各省份最新经济数据陆续出炉。截至目前，除西藏外，全国30个省份均已公布前三季度GDP数据。 从GDP增速来看，共有19个省份跑赢全国5.2%的平均增速，甘肃以6.1%的增速暂时领跑全国，福建与全国增速持平。此外，还有10个省份跑输全国大盘， 青海、海南及山西增速排名倒数，分别为3.7%、3.9%及4.0%。 具体到山西，前三季度规上煤炭工业增加值增长5.6%，比上半年回落1.5个百分点。在煤炭工业持续回落的同时，山西非煤工业也未能形成有力支撑，前三 季度增速仅3.9%。 在这样的情况下，加快转型步伐对山西而言已是迫在眉睫。 实际上，早在2019年，山西就成为全国能源革命综合改革试点。近年来，山西不断推动煤炭产业向智能化攀升、产品向高价值跃迁，风电、光伏、氢能等新 能源加快布局。 有媒体统计，在2025年山西省政府工作报告中，"转型"一词共被提及24次。山西方面表示，其经济持续回升基础还不牢固，转型发展任务艰巨，科技创新支 撑不足，新兴产业规模不大，摆脱对煤炭"两个过多依赖"仍需艰辛努力。 从最新数据看，山西转型发展不乏亮点。今年前三季度，山西规上装备制造业增加值增长6.9%。其中，新能源装备制造业增长1.6倍 ...

【环球时报驻德国特约记者 昭东 环球时报特约记者 任重】编者的话："当其他国家考虑核能发电的未 来时，德国却彻底告别核电时代。"据德国《图片报》报道，德国巴伐利亚州贡德雷明根核电站的两座 高达160米、由5.6万吨钢筋混凝土制成的冷却塔于10月25日被爆破，这被看作德国"核能时代的落幕"。 核电支持者担心，德国消费者将面临日益昂贵的电费账单，德国能源密集型工业也将遭受打击。那么， 德国为何抛弃核电？这对德国的电力供给、能源转型、经济发展会带来哪些挑战？ " 第一个放弃核电的主要工业国家 " 比利时Euractiv网站称，德国成为第一个放弃核能发电的主要工业国家。核电已为德国提供了约60年的 电力。最初，德媒将核能发电称为一项重大创新。但在20世纪70年代中后期，就出现了抗议核电的活 动。批评者认为，处理核废料十分棘手，而且没有合适的储存方案。 早在2000年，德国政府就计划逐步淘汰核电。该计划在默克尔担任总理时期被改变，当时德国运行的17 座核反应堆被允许继续运行数年。但2011年日本福岛核电站事故促使德国下定决心放弃核能。默克尔政 府最初计划在2022年之前关闭核电站。然而，俄乌冲突及由此引发的能源危机迫使 ...

Core Viewpoint - The article emphasizes the importance of energy transition in achieving China's dual carbon goals, highlighting the role of new power systems and clean energy initiatives in driving economic and social development towards a green transformation [1][8]. Group 1: New Power System Development - The Southern Power Grid has released a white paper detailing its achievements and innovations in building a new power system during the 14th Five-Year Plan period, focusing on digitalization and green collaboration [1][2]. - Non-fossil energy installations and generation in the Southern region have reached 66% and 56% respectively, establishing a leading position comparable to global standards [2]. - The installed capacity of renewable energy has surpassed 250 million kilowatts, which is approximately 4.5 times that of 2020, making it the primary energy source in five provinces [2]. Group 2: Infrastructure and Transmission - The Southern region has established a robust transmission network with a capacity exceeding 58 million kilowatts, facilitating the transfer of over 80% of clean electricity from the west to the east [3]. - Key projects such as the ±800 kV UHVDC project from Eastern Tibet to the Guangdong-Hong Kong-Macao Greater Bay Area are underway, enhancing the region's clean energy transmission capabilities [3]. Group 3: Consumption and Energy Efficiency - During the 14th Five-Year Plan, electricity substitution in the Southern region has exceeded 240 billion kilowatt-hours, with electricity accounting for 34% of total energy consumption [3][4]. - The Southern Power Grid has installed over 100,000 charging stations, achieving full coverage in towns and counties within the Greater Bay Area [4]. Group 4: Technological Innovations - The Southern Power Grid has implemented a new operation and maintenance model utilizing drones and intelligent systems, achieving a 99.5% unmanned operation rate for substations [6]. - The grid has developed a new power load management system, integrating controllable loads to enhance flexibility and responsiveness in energy consumption [5][6]. Group 5: Future Outlook - The Southern Power Grid aims to continue building a clean, low-carbon, safe, and efficient new power system over the next five years, focusing on renewable energy supply and digital transformation [8].

机构：天风证券 研究员：张樨樨/厉泽昭 中集集团旗下清洁能源装备先进智造龙头 为中集集团成员之一。公司立足清洁能源、化工环境、液态食品行业，为客户提供运输、储存、加工的 关键装备、工程服务及系统解决方案。公司营收近年来快速增长，从2020 年的122.9 亿增长到2024 年的 247.6 亿，CAGR 达到19%。2022-2024 年归母净利润分别为10.55、11.14、10.95 亿元，2025H1 归母净 利润5.62 亿，同比+15.6%。公司整体毛利率25H1 有所回升，由 2024 年同期的14.3%上升至2025 年上半 年的14.5%。 天然气消费与运输加注需求同步增长，公司加注船订单旺盛天然气在能源转型中扮演重要角色。全球天 然气消费持续增长，25 年欧洲北美持续发力。LNG 船队扩张带动燃料需求增长，但加注配套缺口突 出。 国家与地方政策的协同发力，为绿色航运保驾护航。公司布局天然气全产业链，多产品市占率名列前 茅。公司LNG 运输加注船份额继续保持全球领先，持续斩获LNG 加注船大单。截至25 年第三季度末全 年新签相关订单金额超过80 亿元人民币。 公司领先布局新兴领域，已覆盖氢能 ...

日前，我国自主研制的26兆瓦级海上风电机组在山东东营成功并网发电，全球首台16兆瓦漂浮式海上风机安装完成。中国海上风电接连刷新世界纪录，加 速挺进深远海！ 全球最大海上风电机组并网发电 10月29日，我国自主研制的26兆瓦级海上风电机组在山东东营成功并网发电。这个海上风电机组，轮毂中心高度相当于50多层居民楼，设计叶轮直径超过 310米，扫风面积超过10个半标准足球场，是目前全球单机容量最大、叶轮直径最长的海上风电机组，并且实现全国产化设计制造。 风机满负荷运行时，风轮每旋转一周即可产生62度清洁电能。机组是针对中高风速海域量身定制，经过测算，在年平均风速10米/秒的条件下，单台机组 年发电量可达1亿度，足以满足5.5万户普通家庭全年用电需求，相当于节约标准煤3万余吨，减少二氧化碳排放8万余吨，为我国能源结构的绿色低碳转型 提供支撑。 全球首台！"三峡领航号" 近日，全球首台16兆瓦漂浮式海上风电成套系统示范应用工程项目——"三峡领航号"，在广西完成一体化组装。这是目前全球已完成组装的单机容量最大 的漂浮式海上风电系统装备，标志着我国海上风电装备制造业向深远海再迈一步。 我国海上风电装机量全球占比过半 相比陆 ...

Key Takeaways RRC posted Q3 adjusted earnings of 57 cents per share, topping estimates and rising year over year.Quarterly revenue of $717.6M exceeded expectations, helped by stronger gas equivalent production.Total price realization rose 13% to $2.98 per Mcfe, supported by a 51% jump in natural gas prices.Range Resources Corporation (RRC) reported third-quarter 2025 adjusted earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 50 cents. The bottom line also improved from the prior-yea ...

Core Points - The upcoming APEC leaders' informal meeting in 2025 highlights the significance of the Asia-Pacific region, which accounts for over 60% of the global economy and contributes 70% to global economic growth [1] - China is positioned as a key driver of regional development and a staunch supporter of economic globalization, advocating for mutual benefit and shared achievements [1] Group 1 - The Asia-Pacific region's economic contribution is substantial, with over 60% of the global economy and a 70% contribution to global growth [1] - China plays a crucial role in promoting green development, energy transition, and sustainable cooperation in the Asia-Pacific region [1]

Economic Data Overview - As of now, 30 provinces in China have released their GDP data for the first three quarters, with only Tibet remaining [1] - 19 provinces outperformed the national average GDP growth rate of 5.2%, with Gansu leading at 6.1% and Fujian matching the national rate [1] - 10 provinces lagged behind the national average, with Qinghai, Hainan, and Shanxi having the lowest growth rates at 3.7%, 3.9%, and 4.0% respectively [1] Shanxi Province Economic Performance - Shanxi's GDP growth remains weak, with a mere increase compared to last year's 1.8%, ranking last nationally [4] - The province's GDP for the first three quarters grew by 4.0%, a slight acceleration of 0.2 percentage points from the first half of the year, despite a decline in the coal industry [4] - The added value of the secondary industry in Shanxi was 690.725 billion yuan, growing by 3.5% [4] Coal Industry Impact - Shanxi's economy is heavily influenced by the coal industry, which once accounted for over 30% of GDP and 50% of fiscal revenue [5] - From January to September, the coal mining and washing industry saw a 20% decline in revenue and a 51% drop in total profit, despite a 13% decrease in operating costs [5] - The added value of the coal industry in Shanxi grew by 5.6%, but this was a 1.5 percentage point decline from the first half of the year [5] Transition and Development Initiatives - Shanxi has been pushing for a transformation away from coal dependency since becoming a pilot for energy reform in 2019 [6] - The province aims to enhance its coal industry through smart technology and shift towards high-value products, with significant investments in wind, solar, and hydrogen energy [6] - In the first three quarters, the added value of equipment manufacturing in Shanxi grew by 6.9%, with new energy equipment manufacturing increasing by 160% [6] - Investments in high-tech services, new energy vehicle manufacturing, and renewable energy generation saw growth rates of 13.2%, 36.5%, and 26.4% respectively [6]

Core Insights - China Tianying reported a significant increase in net profit for Q3 2025, achieving a net profit of 102 million yuan, a year-on-year increase of 2905.15%, and a non-net profit of 104 million yuan, up 677.04% [1] - The company's total assets expanded to 32.408 billion yuan, reflecting a growth of 10.53% compared to the end of the previous year [1] - Cash reserves reached 2.612 billion yuan, a substantial increase of 80.86% from the beginning of the year, providing a solid foundation for daily operations and future investments [1] Environmental and New Energy Strategy - China Tianying is deepening its "environmental protection + new energy" dual development strategy, aligning with national policies promoting green and low-carbon development [1] - The company is actively expanding its overseas presence, particularly in Southeast Asia and Central Asia, where demand for waste treatment is rising [2] - The Hanoi waste-to-energy project in Vietnam has been expanded, increasing its capacity from 75 MW to 90 MW, solidifying the company's leadership in the Vietnamese environmental energy market [2] Equipment Manufacturing and Urban Services - Beyond core waste incineration, the company is enhancing its environmental equipment manufacturing and sanitation services, establishing a comprehensive industrial ecosystem [3] - As a national champion in manufacturing, the company has a strong reputation for its core grate technology and exports equipment to various countries [3] - The company utilizes a smart service cloud platform for comprehensive management of waste collection, transportation, and processing, further strengthening its competitive position [3] Hydrogen Energy Product Development - The company is accelerating its layout in hydrogen-based energy products, focusing on green methanol, RNG, green ammonia, and SAF, in line with national energy policies [4] - Significant projects are underway in resource-rich areas, including the Liao Yuan and An Da projects, which encompass large-scale wind power and green methanol production [4][5] - The company aims to establish a green circular economy model that integrates renewable energy and chemical production, providing economic, social, and ecological benefits [5] Market Position and Future Outlook - By 2030, the company plans to have a supply capacity of 1 million tons of EU-standard electrochemical methanol, catering to the shipping industry's demand for green alternative fuels [6] - The company's growth is driven by its strategic foresight in identifying industry trends and its strong capabilities in technology research and project implementation [6] - With a focus on "forward-looking layout + technology research + implementation," the company aims to maintain a competitive edge in the global green industry [6]

Core Insights - Italy will participate in the "Abu Dhabi International Petroleum Exhibition 2025" from November 3 to 6, showcasing its oil and gas and energy transition technologies [1] Group 1: Participation and Organization - The Italian pavilion is organized by the Italian Trade Agency in collaboration with several industry associations and the Ministry of Foreign Affairs [1] - A total of 40 companies will display their solutions across the entire industry chain, including engineering design, pipeline systems, valves, compressors, and automation technologies [1] Group 2: Export Data - Italy's export value of oil and gas equipment to Abu Dhabi is projected to reach €292.2 million in 2024, representing a year-on-year increase of 45.9% [1] - Italy's market share in this sector has risen to 9.8% [1]