以下文章来源于浩海投研 ，作者浩海投研Pro 浩海投研 . 股海无边，浩海领航 导语：熔盐储能头部企业百川畅银换道超车。 最近资本市场大火的 可控核聚变 ，让上游材料 熔盐 走入二级市场投资者的视线。你知道吗，熔 盐不仅可以应用在可控核聚变发电，还能用在 储能 领域。今天，咱们就看看这两年风很大的储 能行业中， 熔盐储能 头部企业 百川畅银 （300614）换道超车，在熔盐储能这一领域，能跑多 远？ 百川畅银对于二级市场来说算是环保赛道上的老兵，在谋求企业转型的过程中，公司立足于沼气 业务的基本盘，又抓住出海机遇，利用海外电价市场化的优势大赚了一把，积极布局 熔盐储能 和光热发电，还把 自研 的移动储能车开到千行百业，帮助B端客户实现 降本增效 。 可以说，碳中和背景下，国家大力推动"光热+储能"基地项目，公司卡位精准。 出海提速，高毛利业务拉动盈利优化 百川畅银成立于2009年，主营业务覆盖沼气利用、移动储能供热及环卫再生资源回收三大板块。 2025年上半年，公司实现营收2.05亿元，其中 沼气业务 收入0.98亿元，占比近48%，仍是当 前收入的"压舱石"。然而，国内沼气发电市场已渐成红海，补贴退坡、电价 ...

安琪说："基本上都是爸爸妈妈带小孩儿过来玩。可能南方沿海城市会有这样的项目，在北京也能开一个，真的不多见。潮流、简约，也漂亮，还舒 服。之前没有那么多人奔石景山而来，开这么一个地儿，好多人都来这里，也会带动首钢园的人流量。" 依山临水的"永定河集"（央广网发 "永定河集"供图） 作为京津冀晋蒙地区的重要水源涵养区、生态屏障和生态廊道，2021年，永定河实现断流26年来首次全线通水，昔日裸露的河床被碧水覆盖，大河复苏 也塑造了京西"人水共生"的新景观。但不可忽视的是，永定河也是全国四大防洪重点江河之一，在海河"23·7"流域性特大洪水后，灾后恢复重建项目之一 ——永定河卢三段综合提升工程于2023年灾后启动。 央广网北京11月22日消息（总台中国之声记者韩雪莹）据中央广播电视总台中国之声《新闻纵横》报道，北京，石景山脚下、永定河左岸，"永定河 集"这两个月成了热门新地标。望西山、观湿地、看日落、品美食，很多市民在社交平台上分享着惬意美好的场景。或许很少有人知晓，这片坐落于无界水 岸的城市生活新空间，不仅是商业载体，还是永定河卢三段综合提升工程1.6公里示范段的组成部分，作为海河"23·7"流域性特大洪水灾后恢复 ...

"等堤顶3.4米宽的慢行空间开放后，市民可以来此遛弯儿、跑步、骑行、观河景，可以顺着连通步梯台阶下到河边滩地，这里将成 为市民亲水乐水的好去处。"站在堤顶，永定河流域投资有限公司北京灾后恢复重建项目办公室相关负责人杨作明展望。 堤顶是市民的休闲娱乐空间，堤防本身却是一处防洪水利设施，可以做到"平急两用"。杨作明介绍，"我们通过加设防冲墙，提升 了永定河左岸的防洪能力，防冲墙地下埋深23米，墙厚0.8米，全面提升了护砌结构的整体性、抗冲深度、结构强度和使用年限， 这将是抵御洪水的'钢筋铁骨'。" 记者了解到，永定河卢三段综合提升工程新设的防冲墙为垂直防护结构，可以在洪水长期淘刷堤防和地形沉陷情况下保持稳定， 克服了传统护砌结构易受淘刷塌陷的弊端。工程施工无需对河道大规模开挖，对河道沿线的绿地、公园及周边居民生活环境影响 也较小。 记者了解到，永定河卢三段综合提升工程为海河"23·7"流域性特大洪水灾后恢复重建工程之一。此前，位于首钢园附近的永定河卢 三段综合提升工程示范段已于9月对外开放，"永定河集"成为市民新的打卡地。 本报讯（记者 胡子傲）永定河左岸，永定河卢三段综合提升工程即将完工。记者从市水务局了解到， ...

Core Viewpoint - The Yongding River Lushan Section Comprehensive Improvement Project is nearing completion, featuring a 4.6-kilometer long waterfront slow-moving system that will connect with an existing system to create a total of approximately 9.1 kilometers of waterfront pathways for public leisure and recreation [1][9]. Group 1: Project Overview - The main construction of the Yongding River left bank embankment has been largely completed, with finishing touches being applied, including the planting of trees such as Chinese scholar trees and drought-resistant willows [3][5]. - The new slow-moving space on the embankment, which is 3.4 meters wide, will provide citizens with opportunities for walking, running, cycling, and enjoying river views, enhancing public access to the waterfront [5][9]. Group 2: Engineering and Environmental Aspects - The project includes the installation of a vertical anti-erosion wall that enhances flood resistance, with a depth of 23 meters and a thickness of 0.8 meters, significantly improving the structural integrity and longevity of the embankment [5][7]. - The construction process minimizes disruption to the river environment and surrounding communities, avoiding large-scale excavation while also focusing on ecological restoration by planting various plants along the riverbanks [7][9]. Group 3: Broader Context and Future Developments - This improvement project is part of the post-disaster recovery efforts following the "23·7" flood in the Haihe River basin, aiming to enhance the flood control system and improve the water ecology and environment of the Yongding River [9]. - The Yongding River management authority is currently in a critical phase of a three-year enhancement plan, which includes multiple sections and aims to provide better recreational spaces for the public [9].

Core Viewpoint - The article discusses the construction of emergency shelters in the mountainous areas of Miyun District to enhance emergency response capabilities, following the "Miyun District Emergency Shelter Planning (2024-2035)" [1] Group 1: Project Overview - The first phase of the project includes the construction of 11 "dual-use" emergency shelters in high-risk villages across several towns, covering a total building area of over 10,000 square meters [1] - Out of the total area, over 5,000 square meters will be from the renovation of existing buildings, while 4,000 square meters will be newly constructed [1] - Preliminary procedures for the project are progressing smoothly, with relevant departments having issued feedback on consultation requests, and the project is currently awaiting approval [1] Group 2: Future Plans - The second phase of the project is in the preparatory stage, with over 40 site inspections already completed [1] - The next steps involve confirming the sites in collaboration with the regulatory division and relevant towns, followed by project application once formal approval is obtained [1]

Core Viewpoint - The construction of the 108 New Line Expressway is progressing rapidly, showcasing the technical skills and perseverance of the builders, with significant advancements in tunnel and bridge construction [3][4]. Group 1: Project Progress - The construction site of the 108 New Line Expressway is bustling with activity, featuring nearly 400 workers and around 60 large machinery operating continuously [3]. - The Niujiao Hu Tunnel has surpassed the 1,000-meter excavation milestone, with workers operating in two shifts, 24 hours a day [3]. - The Hougang Tunnel, part of the project, has achieved over 700 meters of excavation, highlighting its importance as a key engineering component [4]. Group 2: Engineering Challenges - The Hougang Tunnel, measuring approximately 4.2 kilometers, faces challenges due to its location in a steep mountainous area, with a maximum height of 45 meters above ground [4]. - The project team is implementing strict process control to ensure safety and quality during construction, particularly in areas with lower rock strength [4][5]. Group 3: Infrastructure Development - The 108 New Line Expressway is designed not only as a transportation route but also to enhance disaster resilience and network flexibility in the western mountainous region [4]. - The project will facilitate better connectivity for local communities and promote ecological tourism, contributing to the green economy in the Beijing-West region [4].

Core Insights - The completion of the second phase of the Wenyu River Park marks the full establishment of Beijing's largest urban green space, which will open to the public on September 29, allowing free access without reservations [1][3]. Group 1: Park Overview - Wenyu River Park covers a total area of approximately 30 square kilometers, making it the largest park in Beijing with diverse natural features [3]. - The first phase of the park, covering 12 square kilometers, opened in 2022, and with the completion of the second phase, the entire planned area is now fully developed [4]. Group 2: Ecological Features - About 9 square kilometers (30% of the total area) of the park is managed under the concepts of wild preservation and rewilding, focusing on the restoration and protection of biodiversity [4]. - The park has recorded over 880 species of flora and fauna, with more than 200 species added in the past five years, indicating a positive trend in ecosystem and species diversity [4]. Group 3: Water Management - The park features five ecological water corridors and ten wetlands, totaling 350 hectares of permanent water surface, all utilizing recycled water [8]. - It provides a daily supply of no less than 350,000 cubic meters of clean ecological water to the downstream urban sub-center [8]. Group 4: Flood Management - As the largest flood retention area in Beijing, Wenyu River Park has a flood retention capacity of 12 million cubic meters [9]. - The park serves dual purposes: a recreational area for citizens and a flood retention space during heavy rainfall, saving approximately 4 million cubic meters of water annually [9]. Group 5: Recreational Facilities - The park is designed to cater to all age groups with diverse activity spaces, including serene forest trails, birdwatching wetlands, camping sites, and venues for music festivals and sports events [11]. - It aims to provide a vibrant environment for family outings, social gatherings, and personal relaxation [11]. Group 6: Regional Collaboration - Wenyu River Park spans across three districts: Chaoyang, Shunyi, and Changping, making it the largest cross-administrative ecological space in Beijing [15]. - Each district contributes unique features: Chaoyang focuses on livability and innovation, Changping integrates technology and ecology, while Shunyi blends local culture with modern landscaping [15].

Core Viewpoint - The construction of "dual-use" public infrastructure is essential for enhancing urban resilience and ensuring safety in cities, as highlighted in recent government directives [1][4]. Group 1: Urban Resilience and Safety - The central urban work conference emphasized the importance of building safe and resilient cities as a key task [1]. - The recent policy document from the Central Committee and State Council calls for strengthening "dual-use" public infrastructure to create a sufficient and well-distributed emergency shelter system [1][2]. - Urban areas must balance normal social order with emergency management to effectively respond to various emergencies while maintaining economic and social stability [1][3]. Group 2: Dual-Use Public Infrastructure - "Dual-use" public infrastructure integrates isolation, emergency medical services, and material support, serving both regular and emergency needs [2]. - For instance, in Beijing's Pinggu District, urban planning focuses on major emergencies by addressing five basic needs: food, accommodation, transportation, medical care, and centralized support [2]. - These facilities operate in a market-oriented manner during normal times and transform into emergency response centers during crises, thus contributing to urban quality development and rural-urban integration [2]. Group 3: Governance and Emergency Management - A significant challenge in emergency management is the seamless transition between normal and emergency states [3]. - Proper integration of emergency standards into infrastructure and resource planning is crucial for effective response during emergencies [3]. - The alignment of daily life and emergency management needs reflects a deeper unity between normal and emergency governance, emphasizing the importance of resilience in urban development [3].

Core Viewpoint - Company focuses on a three-in-one development engine of "supermarket + asset leasing + management output" centered around physical stores, covering regions such as Hainan, Guangdong, Shaanxi, Hunan, Jiangsu, and Jilin [1] Group 1: Business Operations - The company continues to optimize its business model in response to new consumption trends, with the supermarket chain segment centered on Shun Kelong, leveraging the Guangdong-Hong Kong-Macao Greater Bay Area policies [1] - Aiming to build an ecosystem of "fresh direct procurement + instant retail + community services" through "regional deep cultivation + scenario innovation" to create an omnichannel network [1] - The company utilizes digital and AI technologies to enhance the "online ordering + community self-pickup" model, deepening cooperation with Meituan and JD Daojia for improved short-distance delivery efficiency [1] Group 2: Real Estate Projects - The commercial real estate projects focus on the trend of consumption upgrades, with innovations in business formats to stimulate revenue, such as the Changchun project which creates a "night economy complex" led by entertainment, supplemented by e-commerce and specialty dining [1] - The company emphasizes the operation of industrial properties in major national and regional center cities, focusing on "commercial operation + urban integration" to create a smart, high-value-added industrial ecosystem [1] Group 3: Brand Development - The company operates the Xingyue MALL, a dual-use underground commercial space that integrates shopping and leisure with national defense emergency functions, participating in urban safety system construction [1] - During the reporting period, the total foot traffic in the operated Xingyue MALL districts increased by 11% year-on-year, with key stores in Zunyi, Guiyang, Panzhihua, and Yining successfully established [1] - In brand output, the company signs light-asset projects using the "TOD + dual-use" standardized model to expand the "Xingyue MALL" brand, generating revenue from commercial operations [1]

Group 1: Business Performance Overview - In the first half of 2025, the company achieved operating revenue of ¥782,503,879.30 and a net profit attributable to shareholders of ¥5,325,109.51, indicating a turnaround in profitability and a stable business outlook [1] - The three main business sectors of the company are developing synergistically, contributing to the overall positive performance [1] Group 2: Commercial Operations - The commercial operations focus on a "supermarket + asset leasing + management output" model, covering regions such as Hainan, Guangdong, and others [1] - The company is enhancing its business model by integrating fresh food procurement, instant retail, and community services, leveraging the Greater Bay Area policies [1] - The "Xingyue Mall" has undergone brand upgrades and operational improvements, with a 11% year-on-year increase in total foot traffic [1] Group 3: Trade Logistics - The trade logistics business is driven by a dual focus on "logistics + commerce," creating a comprehensive logistics park that integrates agricultural product collection, warehousing, and cold chain services [2] - The company operates over 700,000 square meters across five collection and distribution centers, enhancing the rural revitalization and consumption upgrade strategies [2] Group 4: Commodity Trade - The commodity trade business leverages the company's supply chain to connect with producers, agents, and e-commerce platforms, focusing on fresh produce, beverages, and daily necessities [2] Group 5: Asset Upgrades in Xi'an - The company initiated a 34,000 square meter renovation of the Minsheng Department Store, aiming to create an interactive consumer space [2] - The "Xingyue Mall" (formerly Minsheng Luomashi Shopping Center) completed a 16,000 square meter space renovation, introducing over 40 unique brands and creating a diverse consumption ecosystem [2]