Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration sector, particularly focusing on those benefiting from the upcoming surge in power grid investments [4][10]. Core Insights - The National Grid's "14th Five-Year Plan" investment is expected to increase by 40% during the "15th Five-Year Plan," with total fixed asset investment projected to reach 4 trillion yuan, translating to an average annual investment of 800 billion yuan [9][14]. - The report anticipates a new cycle of investment in the power grid starting in 2026, driven by significant increases in renewable energy installations and the need for enhanced grid infrastructure [1][13]. - The demand for power grid services and equipment is expected to rise due to aging infrastructure in North America and Europe, creating opportunities for Chinese companies to expand their services abroad [1][13]. Summary by Sections Investment Opportunities - **China Power Construction**: A leader in energy services with comprehensive capabilities across the energy sector, expected to benefit from accelerated high-voltage construction projects [2][17]. - **China Energy Engineering**: Holds the largest market share in high-voltage design, anticipated to gain from increased demand for survey and design services during the "15th Five-Year Plan" [2][18]. - **Suwen Electric**: A unique provider of integrated EPCOS services for distribution networks, projected to benefit from a 10% increase in distribution network investment in 2024 [3][23]. - **Ankore**: A leader in microgrid energy management, expected to see significant demand growth due to the implementation of smart infrastructure and energy management systems [7][28]. - **Zeyu Intelligent**: A key player in power information system integration, likely to benefit from the digitalization of the power grid [8][30]. - **Yongfu Co.**: Recognized for its advanced smart grid technologies, expected to benefit from the focus on renewable energy and digitalization in the power sector [8][30]. Market Trends - The report highlights a clear upward trend in investment within the power grid sector, with a focus on high-voltage channels, distribution network upgrades, and digital/microgrid construction [9][33]. - The anticipated increase in investment is seen as a stabilizing force for the economy, with major infrastructure projects being a key area of focus for government spending [1][13]. Financial Projections - The report provides detailed financial projections for key companies, including earnings per share (EPS) and price-to-earnings (PE) ratios, indicating strong growth potential in the coming years [10][34].

戴一帆预计，甲醇市场因物流格局扭转将会常态化。虽然国内甲醇可外售供给增量低，但是境外投产兑 现在进口后对港口的冲击反而更加明显。聚酯产业链需求预期保持乐观，2026年行业开工水平同比有望 抬升，效益存在修复预期，其中乙二醇估值已提前打压到位。PVC则面临历史最高的库存矛盾，价格已 跌破历史纪录，2026年驱动将主要来自国内外供应端的产能清退。 戴一帆认为，2026年的主要不确定性在于"反内卷"与"双控"。 "整体来看，化工板块需求和驱动底色不足，全年大概率是化工价格波动率下降的年份，主要价格驱动 将锚定在能源端而非化工利润本身。"戴一帆说。 "化工端整体需求与驱动底色不足，全年大概率是化工波动率下降的年份，主要价格驱动将锚定在能源 端。"南华期货（603093）研究院高级总监戴一帆在"期货大家谈——2025期货业盘点"系列访谈第八期 中，对2026年能化板块进行了深度展望。他表示，当前化工市场正经历近七八年来现货体感最差的时 期，展望2026年，持续的高产能投放将使得过剩矛盾依然尖锐，行业或将步入"降波之年"。 戴一帆认为，2025年化工市场呈"跌跌不休"态势，产业全环节扩张积累的过剩压力在下半年集中显现。 ...

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].

Group 1 - The city of Qingtongxia is focusing on ecological priority and green development, emphasizing new construction, renovation, and industrial extension to inject new momentum into high-quality development [1][5] - The Helan Mountain Wind Farm project by Ningxia Yinxing Energy Co., Ltd. has successfully upgraded its capacity by 254% through the replacement of old wind turbines with 18 new 5.0 MW units, achieving a total power generation of 32,851.92 million kWh [3] - Qingtongxia has implemented several major renewable energy projects, including pumped storage power stations and wind power, with a total installed capacity of 1.8562 million kW and an annual power generation of 3.076 billion kWh [3] Group 2 - Ningxia Dinghui Technology Co., Ltd. specializes in the development and recycling of zinc-containing industrial solid waste, utilizing a new technology that significantly improves energy efficiency and metal recovery rates [4] - The company can process 180,000 tons of zinc-containing waste annually, producing 20,000 tons of regenerated zinc ingots and achieving an industry-leading resource utilization rate [4] - The company holds over 80% market share in regenerated zinc products in Ningxia and has extended its technology to extract precious metals like gold and silver [4] Group 3 - Qingtongxia is actively implementing the "dual carbon" and "dual control" policies, focusing on technological upgrades to transition traditional industries from scale-speed models to quality-efficiency models [5] - From January to April, the energy consumption per unit of industrial added value decreased by 9.6%, and water consumption per unit of industrial added value dropped by 12.1% compared to 2020 [5] - The city has established four national-level green factories and three autonomous region-level green factories, continuously enhancing the "green content" of its industry [5]