Core Viewpoint - The acceleration of global changes necessitates enhanced infrastructure connectivity as a crucial area for international cooperation, significantly contributing to global economic recovery [1]. Group 1: Infrastructure Connectivity Cooperation - The Asian Infrastructure Investment Bank (AIIB) held its 10th Annual Meeting in Beijing, emphasizing the importance of infrastructure connectivity in addressing global challenges and promoting common development [1]. - The National Development and Reform Commission (NDRC) has collaborated with AIIB since 2019 to align development concepts and advance cooperation, achieving positive progress [3]. - As of now, three phases of sovereign loan cooperation have been conducted, involving 20 projects with a total loan amount of $6 billion, focusing on infrastructure connectivity and sustainable development [3]. Group 2: Recommendations for Expanding Cooperation - The NDRC suggests three key recommendations for expanding infrastructure connectivity cooperation: 1. Deepening strategic alignment and practical cooperation with countries and international organizations to enhance project planning and execution [5]. 2. Leveraging sovereign loan projects to promote green, low-carbon, and sustainable initiatives that facilitate cross-border connectivity and trade [5]. 3. Enhancing support for cooperation and experience sharing, encouraging international organizations to align with China's development concepts and share successful practices with other developing countries [5].

中新网西宁6月25日电 (祁增蓓)6月25日，"投资青海"国际经贸合作推介会在青海省西宁市举办，来自国 际组织、世界500强企业、跨国企业、专家智库代表等近300名嘉宾参会。 图为6月25日，"投资青海"国际经贸合作推介会现场。 马铭言摄 内外贸重点项目签约活动中，共签约项目18个，签约总金额近2.5亿元，涵盖农畜产品、通信技术、国 际品牌、进出口贸易、金融服务等行业和领域，其中不乏具有全省引领性、填补产业空白的重大项目。 图为6月25日，"投资青海"国际经贸合作推介会现场，举行内外贸重点项目签约活动。 马铭言摄 青海，是长江、黄河、澜沧江的发源地，被誉为"中华水塔""三江之源"，有着丰富的盐湖资源、清洁能 源资源，锂、钾等矿产储量居全国前列，光伏、风电等清洁能源开发潜力巨大。 此次推介会旨在借助第26届中国·青海绿色发展投资贸易洽谈会投资促进平台作用，面向全球投资者， 全方位立体式展现青海经济活力、创新动力和投资潜力，推介青海发展新优势和广阔合作前景，促成务 实投资对接、项目合作。 图为6月25日，"投资青海"国际经贸合作推介会现场。 马铭言摄 推介会现场，青海省商务厅、西宁市、海东市、海南藏族自治州、海西 ...

Group 1 - The core focus of Shenwan Hongyuan Securities Shandong Branch is to support key areas such as technological innovation, green low-carbon initiatives, and inclusive livelihood to promote high-quality economic development in Shandong [1][4] - The "Yantai Guofeng Shenwan Aerospace Fund" project was recognized as a "typical product of technology finance," being the only brokerage case on the list, with a total fund size of 2 billion yuan and an initial phase of 1 billion yuan [1][2] - The fund aims to invest in high-quality private equity and venture capital projects related to the aerospace industry, having already invested in four high-growth enterprises covering critical areas such as rocket development and satellite payload technology [1][2] Group 2 - The Shenwan Hongyuan Securities Shandong Branch has achieved three major breakthroughs with the Yantai Guofeng Shenwan Aerospace Fund, including capital empowerment, project implementation, and mechanism formation [2] - The company has expanded the issuance scale of bonds in key areas, successfully issuing seven technology innovation and carbon neutrality bonds in 2024, raising 3.5 billion yuan to support enterprise transformation and upgrade [2] - A carbon fiber industry fund is being established in Weihai, with an expected scale of 1 billion yuan over the next three years, aimed at promoting local industrial upgrades [3] Group 3 - The company is actively involved in the construction of the "Dingzi Bay New Energy Innovation Zone" in Yantai, focusing on clean energy, aerospace, and new materials [3] - Shenwan Hongyuan Securities has signed a cooperation agreement with a well-known aerospace company to assist in the development and industrialization of heavy liquid rocket core systems, aiming to facilitate financing of no less than 200 million yuan over the next three years [3]

Core Insights - The report by Ernst & Young highlights a decline in revenue and net profit for listed construction companies in China for the year 2024, with total revenue of approximately 8.66 trillion yuan, a decrease of 5.39% compared to 2023, and a net profit of 209.98 billion yuan, down 15.31% from the previous year [1][2] Group 1: Financial Performance - The total revenue of 34 listed construction companies for 2024 is approximately 8.66 trillion yuan, reflecting a decline of 5.39% from 2023 [1] - The net profit for these companies is 209.98 billion yuan, which represents a decrease of 15.31% compared to 2023 [1] - The average net profit margin for the companies is 2.42%, showing a slight decline from 2023 and 2022 [1] Group 2: Asset and Taxation Overview - As of the end of 2024, the total assets of the 34 listed construction companies amount to approximately 16.21 trillion yuan, marking a year-on-year growth of 10.07% [1] - The total asset turnover rate for 2024 is 0.56, indicating a decrease from 2023, suggesting a decline in overall operational efficiency [1] - The total tax amount for the 34 companies is 262.19 billion yuan, which is a decrease of 1.88% year-on-year, while the overall tax burden rate increased by 0.11 percentage points [1] Group 3: Future Outlook - The report indicates that various government policies aimed at stabilizing the real estate market, such as optimizing purchase restrictions and providing housing subsidies, will support the construction industry [2] - The introduction of policies related to the "14th Five-Year Plan" for modern energy systems and renewable energy development is expected to provide strong momentum for the construction sector [2] - The report emphasizes the importance of integrating innovative technologies like AI, big data, BIM, robotics, and IoT for construction companies to enhance project quality, management efficiency, safety, and environmental sustainability [2]

Core Viewpoint - The report presented by the State Council highlights the steady development of new quality productivity in China, showcasing both new risks and opportunities, while emphasizing the confidence and capability to accelerate its growth for high-quality development [1] Group 1: Technological Innovation - Continuous breakthroughs in key core technologies are evident, with significant improvements in the effectiveness of technological innovation [2] - Major technology clusters such as Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area rank among the top five globally in 2024 [2] - The integrated circuit industry is projected to see a production increase of 22.2% in 2024, with export values exceeding 1.1 trillion yuan, marking a historical high [2] - The production of new energy vehicles is expected to surpass 13 million units, maintaining a global leadership position for ten consecutive years [2] Group 2: Green and Low-Carbon Development - The report indicates a deepening of green and low-carbon development, with a cumulative carbon emissions trading volume of 640 million tons and a transaction value of 44.05 billion yuan by April 2025 [3] - Non-fossil energy consumption is projected to reach 19.8% of total energy consumption by 2024, reflecting a significant shift towards renewable energy [3] - China is expected to deliver over 400 billion kilowatt-hours of green electricity through its ultra-high voltage direct current transmission channels in 2024 [3] Group 3: Policy and Structural Innovation - The report emphasizes the need for comprehensive innovation across technology, industry, development methods, institutional mechanisms, and talent systems to promote new quality productivity [5] - It advocates for major disruptive technological innovations focusing on basic research and frontier technologies to achieve breakthroughs in key areas [5] - The implementation of policies to support green consumption and the expansion of the "old for new" replacement program is expected to stimulate consumer demand for green products [6][7] Group 4: Talent Development and Market Dynamics - The establishment of a high-level innovative talent team is crucial, with a focus on creating a service system for returning overseas students and optimizing foreign talent services [8] - The emergence of new professions driven by digital transformation and talent cultivation policies is noted, particularly in intelligent manufacturing and the digital economy [8][9] - The report highlights the importance of venture capital in driving innovation within the digital economy, emphasizing the need to reverse the recent decline in investment [8]

| | ☑特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | | 诚通证券营业部总经理潘斌 | | 参与单位名 | 诚通证券财富顾问黄群 | | 称及人员姓 | 诚通证券保荐代表人杨破立 | | 名 | | | | 贵山基金研究员邱文杰 | | | 个人投资者 朱学新、陈俭、陈敏、陈玚、周小梅、柏怡芳、施宛伽 | | 时间 | 2025 年 6 月 25 日 | | 地点 | 昆山自动化仓库会议室 | | 上市公司接 | 副总裁、董事会秘书 张瑜 | | 待人员姓名 | 副总裁 王晓娟 | | | 介绍公司基本情况，参观了公司在昆山综合保税区内的自动化智能展厅及仓 | | | 库，了解了立体智能仓库的作业场景，机构代表对公司行业发展及未来规划就以 | | | 下问题进行了交流： | | | 1.是否可以给大家简单介绍一下公司基本情况？ | | | 答：非常感谢投资者、研究员及各位专家在百忙之间抽出时间来公司指导调 | | | 研。飞力达成立于 1993 年， ...

Core Viewpoint - Hubei's electricity spot market officially commenced after 416 days of trial operation, becoming the first provincial market in the second batch of national electricity spot market construction pilots, and the sixth province in China to enter formal operation [1] Group 1: Market Structure and Development - Hubei has established a comprehensive electricity market system integrating long-term contracts, spot trading, ancillary services, retail markets, and green electricity certificates, providing a model for national electricity market construction [1] - The province's energy structure is characterized by a balanced mix of hydropower, wind, and solar energy, leveraging its geographical advantages for electricity transmission [1] Group 2: Operational Improvements - The transition from a planned to a market-based electricity production model has been achieved, with all 68 coal-fired power plants and 288 centralized renewable energy stations participating in the spot market [2] - The average utilization hours of Huaneng Yangluo Power Plant increased by 4% year-on-year due to optimized pricing strategies [2] - The electricity grid's operational efficiency has improved through advanced technology, enabling real-time data-driven dispatching and automated market clearing [2] Group 3: Renewable Energy Management - Hubei has improved the accuracy of renewable energy output forecasting from 94% to 96%, and the proportion of Automatic Generation Control (AGC) operation increased from 10% to 70% [3] - Since April 2024, Hubei has increased renewable energy generation by 25.23 billion kilowatt-hours, equivalent to a reduction of 1.8 million tons of CO2 emissions [3] Group 4: Supply-Side Competition - Hubei has implemented a market-driven pricing mechanism for coal-fired power, resulting in a 0.04 yuan/kWh decrease in market settlement prices from January to May 2024, saving users 1.2 billion yuan [4] - The province has enhanced its peak shaving capacity by 6.82 million kilowatts through deep peak regulation modifications across all coal power units [4] - Hubei's renewable energy capacity reached 46.65 million kilowatts, surpassing coal power for the first time [4] Group 5: Consumer Guidance and Green Transition - The establishment of a spot price mechanism has guided investments in power sources and grids, optimizing resource allocation [6] - Coal power units have increased their peak and deep regulation capacities by approximately 600,000 kilowatts and 500,000 kilowatts, respectively, to accommodate renewable energy [6] - Industrial users have effectively managed their electricity consumption based on real-time pricing, resulting in significant cost savings [6] Group 6: Virtual Power Plant Development - Hubei has successfully integrated 25 virtual power plants, connecting 2,248 adjustable users with a total capacity of 20.58 million kilowatts [7] - The virtual power plants have demonstrated significant demand response capabilities, with a total of 361.37 million kilowatt-hours of regulated electricity [7] - The province aims to expand its electricity market participants to over 10,000 by the end of 2025, enhancing market flexibility and efficiency [7]

Core Viewpoint - The project by China State Construction Engineering Corporation (CSCEC) in Zhangjiang is progressing with the commencement of the curtain wall engineering, marking a significant milestone towards achieving near-zero energy consumption goals and showcasing the project's green performance [1][3]. Group 1: Project Development - The curtain wall engineering has officially started, indicating a new phase in the project's external facade display and green performance efforts [1]. - The project aims to become a vibrant hub for leading enterprises in Zhangjiang Science City, focusing on innovative living and green technology [3]. Group 2: Energy Efficiency and Technology - The project utilizes a high-efficiency curtain wall system with four-glass two-chamber Low-E glass, achieving a thermal transmittance coefficient of 1.7 W/(㎡·K), surpassing near-zero energy consumption standards [5]. - An integrated smart control system has been implemented, allowing for the coordination of air conditioning, ventilation, and shading devices to optimize indoor comfort and energy efficiency [6]. - The project emphasizes the use of renewable energy through innovative applications of photovoltaic technology, including BIPV and BAPV systems, to balance and reduce grid load [7]. Group 3: Project Management and Execution - The project team has meticulously planned and executed the curtain wall engineering, overcoming challenges related to site coordination, multi-disciplinary integration, and safety risks [9]. - The company is committed to maintaining high quality and efficiency in the project execution, aiming to set a new benchmark for commercial and office projects in the Zhangjiang area [9].

Group 1 - The report highlights that China's new quality productivity development faces both new risks and challenges, as well as new opportunities and spaces for growth, with confidence and capability to accelerate its cultivation [1][3] - China's technological innovation efficiency continues to improve, with significant results from innovation-driven development, particularly in major cities and regions like Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area, ranking among the top five in the 2024 global technology cluster rankings [1][2] - The integrated circuit industry is experiencing substantial growth, with a projected 22.2% increase in production in 2024 and export value exceeding 1.1 trillion yuan, marking a historical high [1][2] Group 2 - The report indicates that the annual installation of industrial robots in China accounts for over 50% of the global total, and the comprehensive mechanization rate for crop farming exceeds 75% [2] - The output of new energy vehicles is expected to surpass 13 million units in 2024, maintaining a decade-long position as the global leader in production and sales [2] - By April 2025, the cumulative transaction volume of carbon emission allowances in the national carbon trading market is projected to reach 640 million tons, with a total transaction value of 44.05 billion yuan [2] Group 3 - The report emphasizes the need for comprehensive promotion of technological innovation, industrial innovation, and the transformation of development methods, alongside institutional and talent mechanism innovations to accelerate the development of new quality productivity [3] - Key areas for promoting new quality productivity include advancing technological breakthroughs, driving industrial transformation through technological innovation, and facilitating a comprehensive green transition in economic and social development [3]

新华社吉隆坡6月25日电 专访：期待亚投行成为引领区域可持续发展的全球公共产品提供者——访马 来西亚经济学家郑鼎华 新华社记者王嘉伟 毛鹏飞 他向新华社记者表示，作为创始成员之一，马来西亚在亚投行的参与度和实际受益仍有巨大提升空间。 "马来西亚加入亚投行，不只是为了贷款融资，更是意在从宏观经济层面获益。"郑鼎华分析说，马来西 亚是全球主要棕榈油出口国，若能通过亚投行支持的港口、交通等基础设施项目，提升与发展中国家的 互联互通水平，将有助于开拓新兴市场，深化南南合作。 郑鼎华进一步指出，亚投行在可持续发展领域投资体现在绿色基础设施、互联互通与区域融合、科技赋 能和私营资本动员等方面。马来西亚可据此优化自身项目设计与融资策略，聚焦清洁能源等绿色项目， 港口升级与数字连接等互联互通工程，智慧城市、能源物联网与数字支付等科技项目。 展望未来，郑鼎华表示，亚投行作为新兴多边开发银行，有望进一步加强与亚洲开发银行、金砖国家新 开发银行等区域性多边机构的协调合作，提高融资效率并实现多边金融体系协同互补。 "下一个十年，亚投行将不仅是基础设施建设融资者，更有望成为引领区域可持续发展的全球公共产品 提供者。"郑鼎华说。 "过去 ...