Core Viewpoint - The Australian Energy Market Operator (AEMO) has successfully implemented the Frequency Performance Payment (FPP) reform in the National Electricity Market (NEM), which is seen as a significant milestone for the NEM, effective from June 8, 2025 [1] Reform Key Changes - The reform includes two major changes: the abolition of the "causer pays" model and the introduction of a new framework based on a five-minute contribution factor, primarily affecting semi-scheduled assets like solar and wind farms [2] - A new funding pool has been created under the FPP, charging units with poor frequency performance and compensating those with good performance, benefiting battery storage system owners due to their rapid response capabilities [2] Chain Effects and Additional Benefits - The change from the "causer pays" model will alter how large solar and wind farms share costs, eliminating existing loopholes and prompting owners to seek more accurate forecasting technologies [3] - The FPP framework is expected to attract international capital investment in NEM storage projects, enhancing grid reliability amid the shutdown of coal-fired power plants and the proliferation of investor-owned generation [3] Ensuring Mechanism's Continued Applicability - The FPP framework is designed to be configurable, allowing AEMO to respond to future market changes while maintaining the fundamental calculation rules [4] - AEMO can adjust levers to accommodate performance differences among various assets, ensuring the mechanism remains relevant as energy transition progresses [4]

市场开始加速向积极方面变化。周二成交量增加较为显著，行业几乎 普涨格局。指数经过数日缩量震荡盘整后，当前已经来到去年 9 月行 情以来的箱体上沿，出现向上突破的酝酿形态。行业上的积极变化更 为明显，尤其是光伏风电等新能源板块的大幅上行，为市场增添了新 的动力。当前一方面有算力产业链的迭创新高，另一方面有低位板块 的放量启动，后续指数再创新高的可能性大为增加。 光伏板块的放量启动是一个重大信号。近期市场对反内卷行业的关注 度较高，从高级别会议的表述来看，这类重要行业后续具体措施出台 的可能性较大。这些行业经过长期调整，当前具备较强的安全边际。 另外，军工行业整体上行趋势仍保持良好，其前阶段的缩量窄幅调整， 或提供了较好的再次介入机会。而随着算力板块的不断新高， PCB 等 行业的上游关联产业，也出现了新的机会。 每日市场观察 2025 年 7 月 9 日 【今日关注】 周二市场涨幅较大，成交额 1.47 万元，比上一交易日增加约 2400 亿。 行业上除银行，公用事业小幅下跌，其余行业全部上涨，通信、电力 设备、建材等行业涨幅居前。 【市场回顾】 市场概况：7 月 8 日，市场全天震荡走高，创业板指领涨，沪指逼 ...

齐鲁晚报·齐鲁壹点记者 白新鑫 在黄河入海口的东营，一股青年主导的创新浪潮正重塑着民营经济的基因。从打破国际垄断的新材料研发，到打造行业首 家智慧工厂；从攻克高端风电核心部件技术瓶颈，到引领传统造纸业数字化转型——这支东营青年生力军，正以创新之 能、实干之姿，奏响山东民营经济高质量发展的青春乐章。 技术攻坚，锻造"硬核实力" 在催化材料领域，DPF（柴油车颗粒过滤器）用于国六柴油车碳烟颗粒捕集处理，是柴油车符合国六排放标准的关键部 件。碳化硅DPF因其独特的制程工艺，技术难度大、成品率低，长期被国外企业垄断，是汽车尾气处理领域的"卡脖子"技 术。 在此背景下，山东国瓷功能材料股份有限公司（下简称"国瓷材料"）成立碳化硅DPF项目组，青年研发工程师王键勇挑重 担，担任项目核心技术负责人。 "青年人就是敢闯敢拼，我们秉持着'24小时研发精神'在项目中攻坚克难。"据王键介绍，其带领团队从原材料选择、配方技 术、成型技术、烧结技术、后处理技术和装备等进行系统深入研究。 面对烧结工序不良率偏高的问题，王键带领团队昼夜攻关，最终发现"炉内气氛微循环"是症结所在。通过流体力学仿真模 拟，他们重新设计炉内气体循环系统，第一炉 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company is projected to achieve a net profit of 5.1-5.7 billion RMB in the first half of 2025, representing a year-on-year growth of 193%-228% [3]. - The second quarter of 2025 is expected to yield a net profit of 2.79-3.39 billion RMB, with a year-on-year increase of 131%-180% and a quarter-on-quarter growth of 21%-47% [3]. - The acceleration of overseas offshore engineering deliveries has led to record quarterly earnings, driven by the delivery of existing orders and a shift to higher value-added DAP delivery models [3][4]. - The company is expected to enhance its long-term profitability through self-built vessels and localized operations, with the KING ONE vessel anticipated to launch in the second half of 2025 [4]. - The European offshore wind market is recovering, with significant tendering expected from 2025 to 2027, which is likely to boost the company's market share [4]. Summary by Sections Performance Review - The company forecasts a net profit of 5.1-5.7 billion RMB for 25H1, with a significant increase in Q2 profits [3]. Operational Analysis - The company has seen a substantial increase in overseas project deliveries, contributing to record quarterly profits [3]. - The shift to a DAP delivery model has improved profit margins per ton [3]. - The strengthening of the Euro has positively impacted the company's foreign exchange gains [3]. Profit Forecast and Valuation - The net profit estimates for 2025-2027 have been slightly adjusted to 10.0 billion RMB, 14.0 billion RMB, and 19.1 billion RMB respectively, with corresponding P/E ratios of 22, 15, and 11 [5].

Q&A 大金重工 20250708 摘要 2025 年上半年，公司海外业务实现突破性增长，主要得益于海外项目 交付量的大幅增加以及出口产品采用 DAP 交付模式，有效提升了整体盈 利水平。 国际形势变化导致外汇市场波动，特别是欧元和美元汇率变化，对公司 以欧元结算的对外业务产生积极影响，增加了汇兑收益。 二季度，公司在海外单桩、海塔及陆塔的发运量均环比增长，其中 TPLS 单桩保持高收益，WAK 单桩利润有所提升，海工装备成为利润增长的主 要贡献者。 下半年海外订单交付节奏预计优于上半年，发运总量将超过上半年，盈 利水平保持稳定，但确收节奏受航运时间影响。 2025 年初至今，公司在欧洲单桩和海塔订单方面表现出色，签单量排 名市场第一，并积极参与英国 AR7 项目扩容和德国第二轮拍卖。 截至目前，公司累计订单接近 50 万吨，计划 2025 年交付 15-20 万吨， 2026 年交付 20 万吨，且 2026 年订单盈利能力乐观，尤其是 TPLS 类 产品。 公司通过海外建厂，尤其针对深远海漂浮式项目，可降低 30%的成本， 自有特种运输船预计在 2026 年下水，提升运力并带来超额收益。 2025 年上半 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the "anti-involution" policy in China, focusing on structural adjustments aimed at increasing the proportion of high-quality supply to achieve industrial upgrades, contrasting with the 2016 policies targeting cyclical supply-demand imbalances in the steel and coal industries [1][6][10]. Core Insights and Arguments - **Anti-Involution Policy Goals**: The policy aims to regulate low-price disorderly competition among enterprises, enhance product quality, and facilitate the orderly exit of outdated production capacity to achieve high-quality development through technological upgrades [2][5]. - **Electricity Consumption vs. Industrial Value Added**: In 2023-2024, China's industrial electricity consumption is expected to grow faster than industrial value added, indicating a slowdown in investment and a necessary capacity clearance [11]. - **Wind Power Sector**: The wind power sector is benefiting from stabilized bidding prices and increased demand, with private companies showing significant profit recovery potential if strict cost control measures are implemented [3][21]. - **Copper Smelting Industry Challenges**: The copper smelting industry faces severe raw material shortages, with over 80% reliance on imports. The TC price is currently negative, indicating unsustainable conditions that may improve with industry consolidation [34]. - **Pig Farming Industry**: The pig farming sector is under pressure from CPI and capacity recovery issues, with policies aimed at controlling sow inventory to stabilize prices [3][39]. Additional Important Content - **New Anti-Unfair Competition Law**: The revised law includes provisions to combat involution-style competition, prohibiting illegal subsidies from local governments and enhancing regulation of low-quality products [7]. - **Differences from Previous Policies**: The current anti-involution policy differs from the 2016 supply-side reforms by focusing on structural quality improvements rather than merely reducing total capacity [6][15]. - **Investment Opportunities**: The conference highlights potential investment opportunities in sectors like wind power, where companies like Goldwind Technology and Yunda shares are recommended due to their cost advantages and recovery potential [21]. - **Challenges in the Photovoltaic Industry**: The photovoltaic sector faces challenges such as oversupply in the silicon material segment and financial pressures on companies, necessitating regulatory measures against low-cost sales [16][17]. - **Future of the Construction Materials Sector**: The construction materials sector, particularly in waterproofing and cement, is expected to see consolidation and price increases as inefficient players exit the market [26][29]. Conclusion - The anti-involution policy is set to reshape various industries in China, focusing on quality and efficiency rather than sheer output. Key sectors such as wind power, copper smelting, and the pig farming industry are highlighted for their unique challenges and opportunities in this evolving landscape.

Summary of Deep Sea Technology and Marine Economy Conference Call Industry Overview - The deep sea technology and marine economy are recognized as key pillars in the national strategy, with the national marine production value expected to exceed 10 trillion yuan in 2024, accounting for 7.8% of GDP and contributing 11.5% to GDP growth [1][3][4]. Core Insights and Arguments - The government has placed significant emphasis on deep sea technology, highlighting its importance alongside commercial aerospace and low-altitude economy in the work report, indicating a period of rapid development supported by policy [1][3][5]. - Deep sea technology encompasses three main areas: deep sea material research and development, deep sea equipment manufacturing, and deep sea tool application, with structural and buoyancy materials being critical [1][6]. - The marine equipment manufacturing sector is experiencing new opportunities, particularly in underwater detection technology, underwater construction technology, and oil and gas production equipment, with significant growth potential in underwater robots and related fields [1][7][8]. - The shipbuilding industry is at a peak due to the shipping cycle, with shipbuilding completion volume expected to grow by 13.8% year-on-year in 2024, and new orders increasing by 58.8% [6][8][10]. Investment Opportunities - Investment opportunities exist in deep sea technology, particularly in high-performance steel, alloy materials, and composite materials that are resistant to corrosion and high pressure [6]. - Companies such as Baotai Co., Baose Co., and Steel Research High-Tech are noted for their competitive edge in these segments [6]. - The marine equipment manufacturing industry is poised for growth, with a focus on underwater exploration and military equipment, supported by a favorable policy environment [9][10]. Additional Important Insights - The development of offshore wind power is currently concentrated in nearshore areas, but there is significant potential for growth in deep offshore wind power, which will increase demand for submarine cables and related infrastructure [11][12]. - The trend towards digitalization and intelligence in deep sea technology is accelerating, with the construction of underwater data centers addressing cooling and land cost issues while ensuring data security and compliance [2][13][14]. - Marine communication, particularly its integration with AI, is identified as a promising direction for future development in deep sea technology [15].

证券研究报告 | 2025年07月09日 | 晨会纪要 | | --- | | 数据日期:2025-07-08 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3497.47 | 10588.39 | 3998.45 | 12071.04 | 3055.09 | 991.94 | | 涨跌幅度（%） | 0.70 | 1.46 | 0.83 | 1.20 | 1.81 | 1.39 | | 成交金额（亿元） | 5675.06 | 8864.31 | 2920.89 | 3097.27 | 4365.40 | 230.87 | 晨会主题 【重点推荐】 宏观与策略 固定收益专题研究:债海观潮，大势研判——票息为主，积极持券 【常规内容】 行业与公司 电力设备新能源行业点评：金风科技业务海外快速增长，浙江海风产业 链合资成立海工基地 商贸零售行业 7 月投资策略暨二季报前瞻：积极把握兼具业绩确定性及 成长性的新消费标的 食品饮料行业 2025 年中期 ...

证券研究报告·公司点评报告·风电设备 大金重工（002487） 2025 半年度业绩预告点评：业绩同比高增， 下半年排产订单持续向上 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,325 | 3,780 | 6,752 | 8,383 | 10,009 | | 同比（%） | (15.30) | (12.61) | 78.63 | 24.16 | 19.40 | | 归母净利润（百万元） | 425.16 | 473.88 | 1,102.04 | 1,507.70 | 1,995.54 | | 同比（%） | (5.58) | 11.46 | 132.56 | 36.81 | 32.36 | | EPS-最新摊薄（元/股） | 0.67 | 0.74 | 1.73 | 2.36 | 3.13 | | P/E（现价&最新摊薄） | 50.87 | 45.64 | 19.62 | 14.34 | 10.84 ...

李强指出，当前国际经贸格局正在发生深刻变化，单边主义、保护主义上升，各种 贸易投资壁垒增多，同时新一轮科技革命和产业变革正在深入推进，对企业来说有挑战 也有机遇。希望中资企业顺时应势、积极行动。要打造过硬品牌，加强前瞻布局，提 升"中国制造""中国创造"的全球竞争力。要深耕本地市场，为消费者提供更多畅销对路 的产品和服务，并以巴西为平台辐射更广阔的拉美市场，努力实现更大发展。要尊重当 地法律制度和文化习俗，依法合规开展经营，积极承担社会责任，努力塑造负责任、有 担当的中国企业形象。 与会企业代表表示，中资企业将立足自身优势和特点，加强合作，有效应对各类挑 战，坚持扎根当地，依法合规稳健经营，持续拓展金融、能源、农业、科技创新等领域 业务，维护海外中国企业良好形象，使中国同巴西等拉美国家建立更加紧密的经贸投资 关系，更好实现互利共赢。 当地时间7月8日，国务院总理李强在里约热内卢出席在巴西中资企业座谈会。新华 社记者 王晔 摄 新华社里约热内卢7月8日电 当地时间7月8日，国务院总理李强在里约热内卢出席在 巴西中资企业座谈会。中国银行、长城汽车、国家电网、金风科技、中粮集团、格力电 器、大华技术、中天科技等企业 ...