Core Viewpoint - The article emphasizes the need for companies to adopt an integrated energy management platform to effectively manage energy consumption and achieve carbon reduction goals under the dual control policy of energy consumption intensity and total consumption [1][2]. Group 1: Overview - The company consumes significant amounts of pure water and electricity, which constitute a large portion of total production costs. To ensure the implementation of energy efficiency indicators and energy-saving goals, an energy management platform utilizing information technology is necessary [2][3]. Group 2: Project Requirements - The monitoring project will cover various workshops, including chemical workshops and water treatment workshops, requiring the installation of 332 new electricity meters and 140 new water meters, along with existing smart devices [3]. Group 3: System Requirements - The system will include energy consumption statistics, energy consumption forecasting, product energy consumption calculations, demand statistics, production statistics, power quality monitoring, customizable reports, and anomaly alerts [4][5]. Group 4: System Structure - The system is designed in a three-layer structure: the field device layer, network communication layer, and platform management layer, ensuring comprehensive data collection and monitoring [6][9]. Group 5: Enterprise Indicators - Key energy indicators include three-phase voltage, current, active power, and cumulative flow for water, which are essential for monitoring energy consumption and efficiency [10][12][13]. Group 6: System Functions - The platform provides real-time monitoring of energy consumption, carbon emissions, and energy efficiency, allowing for detailed analysis and reporting to identify energy-saving opportunities [14][16][20][31]. Group 7: System Application Value - The energy management platform enhances energy management, improves energy utilization efficiency, and identifies energy-saving potential, ultimately contributing to cost savings and operational efficiency [34][38][40].

Market Overview - A-shares and Hong Kong stocks are experiencing a synchronized adjustment, with a cautious market risk preference as growth sectors retreat and second-tier themes rotate [1] - A-shares are influenced by the continuous decline of the Nasdaq and the upcoming long holiday, leading to a general adjustment in hard technology sectors, while funds shift towards automotive, wind power, and real estate sectors [1][2] - Hong Kong stocks are weakened by large technology stocks, but essential consumption and energy sectors provide counter-support [1][2] Index Performance - A-share market shows significant differentiation between large and small caps, with blue-chip sectors demonstrating resilience [2] - The Shanghai Composite Index fell 0.18% to 3846.33 points, while the Shenzhen Component Index dropped 0.79% to 13339.82 points [2] - The Hang Seng Index decreased by 0.65% to 26312.90 points, with the Hang Seng Technology Index down 1.04% [2] Industry Hotspots and Driving Logic - A-share market sees a rotation towards policy-sensitive sectors and cyclical stocks, with the petrochemical sector leading gains due to international oil price fluctuations [3] - The real estate sector stabilizes as ongoing property policies improve industry expectations [3] - The automotive and military sectors present thematic opportunities, with optimistic expectations for the new energy vehicle supply chain [3][4] Underperforming Sectors and Driving Logic - A-share technology growth sectors are experiencing a comprehensive pullback, particularly in AI hardware and media [5] - The hardware equipment index fell by 3.97%, with Apple-related and robotics stocks following the technology sector's adjustment [5] Investment Strategy Recommendations - The market is in a transitional phase of "growth retreat and defensive rise," suggesting a focus on policy dividends and low-valuation sector rotation [6] - Recommended areas include sectors with strong policy certainty such as real estate, national defense, and environmental protection [6] - Attention should also be given to energy and resource sectors under cyclical recovery logic, as well as high-dividend blue-chip stocks amid increased market volatility [6] Long-term Focus - Long-term attention should be on the opportunities arising from the correction in technology sectors, particularly in semiconductors and new energy storage, while waiting for signs of valuation digestion and stabilization in fund sentiment [7]

Core Insights - Over 70% of China's energy state-owned enterprises have integrated Alibaba's AI technology, including major players like State Grid, Southern Power Grid, Sinopec, and others, across the entire energy spectrum [1] - The energy sector is under strict technological selection requirements due to "energy security" and "dual carbon" goals, leading to a preference for Alibaba Cloud's full-stack AI capabilities [1] - The State Grid has launched the "Bright Power Model," a comprehensive multimodal industry model supported by Alibaba, which has achieved the highest professional capability rating [1] Group 1: Electricity Sector - State Grid and Southern Power Grid are leveraging AI to address challenges in grid stability caused by large-scale integration of renewable energy [1] - The "Bright Power Model" is recognized as the most comprehensive and capable model in the electricity sector, providing support for safe and stable grid operations [1] - The model's professional capability exceeds that of mainstream models by an average of 15% [1] Group 2: Metering and Automation - Southern Power Grid has upgraded its metering automation system to a leading "Metering Brain," enhancing efficiency and fault recovery rates [3] - The AI Commander developed in collaboration with Alibaba integrates multiple AI functions, resulting in an 8-fold increase in work order processing efficiency and an 80% self-healing rate for faults [3] Group 3: Oil and Gas Sector - The National Pipeline Group has built an open service and trading platform for over 50,000 kilometers of oil and gas pipelines, utilizing Alibaba's AI technology [5] - The platform has improved demand submission efficiency by 60% and enables rapid response for urgent resource allocation [5] Group 4: Coal Industry - China Coal Technology and Engineering Group has integrated AI models into its operations, enhancing decision-making for intelligent mining and disaster prevention [5] - A strategic cooperation agreement has been signed with Alibaba Cloud to develop an AI foundation platform for the coal industry [5] Group 5: Industry Recognition - The choice of Alibaba AI by energy state-owned enterprises reflects recognition of Alibaba Cloud's full-stack AI capabilities [7] - The goal of digital transformation in the energy sector is to achieve greater safety, stability, lower carbon emissions, and higher efficiency [7]

021-60635736 zhaihepan@ccb.ccbfutures.com 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 钢材日评 日期 2025 年 9 月 26 日 黑色金属研究团队 研究员：翟贺攀 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | 表1：9月25日钢材期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | RB2601 | 3164 | ...

继9月初《关于推进"人工智能+"能源高质量发展的实施意见》发布后，国家能源局近日又发布了"关于 推进能源装备高质量发展的指导意见"，在政策及市场双重驱动下，人工智能+能源场景应用正如潮水 般席卷而来。而博雷顿(01333)作为零碳矿山机器人第一股，自然成为AI+能源场景的细分行业龙头，利 用人工智能技术，提供设计、开发、制造具有自动作业能力的"矿山机器人"，并提供智能运营服务和光 储能源服务。 根据灼识咨询，中国新能源主要工程机械类别市场规模均保持双位数及以上的复合增速增长，其中装载 机以及宽体自卸车与2020-2024年复合增速分别为129.7%及127.6%，预计到2029年分别达到287亿元及 149亿元，以高双位数复合增长。其中在人工智能应用潮下，新能源宽体自卸车具有强大的驾驶稳定性 控制系统，已经成为实现矿山工程高质量增长的未来趋势。 博雷顿订单也在持续增加，近期与鸣阳矿业订立了一项战略合作协议，在矿山业务领域展开长期战略合 作，推动矿山运输的电动化及智能化发展。根据合作内容，博雷顿拟向鸣阳矿业提供不低于1000台的电 动矿卡无人驾驶车辆及无人驾驶服务。此外，公司不乏有长期合作持续追加订单的客户，比 ...

双碳政策指引 零碳矿山机器人需求持续增长 博雷顿基本盘非常稳，在双碳政策的指引下，矿山工程新能源转型成为了零碳政策的主要抓手之一。 从政策上看，此前自然资源部发布的《关于进一步加强绿色矿山建设的通知》。今年9月国家能源局发 布的《关于推进"人工智能+"能源高质量发展的实施意见》以及"关于推进能源装备高质量发展的指导意 见"，均都在指引新能源的能源装备从高速增长到高质量增长。比如煤炭开采装备上，指出突破高硬度 高耐磨岩体截割材料、高功率密度防爆传动系统及多群组联合作业装备自适应协同控制等关键技术，研 制深井井筒机械破岩智能建造及露天矿无人驾驶等关键装备等。 根据灼识咨询，中国新能源主要工程机械类别市场规模均保持双位数及以上的复合增速增长，其中装载 机以及宽体自卸车与2020-2024年复合增速分别为129.7%及127.6%，预计到2029年分别达到287亿元及 149亿元，以高双位数复合增长。其中在人工智能应用潮下，新能源宽体自卸车具有强大的驾驶稳定性 控制系统，已经成为实现矿山工程高质量增长的未来趋势。 智通财经APP获悉，继9月初《关于推进"人工智能+"能源高质量发展的实施意见》发布后，国家能源局 近日又 ...

昨天（9月25日）上午，苏州汇川联合动力系统股份有限公司首次公开发行A股上市仪式通过云直播形 式在深圳、苏州同步举行。随着联合动力登陆深交所创业板，今年苏州已新增境内外上市公司12家，其中境 内A股7家，新增境内上市公司数量位居全国第一。苏州市委书记刘小涛，市委副书记、市长吴庆文，汇川 技术董事长、总裁朱兴明，联合动力董事长李俊田在苏州出席上市仪式。 倪黎祥 摄 联合动力成立于2016年9月，总部位于吴中区，始终专注于新能源汽车动力系统的研发、生产、销售及 服务，逐步实现了产品的全平台覆盖、集成化设计、高压化适配、全球化功能，是中国新能源汽车动力系统 的领军企业。此次登陆深交所创业板，联合动力（股票代码：301656）共发行股份28857.4910万股，发行价 为12.48元/股，募集资金总额36.01亿元。 吴庆文在致辞时代表市委、市政府，对企业上市表示热烈祝贺，对企业给予苏州发展的关心、支持和帮 助表示衷心感谢。希望企业牢牢抓住机遇，坚持核心技术创新，加大研发投入力度，引领更多合作伙伴共同 参与全市新能源汽车产业建设，为全球绿色出行贡献更多的"苏州智慧"和"中国力量"。他表示，苏州将持续 营造市场化、法治 ...

Group 1 - The report highlights that the interbank leverage ratio has slightly increased to 106.88% as of August, which is still lower than historical levels [2] - The total custody scale of bonds reached 174.54 trillion yuan, with a month-on-month increase of 1.51 trillion yuan [2] - Commercial banks are the main force in increasing holdings of government bonds, with an increase of 1.3 trillion yuan in August [2] Group 2 - The company has obtained the China Classification Society (CCS) certification for its ship coatings, which is expected to expand its market space and enhance sales [3] - The company is also pursuing certification from the American Bureau of Shipping (ABS) to further penetrate the ship coatings market [3] - The business scope is expanding with a strategic focus on industrial coatings, including new segments such as marine, offshore, and photovoltaic coatings [3] Group 3 - The report indicates that the ready-to-eat food sector is performing well, driven by the pre-made dish concept, especially in the context of the upcoming double festival [4] - The liquor industry is experiencing pressure on consumption, with high-end liquor prices slightly declining, which may stimulate sales [4] - The report suggests monitoring the recovery of banquet markets during the double festival, as it may impact overall performance in Q3 [4] Group 4 - The report discusses the rapid expansion of new energy installations under the "dual carbon" goals, with significant growth in wind and solar power [7] - Huayin Power is focusing on both thermal power investment and new energy transition, with a total installed capacity of 7.16 million kilowatts as of mid-2025 [7] - The company is actively seeking quality project indicators for thermal power, with ongoing upgrades to existing facilities [7] Group 5 - The semiconductor business of the company is experiencing growth, with a focus on high-margin products and a strategic shift away from product integration [14] - The company reported a revenue of 25.34 billion yuan in the first half of 2025, despite a decline in overall revenue due to the divestment of its product integration business [14] - The semiconductor segment is expected to benefit from strong demand in automotive and AI infrastructure markets, with projected revenues of 35.64 billion yuan in 2025 [14] Group 6 - The report indicates that Tongrentang's revenue remained stable with a slight increase, while net profit showed a decline due to external pressures [16] - The company is focusing on enhancing its product quality and expanding its international market presence, with new product registrations in Canada and Hong Kong [16] - The forecast for net profit in 2025-2027 has been adjusted downwards, reflecting the impact of rising raw material costs [16]

Core Viewpoint - The article highlights the strategic development of the marine economy in Jimo District, Qingdao, aiming for high-quality growth through technological innovation and the establishment of a modern marine industry system by 2027 [1][2][4]. Summary by Relevant Sections Marine Economy Development - By 2027, Jimo is expected to have over 255 marine-related enterprises and more than 90 high-tech marine companies, with a marine production value reaching 778 billion yuan, maintaining an annual growth rate of around 7% [1]. - In 2024, the marine production value is projected to be 635 billion yuan, reflecting a year-on-year growth of 7.4% [1]. Emerging Industries - The "4+3+2" modern marine industry system includes four emerging industries: marine renewable energy, marine equipment, marine pharmaceuticals and bioproducts, and marine new materials [2][3][4]. - The Jimo offshore photovoltaic project, the first of its kind in China, plans to construct a 1.15 million kW pile-based photovoltaic power generation project, expected to generate approximately 1.07 billion kWh of green electricity annually [2]. Marine Equipment Industry - The Jimo marine equipment industry is highlighted by the successful delivery of the fourth bulk carrier for Sea Tankers, positioning the area as a leading base for shipbuilding [3]. - The focus is on high-tech and high-value shipbuilding, with plans to develop underwater robots and other advanced marine equipment [3]. Marine Pharmaceuticals and New Materials - Jimo aims to foster innovation in marine pharmaceuticals, with projects like the development of new products from marine brown algae and the approval of generic drugs [4]. - The marine new materials sector is advancing with key projects such as the Qingdao Blue Valley Membrane Technology Industrial Park [4]. Traditional Industries - Jimo is also leveraging traditional marine industries like tourism, fisheries, and transportation to support the transition to new economic models [6][7]. - The construction of a national underwater archaeology museum is expected to enhance the traditional marine tourism sector [6]. Business Environment and Support - The district is enhancing its business environment through initiatives like the "iQing" marine service brand, which aims to support marine enterprises with financial incentives and project assistance [8][9]. - The government is actively engaging with enterprises to improve project application quality and support [9]. Future Directions - Jimo is targeting future industries such as deep-sea development and marine information technology, with plans to establish a deep-sea technology research and development system [7]. - The district is committed to fostering a collaborative environment for talent and technology exchange to support the marine economy [9].

Group 1 - The overall power equipment industry is maintaining a high level of prosperity, with multiple listed companies recently announcing winning bids from the State Grid Corporation of China [1][2] - Canaan Intelligent won a total of 6 bid packages with a combined bid amount of approximately 73.12 million yuan in the State Grid's procurement project [1] - A total of 14 listed companies have announced winning or pre-winning bids from the State Grid, with a combined bid amount of approximately 4.248 billion yuan [1][2] Group 2 - China West Electric announced that its 14 subsidiaries successfully entered the winning list for the State Grid's procurement, with a total bid amount of 1.641 billion yuan, accounting for 7.40% of its 2024 revenue [2] - Pinggao Electric reported a total bid amount of approximately 1.369 billion yuan, representing 11.04% of its 2024 revenue [2] - Other companies such as Youxun Da, Haixing Electric Power, and Linyang Energy also reported pre-winning bid amounts exceeding 100 million yuan, indicating a positive bidding trend in the industry [2] Group 3 - The investment amounts announced by the two major grid companies for 2025 are at record highs, with the State Grid expected to exceed 650 billion yuan and the Southern Grid planning 175 billion yuan in fixed asset investments [4] - The ongoing investment in key projects like UHV (Ultra High Voltage) is driving demand for core components such as cables, transformers, and insulation equipment [4] - The recent policies from the Ministry of Industry and Information Technology aim for a stable growth rate of around 6% for traditional power equipment revenue by 2026, with a focus on increasing the export of new energy equipment [5] Group 4 - The power equipment industry is expected to benefit from the implementation of the "Artificial Intelligence + Energy" initiative, which provides a clear roadmap for the intelligent transformation of the energy sector [5] - Despite facing complex external environments, the demand for the power equipment industry is expected to remain robust due to China's dual carbon goals and the requirements for a new power system [6]