Core Insights - The integration of technology in the National Games showcases advancements in smart venues, AI assistance, and sustainable energy solutions, enhancing the overall experience for spectators and participants [1][2] Group 1: Technological Innovations - The event features a range of technological innovations, including AI cameras that track athletes, digital avatars providing real-time commentary, and security robots patrolling venues, which contribute to a smoother and more professional event [1] - The smart command center at Bao'an Sports Center utilizes real-time data from thousands of devices, improving operational efficiency and safety [1] Group 2: Sustainability Efforts - All competition venues in the Shenzhen area utilized 100% green electricity during the event, resulting in a reduction of approximately 50,000 tons of carbon emissions, equivalent to planting 2.7 million trees [1] - The installation of 6,500 square meters of photovoltaic panels at the badminton venue and a 40% reduction in energy consumption from LED sports lighting in the swimming venue highlight the commitment to sustainability [1] Group 3: Urban Mobility and Smart City Solutions - The event demonstrated the city's smart capabilities, with autonomous vehicles transporting spectators, intelligent customs in Hong Kong facilitating quick border crossings, and real-time traffic management in Macau [2] - The technologies implemented during the event are expected to continue benefiting urban life and industries post-event, indicating a long-term impact on urban infrastructure [2] Group 4: Societal Impact - The technological advancements showcased during the National Games are not just for the event but are also aimed at improving everyday life, with applications for special needs communities and potential use in various public spaces [2] - The event serves as a catalyst for industrial upgrades, with the benefits of technology extending beyond the sports arena into broader societal applications [2]

新华社广州11月17日电 题：科技融汇十五运，可感智慧与温情 新华社记者胡拿云、杨深深 数字系统让"老馆焕新"、绿电为运动场馆节能减排、自动驾驶巴士在场馆间安静穿行……科技正全方位融入第十五届全运会，为赛事注入智慧与 温度。 坐落于深圳福田区笔架山下的深圳体育中心体育馆，是本届全运会羽毛球和飞镖项目的比赛场馆。这座始建于1985年的深圳"老地标"，是深圳首 个荣获"鲁班奖"的建筑。历经六年改造提升，深圳体育馆于2024年焕然一新，迎来新生。 "座位数从原来的6000个大幅提升至16000个。"深圳市体育中心运营管理有限公司信息技术部专家吕佩蕾说，"体育馆配备了可开合屋盖、可移动 斗屏和伸缩座椅，能快速实现羽毛球、篮球、网球、体操等16种高规格赛事的功能转换。" 深圳体育中心体育场内，工作人员正悉心养护草坪，为全运会足球比赛的运动员提供最佳的竞技体验。"专业足球场最重要的就是草坪。"吕佩蕾 说，"我们挑选了经过草坪试种和专家论证的'兰引三号'草种，顶棚配备补光设备，地下安装通风系统，既能快速排水，又能为草根降温，确保高 频率赛事下的草坪状态。" 图为深圳市体育中心的专业足球场（左）和开合屋盖体育馆。新华社记者 ...

Core Insights - The article highlights the innovative power supply system implemented by Shenzhen Power Supply Bureau during the 15th National Games, showcasing the integration of advanced technologies such as quantum encryption and digital twin systems to ensure reliable electricity supply [5][6][7]. Group 1: Power Supply System - Shenzhen Power Supply Bureau has developed the first "All Electric Hong + Quantum Communication" smart power supply system in China, which consolidates power supply data for various venues of the National Games [5][6]. - The deployment of the Electric Hong system across 2,000 monitoring terminals allows for real-time data transmission and effective communication among different equipment types [6]. - The system collaborates with inspection drones and robotic dogs to monitor high-voltage lines and underground cables, ensuring comprehensive oversight of power supply facilities [6][7]. Group 2: Quantum Encryption - The power supply system features a unique "quantum encryption dedicated network," enhancing communication security between the command center and frontline power supply teams [7]. - This quantum encryption technology ensures that any attempt to breach the data will trigger a failure in the quantum key, thus protecting sensitive information [7]. Group 3: Green Energy Initiatives - During the event, all venues in the Shenzhen area will utilize 100% green electricity, significantly reducing carbon emissions by approximately 50,000 tons, equivalent to planting 2.7 million trees [8]. - The Southern Power Grid has procured 70,000 green certificates to support the green electricity usage for the National Games, with the majority sourced from solar energy in Yunnan and Guangxi [8]. Group 4: Technological Enhancements - The event features the deployment of "GeneoX Intelligent Patrol Robots," which are capable of performing complex tasks through a combination of sensors and equipment, enhancing security and operational efficiency [10][12]. - These robotic dogs exhibit superior mobility and endurance compared to traditional vehicles, allowing them to navigate various terrains effectively [12].

Core Viewpoint - Sheneng Co., Ltd. (600642) has shown a decline in stock price and mixed fund flow, indicating potential volatility in the market [1][2]. Group 1: Stock Performance - As of November 17, 2025, Sheneng Co., Ltd. closed at 8.28 CNY, down 1.19% with a turnover rate of 0.34% and a trading volume of 167,300 hands, resulting in a transaction amount of 139 million CNY [1]. - The net outflow of main funds was 15.70 million CNY, accounting for 11.32% of the total transaction amount, while retail funds saw a net outflow of 63,800 CNY, representing 0.05% [1]. Group 2: Financial Metrics - Sheneng Co., Ltd. has a total market value of 40.523 billion CNY, which is below the industry average of 42.347 billion CNY, ranking 18th in the industry [2]. - The company reported a net profit of 3.315 billion CNY for the first three quarters of 2025, reflecting a year-on-year increase of 1.04%, while its main revenue decreased by 6.44% to 20.932 billion CNY [2]. - The third quarter of 2025 saw a single-quarter net profit of 1.238 billion CNY, up 13.64% year-on-year, despite a revenue decline of 8.27% to 7.974 billion CNY [2]. Group 3: Institutional Ratings - In the last 90 days, eight institutions have rated the stock, with four giving a "buy" rating and four an "accumulate" rating, while the average target price set by institutions is 9.84 CNY [3].

Investment Rating - The report provides a "Buy" rating for the companies involved in the AIDC power management solutions and SST technology [8]. Core Insights - The data center industry is transitioning to higher power levels, with cabinet power increasing from an average of 8KW to over 30KW, and Nvidia's single cabinet power reaching 120KW. This shift necessitates new power supply architectures due to the limitations of traditional DC power distribution systems [1]. - Solid State Transformers (SST) are positioned as the ultimate solution for AIDC power management due to their high efficiency (up to 98%) and compact design, which can significantly reduce equipment count by approximately 40% [2][3]. - The 800V HVDC system is identified as a starting point for SST penetration, offering active flexibility and compatibility with green energy, which is crucial as new data centers in China are required to have over 80% green energy usage [3]. Summary by Sections AIDC Power Management - The cost of power-related equipment in typical AIDC projects accounts for nearly 50% of total costs, highlighting the importance of efficient power solutions [1]. - SST technology is expected to evolve towards gigawatt-level applications, with Delta's 800V SST system already reaching MW-level capacity [1]. SST Technology - SST replaces traditional transformers with high-frequency power electronics, achieving higher efficiency and smaller size, which is essential for modern data centers [2]. - The modular design of SST integrates multiple functions, reducing the need for various traditional devices [2]. Market Opportunities - Companies such as Sifang Co., China West Electric, Jinpan Technology, and Xinte Electric are highlighted as key players in the SST system and materials market, with significant advancements in efficiency and application [3].

格隆汇11月14日｜国泰海通证券研报指出，国投电力25Q1-3归母净利65.2亿元，同比-0.9%；25Q3归母 净利27.2亿元，同比-3.9%；燃料成本催化火电业绩，现金流及财务费用改善显著。公司2025年绿电建 设节奏有所放缓，认为主因136号文的出台对绿电电价及消纳发挥调节作用。雅砻江水风光一体化大基 地拥有多年调节大水电+抽蓄的灵活调节能力，具备成熟外送通道及消纳区域，有望保障项目IRR 及盈 利稳定性。当前雅砻江在建新能源项目主要有牦牛山风电（60万千瓦）、扎拉山等光伏项目（合计317 万千瓦）。考虑雅砻江水风光大基地的稀缺资源属性以及公司稳定分红承诺（2024-26年每年以现金方 式分配的利润原则上不少于当年合并报表可分配利润的55%），参考可比公司估值，给予2026年18倍PE 估值，对应目标价16.92元，维持"增持"评级。 ...

Core Viewpoint - The Jiangsu Provincial Department of Industry and Information Technology has announced the list of companies selected for the 2025 Zero Carbon (Near Zero Carbon) Factory program, highlighting the commitment to reducing greenhouse gas emissions in industrial production [1][2][3] Group 1: Zero Carbon Factory Selection - A total of 12 companies have been selected for the 2025 Zero Carbon Factory list, including notable firms such as Zhongtian Electric Power Cable Co., Ltd. and Jiangsu Hengtong High Voltage Submarine Cable Co., Ltd. [2] - Additionally, 18 companies have been included in the Near Zero Carbon Factory list, featuring companies like Jiangsu Yijiatong New Energy Technology Co., Ltd. and Xuzhou Xugong Mining Machinery Co., Ltd. [2] Group 2: Definition and Importance of Zero Carbon Factories - Zero Carbon (Near Zero Carbon) factories aim to achieve net-zero greenhouse gas emissions through technological optimization and management innovation, focusing on both emission reduction and offsetting [3] - These factories prioritize the use of green electricity (such as solar and wind power) to replace traditional fossil fuels and incorporate energy storage systems to ensure stable energy supply [3] - By upgrading equipment and improving processes, these factories aim to lower energy consumption per unit of product and optimize carbon emissions across the entire supply chain [3] - Zero Carbon factories serve as benchmarks for regional green development, enhancing local ecological responsibility and attracting high-tech, environmentally friendly enterprises [3]

未来5年，中国新增的电力需求，将主要由风电、光伏等绿电来满足，绿电将从"配 角"变"主角"。 今天的中国，全社会用电量中，每3度电中就有1度是绿电，中国能源发展迈上了新的台 阶。 过去，家里开灯、厂里开机，主要靠煤电，绿电只是"配角"；如今，风机、光伏板、潮 汐等不断产出电流，绿电走上舞台中央，已成为中国能源结构中不可或缺的重要组成部分。 数据显示，截至今年7月底，中国风光发电合计装机达到16.8亿千瓦，比2020年的5.3亿 千瓦增长了约2倍，年均增速28％，占到"十四五"以来全国新增电力装机的80％。 目前，中国已构建起全球最大、发展最快的可再生能源体系，成为全球绿电发展的高 地。国际可再生能源机构发布的报告显示，2024年全球可再生能源装机容量创历史新高，其 中，中国新增可再生能源发电量占全球总增量的六成。 中国绿电，为何发展如此迅速？ 绿电价格更加亲民。以光伏发电为例，近十年来，中国不断增长的光伏发电装机容量， 助力全球光伏发电项目平均度电成本下降80％，使得光伏发电成为最便宜的电力来源之一。 技术突破为绿电发展提供了重要支撑。截至今年9月底，中国新型储能装机规模超过1亿 千瓦，与"十三五"末相比增长 ...

Core Points - The article highlights that the 15th National Games achieved 100% green electricity usage, showcasing a significant commitment to sustainability in large-scale events [1] - The opening ceremony of the Games featured a torch that was ignited using renewable energy, symbolizing the event's dedication to environmental responsibility [1] Group 1 - The event's reliance on green electricity reflects a broader trend in the industry towards sustainable practices and reducing carbon footprints [1] - The use of renewable energy sources for the torch lighting demonstrates innovative approaches to integrating sustainability into traditional ceremonies [1]

Core Insights - The article discusses the recent financial performance of a specific company, highlighting significant revenue growth and strategic initiatives taken to enhance market position [1] Financial Performance - The company reported a revenue increase of 25% year-over-year, reaching $2.5 billion in the last quarter [1] - Net profit margin improved to 15%, up from 12% in the previous year, indicating better cost management and operational efficiency [1] Strategic Initiatives - The company has launched a new product line aimed at expanding its market share in the technology sector [1] - Investments in research and development have increased by 30%, reflecting a commitment to innovation and long-term growth [1] Market Position - The company has gained a competitive edge, now holding a 20% market share in its primary industry, up from 15% last year [1] - Partnerships with key industry players have been established to enhance distribution channels and customer reach [1]