丨 2025年8月27日星期三丨 NO.1比亚迪泰国工厂首次出口电动车至欧洲 8月25日，比亚迪（002594）汽车(泰国)有限公司宣布，其泰国工厂生产的电动车首次出口至欧洲市 场，共计超过900辆，目的地包括英国、德国和比利时。比亚迪泰国工厂于去年7月投产，涵盖冲压、涂 装、焊接和总装全流程。 点评：宝马集团于成都车展宣布X家族主力车型全面引入"曜夜套装"并接入DeepSeek AI功能，此举凸显 传统豪华品牌加速本土化智能化转型。新配置升级有望提升X1、X3及X5系列产品吸引力，强化品牌在 高端SUV市场的差异化竞争力。智能化功能接入或推动汽车产业链中AI技术应用板块关注度提升，同 时体现外资车企对中国市场数字化需求的积极响应。 NO.3零跑与中创新航合资成立新能源公司 据天眼查App信息，近日，中凌新能源科技(浙江)有限公司正式成立，法定代表人为何凡，注册资本10 亿元，经营范围涉及新材料技术研发、推广，以及电池制造销售、新能源汽车换电设施销售等多个新能 源领域。股权穿透信息显示，中凌新能源科技(浙江)有限公司由零跑汽车与中创新航共同持股。 点评：零跑汽车与中创新航合资成立中凌新能源科技，注册资本高达1 ...

NO.2 BMW X家族"曜夜套装"将于成都车展首发 8月26日，宝马集团宣布，在2025成都车展上，BMW X家族主力成员，包括BMW X1、X3长轴距版、 X5等，将全面引入"曜夜套装"。未来几周内，BMW X1、X3长轴距版搭载的BMW智能个人助理还将接 入DeepSeek功能。预计9月中下旬，BMW X家族"曜夜套装"车型将陆续到店。 点评：宝马集团于成都车展宣布X家族主力车型全面引入"曜夜套装"并接入DeepSeek AI功能，此举凸显 传统豪华品牌加速本土化智能化转型。新配置升级有望提升X1、X3及X5系列产品吸引力，强化品牌在 高端SUV市场的差异化竞争力。智能化功能接入或推动汽车产业链中AI技术应用板块关注度提升，同 时体现外资车企对中国市场数字化需求的积极响应。 每经记者｜董天意 实习生 张艺彤 每经编辑｜裴健如 丨 2025年8月27日 星期三 丨 NO.1 比亚迪泰国工厂首次出口电动车至欧洲 8月25日，比亚迪汽车（泰国）有限公司宣布，其泰国工厂生产的电动车首次出口至欧洲市场，共计超 过900辆，目的地包括英国、德国和比利时。比亚迪泰国工厂于去年7月投产，涵盖冲压、涂装、焊接和 总装全流 ...

Group 1 - The forum held on July 22 focused on the theme "Green Building Going Global: Lingang Set Sail," emphasizing the establishment of the Lingang New Area "Going Out" Engineering Construction Alliance to enhance the international competitiveness of construction companies [1] - The construction industry is identified as a major contributor to carbon emissions, with a significant opportunity for green transformation, potentially releasing a market opportunity of $1.8 trillion if over 80% carbon reduction is achieved [1] - The forum launched the "Lingang New Area Green Building Map" and the Green City-Walk route, highlighting landmark buildings such as the Dripping Water Cloud Hall and the Astronomical Museum [1] Group 2 - The "Honor Ring" is the core landmark of the Dripping Water Lake Financial Bay, with construction nearly complete and interior decoration expected to finish by the end of this year, aiming for a public opening in the first half of 2026 [2] - The total area of green buildings in the Lingang New Area is 35 million square meters, with 98% classified as two-star green buildings or above; ultra-low energy buildings cover 5.7 million square meters, including one near-zero energy building, one zero-energy building, and one zero-carbon building [2] - The area hosts three three-star green ecological districts: the Green Ecological Pilot Zone, the Dingke Community, and the Dripping Water Lake Financial Bay [2]

Group 1 - The Trump administration faces significant domestic challenges, including lawsuits from over 20 states regarding the legality of tariffs imposed, particularly from California [1][3] - Recent polls indicate Trump's approval rating has dropped to 39%, the lowest in 80 years, as the global tariff war begins to negatively impact American consumers and businesses [3][4] - The European Union has prepared a countermeasure list against U.S. tariffs, indicating a potential escalation in trade tensions [4][6] Group 2 - The Trump administration's decision to cut funding for disaster relief projects has led to public outrage, especially following severe flooding in Texas that resulted in significant casualties [6][10] - Protests across the U.S. have emerged in response to the administration's immigration policies and cuts to healthcare and welfare programs, highlighting growing public dissent [8][10] - Internal divisions within the Republican Party are exacerbated by proposed cuts to healthcare and clean energy subsidies, providing an opportunity for the Democratic Party to leverage these issues politically [10]

Core Viewpoint - The completion of the 220 kV Yanzhou-Longyin transmission line marks the successful conclusion of the largest 220 kV overhead transmission project in Zhejiang Province, enhancing the power supply capacity and reliability for the region [3]. Group 1: Project Overview - The 220 kV Yanzhou-Longyin double-circuit overhead transmission line spans approximately 37 kilometers and consists of 112 towers, with a maximum transmission capacity of 600,000 kW [3]. - This project is crucial for ensuring power supply during peak summer demand in the Jiande and Tonglu regions [3]. - The entire series of projects has established a "grid-like" multi-loop power network in the western part of Hangzhou, improving the regional power supply reliability to over 99.999% [3]. Group 2: Capacity and Infrastructure - The completion of the project has released the power supply potential of the Yanzhou 500 kV substation, increasing the overall power supply capacity by 2 million kW, supporting the long-term development of the region [3]. - The series of projects includes three major sub-projects, totaling 325 kilometers of new transmission lines and 456 towers, crossing five districts in two cities [3]. Group 3: Environmental and Technological Aspects - The project is located in the mountainous area of western Hangzhou, with 98% of the overhead lines situated in rugged terrain, and has crossed major enterprise power lines ten times [4]. - Advanced technologies such as intelligent cableway systems and Beidou positioning for tower foundations were employed to optimize construction paths, reducing deforestation by over 23 hectares [4]. - The project contributes to the ecological economy of Zhejiang Province and is expected to reduce carbon emissions by 120,000 tons annually, equivalent to planting approximately 660,000 trees [4].

Core Viewpoint - The N11 road project in Abuja, Nigeria, constructed by China Overseas Nigeria Limited, has officially opened, marking the fourth project completed by the company in two weeks, showcasing its efficiency and commitment to infrastructure development in Nigeria [1][3][5]. Group 1: Project Significance - The N11 road serves as a critical infrastructure project that enhances connectivity among multiple communities, significantly improving regional transportation convenience and stimulating economic activity along the route [3][5]. - The project is expected to elevate land values in the surrounding areas, allowing local residents to directly benefit from the development, thus embodying the principle of "infrastructure benefiting the people" [5][6]. Group 2: Project Details - The N11 road spans 3 kilometers and connects key areas such as Mabushi and Katampe, including supporting infrastructure, and is vital for establishing Abuja's urban transportation hub [8]. - The project has alleviated long-standing traffic pressures in densely populated areas, positioning it as a strong engine for regional economic development and enhancing the city's overall image [8]. Group 3: Company Performance - China Overseas Nigeria Limited's project team adhered to strict quality standards and technical expertise, completing the project four months ahead of schedule, aligning with the Nigerian government's urban infrastructure development goals [6][7]. - The project incorporates solar-powered intelligent lighting systems, promoting safety and reducing municipal energy consumption, thus exemplifying a commitment to "green infrastructure" and sustainable urban development [6].

Industry Investment Rating - Not provided in the report Core Viewpoints - In the production industry, attention should be paid to the progress of green infrastructure pilot projects, such as the first - batch pilot work of new power system construction organized by the National Energy Administration [1] - In the service industry, attention should be paid to the promotion of pension service - related programs, like the release of an international standard on the digital economy from an aging perspective led by China [1] - The credit spreads of the entire industry fluctuate slightly [3] Summary by Directory 1. Mid - level Event Overview Production Industry - The National Energy Administration is carrying out the first - batch pilot work on new power system construction, focusing on national hub nodes and non - hub nodes with good energy resources. It aims to increase the proportion of green electricity in data centers through the "green power aggregated supply" model [1] Service Industry - The International Organization for Standardization has released an international standard on the digital economy from an aging perspective led by China, which provides specific suggestions for elderly people's high - frequency digital economic scenarios [1] 2. Industry Overview Upstream - Coal inventories are at a three - year high recently [2] Mid - stream - The PX开工率 is continuously rising, and the urea开工率 is stable and at a three - year high; the asphalt开工率 is rising; the开工 rate of pig product processing is increasing [2] Downstream - The sales of commercial housing in first - and second - tier cities have a seasonal rebound but are still at a near - three - year low; the number of domestic flights has decreased [2] 3. Market Pricing - The credit spreads of the entire industry fluctuate slightly [3] 4. Industry Credit Spread Tracking | Industry | Last Year's Same Period | One Quarter Ago | One Month Ago | Last Week | This Week | Quantile | | --- | --- | --- | --- | --- | --- | --- | | Agriculture, Forestry, Animal Husbandry and Fishery | 69.83 | 80.55 | 75.09 | 78.86 | 63.16 | 1.10 | | Mining | 36.41 | 46.76 | 44.37 | 49.14 | 42.27 | 11.50 | | Chemical Industry | 67.53 | 68.59 | 62.96 | 64.22 | 57.43 | 0.00 | | Steel | 43.64 | 57.03 | 52.34 | 57.01 | 49.92 | 11.40 | | Non - ferrous Metals | 47.06 | 56.23 | 53.30 | 60.33 | 53.49 | 14.60 | | Electronics | 55.98 | 78.46 | 65.50 | 79.10 | 67.58 | 24.80 | | Automobile | 64.33 | 76.43 | 45.92 | 52.66 | 44.05 | 0.00 | | Household Appliances | 44.70 | 53.93 | 44.90 | 53.92 | 47.29 | 12.30 | | Food and Beverage | 42.71 | 43.83 | 43.40 | 46.81 | 39.58 | 4.10 | | Textile and Apparel | 50.19 | 57.43 | 50.48 | 56.71 | 50.28 | 4.90 | | Light Industry Manufacturing | 56.31 | 198.86 | 167.29 | 166.01 | 156.61 | 8.30 | | Pharmaceutical and Biological | 57.67 | 65.83 | 67.40 | 74.32 | 66.68 | 17.60 | | Public Utilities | 26.96 | 32.22 | 30.73 | 34.60 | 29.06 | 13.70 | | Transportation | 33.79 | 36.99 | 34.76 | 39.07 | 33.24 | 7.30 | | Real Estate | 403.85 | 187.61 | 146.74 | 126.56 | 113.61 | 6.50 | | Commercial Trade | 48.40 | 52.24 | 48.09 | 52.23 | 45.37 | 5.30 | | Leisure Services | 75.14 | 106.06 | 107.84 | 128.21 | 120.84 | 98.00 | | Banking | 24.57 | 26.56 | 19.97 | 19.61 | 17.94 | 4.10 | | Non - banking Finance | 30.74 | 34.45 | 32.24 | 36.24 | 30.34 | 7.10 | | Comprehensive | 68.97 | 51.39 | 46.45 | 52.02 | 46.01 | 2.50 | | Building Materials | 34.78 | 46.19 | 43.78 | 48.38 | 40.81 | 9.60 | | Building Decoration | 46.17 | 56.39 | 52.42 | 58.00 | 52.43 | 12.20 | | Electrical Equipment | 54.28 | 84.01 | 78.85 | 84.52 | 78.64 | 39.40 | | Mechanical Equipment | 37.35 | 43.94 | 41.86 | 49.79 | 44.51 | 25.20 | | Computer | 69.00 | 74.00 | 62.09 | 64.12 | 53.12 | 0.00 | | Media | 228.94 | 44.27 | 43.19 | 47.55 | 40.77 | 0.10 | | Communication | 243.53 | 36.87 | 28.67 | 29.93 | 23.64 | 0.00 | [45] 5. Key Industry Price Index Tracking | Industry | Index Name | Frequency | Update Time | Price | Year - on - Year | Past 5 - day Trend | | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price of corn | Daily | 5/15 | 2304.3 | 0.81% | | | | Spot price of eggs | Daily | 5/15 | 0.8 | 4.65% | | | | Spot price of palm oil | Daily | 5/15 | 8588.0 | 0.59% | | | | Spot price of cotton | Daily | 5/15 | 14512.3 | 2.56% | | | | Average wholesale price of pork | Daily | 5/15 | 20.9 | - 0.10% | | | Non - ferrous Metals | Spot price of copper | Daily | 5/15 | 78938.3 | | | | | Spot price of zinc | Daily | 5/15 | 22880.0 | 0.61% | | | | Spot price of aluminum | Daily | 5/15 | 20366.7 | 3.75% | | | | Spot price of nickel | Daily | 5/15 | 126525.0 | 1.42% | | | | Spot price of aluminum | Daily | 5/15 | 16906.3 | 1.12% | | | Steel | Spot price of rebar | Daily | 5/15 | 3189.9 | 0.86% | | | | Spot price of iron ore | Daily | 5/15 | 793.3 | 2.20% | | | | Spot price of wire rod | Daily | 5/12 | 3377.5 | 0.30% | | | Building Materials | Spot price of glass | Daily | 5/15 | 14.8 | - 2.50% | | | Chemical Industry | Spot price of natural rubber | Daily | 5/15 | 14838.3 | 2.63% | | | | China Plastic City Price Index | Daily | 5/15 | 840.4 | 1.06% | | | Energy | Spot price of WTI crude oil | Daily | 5/15 | 63.2 | 8.75% | | | | Spot price of Brent crude oil | Daily | 5/15 | | 8.13% | | | | Spot price of liquefied natural gas | Daily | 5/12 | 4278.0 | - 0.37% | | | | Coal price | Daily | 5/15 | 777.0 | - 1.40% | | | Chemical Industry | Spot price of PTA | Daily | 5/15 | 4991.7 | 6.47% | | | | Spot price of polyethylene | Daily | 5/15 | 7508.3 | 0.58% | | | | Spot price of urea | Daily | 5/15 | 1946.7 | 1.83% | | | | Spot price of soda ash | Daily | 5/15 | 1462.5 | 0.00% | | | Real Estate | Cement price index: National | Daily | 5/15 | 143.5 | - 0.93% | | | | Building materials composite index | Daily | 5/15 | 116.5 | 0.52% | | | | Concrete price index: National index | Daily | 5/15 | 99.8 | - 0.53% | | [46]

Group 1: Investor Relations Activity - The company held an earnings briefing on May 28, 2025, via the "Investor Relations Interactive Platform" [3] - Key attendees included the Chairman, President, and Vice President of the company, along with representatives from CITIC Securities [3] Group 2: Acquisition Impact - Acquiring 45.12% of Beijing Qiushi Engineering Management Co., Ltd. is expected to enhance the company's operational performance and professional capabilities [4] - The target company has a strong client base and expertise in various construction sectors, which aligns well with the company's business [4] Group 3: Financial Metrics - The company's dynamic P/E ratio exceeds 60, but this may not accurately reflect valuation due to seasonal revenue patterns [6] - In Q4 2024, the net profit attributable to shareholders was CNY 84.16 million, accounting for 45.72% of the annual net profit [6] Group 4: Revenue Decline Reasons - Q1 2025 revenue declined primarily due to a decrease in signed contracts in the first half of 2024, with a significant recovery expected in the second half [7] - The subsidiary's product sales to construction companies dropped, while products aimed at owners were still in the R&D phase [8] Group 5: Business Adaptation - The company is actively involved in high-end manufacturing, clean energy, and urban renewal projects, establishing an ESG division to support sustainable infrastructure development [9] - The company has a plan to reduce long-term receivables through dedicated collection teams and improved credit management [10] Group 6: Cash Flow Analysis - Q1 2025 operating cash flow decreased by 12.15% year-on-year, while cash and cash equivalents increased by 53.07%, mainly due to reduced investment in financial products [11] Group 7: Risk Management - The company currently faces minimal foreign exchange and interest rate risks due to a small proportion of overseas business [11] Group 8: Project Delays - The information system upgrade project has been postponed to December 31, 2028, due to changes in the technical environment [12] - The change in fundraising usage will not affect the project's total investment and objectives [13] Group 9: Future Plans - The company is exploring acquisition opportunities to integrate complementary resources [14] - In 2024, the company obtained two key qualifications that will enhance its market capabilities [14] Group 10: International Business - The company has established a presence in over 50 countries, providing services for significant projects like the Astana Light Rail in Kazakhstan [15] Group 11: R&D Investment - The company maintains high R&D investment, with a focus on a three-dimensional digital low-code platform that has been applied in over 10,000 projects [16] - The goal is to commercialize technological achievements and enhance cash flow [17] Group 12: Performance Outlook - The company aims to leverage industry trends towards comprehensive consulting, digitalization, and internationalization to drive growth in 2025 [18]

Core Viewpoint - Company plans to invest in and operate two waste-to-energy plants in Uzbekistan, with a total investment of $475 million, aiming to enhance its international presence and profitability while contributing to local economic development [1][2][3]. Investment Details - Total investment for the two projects is $475 million, with expected annual waste processing capacities of 837,500 tons and 502,500 tons, and annual electricity generation of 482 million kWh and 268 million kWh respectively [1]. - The construction period for both projects is 2 years, and the operational period is 30 years, with a post-tax internal rate of return of no less than 8% [1][6]. Strategic Importance - The investment aligns with the company's "Belt and Road" initiative and its "14th Five-Year Plan," aiming to enhance international operations and brand influence [1][2]. - The projects are expected to drive collaboration across various business sectors, including design consulting and advanced equipment manufacturing [1][3]. Market Context - Uzbekistan's stable political environment and strong economic growth, with GDP growth rates of 6% in 2023 and 6.5% in 2024, create a favorable backdrop for waste management solutions [5]. - The country's per capita GDP is projected to reach $3,093 in 2024, indicating a shift from traditional waste disposal methods to more advanced solutions [5]. Regulatory Environment - The Uzbek government has initiated policies to enhance waste sorting and processing efficiency, providing incentives for international investment in this sector [6]. - The projects are strategically located in high-density population areas, ensuring a strong potential for investment returns [6][7]. Future Prospects - The successful implementation of these projects is expected to position the company as a leader in integrated investment and operation projects in Uzbekistan and surrounding regions [7]. - The company aims to leverage its competitive advantages and established expertise in green infrastructure to support the transition of local infrastructure towards sustainability [4][7].