穗恒运Ａ（000531.SZ）10月10日在投资者互动平台表示，您好！公司与现代汽车氢燃料电池系统（广 州）有限公司、广州文远知行科技有限公司曾签订了战略合作意向书，三方欲联手在氢燃料电池无人驾 驶环卫车等工程车辆领域创造需求。目前公司与现代汽车氢燃料电池系统公司等合作成立了项目公司主 要生产与销售氢燃料电池电堆系统的核心零部件（双极板、空压机与氢循环器），公司与文远知行的合 作能否有效落地存在不确定性。 （记者 曾健辉） 每经AI快讯，有投资者在投资者互动平台提问：董秘您好！请问公司和文远知行有业务来往吗？ ...

今日晚间， 多瑞医药（301075.SZ）、中环环保（300692.SZ）、亚太药业（002370.SZ）三家A股上市公司相继发布公告，宣布因控股 股东及实际控制人正在筹划控制权变更事项，公司股票将自9月29日起停牌。 多瑞医药在今日公告中称，控股股东西藏嘉康时代科技发展有限公司、实际控制人邓勇先生正在筹划公司控制权变更相关事宜，该事项可能 导致公司控股股东、实际控制人发生变更。 中环环保主要业务为市政工程项目，包括市政污水、工业废水处理、黑臭水体、湿地治理等水环境治理，以及垃圾焚烧发电、城乡垃圾资源 化处理、危废无害化处置、污泥资源化处理等。 上半年，中环环保公司营业总收入为4.74亿元，同比增长4.84%，归母净利润为4409.10万元，同比增长9.69%。2022年，公司以出资 1200万美元方式投资美国Proof公司，切入氢燃料电池领域。 不过，该公司在本月的调研纪要中披露，因美国外国投资委员会（CFIUS）启动了对公司投资事项的主动审查，已与公司签订相关协议，将 电池技术从Proof公司剥离，公司不能投资该电池技术及相关产品，但仍可继续参与催化加热器技术投资及产品商业化。目前合作建厂未有 新进展。 ...

格隆汇9月24日丨统一股份(600506.SH)在投资者互动平台表示，1、氢燃料电池冷却液是氢燃料电池系 统一项重要的关键技术，产品的关键性能包括绝缘性、散热性，以及系统中与冷却液接触的各种金属和 非金属材料的抗腐蚀保护及相容性。我们的产品开发过程中通过大量测试，做到了超低电导率，而且能 在系统长时间运行中始终保持低电导率水平。统一石化是GB 29743.3燃料电池冷却液国标起草单位之 一，产品电导率通过先进的配方技术和特殊生产工艺控制在2μS/cm以下，通过比国标更加苛刻的长周 期腐蚀循环测试，具有高温下优异的抗氧化性和腐蚀保护，以及橡胶材料的相容性。同时我们也可以提 供-55度低温下的产品，满足极寒工况的使用要求。2、公司已为东风柳汽氢燃料电池车辆进行配套及批 量供应，由于氢燃料电池商用车市场占比较少，对于主营收入影响有限。所销售产品毛利水平处于行业 中等水平，不会因为技术壁垒而加重客户的运营成本。 ...

Group 1 - The company, Shichang Co., Ltd. (920022.BJ), announced the public issuance of shares to unspecified qualified investors and listing on the Beijing Stock Exchange, with an initial issuance of 15.70 million shares, increasing total share capital to 57.97 million shares, representing 27.08% of the total post-issuance shares before the exercise of the overallotment option [1] - The overallotment option granted to Dongbei Securities allows for an additional 15% issuance, potentially increasing total shares to 18.06 million and total share capital to 60.32 million, representing 29.93% of the total post-issuance shares if fully exercised [1] - The strategic placement of shares totaled 3.14 million, accounting for 20% of the issuance size, with a price of 10.90 yuan per share, raising approximately 34.23 million yuan [1] Group 2 - The effective subscription for Shichang's shares reached 59.60 billion shares, with frozen funds of approximately 649.59 billion yuan and 589,959 effective subscription accounts, resulting in an oversubscription ratio of 3,995.67 times [2] - The online allocation resulted in 83,834 accounts receiving shares, totaling 14.92 million shares, with an allocation amount of 16.26 million yuan, representing an allocation ratio of 0.025% [2] Group 3 - Shichang Co., Ltd. specializes in the research, production, and sales of automotive fuel systems, primarily manufacturing plastic fuel tank assemblies for both traditional fuel vehicles and new energy vehicles [3] - The company has received multiple accolades, including recognition as a "single champion" in manufacturing by the Hebei Provincial Department of Industry and Information Technology and as a "specialized, refined, distinctive, and innovative" small giant enterprise by the Ministry of Industry and Information Technology [3] - In the new energy vehicle sector, Shichang began developing high-pressure plastic fuel tank technology in 2021 and achieved mass production in 2023, becoming one of the first domestic companies to do so, supplying major automakers like Geely, Chery, and BYD [3] Group 4 - Shichang has established a subsidiary, Jiuchang New Energy, focusing on the development of key components for hydrogen fuel cell engine thermal management systems, collaborating with leading companies in the hydrogen energy sector [4] - The company aims to raise 171.18 million yuan, with funds allocated for the second phase of a project to produce 600,000 new energy high-pressure fuel tanks annually, including land acquisition and new production facilities [4] - The project will enhance production capacity by acquiring high-pressure blow molding machines and automated assembly lines to achieve an annual capacity of 350,000 high-pressure plastic fuel tanks [4]

Core Viewpoint - The company, Best (贝斯特), has shown significant growth in its financial performance, particularly in net profit and contract liabilities, indicating strong demand for its products and a solid growth logic behind its financials [3][9]. Financial Performance - As of Q2 2025, the company reported a net profit of 148 million yuan, representing a 33% increase year-on-year [3]. - Inventory reached 286 million yuan, up 4.23% from the previous year, while contract liabilities increased by 41% to 16.86 million yuan, indicating a robust order intake [3][9]. Growth Logic - The substantial increase in contract liabilities suggests that customers are eager to secure the company's products, reflecting strong market demand [3][5]. - The growth in inventory is a proactive measure to ensure timely delivery of products, driven by the high volume of customer orders [6][8]. - The increase in net profit is attributed to higher sales from increased orders and improved production efficiency, rather than financial engineering [8][9]. Future Outlook - The company is expected to continue experiencing profit growth due to a backlog of orders and its involvement in emerging sectors such as humanoid robots and hydrogen fuel cells, which are anticipated to attract more significant orders in the future [9][10].

Core Viewpoint - Suzhou Anjie Technology Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, primarily due to decreased market demand and increased costs, while outlining strategies for market expansion and product innovation to improve performance [2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 2.189 billion yuan, a year-on-year decrease of 9.36% [2]. - The net profit attributable to shareholders was 61.8659 million yuan, down 64.61% year-on-year [2]. - The decline in performance was attributed to reduced order volume and pricing, along with high costs associated with new product development and overseas factory efficiency [2]. Group 2: Business Strategy and Outlook - The company plans to focus on industry trends and actively explore markets, enhancing technology research and development to drive business transformation and efficiency [2]. - New products are expected to enter mass production in the second half of 2025, potentially increasing business scale and improving production efficiency and gross margin [2]. - The company aims to control costs and manage operations effectively at its overseas factories while expanding into international markets and new business areas [2]. Group 3: Industry Trends and Innovations - The maturity of AI technology is anticipated to enhance the intelligence of consumer electronics, with breakthroughs expected in foldable screen technology [3]. - The company provides precision functional components for electric vehicles, including battery module parts and high-voltage connection components [3]. - Ongoing developments in humanoid robotics and hydrogen fuel cell technology are part of the company's strategic focus, with plans to advance these areas based on market demand [3].

Core Viewpoint - The article highlights significant international advancements in the fuel cell sector, showcasing the successful entry of Chinese companies into global markets, specifically through the achievements of Yihua Tong in Australia and Weishi Energy in Brazil [3][5]. Group 1: Yihua Tong's Breakthrough in Australia - Yihua Tong has successfully exported its 240kW hydrogen fuel cell engine (G20+) to Australia, marking a significant milestone for Chinese hydrogen energy heavy trucks [3]. - The hydrogen fuel cell heavy trucks have a maximum range of 500 kilometers and demonstrate industry-leading hydrogen consumption levels, meeting or exceeding local requirements in terms of environmental performance, durability, and overall system safety [3]. Group 2: Weishi Energy's Delivery in Brazil - Weishi Energy has delivered the first domestically produced mobile hydrogen power generation unit for maritime use to Brazil, developed in collaboration with Haida Qingneng for NAUTICA [5]. - This mobile hydrogen power generation unit is designed for a 36-meter research vessel and incorporates advanced hydrogen fuel cell technology, modular hydrogen management technology, and specialized hydrogen safety technology for ships [5].

Group 1 - The core viewpoint of the article highlights the announcement of a tender for the procurement of 30 hydrogen fuel cell dump trucks in Gaozhou, with a maximum bidding limit of 39 million yuan [1] - The project requires the winning bidder to complete vehicle delivery, registration, and insurance within 120 calendar days after contract signing [1] - The tender emphasizes the qualifications required for bidders, including independent legal status, good commercial reputation, and necessary technical capabilities [3] Group 2 - The article mentions that the tender is part of a broader trend in the industry, with significant orders for new energy vehicles, such as the recent 500-unit order for new energy heavy trucks in Southwest China [7] - It also notes the performance of companies in the sector, such as Yutong Bus reporting a net profit exceeding 1.9 billion yuan, an increase of 15.6% [7] - The article indicates that the market for new energy vehicles is experiencing growth, with sales of tractors reaching 35,000 units in July, marking a continuous increase [7]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The listing of platinum and palladium futures and options meets the hard - demand of China's platinum and palladium industry, and is significant for the futures market to serve China's green development strategy and improve the global pricing mechanism of platinum and palladium [2]. - The price curves of platinum and palladium reflect the comprehensive game of automobile technology iteration, supply shocks, and macro - sentiment. The future price difference between them depends on fuel cell penetration, mine supply recovery speed, and the expansion rhythm of the recycling system [66][71]. - Gold acts as a "ballast stone" in asset allocation, while platinum is a high - elasticity gaming chip for the automotive industry and hydrogen economy [74]. Summary According to the Directory 1. Platinum and Palladium Concept and Industry Chain Overview - **Concept and Characteristics** - Platinum is a silver - white, high - density, ductile, and chemically stable precious metal with high melting and boiling points, excellent catalytic performance, and strong corrosion resistance. It is used in electronics, automotive catalysts, jewelry, etc. [6][10] - Palladium is also a platinum - group metal, with lower density than platinum, excellent ductility, and chemical stability. It has unique strong hydrogen - absorption ability and is mainly used in automotive catalysts (especially for gasoline vehicles), electronics, etc. [11][14] - **Industry Chain Characteristics** - Supply: Platinum has an Russia - South Africa duopoly supply pattern, while palladium is dominated by South Africa. Platinum mining has high costs due to deep - mining, while palladium is a by - product of nickel mining with lower costs [20]. - Demand: Platinum has rigid jewelry demand in the Asian market, so its demand elasticity is low. Palladium has no substitutes in automotive catalysts, so its demand elasticity is high [20]. - Pain Points: The industry chain faces problems such as single - origin supply risk, low demand elasticity for platinum in jewelry, and high demand elasticity and low secondary - supply recovery rate for palladium [20]. - **Industry Chain Structure** - Upstream: It is mainly the supply of primary minerals from South Africa, Russia, etc. The key challenges include high - cost mining, ESG risks, and geopolitical issues [23]. - Mid - stream: It involves refining and processing, using complex hydrometallurgy. Core participants include mining giants' refineries, professional refiners, traders, and banks [25]. - Downstream: It is the manufacturing and distribution of products, with applications in automotive catalysts, jewelry, MLCCs, etc. Key manufacturers come from different industries [27]. - Recycling: Secondary supply mainly comes from waste automotive catalysts, electronic waste, etc., accounting for about 25% of platinum supply and 30% of palladium supply [34]. 2. Platinum and Palladium Supply - Demand Conditions - **Supply - side Factors** - Mineral Supply: It is highly concentrated in South Africa and Russia. Supply is affected by factors such as the COVID - 19 pandemic, power crises, and geopolitical issues, leading to significant fluctuations [37]. - Recycling Supply: It accounts for an increasing proportion, buffering supply - side fluctuations. However, the recycling volume is affected by precious - metal price fluctuations [38]. - **Demand - side Factors** - Automotive Catalysts: Palladium is the core material for gasoline - vehicle exhaust catalysts, accounting for 84% of global palladium demand in 2023. Platinum is mainly used in diesel - vehicle catalysts, with a 45% demand share in 2023. There is a substitution effect between them, but short - term substitution is limited [42]. - Industrial and Investment Demand: China is the largest platinum - demand country, using it for jewelry, chemical catalysts, and the hydrogen - energy industry. Europe is the largest palladium - demand country, with strong demand in the automotive industry. Emerging fields such as hydrogen fuel cells and 5G electronics are long - term demand growth points [43]. - **Inventory - side Factors** - Global platinum and palladium reserves have shown a trend of "first decline, then rise, and then stability" in the past 30 years. The sharp increase in 2024 is due to resource re - evaluation and large - scale resource upgrades in South Africa and Zimbabwe [48]. - **Import - Export Factors** - China's platinum - group metal resources are scarce, and the industry depends on imports. Import and export are affected by geopolitical, policy, and production - capacity factors. China encourages recycling technology R & D and hydrogen - energy industry investment to reduce import risks [51]. - Seasonal Patterns: Platinum imports peak from November to January and in September - October, and are low in February. Palladium imports peak from December to February and may have small peaks in July - August [54]. 3. Platinum and Palladium Spot and Futures Market Prices - **Futures Market Prices** - From 2011 to 2025, the futures prices of platinum and palladium can be divided into three stages. The price difference between them is mainly affected by automotive technology changes, supply - demand imbalances, and economic expectations [66]. - **Spot Market Prices** - From 2007 to 2025, the spot prices of platinum and palladium can also be divided into three stages. The price difference is mainly due to the "technology change" in automotive catalysts and the development of the recycling system [70]. - **Platinum - Gold Price Comparison** - In terms of price, gold is rarely surpassed by platinum. In terms of trend rhythm, gold shows a "step - by - step slow - bull" trend, while platinum has large fluctuations. In terms of divergence, the gold - platinum price ratio has reached a historical extreme, reflecting the dual discount of platinum [73][74]. 4. Platinum and Palladium Futures and Options Introduction - **Futures Contracts** - Platinum and palladium futures contracts have a trading unit of 1000 grams/hand, a minimum price change of 0.05 yuan/gram, a daily price limit of 4%, and a minimum margin of 5%. They use physical delivery, and the delivery months are February, April, June, August, October, and December [78]. - **Options Contracts** - Platinum and palladium options contracts are based on their respective futures contracts. They have a trading unit of 1 hand (1000 grams) of the underlying futures contract, a minimum price change of 0.05 yuan/gram, and an American - style exercise method [100].

Group 1 - The successful launch of the 165 kW hydrogen fuel cell engine by Shuo Zhou Wenjing Energy Technology Co., Ltd. marks the transition of Shanxi's hydrogen energy industry from the research and development phase to industrial application [1] - This engine operates stably in extreme cold conditions of -30℃ and has a range exceeding 500 kilometers, providing green energy support for heavy-duty vehicles such as trucks and mining machinery [1] - The engine offers a reliable zero-carbon transportation solution for high-altitude regions, breaking the limitations of low-temperature environments on new energy vehicles [1] Group 2 - The engine features advanced technologies, including a low platinum loading of 0.15 mg/cm² for the high-performance membrane electrode, with a rated system efficiency of 44% and a maximum efficiency exceeding 60% [2] - Hydrogen-powered heavy-duty trucks equipped with this engine consume only 10 kg of hydrogen per 100 kilometers [2] - The engine incorporates a multi-in-one integrated controller and a hardware-software integrated electronic architecture, enabling precise monitoring and control of the fuel cell stack's health through intelligent control algorithms [2]