然而，新型储能产业仍面临"内卷式"恶性竞争、盈利模式不清晰等问题，亟需通过扩大市场有效需求、 优化国内价值链布局与深化供需匹配等举措，化解制造端产能压力，激发产业体系的内生增长动力。广 东省作为全国最早布局新型储能产业的省份之一，具备较完整的产业链体系，近年来在政产学研协作下 发展成效显著。但同时，产业扩张与市场应用之间的矛盾日益突出，供给增长快于市场吸收能力。未来 应把握产业转型升级窗口期，加快储能电站规模化应用，精准衔接制造端与需求端，进一步巩固广东在 全国新型储能产业链中的引领优势，为全国储能高质量、可持续发展提供可复制、可推广的经验。 一、当前广东省新型储能产业面临供需失衡 广东省持续发力支持新型储能产业发展，"十四五"期间推动产业规模实现跨越式增长，但受限于市场波 动和国内大幅扩产等因素影响，产业供给端压力不断加剧。从产业规模看，2024年广东全省新型储能产 业营业收入约4000亿元，同年本地新型储能装机规模增长114%，扩张态势强劲。与之形成鲜明反差的 是，已并网项目的实际等效利用小时下滑8.68%，表明供给扩张与市场化应用之间出现了明显错配，成 为制约广东省新型储能产业高质量发展的核心矛盾。 （ ...

Core Viewpoint - Sichuan province aims to accelerate the high-end, intelligent, and green development of its manufacturing industry during the "14th Five-Year Plan" period, focusing on technological innovation and industrial transformation [1][2][3] Group 1: Technological and Industrial Innovation - Sichuan will enhance the core competitiveness of its manufacturing sector by integrating technological and industrial innovation, including a new round of large-scale technological upgrades and the establishment of over 50 provincial-level manufacturing innovation centers [1] - The province plans to create over 100 high-level testing platforms and 300 pilot platforms for manufacturing, aiming to elevate the industrial foundation and move the value chain towards mid-to-high end [1] Group 2: Intelligent Manufacturing Development - The province will promote the intelligent upgrade of the entire production process, accelerating digital transformation and enhancing numerical control levels [2] - Sichuan aims to cultivate 100 future factories and 1,000 advanced intelligent factories, while also developing 1,000 new intelligent terminal products [2] - The focus will also be on strengthening the support for the intelligent industry system and enhancing the integration of "5G + industrial internet" applications [2] Group 3: Green Manufacturing Initiatives - Sichuan will build a comprehensive green manufacturing system, promoting green transformation across all stages from product design to recycling [3] - The province targets the establishment of over 1,000 green factories and more than 150 green industrial parks, along with the implementation of over 1,000 green integration technology renovation projects annually [3] - The goal is for green low-carbon industries to account for over 30% of the industrial share, with clean energy making up 90% of the industrial energy structure [3]

Group 1: Core Insights - The development of embodied intelligence, particularly humanoid robots, is experiencing rapid growth, with a projected market size reaching 100 billion yuan by 2030, driven by over 50% annual growth [2][22] - There are currently over 150 humanoid robot companies in China, with more than half being startups or from other industries, raising concerns about product redundancy and market saturation [2][22] Group 2: Policy and Regulatory Framework - The National Development and Reform Commission (NDRC) plans to establish industry standards and an entry-exit mechanism for the humanoid robot sector to ensure fair competition and orderly development [3][22] - The NDRC aims to accelerate key technology breakthroughs and support collaboration among enterprises, universities, and research institutions to address industry bottlenecks [3][22] Group 3: Infrastructure and Investment - The NDRC has allocated 700 billion yuan and 800 billion yuan in special long-term bonds for hard investment projects in the past two years, supporting 1465 and 1459 projects respectively [5][10] - The infrastructure REITs market has expanded to cover 12 industries and 52 asset types, with ongoing efforts to include more sectors such as urban renewal and commercial facilities [7][15][16] Group 4: Energy and Technology Development - New energy storage installations in China have exceeded 100 million kilowatts, representing over 40% of the global total, with plans to further develop hydrogen energy and storage technologies [4] - The NDRC is promoting the establishment of artificial intelligence application pilot bases to facilitate technology transfer and application in various industries [19][20]

Core Viewpoint - Leshan National High-tech Industrial Development Zone is actively promoting its digital economy and industrial competitiveness through the introduction of high-quality projects and innovative strategies during the 14th Five-Year Plan period [2][3]. Industry Development - Leshan High-tech Zone has seen a 75% increase in the number of high-tech enterprises compared to the end of the 13th Five-Year Plan, showcasing significant growth in its industrial structure [3][7]. - The introduction of the 28 billion yuan advanced low-altitude drone industry chain headquarters project has attracted key supporting enterprises in chips and AI, demonstrating strong cluster effects [2][3]. - The HBC battery project by Sichuan Shuoyang has broken foreign technology monopolies, marking a key breakthrough in the photovoltaic sector [3][4]. - The all-vanadium flow battery production line is expected to generate over 1 billion yuan in output by 2025, indicating robust growth in the new energy storage sector [3][4]. Project Support - The "land immediately under construction" model has significantly reduced project approval times to an average of 37 working days, enhancing operational efficiency [5][6]. - A total of 207 projects have commenced construction, with 83 projects completed, reflecting strong investment momentum [6][7]. - The high-tech zone has invested 3.1 billion yuan in municipal infrastructure, improving transportation and supporting project development [6][7]. Innovation and Talent - The high-tech zone aims to increase the number of high-tech enterprises to 49 by the end of 2025, with a 129% increase in technology-based SMEs [7][8]. - R&D expenditure has exceeded 100 million yuan, with 2,035 effective invention patents, providing a solid foundation for industrial innovation [8][9]. - The "talent strong zone" strategy has attracted over 6,000 talents, including 265 with master's or doctoral degrees, fostering a conducive environment for innovation [8][9]. Future Goals - The high-tech zone aims to build two trillion-yuan clusters in crystalline silicon photovoltaic and green chemicals, striving to rank among the top 50 national high-tech zones by 2030 [9].

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the fixed income market, particularly interest rate bonds and credit bond allocation strategies [1][2][3]. Core Insights and Arguments - **Interest Rate Bonds Market**: The current market shows limited downward potential for interest rates, leading to a decrease in investor willingness to take long positions. The market is reacting less to positive factors [1][2]. - **Investment Strategy**: - For absolute return portfolios, a low duration defensive strategy is recommended, waiting for interest rate adjustments before considering new opportunities [1][3]. - For relative return portfolios, attention should be paid to the compression of spreads between government bonds and policy bank bonds [1][3]. - **Recommended Bonds**: - Long-term: 10-year policy bank bond 215 and 30-year government bonds are highlighted for their liquidity and potential capital gains [1][7]. - Short-term: 5-year policy bank bonds 208 and 203 are recommended, while avoiding certain convex positions due to low cost-effectiveness [1][8]. - **Hedging Strategy**: Utilizing government bond futures for hedging operations is advised, specifically buying policy bank bonds and hedging with 5-year or 10-year government bond futures to enhance cost-effectiveness [1][9]. Important but Overlooked Content - **Credit Bonds**: - Emphasis on focusing on economically strong provinces and cities for long-term credit bonds, while regions with insufficient growth momentum should prioritize bonds with maturities of three years or less [1][10][11]. - Specific attention to key industrial chains in provinces like Shandong and Sichuan, which are investing in renewable energy sectors such as photovoltaics and hydrogen energy [1][12][14]. - **Local Government Support**: The role of local governments in attracting investment and providing policy support is crucial for the development of local enterprises and industries [1][15]. - **Future Investment Opportunities**: Identifying investment opportunities based on local industrial development plans, particularly in emerging sectors like new energy and intelligent manufacturing, is essential for long-term growth [1][16][20]. Conclusion - The fixed income market is currently characterized by cautious investor sentiment due to limited interest rate movement. Strategic allocation in both long-term and short-term bonds, along with a focus on economically robust regions and sectors, is recommended for potential investment success.

人民财讯11月26日电，11月26日，香蜜湖金融+系列活动之"星耀鹏城"20+8产业沙龙——新型储能投融 资并购专场在深圳福田国际创新中心举办。本次活动紧扣"十五五"能源转型关键窗口，旨在促进资本与 产业精准对接，助力深圳打造世界一流新型储能产业中心。现场汇聚了头部上市公司、投资机构及科创 企业代表逾80人，共探储能发展新机遇。据了解，本次沙龙是深圳上市公司协会—香蜜湖CVC创新服 务中心在2025年度举办的第11期"星耀鹏城"系列产业对接活动。 ...

Core Insights - The event "Starry Shine in Pengcheng" focused on new energy storage investment and mergers, aiming to connect capital with industry in Shenzhen's energy transition context [1] - Over 80 representatives from leading listed companies, investment institutions, and innovative enterprises participated to explore new opportunities in energy storage [1] Group 1: Event Overview - The event was held on November 26 at the International Innovation Center in Shenzhen, emphasizing the importance of the 14th Five-Year Plan for energy transformation [1] - The Shenzhen Stock Exchange experts provided insights on how the capital market can empower new productive forces [1] Group 2: Industry Insights - Shenghong Co., Ltd. shared the market prospects for data center energy storage, while CITIC Securities analyzed merger and acquisition strategies for listed companies [1] - A roundtable discussion titled "Solid-State 'Core' Era: How Shenzhen Leads the Next Battery Industry Revolution?" featured representatives from Xinwangda, Bettery, and Yuan Zhi Energy Fund [1] Group 3: Innovation Showcase - Three innovative companies presented their breakthroughs in diverse technologies, including sodium battery materials, carbon dioxide energy storage, and phase change cooling technology [1] - The salon is part of the 11th session of the "Starry Shine in Pengcheng" series organized by the Shenzhen Listed Companies Association and Xiangmi Lake CVC Innovation Service Center for 2025 [1] Group 4: Strategic Goals - Shenzhen is leveraging its strong financial, technological, and industrial ecosystem to actively pursue new opportunities in future industries as outlined in the 14th Five-Year Plan [1]

Group 1 - The article predicts that the convertible bond market will continue to experience fluctuations in the next one to two weeks, laying a foundation for the year-end market trend [1] - The recent A-share market has undergone a significant adjustment, influenced by both internal and external factors, with convertible bonds showing relative resilience [1] - External factors include volatility in the market's expectations for a Federal Reserve rate cut in December, which has suppressed risk appetite in the A-share market [1] Group 2 - The article suggests that the market is expected to enter a "spring rally" layout window in December, with institutional investors likely to shift from defensive sectors to those with high growth certainty for 2026 [2] - Key catalysts for market recovery may include the release of policy signals, particularly from the Central Economic Work Conference typically held in mid-December [2] - The article recommends a defensive investment strategy while also considering structural opportunities, with a focus on technology growth sectors, high-end manufacturing, and green energy [2]

在"十四五"最后一个季度，2025年世界动力电池大会刚刚于11月中旬在四川宜宾落下帷幕。这个连续四 年在此召开的全球盛会，不仅让世界见证了宜宾继白酒之后第二个千亿产业——动力电池的强势崛起， 更照见其以此为起点构筑的绿色新能源发展来时路。 此次大会以"新视野·新生态·新机遇"为主题，满含对"十五五"的期待，但这里的展望亦不止于动力电池 产业，而是整个宜宾绿色发展的新视野、新生态和新机遇。 实际上，就在动力电池大会召开前夕，宜宾的绿色发展又添砝码。今年的9月28日，宜宾高新零碳产业 园Zpark 26个拟建项目集中开工，标志着长江生态首城再次以创新战略入局，面向未来，培育核心竞争 力。 （2025世界动力电池大会现场） 这绝非简单的招引落地，而是一套经过精密规划和设计的绿色发展操作系统。 早在2016年，从传统白酒+煤炭产业中觉醒的宜宾，隐约预感新能源时代地到来，布下"8+2"产业格 局；三年后，宁德时代落子宜宾，以此为起点，拉开新能源产业发展序幕；而后，光伏、新型储能接续 布局，在长江上游逐渐构建出"4+4+4"现代产业体系…… 时至今日，当城市竞争渐趋白热化，招引愈加"内卷"时，宜宾以创新、创造、创业为锚点 ...

债券研究 /[Table_Date] 2025.11.24 压力测试下转债具备韧性 [Table_Authors] 顾一格(分析师) 转债事件点评 债 券 本报告导读： 预计未来一到两周，转债市场预计将延续震荡格局，为年末行情夯实基础。建议利 用市场震荡进行布局，耐心等待"春季躁动"行情的展开。 投资要点： | | 021-38038201 | | --- | --- | | | guyige@gtht.com | | 登记编号 | S0880522120006 | [Table_Report] 相关报告 REIT 打新策略数据跟踪 2025.10.29 买卖国债如何理解：从"长"计议 2025.10.28 把握反击窗口期 2025.10.26 不惧扰动，保持定力 2025.10.20 存款流向非银为何减速——9 月金融数据点评 2025.10.16 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 研 究 事 件 点 评 [Table_Summary] 过去一周（11 月 17 日-11 月 21 日），A 股市场经历了全线深度调 整，转债相对具备韧性。此次调整主要受内外因素交织影响。外部 而言，市 ...