Group 1: Clean Energy Development - The city of Maerkang aims to accelerate the development of 12 million kilowatts of water, wind, and solar energy resources, with a total clean energy installed capacity expected to exceed 8.5 million kilowatts by 2030 [1] - Current projects include the construction of the Shuangjiangkou, Bala Hydropower Station, and Dazang Photovoltaic projects, with an expected 3.006 million kilowatts of installed capacity to be put into operation this year [1] - Maerkang has significant potential for clean energy development, with 75% of its resources still untapped [1] Group 2: Lithium Resource Development - Maerkang is focusing on the development of clean energy and lithium mineral resources as key strategies for high-quality development [1] - The Daba Lithium Mine in Maerkang is the first lithium oxide resource in Sichuan with over one million tons and the largest proven resource in Asia [1] - The city is advancing local processing and transformation of lithium resources, with the launch of a 200,000 tons/year lithium salt project by Guocheng Lithium Industry [1] Group 3: Agricultural Development - Maerkang is integrating into the national seed industry landscape by establishing the "Summer Breeding Aba, South Breeding Sanya" crop breeding brand [2] - The Tianfu Summer Breeding (Maerkang) Modern Seed Industry Park is set to open in April 2024, marking a significant node in Sichuan's seed industry development plan [2] - The seed industry park has a core area of 700 acres and hosts over 20 research teams from institutions like the Provincial Academy of Agricultural Sciences and Sichuan Agricultural University [2] Group 4: Urban Development and Infrastructure - As the capital of Aba Prefecture, Maerkang is tasked with the mission of becoming a highland city, focusing on urban renewal and infrastructure improvement [2] - The city has demolished a total of 146,900 square meters of old urban areas to address urban congestion and enhance the urban landscape [2] - In 2024, Maerkang will be included in the Beautiful China construction practice case, indicating a gradual increase in urban vitality and reputation [3]

Core Insights - The company reported a strong revenue growth of 24.4% year-on-year, reaching RMB 57.65 billion for the first quarter of 2025, despite challenges such as a slight slowdown in natural gas consumption and the impact of the Chinese New Year holiday [1][2] Group 1: Clean Energy Division - The clean energy division achieved a significant revenue increase of 33.4% year-on-year, amounting to RMB 43.42 billion, making it the largest contributor to the company's overall revenue at 75.3% [2] - Hydrogen energy revenue within the clean energy division was approximately RMB 1.43 billion [2] - The clean energy division secured new orders totaling RMB 38.58 billion, although the Chinese New Year holiday affected the completion of several project bids [1] Group 2: Chemical Environment Division - The chemical environment division reported a revenue of RMB 5.70 billion, a slight increase of 1.4% year-on-year, contributing 9.9% to the overall revenue [2] - New orders in the chemical environment division reached RMB 4.44 billion, reflecting a year-on-year growth of 17.3% [1][2] - Revenue from high-end medical equipment components within this division grew by 21.0% to RMB 54.41 million [2] Group 3: Liquid Food Division - The liquid food division's revenue increased by 4.3% year-on-year to RMB 8.53 billion, accounting for 14.8% of the total revenue [2] - The division is actively pursuing several large industrial beer projects in North America and the Middle East [1] - The company's production base in Mexico commenced full operations at the beginning of 2025, enhancing its global capabilities in liquid food turnkey projects [2]

封面新闻记者 陈远扬 从具体项目来看，各领域重点项目纷纷落地开花。在制造业领域，正美齿科新建隐形矫治器生产基地开工建设，进一步完善了资阳的口腔产业链，推动口 腔产业朝着更高质量、更具规模的方向发展。而在科技创新领域，世界首个超导磁悬浮技术路线电磁发射验证平台在资阳商业航天发射技术研究院完成首 次试验，这一突破不仅彰显了资阳在航天技术研发方面的实力，更为后续相关产业的发展奠定了坚实基础。 与此同时，资阳全市固定资产投资呈现出迅猛增长的态势，同比增长29.6%，增速居全省第1位。工业投资表现同样突出，增长28.9%，高于全省10.8个百 分点，增速位列全省第6位，且工业投资占全市投资比重达到31.1%，同比提高8.7个百分点。其中，制造业投资增长势头更为强劲，高达111.5%，高于全 省98.2个百分点，居全省第2位。 上述数据充分表明，资阳的工业发展正处于快速上升期，制造业作为工业的核心支柱，正发挥着越来越重要的作用。 为保障项目顺利推进，资阳建立了"市级总库+行业专库+县区子库"的项目动态储备体系，并开辟审批"绿色通道"，促进ABC三类项目梯次转化。目前，当 地综合库内储备项目达1350个，达到初设概算深度的 ...

Economic Development - The GDP growth rate of Yajiang County has ranked first in the state for four consecutive years, earning titles such as "Fastest Progress County" and "Significant Progress in High-Quality Development" in the province [1] - Yajiang County is rich in resources, with over 10 million kilowatts of hydropower potential and the largest spodumene lithium mine in Asia [1] Clean Energy Initiatives - Yajiang is leveraging its resource advantages by integrating clean energy with computing power and energy storage, following a "1+1>2" strategy [1] - The county has a planned photovoltaic capacity of 12 million kilowatts and hydropower capacity of 10 million kilowatts, with 5.3 million kilowatts already installed and 2.5 million kilowatts under construction [1] Agricultural Development - Yajiang is known as the "Hometown of Matsutake" and is expanding its mushroom industry by developing various products, including Matsutake sashimi and pizza, enhancing its agricultural tourism [2] - The county aims for a transaction volume of 1,530 tons and a value of 450 million yuan for edible mushrooms in 2024, with a digital platform for Matsutake that ensures freshness delivery nationwide within 48 hours [2] Mining Industry - Yajiang is focusing on developing its lithium mining sector into a "billion-dollar leading industry" while balancing economic growth with environmental protection [2] - The county has established partnerships with major companies like CATL and Tianqi Lithium to enhance its lithium processing capabilities [3]

"美国面临的最紧迫但被低估的能源挑战之一，是与中国的人工智能竞赛。美国当前处于领先地位，但中国正在大力投资并缩小差距。" 反观美国，"电力需求的增长速度已经超过了公用事业企业的产能建设速度。" 当地时间4月27日，美国前财长亨利·保尔森在英国《金融时报》上撰文称，美国若试图在与中国的人工智能竞赛中胜出，发展清洁能源至关重要，特朗普政 府必须实施清醒务实的国家能源战略。 保尔森曾于2006年至2009年担任小布什政府的财政部长，后于2011年创办保尔森基金会并担任主席。官网介绍称，该基金会致力于在中美两国推动可持续经 济增长、更清洁的环境和跨境投资。 保尔森此文的背景是当前人工智能发展对电力需求增长的强劲驱动。国际能源署日前发布报告称，到2030年，全球数据中心的电力需求将增加一倍以上，达 到每年约945太瓦时，略高于目前日本每年的总用电量。 "能源安全变得至关重要，"保尔森提到，近年来全球能源格局已经发生巨变。俄乌冲突导致天然气价格飙升，欧洲和其他能源尚未独立的地区为解决能源问 题，加速转向太阳能和风能。 在文章中，保尔森将中美能源发展现状做了对比。他表示，"中国政府的目标是主导未来技术，他们深知能源政策将是 ...

Group 1 - The Guangdong judicial system emphasizes the protection of commercial secrets, launching a guideline for criminal protection of commercial secrets to assist enterprises in establishing effective protection systems [1][2] - The guideline has been recognized and promoted by seven central ministries, indicating its national significance [1] - Guangdong is a leading province in terms of innovation and intellectual property, with the highest number of effective invention patents and regional innovation capabilities in China [1] Group 2 - In 2024, 17 cases involving 30 individuals were approved for arrest related to the infringement of commercial secrets, with 16 cases leading to public prosecution involving 34 individuals [2] - Three of the ten typical cases released are related to the judicial protection of commercial secrets, highlighting the critical role of commercial secrets in corporate competitiveness and the impact of infringement on emerging industries [2] - The Shenzhen judicial office has developed a guideline that has significantly improved the case acceptance rate for commercial secret cases from 28.6% to 66.7% after its implementation [3]

报告期内，公司依托自身客户、资源优势在氢能、光伏业务布局上取得了阶段性进展，通过传统燃气业 务与新能源业务的协同发展，推动公司向多能互补的综合能源服务商转型升级，进一步增强和巩固公司 在区域市场的竞争优势。 报告期内，公司通过持续开拓下游市场，创新业务模式，强化基础设施建设，构建多元化供气体系，强 化气源保障能力，提升服务品质，稳步拓展城市燃气业务，未来公司将继续深化城市燃气业务精细化管 理和运营，推动业绩稳健增长。公司通过获取优质资源和产业链布局，提升LNG业务竞争力。综合能 源业务方面，公司与用户进行深度合作，加快多能互补业务布局，提升竞争力。 中证报中证网讯（王珞）4月25日晚间，德龙汇能（000593）发布的2024年年度报告显示，公司实现营 业收入17.37亿元，同比增长8.53%；实现归属于上市公司股东的净利润1904.71万元，扣非净利润 1129.93万元，同比均大幅增长且扭亏为盈。 展望未来，公司将围绕国家持续推进能源转型及"双碳"的目标，推广天然气在多领域的广泛应用，抓好 我国城市发展由增量建设转向存量提质改造，增量结构调整的契机，继续聚焦清洁能源主业，夯实燃气 业务基本盘，升级传统业务， ...

头豹行业概览| 2025/02 www.leadleo.com 2024年 中国绿色甲醇行业概览：双碳战略驱动千亿 级清洁能源赛道，产业链爆发式增长前瞻 China Green Methanol Industry 中国のグリーンメタノール産業 （精华版） 概览标签：清洁能源、清洁燃料 主笔人：张诗悦 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件 （在报告中另行标明出处者除外）。 ，任何人不得以任何方式擅自复制、再 造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究院保留采取法 律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、 商标，头豹研究院无任何前述名称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院 开展商业活动。 头豹行业概览 | 2025/02 报告要点速览 中国绿色甲醇行业正加速发展，以生物质气化、电制甲醇等技术为核心，覆盖航运、化工、储 能及工业锅炉四大领域。国际海事组织减排目标与中国"双碳"政策形成双重驱动，推动绿色甲醇 替代传统高碳燃料。当前技术路线中， ...

Investment Rating - The report indicates a strong growth potential for the green methanol industry, with an expected market size exceeding 27 billion yuan by 2030, driven by the dual carbon strategy and technological advancements [3][51]. Core Insights - The green methanol industry in China is accelerating, focusing on technologies such as biomass gasification and electro-methanol, covering shipping, chemicals, energy storage, and industrial boilers. The International Maritime Organization's emission reduction targets and China's dual carbon policies are driving the transition from traditional high-carbon fuels to green methanol [3][4]. - The main technological routes identified are electro-methanol and biomass gasification, with electro-methanol expected to achieve a long-term cost reduction to approximately 2,100 yuan per ton, while biomass gasification costs are more variable depending on raw material prices [3][34]. - Green methanol has significant advantages in the shipping sector, with lifecycle carbon emissions as low as 0-0.7 tons per ton, making it a preferred transitional fuel for decarbonization [4][11]. Summary by Sections Industry Overview - The green methanol industry is characterized by rapid development, with key players including new energy companies, state-owned enterprises, and traditional energy firms transitioning through technological innovation and comprehensive industry chain layouts [3][5]. Market Participants - The market consists of four main types of participants: new energy companies (e.g., Goldwind Technology), state-owned green electricity enterprises (e.g., State Power Investment Corporation), construction firms (e.g., China Energy Engineering), and traditional energy companies (e.g., PetroChina) [5][16]. Technological Routes - The core technological routes for green methanol production are electro-methanol and biomass gasification, with electro-methanol being favored due to its lower long-term costs and technological advantages [3][34]. Cost Analysis - Current costs for electro-methanol are around 4,500 yuan per ton, primarily driven by green hydrogen costs. Future reductions are anticipated, potentially lowering costs to 2,100-2,200 yuan per ton [22][36]. - Biomass gasification costs are currently about 3,800 yuan per ton, heavily influenced by raw material prices, with potential reductions if biomass prices decrease [25][36]. Market Growth Potential - The green methanol market is expected to expand rapidly, with projections indicating a market size exceeding 27 billion yuan by 2030, driven by increasing demand in commercial vehicles and shipping sectors [51][54].

Group 1 - The company, Boreton (01333.HK), plans to globally offer 13 million shares, with 1.3 million shares available in Hong Kong and 11.7 million shares for international sale, along with an over-allotment option of 1.95 million shares [1] - The subscription period for the shares is from April 25 to April 30, with a maximum offer price of HKD 18.00 per share, and an entry fee of approximately HKD 3,636.31 for a board lot of 200 shares [1] - The total expected fundraising amount is HKD 234 million, with a net amount of HKD 148 million, which will be used for establishing manufacturing facilities, purchasing necessary machinery, investing in technological advancements, developing new products and services, working capital, and expanding the sales and service network [1] Group 2 - The company has introduced cornerstone investors such as Hong Kong Xinwei Electronics Co., Ltd. and Changfeng Growth Open-Ended Fund, which will subscribe to approximately 3.5062 million shares at the offer price [1] - Boreton is expected to be listed on the main board on May 7, 2025, with China International Capital Corporation Hong Kong Securities Limited and CMB International Capital Limited serving as joint sponsors [1] - Boreton's business covers the entire clean energy production, storage, and utilization industry chain, providing integrated solutions for wind and solar energy management, hydrogen fuel and pure electric engineering machinery, mining trucks, heavy trucks, and unmanned driving innovations [1] Group 3 - The company's net profits for the years ending December 31 are projected to be -178 million, -229 million, and -275 million for 2022, 2023, and 2024 respectively, with year-on-year changes of -82.73%, -28.81%, and -19.67% [2]