周末了随便聊聊吧。 先顺着昨晚的说，印度股市的表现是很好的，单看k线的话2000年之后的走势不输纳斯达克。 有人说那还得计算卢比贬值的部分。确实，印度长年贸易逆差，卢比是比较弱的，但贬值幅度不算很 大，平均每年3.8-4%，你把这25年贬值的部分扣掉，股市的回报率依然是很高的，指数涨了16倍呢。 我没去过印度，但出于好奇研究过印度的经济数据，大差不差能勾勒出一个大致框架。 印度的人均gdp目前在2800美元左右，约等于中国2007年的水平，但实际上印度的发展水平要比2007年 的中国要弱一些，这和两国的gdp构成有关。 中国制造业占gdp的比重一直在30%左右，而印度只有11-15%，印度gdp里大头是服务业，占比一直在 60%以上，因为印度的母语是英语，人又多又便宜，再加上政府的政策也相对开放，导致欧美转移了大 量服务业到印度。 客服、软件开发、医疗、保险、金融、教培、电商、酒旅……发展的都挺好的，这算是带英爸爸殖民时 期留下的遗产，三哥好赖也靠它吃上饭了。 还有读者看到我昨晚说俄罗斯的空军很菜，有些怀疑真实性。 其实你只要想到这场战争打了三年，打成一个壕沟一个壕沟去拼的地面焦灼战，就知道俄罗斯的空军肯 定 ...

活动现场，北京市贸促会、中国国际经济贸易仲裁委员会、中国海事仲裁委员会和十几家知名涉外律 所、公证处等法律服务机构展位一字排开，现场展示宣介，与参会企业面对面交流沟通。 北京市贸促会法律事务部部长李永介绍，本次活动涵盖全体会议、京津冀知识产权保护对话会、企业出 海法律风险防范实务分享会等。中国贸促会全部法律部门集体宣介贸促商法服务，以最强阵容开展"贸 促商法北京行"活动。 活动为中国企业"出海"提供法律咨询服务。北京氢璞创能科技有限公司品牌总监李世言介绍，该公司主 要从事氢燃料电池设备和制氢设备制造，公司核心产品已批量化生产，逐渐在巴西、英国、日本等市场 拓展海外业务。"在出海过程中，我们遇到最大的问题就是当地氢能政策和国内不匹配，另外产品供需 关系可能有差异，比如欧美和日本市场的电堆型号和我们有所不同。"李世言说，借助国际商事法律活 动日的平台，企业可与相关法律服务机构学习交流，解决在出海过程中遇到的卡点和堵点。 今年是丝路青年论坛国际部负责人杜克雷在中国的第18年，她已在该机构工作14年。"中国全力支持'一 带一路'建设，也针对发展中国家出台了一系列扶持政策。我们就是搭起桥梁，帮助发展中国家了解中 国的政 ...

能源化工日报 2025-05-09 2025/05/09 原油早评： 能源化工组 李 晶 首席分析师 从业资格号：F0283948 交易咨询号：Z0015498 0755-23375131 lijing@wkqh.cn 报 461 元。 数据方面：新加坡 ESG 油品周度数据出炉，汽油库存累库 0.22 百万桶至 13.43 百万桶，环比 累库 1.63%；柴油库存累库 0.18 百万桶至 8.91 百万桶，环比累库 2.05%；燃料油库存去库 1.93 百万桶至 20.54 百万桶，环比去库 8.59%；总成品油去库 1.54 百万桶至 42.88 百万桶，环比去 库 3.46%。 我们认为短期内 OPEC 增产已经如期兑现，建议投资者陆续逢低止盈，短期不宜过度追空。在 当前静态低库存情境下，逢低短多正套仍为较好头寸。 甲醇 2025/05/09 甲醇早评： 5 月 8 日 09 合约跌 23 元/吨，报 2216 元/吨，现货跌 42 元/吨，基 差+164。国内企业开工逐步回升，产量处于历史高位水平，企业利润受现货走弱影响有所回落 但整体依旧处于高位。后续来看，国内供应继续回升，进口逐步走高，需求端传统 ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The prices of most energy and chemical products are expected to fluctuate. Crude oil, fuel oil, asphalt, polyester, rubber, methanol, polyolefin, and polyvinyl chloride are all forecasted to have an oscillatory trend [1][3][5][6]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Thursday, oil prices rose significantly. OPEC's oil production in April may have slightly decreased due to the US's attempt to curb oil flow, leading to reduced supply from Venezuela, Iraq, and Libya. The US's expanded sanctions have increased market concerns and caused oil prices to rebound. The oil market will continue to fluctuate [1]. - **Fuel Oil**: On Thursday, the main fuel oil contracts on the Shanghai Futures Exchange rose. Singapore and Fujeirah's fuel oil inventories decreased. The reduction in East - West arbitrage arrivals in May will support the low - sulfur market in the short term. High - sulfur fuel oil is also supported by the expected improvement in Middle Eastern summer power generation demand, but low raw material procurement demand will still pressure the market [3]. - **Asphalt**: On Thursday, the main asphalt contract on the Shanghai Futures Exchange fell. This week, the shipment volume of domestic asphalt enterprises decreased, while the capacity utilization rate of modified asphalt increased. With the improvement of processing profits, supply is expected to increase. The issuance of special bonds is expected to accelerate, and terminal demand is supported, but attention should be paid to the pressure brought by increased supply [3]. - **Polyester**: PTA, EG, and PX futures prices rose on Thursday. PTA's load decreased and then is expected to rise. The overall ethylene glycol start - up load increased. Some MEG devices restarted or plan to shut down. The production and sales of polyester yarn in the Yangtze River Delta are weak. The prices of PX and PTA will follow cost fluctuations, and ethylene glycol is relatively resistant to decline [5]. - **Rubber**: On Thursday, the main rubber contracts on the Shanghai Futures Exchange fell. The start - up loads of domestic tire enterprises' semi - steel and all - steel tires decreased. The rubber market fundamentals are weak, but the delayed rubber tapping in Thailand will support prices in the short term [6]. - **Methanol**: On Thursday, methanol prices showed certain trends. In May, domestic supply is expected to increase, while demand will remain relatively stable, and price support will weaken [6]. - **Polyolefin**: On Thursday, the average national price of polypropylene (PP) was reported, and the prices of polyethylene (PE) in different regions decreased. Supply is expected to decline due to refinery maintenance, but demand will enter the off - season, and the decline in inventory will slow down. Polyolefin prices are expected to fluctuate weakly [7]. - **Polyvinyl Chloride (PVC)**: On Thursday, PVC prices in East, North, and South China decreased. The real estate construction off - season will drag down the demand for PVC downstream products, and exports may decline. In May, the PVC market fundamentals are loose, and prices are expected to remain low and fluctuate [7]. 3.2 Daily Data Monitoring - The report provides the basis data of various energy and chemical products on May 8th and 9th, including spot prices, futures prices, basis, basis rate, and their changes and historical quantiles [8]. 3.3 Market News - OPEC's oil production in April may have slightly decreased, despite the relaxation of voluntary production cuts. The organization plans to accelerate production increases in May and June, but the impact of the US's restrictions on Iran and Venezuela remains uncertain. Kazakhstan has no plan to cut crude oil and condensate production in May [11]. 3.4 Chart Analysis - **Main Contract Prices**: The report presents the closing price charts of the main contracts of various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, asphalt, LPG, PTA, ethylene glycol, etc. [13][14][17]. - **Main Contract Basis**: The basis charts of main contracts such as crude oil, fuel oil, and asphalt are provided, showing the basis trends over the years [28][32][33]. - **Inter - period Contract Spreads**: The report shows the spread charts of different contracts of fuel oil, asphalt, and other products, such as the spreads between 05 - 09 and 09 - 01 contracts of fuel oil [44][45][46]. - **Inter - variety Spreads**: The spread charts between different varieties are presented, including the spreads between domestic and foreign crude oil, B - W spreads of crude oil, and the spreads between fuel oil and asphalt [60][64][65]. - **Production Profits**: The production profit charts of ethylene - made ethylene glycol, PP, and LLDPE are provided [68][69][72]. 3.5 Team Member Introduction - The report introduces the members of the energy and chemical research team, including Zhong Meiyan, Du Bingqin, Di Yilin, and Peng Haibo, along with their positions, educational backgrounds, honors, and professional experiences [74][75][76].

印度尼西亚能源部长表示，作为与美国关税谈判的一部分，计划将部分从新加坡进口的燃料转为从美国 进口。 ...

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 重要会议： 2025势银绿氢产业大会（7月16-17日，江苏·无锡） 点此报名 添加文末微信，加 绿氢 群 航空排放量占比仍在上升，航空减排对全球减排意义重大。2016年10月为保障国际民航组织(ICAO)从 2020年起实现碳中和增长的目标，ICA0 通过了国际航空碳抵消和减排计划(CORSIA)。该计划主要通 过设定排放基线与抵销要求、建立监测报告和核查(MRV)体系和碳抵消机制、推广使用可持续航空燃 料(SAF)、飞机技术与运营改进等多种措施推进减排工作，计划实施分为三个阶段试点阶段(2021-2023 年，自愿参加);第一阶段(2024-2026年，自愿参与)第二阶段(2027-2035年，强制性参与)。据IATA预 估，未来65%的净零排放贡献将来自 SAF，有望为 SAF打开庞大潜在市场空间。 图1 实现 2050 年航空业净零排放目标的措施贡献率 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 图2 海外可持续航空燃料(SAF)行业相关政策 SAF 产业发展深受政策驱动影 ...

日本出口在4月前20天有所放缓，原因是美国加大对新车和所有产品征收关税的力度。日本财务省周五 公布，出口额较上年同期增长2.3%。相比之下，3月份前20天出口增长4.2%，全月出口增长4.0%。截至 今年3月的一年里，日本出口平均增长6.1%。 日本希望在6月份与美国达成贸易协议，但目前尚无迹象显示在7月初临时豁免期结束后，日本能够获得 全面取消所有关税。 伊藤忠经济研究所高级研究员Hiroshi Miyazaki表示，日元较上年同期走强可能是贸易额增长放缓的原 因。他补充称，贸易额增长放缓不太可能是由出口商品数量下降造成的。 汽车和汽车零部件是日本对美国最赚钱的出口产品。一些经济学家预计，在美国关税开始打击日本之 前，日本经济就已经在今年第一季度出现萎缩。 他表示："美国关税当然有可能导致出口逐渐下降，但我不认为关税一提高就会导致出口突然下降。" 日本贸易收支出现赤字，逆差达2420亿日元(17亿美元)。早期数据没有提供具体国家或地区的出口明 细。4月份全月数据将于5月21日公布。 日本财务省官员表示，出口增长放缓的主要因素是汽车、钢铁和矿物燃料。日本财务省没有提供地区或 金额细分贸易数据。 4月初，特朗普 ...

Core Insights - The fuel cell power generation industry in China is in its early commercialization stage, but its development potential is gradually becoming evident [1] - By 2030, the installed capacity of fuel cell power generation in China is expected to exceed 2000-2500 MW, with an annual compound growth rate of over 30% [1][14] Industry Overview - Fuel cell power stations convert chemical energy from fuels (like hydrogen and natural gas) into electrical energy through electrochemical reactions, achieving energy conversion efficiencies of 40%-60%, and up to 80% in combined heat and power (CHP) systems [2] - The industry has formed a complete ecosystem with innovative companies like Kunhua Technology, Aidemeng, and Qingneng Technology collaborating with listed companies and research institutions [1][16] Market Dynamics - The market size of China's hydrogen fuel cell industry grew from 1.63 billion yuan in 2019 to 3.93 billion yuan in 2023, with a compound annual growth rate of 24.61% [10] - In 2024, the industry is expected to experience explosive growth, with fuel cell heavy truck sales increasing by 80% year-on-year and the number of hydrogen refueling stations surpassing 550 [10] Technological Landscape - The fuel cell technology is categorized based on electrolyte type, operating temperature, and fuel applicability, including proton exchange membrane fuel cells (PEMFC), phosphoric acid fuel cells, molten carbonate fuel cells, and solid oxide fuel cells (SOFC) [3][5] - SOFCs have higher efficiency, reaching nearly 90% in CHP applications, and a broader range of fuel options, making them suitable for various applications [5] Competitive Landscape - The industry is characterized by a "leading enterprises, regional clustering, and diverse technologies" competitive structure, with major players like Dongfang Electric and Weichai Power leading in SOFC technology [19][21] - The collaboration between upstream material suppliers and downstream application developers is crucial for driving the commercialization of fuel cell power stations [8][19] Future Trends - The industry is transitioning from policy-driven to market-driven, with technological breakthroughs and cost reductions accelerating commercialization [23] - The application scenarios are expanding from demonstration projects to large-scale commercial use, with a projected 60% of installed capacity in CHP projects by 2030 [26] - The cost of green hydrogen production is decreasing, with projections of 25 yuan/kg in 2024 and potentially 15 yuan/kg by 2030, enhancing the competitiveness of hydrogen energy [27]

Aemetis (AMTX) Q1 2025 Earnings Call May 08, 2025 02:00 PM ET Company Participants Todd Waltz - Executive VP & CFOEric McAfee - Founder, Chairman and Chief Executive OfficerSaumya Jain - Equity Research AssociateMatthew Blair - Managing DirectorDerrick Whitfield - Managing DirectorAndy Foster - EVP - North AmericaDave Storms - Director of Equity Research Conference Call Participants Sameer Joshi - Senior Equity Research AnalystEdward Woo - Director of Research & Senior Analyst Operator Day, everyone. Welcom ...

丨证券研究报告丨 联合研究丨公司点评丨亿华通-U（688339.SH） [Table_Title] 亿华通 2024A&2025Q1：毛利率承压及减值损 失增加拖累业绩 报告要点 [Table_Summary] 2024A 公司实现营收 3.67 亿元，同比减少 54.21%；归母净利润-4.56 亿元，去年同期为-2.43 亿元，亏损同比扩大。2025Q1 公司实现营业收入 0.11 亿元，同比减少 19.92%；归母净利润 为-0.93 亿元，去年同期为-0.91 亿元。行业尚处于商业化的初期阶段，竞争激烈，量价及盈利 性下行拖累公司业绩。费用相对刚性&信用减值拖累利润。公司拟定增并购定州旭阳氢能，控股 股东或将易主旭阳集团。 %% %% 分析师及联系人 [Table_Author] SAC：S0490517090001 SAC：S0490514040001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490520080002 SFC：BUV415 SFC：BQK482 SFC：BUZ393 SFC：BUD284 徐科 邬博华 任楠 贾少波 司鸿历 请阅读最后评 ...