Core Viewpoint - Shenzhen is set to deepen its comprehensive reform pilot program, as highlighted in the recent policy document issued by the central government, which aims to enhance high-quality development and provide replicable experiences for other regions in China [1][2][6]. Group 1: Reform Acceleration - The new policy document represents a "second acceleration" of Shenzhen's comprehensive reform pilot, building on the achievements of the previous five years [2][3]. - Shenzhen has implemented 48 reform measures that have been promoted by the National Development and Reform Commission, showcasing its role as a model for reform [2][3]. Group 2: Key Areas of Focus - The document emphasizes four key areas: integrated reform of education, technology, and talent systems; empowering the real economy through finance, technology, and data; establishing a higher-level open economy; and improving governance models [3][5]. - The first focus area highlights the need for efficient collaboration between education, technology, and talent, aiming to create a comprehensive mechanism for talent cultivation, technological research, and industrial transformation [3][4]. Group 3: Financial and Economic Empowerment - Specific measures include enhancing financial services for the real economy, innovating support mechanisms for emerging industries, and deepening market-oriented reforms for data elements [5][6]. - The document aims to optimize trade and improve the facilitation of personnel movement, reflecting Shenzhen's strategic focus on adapting to new foreign trade conditions [6][7]. Group 4: Contribution to National Strategy - The policy aims to create more replicable and scalable experiences that can contribute to the construction of a modern socialist country and enhance Shenzhen's role in the Guangdong-Hong Kong-Macao Greater Bay Area [6][7]. - The document also indicates a shift towards deeper integration of financial markets, allowing companies listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange, which could enhance capital market connectivity [7].

推动"无形资源"向"有形资产"转化 我省首笔民企数据要素资产质押融资落地 以数据确权为基础，三亚崖州湾科技城高新区探索出一条民企数据资产价值变现的创新路径。海知 所同步提供登记挂牌、法律意见书出具等增值服务，为后续资产入表与质押融资铺平道路，助力企业实 现数据资产从"无形资源"向"有形资产"的成功转化。 海南日报讯(海南日报全媒体记者 王培琳 黄媛艳)近日，三亚崖州湾科技城高新区入驻企业云辉(海 南)控股集团有限公司(以下简称云辉融电)的核心数据产品"新能源车联网电池健康度预测数据"在海南国 际知识产权交易所(以下简称海知所)成功完成三亚首笔数据要素权利登记。 同时，三亚崖州湾科技城管理局园区服务部金融服务专班(以下简称金融服务专班)联合多家银行推 动海南省首笔民企数据要素资产质押融资案例落地，协助云辉融电多渠道融资829万元。 据悉，为进一步用好数据要素，建立保障权益、合规使用的数据产权制度，金融服务专班厘清企业 诉求并提供解决方案，推动企业核心数据产品在海知所数据要素登记平台顺利完成权利登记。 云辉融电副总裁郑蕾表示，此次数据确权与融资成功，是园区、企业、交易所多方协作的成果，有 效拓宽了特色数据的应用价 ...

Core Viewpoint - Nantong City is prioritizing the development of the digital economy by promoting the market-oriented allocation of data elements and enhancing the utilization of public data, aiming to build a comprehensive data industry ecosystem and strengthen the digital economy [1] Group 1: Enhancing Data Supply Capacity - Nantong City has successfully validated 10 primary indicators, 30 secondary indicators, and 96 tertiary indicators for the CR21021 underground defense project, streamlining the planning and human defense processes [2] - The city is implementing a "one account" approach for public data, introducing scenario models to enhance the efficiency of data supply across multiple departments and levels [2] - Over 33,000 public data resource directories have been compiled, with 38,300 shareable resources and 31,800 open resources published, aiming to leverage high-value public data sets to empower enterprise development [2] Group 2: Exploring Data Monetization - The first successful issuance of data asset securitization in China occurred with the listing of the Ping An-Rugao Phase 1 Asset-Backed Special Plan, amounting to 130 million yuan [3] - Nantong City is focusing on the development and utilization of state-owned enterprise data assets, with 15 data products launched on the Jiangsu Provincial Data Exchange, totaling 24.6458 million yuan from 17 state-owned enterprises [3] - The city plans to create over 30 exemplary data products and services within the year, establishing a pathway for the valuation, accounting, and trading of data resources [3] Group 3: Building a Data Development Ecosystem - The "Fangzhi Cloud" AI platform has been developed to provide one-stop services for over 500 merchants, significantly reducing the cost of design services [4] - Nantong City has established a trusted data space for the home textile industry, exploring solutions for value co-creation and mutual benefits [4] - The "Action Plan for Promoting High-Quality Development of the Data Industry" aims for an annual growth rate of over 20% in the data industry, targeting the establishment of 100 data enterprises and 200 typical data products within three years [4]

Core Viewpoint - The National Market Supervision Administration has issued a notice to enhance quality financing and credit enhancement efforts to better support small and micro enterprises, which are crucial for employment and economic stability [1] Group 1: Policy Measures - Recent measures have been implemented to support financing for small and micro enterprises, extending coverage to 125 million individual businesses, with a maximum single credit limit raised to 50 million yuan and a minimum loan interest rate set at 2.9% [2] - A dual loan model combining "entrepreneurial guarantees" and "employment stabilization" has been introduced, reducing approval times by 50% [2] Group 2: Challenges and Solutions - Structural challenges remain for financing small and micro enterprises due to inadequate assessment and incentive systems, necessitating reforms in mechanisms and ecosystem [2] - Financial institutions face a long-term imbalance in risk and return, leading to a "fear of lending" mentality, which can be addressed by improving assessment incentives and implementing a liability exemption system for inclusive credit [3] Group 3: Credit Assessment and Regulation - A new credit assessment ecosystem is being developed to address the lack of collateral and financial reports by integrating various government and market data to create comprehensive credit profiles [4] - A balanced regulatory approach is proposed to allow for innovation while ensuring risk control, including the use of blockchain for tracking fund flows and establishing a credit repair mechanism for small and micro enterprises [4]

贵所出具的《关于新风光电子科技股份有限公司 2024 年年度报告的信息披 露监管问询函》 （上证科创公函【2025】0236 号） 中泰证券股份有限公司 关于新风光电子科技股份有限公司 上海证券交易所： （以下简称"问询函"）已收悉。 中泰证券股份有限公司（以下简称"中泰证券"、"持续督导机构"）作为持续督 导机构，与上市公司及上市公司年审会计师对问询函所列问题认真进行了逐项落 实，回复内容及持续督导机构核查情况如下： 除非本核查意见中另有说明，公司 2024 年年度报告中使用的释义和简称适 用于本核查意见。本回复中如若明细项目金额加计之和与合计数存在尾差，系四 舍五入所致。 目 录 一、关于主营业务 年报显示，公司 2024 年实现营业收入 19.18 亿元，同比增长 12.75%，其中， 四季度实现收入 8.09 亿元，占全年收入的 42.19%；实现归母净利润 1.74 亿元， 同比增长 5.27%；实现扣非净利润为 1.71 亿元，同比增长 8.27%，收入和净利 润增速放缓，同时分行业各项业务毛利率均出现下滑。区分销售模式来看，公司 请公司： （1）结合第四季度确认收入的主要订单金额、收入确认时间、 ...

水泥玻璃反内卷：过去与未来 20250702 摘要 浮法玻璃市场供需基本面稳定，日熔量维持在 15.5 万至 15.8 万吨之间， 未见明显去库或去产能。期货价格贴水现货，市场预期供给侧变化，但 短期内无强力政策催化，需经历长期亏损才能实现市场化出清。 国内光伏玻璃价格已跌至极端亏损状态，拥有海外基地的头部企业盈利 表现相对较好。国内市场主要通过减产来匹配组件装机量下滑，缓解库 存压力。 利状况。 水泥协会公开发声背后的推动力是什么？ 水泥协会公开发声背后是工信部对整个水泥行业限制超产政策的不满意，并希 望进一步推动该政策。这表明工信部希望通过更高层次的协调和执行力度来确 保企业遵守限制超产规定，以改善供需格局和提高盈利能力。 近期水泥行业的主要变化是什么？ 近期水泥行业发生了几个重要变化。首先，水泥协会在 7 月 1 日左右重新发布 了限制超产的政策，并公开传达了相关会议精神。这表明工信部对水泥行业限 制超产政策的不满意，并进一步推动该政策。去年 12 月开始实施的限制超产 政策是一个内部文件，今年作为试点年，企业需要统计自己的实际产能并找指 标补齐不足。预计到 2026 年彻底解决这个问题。 限制超产政策 ...

对话电新：如何展望新能源装机增长及发电增量？ 20250702 摘要 国内光伏装机规模 2020 年至 2024 年实现四倍增长，2025 年 1-5 月 新增装机 93GW，同比增长约 150%，受益于抢装效应，全年预计仍将 同比增长，超出市场预期。 国内风电装机规模 2021 年至 2024 年稳步增长，2025 年 1-5 月新增 46GW，同比翻倍，受 136 号文驱动。预计全年陆上风电可达 100GW，同比增幅约 30%-40%，海上风电翻倍以上增长至 10GW 或 更多，整体风电装机预计超 110GW，同比增速约 40%。 未来几年新能源发电领域将保持较高增速，政策支持和技术进步推动需 求增长。光伏海外市场（非欧美地区）将成为主要增长点，风电国内市 场预计平稳增长，海上风电增速加快。 光伏行业增速或放缓，但全球视角下仍保持两位数复合增速。国内风电 十五期间预计平稳增长，陆上风电维持在 100GW 以上水平，2030 年 有望超 200GW。海外陆上风电预计维持 10%左右复合增速，海上风电 竞争力显著提升。 Q&A 过去几年风光装机的投产规模和节奏如何？今年（2025 年）相比以往有哪些 变化？ ...

证券研究报告|行业周报 2025 年 07 月 02 日 电力及公用事业 行业周报（6.23-6.29）：新疆、蒙西出台机制电价政策，5 月全国 用电量增长 4.4% | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2025E | 2026E | 2025E | 2026E | | 001289.SZ | 龙源电力 | 增持 | 0.79 | 0.9 | 20.86 | 18.31 | | 600674.SH | 川投能源 | 增持 | 1.05 | 1.13 | 15.57 | 14.47 | | 600795.SH | 国电电力 | 买入 | 0.42 | 0.49 | 11.88 | 10.18 | 资料来源：公司财报，长城证券产业金融研究院 板块市场表现： （1）行业估值：本周（2025.6.27）申万公用事业行业指数 PE（TTM） 为 17.04 倍，上周为 17.09 倍，2024 年同期为 18.16 倍；本周（2025.6.27） 申万公用事业行业 ...

编号：2025-003 | 投资者关系活动 | √ 特定对象调研□分析师会议 | | --- | --- | | 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（请文字说明其他活动内容） | | 参与单位名称及 | 民生证券李瑶 | | 人员姓名 | 中金资管周文菁 | | 时间 | 2025 年 7 月 2 日（周三）下午 15:00~16:00 | | 地点 | 公司大会议室 | | 上市公司接待人 | 董事会秘书马笑 | | 员姓名 | 证券事务代表 盘羽洁 | | | 一、 介绍公司情况： | | | 力盛云动（上海）体育科技股份有限公司（力盛体育 002858.SZ）是中国领先的 | | | 汽车运动运营服务商，中国体育赛事市场化及产业数字化升级的探索先行者。公司专 | | | 注于体育运动业务开展，主营业务包括体育赛事经营、体育场馆经营、市场营销服务、 | | | 体育俱乐部经营、体育装备制造与销售、数字体育业务等。 | | | 2025 年，公司新增高尔夫赛事，继续运营 FE 中国站比赛，赛车场业务在小米等 | | | 性能车的带 ...

Core Insights - The Chinese green electricity market is experiencing explosive growth driven by energy transition and dual carbon goals, with green electricity trading volume surpassing 2209.45 billion kilowatt-hours in the first five months of 2025, a year-on-year increase of 49.2% [1][3] Group 1: Market Growth and Dynamics - The trading volume of green electricity increased from 1481 billion kilowatt-hours in the first five months of 2024 to 2209 billion kilowatt-hours in 2025, significantly outpacing the growth of overall electricity consumption [3] - By 2024, the market for renewable energy transactions exceeded 1 trillion kilowatt-hours, accounting for 55% of total renewable energy generation, indicating a shift from supplementary to primary energy source [3] - The green electricity trading volume in Tibet surpassed 1 million kilowatt-hours for the first time in May 2025, demonstrating the feasibility of cross-regional resource allocation [3] Group 2: Technological and Policy Support - The national grid interconnection has been largely established, with inter-provincial transmission capacity exceeding 300 million kilowatts, laying the foundation for large-scale green electricity consumption [3] - In June 2025, three major electricity trading centers completed a cross-regional green electricity transaction, achieving a transaction volume of 16.37 million kilowatt-hours and enhancing daily consumption capacity by 200,000 kilowatts [3] - The pricing mechanism for the environmental value of green electricity is maturing, with the monthly average price reaching 5.06 cents per kilowatt-hour in May 2025, reflecting an increase from 2024 [3] Group 3: Market Participant Diversification - The number of electricity market participants exceeded 800,000 by June 2025, nearly a 20-fold increase since 2016, with over 4,000 electricity sales companies and more than 600,000 retail users purchasing electricity through market mechanisms [5] - New entities such as independent storage and virtual power plants are actively participating in market regulation, creating a collaborative ecosystem of "source-network-load-storage" [5] - A virtual power plant in Guangdong achieved daily green electricity transactions of several million kilowatt-hours by aggregating distributed solar power and adjustable loads, becoming a key player in the new energy system [5] Group 4: Implications for the Energy Sector - The explosive growth in green electricity trading volume is both a test of renewable energy consumption capacity and a milestone in electricity market reform [5] - The acceleration of a unified national electricity market, normalization of cross-provincial green electricity trading, and deep integration of carbon and electricity markets are positioning China to address energy transition challenges through market mechanisms [5]