电动巴士供不应求 自2015年以来，比亚迪一直在巴西圣保罗州的坎皮纳斯组装电动巴士底盘。比亚迪巴西商用车总监马塞 洛·施耐德（Marcelo Schneider）表示，比亚迪预计仅在2026年就将生产约1200台底盘，是其巴西业务头 十年总产量的两倍。 目前，比亚迪已经接到几乎排满全年的订单，无法再接受新的订单。施耐德表示，公司当前的重点是在 分阶段扩大产能的同时，交付现有订单。 比亚迪在巴西运营的电动巴士 视觉中国 【文/观察者网 潘昱辰 编辑/高莘】据香港《南华早报》12月18日报道，由于电动巴士需求激增导致现 有产能饱和，比亚迪计划未来三年内在巴西新建一座"巨型"底盘工厂，其规模将远超比亚迪目前在巴西 的运营，有望将年产量从过去十年的约600台提升至最高7000台。该项目将大幅提升产量、创造数百个 就业岗位，并支持面向整个南美洲甚至非洲的出口。 比亚迪生产的在巴西圣保罗运营的巴士 视觉中国 除了巴西市场，该项目还旨在支持出口业务。施耐德表示，比亚迪将巴西视为向邻近南美市场、尤其是 南方共同市场内部出口电动巴士的天然制造中心。 施耐德称，电动巴士订单的增长反映了车队更新潮，特别是在圣保罗，运营商现在正更新 ...

新能源集团投资建设秀山二期项目，可以扩大公司在重庆市的影响力和示范效应，实现"以点带面"，为 后续项目开发奠定基础。同时，公司已在西南地区投资建设运营多个项目，建设秀山二期项目有利于公 司构建新能源产业品牌，在西南地区打造新能源百万基地，实现规模化发展，提高运营效率，推进新能 源产业高质量发展。 智通财经APP讯，广州发展(600098.SH)发布公告，为优化公司新能源产业布局，在西南地区打造新能 源百万基地，助推新能源产业高质量发展，公司属下全资子公司广州发展新能源集团股份有限公司(简 称"新能源集团")拟投资建设秀山龙凤坝光伏发电(二期)项目，总投资约为5.83亿元。 ...

格隆汇12月12日丨圣阳股份(002580.SZ)公布，公司拟收购贵州新仁部分股权并对其增资。根据审计机 构对标的公司的审计结果，截至2025年8月31日(审计基准日)，标的公司审定净资产为5.73亿元 ， 经交 易双方协商一致确定标的公司股权整体估值为3.99亿元(即投前估值)。容百科技拟使用自有资金3.42亿 元收购贵州新仁部分股权，并使用自有资金1.4亿元对贵州新仁进行增资。本次交易前，公司未持有贵 州新仁股权，本次交易完成后，公司将持有贵州新仁股权比例为93.2034%，贵州新仁成为公司控股子 公司，纳入公司合并报表范围内。 公司已具备创新性的磷酸铁锂量产技术与深厚的客户基础，而贵州新仁目前已拥有年产6万吨磷酸铁锂 产线且具备快速扩产潜力，公司将通过本次交易，将自身新型技术在标的公司产线上快速放大，迅速构 建具备竞争优势的磷酸铁锂规模化生产能力，将技术优势和产品优势迅速转化成产业化优势，把握市场 高速增长机遇。本次交易将完善公司平台化布局，丰富现有产品矩阵与业务结构，进一步巩固公司作为 全球化正极材料产业整体解决方案提供者的领先地位。 ...

新公司法定代表人为叶智林，注册资本 3 亿人民币，经营范围含新兴能源技术研发、电池制造、电池销售、电动汽车充电基础设施运营、输 配电及控制设备制造、智能输配电及控制设备销售、光伏设备及元器件销售等。 这是欣旺达动力在枣庄布局的第五家子公司，标志着其在山东的新能源 "研发 - 制造 - 投资"全链条布局进一步深化。公开信息显示， 欣旺 达动力在山东投资公司已增至 5 家，且投资聚焦枣庄，形成了"动力电池 + 储能 + 产业投资 + 全产业链服务"的布局，累计投资数百亿。 2025（第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼 &起点研究十周年庆典 2025起点用户侧储能及电池技术论坛 活动主题： 新周期 新技术 新生态 活动时间： 2025年12月18-19日 活动地址： 深圳市维纳斯皇家酒店（深圳国际会展中心京基百纳店）三楼维纳斯厅（深圳市宝安区沙井 镇沙井路118号） 主办单位： 起点锂电、起点固态电池、起点储能、起点研究院SPIR 活动规模： 线下1200+，在线直播观看30000+ 赞助单位： 惠州仲恺高新区/逸飞激光/小鲁锂电/派能科技/莫洛奇/融捷能源/远东电池/诺达智慧/奥鸿 智能/中天和/超业精 ...

倒计时19天 2025（第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼 &起点研究十周年庆典 2025起点用户侧储能及电池技术论坛 活动主题： 新周期 新技术 新生态 活动时间： 2025年12月18-19日 活动地址： 深圳市维纳斯皇家酒店（深圳国际会展中心京基百纳店）二楼维纳斯厅（深圳市宝安区沙井 镇沙井路118号） 主办单位： 起点锂电、起点固态电池、起点储能、起点研究院SPIR 活动规模： 线下1200+，在线直播观看30000+ 第一批赞助及演讲单位： 海辰储能/融捷能源/瑞浦兰钧/逸飞激光/鹏辉能源/赣锋锂电/多氟多/保力新/ 远东电池/国轩吉美泰/诺达智慧/创明新能源/孚能科技/德赛电池/陀普科技/蓝京新能源/中比新能源/北 测新能源/亿鑫丰/达力智能/金力股份/苏州莫洛奇/鑫晟达/先导智能/恩捷股份/尚太科技/超业精密/科 迈罗/东唐智能/贤辰智享/爱签/中天和/和明机械 /信瑞新能源 等 近日，由火炬集团投资建设的"厦门高性能锂电池基地"项目进入钢结构施工阶段。 据悉，厦门高性能锂电池基地项目位于同翔高新城，总投资400亿元，是厦门聚焦新能源产业布局、推动高质量发展的重点工程。项目于今年9 月 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [4][10]. Core Views - The recovery in coal prices has led to a significant improvement in profitability, with Q3 performance exceeding expectations [1][5]. - The company has shown stable production and sales in its coal business, with a notable improvement in profitability on a quarter-over-quarter basis [5][6]. - The report forecasts a decline in revenue and net profit for 2024, with a gradual recovery expected in subsequent years [4][7]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 110.58 billion yuan, a year-on-year decrease of 21.24%, and a net profit of 12.485 billion yuan, down 14.57% year-on-year [6]. - In Q3 2025, the company achieved revenue of 36.148 billion yuan, a year-on-year decline of 23.78%, but a quarter-over-quarter increase of 0.29% [6]. - The coal production for the first three quarters was 101.58 million tons, a slight decrease of 0.7% year-on-year, while sales increased by 1.1% [6][7]. Profitability Metrics - The report indicates a weighted average ROE of 8.07%, down 1.88 percentage points year-on-year [6]. - The company’s unit cost of coal decreased by 10.1% year-on-year, while the unit price fell by 17.0% [6]. - The report projects net profits for 2025-2027 to be 15.917 billion yuan, 16.942 billion yuan, and 18.892 billion yuan respectively, with corresponding PE ratios of 10.0X, 9.4X, and 8.4X [7][8]. Business Segment Performance - In the coal chemical segment, the report highlights a significant recovery in profitability for polyolefins, while methanol and ammonium nitrate face profitability pressures [6][7]. - The company’s methanol production increased by 21.8% year-on-year in the first three quarters, with a notable increase in unit gross profit [6][7]. - The report also notes a strategic acquisition in the renewable energy sector, enhancing the company's overall asset management [7].

Core Points - The 2025 New Energy Battery Industry Development Conference was held in Zaozhuang, focusing on solid-state batteries, ultra-fast charging technology, and energy storage applications [1][14] - Zaozhuang is transitioning from a coal-dependent economy to becoming a "Chinese New Energy Battery City," with 278 new energy enterprises established by the end of 2024 [3][6] - The local government has implemented strategic initiatives to support the lithium battery industry, including the establishment of a comprehensive industrial chain and attracting major projects [5][12] Industry Overview - Zaozhuang's economy was historically reliant on coal, with coal-related industries accounting for over 80% of its economic output [3] - The city has developed a full industrial chain for lithium batteries, including raw material extraction, production of cathodes and anodes, electrolytes, separators, and battery cells [6][10] - By 2021, Zaozhuang adopted a strategy to focus on lithium batteries as a key industry for urban transformation, aiming to become a model city for green and safe new energy [5][12] Investment Opportunities - Major projects, such as the joint venture between Li Auto and Xinnengda, and the agreement with Zhongchuangxin to establish a base in Zaozhuang, are expected to bring significant investment and enhance the local supply chain [12][13] - The establishment of the first lithium battery industry union and various innovation platforms indicates a supportive environment for industry growth [9][10] - The hosting of the conference has amplified Zaozhuang's brand influence in the new energy sector, facilitating future project attraction and technological collaboration [14][16]

Core Viewpoint - Longjiang Transportation is focusing on the implementation of its "one body, two wings" strategy, aiming to strengthen its core business while expanding into new energy and graphite industries, which are expected to drive sustainable growth [1][2]. Financial Performance - In the first half of 2025, Longjiang Transportation achieved operating revenue of 244 million yuan, a year-on-year increase of 8.74% - The net profit attributable to shareholders was 95 million yuan, up 19.12% year-on-year, with basic earnings per share of 0.072 yuan, reflecting a growth of 20% [1]. - As of the end of June 2025, the net assets attributable to shareholders were 4.685 billion yuan, and total assets reached 5.511 billion yuan [1]. Business Segments - The core highway business remains stable, with toll revenue reaching 163 million yuan, an increase of 4.85% compared to the same period last year [2]. - The new energy sector is expanding, with 139 distributed photovoltaic project sites established in Heilongjiang Province, achieving an installed capacity of 17.13 MW [2]. - The graphite integration project is progressing, with the company actively advancing preliminary work for mining operations and deepening project engineering studies [2]. Shareholder Activity - On September 3, 2025, the company announced that Suinong Holdings completed its share reduction plan, selling a total of 38.07 million shares, which is 2.89% of the total share capital [3]. - Following a share transfer agreement in January 2024, Suinong Holdings became a significant shareholder, holding 4.16% of the total share capital after the reduction [3]. Strategic Acquisitions - The company plans to acquire 100% of the equity of Heilongjiang Water Transport Construction Development Co., Ltd. for a price not exceeding 157 million yuan, which is part of its strategy to enhance its clean energy assets [4]. - The target company operates a hydropower plant with a total installed capacity of 66,000 kW, contributing to the company's strategic transformation and sustainable development [4].

Core Viewpoint - Baili Electric (600468.SH) focuses on high-end products and services in the power equipment sector, aiming to optimize energy structure and develop new power systems while leveraging new technologies for future growth [1] Group 1: Company Overview - The company's subsidiary, Liaoning Rongxin Xingye Electric Power Technology Co., Ltd., specializes in high voltage dynamic reactive power compensation devices (SVC) and static reactive power generators (SVG) to stabilize system voltage and address voltage fluctuation issues [1] - The revenue from the related business is currently minimal, accounting for less than 1% of the company's overall income [1] - The company does not produce solid-state transformers and is not involved in the Spark One project [1] Group 2: Business Focus and Strategy - The main business of the company includes research, development, production, and sales of power distribution and control equipment, wires and cables, and pumps [1] - The company plans to accelerate its layout in the new energy industry while closely monitoring the development of new technologies to empower its growth [1]

Core Viewpoint - The strategic cooperation agreement between Yongzhen Co., Ltd. and BYD aims to enhance collaboration in energy storage and aluminum components, leveraging each other's strengths for mutual benefit and exploring new opportunities in emerging fields [1][2][3] Group 1: Strategic Cooperation Agreement - Yongzhen Co., Ltd. and BYD have signed a strategic cooperation agreement focusing on energy storage projects and aluminum components required by BYD [1] - The partnership is based on principles of complementary advantages, mutual development, and resource integration, aiming for a win-win outcome [1][2] Group 2: Research and Development - Both companies will engage in joint research activities to develop competitive system products for the energy storage market and participate in the formulation of industry standards [1][2] Group 3: Supply Chain Collaboration - BYD will provide suitable lithium-ion battery systems and technical support to Yongzhen Co., Ltd. for various energy storage projects, while Yongzhen will supply aluminum components that meet BYD's quality requirements [2] - Both parties will negotiate competitive pricing for their products and services through separate agreements [2] Group 4: Market Cooperation - The companies will leverage their resources to explore and develop products that meet market demands, continuously updating and enhancing their core competitiveness [2] - They will also consider establishing a joint after-sales service system to provide efficient support to customers [2] Group 5: Broader Collaboration - The strategic cooperation is not limited to energy storage and automotive sectors; both companies are open to deeper collaboration in renewable energy fields such as photovoltaics and wind power [2] Group 6: Company Growth and Market Position - This agreement is a significant step for Yongzhen Co., Ltd. in expanding its presence in the renewable energy sector, supporting its growth and enhancing its core competitiveness [3] - Yongzhen Co., Ltd. has become a leading manufacturer of aluminum photovoltaic structural components in China, with a year-to-date stock increase of 12.36% [3]