Investment Rating - The report maintains a "B" rating for the new materials sector, indicating a leading position in the market [2]. Core Insights - The central economic work conference emphasizes a comprehensive green transition, suggesting a focus on upstream raw material opportunities in the wind power sector. The wind power industry is expected to maintain a high prosperity pattern, with annual new installed capacity projected to be no less than 120 million kilowatts during the 14th Five-Year Plan period, reaching a cumulative installed capacity of 1.3 billion kilowatts by 2030 and 5 billion kilowatts by 2060 [5][4]. Market Performance - The new materials sector saw an increase of 0.66%, underperforming compared to the ChiNext Index, which rose by 2.08%. Over the past five trading days, the synthetic biology index fell by 1.58%, while semiconductor materials increased by 6.21%, electronic chemicals by 7.05%, industrial gases by 4.48%, and battery chemicals decreased by 1.88% [2][18][13]. Price Tracking - Amino acids: Valine at 13,050 CNY/ton (up 3.57%), Arginine at 20,950 CNY/ton (down 1.87%), Tryptophan at 30,500 CNY/ton (unchanged), Methionine at 17,950 CNY/ton (down 2.45%) [3]. - Industrial gases: UPSSS grade hydrofluoric acid at 11,000 CNY/ton (unchanged), EL grade hydrofluoric acid at 6,160 CNY/ton (up 0.98%) [3]. - Degradable plastics: PLA (FY201 injection grade) at 17,800 CNY/ton (unchanged), PLA (REVODE 201 blow film grade) at 16,800 CNY/ton (down 1.18%) [3]. Investment Recommendations - The report suggests focusing on wind blade manufacturers such as "Shidai New Materials" and "Maijia Xincai" due to the anticipated growth in the wind power upstream materials market [5].

Core Viewpoint - The company, South Glass A, is a leading supplier of high-end energy-saving glass in China and is actively developing innovative products in response to the "dual carbon" initiative [2]. Group 1: Company Products - South Glass A is recognized as one of the largest suppliers of high-end architectural energy-saving glass in China [2]. - The company's float ultra-white glass products are well-received by both domestic and international customers due to their high transmittance and low self-explosion advantages [2]. - The company has independently developed several energy-saving products in the engineering glass sector, including the innovative "Ice Kirin" glass series, insulation products, and BIPV products [2].

Core Insights - The Chinese industrial textile industry has achieved significant breakthroughs in scale, quality, and technological innovation during the 14th Five-Year Plan, establishing itself as a global leader in production, consumption, and export [2][4]. Group 1: Industry Achievements - By 2024, China's fiber processing volume in the industrial textile sector is expected to reach 21.384 million tons, with an average annual compound growth rate of 3.3% during the 14th Five-Year Plan [2]. - The production of non-woven fabrics is projected to reach 8.561 million tons in 2024, with a compound annual growth rate of 1.4% [2]. - The industry accounts for approximately 30% of global production and export value, with non-woven fabric exports hitting a record high of 1.516 million tons and export value of $4.04 billion in 2024 [2]. Group 2: Technological Innovations - The industry has seen a surge in technological achievements, with 16,500 patents in non-woven fabric technology, including 7,931 invention patents [3]. - Significant advancements have been made in key technologies such as three-dimensional weaving and electrospinning, enhancing the performance and production efficiency of aerospace composite materials [3]. - The industry has actively pursued certifications for biodegradable and dispersible products, with 35 companies achieving biodegradable certification for 60 units by August 2025 [3]. Group 3: International Positioning - The Chinese industrial textile sector has transitioned from being a "low-cost supplier" to a "global innovation partner," enhancing its international image through technological innovation and structural adjustments [4][5]. - In 2024, the export value of the industrial textile industry reached $41.34 billion, marking a 6.7% increase and reversing a three-year decline in exports [4]. Group 4: Future Outlook - The 15th Five-Year Plan aims to optimize and upgrade traditional industries, with a focus on quality and efficiency improvements in the industrial textile sector [6]. - The industry is expected to shift from scale expansion to quality and efficiency upgrades, enhancing its strategic position, technological level, and international influence [6][8]. - Key common technologies will be targeted for concentrated breakthroughs, aiming for substantial improvements in energy efficiency and production costs while meeting high-end market demands [7].

Core Viewpoint - The articles highlight the significant progress made in ecological restoration, pollution prevention, and industrial transformation in Liaoning Province, emphasizing the importance of green development for high-quality growth [1][6]. Group 1: Pollution Prevention - Benxi achieved 338 days of good air quality in 2024, accounting for 92.3% of the year [2]. - The implementation of a closed "smart material yard" at Benxi Steel Group has significantly reduced dust pollution, improving visibility and operational efficiency [2]. - Over the past five years, Benxi Steel has invested approximately 12.7 billion yuan in environmental projects, with a nearly fivefold increase compared to the previous five years [3]. Group 2: Ecological Restoration - Liaoning has initiated comprehensive ecological restoration efforts in the Horqin Sandy Land, successfully completing 8.03 million acres of integrated management tasks [4]. - The province has restored 5,592 hectares of coastal wetlands and 79.3 kilometers of coastline, along with rehabilitating 415,000 acres of abandoned mines [4]. Group 3: Industrial Transformation - The Dalian Changxing Island petrochemical industrial base is developing a green hydrogen energy industry cluster, projected to reach a scale of 50 billion yuan by 2027 [5]. - The Hengli Industrial Park has implemented water recycling and innovative seawater cooling technologies, saving enough water for 100,000 households annually [5]. - Liaoning has cultivated over 800 provincial and above-level green factories, with a renewable energy utilization rate of 95.86% in 2024 [5].

Group 1: Gold as a Core Asset - Gold is increasingly viewed as a cornerstone asset in a fragmented, fiscally constrained, and geopolitically uncertain world, reflecting deeper changes in the global financial system where trust, diversification, and resilience are as important as returns and growth [1] - Despite strong momentum, risks to gold in the near term stem from positioning and capital flows, with significant short-term volatility expected due to a major commodity index rebalancing in 2025 [1] Group 2: Euro and Dollar Outlook - The euro is expected to maintain a range-bound movement against the dollar in 2026, despite potential economic recovery in Germany, as the market has already priced in these developments [2] - The Federal Reserve's upward revision of U.S. economic growth forecasts for 2025 and 2026 is likely to support capital inflows into the U.S., limiting the euro's upward potential [2] Group 3: Thailand's Economic Growth Challenges - Lowering interest rates alone will not resolve Thailand's economic growth issues, with growth in the second half of 2025 impacted by reduced short-term tourism and flooding in southern Thailand [3] - Structural factors, including slowing income growth and export pressures on household consumption, will affect Thailand's economic outlook for 2026 [3] Group 4: UK Monetary Policy - The Bank of England is unlikely to signal a clear dovish stance due to persistent inflation above target, with any potential rate cuts framed as a gradual risk management shift rather than a full easing cycle [4] Group 5: U.S. Treasury Yield Projections - U.S. 10-year Treasury yields are projected to trade within a range of 4.0%-4.5% in 2026, with the possibility of reaching the upper limit in the second half of the year due to deteriorating deficit prospects [5] Group 6: Chinese Baijiu Industry Outlook - The Chinese baijiu industry is expected to see improved financial statements and clearer upward turning points in 2026, driven by a gradual recovery in consumer demand and innovative supply-side strategies [6] Group 7: Social Services Sector Stabilization - The social services sector in China is showing signs of stabilization and bottoming out after experiencing price pressures and same-store sales declines in 2024, with potential recovery in sub-sectors like hotels and duty-free shops [7] Group 8: Debt Market Projections - The central tendency of bond market interest rates is expected to rise slightly in 2026, with a forecasted range of 1.6%-2.0% for 10-year government bonds, influenced by neutral monetary policy and marginal improvements in the economic fundamentals [8] Group 9: Green Hydrogen Industry Development - Recent high-level meetings have set the tone for China's green development goals, emphasizing the acceleration of the green hydrogen industry as part of the broader transition to a low-carbon economy [9] Group 10: Liquid Cooling in Servers - 2025 is anticipated to be a breakout year for server liquid cooling, with significant shipments expected and increased participation from domestic manufacturers in the supply chain [10]

Company Overview - Giant Lifting Equipment Co., Ltd. has a history of 40 years since its establishment in 1985, with headquarters located in Baoding, Hebei Province [3] - The company occupies over 1,700 acres and has two main production bases in Baoding and Mengzhou, with plans for a third base in Tianjin [3] - It specializes in the R&D, design, manufacturing, and sales of lifting equipment, offering over ten product series and thousands of specifications [3] Product Composition - The company's products are divided into two main categories: - Metal lifting products (mainly steel plates, round steel, and wire rods) - Soft lifting products (mainly industrial fiber wires such as polyester, nylon, aramid, and polypropylene) [4] - Revenue breakdown by product type: - Engineering and metal lifting products: ~50% - Synthetic fiber lifting belts: ~20% - Wire ropes and related products: ~26% [4] - Overall gross margin is maintained at around 20%, above the industry average [4] Industry Trends and Demand - Company revenue has shown double-digit growth since 2018, with the exception of declines in 2021 and 2024 [5] - Current market demand is increasing, particularly in emerging sectors such as renewable energy and infrastructure projects [5] - Traditional sectors like metallurgy and construction are experiencing slower growth, but the existing market remains substantial [5] Technological and Standardization Efforts - The company has authored 16 national, industry, and local standards and participated in 49 others, totaling 65 standards [4] - It holds over 370 patents, including 66 invention patents, and has established several R&D platforms [4] Project Developments - The Henan subsidiary has invested in two projects, with the first phase reaching full production in 2024 and the second phase entering trial production by the end of the year [4] Interaction Insights - The company provides products for commercial aerospace applications, ensuring support from assembly to pre-launch processes [7] - The deep-sea economy is supported by government policies aimed at promoting high-quality marine economic development [8] - The company has established a wholly-owned subsidiary in Tianjin to enhance its capabilities in the deep-sea economy [8] International Strategy - The company has received factory recognition from eight classification societies and established a stable sales network in over 100 countries [9] - Recent projects include significant sports venues in Saudi Arabia and Serbia, with expectations for increased overseas revenue due to the Belt and Road Initiative [9] - Currently, there are no plans for overseas factory expansions [10]

Core Insights - The wind power industry is expected to experience a synchronous recovery in both domestic and international markets, driven by changes in demand and industry dynamics, creating new investment opportunities [1] - The report maintains an "outperform" rating for the wind power sector, indicating a positive outlook for investment [1] Group 1: Industry Review - Since 2021, China's onshore wind power has entered a parity era, with rapid cost reductions achieved through large-scale and technological advancements, leading to continuous installation exceeding expectations [3] - The competition within the main engine segment has significantly compressed the profitability of the industry chain, resulting in a situation where growth in volume does not equate to growth in profit [3] - The price of the onshore wind industry chain has been recovering since the second half of 2024, with profitability expected to improve in 2025 as shipment volumes increase [3][4] Group 2: Onshore Wind Power Outlook - For 2026, it is anticipated that new onshore installations in China will reach 120 GW, a year-on-year increase of 10%, setting a new historical high [4] - The industry chain prices are expected to have solid support, leading to significant recovery in main engine profits, with component segments showing notable operational leverage [4] - The CAGR for new onshore installations in emerging markets is projected to be 17% from 2024 to 2030, with domestic manufacturers expected to see substantial growth in export profits [4] Group 3: Offshore Wind Power Outlook - The report forecasts that new offshore installations in China will rise to a range of 11-15 GW in 2026, representing a year-on-year increase of over 40% [5] - The national offshore wind project development is expected to commence in 2026, with a total of 70-100 GW of new offshore installations projected during the 14th Five-Year Plan period [5] - The global offshore wind market is anticipated to see steady growth in orders and construction demand, particularly in Europe, where supply constraints for cables and piles are expected [5] Group 4: Investment Recommendations - The report suggests focusing on key players in the main engine segment such as Goldwind Technology, Yunda Co., and Sany Renewable Energy, while component manufacturers like Delijia and Jinlei Co. are also highlighted [6] - In the offshore wind sector, companies such as Dajin Heavy Industry, Haili Wind Power, and Oriental Cable are recommended for investment consideration [6]

"两轮"闯世界 浙江"桐乡智造"抢滩电动出行新风口 中新网嘉兴12月18日电(黄彦君)最快20分钟，一杯咖啡的时间满电出发……连日来，在浙江省桐乡市， 一款电动摩托车(以下简称"电摩")火热出圈，成为备受期待的"明星产品"。 "我们新推出的电摩车型，覆盖了消费者从日常通勤到高端智能的多元化出行需求。"当地某科技公司有 关负责人介绍，该车型采用快充模式，20分钟就可充八成电，计划2026年在桐乡市崇福镇量产。 据介绍，与传统机车不同的是，上述产品搭载了"AI智能双屏幕"，车机可以通过实时算法优化自主调节 骑行策略，雨天适配刹车灵敏度、爬坡自动加大动力等功能，让车辆从单纯代步工具升级为"智能伙 伴"。 浙江桐乡，一款电摩上搭载的AI智能双屏幕。桐乡市委宣传部供图 电摩成为桐乡新产业发力的焦点，并非偶然。在"双碳"目标与智慧出行浪潮双重驱动下，电动化、智能 化正重塑两轮出行市场。 近年来，作为全国"车路云一体化"建设试点，桐乡培育形成了"从整车到关键零部件、从软件开发到车 路协同"的新能源智能网联汽车产业生态圈。 目前，当地已集聚60多家智能网联汽车企业和200多家汽车及零部件制造配套企业，产业集群效应日益 凸显， ...

Group 1: Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271℃ to 200℃ [3] - Key product types include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps, among others [3] Group 2: Revenue and Market Performance - The low-temperature refrigeration segment experienced a slight decline in revenue in the first three quarters, with a decreasing rate of decline each quarter; however, the special air conditioning and thermal management segments showed year-on-year growth [4] - The joint venture Yantai Modern Ice Wheel Heavy Industry Co., Ltd. is projected to generate over 700 million in revenue in 2024, driven by strong market demand [8] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including liquid cooling systems, with significant projects completed for major clients such as the National Supercomputer Center and various banks [4] - Dunham-Bush, a subsidiary, has been recognized in the national green data center technology product directory for its energy-efficient cooling solutions [6] Group 4: Thermal Management and Carbon Neutrality - The company is actively involved in thermal management, focusing on industrial heat pumps and technologies that support carbon neutrality, with a total of 96 patents and 33 software copyrights authorized as of the end of 2024 [6][7] - The company’s technologies, such as waste heat recovery and high-temperature heat pumps, are expected to become essential under new carbon reduction policies, providing long-term demand stability [7] Group 5: HRSG Products - The company’s joint venture produces heat recovery steam generators (HRSG) for combined cycle gas power plants, collaborating with major global firms like GE and Siemens, and has a competitive edge in the market [8]

Core Viewpoint - The Chinese chemical industry is undergoing a profound transformation centered on "intelligent, green, and clustered" development, with the 2026 China (Jinan) International Chemical Equipment and Intelligent Manufacturing Exhibition (CIEIM 2026) set to take place from March 9 to 11, 2026, in Jinan, aiming to showcase the industry's shift towards high-end, intelligent, and green practices [1][3]. Group 1: Exhibition Overview - The exhibition will feature over 500 top global companies and attract more than 30,000 professional visitors, marking a significant milestone in the chemical industry's transition [1]. - The event will cover an exhibition area of 100,000 square meters and will integrate with the BIO CHINA exhibition, showcasing a full spectrum of "chemical + biological manufacturing" [3]. Group 2: Product Coverage - The exhibition will comprehensively cover two main areas: chemical equipment and intelligent manufacturing, emphasizing the dual themes of "intelligent + green" [4]. - The chemical technology equipment section will include a full range of devices from raw material processing to finished product delivery, highlighting key technologies for emission reduction and energy efficiency [4]. Group 3: Intelligent Manufacturing and Digitalization - The intelligent manufacturing and digitalization section will focus on cutting-edge technologies such as smart factories, industrial internet, artificial intelligence, and big data analytics, demonstrating how the chemical industry can optimize production and enhance safety through digital transformation [5]. Group 4: Forums and Industry Insights - The exhibition will host the 2026 Chemical Equipment Innovation Development Conference, featuring three major forums that will discuss topics such as digital transformation, green processes, and fluid technology applications [7]. - These forums aim to provide actionable solutions for enterprises by interpreting national policies and industry trends through real case studies [7]. Group 5: Participation Benefits - Participating in CEM CHINA 2026 offers opportunities to gain insights into policy and market trends, especially during the critical early phase of the "14th Five-Year Plan" [8]. - The exhibition serves as a platform for companies to enhance brand influence and connect with high-quality global customers [8]. Group 6: Target Audience - The audience will include users from various end industries such as petrochemicals, pharmaceuticals, food, and environmental sectors, ensuring efficient and precise business matching for exhibitors [10]. - CIEIM 2026 is positioned not only as a product and technology showcase but also as a platform for industry collaboration and innovation [10].