growth areas now centered on energy storage and photovoltaics [4] New Production Capacity Development - In the context of the real estate industry's adjustment, several listed real estate companies are increasingly investing in new energy sectors, such as distributed photovoltaics and green energy in industrial parks [6] - Jiangxi Fengyuan Thermal Energy Co., established by Ganfeng Lithium and Sehon Real Estate, is entering the clean energy production sector, reflecting a commitment to technological innovation and sustainable development [6] - Wolong New Energy has announced an investment of 804 million yuan in a key energy storage project, marking a significant step in its strategic layout in the new energy sector [6][7]

日前，华润饮料（02460.HK）发布了一则看似寻常的董事变更公告。 公告显示，原非执行董事曹越因工作安排辞任，取而代之的是拥有超过34年食品饮料行业经验的行业老将王德刚。 公开资料显示，王德刚是一名在食品饮料行业深耕34年的老将，曾在今麦郎食品股份有限公司担任饮品营销中心总经理，并在康师傅控股有限公司担任多个 高层职位。其加如华润饮料董事会后，不仅被任命为非执行董事，还被委任为战略与投资委员会主席。 外界对此普遍解读为华润饮料意图借助外部资深力量，在战略、产品与渠道层面寻求破局的关键信号。 根据华润饮料披露的2025年中报，报告期内实现营收62.06亿元，同比下滑18.52%；股东应占溢利位8.05亿元，同比下滑28.63%；毛利率同比减少2.2个百分 点至46.67%。而以怡宝为代表的核心业务包装饮用水收入同比下降23.1%，在农夫山泉、康师傅等巨头激烈竞争中增长受阻。 与此同时，华润饮料的饮料业务虽在2025年上半年实现了21%的同比增长，但其整体营收占比仅为15.39%，距离成为支撑公司稳健发展的"第二增长曲线"仍 有长路要走。 王德刚的加入并担任战略与投资委员会主席后，能否将其自身经验与华润体系结合 ...

在中国房地产行业进入"存量时代"的当下，一场从"开发逻辑"到"运营逻辑"的深刻转型，正在悄然 发生。 中国金茂正是其中的先行者。 过去十年，这家以"城市运营商"著称的企业，在全国核心城市不断深化布局。而如今，它凭借"投 融建管退"的全周期资产管理能力，通过精品持有业务开辟出一条稳健而具有确定性的"第二增长曲 线"—以商业、写字楼、酒店、文旅和轻资产运营为支点，构筑覆盖城市核心至社区末梢的商业新生 态。截至2025年上半年，中国金茂持有及在营项目已达80个，总体量约360万㎡，叠加在建、待建项 目，总规模近600万㎡，覆盖北京、上海、深圳、天津、青岛、苏州、杭州、宁波、长沙等核心城市。 聚焦城市商业脉动，金茂商业版图的立体布局 作为区域品质商业，天津金茂汇展现出工业遗产改造的独特魅力。项目由伍兹贝格工作室操刀设 计，以"修旧如旧、新旧并置"为核心理念，完整保留老厂房红砖立面、桁架屋顶与煤斗群落，使百年工 业记忆与现代商业空间在光影间对话。在宁波奉化，金茂汇则以TOD商业综合体的形式落地金茂广 场，联动地铁、酒店与乐园，构建出集购物、亲子与休闲于一体的都市微度假目的地。 在览秀城与金茂汇之外，定位为精致社区商业的 ...

2026 年信贷投放仍以公司贷款为主，采单客户占比略增，整体信贷增 速预计较 2025 年放缓，但增量相当，受监管对资产规模增速上限指导 影响，信贷增长速度将合理控制。 对公业务增量主要来自国家级和成渝双城经济圈基建项目，以及与雅夏 相关项目和参股企业西藏银行的合作，但受化债影响，省级、市级、区 级项目减少，审批更严格。 按揭业务短期内难成主力增长点，成都地区房地产市场虽相对稳健，但 整体环境不佳。消费贷款将是重点，通过风险把控和市场占比提升增加 投放量，消贷具有较大增长潜力。 新发放贷款定价总体呈下降趋势，零售资产定价稳定，公司贷款受产业 链需求不旺盛和竞争影响有下行压力，政信业务降幅较小，预计 2026 年资产端收益率波动不大。 预计负债端成本将有所改善，中小银行释放负债成本空间更大，成都银 行在城商行中负债成本改善程度会比较显著，主动负债如发行债券对成 本利润影响不大。 Q&A 成都银行在 2025 年第四季度的信贷投放情况如何？未来的项目储备情况是怎 样的？ 2025 年第四季度的信贷投放基本符合年初预期。整体投放仍然主要集中在公 司贷款方面，零售资产尚未出现明显改善。上半年我们提前完成了全年的任务， ...

创始人套现9亿元、股东减持离场、股价腰斩、新业务裁员，当一份赴港IPO招股书摆在面前时，曾经风光无限的"扫地茅"不得不承认，自己的"中年危 机"已经到来。 这个矛盾体的名字叫"石头科技"。 2020年2月21日，石头科技以271.12元/股发行价登陆科创板，成为小米生态链中第一家科创板上市公司。上市首日，股价涨幅超过80%，市值一度超过300 亿元。在随后的2021年6月，股价更是冲上384.06元/股的历史高位，市值来到995亿元，距离千亿俱乐部仅有一步之遥。 2025年第三季度财报显示，石头科技营收同比增幅高达72.2%，表面看依然亮眼，但归母净利润却同比大幅减少29.51%，增收不增利的窘境暴露无遗。 作为对比，老对手科沃斯同期营收同比增长29.93%，归母净利润同比增长130.55%，高下立现。 与此同时，其今年12月1日收盘的股价为152.79元/股，和高点相比蒸发了60%以上。 资本市场对石头的定位发生了奇妙变化，曾经代表"茅"的稀缺性和高成长性光环正在褪去。 老业务深陷红海 2014年，曾在微软、腾讯、百度任职的工程师昌敬决定创业。他将目光投向了当时尚属蓝海的扫地机器人市场，创立了石头科技。在公 ...

Core Insights - The frequency of discussions around "energy storage" has significantly increased in the renewable energy sector, indicating a shift in focus among companies towards energy storage solutions as a response to market pressures and competition in the photovoltaic (PV) industry [2][3]. Industry Trends - Major players in the photovoltaic sector, such as Trina Solar and LONGi Green Energy, are increasingly integrating energy storage into their business models, with LONGi officially entering the energy storage market by acquiring a controlling stake in Suzhou Jingkong Energy Technology [4][5][6]. - The trend of "photovoltaic + energy storage" is becoming a new competitive landscape, with all leading PV companies now participating in the energy storage sector [7]. Company Strategies - Companies like Trina Solar and Canadian Solar have been early entrants into the energy storage market, with Trina Solar's storage business entering a growth phase and Canadian Solar adjusting its business structure to focus on the U.S. market [9][16]. - The energy storage market is viewed as a critical component of the renewable energy system, with companies recognizing the need to adapt to market-driven demands rather than solely relying on policy incentives [11][12]. Market Dynamics - The global photovoltaic market is experiencing a slowdown, with projections indicating that the growth rate of new installations will decline in the coming years, prompting companies to seek alternative growth avenues such as energy storage [15][17]. - The demand for energy storage is driven by the increasing need for grid stability and the integration of renewable energy sources, with significant growth expected in both domestic and international markets [13][20]. Future Outlook - The energy storage sector is anticipated to become a standard component of renewable energy projects within the next 3 to 5 years, supported by favorable policies and market conditions [18][19]. - Companies are expected to see substantial growth in their energy storage business, with projections indicating that the shipment of energy storage systems will double in the coming year, particularly in high-margin markets like Europe and North America [20].

一笔电动飞行器投资 不久前，爱玛科技通过参与的私募股权投资基金，完成了一笔对电动垂直起降飞行器企业VOLANT"沃 兰特"的股权投资。 中经记者 陈茂利 张硕 北京报道 两轮电动车市场在经历了3年的"换购潮"后进入存量市场，增速趋缓。在存量市场中寻找结构性增长， 成为爱玛科技集团股份有限公司（603529.SH，以下简称"爱玛科技"）、雅迪、台铃等行业头部公司的 一致选择。 近日，爱玛科技宣布，推出商用子品牌 "爱玛马赫"，从C端消费延伸至B端商用市场，拟为外卖、家 政、政企和租赁等场景提供专业的车辆及运维服务。 然而，爱玛科技的战略布局不止推出一个子品牌，还公布了一笔电动垂直起降飞行器（eVTOL）产业 链投资。 从开拓商用市场到投资电动垂直起降飞行器，其背后的整体战略考量与投资布局正引发外界关注。《中 国经营报》记者就此致函爱玛科技，截至发稿未获回复。 近期，爱玛科技副总裁宁华山在接受媒体采访时表示，公司布局商用市场的核心考量是抢占B端的蓝海 市场，突破C端增长极。"C端传统民用市场已经进入存量，到了白热化竞争阶段，而B端商用市场存在 产品专业化不足、解决问题不够完善的供给缺口。" 推子品牌，进军商用车市 ...