Investment Strategy Overview - The report maintains a standard rating for the non-ferrous metals industry, highlighting the positive outlook for copper and aluminum, while emphasizing the potential for rare metals and lithium to rise due to supply-demand dynamics and technological advancements [1][3]. Copper Industry - The copper supply-demand landscape is influenced by ongoing global supply disruptions and a favorable macroeconomic environment, with expectations for price increases supported by a global interest rate cut cycle [3][21]. - Domestic copper production is projected to slow down due to tightening copper concentrate supplies and low smelting fees, while demand from the renewable energy sector and AI electronics is expected to continue rising [3][50]. - In the first three quarters of 2025, China's refined copper production reached 889.5 million tons, a year-on-year increase of 13.14%, driven by significant contributions from recycled copper and improved smelting technology [3][28]. Aluminum Industry - The aluminum market is characterized by rigid supply constraints and differentiated demand, with prices expected to rise due to strong demand from the renewable energy sector and gradual recovery in the real estate market [3][55]. - Domestic aluminum production is supported by stable bauxite supply and increasing imports, with a notable rise in imported bauxite by 33.6% year-on-year [3][59]. - The report indicates that the aluminum price is likely to maintain an upward trajectory due to the ongoing economic recovery and the anticipated demand from various sectors [3][55]. Strategic Metals - The rare earth supply is expected to stabilize, but demand needs to be boosted, particularly from sectors like electric vehicles and renewable energy [3][4]. - Tungsten supply is projected to remain tight due to resource depletion and environmental regulations, while demand is stable, driven by applications in hard alloys and emerging technologies [3][4]. - Lithium production is set to benefit from the rapid expansion of energy storage and solid-state battery technologies, with a significant increase in demand anticipated [3][4]. Precious Metals - Gold is expected to maintain its upward momentum due to declining dollar credit and ongoing central bank purchases, despite short-term volatility [3][5]. - The report highlights that gold's monetary attributes are likely to be reinforced amid geopolitical tensions and a global trend towards de-dollarization [3][19]. Investment Recommendations - The report suggests focusing on companies such as Tianshan Aluminum (002532), Luoyang Molybdenum (603993), and Western Mining (601168) for industrial metals, while recommending Xiamen Tungsten (600549) and Xingye Silver Tin (000426) for small metals and new materials [6]. - For energy metals, Ganfeng Lithium (002460) and Tianqi Lithium (002466) are highlighted as key players to watch [6]. - In the precious metals sector, Zijin Mining (601899) and Chifeng Jilong Gold Mining (600988) are recommended due to their potential for price appreciation [6].

Core Insights - The company has significantly advanced its green energy initiatives, achieving a green electricity replacement rate of 33.74% and reducing electricity costs by approximately 234 million yuan through renewable energy utilization [1][2][3] Group 1: Renewable Energy Consumption and Cost Savings - In the first ten months of the year, the company consumed approximately 2.372 billion kWh of renewable energy, leading to a cost reduction of about 234 million yuan [1] - The company has established a vanadium flow battery energy storage station that can discharge up to 18.85 million kWh annually, reducing carbon emissions by around 15,000 tons and saving energy costs of about 10.5 million yuan [1] Group 2: Renewable Energy Infrastructure Development - Since 2021, the company has been actively expanding its wind and solar power station construction, with a total installed capacity of renewable energy reaching 926.12 MW by the end of October, including 830.07 MW of solar power and 38.75 MW of wind power [2] - The company has implemented a distributed photovoltaic project with a capacity of 17 MW, generating an annual output of 18.7 million kWh, showcasing its commitment to integrating renewable energy into various infrastructures [2] Group 3: Integrated Energy Management and Future Plans - The company is pioneering the construction of an integrated source-grid-load-storage project in Henan Province, utilizing a smart control platform to optimize energy management through real-time data [3] - In the first ten months, the total renewable energy generation was approximately 932 million kWh, with internal consumption of 606 million kWh and external supply to the national grid of 326 million kWh, generating an additional profit of about 85 million yuan [3] - Future plans include the development of a smart electricity trading platform to enhance digital management across the entire energy system, aiming to set a benchmark for energy transition in the industrial sector [3]

Group 1 - The chemical sector continues to experience a downward trend, with the Chemical ETF (516020) showing a decline of 0.39% as of the latest update, after a drop of over 2% during the day [1] - Key stocks in the lithium battery and phosphate chemical sectors have seen significant declines, with Enjie Co. down over 4%, and Hongda Co. and Chuanfa Longmang both down over 3% [1] - The Chemical ETF has shown a year-to-date increase of 24.89%, outperforming major A-share indices such as the Shanghai Composite Index (14.41%) and the CSI 300 Index (13.18%) [1][3] Group 2 - The basic chemical industry is expected to benefit from supply-side reforms driven by "anti-involution" policies, leading to an improved supply-demand balance and increased market share for leading companies [4] - The phosphoric and potash sectors are experiencing high demand, with stable prices for phosphate rock and steady growth in potash demand [4] - The valuation of the Chemical ETF is relatively low, with a price-to-book ratio of 2.28, indicating a favorable long-term investment opportunity [4] Group 3 - The Chemical ETF (516020) tracks the sub-sector chemical industry index, covering various segments of the chemical industry, with nearly 50% of its holdings in large-cap leading stocks [5] - Investors can also access the chemical sector through linked funds of the Chemical ETF, enhancing investment efficiency [5]

化工板块今日（11月24日）延续回调态势，反映化工板块整体走势的化工ETF（516020）全天低位震 荡，盘中场内价格一度跌超2%，午后跌幅收窄，截至发稿，跌0.39%。 风险提示：化工ETF被动跟踪中证细分化工产业主题指数，该指数基日为2004.12.31，发布于 2012.4.11。指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。文中 提及个股仅为指数成份股客观展示列举，不作为任何个股推荐，不代表基金管理人和基金投资方向。任 何在本文出现的信息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只 作为参考，投资人须对任何自主决定的投资行为负责。另，本文中的任何观点、分析及预测不构成对阅 读者任何形式的投资建议，亦不对因使用本文内容所引发的直接或间接损失负任何责任。投资人应当认 真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金的风险收益 特征，选择与自身风险承受能力相适应的产品。基金的过往业绩并不预示其未来表现，基金管理人管理 的其他基金的业绩并不构成基金业绩表现的保证。根据基金管理人的评估，化工ETF风险等级为R3-中 风险， ...

Core Insights - The article emphasizes the rapid growth of liquid cooling technologies, particularly immersion cooling, as essential for meeting the demands of modern data centers driven by the explosion of artificial intelligence technology [8][9] - It highlights the significant market potential for liquid cooling solutions in China, projecting the liquid cooling server market to reach $2.37 billion in 2024, a 67% increase from 2023, and expects the market to exceed 180 billion RMB by 2030 [8] Industry Trends - The article discusses the transition from traditional air cooling to liquid cooling methods, with immersion cooling being recognized for its superior thermal conductivity and energy efficiency [8] - It notes the challenges faced by the domestic immersion cooling technology, including the need for localization of core materials and overcoming technical bottlenecks in dual-phase cooling systems [9] Market Opportunities - The article outlines the expected growth of the liquid cooling materials market, estimating it to reach between 36 billion to 45 billion RMB [8] - It mentions various technological routes for cooling liquids, including fluorinated liquids, synthetic oils, and bio-based coolants, indicating a diverse landscape of innovation [8] Event Information - The first "Cooling Liquid and Liquid Cooling Technology Forum" is scheduled for November 27-28, 2025, in Wuzhen, Zhejiang, focusing on material innovation and the commercial application of efficient liquid cooling technologies [9][18] - The forum aims to gather leading companies and research institutions to discuss breakthroughs in materials, technological advancements, and application scenarios [9][18]

近日，全国31省份（不含港澳台）前三季度经济数据陆续发布。根据国内生产总值（GDP）由高至低排 列，经济前十强省份为：广东、江苏、山东、浙江、四川、河南、湖北、福建、上海和湖南。 | 排名 | 省份 | | 增速(%) | | --- | --- | --- | --- | | 1 | 广东 | 105176. 98 | 4.1 | | 2 | 江苏 | 102811 | 5.4 | | 3 | 山东 | 77115 | 5.6 | | 4 | 浙江 | 68495 | 5.7 | | ર | 四川 | 49322. 2 | 5.5 | | ୧ | 河南 | 48867. 57 | 5.6 | | 7 | 湖北 | 44875. 62 | 6.0 | | 8 | 福建 | 42339.86 | 5.2 | | 9 | 上海 | 40721. 17 | 5.5 | | 10 | 湖南 | 40240. 56 | 5.4 | | 11 | 安徽 | 39770 | 5.4 | | 12 | 北京 | 38415. 9 | 5.6 | | 13 | 河北 | 35547. 6 | 5.5 | | 14 | 陕西 | ...

Group 1 - The chemical sector continued its adjustment, with the CSI sub-industry chemical theme index closing down 4.30% last Friday and down 6.47% for the week, but still showing a cumulative increase of 27.66% since the second half of the year, outperforming the Shanghai Composite Index by over 16% [1] - The Tianhong Chemical ETF (159133) will be listed on November 25, having raised a net subscription amount of 549.89 million RMB during its fundraising period from November 10 to November 12, with a total of 549.91 million shares issued [1] - The Tianhong Chemical ETF tracks the CSI sub-industry chemical theme index, covering various segments of the chemical industry, including phosphorus chemicals, fluorine chemicals, phosphorus fertilizers, and potassium fertilizers [1] Group 2 - The basic chemical industry has seen an increase in profit growth in the first three quarters, continuing its bottom recovery, with the overall gross margin at 17.69% and net margin at 6.17% for the first three quarters of 2025, both showing a slight year-on-year recovery [2] - The profitability of sub-industries within the basic chemical sector has shown significant differentiation, with improvements noted in fluorine chemicals, potassium fertilizers, synthetic resins, chlor-alkali, and compound fertilizers [2]

第二十届中国经济论坛"医院高质量发展与科技创新"平行 论坛现场，与会嘉宾拍照记录。 张 赫摄 第二十届中国经济论坛"全球经贸新格局：出海的机遇与 挑战"平行论坛现场。 《中国经济周刊》供图 让优良生态成为幸福生活的"绿色增长点" 广东省肇庆市怀集县委书记 于晓军 近年来，广东省怀集县大力传承弘扬"岳山造林"光荣传统，努力探索生态美、产业兴、百姓富的可持续 发展之路。 20世纪70年代，怀集县干部群众在艰苦卓绝的条件下将贫瘠荒山变成万亩林海，铸就了"忠诚奉献、艰 苦创业、团结奋斗、久久为功"的"岳山造林"光荣传统。时光流转，精神永存，怀集县传承光荣传统， 在怀集大地铺展开一幅生态宜居的美丽画卷：全县森林资源面积达393万亩，森林覆盖率达73.88%，森 林蓄积量达1599.2万立方米，年度空气质量优良天数比率稳定在98%以上。 绿水青山就是金山银山。我们坚持发展生态产业，拓宽富民路径，让优良生态成为群众幸福生活的"绿 色增长点"。依托粤港澳大湾区肇庆（怀集）绿色农副产品集散基地这一重要平台，盘活7个国家地理标 志产品，擦亮"岭南蔬菜之乡"品牌，全力打造粤港澳大湾区"菜篮子""果盘子""米袋子""茶罐子"。 怀集 ...

Core Insights - Europe is at the forefront of global energy transition, aiming to reduce greenhouse gas emissions by 55% by 2030 and achieve net-zero emissions by 2050, heavily relying on the integration of variable renewable energy sources like wind and solar [3][7] - The traditional centralized grid is inadequate for this new model, making smart grids essential as a digital backbone for green energy infrastructure [3][4] Digital Solutions: How Smart Grids Work - Smart grids utilize advanced digital technologies, sensors, and intelligent software to manage electricity production, transmission, distribution, and consumption in real-time, enabling bidirectional flow of electricity and data [4] - Real-time visibility allows operators to balance supply and demand more accurately, adjusting output to address fluctuations caused by renewable energy intermittency [4][6] - Automation is a key feature, enabling self-detection of faults and re-routing of electricity with minimal human intervention, enhancing grid resilience and reducing outage times [4][6] Key Mechanisms for Balancing Supply and Demand - Demand response (DR) programs allow consumers and businesses to actively manage their energy use during peak times or when renewable generation is low, contributing to grid stability [6] - Energy storage systems, including battery energy storage systems (BESS) and vehicle-to-grid (V2G) technologies, play a crucial role in storing excess energy during high production periods and releasing it during shortages [6] - Digital twin technology and predictive analytics are transforming grid management by simulating scenarios and forecasting user demand, optimizing resource allocation for a stable energy ecosystem [6] Policy Focus and Investment - Europe prioritizes smart grid development as a key policy initiative, with significant funding from the Connecting Europe Facility (CEF) energy program to enhance grid infrastructure and flexibility [7] - The European Investment Bank (EIB) has increased support for energy grids and related supply chains, emphasizing the modernization of grid infrastructure to meet climate goals and ensure energy independence [7] - Smart grids are positioned as a critical driver to transform the challenges of renewable energy variability into opportunities for a more flexible, resilient, and sustainable energy future [7]

Core Insights - The Shanghai construction industry is undergoing a digital and intelligent transformation to address traditional construction pain points, creating a closed-loop system of "perception-decision-reuse" [1][3] - The 2025 Shanghai Housing and Urban-Rural Development Technology Conference showcased technological breakthroughs and the integration of advanced theories with practical applications in the construction sector [3][17] Group 1: Intelligent Construction - Intelligent construction is identified as the core engine for high-quality development in the housing and urban-rural construction industry, with a focus on integrating technology breakthroughs with practical applications [3][4] - The application of generative AI and digital twin technology is highlighted as a significant innovation, aiming to overcome challenges in creating city-level digital twin models [3][4] - Various companies are implementing advanced technologies, such as the "Tianchan" construction robot system and the "Cloud Engineering Big Model" AI product service platform, to enhance efficiency and reduce risks in construction processes [4][5] Group 2: Green and Low-Carbon Development - The "dual carbon" goals are driving the Shanghai construction industry's technological innovation, with a focus on green buildings, low-carbon technologies, and ecological governance [6][7] - The Shanghai Construction Consulting Group has developed a comprehensive technology system for low-carbon practices, achieving significant energy savings in building operations [7] - Experts emphasize the importance of a full lifecycle approach to low-carbon development, focusing on existing building upgrades and the application of renewable energy [7][8] Group 3: Urban Renewal - Urban renewal is positioned as a key path for sustainable development, emphasizing optimization of existing resources, ecological priorities, and community needs [8][9] - The revitalization of historical buildings and the development of underground spaces are highlighted as important aspects of urban renewal, showcasing innovative technologies for preservation and functionality enhancement [9][10] - The integration of digital technologies in community updates aims to improve living conditions and ensure efficient project management [10] Group 4: Resilience and Safety - The conference focused on enhancing urban safety through resilient city construction, addressing infrastructure safety and disaster response [11][12] - Innovations in monitoring technologies and dynamic decision-making systems are being implemented to improve safety in major infrastructure projects and underground engineering [12][13] Group 5: Innovation and Talent Development - The establishment of innovation platforms and talent development systems is crucial for the industry's growth, with significant achievements in technology awards and project management [14][16] - Strategic partnerships with educational institutions aim to enhance collaboration and promote technology transfer and talent cultivation [14][16] - The industry is committed to building a robust ecosystem that integrates government, industry, academia, and research to foster innovation [16][17]