此举首先旨在紧扣"双碳"政策导向，把握新能源产业高速增长红利及金属矿产资源战略稀缺性机遇，弥 补公司现有业务空白，丰富业务结构，打开成长空间;同时，深度挖掘电机制造业务与新业务的协同价 值，公司电机产品既可作为新能源产业链建设的关键配套设备，又能广泛应用于金属矿产资源勘探、开 采、选矿等核心环节，依托现有技术研发、供应链管理能力，利用这一天然的契合点实现新旧业务协同 联动，能够更好地发挥原有业务优势，形成"新旧业务互补、上下游联动"的发展态势。从长期来看，既 能推动公司营收规模与盈利能力稳步提升，契合长远战略规划，又能持续增厚股东回报。 智通财经APP讯，中电电机(603988.SH)发布公告，根据公司的业务特点和股东情况，结合国家和相关 地方对"十五五"发展的布局谋划，公司拟在内蒙古设立全资子公司中电能源(内蒙古)有限公司(暂定)， 注册资本为6000万元，核心系抢抓风光电储新能源及金属矿产资源行业发展机遇，同时依托公司电机制 造的行业基础，拓宽电机的应用场景、实现业务上下游联动拓展与战略升级，构建全产业链的发展格 局，提升核心竞争力与可持续盈利能力。 ...

Core Viewpoint - The company, Yinlong Co., focuses on two main business sectors: prestressed materials and concrete products for rail transit, while also developing high-end equipment manufacturing and information technology, with a strategic emphasis on new energy [1] Business Performance - As of June 30, 2025, the prestressed materials sector achieved revenue of 1.158 billion, representing a year-on-year growth of 8.12%, accounting for 78.58% of total revenue, indicating stable growth in traditional core business [1] - The rail transit concrete products sector reported revenue of 213 million, with a slight year-on-year increase of 0.04%, making up 14.45% of total revenue, driven by ongoing national railway and urban rail transit construction [1] Strategic Development - The dual business sectors are positioned as engines for the company's steady growth, with plans to deepen participation in key infrastructure projects and enhance technology sharing and market collaboration between industries [1] - The company aims to leverage its new energy business to create new growth trajectories, reinforcing its foundation for high-quality development and striving to deliver long-term, sustainable value returns to shareholders [1]

开放•共享：共启科技盛宴 此次公众日开放活动，不仅是一次简单的企业参观，更是一场"可触摸、可互动、可带走"的品牌深度体 验之旅。 活动现场以"全景式、沉浸式"展览体验区为核心，系统呈现了中国重汽在新能源、数智化、自动驾驶等 关键领域的最新成果。从数智化解决方案展区到新能源整车及核心技术展示，从汕德卡、豪沃等明星产 品矩阵到覆盖重、中、轻、微、客、特全系列商用车的完整产业链布局——参观者仿佛步入一座移动 的"科技博物馆"，亲眼目睹中国重汽覆盖全场景、全产业链的强大产品矩阵与硬核技术实力。 转自：新华财经 12月21日，"科技引领 全链共赢"山东重工中国重汽集团2026年合作伙伴大会公众开放日在济南落幕。 本次活动共吸引1万余人现场体验，近距离感受重汽产品的澎湃力量，共同见证中国重汽的科技突破与 人文情怀。 图为公众开放日活动现 场 中国重汽在开放中展现的，不仅是技术创新成果，更是一种开放、包容、共享的品牌姿态。让公众走进 来，让品牌价值走出去——这场活动成功将每一位参观者转化为"品牌价值的传递者"，将技术创新、品 质坚守、责任担当的品牌基因，通过深度体验和情感共鸣的方式，深植于公众心中。 连接•共鸣：讲述品牌温 ...

Market Performance - The ChiNext Index and the STAR 50 Index both rose over 2% on December 22, with multiple ETFs tracking semiconductor materials, communication equipment, and 5G communication indices increasing by over 4% [1] - The A500 ETF and the STAR Bond ETF have become the focus of the market as year-end approaches, with the A500 ETF's total trading volume surpassing 60 billion yuan, setting a historical record [2][6] Fund Inflows - From December 15 to December 19, there was a significant increase in fund inflows, with ETFs tracking the CSI A500 Index seeing a net inflow of over 32 billion yuan, including over 10 billion yuan for the Southern A500 ETF and over 8 billion yuan for the Huatai-PB A500 ETF [2][8] - The STAR Bond ETFs also experienced substantial inflows, with a total net inflow exceeding 18 billion yuan during the same period [8] ETF Performance - Several ETFs related to semiconductors and communications led the market, with the Communication ETF (515880) achieving a year-to-date increase of 125.95%, making it the largest communication-themed ETF in the market with a scale exceeding 13.3 billion yuan [3] - The Standard & Poor's Biotechnology ETF (159502) and the NASDAQ Biotechnology ETF (513290) also saw gains of over 4% [3] Year-End Competition - The competition for year-end scale among popular products like the A500 ETF and STAR Bond ETF has intensified, with significant trading volumes and net subscriptions reported [6][8] - The largest A500 ETFs, including Huatai-PB A500 ETF and Southern A500 ETF, saw net subscriptions of 4.437 billion and 2.565 billion units respectively on December 22 [6] Market Outlook - The market is expected to experience a year-end rally, driven by policy support and industry cycles, with a focus on sectors such as AI, robotics, new energy, and innovative pharmaceuticals [11] - The technology growth sector remains a core driver of the current market, with recommendations to focus on internet, media, and computing sectors in Hong Kong [11]

Investment Rating - The report maintains an investment rating of "Recommended" for the electric new and public utility sectors [2][5]. Core Insights - The 2025 China Photovoltaic Industry Annual Conference was held, focusing on high-quality development and innovation in the photovoltaic sector [4][25]. - The wind power sector is advancing with international projects, such as the BC-Wind offshore wind project in Poland, which has a planned capacity of 390MW [4][26]. - Significant progress has been made in solid-state battery technology, enhancing the performance and stability of lithium batteries [4][27]. - The share of non-fossil energy consumption in China is expected to exceed the target of 20% during the 14th Five-Year Plan period, with substantial investments in renewable energy projects [4][27]. Industry Summary Photovoltaic Sector - The photovoltaic industry is undergoing a transformation aimed at improving quality and efficiency, with a focus on technological innovation [4][25]. - The market is experiencing price adjustments in the supply chain, with recent increases in silicon material prices and expectations for further price stability [29][30]. - The average price for N-type battery cells has risen to 0.3 RMB per watt due to increased silver prices [32]. Wind Power Sector - The domestic wind power sector saw a significant increase in installed capacity, with 8.92GW added in October 2025, representing a year-on-year growth of 34% [40]. - The BC-Wind project in Poland marks a notable international expansion for companies like 大金重工, which is manufacturing foundational components for the project [26]. Lithium Battery Sector - Research teams from Tsinghua University have made advancements in solid-state lithium metal batteries, improving their performance under high current densities and low temperatures [4][27]. Public Utility Sector - The investment in energy projects is projected to reach 3.54 trillion RMB in 2025, reflecting an 11% year-on-year growth [27]. - The transition to green and low-carbon energy is accelerating, with expectations for renewable energy to constitute over 50% of total power generation capacity by 2030 [5][27]. Investment Recommendations - The report suggests focusing on leading companies in the photovoltaic sector such as 爱旭股份 and 隆基绿能, as well as key players in the wind power and lithium battery sectors [5][43].

2026 年度中国期货市场投资报告 铜：需求结构重塑 沪铜步入新纪元 有色金属/铜 内容提要： ◆ 2025 年铜市在"政策扰动+供应紧缩"双重驱动下走出历史级行情。年初 政策预期升温推升价格；二季度关税冲击与矿端收紧博弈，价格深跌反弹； 三季度高位震荡，事件与政策交织；四季度宏观压制缓和、供应焦虑加剧， 推动铜价强势突破，沪铜主力合约年末突破 9.4 万元/吨，伦铜触及 1.16 万 美元/吨，双双创历史新高。 ◆ 宏观层面，美联储全年降息三次，但进程分歧明显，年末定调"鹰派落 地"，2026 年降息节奏预计缓慢且反复。国内"十五五"规划开局，政策托 底明确，高质量发展主线为铜需求提供结构性支撑。中美贸易政策仍是重要 变量，关税预期间歇性扰动市场情绪与贸易流向。 ◆ 供给端进入紧平衡阶段。全球铜矿产量增速仅约 1%，新增项目贡献不 足，地缘与运营风险持续侵蚀供应弹性。铜精矿 TC/RC 深陷负值并进一步下 探，冶炼行业盈利模式崩塌，步入"负利润"生产常态。2026 年全球精炼铜 产量增速或转为负增长，标志产能扩张周期迎来强制性调整。 ◆ 需求端结构性分化延续。新兴领域仍是核心动能，新能源汽车渗透率突破 53 ...

Core Viewpoint - The copper market is experiencing upward momentum, driven by renewed interest in precious metals and ongoing concerns about tight supply, despite weak domestic demand and limited inventory accumulation [1] Group 1: Market Performance - Shanghai copper opened slightly higher in the morning and expanded its gains throughout the day, closing up 1.73% [1] - The domestic copper concentrate processing fees continue to remain weak, hovering below -40 USD/ton [1] Group 2: Long-term Contracts and Production Pressure - On December 19, Chinese copper smelters agreed with Antofagasta on a 2026 copper concentrate long-term processing fee benchmark of 0 USD/ton and 0 cents/pound, which is lower than the 2025 benchmark of 21.25 USD/ton and 2.125 cents/pound [1] - This agreement reflects increased production pressure on smelters, making future operational conditions a key focus [1] Group 3: Price Trends and Demand Factors - New Lake Futures indicates that while domestic consumption is weak, the ongoing export window alleviates inventory pressure, making copper prices more likely to rise than fall [1] - The market is currently focused on expectations of tight copper supply in non-US markets due to the siphoning effect from the US [1] - The long-term outlook for copper consumption remains resilient, supported by growth in the renewable energy sector, global AI data center construction, and the global grid renovation cycle [1]

21世纪经济报道记者 张欣 近日，同花顺平台显示，针对投资者关于"光大银行是否符合发起成立金融资产投资公司（AIC）条件"的问询，光大银行在投资者互动平台明确答复：2025 年3月，国家金融监管总局发布了《关于进一步扩大金融资产投资公司股权投资试点的通知》（记者注：以下简称《通知》）"支持符合条件的商业银行发起 设立金融资产投资公司"。光大银行将持续加强与监管机构的沟通，稳步筹划相关申设工作。 光大银行进一步表示，将紧密围绕"五篇大文章" 战略部署，充分发挥自身在科技金融领域的产品创新优势和综合服务能力，不断推动股权投资与科技型企 业信贷的联动，进一步提升服务实体经济的质效。未来，光大银行将在"十五五规划"的战略引导下，重点聚焦人工智能、生物制造、新材料、高端装备、新 能源与半导体等"硬科技"赛道，不断深化自身服务内涵，构建从初创投资到产业整合的全生命周期综合金融服务方案，通过强服务、强产品、强生态、强行 研、强数智的"五强"支撑体系，助力"科技-产业-金融"的良性循环。 光大银行的申设规划，契合了今年以来AIC试点扩围的政策导向。今年以来，AIC试点扩围政策持续落地深化。3月，为了推动金融资源精准对接实体经 ...

证券代码：300772 证券简称：运达股份 运达能源科技集团股份有限公司投资者关系活动记录表 编号： | 资 者 | | 系 | | √特定对象调研 | □分析师会议 | 投 | 活 | | 关 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | | | | | | | 与 | 单 | 名 | 称 | 国信证券 徐文辉，中信建投 | 何人珂，东吴证券 胡隽颖 | 参 | | 及人员姓名 | 位 | | | 时间 | | | | 2025 年 12 月 22 日 | | | | | | | | 地点 | | | | 运达股份会议室 | | | | | | | | 市 | 公 | 接 | | 董事会办公室主任兼证券事务代表 | 马帅帅 | 上 | | | 司 | 待 | | ...

Core Viewpoint - The Guangzhou Futures Exchange (GFE) aims to enhance its role in financial services by expanding its futures and options offerings, particularly in the context of green development and the Guangdong-Hong Kong-Macao Greater Bay Area initiative [1][2]. Group 1: Development and Achievements - Since its establishment in April 2021, GFE has been pivotal in supporting green development and the Belt and Road Initiative, with its influence and market scale steadily increasing during the 14th Five-Year Plan period [1]. - GFE has launched 10 futures and options products, including industrial silicon, lithium carbonate, and multi-crystalline silicon, forming a preliminary new energy metal futures sector that aids risk management for industries like photovoltaics and lithium batteries [1][2]. Group 2: Awards and International Cooperation - Industrial silicon and lithium carbonate futures received the "Best New Contract Award" and "Annual New Contract Award" from FOW magazine in 2023 and 2024, respectively, highlighting their innovative advantages and market performance [2]. - GFE has joined the United Nations Sustainable Stock Exchanges initiative to enhance its global influence in the green low-carbon sector and maintains close cooperation with international exchanges like Deutsche Börse and the Singapore Exchange [2]. Group 3: Future Plans and Innovations - GFE plans to focus on new energy, new materials, and carbon emissions in its future product offerings, while also deepening the application of the photovoltaic meteorological index in the futures market [3]. - The exchange is actively exploring cross-industry innovations, such as collaborating with the Central Meteorological Observatory to develop a photovoltaic meteorological index for managing weather-related risks in the industry [2][3].