吉电股份（000875）(000875.SZ)公告，公司全资子公司广西沃中投资有限公司所属全资子公司广西吉 投智慧能源科技有限公司投资建设广西邕宁那楼二期100MW风电项目，该项目动态总投资5.64亿元。 公告称，投资建设该项目符合公司在广西壮族自治区落实"新能源+"赛道的战略布局，对巩固公司集约 化优势、扩大区域装机规模具有战略支撑意义，对优化公司新能源产业结构、提升清洁能源供给质量具 有积极推动作用。 ...

智通财经APP讯，吉电股份(000875.SZ)公告，公司全资子公司广西沃中投资有限公司所属全资子公司广 西吉投智慧能源科技有限公司投资建设广西邕宁那楼二期100MW风电项目，该项目动态总投资5.64亿 元。 公告称，投资建设该项目符合公司在广西壮族自治区落实"新能源+"赛道的战略布局，对巩固公司集约 化优势、扩大区域装机规模具有战略支撑意义，对优化公司新能源产业结构、提升清洁能源供给质量具 有积极推动作用。 ...

（记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：请问目前公司的订单状况如何？能足够让车间的产能 全力生产吗？看三季度营业收入与毛利率同比去年都是下降的，请问四季度有好转吗？三季度业绩说明 会的时候说公司管理层认识到业绩下滑已采取了积极措施，请能具体说下是哪些挽救业绩下降的措施 吗？目前有没有效果？子公司上海天正天工机器人目前有没有营业收入？给公司带来业绩增长点？ 天正电气（605066.SH）12月16日在投资者互动平台表示，公司目前生产经营活动平稳有序，正在全力 推进各项工作。前三季度公司面对行业波动与挑战，公司继续深化在新能源、电力、通信、工业自动化 等领域的市场拓展，持续推进技术创新与产品升级，加强研发资源的有效投入，稳健开拓海外业务。子 公司上海天正天工机器人有限公司于今年9月成立，仍处于早期发展阶段，后续公司业绩及其业务进展 情况，请您关注公司后续法定信息披露披露的内容！ ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Chinese new energy truck industry is defined as vehicles powered by non-traditional fuels, including pure electric trucks, hydrogen fuel cell trucks, and plug-in hybrid trucks, contributing to a green transportation transition [4][5] - The market for new energy trucks is expected to grow rapidly, with a compound annual growth rate (CAGR) of over 30%, and is projected to reach a scale of one million vehicles by 2030 [15][16] - The industry is supported by government policies, including purchase subsidies and infrastructure development, which have significantly reduced costs for enterprises and users [14][27] Summary by Sections 1. Industry Overview - New energy trucks are categorized into three main types: pure electric trucks, hydrogen fuel cell trucks, and plug-in hybrid trucks, each with unique advantages and challenges [6][10] - The application range of new energy trucks includes urban delivery, long-distance transport, logistics warehousing, cold chain transport, and short-distance transport within ports and parks [5][6] 2. Industry Development History - The new energy truck industry in China began in the early 2000s, initially limited by technology and high costs, focusing on public transport and logistics [13] - Government policies have played a crucial role in promoting the industry, leading to a significant expansion in market size and user acceptance [14] 3. Current Industry Analysis - As of 2024, the market size of new energy trucks in China has surpassed several hundred thousand units, with strong demand from urban delivery and government procurement sectors [15] - Major players in the market include traditional commercial vehicle manufacturers like BYD, Foton, and Jiangling, as well as high-tech companies like NIO and CATL, which are driving technological innovation [19][20] 4. Market Environment Analysis - The macroeconomic environment is favorable for the new energy truck market, with strong demand driven by the growth of e-commerce and cold chain logistics [25] - The development of charging and hydrogen refueling infrastructure is progressing, although there are significant regional disparities in infrastructure availability [43][44] 5. Demand Analysis - Logistics companies prioritize high-efficiency, low-cost, and environmentally compliant vehicles, influencing their purchasing decisions [47] - The urban delivery and express delivery sectors show rapid growth in demand for new energy trucks, emphasizing operational efficiency and environmental performance [48] 6. Competitive Landscape - Leading domestic manufacturers like BYD, Foton, and Jiangling maintain a competitive edge through strong R&D capabilities and market expansion strategies [52] - Emerging innovative companies are rapidly entering the market, focusing on technology advancements in hydrogen fuel cells and other areas [53][56] 7. Industry Chain Analysis - The new energy truck industry chain includes upstream raw material suppliers, midstream vehicle manufacturers, and downstream sales and service networks [59][66] - The supply chain for key components like batteries and electric motors is complex and heavily influenced by international market dynamics [59] 8. Future Development Trends - Future technological innovations will focus on enhancing battery energy density and the commercialization of solid-state batteries, which are expected to revolutionize the industry [76] - Market demand is shifting towards more diversified applications, including long-distance transport and specialized vehicles, reflecting evolving consumer needs [77]

Core Viewpoint - The chemical industry is currently at the bottom of the cycle, with the "anti-involution" trend expected to accelerate the optimization of the competitive landscape, leading to an increase in both profitability and valuation for leading companies [1] Group 1: Industry Performance - Chemical product prices are at historical lows, with the chemical industrial PPI showing negative year-on-year growth for 37 consecutive months as of October 2025 [1] - Among 119 tracked chemical products, 26.89% are in the bottom 10% price percentile, and 60.50% are in the bottom 30% [1] - The basic chemical industry is expected to see a stabilization in net profit after three consecutive years of decline from 2022 to 2024 [1] Group 2: Supply Side Dynamics - Fixed asset investment in the chemical raw materials and products manufacturing industry has turned negative year-on-year for the first time in nearly five years as of June 2025 [2] - As of Q3 2025, the value of fixed assets in the basic chemical industry reached 1,462.858 billion yuan, a year-on-year increase of 15.56% [2] - The ongoing construction projects have seen a decline, with a year-on-year decrease of 15.11% as of Q3 2025 [2] Group 3: Demand Side Insights - The demand for chemical products is expected to grow due to stimulus policies and the continuous increase in exports [3] - The real estate sector is under pressure, while demand from the automotive and chemical fiber sectors remains strong [3] - As of September 2025, the export quantity index for chemical raw materials and products manufacturing was 122.40, indicating robust export performance [3] Group 4: Global Competitive Landscape - In 2023, China's chemical sales reached 22,381 billion euros, accounting for 43.1% of the global market, marking a 111.55% increase since 2013 [4] - China's chemical exports are projected to reach 254.96 billion USD in 2024, positioning it as the second-largest exporter globally [4] - The competitiveness of Chinese chemical companies has been enhanced due to the exit of overseas production capacities [4] Group 5: Future Outlook - The "14th Five-Year Plan" emphasizes the need to enhance the quality and competitiveness of key industries, including chemicals [5] - The industry is moving towards a model of "anti-involution" through self-discipline and policy collaboration, which is expected to facilitate a transition from scale expansion to high-quality growth [5] - Initiatives such as joint production cuts and policy support are anticipated to help restore product prices and profits in various sub-industries [5]

Core Viewpoint - The article emphasizes the structural differentiation in commodity prices driven by macroeconomic policies and global strategic shifts, predicting that this trend will continue into 2026 [4][5]. Group 1: Review of 2025 - In 2025, commodities experienced "two resonances and two differentiations," with notable price movements influenced by external policy shocks and domestic economic conditions [7][8]. - The first differentiation occurred from post-Spring Festival to the end of March, where black commodities weakened while non-ferrous metals showed strength [8]. - The first resonance happened from early April to late May, where commodities collectively weakened due to tariff impacts, except for precious metals [8][10]. - The second resonance from mid-June to early August saw a recovery in commodity prices driven by both internal and external factors [8][10]. - The second differentiation from mid-August onwards showed weakness in black, energy, and agricultural products, while precious and non-ferrous metals remained strong [8]. Group 2: Global Macro Economy and Strategic Mainline - The article highlights the need to focus on policy effects under the "high-quality development" framework in China, with an emphasis on effective investment and consumption [27][29]. - The U.S. economy is characterized by multiple expectation gaps, with significant policy impacts overshadowing fundamental economic data [37][40]. - Other regions, including Europe and Japan, face economic concerns, with potential shifts in monetary policy as they navigate inflation and growth challenges [48][50]. Group 3: 2026 Outlook - The long-term narratives of energy transition, AI-driven demand, and resource nationalism are expected to continue shaping commodity markets [5][61]. - The growth in energy storage demand is anticipated to be robust, driven by clean energy initiatives and technological advancements [61][63]. - AI investments are projected to stimulate demand for specific commodities, particularly in data center construction, which will require significant amounts of copper and other materials [67][68]. - Global strategic shifts are leading to increased competition for key resources, with nations focusing on supply chain security and self-sufficiency [79][80]. Group 4: Commodity Configuration Strategies - The article suggests that commodity pricing will stabilize in 2026, with a gradual recovery in PPI expected as macroeconomic conditions improve [34][29]. - The focus on stabilizing industrial product prices through policy measures is seen as crucial for maintaining market equilibrium [31][32]. - The anticipated adjustments in production capacity and market dynamics will create both strategic and tactical opportunities for investors [6][34].

变化，延期，等待。 这样的回应，是作为全球最大氯化亚砜生产企业的凯盛新材，对未来发展的一种笃定。而在这次回应之前，凯盛新材公告显示，他们于12月10日第四届董 事会第四次会议，审议通过了《关于对可转换公司债券募投项目重新论证并暂缓实施的议案》，"同意公司在募投项目实施主体、实施方式、募集资金用 途及投资规模不发生变更的前提下，将公开发行可转换公司债券'10000吨/年锂电池用新型锂盐项目'重新论证并暂缓实施。" 12月15日，凯盛新材言简意赅地回应了投资者提问："公司氯化亚砜产品不在生态环境部发布的《优先控制化学品名录（第三批）（征求意见稿）》范围 内。" 市场不断变化下，凯盛新材将迎来怎样的步调？ 发展：从乡镇到上市 于凯盛新材而言，41年留下的一道道年轮，蕴藏着成长的印痕。 1984年，凯盛新材从淄川区一家乡镇企业起步，历经改制扩建，坚持自主创新，逐渐发展为一家从事精细化工产品及新型高分子材料研发、生产和销售的 高新技术企业。 2016年11月，凯盛新材在新三板挂牌，挂牌后不久被华邦健康收购。2020年5月，华邦健康披露凯盛新材的分拆上市预案。同年11月，凯盛新材无条件通 过创业板上市委审核，成为创业板注 ...

投资咨询业务资格： 证监许可【2011】 1448 号 研究员： 蔡 丽 从业资格证号： F0236769 投资咨询资格证号： Z00100716 铅锌年报 2025-12 锌：矿端增速放缓 锌震荡中枢有望上移 2026 年锌市或将呈现"紧平衡凸显、库存低位支撑、出口窗口助力"的核 心格局，上半年受宏观利好及库存支撑偏强，下半年需关注需求兑现情况及供 给增量。锌价全年大概率维持区间震荡偏强态势，震荡中枢或有所上移。需重 点跟踪海外矿山关停进度、国内出口数据及新兴领域需求落地情况。 铅：区间震荡 铅重心或有下移 2025 年铅供需缺口逐渐缩窄，全年供需预计紧平衡状态。2026 年供应边 际宽松，消费增速回落，铅供需将从紧平衡转向小幅过剩。上半年受原料端成 本和利润压制，铅或继续宽幅震荡走势；下半年矿端紧张缓解，原生铅供应释 放压力加大，铅震荡重心或有所下移。 摘要： | 第一部分 矿端增速放缓 | 锌震荡中枢有望上移 | 5 | | --- | --- | --- | | 一、锌市场行情回顾 | | 5 | | 二、锌影响因素分析 | | 6 | | 2.1.全球锌矿供应端增速或放缓 | | 6 | | 2.2 ...

| 工商值费 4 | | | | | | | --- | --- | --- | --- | --- | --- | | 工房租 历史工典组织 | ■ 艾寧介绍 (2)工具面积爆 ) | | | | 日 导出 ◎企章章 | | 选一社会圆周比码 | 91110000MAK3NBB81M | 企业名称 | 国家电设集团生物园副理有限公司 | | | | 法运代假人 | 2025-12-11 更新闻 | 图记财资 | 存续 (在慧, 开业 在线) | 成立已期 | | | | | 注册测本 | 800000万元 | 英格蘭本 | | | 图书馆的 | MAK3NBBB-1 | 工面は所号 | 110000046374313 | 的既人空刻导 | 91110000MAK3NBB81M | | 企业创型 | 翼性有限制在公司 | THE PERFELL | 2025-12-11 ± 2075-12-10 | 的就人更重 | | | 人员提拔 | - 60 | 康保Y32 | | 核修日期 | | | 吊脚区 | 北京市四城区 | 更记机关 | 北西市场监管管理局 | | | | 国际在线 | 燃气地产和调症油:(1) ...

中泰证券指出，近期多晶硅国家级收储平台落地，硅料价格整体大稳小动，头部企业保持撑市心态；硅 片价格已跌至现金成本，预期12月将大幅减产；电池片价格跌幅扩大，预计12月大规模减产；组件价格 国内集中式小幅上涨，分布式维持稳定；光伏玻璃价格再度下跌，企业库存水位快速上升。电力设备方 面，中央经济工作会议强调扩大绿电应用，浙江特高压交流环网工程获批，将构建全国首个省内特高压 交流环网，支撑清洁能源消纳；韩国拟在2040年前逐步淘汰燃煤电厂，推动能源转型。 光伏50ETF（159864）跟踪的是光伏产业指数（931151），该指数从沪深市场中选取涉及硅材料、电池 片、组件、逆变器及光伏设备等环节的上市公司证券作为指数样本，以反映中国光伏行业相关上市公司 证券的整体表现。该指数聚焦光伏产业链上下游企业，旨在体现新能源与高科技领域的配置方向，展现 绿色能源发展趋势。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件 ...