Core Viewpoint - Yunnan Province is focusing on industrial transformation and upgrading, with significant growth in key industries such as equipment manufacturing and high-tech manufacturing, leading to a 5.2% year-on-year increase in industrial added value in the first half of the year, surpassing last year's performance [1] Group 1: Industrial Growth - The province's industrial strategy emphasizes the deep processing of non-ferrous metals, new materials from precious metals, and the development of the new energy battery industry, leveraging local resource advantages [1][2] - In the first half of the year, the production of copper materials increased by 23%, aluminum materials by 20.7%, and the added value of non-ferrous metal smelting and processing grew by 16.9% [1] - The new energy battery industry saw an impressive 72.1% growth in added value, benefiting from major projects and a robust enterprise ecosystem [3] Group 2: Precious Metals and New Materials - The province is enhancing the rare precious metals new materials industry by supporting the industrialization of ITO target materials and expanding the production of electronic-grade phosphorus chemical products [2] - The production of platinum group metals increased by over 50%, while germanium production rose by over 15% in the first half of the year [2] Group 3: Information Industry - Yunnan is accelerating the construction of international communication infrastructure and promoting a "green electricity + intelligent computing" service model to develop a computing power industry cluster [4] - The added value of high-tech manufacturing and equipment manufacturing grew by 9.7% and 12.2% respectively, outpacing the overall industrial growth rate [4] Group 4: Policy and Support - The provincial government has implemented six special action plans to strengthen the non-ferrous metal and precious metal industries, alongside policies to support industrial equipment upgrades [5] - Future efforts will focus on industrial transformation, project construction, and enterprise support to ensure the completion of annual targets [5]

本报记者 冯思婕 绿电与算力正加速融合。 上市公司纷纷跟进，加码布局"绿电+算力"赛道，通过不同形式助力算力产业"向绿而行"。 例如，浙江伟明环保股份有限公司（以下简称"伟明环保"）利用自身绿电优势展开一系列战略合作。今年3月份和5月份， 伟明环保分别与温州市龙湾区人民政府、中国移动温州分公司签署战略合作协议，将利用自身垃圾焚烧发电的技术优势，赋能 区域绿色算力中心建设。 山高控股集团有限公司（以下简称"山高控股"）则通过战略投资的方式培育"绿电+算力"的双重引擎。自2022年以来，山 高控股已成功完成对山高新能源集团有限公司的控股并购，并战略入股老牌IDC上市公司世纪互联集团，逐步构建起以电算一 体化为核心竞争力的产业生态。 中国电子商务专家服务中心副主任郭涛认为，上市公司具有资金与资源整合能力，其率先打造"绿电+算力"标杆案例，能 够验证"源—网—荷—储"协同模式的商业可行性，吸引社会资本跟进，同时有助于推动绿电交易机制、数据中心能耗标准等制 度进一步完善。 根据公告，晨丰科技深耕增量配电网和新能源电站开发业务，能够为算力中心提供低价、稳定的新能源绿电，算力中心则 能为增量配电网业务提供长期稳定的消纳渠道 ...

Group 1 - The core point of the news is that Zhejiang Chenfeng Technology Co., Ltd. has approved a capital increase of 90 million yuan to its wholly-owned subsidiary, Zhejiang Beiwang Zhican Technology Co., Ltd., aiming to enhance its integrated electric computing ecosystem based on incremental distribution networks [1] - After the capital increase, the registered capital of Beiwang Zhican will rise from 30 million yuan to 120 million yuan, with Chenfeng Technology retaining 100% ownership [1] - The investment reflects the company's strategic emphasis on the integration of green electricity and computing power, aiming to strengthen its capabilities in smart grids and efficient computing services [1][2] Group 2 - In recent years, Chenfeng Technology has made significant progress in its renewable energy business, contributing 166 million yuan in revenue for the fiscal year 2024 [2] - The company has established a standardized business model for incremental distribution networks, achieving large-scale expansion in regions like Inner Mongolia, effectively addressing renewable energy consumption challenges [2] - Chenfeng Technology is leveraging local wind and solar resources to reduce project development costs and enhance energy efficiency, with multiple wind and solar power projects now in stable operation [2] Group 3 - The company has developed an integrated smart energy system that combines renewable energy stations with smart microgrids, creating a closed-loop operation model that improves energy efficiency and grid stability [3] - Future plans include maintaining the integrated model and attracting high-energy-consuming enterprises to promote industrial cluster development in low-carbon parks [3] - The demand for green computing power is rapidly increasing due to the digital economy and carbon neutrality, positioning Chenfeng Technology to provide high green electricity at low costs for computing facilities [3]

转自：新华财经 7月17日至20日，2025上海合作组织国际投资贸易博览会（简称"上合博览会"）在青岛胶州上合之珠国 际博览中心与上合大厦隆重举办。这场外交部正式发布的上合组织轮值主席国期间重点活动，以"共享 新机遇、共谋新发展"为主题，吸引了来自上合组织成员国、观察员国、对话伙伴国及泰国、新加坡、 澳大利亚等近40个国家和地区近400家企业参展，构建起了多元经贸与文化交融的平台。国网胶州市供 电公司以可靠电力为笔，为这场国际盛会写下坚实保障的注脚。 科技护航，电力保障国际盛会 "从场馆搭建到设备调试，供电公司全程跟进，让我们对活动顺利举办充满信心。"上合博览会会务组负 责人赵乾坤说道。 作为上合组织框架下规模最大、层次最高的国际综合性展会，设置了国家元素形象、山东优品、新能源 汽车等6个展区，同步举办土耳其沙煮咖啡文化节、俄罗斯油画展等10场多元文化活动，保电规格高， 现场环境复杂。国网胶州市供电公司构建"1+4"电力保障体系，统筹实施"可靠电源+应急发电车"双重保 障，提前对多路10千伏供电线路开展特巡消缺，集中清理树障隐患105处；调配大容量应急发电车现 场"贴身"值守，确保极端情况下"零秒切换"。 同 ...

Market Overview - The Shanghai Composite Index experienced fluctuations, briefly surpassing 3500 points before closing at 3493.05, down 0.13% [1] - The Shenzhen Component Index fell slightly by 0.06% to 10581.8, while the ChiNext Index rose by 0.16% to 2184.67 [1] - The total trading volume across the Shanghai, Shenzhen, and North exchanges reached 15,276 billion, an increase of nearly 530 billion from the previous day [1] Investment Opportunities in Green Energy - The National Development and Reform Commission and the National Energy Administration issued a notice setting renewable energy consumption targets for 2025, with non-hydropower targets ranging from 10.7% to 30%, an increase of 0.00 to 9.26 percentage points from previous expectations [2] - The inclusion of high-energy-consuming industries such as steel, polysilicon, and cement in green electricity consumption targets is expected to create new business models and alleviate current challenges in consumption, pricing, and subsidy recovery [2][3] High Temperature Impact on Power Demand - High temperatures have led to record electricity loads in several provinces, with expectations for continued increases in power demand, particularly from air conditioning [4] - Fire power generation is anticipated to rise significantly, and market prices for electricity may also increase during peak load periods [4] Expansion of "Southbound Bond Connect" - The People's Bank of China and the Hong Kong Monetary Authority announced measures to expand the "Southbound Bond Connect," allowing more domestic investors, including brokerages, funds, insurance, and wealth management firms, to invest in offshore bond markets [5] - The new policy is expected to enhance investment flexibility and improve self-operated investment returns for non-bank institutions [5] Emerging Trends in Consumer Electronics - The rise of short videos and live streaming has created a strong demand for video recording devices, with sales in related categories increasing by over 80% year-on-year in June [9] - Multi-functional cameras priced between 2000 to 10000 yuan have become popular among young users, leading to some models selling out [9] Government Initiatives in Technology and Innovation - The State Administration for Market Regulation and the Ministry of Industry and Information Technology released an action plan focusing on ten key industries, including AI, new energy, and high-end equipment, to support the development of new productive forces [8] - The plan emphasizes the need for innovation in AI technologies and the establishment of measurement testing platforms to enhance the performance evaluation of AI algorithms [8]

5日，记者从国家税务总局青海省税务局获悉，根据最新税务数据统计显示，在政策激励与市场需求的 双重驱动下，该省绿色算力产业展现出强劲发展动能。 随着多个重大绿色算力项目落地，青海省税收政策持续向产业链上下游延伸：对算力基础设施建设企业 给予企业所得税"三免三减半"，对软件研发企业实施增值税即征即退，对数据服务企业适用研发费用加 计扣除比例提升等。 据税务数据统计显示：近两年来，青海省算力经营主体对建筑业、交通运输业、金融业、科学研究和技 术服务业的采购金额大幅增长，带动上下游产业协同发展。与此同时，算力技术加速赋能实体经济，工 业、医疗等领域信息服务采购额持续增长。 （文章来源：中国新闻网） 对此，青海税务部门精准落实税收政策，引导企业合规经营，以政策红利驱动"政策赋能、产业集聚、 能级提升"的良性发展循环。 从算力投入看，2024年该省算力产业经营主体设备及服务采购额同比增长10.6%，高出全省平均购进增 速16.2个百分点；2025年1至4月，这一数据同比增长18%，增速超出全省平均22.7个百分点。 在绿电消纳领域，青海省税收政策的引导作用同样显著。2024年该省算力企业电力采购额同比增长 18.9%，2 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [7] Core Views - The company is transitioning from a financial investment strategy to an industrial investment holding group, focusing on new energy and new technology sectors, aligning with national policy directions and market trends [4][12][15] - The company has successfully restructured its capital and improved its financial health, with a significant reduction in debt-to-asset ratio from approximately 78% in 2021 to about 65% in 2023, and projected to further decrease to around 60% in 2024 [4][6][24] - The company has established a strong synergy between its green energy and data center businesses, aiming to create a digital economy ecosystem that integrates AI computing power, data assets, and application scenarios [7][15][23] Summary by Sections 1. Transition to Industrial Investment Holding Group - The company has shifted its focus from short-term financial investments to long-term industrial investments, particularly in new energy and technology sectors, which are expected to drive future growth [4][12] - The company has increased its stake in Shandong High-speed New Energy to 60.66%, enhancing its control and position in the renewable energy market [12][15] 2. New Energy Sector - The company has received significant funding, including approximately HKD 47 billion from its own group and additional support from national clean energy subsidies, which has improved the capital structure of its subsidiary, Shandong High-speed New Energy [4][12] - The company is actively involved in various renewable energy projects, including wind and solar initiatives, with a total capacity exceeding 1GW planned for the next two years [4][5] 3. New Infrastructure and Data Center Development - The company has strategically invested in Century Internet, a leading digital infrastructure provider, to enhance its capabilities in the data center sector [4][12] - A significant project in Ulanqab City aims to integrate green power with intelligent computing, with a total investment of approximately CNY 21 billion [5][12] 4. Financial Performance and Projections - The company has shown a strong revenue growth trajectory, with projected revenues of CNY 58.84 billion, CNY 67.85 billion, and CNY 74.99 billion for 2025 to 2027, respectively [7][27] - The net profit is expected to grow significantly, with projections of CNY 1.38 billion, CNY 2.24 billion, and CNY 3.47 billion for the same period, reflecting a robust growth rate [7][27]

Investment Rating - The report assigns an "Accumulate" rating to the company [7] Core Views - The company is transitioning from a financial investment strategy to an industrial investment holding group, focusing on new energy and new technology sectors, aligning with national policy directions and market trends [4][12][15] - The company has successfully restructured its capital and improved its financial health, with a significant reduction in debt-to-asset ratio from approximately 78% in 2021 to about 65% in 2023, and further projected to decrease to around 60% in 2024 [4][6][24] - The company has established a strong synergy between its green energy and data center businesses, enhancing operational efficiency and reducing costs [7][15] Summary by Sections 1. Transition to Industrial Investment Holding Group - The company has shifted its focus from short-term financial investments to long-term industrial investments, particularly in new energy and technology sectors, which are expected to drive future growth [4][12] - The company has increased its stake in Shandong High-speed New Energy to 60.66% by 2025, reinforcing its control and commitment to the renewable energy market [12][23] 2. New Energy Sector - The company has received significant funding, including approximately HKD 47 billion from its parent group and additional government subsidies, which have improved the capital structure of its subsidiary, Shandong High-speed New Energy [4][5] - The company is actively involved in various renewable energy projects, including wind and solar initiatives, with a total capacity exceeding 1GW planned for the next two years [4][5] 3. New Infrastructure and Data Center Development - The company has strategically invested in Century Internet, a leading digital infrastructure provider, to enhance its capabilities in the data center sector [4][7] - A significant project in collaboration with Ulanqab City aims to integrate green energy and data computing, with a total investment of approximately CNY 21 billion [5][7] 4. Financial Performance and Forecast - The company has shown a robust growth trajectory, with projected revenues of CNY 58.84 billion in 2025, and net profits expected to reach CNY 1.38 billion, reflecting a year-on-year growth rate of 155% [7][27] - The company’s net profit margin has improved significantly, with a forecasted net profit of CNY 3.47 billion by 2027, indicating strong operational efficiency [7][32]

Core Insights - Shandong High-Speed Group and Huawei signed a strategic cooperation agreement to develop a "green computing + clean energy" model [1][2] - Shandong High-Speed Group will focus on "green computing" and "clean energy" industries, with Shandong High Holdings as the main entity for this collaboration [1] - The partnership aims to support projects in zero-carbon smart parks, vehicle-road collaboration, intelligent driving, and large models, contributing to the national "integrated computing network" initiative [1] Company Developments - Since the second half of 2021, Shandong High Holdings has been transforming its business structure from short-term debt investments to emerging industry investments, focusing on integrated computing as its core competency [2] - By December 2024, Shandong High Holdings increased its stake in Shandong High New Energy from 43.45% to 56.9%, enhancing its position in the renewable energy sector [2] - In 2023, Shandong High Holdings strategically invested in Century Internet, becoming its largest institutional shareholder, aiming to build an innovative ecosystem of "green electricity + computing" [2] Future Outlook - Shandong High Holdings aims to be not just an investor but also a builder of industrial ecosystems, focusing on the synergy between "green electricity" and "computing" [2] - The collaboration with Huawei is expected to strengthen Shandong High Holdings' advantages in the integrated computing field [2]

电子行业 2025 年 5 月 17 日 | 涨幅 TOP5 | 最新 | 周涨跌幅 | 总市值 | | --- | --- | --- | --- | | 精研科技 | 40.51 | 20.53 | 75.38 | | *ST 宇顺 | 13.19 | 20.46 | 36.97 | | 思泉新材 | 73.50 | 16.32 | 42.40 | | 利扬芯片 | 20.06 | 15.95 | 40.36 | | 迅捷兴 | 19.16 | 13.11 | 25.56 | | 跌幅 TOP5 | 最新 | 周涨跌幅 | 总市值 | | 电连技术 | 43.80 | -12.22 | 185.62 | | 长光华芯 | 55.11 | -11.04 | 97.15 | | 天承科技 | 66.98 | -10.43 | 56.23 | | 福光股份 | 35.31 | -8.64 | 56.69 | | 华特气体 | 48.88 | -6.90 | 58.84 | | 行业指数相对沪深 300 表现 | | | | | 7000.00 | | | | | 6000.00 | | | | | 5000.0 ...