此次电源端的成功投运，为后续电解水制氢及绿氨合成提供了持续、绿色的电力支持，是项目实现规模化生产绿氢及合成绿氨的关键前提。目前，项目配 套电源成功投用，重要配套工程30兆瓦纯氢燃气轮机也实现纯氢发电并保持稳定运行，整体工程正按计划稳步推进。 特别声明 近日，深能鄂托克旗风光制氢一体化合成绿氨项目倒送电圆满完成，标志着该项目迈入并网调试关键阶段。 作为国家能源局能源领域首批氢能试点项目之一，该项目总投资达35亿元，制氢规模为48000Nm³/h，储氢部分设置12台1875m³球罐，配套电源为500MW 风电项目和5MW光伏离网制氢项目，下游化工为年产量15万吨合成氨装置，同时配备1套30MW级纯氢燃气轮机用于氢储能。项目建成后，预计年均发电 量14亿千瓦时，可年产绿氢2万吨、绿氨15万吨，每年可节约标准煤约49万吨，新能源电量消纳率超过80%。 该项目紧密围绕鄂尔多斯市能源转型与产业发展需求，充分利用本地可再生能源制氢，并应用于下游的绿氢化工，形成能源绿色产供销用一条主线。通过 深度融合风电、电解水制氢与绿氨合成系统，项目建成后将为鄂尔多斯市构建以新能源为主体的新型电力系统提供重要支撑。 作为国家能源局能源领域 ...

Core Viewpoint - Tongda Co., Ltd. has won a new order from the State Grid Corporation of China, with a total value of 154 million yuan, representing approximately 2.48% of the company's projected revenue for 2024 [1][2]. Group 1: Orders and Contracts - Since 2025, Tongda Co., Ltd. has frequently won orders from the State Grid, with a total estimated value of 925 million yuan [1][5]. - The recent order includes materials from the 85th, 88th, and 89th procurement batches of the State Grid, valued at 154 million yuan [2]. - Previous orders include 133 million yuan for energy-saving and conventional wire projects, 176 million yuan for ground wires, and 207 million yuan for ground wires from earlier procurement batches [3][4]. Group 2: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 6.066 billion yuan, a year-on-year increase of 40.78% [7]. - The net profit attributable to shareholders reached 132 million yuan, up 83.29% year-on-year, while the net profit excluding non-recurring items was 129 million yuan, increasing by 98.63% [7][8]. - The third quarter of 2025 marked a historical high for both net profit and net profit excluding non-recurring items, with figures of 70.09 million yuan and 68.69 million yuan, respectively [8]. Group 3: Market Position and Growth Drivers - Tongda Co., Ltd. is a leading enterprise in the wire and cable industry in Henan Province, with products used in over 600 national key projects [6]. - The company's growth is attributed to increased investment in new energy power systems and expansion into international markets [8]. - The company has seen significant growth in its cable business and precision processing of aircraft components, with respective increases of 35.49% and 43.51% year-on-year [8]. Group 4: Shareholder Activity - Despite the company's rising performance and stock price, the controlling shareholder, Shi Wanfeng, has implemented a share reduction plan, selling approximately 15.71 million shares for about 129 million yuan [9].

Core Viewpoint - Haiwei Co., Ltd. (09609) has listed its shares at a price of HKD 14.28, issuing 35.456 million shares, with net proceeds of approximately HKD 452 million. As of the report, the stock has dropped by 5.46% to HKD 13.5, with a trading volume of HKD 103 million [1] Company Overview - Haiwei Co., Ltd. is the second-largest capacitor film manufacturer in China, with a market share of 10.9% in capacitor base film revenue as of 2024 [1] - The company's capacitor film products include capacitor base films and metallized films, which are key components of film capacitors used in various applications such as electric vehicles, renewable energy power systems, industrial equipment, and household appliances [1] Production Capabilities - Haiwei Electronics is the only company with the capability to independently design and develop capacitor base film production lines, with five production lines that are all self-designed and assembled [1] - The delivery time for the company's self-designed production lines is approximately 8 months, significantly shorter than the industry average of 3-5 years for imported production lines [1] - The investment cost for a single production line is about 120 million yuan, which is considerably lower than the domestic industry average [1] - The company can flexibly adjust production line parameters to offer products with thicknesses ranging from 2.7 micrometers to 13.8 micrometers, catering to various end-use applications [1]

Core Viewpoint - Haiwei Co., Ltd. has successfully completed its IPO with significant oversubscription, indicating strong market interest and confidence in its business model and growth potential [1][2]. Group 1: IPO Details - Haiwei Co., Ltd. raised HKD 4.4 billion through the issuance of 30.83 million H-shares at a price of HKD 14.28 per share, with a public offering portion oversubscribed by over 5,431 times [1]. - The company received subscriptions from approximately 167,000 investors, with total funds involved in the public offering reaching HKD 241.5 billion [1]. - The company is expected to be listed on November 28, with CICC serving as the sole sponsor [1]. Group 2: Company Overview - Haiwei Co., Ltd. is the second-largest capacitor film manufacturer in China, holding a 10.9% market share in capacitor base film revenue as of 2024 [1][2]. - The company specializes in the production of capacitor base films and metallized films, which are essential components of film capacitors used in various applications, including electric vehicles and renewable energy systems [1]. Group 3: Production Capabilities - Haiwei Co., Ltd. is the only company with the capability to design and develop its own capacitor base film production lines, significantly reducing delivery times to approximately 8 months compared to the industry average of 3-5 years for imported lines [2]. - The investment cost for a single production line is about RMB 120 million, which is considerably lower than the domestic industry average [2]. - The company can produce a range of products with thicknesses from 2.7 microns to 13.8 microns, catering to various end-use applications [2]. Group 4: Financial Performance - The company's revenue for 2022 and 2023 was RMB 327 million and RMB 330 million, respectively, with a projected growth of 28% to RMB 422 million in 2024 [2]. - For the first five months of 2024 and 2025, the company's revenue was RMB 162 million and RMB 157 million, respectively [2]. Group 5: Strategic Partnerships - Haiwei Co., Ltd. has entered into a cornerstone investment agreement with Huixing Lihai, committing to purchase shares worth approximately HKD 218 million at the offering price [2]. - BYD, a major player in the new energy sector, is both a pre-IPO investor with a 4.9% stake and the largest customer, contributing 12.2%, 12.6%, and 12% of revenue in 2023, 2024, and the first five months of 2025, respectively [2]. - The company maintains a stable revenue contribution from its top five customers, which accounts for about 35% of total revenue [2]. Group 6: Use of Proceeds - 82% of the net proceeds from the IPO will be allocated to expanding production capacity, including the construction of a new factory in southern China for capacitor base film production [3]. - 5% will be used to enhance research and development capabilities, 3% for sales and marketing activities, and 10% for working capital and other general corporate purposes [3].

Group 1 - The company, Haiwei Co., Ltd. (09609.HK), plans to globally offer 30.8314 million H-shares, with 3.0832 million shares available in Hong Kong and 27.7482 million shares for international offering, subject to reallocation and adjustments based on demand [1] - The offering period is set from November 20 to November 25, 2025, with a proposed share price of HKD 14.28 per share, and trading on the Hong Kong Stock Exchange is expected to commence on November 28, 2025 [1] - According to Zhi Shi Consulting, the company is the second-largest capacitor film manufacturer in China by sales volume of capacitor base films in 2024, holding a market share of 10.9% in China based on revenue from capacitor base films [1] Group 2 - The company has entered into a cornerstone investment agreement with Huixing Lihai Limited, which has agreed to purchase shares worth approximately HKD 218.2 million at the offering price, amounting to 15.129 million shares [2] - The estimated net proceeds from the global offering are approximately HKD 388.9 million, assuming no exercise of the over-allotment option [2] - The company plans to allocate approximately 82.0% of the net proceeds to expand production capacity, including the construction of a new capacitor base film production facility in southern China, with 5.0% for R&D enhancement, 3.0% for sales and marketing, and 10.0% for working capital and general corporate purposes [2]

Group 1 - The company, Haiwei Co., plans to conduct an initial public offering (IPO) from November 20 to November 25, 2025, offering 30.8314 million H-shares at a price of HKD 14.28 per share, with 10% allocated for Hong Kong and 90% for international sales [1] - According to Zhi Shi Consulting, the company is the second-largest capacitor film manufacturer in China by sales volume of capacitor base films in 2024, holding a market share of 10.9% [1] - The company's revenue for 2022 and 2023 was RMB 327 million and RMB 330 million, respectively, with a projected growth of 28.0% to RMB 422 million in 2024 [1] Group 2 - The company has entered into a cornerstone investment agreement with Huixing Lihai, which has agreed to purchase shares worth approximately HKD 218 million at the offering price [2] - The estimated net proceeds from the global offering are approximately HKD 388.9 million, with 82.0% expected to be used for capacity expansion, 5.0% for enhancing R&D capabilities, 3.0% for sales and marketing activities, and 10.0% for working capital and other general corporate purposes [2]

河北海偉電子新材料科技股份有限公司 Hebei Haiwei Electronic New Material Technology Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 9609 全球發售 獨家保薦人及獨家保薦人兼整體協調人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 重要提示 閣下對本招股章程任何內容如有任何疑問，應徵詢獨立專業意見。 Hebei Haiwei Electronic New Material Technology Co., Ltd. 河北海偉電子新材料科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 獨家保薦人及獨家保薦人兼整體協調人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 於作出投資決定前，有意投資者務請仔細考慮本招股章程所載全部資料，包括「風險因素」一節中所載的風險因素。 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算 ...

Group 1 - The US has officially announced a one-year suspension of the 301 investigation measures against China's shipbuilding industry, while China has reciprocated by suspending special port fees for US ships for one year [2] - The US Congress has passed a temporary funding bill to end the government shutdown, with a final vote expected soon in the House of Representatives [2] - Warren Buffett's Thanksgiving letter indicates he will no longer write annual reports and plans to convert 1,800 Class A shares into 2.7 million Class B shares for donations, retaining a significant amount of Class A shares until confidence in the successor CEO is established [2] Group 2 - The State Council has issued measures to promote private investment, including encouraging private capital participation in smaller city infrastructure projects for the first time [3] - A plan has been released to promote logistics data sharing, with ten categories of logistics data to be made publicly available [3] - The China International Import Expo concluded with a record intended transaction amount of $83.49 billion, a 4.4% increase from the previous year [3] - Central enterprises have increased investment in key areas such as technology innovation and equipment updates, with fixed asset investment exceeding 3 trillion yuan in the first three quarters [3] Group 3 - The China Securities Regulatory Commission is seeking opinions on guidelines for public fund thematic investment style management to address issues of style drift [4] - A-shares showed mixed performance with consumer sectors surging, while the overall trading volume reached 2.19 trillion yuan [4] Group 4 - The Hang Seng Index closed up 1.55%, driven by consumer stocks, with net inflows from southbound funds exceeding 66.54 billion HKD [5] - The China Securities Index Company will launch new indices to provide more investment benchmarks [5] Group 5 - TSMC reported October revenue of 367.47 billion NTD, a 16.9% year-on-year increase, but the lowest growth rate since February 2024 [8] Group 6 - Domestic retail prices for refined oil have been raised for the seventh time this year, with gasoline and diesel prices increasing by 125 yuan and 120 yuan per ton, respectively [9] - The State Administration for Market Regulation has issued compliance guidelines for e-commerce platforms during the "Double Eleven" sales event [9] - The National Development and Reform Commission and the National Energy Administration have outlined goals for large-scale development and high-quality consumption of new energy [9] Group 7 - The US Commodity Futures Trading Commission is in discussions to launch cryptocurrency spot trading products next month [10] - The US Treasury and IRS have released new guidelines for cryptocurrency exchange-traded products [10] - The Bank of England has proposed new regulations for stablecoins, allowing significant investments in short-term government bonds [10] Group 8 - Douyin has clarified rumors regarding penalties for selling products below market price, emphasizing a campaign against false advertising [11] - WeRide has received approval to operate a fully autonomous Robotaxi service in Abu Dhabi, marking a significant milestone in autonomous driving [11] - Tesla's Cybertruck project leader announced his departure after eight years, with sales significantly below production capacity [11] Group 9 - The US and Thailand have reached a trade framework agreement, with Thailand eliminating tariffs on 99% of goods [12] - The Federal Reserve is considering further interest rate cuts to prevent economic downturns [12] - October container imports in the US fell by 7.5% year-on-year, with predictions of further declines in November and December [12] Group 10 - China's gold consumption in the first three quarters decreased by 7.95%, while gold ETF holdings increased significantly [17] - The Shanghai Gold Exchange announced fee waivers for certain international contracts starting November 2025 [17] - International precious metals futures saw widespread gains, driven by geopolitical risks and a weaker dollar [17] Group 11 - The domestic bond market showed strength, with long-term bonds outperforming short-term ones, and the central bank conducted significant reverse repo operations [16] - The Ministry of Finance plans to issue up to 47.71 billion yuan in electronic savings bonds [16] - Hong Kong is set to launch a new round of multi-currency digital bond issuance [16]

Core Viewpoint - The article emphasizes the establishment of a national unified electricity market in China, highlighting the importance of regulatory frameworks and market mechanisms to support the integration of renewable energy and ensure stable electricity supply and pricing [2][3][4][5][6][7][8]. Group 1: Market Structure and Mechanisms - The national unified electricity market is in a critical phase of development, with mechanisms for cross-regional trading and provincial spot markets being established and operational [2]. - The guidelines issued by the National Development and Reform Commission and the National Energy Administration aim to enhance the efficiency and sustainability of the electricity market [2]. - The long-term and short-term trading mechanisms are being refined to better accommodate the characteristics of renewable energy, allowing for multi-year agreements and dynamic adjustments to trading limits [2][3]. Group 2: Spot Market and Pricing - The spot market is evolving to reflect supply and demand dynamics, with a focus on optimizing pricing mechanisms to encourage participation from various market players [3]. - The introduction of new entities such as virtual power plants and smart microgrids is encouraged to enhance competition in the spot market [3]. Group 3: Auxiliary Services Market - The auxiliary services market is being developed to support the increasing demand for system regulation due to high proportions of renewable energy [4]. - The integration of auxiliary services with the energy market is aimed at improving system flexibility and ensuring that renewable energy sources can meet their balancing responsibilities [4]. Group 4: Capacity Compensation Mechanism - A differentiated capacity compensation mechanism is proposed to address the reliability challenges posed by the growing share of renewable energy [5]. - The establishment of a reliable capacity assessment mechanism will allow for more accurate pricing of various energy sources based on their reliability and contribution [5]. Group 5: Retail Market Development - The retail electricity market is being enhanced to improve transparency and competition, with new mechanisms for price estimation and information dissemination being introduced [6][7]. - Efforts are being made to ensure effective price transmission from wholesale to retail markets, encouraging consumers to respond to market signals [7]. Group 6: Market Monitoring and Intervention - The article outlines the need for improved market monitoring and intervention mechanisms to maintain fair competition and efficient market operations [8]. - Specific measures are proposed for monitoring market power and establishing clear protocols for market intervention when necessary [8]. Group 7: Future Directions - The Beijing Electric Power Trading Center is set to implement the guidelines and continue enhancing the operational level of the national unified electricity market [9].

Core Viewpoint - Hebei Haiwei Electronic New Materials Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange for the second time this year, with CICC as the sole sponsor [1] Financial Performance - The company reported revenues of 327 million RMB in 2022, 330 million RMB in 2023, and projected revenues of 422 million RMB in 2024, with 157 million RMB for the first five months of 2025 [2][3] - The net profit and total comprehensive income for the same periods were 102 million RMB, 69.8 million RMB, 86.4 million RMB, and 31.4 million RMB respectively [2][3] - The company's income for the first five months of 2025 decreased by 4.6% compared to the same period in 2024, primarily due to a decline in sales of metallized films [3] Market Position - Haiwei Electronic is the second-largest capacitor film manufacturer in China, holding a market share of 10.9% in 2024 based on capacitor base film revenue [2] - The company’s products are essential components of film capacitors, which are widely used in applications such as new energy vehicles, new energy power systems, industrial equipment, and household appliances [2] Customer Dependency - The company relies heavily on its top five customers, which contributed revenues of 119 million RMB, 115 million RMB, 158 million RMB, and 157 million RMB for the respective years, accounting for 36.4%, 34.9%, 37.6%, and 42.1% of total revenue [5] - The largest customer’s revenue contribution to total income was 17.3%, 12.2%, 12.6%, and 12.0% for the respective years [5] Competitive Environment - The capacitor film market in China is highly competitive and concentrated, with the top five companies, including Haiwei Electronic, holding a combined market share of 61.6% in 2024 [6] - Key competitive factors in the market include rapid capacity expansion, technical expertise, integrated supply chains, scale and operational efficiency, as well as customer relationships and recognition [6] - Notably, BYD, one of Haiwei Electronic's major customers, has begun producing its own film capacitors [6]