Core Insights - The global energy storage industry is experiencing explosive growth driven by both supply and demand factors, with renewable energy's increasing share and advancements in lithium battery storage technology being key contributors [2][7] - The economic viability of lithium battery storage has reached levels comparable to pumped hydro storage, making it an attractive investment opportunity [2][7] - The long-term growth potential of the energy storage market is significant, with ongoing technological iterations expected to enhance lifecycle advantages [2][7] Supply and Demand Dynamics - Demand for energy storage is rising due to the increasing reliance on renewable energy sources, necessitating more flexible and responsive storage solutions [2][7] - On the supply side, lithium battery storage technology is improving, offering advantages such as flexibility in deployment and rapid response capabilities [2][7] Pricing Mechanism - The current reliance on policy subsidies for energy storage pricing is unsustainable; a market-based pricing mechanism is needed to better reflect the role and investment returns of energy storage [2][7] - There is a call for lithium battery storage to receive equal pricing treatment as other regulatory resources, such as pumped hydro and thermal power, to stimulate industry vitality [2][7] Market Share and Applications - Lithium battery storage currently accounts for approximately 90% of new installations in the energy storage sector, establishing itself as the dominant technology [3][8] - The application of lithium batteries is expanding beyond traditional uses in vehicles and energy storage, now including electric vessels, low-altitude economy, robotics, and energy support for data centers and AI [3][8] Decarbonization Efforts - Lithium batteries play a crucial role in the decarbonization of traditional industries, with partnerships established with companies like Moutai Group to promote low-carbon transformations in sectors such as steel and cement [3][8] Global Expansion Strategy - The company is transitioning from a product-focused international strategy to a dual approach of "investment + trade," with multiple factories established in Europe and ongoing construction in Spain and Indonesia [3][9] - There is an emphasis on high-quality international expansion, urging domestic companies to integrate local rules and cultures to avoid negative competitive practices that could harm the reputation of Chinese manufacturing [4][9]

Core Viewpoint - Shanxi Province's Finance Department successfully issued the 11th batch of government bonds worth 18.003 billion yuan, concluding the bond issuance for 2025 with a total of 191.386 billion yuan issued throughout the year [1] Group 1: Bond Issuance Details - The bonds issued include maturities of 7 years, 10 years, 15 years, and 20 years, with an average issuance interest rate of 2.09% and an average bid multiple of 26 times [1] - The total bond issuance for the year consists of 89.591 billion yuan in new bonds (23.191 billion yuan in new general bonds and 66.4 billion yuan in new special bonds) and 101.795 billion yuan in refinancing bonds [1] Group 2: Financial Strategy and Innovations - The Finance Department emphasizes a dual approach of debt management and development, enhancing fiscal coordination capabilities and creating space for development [1] - The department accelerated the issuance pace, issuing bonds as projects mature to ensure early utilization and effectiveness [1] - Innovations include the first issuance of bonds on the Beijing Stock Exchange, achieving full coverage of issuance venues, and the trial of issuing 7.992 billion yuan in bonds based on local bond yield curves, further improving market-oriented pricing mechanisms [1] Group 3: Community and Collaboration Efforts - The department has played a linking role by continuously offering 750 million yuan in Shanxi bonds to benefit the public for the fifth consecutive year [1] - An optimized underwriting incentive mechanism has been implemented, along with various forms of discussions and research to collaborate with financial institutions for high-quality development in Shanxi [1]

本次发行的保荐人（主承销商）为安信证券股份有限公司（以下简称"安信证 券"、"保荐人（主承销商）"或"主承销商"）。 本次初步询价和网下发行均通过深交所网下发行电子平台（以下简称"网下发行 电子平台"）及中国证券登记结算有限责任公司深圳分公司（以下简称"中国结算深 圳分公司"）登记结算平台进行，请网下投资者认真阅读本公告及《网下发行实施细 则》等相关规定。本次网上发行通过深交所交易系统进行，请网上投资者认真阅读本 公告及《网上发行实施细则》等相关规定。 敬请投资者重点关注，主板注册制下的市场化定价机制与核准制下定价机制存在 差异，在高价剔除、"四个值"计算、发行价格确定等环节发生重大变化，请投资者 重点关注本公告"一、（三）剔除最高报价部分情况"、"一、（四）发行价格的确 定"部分。 1 芜湖三联锻造股份有限公司 首次公开发行股票并在主板上市发行公告 保荐人（主承销商）:安信证券股份有限公司 特别提示 芜湖三联锻造股份有限公司（以下简称"三联锻造"、"发行人"或"公司"） 根据中国证券监督管理委员会（以下简称"中国证监会"）《证券发行与承销管理办 法》（证监会令[第 208 号]，以下简称"《管理办法》"）、 ...