Core Insights - Zhongwei Electronics, which has been struggling with losses for several years, is experiencing a pivotal turnaround with the acquisition of control by AI industry leader Fu Yingbo through Jinan Jun Chuan and Jiudai Technology [1][2] - The company, focused on AI video applications within the IoT solutions sector, is entering a new development phase, with a strategic vision that includes the integration of "AI + Energy" [1][4] Company Overview - Zhongwei Electronics is based in Hangzhou and specializes in AI video-centric IoT solutions, serving sectors such as smart transportation, urban management, and smart parks [2] - The company has faced ongoing operational challenges, with financial data indicating that it has only achieved a net profit of approximately 4.4 million yuan in 2022, while remaining in the red for the other six years from 2018 to 2024 [2] Management Changes - A significant reform was announced on December 11, with a change in the company's actual controller from the Xinxiang Municipal Government to Fu Yingbo, who will leverage his extensive industry experience to enhance the company's operational efficiency and competitiveness [2][3] - Fu Yingbo has nearly 20 years of experience in mobile internet, AI, big data, and cloud computing, having previously worked with major tech firms like Microsoft and Megvii [3] Shareholder Background - The acquisition involves shareholders from leading companies in AI and energy storage, including Beijing Fourth Paradigm and Beijing Haibo Sichuang Technology, indicating a strategic direction for Zhongwei Electronics [4] - Fourth Paradigm focuses on AI solutions for enterprise transformation, while Haibo Sichuang is a leader in energy storage systems, suggesting potential synergies in technology and business development for Zhongwei Electronics [4] Market Potential - Analysts suggest that if Fourth Paradigm's AI capabilities can be effectively integrated with Zhongwei Electronics, the company's valuation could potentially rise to 50 billion yuan, reflecting significant revaluation potential [5] - The future success of Zhongwei Electronics will depend on the actual integration of business operations, technological implementation, and performance realization [5][6]

来源：钛媒体APP ▎不同的能源体系和发展路径，将对中美AI发展产生决定性影响。 文｜飞向TAI空 作者｜胡珈萌 本文首发于钛媒体APP 这场对话主要关乎AI用电的现状，人工智能与能源未来可能的形态，还涉及智能时代的本质、中美AI竞赛、数据中心建设趋势、"AI+能源"投资机会等， 既宏观，又实际。张雷也没有让探讨停留在某种能源形态或AI形态上，话题时而聚焦一时一地，时而展望人类未来，有时会转移到物理学阵地，有时又 会深入哲学层面。 在他看来，智能本身就是一种能量现象。根据热力学第二定律，宇宙趋向无序，而创造任何局部有序——无论是建筑城市还是训练大模型——都需要消耗 能量。因此，"超级智能"必然需要"超级能量"来支撑。文明的跃迁，从碳基生命到硅基智能，底层始终是能量获取与组织方式的进化。 这似乎也为当前引发广泛关注的"AI缺电"话题提供了新的解读角度：或许，是AI打开了人类想象力的闸门，示意当前能量量级与未来那个宏伟的智能时代 间的巨大差距，受此驱动，人类将做出巨大努力，用更多的能量来"喂饱"人工智能。 虽然很难弄清楚人工智能是否真有此打算，但人们的"缺电焦虑"却其来有自。 作为全球知名能源企业的创始人和掌舵人 ...

电力设备及新能源 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 证券研究报告-行业月报 强于大市(维持) 电力设备及新能源相对沪深 300 指数表现 资料来源：聚源数据，中原证券研究所 -14% -5% 4% 13% 22% 30% 39% 48% 2024.12 2025.04 2025.08 2025.12 电力设备及新能源 沪深300 相关报告 《电力设备及新能源行业月报：治理企业价 格无 序 竞争 ， 临近 年 底 需求 趋 于疲 软》 2025-11-28 《电力设备及新能源行业年度策略：反内卷 加速市场出清，关注细分领域龙头》 2025- 11-27 《电力设备及新能源行业专题研究：业绩逐 步见底》 2025-10-31 投资要点： 发布日期：2025 年 12 月 26 日 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共17页 硅片、电池报价大幅提高，关注细分 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路 10 号 18 楼 地址： ...

Core Viewpoint - The performance of three newly listed stocks in the Hong Kong market on December 22 showed significant divergence, closely related to their respective industry trends, with notable gains for AI-focused companies and a lackluster performance for an innovative drug company [2][3]. Group 1: Stock Performance - Nobikang, focused on AI industrial applications, saw a dramatic increase of 275.75%, closing at HKD 300.60 per share, with a total transaction volume of HKD 65.22 million [3]. - Qingsong Health, operating in the "AI + health" sector, rose by 127.95% to HKD 51.70 per share, benefiting from a large user base of 168 million registered users and over 1000 times subscription during the public offering [4]. - Hansai Aitai-B, in the innovative drug sector, only increased by 2.06%, closing at HKD 32.66 per share, despite a subscription rate of approximately 2600 times during the public offering [4]. Group 2: Market Outlook - The Hong Kong IPO market is expected to recover significantly in 2025, with around 100 companies projected to raise over HKD 250 billion, and predictions for 2026 suggest 150-200 new listings with fundraising potentially exceeding HKD 300 billion [5]. - The success rate and apparent return of new stocks have improved, with nearly 70% of new stocks achieving gains on their first day, and 16 stocks showing cumulative increases of over 100% throughout the year [5][6]. - The importance of selecting quality stocks is emphasized, as recent data indicates that the majority of returns from IPOs are generated by a small number of high-performing stocks [6].

16日，2025新能源发展大会在甘肃省酒泉市所属的敦煌市开幕。本次大会以"风光无限 '绿'动未来——'十五五'新展望"为主题，来自吉 林、江苏、福建、四川、陕西、甘肃、青海、新疆等8个省（区）的政府部门、企业、高等院校、科研机构业内人士、专家学者齐聚一堂，共 话"十四五"新能源发展经验成果，共商未来新能源发展新机遇，并围绕新型能源体系建设展开深度探讨。 甘肃省委常委、副省长雷思维，中国工程院院士、兰州大学校长杨勇平，新华通讯社党组成员、秘书长徐玉长出席开幕式。 雷思维在致辞时说，近年来甘肃一手抓传统产业改造升级，以全产业链条思维强龙头、补链条、聚集群，石油化工、有色冶金、装备制造 等传统产业"老树发新芽"；一手培育壮大新能源、新材料、生物医药等新兴产业。2024年全省新材料产业产值达1305亿元，新能源及新能源装 备制造业产值达830亿元，全省着力打造的10多条产业链后发优势不断显现。 雷思维表示，目前，甘肃新能源装机7762万千瓦，占全省电力总装机的64.1%，提前完成"十四五"目标任务，装机和发电量占比均居全国 前列，光热装机规模全国首位。甘肃诚挚邀请各位嘉宾、各位朋友，走进甘肃，了解甘肃，投资甘肃，一道 ...

福州大学张久俊院士同样看好其前景。他表示，智能电池是能源革命与人工智能交叉的产物，凭借自诊 断、自修复等能力，将为交通、电力、航空航天等领域提供全新解决方案，推动电池产业向高端化、系 统化升级，为我国抢占全球储能竞争制高点带来战略机遇。 作为论坛承办方，北京理工大学（珠海）展现了其在领域内的前沿布局。该校先进能源材料与智能电池 创新中心，已在全固态电池、AI材料筛选等关键方向取得系列进展，并与多家高新技术企业协同推进 技术孵化。同期举办的研究生论坛，则着眼于未来，致力于为产业培养和储备跨学科创新的"智力活 水"。 南都讯 记者陈栋 当人工智能"闯入"新能源赛场，能源存储的未来正被重新定义。12月13日至14日，第 一届智能电池战略发展论坛暨大湾区AI驱动能源材料研究生论坛在珠海举行，国内外院士、产业领袖 与青年科研力量齐聚，共同探寻"AI+能源"的融合新路径，为粤港澳大湾区抢占下一代储能技术高地凝 聚智慧。 论坛落地珠海，绝非偶然，其背后是坚实的产业底盘与清晰的前瞻布局。 何为智能电池？北京理工大学（珠海）陈人杰教授指出，其不仅是具备高比能、高安全等性能的储能单 元，更是能"感知自身状态、理解外部环境并自主调 ...

Core Viewpoint - Envision Energy is rapidly expanding its global footprint, particularly in the Indian market, with significant orders and projects aimed at leveraging local wind conditions for clean energy generation [3][4]. Market Consolidation - Envision Energy has secured a 300 MW order from UPC Renewable Energy India, marking another significant achievement in the Indian market [3]. - The company has over 16 GW of order capacity in India and is developing projects exceeding 4.5 GW, with operational capacity surpassing 2.5 GW [4]. - The Indian wind power market is experiencing rapid growth, with a 113% year-on-year increase in new installations, reaching 1.6 GW in Q2 2025 [4]. Business Landscape - Envision Energy ranks 122nd in the 2025 list of China's top 500 private enterprises with a revenue of 86.942 billion yuan and is valued at 110 billion yuan, placing it 30th in the 2025 Global Unicorn List [5]. - The company has established a strong global presence, with over 9 GW of new overseas orders in the first three quarters of 2025, accounting for over 40% of China's new overseas orders [5]. - Envision Energy has set up operational headquarters and R&D centers in over 20 countries and has manufacturing bases in more than 60 countries, with international employees making up over 50% of its workforce [5]. Strategic Vision - Envision Energy is advancing its "AI + Energy" strategy, integrating artificial intelligence with energy systems, and has launched the world's first Galileo AI wind-storage integrated machine [6]. - The company is developing comprehensive energy solutions, including green electricity direct connection, source-grid-load-storage, and off-grid hydrogen and ammonia production [6]. - The Chifeng green hydrogen and ammonia project is set to produce 320,000 tons of green synthetic ammonia annually, with a total planned capacity of 1.52 million tons [6]. Global Benchmark - Envision Energy is not only expanding its market but also exporting technology and standards, with a $1 billion investment in a zero-carbon hydrogen industry park in Spain [8]. - The company has partnered with FRV in Saudi Arabia for a green ammonia project in Brazil, which includes a 500 MW electrolyzer and a comprehensive green ammonia plant [8]. - Envision Energy has built a full industry chain capability covering wind power, energy storage, hydrogen energy, and smart energy management, with over 88 GW of total installed capacity globally [9]. Environmental Commitment - Envision Energy has achieved operational carbon neutrality for three consecutive years and aims for 100% renewable electricity usage by 2024, one year ahead of its RE100 commitment [7]. - The company plans to achieve 100% green electricity usage in its core supply chain by 2028 [7].

Core Viewpoint - The article highlights that Zhongneng Zhixin Company has been recognized as a national-level "specialized, refined, characteristic, and innovative" small giant enterprise, showcasing its technological strength and industry position in the energy sector [3]. Group 1: Company Recognition - Zhongneng Zhixin Company has been officially listed as a national-level "specialized, refined, characteristic, and innovative" small giant enterprise by the Ministry of Industry and Information Technology, indicating its significant role in enhancing the resilience and safety of the industrial supply chain [3][4]. - This recognition reflects the company's innovative breakthroughs and technological leadership in the field of multi-energy complementary smart operation products [1][3]. Group 2: Business Focus and Innovation - The company focuses on the "AI + energy" sector, developing a series of innovative products for multi-energy complementary smart operations, which include system planning, smart control, intelligent operation and maintenance, market trading, and economic evaluation [5][10]. - Zhongneng Zhixin has established a lean innovation system that emphasizes party leadership, AI empowerment, and talent aggregation, leading to the development of a product matrix that has received numerous awards for technological advancement [7][10]. Group 3: Market Position and Achievements - The company has achieved a market share of over 17% in its main products, contributing 43.8% to the revenue from emerging and future industries [9]. - It has developed a comprehensive service capability across the entire business chain, including consulting, control, trading, investment, and operation, ensuring 100% conversion of its innovative products [9]. Group 4: Technological Advancements - Zhongneng Zhixin has pioneered technologies such as multi-time scale real-time control and a three-stage coordination algorithm, which have significantly reduced renewable energy curtailment rates by 1.5% and achieved a load forecasting accuracy of 98% [10]. - The company has also filled gaps in the domestic market with high-precision simulation technologies and has been involved in the development of national and industry standards [10]. Group 5: Future Outlook - With the support of national policies and its technological foundation, Zhongneng Zhixin aims to continue advancing "AI + energy" innovations and contribute to the low-carbon and intelligent transformation of the energy sector [11].

Core Insights - CATL is actively investing in three key areas: silicon-carbon anode materials, green hydrogen equipment, and AI+ energy solutions [2][3][4][5] Group 1: Silicon-Carbon Anode Materials - CATL's recent investments include acquiring stakes in two companies, Lankai Zhide and Tianmu Xiandao, both focused on the silicon-carbon anode sector, which is expected to enhance battery performance significantly [3] - Tianmu Xiandao has entered the mass production phase, while Lankai Zhide is targeting high-capacity silicon anodes for solid-state batteries, aligning with CATL's strategic goals [3] Group 2: Green Hydrogen Equipment - CATL's investment in Shanghai Hydrogen Technology marks its first foray into hydrogen production equipment, focusing on anion exchange membrane (AEM) water electrolysis technology [4] - The company has accelerated its hydrogen energy initiatives, including investments in hydrogen energy and fuel cell technologies, indicating a strong commitment to this sector [4] Group 3: AI+ Energy Solutions - Through its investment in Damo Technology, CATL is transitioning from a battery manufacturer to a zero-carbon energy manager, leveraging AI to enhance energy management capabilities [5] - Damo Technology is recognized for its ability to apply large models in the new energy sector, which will complement CATL's existing strengths [5] Group 4: Investment Criteria - CATL is likely to favor companies with significant technological potential, particularly in new materials related to lithium batteries, such as silicon-based anodes and solid-state electrolytes [6] - Companies involved in intelligent manufacturing and automation are also attractive to CATL, as evidenced by its interest in companies like Xiandao Intelligent [6] Group 5: C-End Market Expansion - CATL is expanding into the C-end market, similar to how chips are integral to smartphones, indicating a strategic move to strengthen its position in the electric vehicle ecosystem [7] - Collaborations with companies like NIO and China Petrochemical to establish battery swap stations signal CATL's commitment to enhancing its service offerings [7] - The company is also increasing its brand visibility through advertising and establishing service centers to engage directly with consumers [7]

Core Insights - Longxin Group has officially established its headquarters in Wuhan, marking a significant step in its strategic layout and showcasing its "AI + Energy" integration innovations [2][8] - The company plans to invest 3 billion yuan in the East Lake High-tech Zone over the next five years to develop its energy integration business headquarters [3][8] Company Overview - Longxin Group, founded in 2003 and listed on the Shenzhen Stock Exchange in 2017, focuses on AI-driven energy technology strategies, utilizing digitalization, AI, IoT, and power electronics to promote green development [3][6] - The company reported a net profit of 106 million yuan for the first three quarters of 2025, a year-on-year decrease of approximately 34%, primarily due to rapid revenue recognition in the previous year [3] Technological Developments - The newly established "Longxin Jiugong Artificial Intelligence Laboratory" aims to develop AI technologies for energy systems, including virtual power plants and market trading [5][8] - The laboratory will collaborate with local universities to foster talent and innovation in AI and energy sectors [5] Regional Development - Wuhan has become a hub for various enterprises, including Longxin Group, due to its favorable business environment and abundant talent pool, with over 130,000 university students [6][7] - The East Lake High-tech Zone has optimized its business environment and introduced policies to support technological innovation, contributing to the growth of the AI and energy sectors [7][8] Strategic Goals - Longxin Group aims to leverage its Wuhan headquarters to focus on key areas such as renewable energy consumption, market trading, and carbon neutrality initiatives [8]