Group 1 - Shandong Energy Group New Energy Group Co., Ltd. was officially launched on April 25, marking a significant step in the development of the new energy power industry for Shandong Energy Group [1] - The company has a registered capital of 981 million yuan and is responsible for power supply assurance, planning, technical guidance, and external coordination within the energy sector [1] - The total installed capacity of the company is 20.71 million kilowatts, with total assets amounting to 56.947 billion yuan, making it the largest power enterprise under Shandong Province [1] Group 2 - The company aims to become a publicly listed entity and is focusing on integrated coal and electricity operations, as well as the development of clean energy sources [2] - Strategic layouts include four major bases for offshore wind power, integrated wind-solar-storage, photovoltaic power in subsided mining areas, and renewable energy bases for external power supply [2] - The shareholders of the new energy group are Shandong Energy Group Co., Ltd. (93.8838%) and Yanzhou Coal Mining Group (6.1162%) [4]

百亿母基金快速赶来，苏州LP持续领跑。 作者丨FOFWEEKLY 本期推荐阅读5分钟 本期导读： 江苏又有母基金来了，这次是苏州。 日前，江苏省、苏州市正式审议通过第二批苏州市战略性新兴产业基金组建方案，第二批4只总规 模105亿元苏州市战新基金正式进入落地阶段。 值得关注的是，第二批苏州市战略性新兴产业基金中，对未来产业的关注度十分高，其中包含人工 智能、地空经济等。 苏州100亿母基金来了 早在今年2月份， 江苏省战略性新兴产业母基金第二批产业专项基金在江苏南京集中签约，涉及 22只产 业专项基金，规模408亿元，分别 落地南京、苏州、无锡、常州、南通等11个设区市和4家省属企业。具 体包括14只设区市产业专项母基金、4只未来产业天使基金和4只省属企业产业专项基金。 近期，常州等地母基金已陆续设立，而今，苏州母基金已经快速赶来了。 具体来看，苏州 第二批苏州市战略性新兴产业基金包括如下部分： 1.苏州人工智能产业专项母基金 拟落地工业园区。工业园区作为国家人工智能创新发展试验区核心区，已构建"芯片研发-算法开 发-场景应用"全链条产业生态，集聚1800多家企业，2024年产值突破1200亿元，行业内形成显 ...

Global Carbon-Carbon Composite Materials Market Overview - The global carbon-carbon composite materials market is projected to reach $2007.30 million in 2024 and is expected to decline to $1971.21 million by 2031, with a CAGR of -0.26% [6] - The Chinese market is rapidly evolving, with a market size of $422.54 million in 2024, accounting for approximately 21.05% of the global market, and expected to grow to $474.07 million by 2031, reaching 24.05% of the global share [6] Product Types and Applications - The chemical vapor deposition (CVD) segment is anticipated to have a global market size of $1212.34 million in 2024, representing 60.40% of the market, but is projected to decline to $1185.58 million by 2031, with a CAGR of -0.03% from 2025 to 2031 [6] - The CZ and DSS furnace applications are significant, with a global market size of $561.82 million in 2024, accounting for 27.99% of the market, and expected to decrease to $284.16 million by 2031, reflecting a CAGR of -9.59% from 2025 to 2031 [6] Industry Competitors - Major global players include SGL Carbon, Toyo Tanso, Tokai Carbon, Nippon Carbon, and MERSEN BENELUX, with the top five companies holding over 48.78% market share in 2024 [7] - Competition is expected to intensify in the coming years, particularly in the Chinese market [7] Current Industry Status and Innovations - Carbon-carbon composites are characterized by low density (<2.0 g/cm³), high thermal conductivity, and high-temperature resistance (up to 2600°C), making them suitable for extreme environments [10] - Production techniques such as CVD and liquid phase impregnation are maturing, but high costs and complex processes remain significant challenges [10] Technological Innovations - Innovations focus on process optimization to reduce costs and enhance product stability, development of low-cost graphite-based composites, and the application of 3D printing technology for mass production of complex components [11] Policy Environment and Domestic Substitution - The Chinese government has classified carbon-carbon composites as a strategic emerging industry, providing tax incentives, funding support, and technical research initiatives to promote industry upgrades [12] - The domestic substitution opportunities are highlighted by the acceleration of the C919 and C929 aircraft projects, which create urgent demand for domestic materials [13] Military Demand and Market Dynamics - The increasing reliance on multifunctional composite materials in military equipment is driving the penetration of carbon-carbon composites in the defense sector [14] Competitive Landscape and Supply Chain - International companies like SGL Carbon and Toyo Tanso lead in technology, especially in high-end products, while domestic firms like Jinbo Co. and Xi'an Chaoma are emerging, though high-end product self-sufficiency remains low [15] - The upstream supply chain faces challenges with low domestic production rates of high-performance carbon fibers, leading to reliance on imports [16] Future Growth Opportunities - The renewable energy sector, including photovoltaic single crystal furnace materials and hydrogen storage tanks, is expected to see explosive demand [21] - The low-altitude economy, driven by the lightweight requirements of drones and eVTOLs, is also anticipated to boost carbon-carbon composite applications [21] - The industry is shifting towards green manufacturing practices, emphasizing low energy consumption and recyclability [21] Application Expansion - Carbon-carbon composites are increasingly utilized in aerospace, automotive, shipbuilding, and renewable energy sectors due to their lightweight, high strength, and high-temperature resistance [22] - In aerospace, they are primarily used for critical components like engine nozzles and thermal protection systems, while in the automotive sector, they enhance braking performance and range in electric vehicles [22] Technological Advancements and Policy Support - Increased research investment and technological advancements are improving the production processes of carbon-carbon composites, with traditional methods being optimized to lower costs and enhance efficiency [23] - Government policies supporting technological innovation and green development are expected to bolster the industry's growth [24] Industry Structure and Competitiveness - The carbon-carbon composite industry comprises upstream raw material supply, midstream manufacturing, and downstream application sectors, with numerous companies enhancing product quality and technological capabilities [25]

Asia Pacific Equity Research 01 April 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. XCMG - A A transformative leader in the construction machinery space; initiate with OW We are initiating coverage on XCMG with an OW and a DCF-based price target of Rm ...

Investment Rating - The report indicates a resilient market performance despite external pressures, suggesting a positive outlook for the industry [1][2]. Core Insights - The market showed strength with all three major indices closing in positive territory, indicating potential for continued upward movement [1][2]. - Key sectors such as military, small metals, and pork stocks have seen significant inflows, while technology stocks experienced a pullback, reflecting a mixed market sentiment [2][3]. - The automotive industry, particularly in the new energy vehicle segment, has demonstrated robust growth, with production and sales exceeding 50% year-on-year [4]. Market Overview - On March 11, the market opened lower but recovered, with the Shanghai Composite Index rising by 0.41%, Shenzhen Component Index by 0.33%, and ChiNext Index by 0.19% [2]. - Over 2800 stocks rose, with notable gains in state-owned cloud concept stocks and military stocks, while sectors like semiconductor and communication equipment faced declines [2]. Capital Flow - On March 11, net inflows into the Shanghai and Shenzhen markets were 149.78 billion and 175.94 billion respectively, with IT services, small metals, and automotive parts receiving the most capital [3]. Industry Dynamics - The AI industry is set to advance with a significant conference in Zhejiang, featuring major players like Alibaba and Huawei, aimed at integrating AI with cloud computing [7]. - The hydrogen fuel cell supply center in South China has increased its annual production capacity to 5100 tons, marking a significant development in the hydrogen energy sector [8]. - Shanghai has introduced guidelines for high-quality public transportation development, focusing on enhancing connectivity and service quality [9][10]. Fund Dynamics - The ETF margin balance across the two markets decreased slightly, indicating a cautious approach among investors [11]. - Some money market funds have implemented purchase limits despite a decline in yield attractiveness, suggesting underlying market dynamics at play [12]. Market Sentiment - The current market sentiment is characterized by a strong but volatile environment, with expectations of a potential return to fundamentals as the earnings season approaches [13]. - The report suggests that while the market is at a significant resistance level, the absence of major negative news and supportive government policies may sustain a positive outlook [13].

2024年12月，以"巡访新质生产力 发掘圆柱好产品"为主题的起点圆柱电池全国行活动正式启动。 在本次活动中，起点圆柱电池产业链巡访团共巡访了20+圆柱电池企业，走进包括宁德时代、国轩高科、新能安、鹏辉能源、中比新能源、力神 电池、利维能、欣旺达锂威、博力威、天鹏电源、天能集团、华立源、浙江锋锂、睿恩新能源、诺达智慧、恒泰科技等头部圆柱电池企业，与各 公司高层领导深度交流探讨了圆柱电池行业发展及技术趋势。以下为巡访内容回顾（以下企业排名不分先后）： 国轩高科： 较早布局圆柱电池，目前量产出货的大圆柱主要型号为32系列，主要应用于新能源汽车、两轮车、便携式储能等领域。已经规 划了46大圆柱电池产线，产品已送样国际客户。具体大规模应用将依据市场情况、客户节奏推进。 完整内容请点击查看： 圆柱电池巡访丨走进国轩高科：2025大圆柱"向上发力" 新能安： 已率先携全极耳圆柱电池挺进下游应用市场。其推出的JP全极耳圆柱系列产品，实现了高功率、长运行、宽温域、高充电效率、 长使用寿命五大指标的全面提升。未来将继续丰富JP系列产品矩阵，改善终端用户的体验。 完整内容请点击查看： 圆柱电池巡访丨走进新能安：聚焦高功率产品 不 ...