Core Insights - CIMC has transitioned from "scale leadership" to "quality leadership" over the past five years, establishing a solid foundation in technology, industry, capital, and governance to integrate deeply into national strategies and participate in global competition [1] Group 1: Business Transformation and Strategy - CIMC has set "high-end, intelligent, and green" as the core strategy for its transformation and upgrade, focusing on enhancing its influence in the global high-end equipment sector [1] - During the 14th Five-Year Plan, CIMC has solidified its leading position in high-end manufacturing, concentrating on logistics and energy equipment, and has cultivated nine national-level "manufacturing single champion" products [1] - The company has established three national-level smart factories and two fully connected 5G factories, advancing its industrial manufacturing from 3.0 to 4.0 [1] Group 2: Clean Energy Initiatives - Guided by the "dual carbon" goals, CIMC has developed a full industrial chain layout for clean energy, including hydrogen energy, energy storage, LNG, and green methanol [1] - The company has implemented projects such as the co-production of hydrogen from coke oven gas and LNG, and is advancing a bio-green methanol factory, contributing to carbon reduction pathways [1] Group 3: New Business Development - CIMC has achieved significant results in expanding its emerging business, securing a $1.5 billion national first FLNG modification total package order and launching the world's first modular container wind turbine nacelle and ultra-large modular data center projects [2] - The company has leveraged capital market reforms to diversify financing for its subsidiaries, enhancing the synergy between capital and industry, which provides stable funding support for technological research and capacity expansion [2] Group 4: Shareholder Returns and Market Position - CIMC has adhered to the principle of "sharing development results," with cumulative cash dividends exceeding 5 billion yuan over five years and a dividend payout ratio maintained above 30% [2] - The company has established a collaborative repurchase structure between A-shares and H-shares, improved disclosure quality, and strengthened market value management and shareholder communication [2]

11月17日，十五运会深圳赛区执委会采风团走进南方电网深圳供电局开展"深探全运"电力探馆活动，探 寻十五运会深圳赛区的电力护航创新"密码"。据悉，南方电网通过采购7万张绿证，为十五运会深圳赛 区赞助绿电使用量7000万千瓦时，这意味着赛事期间深圳赛区所有比赛场馆将实现100%使用绿电，减 少碳排放约5万吨，相当于植树270万棵。 "绿证是国家能源局核发的绿电'电子身份证'，可再生能源每1000度电量对应1张绿证，它准确记载了绿 电生产时间、生产位置、生产技术类型等信息，能够对绿电进行精准溯源。"据深圳供电局市场及客户 服务部开发及综合管理专责刘迪介绍，本次赛事期间，深圳场馆的绿电主要是来自云南、广西等地的太 阳能。 据悉，今年前三季度，深圳用户绿证交易折合电量141.82亿千瓦时，同比增长38.1%，用户总数同比增 长8.5倍，助力深圳"全绿办赛"。南方电网将在十五运会闭幕式期间创新采用"本地绿电供应+外购绿证 +光储接入"的方式，多模式、多渠道以100%绿电助闭幕式精彩绽放。 当全国供电负荷密度最大的超大城市数字电网遇到史上最大规模的全运会，会擦出怎样的火花？在深圳 供电局生产指挥中心可以找到答案。该中心大 ...

Core Insights - Beijing is advancing the construction of regional technology transfer centers focusing on artificial intelligence and green energy, with Haidian and Fangshan districts as core areas [1][2] - In the previous year, Beijing's universities achieved 30,332 contracts for technology transfer with a total value of 20.19 billion yuan, reflecting an annual growth rate of approximately 15% [1] - The technology transfer initiatives are aligned with national strategic needs, resulting in competitive innovations and the emergence of leading tech companies [1] Group 1 - The establishment of the Zhongguancun Original Engine Entity Operation Platform aims to create a comprehensive service system for project linkage, screening, validation, and incubation investment in the AI sector, having identified nearly 2,100 projects with 40 registered enterprises [2] - The Fangshan sub-center is focusing on green energy, implementing a mechanism for project exploration and tracking, resulting in the establishment of seven pilot platforms and the selection of over 100 results, with nine projects successfully transitioned [2] - The next steps include deepening the reform of technology achievement rights, exploring diversified revenue distribution methods for technology achievements, and enhancing professional capacity building [2]

作为各自领域的头部企业代表海博思创、远景能源、TCL光伏，首次聚首租赁大会并发言，将为租赁业 与绿色能源及储能行业融合发展带来新的思考和机遇。 远景能源，全球新能源领军企业，以技术创新推动行业发展。自主研发的风电主轴承累计交付量突破 10000台，国产化率飙升至60％，实现了国产主轴承的规模化量产，更以"六年零失效"的实战成绩，打 破了国外品牌的长期垄断。10月27日，远景动力在宜昌的储能超级工厂正式动工，年产能高达 40GWh，预计2026年投产，将为全球储能市场提供强大的产能支持。远景能源参会，必将分享其在风 电、储能等领域的创新成果和发展战略，为行业同仁带来新的思路与启发。 在全球能源转型与变革的关键时期，中关村储能产业技术联盟、海博思创、远景能源、TCL光伏、国网 租赁、华电租赁作为行业深度参与者，将重磅出席2025（首届）租赁业产融生态大会，共话绿色能源行 业发展机遇，为产业注入实践与思想动力。 TCL光伏，作为光伏行业的重要力量，不断推出创新产品，引领行业发展。11月7日，TCL中环举办多 分片光伏新品发布会，推出T5 PRO高效光伏组件产品。该产品以多分片技术革新为核心亮点，实现了 转换效率与产 ...

转自：新华财经 新华财经内蒙古11月17日电（杨子华）17日，内蒙古自治区兴安盟举办"构建'绿色氢基化工'产业新生态暨首届兴安盟'绿色氢氨醇'产业基地生态共建发布 会"。会上正式宣告兴安盟大规模绿色甲醇项目工艺验证成功。来自政府、科研机构、行业协会及企业界的近三百位嘉宾齐聚一堂，共同探讨绿色氢氨醇产 业的发展路径与合作机遇，推动兴安盟加快打造全国领先的绿色能源产业集聚区。 在开幕致辞环节，中国科学院院士欧阳明高在线上致辞时表示，当前我国正处在从化石能源向可再生能源转型的第三次能源革命中，氢作为一种能源载体， 具有重要的战略意义。兴安盟正在开展的绿色甲醇项目是典型的氢基燃料产业，具有极大的标杆和示范意义。在技术方面，该项目的成果有助于打通整个氢 能技术链；在产业发展方面，项目充分结合了当地资源禀赋、龙头企业的先进技术和国际市场需求，因地制宜发展了新质生产力。 兴安盟委副书记、盟长于吉顺在致辞时表示，兴安盟将紧紧抓住绿色低碳转型的历史机遇，依托"风光氢储一体化"的资源优势，全力构建从生物质资源到氢 基化工产品的全链条产业体系。兴安盟欢迎广大企业家来兴安盟投资兴业，共同将兴安盟打造成绿色能源转型的标杆地区和全国绿色 ...

Core Viewpoint - The green hydrogen and methanol industry is entering an unprecedented strategic window as the "dual carbon" strategy deepens and the global energy structure accelerates its transition to green and low-carbon sources [1] Group 1: Industry Development - The Inner Mongolia Xingan League Economic and Technological Development Zone is launching a green hydrogen and methanol industrial cluster, aiming to establish a new ecological model for the industry [1][3] - The development zone plans to create a production capacity of 700,000 tons of green hydrogen, 2 million tons of green ammonia, and 3 million tons of green methanol during the 14th Five-Year Plan period, with an expected annual tax revenue of 1 billion yuan and a total industrial output value exceeding 50 billion yuan [5] Group 2: Infrastructure and Support - The development zone has invested 6 billion yuan to ensure comprehensive infrastructure, including a 25.6 square kilometer planned area with 13.02 square kilometers designated for chemical parks, providing a solid foundation for project implementation [3] - The area is equipped with direct railway access to major ports and comprehensive utility services, ensuring a conducive environment for business operations [3] Group 3: Project Initiatives - A total of 27 related projects have completed preliminary research, aligning with market demands and providing a high-quality platform for investment [5] - Six high-value downstream projects centered around green methanol have been proposed, including a 1.7 billion yuan aviation fuel project and a 1.15 billion yuan polyformaldehyde project, which will utilize green methanol as a key raw material [8][9] Group 4: Competitive Advantages - The combination of abundant renewable resources, a robust industrial ecosystem, clear policy support, and efficient transportation channels positions the Xingan League favorably in the domestic green energy competition [6] - Green methanol is identified as a crucial component in the industrial layout, serving dual roles as a clean energy source and a key chemical raw material, with strong demand anticipated across various sectors [6]

01 主要观点策略 02 宏观及产业资讯 03 期现市场及持仓情况 目 录 04 基本面数据 01 主要观点策略 01 上周行情回顾 铜周报：宏观仍不明朗，铜价高位震荡 2025-11-17 p 上周沪铜高位震荡。截至上周五收至86900元/吨，周涨幅1.11%。美国政府停摆结束提振市场信心，但美联储官员在利率问题上存 在明显分歧，使得市场情绪偏向谨慎。基本面上，铜精矿TC仍处于历史负值低位，铜矿紧缺下铜价中枢中长期有支撑。国内铜冶炼反 内卷预期叠加阳极铜供给影响，国内电解铜产量或保持低位。铜价下跌终端需求受到提振，基本面支撑较强，铜价或延续高位震荡运 行。 60000 65000 70000 75000 80000 85000 90000 95000 25-11-14 25-11-10 25-11-04 25-10-29 25-10-23 25-10-17 25-10-13 25-09-29 25-09-23 25-09-17 25-09-11 25-09-05 25-09-01 25-08-26 25-08-20 25-08-14 25-08-08 25-08-04 25-07-29 25-07-23 2 ...

Core Insights - The article highlights the growing cooperation between China and Central and Eastern European (CEE) countries, particularly through the recent "Belt and Road" dialogue held in Chengdu, which aims to explore new business opportunities and strengthen economic ties [1][2][4]. Group 1: Economic Cooperation - Since 2012, trade between China and CEE countries has grown at an average annual rate of 8.8%, with imports from CEE countries increasing by 7.4%, both outpacing China's overall trade growth [2]. - The dialogue event marks a significant step in enhancing the long-term friendship between China and CEE countries into a forward-looking economic cooperation mechanism [4]. Group 2: Strategic Positioning - Chengdu is recognized as a key hub for cooperation due to its central location, similar to Poland's position in Europe, which enhances the significance of their collaborative efforts [5]. - The operation of the China-Europe Railway Express has significantly boosted business for companies like Chengdu Youstong E-commerce, which reported a tenfold increase in European business due to cost-effective and timely logistics [5]. Group 3: Focus on Green Energy and Future Industries - CEE representatives are particularly interested in Chengdu's advancements in new energy and smart manufacturing, with a strong emphasis on the potential for collaboration in these sectors [6]. - The energy investment potential in CEE is highlighted as a critical area for cooperation, especially in light of climate change and regulatory demands [6]. - The dialogue also emphasizes the need for digital transformation in traditional industries, with both regions having complementary strengths in innovation and manufacturing [7].

Report Industry Investment Ratings Macro Finance - **Stock Index**: Mid-to-long term bullish, buy on dips [1][5] - **Treasury Bonds**: Range-bound [1][5] Black Building Materials - **Coking Coal**: Range trading [1] - **Rebar**: Range trading [1][7] - **Glass**: Sell call options [1][8] Non-Ferrous Metals - **Copper**: Short-term range trading [1][11] - **Aluminum**: Suggest buying on dips [1][12] - **Nickel**: Suggest waiting and seeing or shorting on rallies [1][17] - **Tin**: Range trading [1][17] - **Gold**: Range trading [1][19] - **Silver**: Range trading [1][18] Energy Chemicals - **PVC**: Range-bound with a weak bias, 01 contract pay attention to the 4700 resistance level [21][23] - **Caustic Soda**: Range-bound with a weak bias, 01 contract pay attention to the 2400 resistance level [24][25] - **Soda Ash**: Bearish strategy for the 01 contract [1][35] - **Styrene**: Range-bound with a weak bias, pay attention to the 6500 resistance level [26][27] - **Rubber**: Range-bound, pay attention to the 15000 support level [27][28] - **Urea**: Range-bound [30][31] - **Methanol**: Range-bound [31][32] - **Polyolefins**: Weak range-bound, L2601 pay attention to the 6800 support level, PP2601 pay attention to the 6500 support level [33][34] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Range-bound [36] - **PTA**: Low-level range-bound, pay attention to the 4400 - 4700 range [36] - **Apple**: Range-bound with a strong bias [38] - **Red Dates**: Range-bound with a weak bias [38] Agricultural Livestock - **Hogs**: Rebound under pressure [1][40] - **Eggs**: Limited upside [1][43] - **Corn**: Range-bound at the bottom [46][47] - **Soybean Meal**: Range-bound [48] - **Oils and Fats**: Limited rebound [1][48] Core Views The report provides investment strategies and market analyses for various futures products across different industries. Market conditions are influenced by a variety of factors including macroeconomic policies, supply and demand fundamentals, and geopolitical events. Each product's investment strategy is based on its specific market situation and outlook [1][5][7]. Summary by Directory Macro Finance - **Stock Index**: Mid-to-long term bullish, but may range-bound in the short term due to rapid market hot - spot rotation and unclear main lines [5] - **Treasury Bonds**: Range-bound. The third - quarter monetary policy report maintains a moderately loose tone, and the possibility of using aggregate monetary policy tools this year is relatively limited. The market is in a range - bound and wait - and - see state [5][6] Black Building Materials - **Coking Coal and Rebar**: Range trading. Coking coal market has weak demand and price cuts, while rebar is undervalued but has limited upside due to weakening demand and potential production cuts [7][8] - **Glass**: Sell call options. End - of - year demand may weaken further, with high inventory and delivery pressure. Technical indicators show a bearish trend [8] Non - Ferrous Metals - **Copper**: High - level range - bound. The US government's situation and economic data add uncertainty, while the long - term demand outlook is positive but short - term consumption is suppressed [11] - **Aluminum**: Suggest waiting and seeing. Supply and demand fundamentals are complex, and there is a risk of over - trading the market's expectations [12][13] - **Nickel**: Suggest waiting and seeing or shorting on rallies. The new RKAB policy brings supply uncertainty, and the medium - to - long - term supply is in surplus [16][17] - **Tin**: Range trading. Supply is expected to improve, and downstream consumption is weak, but prices are supported [17] - **Gold and Silver**: Range trading. Uncertainty about the Fed's December interest - rate decision and concerns about the US economy support prices in the medium term but are in a short - term adjustment [18][19] Energy Chemicals - **PVC**: Range - bound with a weak bias. High supply, weak domestic demand, and uncertain export growth [23] - **Caustic Soda**: Range - bound with a weak bias. High inventory in the alumina industry and potential negative feedback in the industrial chain [25] - **Soda Ash**: Bearish for the 01 contract. Supply is in surplus, and although cost increases, supply pressure remains high [35] - **Styrene**: Range - bound with a weak bias. Weak chemical fundamentals and uncertain cost factors [27] - **Rubber**: Range - bound. High raw material prices, seasonal inventory accumulation, and weak terminal demand [28] - **Urea**: Range - bound. Supply increases, demand is driven by agriculture and industry, and inventory changes need attention [30][31] - **Methanol**: Range - bound. Supply increases, demand weakens, and inventory accumulates [31][32] - **Polyolefins**: Weak range - bound. Supply pressure increases, demand has no obvious increase, and cost pressure exists [33][34] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Range - bound. Global cotton supply and demand are both increasing, and the end - of - season inventory is decreasing [36] - **PTA**: Low - level range - bound. Oil prices are weak, supply and demand are in a state of inventory accumulation, and downstream procurement is weak [36] - **Apple**: Range - bound with a strong bias. Production and quality decline, which may support prices [38] - **Red Dates**: Range - bound with a weak bias. Acquisition prices are slightly adjusted, and market sentiment is cautious [38] Agricultural Livestock - **Hogs**: Rebound under pressure. Short - term price fluctuations are limited, and medium - to - long - term supply remains high before the first half of next year [40][42] - **Eggs**: Limited upside. Supply is sufficient in the short term, and long - term supply pressure reduction requires time [43][45] - **Corn**: Range - bound at the bottom. Short - term supply is abundant, and long - term cost support exists, but demand growth is limited [46][47] - **Soybean Meal**: Range - bound. US soybean supply and demand are expected to tighten, but Brazilian production may limit the upside [48] - **Oils and Fats**: Limited rebound. Short - term reports have a neutral impact, and long - term potential factors need attention [54]

Core Viewpoint - The establishment of a specialized project development team by the National Pipeline Group marks the initiation of the Chifeng-Jinzhou hydrogen energy pipeline project feasibility study, which aims to support high-quality energy development in Liaoning Province [1] Group 1: Project Overview - The Chifeng-Jinzhou project is expected to become the largest and longest transportation channel for hydrogen, ammonia, and methanol in China, representing a significant step in the green energy infrastructure sector [1] - The pipeline will start from Chifeng City in Inner Mongolia and end at Jinzhou Port in Liaoning Province, featuring a parallel layout for hydrogen, methanol, and liquid ammonia, with a total pipeline length of 290 kilometers [1] - This project is the first multi-medium green energy corridor in the country, transporting only green energy sources [1] Group 2: Strategic Importance - The initiation of the Chifeng-Jinzhou project reflects the National Pipeline Group's proactive engagement in strategic emerging industries and its commitment to developing a technical system for hydrogen, ammonia, and carbon transportation [1] - The company aims to create a "national network" for green hydrogen energy transportation, leveraging existing oil pipelines to enhance energy export channels in the Northeast region [1] - This initiative is seen as a transformation of regional resource endowments into industrial development momentum, promoting a high-quality regional economic layout and reinforcing the company's mission to ensure national energy security [1]