Core Viewpoint - The strategic cooperation between Shenzhou Smart Electric Co., Ltd. and HK Electric marks a significant step in China's "going out" strategy for smart grids, aiming to transform the energy governance landscape from a technology exporter to a rule and market leader [1][3]. Group 1: Cooperation Objectives - The primary goal is to establish an international smart grid demonstration zone starting from Hong Kong, focusing on policy, technology, industry, and finance to create a "Hong Kong-based, Greater Bay Area-linked, Southeast Asia-radiating" model [1][3]. - By 2026, the smart grid coverage in Hong Kong is expected to reach 85%, with renewable energy accounting for over 35% of the energy mix [6]. Group 2: Key Areas of Collaboration - The partnership will involve the construction of a smart grid model project in Hong Kong, including smart substations, edge AI scheduling platforms, and blockchain-based electricity tracking systems for full-process visualization and automation [4]. - Development of low-carbon parks, smart buildings, and V2G (Vehicle-to-Grid) systems to enhance urban energy efficiency [3][5]. Group 3: Financial and Technological Integration - The initiative aims to create a "green electricity-smart scheduling-digital settlement" full-chain system, incorporating AI scheduling platforms and smart terminal networks [3]. - A pilot program for using the Renminbi in cross-border electricity transactions will be implemented to support the internationalization of the Renminbi [5]. Group 4: Regional Standards and Expansion - The collaboration will lead to the formulation of technical standards and regulatory rules for smart grid interconnectivity in Asia, exporting China's governance experience [3][6]. - Future expansion plans include extending operations to countries along the Belt and Road Initiative, such as Singapore, Malaysia, Indonesia, and the Philippines, through technology cooperation and green finance support [3][6]. Group 5: Expert Insights - Experts highlight that this partnership is not just a technical integration but an extension of national strategy, indicating a shift from internal circulation to external linkage in China's smart grid system [7].

Group 1 - The core point of the news is that China Merchants Fund Management Co., Ltd. announced that several of its public funds participated in the offline subscription for the initial public offering (IPO) of Honggong Technology Co., Ltd. [1] - Honggong Technology's IPO price is set at RMB 26.6 per share, determined through discussions between the issuer and underwriters based on various factors including market conditions and valuation levels of peer companies [1] - The main underwriters for the IPO are Guangfa Securities Co., Ltd. and CITIC Securities Co., Ltd., which are also custodians or related parties of the funds managed by China Merchants Fund [1] Group 2 - Several public funds managed by China Merchants Fund received allocations of Honggong Technology shares, with specific allocations detailed as follows: - China Merchants CSI Shanghai Environmental Exchange Carbon Neutrality ETF received 1,429 shares valued at RMB 38,011.40 - China Merchants ChiNext Large Cap ETF received 1,273 shares valued at RMB 33,861.80 - China Merchants CSI 1000 Enhanced Strategy ETF received 1,429 shares valued at RMB 38,011.40 - China Merchants Livestock Breeding ETF received 1,429 shares valued at RMB 38,011.40 - China Merchants CSI 300 ETF received 1,429 shares valued at RMB 38,011.40 - China Merchants CSI 500 Equal Weight Enhanced ETF received 1,429 shares valued at RMB 38,011.40 - China Merchants Cloud Computing and Big Data Thematic ETF received 1,429 shares valued at RMB 38,011.40 [1]

沪铝早报- 交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 ：祝森林 从业资格证号：F3023048 投资咨询证号：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 铝: 1、基本面：碳中和控制产能扩张，下游需求不强劲，房地产延续疲软，宏观短期情绪多变；中性。 2、基差：现货19690，基差95，升水期货，中性。 3、库存：上期所铝库存较上周减9447吨至205627吨；中性。 4、盘面：收盘价收于20均线下，20均线向下运行；偏空。 5、主力持仓：主力净持仓空，空增；偏空。 6、预期：碳中和催发铝行业变革，长期利多铝价，美国全面关税远超预期，关税延期情绪或有所好转。 近期利多利空分析 利多： 现货价格 利空： 逻辑： 降息和需求疲软博弈 1、碳中和控制产能扩张。 2、俄乌地缘政治扰动，影响俄铝供应。 3、降息 1、铝棒库存维持历史高位，消费不佳。 2、全球经济并不乐观，高铝价会压制下游消 ...

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy sector, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [5][8]. Core Insights - The implementation of the new national standard GB38031-2025 for electric vehicle power batteries, effective from July 1, 2026, significantly enhances safety requirements, particularly regarding thermal runaway incidents [1][2]. - The new standard introduces several upgrades, including new triggering methods for thermal runaway, extended monitoring times, and additional safety tests for fast-charging cycles, which are expected to increase the demand for solid-state batteries and related safety technologies [2][3]. - The industry is likely to see a consolidation trend as companies unable to meet the new safety standards may exit the market, leading to a higher concentration of leading firms [3]. Summary by Sections New Standards and Requirements - The GB38031-2025 standard includes upgraded triggering methods for thermal runaway, new thermal stability requirements, extended observation times, and additional impact tests for battery safety [2]. - Specific requirements include no fire or explosion during testing after fast charging cycles, and the need for alarms and smoke-free conditions in passenger compartments [2]. Market Implications - The heightened safety requirements are expected to drive demand for solid-state batteries and innovations in safety materials and systems, such as composite electrolytes and cooling systems [3]. - The report suggests that the implementation of the new standards will catalyze the development and commercialization of solid-state batteries, with significant opportunities for companies involved in this technology [3]. Investment Opportunities - The report highlights potential investment opportunities in companies focusing on solid-state electrolytes, battery equipment, and safety materials, including Ningde Times, Shanghai Xiba, and others [3].

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The fundamentals of aluminum are neutral due to carbon - neutrality controlling capacity expansion, weak downstream demand, and a soft real - estate market with changeable short - term macro sentiment [2]. - The basis shows a premium to futures, which is bullish as the spot price is 19750 and the basis is 145 [2]. - The inventory of SHFE aluminum decreased by 9447 tons to 205627 tons last week, which is neutral [2]. - The closing price is below the 20 - day moving average and the 20 - day moving average is downward, which is bearish [2]. - The net position of the main players is short and the short position is increasing, which is bearish [2]. - In the long - term, carbon - neutrality will drive changes in the aluminum industry and is bullish for aluminum prices. The sentiment regarding the extension of US tariffs may improve [2]. 3. Summary by Related Catalogs 3.1 Recent利多利空Analysis - **Likely factors**: Carbon - neutrality controls capacity expansion; geopolitical issues between Russia and Ukraine affect Russian aluminum supply; there is a possibility of interest rate cuts [3]. - **Negative factors**: Aluminum bar inventory remains at a historical high with poor consumption; the global economy is not optimistic and high aluminum prices will suppress downstream consumption; the export tax rebate for aluminum products has been cancelled [3]. 3.2 Daily Summary - **Spot prices**: Shanghai's spot price decreased by 375 to 70770, Nanchu's decreased by 450 to 70690, and Changjiang's decreased by 400 to 70870 [4]. - **Inventory**: SHFE warehouse receipts increased by 699 to 70798 tons; LME inventory decreased by 425 to 74750 tons; SHFE inventory increased by 29728 to 136300 tons [4]. 3.3 Supply - Demand Balance - China's aluminum supply - demand balance shows that from 2018 - 2023, there was a supply shortage in most years, with shortages of 47.61, 68.61, - 14.2, - 29.98, and 4.31 million tons respectively. In 2024, there is an expected supply surplus of 15 million tons [23].

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Report Industry Investment Rating - Not provided in the report Core Viewpoints - The fundamentals of aluminum are neutral due to carbon neutrality controlling capacity expansion, weak downstream demand, and a continued sluggish real - estate market, along with volatile short - term macro - sentiment [2]. - The basis shows a discount to futures, which is neutral. The inventory of SHFE aluminum decreased by 9447 tons to 205627 tons last week, also considered neutral. The closing price is below the 20 - day moving average with the 20 - day moving average trending down, indicating a bearish signal. The main positions are net short with short positions decreasing, also bearish [2]. - In the long run, carbon neutrality will drive changes in the aluminum industry, which is bullish for aluminum prices. The sentiment regarding the extension of US tariffs may improve [2]. Summary by Relevant Catalogs Daily View - The overall situation of aluminum is a mix of neutral, bearish, and long - term bullish factors as analyzed from fundamentals, basis, inventory, price trends, and main positions [2]. Recent Bullish and Bearish Analysis - Bullish factors include carbon neutrality controlling capacity expansion, geopolitical disturbances in Russia - Ukraine affecting Russian aluminum supply, and potential interest rate cuts [3]. - Bearish factors are high historical aluminum rod inventories with poor consumption, an unoptimistic global economy suppressing downstream consumption due to high aluminum prices, and the cancellation of export tax rebates for aluminum products [3]. Daily Summary - The spot price in Shanghai decreased by 375, and the South China storage price decreased by 450, while the Yangtze River price decreased by 400. The LME inventory decreased by 425 tons, and the SHFE inventory increased by 29728 tons [4]. Supply - Demand Balance - From 2018 to 2023, China's aluminum market generally had a supply - demand deficit, except in 2020 when there was a small surplus of 1.3 million tons. In 2024, it is expected to have a surplus of 15 million tons [23].

沪铝早报- 交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 ：祝森林 从业资格证号：F3023048 投资咨询证号：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 铝: 1、基本面：碳中和控制产能扩张，下游需求不强劲，房地产延续疲软，宏观短期情绪好转；中性。 2、基差：现货19860，基差55，升水期货，中性。 3、库存：上期所铝库存较上周减21483吨至215074吨；中性。 4、盘面：收盘价收于20均线下，20均线向下运行；偏空。 5、主力持仓：主力净持仓空，空减；偏空。 6、预期：碳中和催发铝行业变革，长期利多铝价，美国全面关税远超预期，关税延期情绪或有所好转。 近期利多利空分析 利多： 利空： 逻辑： 降息和需求疲软博弈 1、碳中和控制产能扩张。 2、俄乌地缘政治扰动，影响俄铝供应。 3、降息 | 现货 昨日现货 | 地方 地方 | 中间价 中间价 | 涨跌 涨跌 | | 类型 ...

第十三届储能国际峰会暨展览会（ESIE 2025） 时间：2025年4月10-12日 地点：首都国际会展中心 主办： 中关村储能产业技术联盟、中国能源研究会、中国科学院工程热物理研究所 展馆冠名： 阳光电源、中天科技、宁德时代、新源智储、海博思创、中车株洲所 宁德时代新能源科技股份有限公司 将亮相第13届储能国际峰会暨展览会，展位位于 A2馆（宁德时 代馆）A203展位 。 宁德时代新能源科技股份有限公司 宁德时代新能源科技股份有限公司（简称"宁德时代"）是全球领先的新能源创新科技公司， 致力于为全球新能源应用提供一流解决方案和服务。20 1 8年6月，公司于深圳证券交易所上 市，股票代码300750。 宁德时代总部位于福建省宁德市。公司在全球已设立福建宁德、江苏溧阳、青海西宁、四川 宜宾、广东肇庆、上海临港、福建厦门、江西宜春、贵州贵阳、山东济宁、河南洛阳、德国 图林根州埃尔福特、匈牙利德布勒森十三大电池生产制造基地。其中宁德基地、宜宾基地、 溧阳基地被世界经济论坛评选为全球灯塔工厂，这是锂电行业仅有的三座灯塔工厂。宜宾基 地是全球首家电池零碳工厂。公司在德国慕尼黑、法国巴黎、日本横滨、美国底特律等地设 有 ...

Investment Rating - The report gives a positive recommendation for the company's convertible bond, suggesting active participation in the new bond subscription with an expected listing price of around 124 yuan, reflecting a 25% premium on the first day of trading [3][13]. Core Viewpoints - The company is positioned as a leader in distributed photovoltaic (PV) brackets, with a strong international market strategy and a focus on product quality and technological innovation [5][35]. - The company has shown resilience in a challenging market, with a slight increase in revenue despite a decline in net profit, indicating potential for recovery and growth [4][29]. - The report highlights the significant growth potential in the photovoltaic industry, driven by increasing installation capacities and favorable market conditions [19][41]. Summary by Sections Convertible Bond Basic Situation Analysis - The convertible bond has an issuance scale of 500 million yuan, with a bond and issuer rating of A+/A+. The conversion price is set at 12.93 yuan, and as of April 3, 2025, the conversion value is 99.3 yuan. The bond has a maturity of 6 years and an average annual coupon of 1.23 yuan, with a maturity compensation rate of 14% [1][10]. Subscription Value Analysis - The company operates in the photovoltaic auxiliary materials industry, with a current PE (TTM) of 29 times and a PB (MRQ) of 3 times, placing it above average among peers. The company's market capitalization is 3.516 billion yuan, and it has shown a stock price increase of 2.88% year-to-date [3][13]. Company Operating Situation Analysis - For the first three quarters of 2024, the company achieved revenue of 1.319 billion yuan, a year-on-year increase of 2.76%. However, the net profit attributable to shareholders decreased by 32.49% to 98 million yuan [4][29]. Competitive Advantage Analysis - The company has established a strong international presence with marketing headquarters and service centers in multiple countries. It has also achieved various international certifications for its products, enhancing its competitive edge [5][35][36]. Industry and Market Analysis - The photovoltaic industry is experiencing significant growth, with a projected increase in installed capacity. The report anticipates that by 2030, China's photovoltaic installed capacity could reach 317 GW, driven by declining costs and improved technology [19][41]. Fundraising Project Analysis - The funds raised from the convertible bond issuance will be allocated to projects such as the establishment of an intelligent factory for distributed photovoltaic brackets and an energy research and development center, indicating a strategic focus on enhancing production capabilities and innovation [40][41].