本报记者 徐一鸣 12月1日晚间，汉马科技集团股份有限公司（以下简称"汉马科技"）发布的产销数据显示，今年11月 份，汉马科技货车（含非完整车辆）产量1947辆，较上年同期的820辆增长137.44%；销量达2002辆， 较上年同期的801辆增长149.94%。 不久前，汉马科技亮相马来西亚车展的G9增程搅拌车成为东南亚地区首台增程重卡，引发市场广泛关 注。 上海燃料电池汽车商业化促进中心主任张焰峰在接受《证券日报》记者采访时表示，作为区域产业龙 头，汉马科技发挥了强大的产业链带动作用，发挥"链主"企业的引领作用，带动多家配套企业快速成 长，为构建完善的新能源汽车产业生态奠定了坚实基础。 作为安徽省新能源汽车产业集群七家"链主"企业中唯一的商用车企业，汉马科技在浙江远程新能源商用 车集团有限公司赋能下，确立"醇氢+电动"双轮驱动技术路线，走出了差异化竞争路径。 "汉马科技星瀚G醇氢电动牵引车以甲醇为燃料，颗粒物（PM）排放量降低90%，一氧化碳排放减少 88%，客户燃料成本可降低32%至52%，去年还创下单箱燃料行驶1522.9公里的纪录。"王雨婷表示，目 前，该公司已形成覆盖星瀚H、星瀚G、远程X7等系列的 ...

大摩发布研报称，广汽集团上周五盘中曾升10.4%，过去一周累计上涨24%。大摩认为，此次涨势主要 来自以下三项近期利好，其中包括管理层最新表态将于2026年量产搭载全固态电池的车型；大幅增加对 与华为合作品牌Qijing的资讯披露；宣布与京东集团-SW开展营销合作。虽然上述三项举措仍需时间放 量，对盈利的实质贡献短期内有限，但考虑到最新业务进展以及广汽今年以来仍保有5.7%的市场份 额，目前估值依然被低估。 智通财经APP获悉，广汽集团(02238)回落逾4%，上周五尾盘收涨超16%。截至发稿，跌4.35%，报3.96 港元，成交额2.72亿港元。 大摩指出，尽管广汽旗下埃安(Aion)仍处亏损，但广汽丰田在2025年向新能源转型的策略已显现成效， 并有望向内部其他合资品牌扩散。因此，一旦公司未来公布新的经营规划，或出现南向资金明显流入等 催化剂，在基本面持续改善的支撑下，股价有望出现较大反应。 ...

近年来，东风本田正面临着诸多挑战，数据显示，今年前10月，东风汽车集团累计销量同比下滑1.6%，东风本田销量同比下滑24.7%。细分车型中，曾经的 热销车型如思域、英仕派销量均不如从前，CR-V也受到冲击。在电动化进程上，东风本田虽起步不算晚，但市场表现未达预期，2022年推出的首款纯电车 型e:NS1市场反响平平，2025年推出的本田S7也未对销量有实质性贡献。 黄勇能否带领东风本田在新能源赛道实现突破，打造出爆款产品，进而推动销量提升，GPLP犀牛财经也将继续关注。 新任董事长黄勇是汽车行业"老兵"，1992年他进入一汽集团，历经多个核心岗位，2024年4月起担任东风汽车集团副总经理、党委常委，具备跨车企运营及 整车制造全链条管理能力。 此次管理层变动，正值东风本田聚焦本土化创新与新能源转型的关键时期。此前广州车展，东风本田明确转型思路，计划加大本土化研发投入，扩大本土研 发团队规模，深度参与新车定义与技术落地；采取"油电协同"策略，巩固燃油车基本盘，攻坚新能源领域。 近日，天眼查App信息显示，东风本田汽车有限公司工商信息发生变更，张祖同卸任法定代表人、董事长，由东风汽车集团副总经理、党委常委黄勇接任， ...

国泰海通证券发布研报称，中国联塑管道业务销售转型较好，非地产+非华南拓展迅速。非地产业务的 拓展和华南外市场的拓展迅速，农业领域发展领先。公司前期地产业务应收账款，高风险房企的应收或 充分计提 75%以上，抵房进行中整体风险消较好。公司目前动态 PE 已经下降到 4x 左右，主要受到出 身港股影响；而且在目前产能利用率不足的背景下，公司向新能源转型的增加其实也难以明显增加 capex，经营风险相对可控。 消息面上，国家发展改革委党组书记、主任郑栅洁此前指出，"十五五"时期将建设改造地下管网超过70 万公里，新增投资需求突破5万亿元。国盛证券发布研报称，化债政策加码下政府财政压力有望减轻， 企业资产负债表也存在修复的空间，市政工程类项目有望加快推进，市政管网及减隔震实物工作量有望 加快落地。 智通财经APP获悉，中国联塑(02128)早盘涨超7%，截至发稿，涨6.53%，报4.73港元，成交额2907.56万 港元。 ...

皖能电力 20251128 摘要 皖能电力发电量增速已超去年同期，受益于安徽省电力现货市场价格上 涨，尤其 9、10 月显著上升，但 11 月受天气影响略降，整体仍处高位。 长协合同占比约 40%，现货不足 10%，煤价波动影响有限。 公司在建新能源项目集中，新疆 50 万千瓦风电和 80 万千瓦光伏大基地 项目近期全容量并网，与东方电气合作 100 万千瓦风电项目。2025 年 10 月安徽用电量增速近 17%，主因去年同期基数低及新能源供应受天 气影响减少。 安徽省火电脱硫脱硝长期合同比例高，现货交易量小，价格波动相对较 小。2025 年 10 月发电竞争激烈，现货市场价格创历史新高，约 0.366-0.367 元/千瓦时，高于上半年。 2026 年火电脱硫脱硝长期合同及利润展望待政府政策指引。预计容量 费用标准提高后，发电企业将获保障。明年投产煤电脱硫脱硝装机容量 近 10GW，占当前比例约 10%，若用电量稳定，利用小时数或降约 10%。 皖能电力积极推进新能源项目，储备 200 多万千瓦风电项目，包括新疆 175 万千瓦项目，预计 2026 年陆续投产。省内 50 万千瓦风电项目， 30 万千瓦在建 ...

近期，全球市场出现一个诡异现象：黄金、白银、铜等金属价格同步飙升。 黄金突破4400美元/盎司，白银年内涨幅超150%，铜价站上8.7万元/吨。 这些冰 冷的数字背后，揭示了一个残酷现实，全球主权货币的购买力正加速贬值。 这场金属狂欢并非偶然。 2025年以来，美联储降息周期启动，美国债务规模突破38万亿美元，美元信用根基动摇。 与此同时，AI革命、新能源转型催生对有色金属的海量需求，而全球矿山供应却因资源枯竭和政策限制步步收紧。 当纸币的"魔力"逐渐消失，硬通货的价 值正在回归。 2025年9月，美联储宣布降息25个基点，全球流动性闸门再度打开。 美元指数应声下跌，随后美国政府因预算僵局陷入停摆，美元却意外反弹至100关口。 这种反常现象背后，是市场对美元信用的双重情绪，短期避险依赖与长期信任衰减。 美元作为全球货币体系的"锚"，其信用下滑直接体现为金属价格的飙升。 国际货币基金组织数据显示，美元在全球外汇储备占比降至58%，创25年新低。 各国央行正疯狂囤积黄金，中国央行连续11个月增持黄金，储备量达7406万盎司。 美国财政赤字占GDP比重突破7%，债务规模如雪球般滚至38万亿美元。 这些数字意味着，美 ...

深蓝汽车新一轮融资大幕拉开，新股东持股不超过20%的份额，引发市场对这家高速成长的新能源车企股权结构的重新审视。 作为深蓝汽车第二大股东的南京润科产业投资有限公司，代表了地方产业资本在新能源汽车领域的布局。南京润科近期活跃在产业投资领域。 2025年7月，南京润科参与了出资额30亿元的南京溧水产业发展基金的成立。该基金的执行事务合伙人为南京紫金创投基金管理有限责任公司、南京溧水 高新产业股权投资有限公司。经营范围为私募股权投资基金管理、创业投资基金管理服务等。 这一投资动向表明，南京润科不仅直接投资深蓝汽车，还通过参与产业基金的方式，在更广阔的范围内布局新能源汽车产业链。 深蓝汽车日前在重庆联合产权交易所正式挂牌，启动新一轮融资。根据融资计划，新股东持股比例将不超过20%，计划于今年12月底完成交易。本次融资 资金将主要用于新车型研发、智能化与电动化技术创新以及全球品牌力提升。 在新一轮融资之前，先来看看深蓝汽车现阶段背后的三大"金主"都是谁？ 深蓝汽车目前的股权结构显示，重庆长安汽车股份有限公司为第一大股东，持股比例50.9959%，对公司形成绝对控股。南京润科产业投资有限公司为第 二大股东，持股比例为11 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][7] Core Insights - The company is a leading supplier in the intake system sector, with a diversified layout in PEEK materials, opening new growth avenues [6][20] - The company has a strong historical performance in the intake system and is expanding into new business areas such as thermal management systems and intelligent instruments [6][15] - The company is expected to achieve significant revenue growth driven by its automotive and motorcycle segments, with a projected revenue of 1.05 billion yuan in 2025, reflecting a year-on-year growth rate of 21.5% [6][7] Financial Data and Profit Forecast - Total revenue forecast for 2024 is 865 million yuan, with a year-on-year growth rate of 10.2% [6] - The projected net profit attributable to the parent company for 2025 is 152 million yuan, with a year-on-year growth rate of 16.2% [6][7] - The company maintains a gross margin of approximately 30% and a net profit margin of around 15% [6][28] Business Overview - The company has established itself as a key player in the intake system market, with a market space of nearly 5 billion yuan in 2024 for automotive and motorcycle intake systems [6][48] - The company has a stable market share of 16.3% in the overall intake system market, with a significant presence in the motorcycle segment [49][50] - The company is actively expanding its product offerings to include lightweight materials and automotive interior components, enhancing its competitive edge [6][20] PEEK Business Potential - PEEK is identified as a high-potential material with applications in high-end manufacturing, particularly in humanoid robots, where its properties offer advantages over metals [6][22] - The company has formed a joint venture to enhance its capabilities in PEEK materials, positioning itself favorably in the market [6][22] Valuation and Market Outlook - The company is expected to achieve a net profit of 1.52 billion yuan by 2025, with a corresponding PE ratio of 68x [7][8] - The target market capitalization for 2026 is estimated at 12.6 billion yuan, indicating a potential upside of 22% from current levels [7][8]

Investment Rating - The report maintains an investment rating of "Outperform the Market-A" for the industry [4] Core Insights - The report highlights that sulfur prices have been on the rise since the second half of 2024, reaching a significant high of 3950 CNY/ton as of November 25, 2025, indicating a structural change in both supply and demand dynamics [1][26] - The report emphasizes that sulfur is primarily a byproduct of the petroleum and natural gas industries, and its pricing is heavily influenced by global supply and demand rather than domestic factors [1][27] - The ongoing geopolitical tensions, particularly the impact of the Russia-Ukraine conflict, have severely affected sulfur supply, with Russian exports plummeting from 3.9 million tons in 2019 to just 1.04 million tons in 2024 [2][37] - The demand for sulfur is expected to surge due to the rapid expansion of lithium iron phosphate production in China, which is projected to exceed 360,000 tons in 2025, significantly increasing sulfur consumption [3][39] Summary by Sections 1. Sulfur as an Industrial Byproduct - Sulfur is a crucial industrial raw material, primarily used in the production of sulfuric acid, which is a key indicator of industrial development [13][18] - The majority of sulfur is produced as a byproduct of oil refining, with 70.62% from petroleum and 25.53% from natural gas [14] 2. Sulfur Price Review - Historical price trends show three major price surges in 2008, 2022, and 2025, driven by global supply disruptions and increased demand [24][25] - As of November 22, 2025, sulfur prices reached 3985 CNY/ton, reflecting a year-on-year increase of 152.22% [26] 3. Supply Dynamics - Global refining capacity is expected to decline, limiting sulfur supply growth, with significant impacts from the ongoing conflict in Ukraine affecting Russian production [32][37] - The report forecasts a supply gap of -30/-513/-405 million tons for sulfur from 2025 to 2027, indicating a tightening market [49] 4. Demand Drivers - The demand for sulfur is projected to increase significantly due to the growth of the lithium iron phosphate sector, which is expected to account for 8% of sulfur demand by 2025 [39][42] - Indonesia's MHP production is anticipated to add 658,000 tons of sulfur demand, further straining global supply [42] 5. Related Companies - The report suggests focusing on companies involved in sulfur production and recovery, such as Sinopec and PetroChina, which are expected to benefit from rising sulfur prices [9]

Group 1 - The non-ferrous metals industry is expected to experience a comprehensive explosion in 2025 after stabilizing at the bottom in 2024, marking the beginning of a new upward cycle driven by multiple macro and industrial factors [1][19] - The core drivers of this bullish trend include the restoration of macro expectations following the Geneva Agreement between China and the US, the initiation of a rate-cutting cycle by the Federal Reserve, ongoing disruptions in the global supply chain due to resource country policy regulations, and structural demand growth from the energy transition and AI data center construction [1][19] - The outlook for 2026 suggests that these dynamics will continue to elevate the price center of non-ferrous metals and improve overall industry profitability [2] Group 2 - In terms of sub-sectors, precious metals, industrial metals, energy metals, and rare metals all exhibit strong growth potential [3] - Gold is expected to maintain its bull market due to the Federal Reserve's ongoing rate cuts and increasing US debt issues [4] - Liquidity easing is likely to drive global gold ETF purchases, while the accelerating trend of "de-dollarization" will enhance central banks' willingness to buy gold, highlighting its strategic reserve value [5] Group 3 - In the industrial metals sector, copper is identified as a key representative of long-cycle prosperity, with limited new copper mine projects and frequent production disruptions leading to a persistent supply shortage [7] - The demand side shows resilience, with traditional sectors experiencing reduced downward pressure and rapid growth in copper demand from emerging fields such as new energy vehicles, photovoltaics, wind power, and AI data centers [7] - AI data center construction is projected to contribute an additional 50-72 thousand tons of copper demand by 2026, becoming a significant new growth engine [8] Group 4 - In the energy metals sector, cobalt prices are on an upward trend, driven by supply constraints from the Democratic Republic of the Congo (DRC) implementing export quota management starting in 2025, which will reduce quotas by 56% compared to 2024 production levels [10] - Despite capacity releases from Indonesia's MHP project, the incremental supply is insufficient to fill the gap, leading to a shift from surplus to shortage in global cobalt supply-demand balance, with a projected shortfall of 53 thousand tons by 2026 [11] Group 5 - The strategic value of rare metals, particularly rare earths, is significantly enhanced, with China's export controls on heavy and medium rare earths leading to a substantial price disparity in overseas markets [13] - Domestic policies are tightening, further increasing industry concentration, while demand from new applications such as humanoid robots and low-altitude economies is expected to drive growth [15][16] - A projected demand of 8,400 tons of neodymium oxide by 2030 indicates a compound annual growth rate of 169%, with a substantial supply gap expected to emerge from 2026 onwards [17] Group 6 - Investment recommendations include focusing on companies that will benefit from the rising gold prices, such as Zhongjin Gold, and those with rich copper resources like Zijin Mining and Luoyang Molybdenum [17] - Companies like Huayou Cobalt will benefit from the supply contraction in cobalt from the DRC, while Northern Rare Earths is recommended for its comprehensive rare earth industry chain layout [17]