Core Viewpoint - The five major oil companies are facing significant financial challenges due to prolonged low international oil prices, geopolitical conflicts, and pressures from energy transition, leading to a cumulative profit decline exceeding $90 billion over three years [1][3]. Financial Performance - The profits of the five major oil companies peaked at approximately $280 billion in 2022 but fell by 23% to $215 billion in 2023, with a further projected decline of 15% to $183 billion in 2024 [3]. - The Brent crude oil price is expected to drop to an average of $81 per barrel in 2024, with predictions of further declines in 2025 as global oil supply increases [3][7]. - In Q1 2025, profits are anticipated to decrease by 18%, with Brent crude prices dipping below $60 per barrel, representing a decline of over 25% compared to the previous year [3]. Dividend and Share Buyback Concerns - Investors are increasingly worried about the sustainability of high dividends and share buybacks, with warnings that companies like Shell and BP may need to cut dividends if oil prices remain below $60 per barrel [4]. - Shell's share buyback program for Q1 2025 has been reduced by 30%, and BP has suspended its buyback plans for the remainder of 2025 [4]. Credit Rating Risks - Moody's has placed Chevron and TotalEnergies on a "negative watch" list due to concerns that low oil prices may lead to increased debt levels [5]. Company Strategies - In response to financial pressures, companies are implementing cost-cutting measures, restructuring, and transitioning to renewable energy [6]. - ExxonMobil plans to reduce operating costs by 12% by 2025, while TotalEnergies is laying off 5% of its workforce [6]. - Shell aims to increase its renewable energy capacity target from 120 GW to 200 GW by 2030, and BP has partnered with Microsoft to supply 100% renewable energy to its data centers over the next decade [6]. Industry Outlook - The oil industry is expected to face ongoing challenges in the short term, with low oil prices likely becoming the norm and demand growth stagnating [7]. - Morgan Stanley predicts that Brent crude prices may stabilize between $65 and $70 per barrel in the second half of 2025, a 15% decrease from 2024 [7]. - Despite short-term pressures, some analysts remain optimistic about the potential for oil companies to transition into renewable energy and carbon capture sectors, which could provide new growth opportunities [7].

每经记者 岳楚鹏 每经编辑 兰素英 据央视新闻4月29日报道，西班牙和葡萄牙28日遭遇大规模停电，影响超过5000万伊比利亚半岛民众，交通、通信、医疗等关键领域一度瘫痪，法国南部等 周边地区也受短暂波及。西班牙内政部宣布，进入国家紧急状态。此次停电被认为是欧洲有史以来最大规模的停电。 4月28日，在西班牙巴塞罗那，人们坐在一家缺乏照明的咖啡店前。图片来源：新华社发（胡安·戈萨摄） 西班牙国家电网Red Electrica在X平台表示，截至当地时间早上7:00，西班牙本土已恢复99.95%的电力供应。 有人此前猜测是网络攻击，但欧洲理事会主席科斯塔表示，此次停电没有任何遭受到网络攻击的迹象。有一些报告指出，这可能是由一种"罕见的大气现 象"引起的，但据福克斯报道，美国国家海洋和大气管理局（NOAA）的空间天气预报中心认为，空间天气不是造成此次停电的因素。 另外，有分析人士质疑，对可再生能源的依赖是此次大停电事件的"元凶"。 欧洲大学学院电力学教授莱昂纳多·米乌斯和标普全球高级欧洲电力分析师丹尼尔·缪尔对此并不认同。莱昂纳多·米乌斯表示，欧盟近年来已经实施了几套规 则，例如，从2016年开始更新的电网连接规范，以 ...

Core Viewpoint - Guoxia Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to strengthen its capital utilization, accelerate technological upgrades, and consolidate its market position as a leading provider of renewable energy solutions in the energy storage industry [2][3]. Company Overview - Established in January 2019 in Wuxi, Jiangsu, Guoxia Technology is a leading provider of renewable energy solutions and products driven by platform technology and artificial intelligence, focusing on energy storage system solutions for various applications [3][4]. - The company operates in the midstream of the energy storage industry, empowering all participants in the ecosystem and promoting the development of renewable energy through collaborations with universities and research institutions [3]. Financial Performance - Revenue from intelligent energy storage system solutions is projected to grow from approximately RMB 141 million in 2022 to RMB 1.003 billion in 2024, with a compound annual growth rate (CAGR) of 168.9% [4][9]. - Gross profit is expected to increase from approximately RMB 35.6 million in 2022 to RMB 155 million in 2024, with a CAGR of 108.6% [9][10]. - Net profit is projected to rise from approximately RMB 24.3 million in 2022 to RMB 49.1 million in 2024 [10]. Market Position - Guoxia Technology is ranked as the eighth largest supplier of multi-purpose energy storage systems in China by installed capacity and the tenth largest in household energy storage systems globally as of 2024 [9]. - The company has established a significant market presence in both domestic and international markets, with revenue from China expected to account for 79.9% of total revenue in 2024, while overseas revenue is projected to decline to less than 20% [6][7]. Research and Development - The company has a dedicated R&D center in Wuxi, focusing on IoT and AI optimization platforms, battery development, and energy management systems, employing a team with an average of over 10 years of experience in the energy storage industry [11]. - R&D expenditures are projected to be approximately RMB 3.8 million, RMB 16.8 million, and RMB 31.6 million for the years 2022, 2023, and 2024, respectively, representing 2.7%, 5.3%, and 3.1% of total revenue [12]. Investment and Valuation - As of the latest feasible date, Guoxia Technology holds approximately RMB 50.26 million in cash and cash equivalents, with significant investments from Kaibo Capital and Shenzhen Ningqian, leading to a valuation increase from approximately RMB 15.31 billion to RMB 60 billion [13].

根据葡萄牙电网运营商Redes Energéticas Nacionais（REN）的公告，葡萄牙从当地时间4月28日上午11点33分开始受到影响。截至晚上10点，已向89座变 电站和开关站中的85座恢复供电。 西班牙国家电网RedEléctrica（REE）在社交媒体上通报电力抢修的进展，截至4月29日凌晨5点，已恢复92.09%的伊比利亚半岛电力需求，输电网的所有 变电站已恢复供电。 智通财经记者 | 戴晶晶 当地时间4月28日午间，欧洲南部突发大规模不明原因停电，西班牙、葡萄牙多个地区电力中断，公共交通和通信服务陷入瘫痪，马德里网球公开赛也因 记分牌和摄像机无法工作而被迫叫停。 这场停电事故迅速在伊比利亚半岛蔓延，一度波及安道尔及法国与西班牙接壤的地区。 "先是灯和wifi断掉，然后流量停了信号没了，所有远程通信的渠道全部失灵。直到晚上十点多才恢复供电。"4月29日，一位在西班牙巴塞罗那市中心生活 的网友对智通财经表示，绝大多数店铺因此歇业，旅客滞留在火车站。 巴塞罗那自治大学的硕士生小朱告诉智通财经，她的宿舍楼在中午12：30遭遇停电，下午3点多断网，等到晚上11点多来电后手机才有网络，断联时间有8 ...

文 | 中关村储能产业技术联盟 一、活动背景 越南光伏与储能市场近年来呈现出强劲增长势头，成为东南亚地区最具潜力的绿色能源市场之 一。越南政府于2020年通过了更新版的可再生能源法案，到2030年计划将可再生能源占总能源结 构的比重提高至30%。 越南政府《2025-2030年新能源发展规划》将光伏储能项目增值税从10% 降至5%，并为配套储能系统提供20%的购置补贴。 这一政策刺激下，2024年三季度越南新增光 伏装机容量达1.8GW，其中配备储能的混合项目占比首次突破40%。 为进一步了解越南储能项目的发展现状、政策支持体系以及未来规划方向， 助力储能联盟会员企 业在越南进行业务布局与投资，探寻联盟会员与越南本地企业的潜在合作机会和项目落地机会 ， 中关村储能产业技术联盟拟计划赴越南开展考察交流活动。 二、活动亮点 1、政策探讨： 与越南相关政府部门及电力企业专家就"越南储能市场潜力及中越储能产业链合作 机会"展开深入探讨，明晰政策与市场。 2、市场洞察： 详细了解越南储能市场发展空间、政策与法规持续性、电力市场机制演变方向、 目标应用场景、电站开发运营模式等，产业链合作机会方面，围绕越南资源禀赋、产业竞 ...

Core Viewpoint - The company reported a significant increase in revenue for 2024, but also faced substantial losses in net profit, indicating challenges in profitability despite revenue growth [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 1.481 billion, a year-on-year increase of 22.09%, but reported a net profit attributable to shareholders of -545 million, a year-on-year decrease of 678.26% [1] - For Q4 2024, the company recorded operating revenue of 508 million, a year-on-year increase of 24.14%, with a net profit attributable to shareholders of -618 million, indicating a significant loss [1] Group 2: New Energy Projects - The company accelerated the development of new energy projects, successfully connecting the 100MW wind power project and starting construction on two 250MW solar power projects, leading to a 136.41% increase in new energy engineering revenue to 115 million [2] - The gross margin for new energy engineering increased by 45.14 percentage points to 62.62% [2] Group 3: Future Plans and Investments - The company plans to invest 1 billion in its subsidiaries in 2025 to support the construction of wind and solar projects, aiming to enhance its operational capacity in new energy [3] - By the end of 2024, the company held wind and solar power station capacities of 246MW and 298.6MW, respectively, with total electricity generation reaching 609 million and 448 million kWh [3] Group 4: Asset Management and Strategy - The company recorded a 422 million impairment loss on biomass assets due to industry policy and raw material price impacts, but aims for the biomass power station business to reach breakeven or slight profit through cost control and increased non-electric revenue [4] - The company is actively acquiring distributed wind resource indicators, with several new projects approved in 2024 [4]

中原期货研究所 中原期货研究所 晨会纪要 2025 第（76）期 发布日期：2025-04-29 | 投资咨询业务资格 | | | --- | --- | | 证监发【2014】217 | 号 | | 中原期货研究所 | 0371-58620081 | | 0371-58620083 | | | 公司官方微信 | | 1 公司官方微信 宏观要闻 1、我国将出台实施稳就业稳经济推动高质量发展的若干举措。在支持就业方面，主要包括鼓励 企业积极稳定就业、加大职业技能培训力度、扩大以工代赈等支持、加强就业公共服务等举措； 在稳定外贸发展方面，主要包括"一业一策""一企一策"加大支持力度、帮助出口企业规避 风险、扩大服务产品出海、鼓励外资企业境内再投资等；在促进消费方面，主要包括扩大服务 消费、强化失能老年人照护、推动汽车消费扩容、构建技能导向的薪酬分配制度等；在积极扩 大有效投资方面，主要包括完善消费基础设施、大力提振民间投资积极性、设立新型政策性金 融工具等；在营造稳定发展的良好环境方面，主要包括持续稳定和活跃资本市场、持续巩固房 地产市场稳定态势、加大对实体经济的金融支持等。这些若干举措将成熟一项、出台一项。 2 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 IEEE ，谢谢。 在人工智能快速发展、 《芯片法案》提供的联邦政府资金以及私营部门数十亿美元投资的推动 下，美国半导体行业正在蓬勃发展。今年早些时候，英伟达宣布计划在亚利桑那州和德克萨斯州投 资高达5000 亿美元建设人工智能芯片工厂。台湾半导体制造公司 ( TSMC ) 承诺投入1000 亿美元 扩大其在亚利桑那州的业务。这些努力加起来预计将创造超过 10 万个新就业岗位，体现了美国重 建国内制造业基础的更广泛战略。但要实现这一雄心壮志，该行业需要新一代技术熟练的工程师。 据四所大学称，美国一些电气工程专业的半导体课程招生人数正在上升。芯片工程曾被认为是一个 小众领域，如今却吸引了渴望研究人工智能、自动驾驶汽车、可再生能源和5G网络等尖端技术的 学生。大学官员表示，学生们越来越认识到半导体是重要的基础设施和一条充满希望的职业道路。 半导体行业协会估计，美国芯片行业的就业岗位将增长33%，从2023年的34.5万个增至2030年的 46万个。但由于缺乏合格的候选人，其中6.7万个职位可能空缺，这将使芯片制造商面临产能受限 的风险。增加招生人数或许 ...

科技日报北京4月28日电 （记者刘园园）"2025年一季度，全国可再生能源新增装机7675万千瓦，同比 增长21%，约占新增装机的90%。"4月28日，国家能源局举行2025年二季度新闻发布会，国家能源局新 能源和可再生能源司副司长潘慧敏在发布会上表示，我国可再生能源装机规模持续实现新突破，可再生 能源继续保持新增装机的主体地位。 (责任编辑：罗伯特) 其中，水电新增装机213万千瓦，风电新增装机1462万千瓦，太阳能发电新增装机5971万千瓦，生物质 发电新增装机29万千瓦。 "可再生能源发电量稳步迈上新台阶。"潘慧敏介绍，风电太阳能发电量在全社会用电量中占比突破 20%，超出同期第三产业用电量和城乡居民生活用电量，带动非化石能源发电量占比提升至四成左右。 风电光伏新增电量超过全社会用电量增量。 据统计，2025年一季度，全国可再生能源发电量达8160亿千瓦时，同比增长18.7%，约占全部发电量的 35.9%。其中，风电太阳能发电量合计达5368亿千瓦时，同比增长26.1%，在全社会用电量中占比达到 22.5%，较去年同期提高4.3个百分点，明显超出同期第三产业用电量（4465亿千瓦时）和同期城乡居民 生活 ...

Core Viewpoint - Guoxia Technology Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with Everbright Securities International as its sole sponsor [1][3]. Company Overview - Guoxia Technology is a leading provider of renewable energy solutions and products in China's energy storage industry, focusing on platform technology and AI-driven systems [3]. - The company offers energy storage system solutions and products that cater to various applications, including power side, large grid side, commercial, industrial, and residential sectors, targeting both domestic and international markets [3]. - Guoxia Technology is recognized for its seamless cloud integration of energy storage solutions and the development of a panoramic cloud platform, solidifying its leadership in digital energy management [3]. Business Segments - The company's operations are divided into three segments: intelligent energy storage system solutions, EPC services, and other offerings [4]. - Guoxia Technology provides comprehensive energy storage system solutions that integrate AI technology with advanced hardware products to meet unique customer needs [4]. - The company specializes in EPC services for commercial energy storage projects and photovoltaic power station development, ensuring project management, quality assurance, and timely delivery [4]. Market Position - According to Frost & Sullivan, Guoxia Technology ranks as the eighth largest provider of multi-purpose energy storage systems in China by new installed capacity in 2024, and the tenth largest provider of household energy storage systems by shipment capacity in the same year [3]. Financial Performance - The company's projected revenues for 2022, 2023, and 2024 are approximately RMB 142 million, RMB 314 million, and RMB 1.026 billion, respectively [5][6]. - The annual profits for the same years are estimated at RMB 24.3 million, RMB 28.1 million, and RMB 49.1 million, respectively [5][6].