Core Points - A new company, Meiling New Energy Technology (Xiamen) Co., Ltd., has been established with a registered capital of 20 million RMB, fully owned by Zhejiang Lingniu Yishi New Energy Technology Co., Ltd. [1] Company Overview - The legal representative of Meiling New Energy Technology (Xiamen) Co., Ltd. is Wang Kuanwei [3] - The company is classified under the national standard industry of scientific research and technical services, specifically in engineering and technical research and experimental development [3] - The registered address is located in the Xiamen area of the China (Fujian) Pilot Free Trade Zone [3] Shareholding Structure - Zhejiang Lingniu Yishi New Energy Technology Co., Ltd. holds 100% of the shares in Meiling New Energy Technology (Xiamen) Co., Ltd. [2] Business Scope - The business scope includes energy storage technology services, emerging energy technology research and development, technical services, and various sales related to new energy vehicles and their components [2]

Core Viewpoint - Foton Motor (600166) is set to unveil innovative products including the Kavin heavy truck, Ouhui bus, and Ouman Galaxy hybrid heavy truck at an upcoming product launch event, highlighting its leadership in the new energy sector and advancements in intelligent technology [1] Group 1 - The event will showcase Foton Motor's latest breakthroughs in new energy and intelligent technology [1] - The official pricing and exclusive policies for the Qimingxing series will be announced for the first time [1] - The company aims to present comprehensive commercial vehicle solutions covering all scenarios [1]

Group 1 - BYD has secured an order for 268 electric buses from Belgian public transport operator De Lijn, marking a significant step in their 2023 framework agreement for 500 units of 12-meter standard electric buses [1][3] - The new order is a result of the excellent operational performance and high reliability of BYD's electric buses in the region, specifically the B12.b model, which features CTC blade battery integrated technology for improved space utilization and low-floor design [1][3] - De Lijn aims to achieve 100% electrification of its bus fleet by 2035, with the first batch of BYD electric buses already in operation in Antwerp since June, receiving positive feedback from both passengers and operators [3] Group 2 - BYD's Executive Vice President, Li Ke, expressed pride in supporting De Lijn's goal of zero emissions by 2035, highlighting the advanced safety standards and energy efficiency of the B12.b electric bus [5] - BYD has established a leading position in the European electric bus market, having delivered over 5,000 commercial vehicles across 26 countries and more than 160 cities, accumulating a mileage of 650 million kilometers, which has resulted in a reduction of 690,000 tons of carbon emissions [5]

Core Viewpoint - China CRRC (601766.SH) has reported significant contract signings in the past three months, with a total amount of approximately 53.31 billion yuan, highlighting the importance of its new energy business, particularly in wind and energy storage equipment [1][2]. Group 1: Recent Contract Signings - China CRRC and its subsidiaries signed several major contracts totaling approximately 53.31 billion yuan, with wind and energy storage equipment contracts amounting to about 16.65 billion yuan [1]. - The breakdown of the contracts includes: - High-level maintenance contracts for EMUs totaling approximately 12.04 billion yuan - Urban rail vehicles, equipment sales, and maintenance contracts totaling approximately 11.16 billion yuan - Locomotive sales and maintenance contracts totaling approximately 9.95 billion yuan - Sales contracts for power concentrated EMUs totaling approximately 2.21 billion yuan - Bus repair contracts totaling approximately 1.3 billion yuan - These contracts represent about 21.6% of the company's projected revenue for 2024 [1]. Group 2: New Energy Business Growth - The new energy business of China CRRC has shown continuous breakthroughs, becoming a major highlight of the company's new orders [2]. - From December 2024 to May 2025, China CRRC secured contracts worth 5.36 billion yuan for wind and energy storage equipment, followed by an additional 4.03 billion yuan in contracts from May to July [2]. - In November, domestic wind power integrators collectively won bids for 10,512 MW, with China CRRC Zhuzhou leading at 1,986 MW, followed by Mingyang Smart Energy (601615.SH) and Dongfang Electric (600875.SH) [2]. - The company’s revenue from urban rail and city infrastructure reached 27.288 billion yuan in the first three quarters of 2025, a year-on-year decrease of 3.99%, while revenue from new industries, including clean energy, increased by 31.91% to 66.097 billion yuan, accounting for 36% of total revenue [2].

（来源：储能与电力市场） 储能与电力市场获悉，12月15日，山西省能源局关于下达山西省2025年风电、光伏发电保障性并网年度建设计划的通知发布。共23个项目、总规模 3350MW。其中： 风电项目：12个，规模为1750MW； 光伏项目：10个，规模为1400MW； 风电+光伏项目：1个，规模为200MW。 业主方面，华能斩新能源指标最多，为550MW；威顿控股有限公司、山西盛弘玖方新能源有限公司、广东恒健投资控股有限公司分别获300MW指标，并 列第二位。 | | 山西省2025年风电、光伏发电保障性并网项目 | | | --- | --- | --- | | | 业主情况 | | | 序号 | 4 主 | 规模 | | | | MW | | | 合计 | 3350 | | 1 | 未能 | 550 | | 2 | 威顿控股有限公司 | 300 | | 3 | 山西盛弘玖方新能源有限公司 | 300 | | 4 | 广东恒健投资控股有限公司 | 300 | | 5 | 中广核。 | 200 | | 6 | 山西嬰煜新能源发展有限公司 | 200 | | 7 | 山西宜通能源科技有限公司 | 200 | | ...

Core Viewpoint - The company has established sales orders in semiconductor packaging equipment, solid-state battery equipment, and intelligent cockpit system equipment, and is gradually increasing production capacity [1] Group 1: Business Development - The company plans to actively explore the application markets for flexible display module equipment, display front-end process bonding equipment, Mini/MicroLED equipment, VR/AR/MR precision assembly equipment, automotive intelligent cockpit system equipment, semiconductor packaging equipment, and new energy equipment in emerging fields [1] - The company will continue to increase research and development efforts for new technologies and products in these areas to support rapid business growth [1]

Core Viewpoint - The company is committed to closely monitoring the development of the new energy industry and innovations in process routes, while enhancing its research and development efforts in manganese-based products [1] Group 1 - The company will increase its focus on research and innovation [1] - The company aims to improve the performance, quality, variety, and cost control of its manganese-based products [1] - The company is dedicated to technical breakthroughs and reserves in these areas [1]

2025 年 12 月 17 日星期三 重庆市江北区金沙门路 32 号 23 层； 023-67071029 上海市浦东新区世纪大道 210 号 10 楼 1001； 021-61101854 地址： 电话： 1 市场有风险 投资需谨慎 | | | | 铅： | | 15 | | --- | --- | --- | | 锡： | | 15 | | 镍： | | 16 | | 豆油、豆粕： | | 16 | | 棕榈油： | | 17 | | 菜粕、菜油： | | 17 | | 棉花： | | 18 | | 白糖： | | 19 | | 苹果： | | 20 | | 生猪： | | 21 | | 鸡蛋： | | 21 | | 玉米&淀粉： | | 22 | | 免责声明 | | 24 | 国债： 上一交易日，国债期货收盘表现分化，30 年期主力合约跌 0.19%报 111.390 元， 10 年期主力合约涨 0.05%报 107.905 元，5 年期主力合约涨 0.03%报 105.795 元，2 年 期主力合约跌 0.02%报 102.426 元。 美国 11 月季调后非农就业人口增 6.4 万人，预期增 5 ...

Core Insights - Sinopec's Petrochemical Research Institute has successfully completed the full process of lubricating grease production, marking the integration of R&D, pilot testing, and production at its Tianjin base [1][2] - The Tianjin base project is a key collaboration between Sinopec Group and Tianjin Economic Development Zone, focusing on high-quality petrochemical industry development [1] Group 1 - The total investment for the Tianjin base project is 1.589 billion yuan, covering an area of approximately 360 acres with a total construction area of about 70,000 square meters [1] - The project will establish four research and pilot testing platforms: low-carbon oil integration, high-end carbon materials, hydrogen and electrochemistry, and resource recycling, along with two pilot production bases for special lubricating greases and petroleum products [1] Group 2 - Once fully operational, the Tianjin base will serve as a source of innovation for new energy and chemical technologies, a platform for collaborative innovation, and a base for R&D and production of specialty petroleum products and high-end chemicals [2] - The technological achievements from this project are expected to provide solutions for the petrochemical industry's transition to new energy, new materials, and green chemistry, addressing critical technology gaps and enhancing the R&D capabilities of the South Port Industrial Zone and Tianjin's petrochemical industry [2]

即将过去的2025年，科技产业历经诸多变革，助推科技股成为贯穿全年的行情主线。年末之际，人工智 能、芯片、新能源等科技主题的行情波动明显放大。随着AI泡沫之争再起，新一年的科技投资脉络成 为市场关注焦点。 一是算力板块中的海内外算力趋于均衡，过去几年海外算力个股涨幅显著，后续持续大幅上涨的难度加 大。而国产算力正迎来关键突破期，收入与利润即将进入大幅释放阶段，有望加速突围。 二是AI领域内部的结构均衡。过去三年，市场投资重心集中在算力等"卖铲子"的基建类企业，经过长期 布局，基础设施建设已日趋完善，应用端批量爆发的条件逐渐成熟。2026年，AI应用有望迎来实质性 突破。 第三，科技板块内部有望实现AI与非AI领域的更均衡发展。AI作为产业界主流话题，已在资本市场表 现三年且成绩亮眼；而商业航天、量子计算等新板块，若后续出现产业新变化，阶段性表现或不逊于 AI。 谈及科技板块中具体看好的细分方向，赵凤飞明确指出，2026年三大方向将迎来关键节点。首先是固态 电池，有望进入小批量量产元年，开启动力电池领域的技术迭代；其次是商业航天，可回收技术大概率 实现重大突破，破解卫星互联网建设的运力瓶颈，为太空算力等宏大场景 ...