另据2024年11月数据披露，我国当前能源发电结构排名为火电、风电、水电、核电，占比分别为69%、11%、11%、5%；据中国核能行业协会 预测到2035年，国内核电占比将提升到10%左右，达到目前全球平均水平。 【环球网财经综合报道】日前，国家核安全局局长表示，我国核电已进入大规模建设高峰期，已颁发建造许可证的机组31台，核准待建机组13 台，未来还将有新的机组核准，在建规模高于世界其他国家的在建规模总和。 浙商证券近日撰文提到，1965至1980年全球核电经历快速发展时期，增速约25%；1979年美国三里岛核电厂事故和1986年切尔诺贝利核电厂事 故对世界核电的发展产生了重大影响，核电进入缓慢增长阶段，1981年至2023年核能发电CAGR约3%。截至2023年，核能占全球能源发电量 约9%，次于化石能源62%、水电15%。 浙商证券还提到，2019年我国核电项目核准重启，标志着政策从谨慎控制转向积极支持。中国核电政策以"积极、安全、有序"为核心，明确核 电在 清洁能源中的重要地位，助力"双碳"目标。政策支持自主三代技术（如"华龙一号"）规模化建设，强化核安全监管，完善法 规体系，确 保核电高质量发展。 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The rice seed industry is experiencing counter-cyclical growth with better-than-expected profitability; the domestic corn seed industry maintains its leading advantage and demonstrates operational resilience; the overseas corn seed industry may reach a transformative turning point and is expected to benefit from changes in international trade dynamics, leading to market expansion. The long-term development prospects of the company are viewed positively [1][6]. Financial Data and Valuation - The company is projected to achieve total revenue of 85.66 billion yuan in 2024, a year-on-year decrease of 7%, with a net profit attributable to shareholders of 1.14 billion yuan, down 43% year-on-year. The earnings per share (EPS) for 2024 is expected to be 0.09 yuan [2][18]. - Revenue is expected to grow to 94.81 billion yuan in 2025, with a net profit of 4.32 billion yuan, reflecting a significant year-on-year increase of 279% [18][21]. - The company’s total market capitalization is approximately 13.6 billion yuan, with a current share price of 10.29 yuan [3][6]. Performance Summary - The domestic rice seed business has shown strong performance, with a revenue increase of 13% in 2024, leading to a net profit of 340 million yuan, which is over 50% growth [6][19]. - The domestic corn seed business generated revenue of 2.12 billion yuan despite high inventory pressures, showcasing operational resilience [6][19]. - The overseas corn seed business faced challenges due to falling international grain prices and extreme weather, but maintained a market share of around 20% [6][19]. Future Outlook - The domestic hybrid rice seed industry is entering a destocking phase, indicating a potential upward trend in the rice seed market; the company’s product lineup is well-prepared, and high growth is expected to continue [6][19]. - The overseas corn seed market is anticipated to benefit from changes in international trade patterns, leading to market expansion opportunities [6][19]. - The company is expected to see a recovery in its Brazilian corn seed business, contributing positively to its overall performance [6][19].

Investment Rating - The investment rating for the company is "Buy" with a target price of 50.40 RMB [8][9]. Core Views - The company has successfully commercialized AI applications, leading to an expected acceleration in performance in 2025 [1][2]. - The company is leveraging AI technology to enhance internal operational efficiency, resulting in a significant reduction in expense ratios [2]. - The company is capitalizing on the trend of Chinese enterprises expanding into Southeast Asia, with promising results in overseas market development [3]. - The AI business indicators for Q1 2025 show continued improvement, indicating a broad growth potential for the future [4]. - Revenue forecasts have been adjusted downwards due to traditional business pressures, but earnings per share (EPS) estimates have been raised due to significant improvements in operational efficiency [5]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 2.331 billion RMB (up 4.62% YoY) and a net profit of 156 million RMB (up 3.59% YoY) [1][7]. - The company expects revenues of 2.719 billion RMB, 3.206 billion RMB, and 3.816 billion RMB for 2025, 2026, and 2027 respectively, with growth rates of 16.64%, 17.92%, and 19.05% [5][7]. AI Business Development - The company reported revenue from self-developed smart software products and integrated solutions of 662 million RMB and 555 million RMB respectively in 2024, with growth rates of 13.57% and 12.64% YoY [2]. - The AI business in Taiwan saw a remarkable growth of 135.07% YoY [2]. Overseas Market Expansion - Revenue from non-mainland China regions reached 1.154 billion RMB in 2024, growing by 7.53% YoY, driven by markets in Taiwan and Southeast Asia [3]. - The company has established strategic partnerships to enhance services for Chinese enterprises venturing abroad, focusing on key industries such as automotive and electronics [3]. Profitability and Valuation - The company’s EPS is projected to be 0.84 RMB, 1.18 RMB, and 1.65 RMB for 2025, 2026, and 2027 respectively, reflecting an increase in profitability [5][7]. - The target price of 50.40 RMB is based on a 60x PE ratio for 2025, considering the company's product and industry advantages [5].

zhangyue1@kysec.cn 证书编号：S0790524090003 固态电池产业化渐近，关注产业链投资机会 2025 年 04 月 27 日 中小盘研究团队 固态电池星辰大海，制造业板块本周表现占优 ——中小盘周报 周佳（分析师） 张越（分析师） zhoujia@kysec.cn 证书编号：S0790523070004 固态电池通过使用固体电解质代替传统液态电解质，不仅解决了锂离子电池在安 全性、能量密度和循环寿命方面的局限性，还为电动汽车、大规模储能系统、人 形机器人、低空经济等领域提供了更高效、更可靠的解决方案。液态电解质有三 大核心缺点：容量不可逆衰减、寿命受影响、安全性能方面存在隐患。固态电解 质则以其不可燃性、高机械强度及宽电化学窗口等特性，为锂金属负极的实用化 提供了革命性解决方案。但固态电池距离真正实现产业化、规模化应用仍有一段 距离，需要突破几大难点，包括制造成本高、导电性较差等。固态电解质目前可 分为聚合物、无机物固（包括氧化物、硫化物、卤化物）、复合电解质三大类， 其中复合固态电解质有望成为未来技术发展的趋势。全固态电池技术有望于 2030 年实现能量密度>500 Wh/kg、成 ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2]. Core Viewpoints - The commercialization of humanoid robots is accelerating, with a focus on four major investment themes related to the chemical sector. In Q1 2025, over 35 companies launched new humanoid robot products, with more than 21 from China. The market for humanoid robots is expected to reach 8.239 billion yuan, accounting for about 50% of the global market by 2025 [5][28]. Summary by Sections Market Performance - The basic chemical industry index increased by 2.7% from April 18 to April 25, outperforming the Shanghai Composite Index by 2.1 percentage points and the ChiNext Index by 1.0 percentage points. Year-to-date, the basic chemical industry index has risen by 1.7%, surpassing the Shanghai Composite Index by 3.4 percentage points and the ChiNext Index by 10.8 percentage points [3][16]. Investment Themes 1. **Equity Investment Strategy**: The humanoid robot industry is projected to produce over 10,000 units by 2025, with significant market potential. Chemical companies can enhance their technological attributes through early-stage equity investments [5][28]. 2. **Polymer Materials**: Humanoid robots require various polymer materials, with modified plastics being a key solution for lightweight components. The demand for PEEK is expected to grow significantly, with a projected CAGR of 16.8% from 2022 to 2027 [5][29]. 3. **Tendon Materials**: Tendon systems are crucial for humanoid robots, with UHMWPE and carbon fiber being ideal materials due to their superior properties. Companies like Tongyi Zhong and Nanshan Zhishang are leading in UHMWPE production [6][29]. 4. **Electronic Skin Materials**: The electronic skin market is expected to grow from 6.3 billion USD in 2024 to 30 billion USD by 2034, with companies like Fulei New Materials and Hanwei Technology actively developing flexible sensor materials [5][29]. Product Price Changes - The report lists significant price changes for chemical products, with the top gainers including glyphosate (+16.3%) and liquid nitrogen (+13.7%). Conversely, coal tar saw a decline of 11.8% [5][6]. Investment Recommendations - Core assets in the chemical sector are entering a long-term value zone, with companies like Baofeng Energy and Wanhua Chemical recommended for investment. Additionally, sectors facing supply constraints, such as vitamins and refrigerants, are highlighted for their potential price elasticity [5][14].

Group 1 - Zhongtong Express Group and Meijin Energy signed a strategic cooperation agreement focusing on hydrogen fuel cell vehicle promotion, green logistics system construction, and hydrogen industry chain integration [1] - The collaboration aims to create a zero-carbon logistics solution and establish a hydrogen multi-modal application innovation center and a smart hydrogen digital ecosystem [1] - Meijin Energy has promoted nearly 4,000 hydrogen fuel cell vehicles, achieving a safe operational mileage of approximately 200 million kilometers and reducing carbon emissions by about 200,000 tons in the transportation sector [1] Group 2 - Meijin Energy is one of the largest independent producers of coking coal and has established a complete hydrogen industry chain, including production, storage, transportation, refueling, and utilization [1] - In 2024, Zhongtong Express is projected to handle 34 billion packages, maintaining the highest market share in the industry for nine consecutive years [2] - Zhongtong Express is committed to building a green, circular, and low-carbon logistics system through energy conservation, recycling packaging, and new energy applications [2]

Core Viewpoint - The "Qingzhou" cargo spacecraft represents a milestone in the commercialization of manned spaceflight in China, aiming to go beyond just being a "delivery service" for space logistics [2][6]. Group 1: Introduction of Qingzhou - The Qingzhou cargo spacecraft made its debut at the 2025 "China Space Day" science exhibition, introducing commercial space concepts and technologies to enhance rapid iteration and application in the aerospace field [2]. - The initial test flight of the prototype is scheduled for this year, with the formal prototype expected to be ready for launch next year to carry out cargo transport missions for the space station [2]. Group 2: Functions and Capabilities - Qingzhou is a crucial component of China's space station logistics system, characterized by moderate capacity, rapid flexibility, and outstanding efficiency, enhancing the reliability and safety of material supply to the space station [3]. - The spacecraft can transport not only daily supplies and scientific equipment but also various experimental payloads, supporting both manned and unmanned space science experiments [5]. - Qingzhou features a compact design, weighing approximately 5 tons, with an upward capacity of over 1.8 tons and a downward capacity of 2 tons, along with a loading volume of about 9 cubic meters [4]. Group 3: Technological Innovations - The introduction of commercial space concepts in Qingzhou includes a cargo transport system that optimizes the integration of launch vehicles and spacecraft, enhancing overall system design [6]. - The design of Qingzhou allows for a high space utilization rate, which improves the economic efficiency of missions while providing a convenient operational space for astronauts [5]. Group 4: Development Background - The China Academy of Micro-Nano Satellites Innovation has previously developed complex satellites, which provides a technological foundation for the electronic systems and structural design of Qingzhou [8]. - Transitioning from satellite development to cargo spacecraft presents challenges, particularly in docking with the space station, which requires careful consideration of structural integrity and communication systems [8].

证券代码：000723 证券简称：美锦能源 公告编号：2025-047 债券代码：127061 债券简称：美锦转债 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、公司2024年度利润分配预案的基本情况 山西美锦能源股份有限公司（以下简称"公司"）2024年度实现归属于母公司所有者的净利润 为-114,253.57万元，截至2024年12月31日公司合并报表累计可供分配利润为693,058.17万元；2024年度 公司母公司实现净利润为127,329.25万元，提取盈余公积12,732.92万元，加上年初未分配利润113,258.51 万元，截至2024年12月31日可供分配利润为227,854.83万元。由于公司2024年度亏损，2024年度拟不派 发现金红利，不送红股，不以资本公积金转增股本。 二、现金分红方案的具体情况 登录新浪财经APP 搜索【信披】查看更多考评等级 （一）公司2024年度利润分配预案不触及其他风险警示，具体指标如下： （二）2024年度拟不进行利润分配的合理性说明 根据《上市公司监管指引第3号——上市公司现金分红》《公司章程》等相 ...

本报讯(记者冯雨瑶)4月25日晚间，重庆智翔金泰生物制药股份有限公司(简称"智翔金泰")发布2024年年 报，报告期内，公司营业收入为3009万元，同比增长2384.1%；归属于上市公司股东的净利润为亏损 7.97亿元，相较上年同期亏损额有所减少。 新药研发、生产、商业化是一个投资大、周期长、风险高的过程。2024年，公司保持较高的研发投入， 研发费用约6.10亿元，近三年累计投入研发费用达16.85亿元。随着公司多款产品进入临床研究阶段及核 心产品进入关键性注册临床阶段，公司对在研项目将持续保持较高水平的研发投入。 过去一年，公司各项目研发快速推进，人才梯队建设不断完善，商业化销售团队已初具规模，现金储备 情况良好，核心管理及研发团队稳定。随着更多在研产品逐步实现商业化以及已上市产品更多适应症的 拓展，公司的财务状况与持续经营能力将进一步改善。 同日晚间，公司发布的一季报显示，一季度公司营业收入为2016万元；归属于上市公司股东的净利润为 亏损1.21亿元，亏损额有所减少。 年报显示，2024年公司营收增长主要系公司赛立奇单抗注射液(金立希)获批上市，正式开展商业化拓展 并产生销售收入，而上年同期仅有对外提 ...

全球首款兼具800km续航&峰值12C的超充电池 材料变化 1.第二代神行超充电池 超晶石墨：亚微米级传导颗粒，提升锂离子的潜入速度 SEI再生增强电解液：纳米级液相高速传输技术，让锂离子飞速穿梭 均衡电子流技术：电子传输面积扩大一倍，降低电子通道 碳包覆纳米超导技术：正极，加快电子传导速度，降低内阻 完美适配兆瓦级超充 性能 峰值充电功率超过1.3MW 充电5min，续航520km 低温充电：-10摄氏度，15min 充5-80%SOC 亏电状态下830kw 技术突破 能量密度边界： 自生成负极，能量密度提升大于50% 高能量密度电池膨胀方面， 开创了无膨胀负极 循环寿命： 高能SEI构建 安全： 重构电解液体系，结合表面电场调控技术及隔膜盾层设计，实现高安全性 2.钠新电池 研发故事和成果 第一次觉醒：解决能源存储便捷化 从无到有 第二次觉醒：新能源规模化 从有到强，全球各大锂电企业的贡献 第三次觉醒：今天开启，能源文明边界革新 能量自由。要实现能量自由，必须突破单一使用锂的 边界，资源自主，锂资源地壳含量0.0065%，而钠资源2.74%，选择后者，方向正确即全力投入 电解液：独家抗冻电解液技术 自研高 ...