随着《关于深化新能源上网电价市场化改革促进新能源高质量发展的通知》（发改价格〔2025〕136 号，下称136号文）落地，新能源企业正面临前所未有的市场挑战。136号文是中国新能源产业从"规模 扩张"迈向"质效提升"的关键转折点。它撕掉了新能源电价最后的"保护膜"，将风光资源彻底推向市场 检验。阵痛不可避免，但也蕴藏着降本增效、技术升级的巨大机遇。 6月1日是新能源项目的"分水岭"，6月1日之前的存量项目，依然享受政策红利，享有保障性电价；6月1 日之后的增量项目全部入市。政策时间表引发连锁反应。今年2月136号文发布后，一场全国性的"531抢 装潮"席卷新能源行业。企业争相在政策大限前完成并网，锁定最后的固定电价保障。 光伏组件市场应声而变。头部制造商在春节前后启动涨价，每瓦组件价格上调0.02~0.03元。有经销商 透露："一兆瓦项目的光伏组件成本骤增3万元，头部企业甚至要求限期付款，否则合同作废。" 抢装潮背后是收益模型的根本改变。以往光伏电站收益=发电量×固定电价，如今变为 "收益=市场交易 收入+价差补偿-辅助服务分摊"的多变量方程。收益测算复杂度陡增，对企业的预测能力提出全新挑 战。 一方面，随着 ...

太平洋近日发布新能源+AI行业周报（第18期20250720-20250726）：新能源+AI是我们 长期推荐的一个大主线，近期新能源电池数据AI化、AI眼镜等细分环节关注度提升；另一 个近期大变化就是上下游在供给侧改革推进下共振发展：新能源上游硅、锂、钴供需优化， 下游固态电池等升级后相关需求预期向好。 以下为研究报告摘要： 报告摘要 行业整体策略：新能源+AI持续发力，上下游有望共振 新能源+AI是我们长期推荐的一个大主线，近期新能源电池数据AI化、AI眼镜等细分环 节关注度提升；另一个近期大变化就是上下游在供给侧改革推进下共振发展：新能源上游 硅、锂、钴供需优化，下游固态电池等升级后相关需求预期向好。 新能源汽车产业链核心观点：中下游新周期已开启 光储产业链核心观点：中期底部将逐步确认 1、供给侧改革有望持续，后续长效机制是关键，隆基、协鑫科技等受益。近期工信部 强调：加强产能监测预警，进一步推动行业自律。2、光储下游长效机制逐步建立，需求预 期有望逐步修复，晶科科技、龙源电力等受益。1）国家能源局正加快制定绿电直连输配电 价机制，推动新能源就近消纳。2）各地"136号文"配套逐步完善：近期辽宁"136 ...

Core Insights - The Sci-Tech Innovation Board (STAR Market) has raised over 1.1 trillion yuan in total IPO and refinancing funds in its six years, with Jiangsu enterprises leading the way [1] - The number of Jiangsu companies listed on the STAR Market has grown from 5 to 114, making it the largest group in the country, with a total market capitalization exceeding 1 trillion yuan and cumulative fundraising surpassing 189.8 billion yuan [1][10] - Strategic emerging industries such as biomedicine, integrated circuits, and new energy are advancing simultaneously, showcasing the strong synergy between capital and industry in Jiangsu [1] Fundraising and Corporate Growth - The STAR Market's efficient and transparent mechanisms align well with the innovative characteristics of companies like Suzhou Huaxing Yuan Chuang Technology Co., Ltd., which became the first listed company on the STAR Market [2][3] - Huaxing Yuan Chuang raised 880 million yuan for investments in flat panel display and semiconductor testing production lines, establishing itself as an industry leader [2] - Other companies, such as Suzhou Nano Micro Technology Co., Ltd., have also leveraged STAR Market fundraising to enhance their R&D capabilities and expand their business [3] R&D Investment and Patent Accumulation - Jiangsu STAR Market companies have invested over 20 billion yuan in R&D and hold more than 20,000 patents, indicating strong technological capabilities [5] - Companies like Nanjing Mailland Medical Technology Co., Ltd. have seen significant growth, with R&D expenditures consistently representing a substantial portion of their revenue [5] - Suzhou Naxin Microelectronics Co., Ltd. has focused on the automotive sensor and signal chain industries, achieving a high R&D investment ratio and accumulating numerous patents [6][7] Government Support and Ecosystem Development - The development of STAR Market companies in Jiangsu is supported by government policies that provide financial assistance and resources for high-tech enterprises [8][9] - Various cities in Jiangsu have implemented distinct support measures, such as Suzhou's comprehensive nurturing system for potential listed companies and Nanjing's innovative financial service stations [9][10] - As of June 30, 2023, Jiangsu has 251 companies in the IPO counseling stage, accounting for 16% of the national total, with a significant portion of these being STAR Market candidates [10] Future Outlook - The STAR Market "Jiangsu Legion" is poised for further growth, aiming to convert laboratory patents into market value and enhance its overall innovation capabilities [11]

特朗普政府将在两周内公布对半导体进口的国家安全调查结果，半导体关税预期升温。 7月27日，据媒体报道，美国商务部长卢特尼克（Howard Lutnick）当地时间27日宣布，特朗普政府将 在两周内公布对半导体进口的国家安全调查结果。这一表态引发市场对新一轮芯片关税即将出台的担 忧。 据环球时报早前报道，4月13日，特朗普宣布对半导体行业进行国家安全贸易调查。他在社交媒体上发 文称："在即将进行的国家安全贸易调查中，我们将关注半导体和整个电子供应链。" 这项基于1962年《贸易扩张法》第232条款的调查可能为对芯片进口征收新关税奠定基础。而特朗普政 府已多次运用此类贸易调查工具对多个行业实施关税措施。 据追风交易台此前消息，巴克莱在研报中称，美国232条款半导体关税征收时间窗口已基本明确：最可 能在8月中旬之后实施，最迟不超过9月。 特朗普：欧盟以"更好的方式"避开芯片关税 与此同时，卢特尼克也称，这项调查是欧盟寻求谈判更广泛贸易协议以"一次性解决所有问题"的"关键 原因"之一。 据央视新闻，当地时间7月27日，美国总统特朗普表示，美国已与欧盟达成15%税率的关税协议。欧盟 将增加对美国投资6000亿美元，将购 ...

沿着最小阻力的方向，符合人性，但不一定通往最优结果，突破阻力是改革的应有之 义。"反内卷"不等于"涨价去产能"，是一个需要中央、地方和司法体系协同配合的改 革过程。高度重视反内卷政策，准确把握改革方向。 文：国金宏观宋雪涛/赵宏鹤 一、阻力最小的方向 对市场来说，要在短时间内参与"反内卷"主题，上游行业同样是阻力最小的方向： 2016 年供改记忆 犹新——逻辑直观容易理解，市场流动性宽松——情绪容易催化，商品价格和行业估值处于历史低位 ——筹码结构容易拉升。 但阻力最小的方向不一定通往最优的结果。 一个简单的例子是，当前形势下，如果反内卷仅限于上游 涨价去产能，那么真正深陷于内卷的中下游行业特别是新兴行业，将会面临更大的竞争压力，甚至加剧 内卷。回顾过往， 21 年的"双碳"一度出现合成谬误，好在数月之后得到纠偏。 对市场来说，流动性、情绪、反通缩预期和筹码结构的铺垫固然可以降低阻力，但拉长时间仍需经历现 实的检验，这需要切实的供给收缩和需求回暖，本质上是要对齐高层改革的意图，否则将会面临证伪的 风险。 二、改革之路 要实现最优结果，就要突破很多阻力，这也是改革的应有之义。 物理学里有一个"最小阻力定律"，指 ...

大众汽车在安徽的电动车工厂全速运转，西门子在青岛的风电基地实现全产业链布局，这标志着德国企业正积极融入中国市 场，构建新的产业生态。 更重要的是，中德在稀土领域展开合作，打破了美国对稀土供应链的垄断，巴斯夫在湛江的本地化 采购率高达90%，这无疑是精准打击了美国的技术封锁。 中德合作建设的半导体研发中心也正式启动，这将进一步削弱美国 在芯片领域的垄断地位。 世界格局正经历一场深刻变革，其核心并非简单的贸易战，而是霸权逻辑的破产与多极世界秩序的崛起。 这场变革的缩影， 便是德国与美国之间日渐紧张的关系，以及德国寻求与中国战略协作的果敢抉择。 曾经，德国对美国言听计从，但在美国挥舞关税大棒，对德国汽车、钢铁铝等产业加征高额关税（汽车产业高达25%），甚至 抽调驻德美军9500人至波兰，破坏北溪天然气管道项目，并对德国企业实施制裁后，这种依附关系走向终结。 保时捷等豪车 企业为此额外承担了超过三亿欧元的关税，这仅仅是美国单方面施压的冰山一角。 这种"盟友"行径，更像赤裸裸的经济掠夺 和地缘政治操纵。 然而，被逼到墙角的德国并没有屈服。 他们不再唯唯诺诺，而是祭出了"反胁迫工具"这一大杀器：对美国企业政府订单进行 限 ...

7月20日晚，"苏超"赛场上，南京队5比1大胜扬州队，南京各大商圈里的"第二现场"一次次被点 燃，热度也瞬时传到消费领域，球迷们"买买买"的身影随处可见；4天前，南京召开全市产业攻坚汇报 交流暨推进大会，晒出亮眼成绩单，再一次吹响产业强市的号角…… 清晰的架构、明确的"靶心"，让各部门拧成一股绳有的放矢，交出一份精彩的半年报：南京全市成 功招引105个项目，规上工业增加值同比增长6.2%，其中，6月当月增长7.6%。 引力"强"，好产业接连重仓 7月22日，江宁滨江开发区再迎"老熟人"——扎根8年的南京北路智控科技股份有限公司带着总投资 6亿元的新项目签约。选择在本土加仓，彰显了企业扎根园区的信心。 炎炎夏日的金陵大地上，投资与消费正在这里上演"速度与激情"的合奏。上半年，南京市工业投资 同比增长14%，限上零售业销售额同比增长14.5%。两项指标均实现两位数跃升，双轮齐驱，牵引着南 京在高质量发展轨道上疾驰，推背感满满。 招引"准"，新项目纷至沓来 在全球经济承压的当下，工业作为经济"压舱石"的分量愈发凸显。南京始终把产业强市作为"头号 工程"，锚定"新"字发力，以先进制造业为支点撬动新质生产力加快发展，持 ...

点击小程序查看报告原文 万亿元水电工程落地，相关基建投资有望迎来重估 7月19日，雅鲁藏布江下游水电工程正式开工，项目主要采取截弯取直、隧洞引水的开发方式，共建设5座梯级电站，预计总投资额达1.2万亿元，预 计装机容量超6000万千瓦，年发电量约3000亿千瓦时[1]，为目前全球规划中最大的水电站项目。2021年发布的《十四五规划纲要》中雅下水电站在 大型清洁能源基地专栏被重点提及，为十四五规划中体量最大的项目之一[2]，去年12月项目前期勘探和科研工作完成并获得核准[3]。以政府投资带 动社会投资，我们预计雅下水电工程的落地有望带动相关基建投资表现，在地产周期下行、传统基建趋缓背景下成为新支点之一，为相关产业带来 增长空间。自项目落地以来，快速成为市场交易主线，建筑、建材、工程机械、水利等板块均有所表现尤其是直接关联公司较为强势，大宗商品的 价格也波动走高，市场关注度提升。 雅下水电工程将带来哪些经济影响？ 雅下水电项目作为我国战略级超级工程，我们预计有望助力我国能源结构进一步转型，提高能源使用效率，同时可改善西藏地区财政收入及就业情 况，适度拉动我国基建投资及GDP表现。具体来看： ► 机械设备： 雅下水 ...

Core Viewpoint - Futek Technology is accelerating its expansion in the new energy vehicle (NEV) components sector by issuing shares to raise up to 528 million yuan for capacity expansion and to enhance its competitive position in the market [1][2]. Fundraising and Project Details - The company plans to issue up to 46.6261 million shares, raising a total of no more than 528 million yuan, with the funds allocated to various projects including the intelligent manufacturing of core NEV components and the establishment of a second base for vehicle power supply production [2][3]. - The key project, "Intelligent Manufacturing of Core NEV Components (Phase III)," will receive 234 million yuan, accounting for 44.32% of the total fundraising, aiming to achieve an annual production capacity of 720,000 sets of high-voltage power supply systems [2][3]. - The second base for vehicle power supply production will receive 160 million yuan to stabilize production operations by reducing reliance on leased facilities [3]. - The new generation vehicle power supply product development project will receive 36.4243 million yuan for R&D of integrated products using GaN devices [3]. Financial Performance - From 2022 to 2024, the company's revenue was 1.65 billion yuan, 1.835 billion yuan, and 1.934 billion yuan, reflecting year-on-year growth rates of 71.13%, 11.2%, and 5.38% respectively [5]. - Net profit for the same period was 86.77 million yuan, 96.44 million yuan, and 94.61 million yuan, with growth rates of 50.53%, 11.14%, and a slight decline of 1.9% [5]. - In Q1 2025, the company achieved revenue of 506 million yuan, a significant year-on-year increase of 94.79%, while net profit was 19.66 million yuan, down 1.56% [5]. R&D Investment and Capacity Expansion - The company has maintained a high level of R&D investment, with cumulative R&D expenses reaching 616 million yuan from 2020 to 2024, and a team of 813 employees dedicated to R&D, representing 49.3% of the total workforce [4][6]. - Total assets increased from 1.535 billion yuan in 2022 to 2.285 billion yuan in 2024, marking a growth of 48.86%, with total assets reaching a historical high of 2.463 billion yuan by Q1 2025 [6].

Market Performance - The US stock indices collectively rose over the past week, with the Dow Jones Industrial Average increasing by 1.26% to 44,901.92 points, the Nasdaq Composite rising by 1.02% to 21,108.32 points, and the S&P 500 gaining 1.46% to 6,388.64 points [1] - Year-to-date, the Dow Jones has increased by 5.54%, the Nasdaq by 9.31%, and the S&P 500 by 8.62% [1] Earnings Reports - Over 82% of the 169 S&P 500 companies that have reported earnings exceeded market expectations [1] - Approximately 30% of S&P 500 companies have released their earnings, with an expected overall growth of 7.7% in Q2 earnings compared to the previous year [4] Sector Analysis - There is a notable divergence in the performance of major tech stocks, with Nvidia and Microsoft reaching new highs, while Tesla and Intel have seen declines of 21% and 10.39% respectively [2] - The S&P 500's price-to-earnings ratio stands at 22.6, significantly above the long-term average of 15.8 [2] Federal Reserve and Economic Indicators - The Federal Reserve is expected to maintain interest rates in the range of 4.25% to 4.5% during its upcoming meeting, as officials seek more data to assess the impact of tariffs on inflation [4] - Recent inflation data shows an increase in the Consumer Price Index (CPI) from 2.3% in April to 2.7% in June, indicating rising inflationary pressures [4]