东方证券研报指出，近期，朗新集团正式向全球首发自主研发的"朗新九功AI能源大模型"（简称"朗新 九功"），该模型数据智能体在BIRD-Bench国际评测基准中斩获双榜冠军。朗新九功模型深度融合 了"时序预测"与"AI智能体"双引擎技术，基于对中国能源市场全场景的数据沉淀与实践验证，打造出能 够解决能源行业复杂核心问题的垂直大模型。在全球权威的自然语言转SQL评测基准BIRD-Bench中， 九功模型凭借意图理解、推理分析与SQL生成能力获得了执行准确率（EX）与查询效率奖励（R- VES）双料冠军。认为九功模型能够斩获双榜冠军，彰显了朗新集团较强的AI技术实力，也为相关模型 在能源行业的落地打下良好基础。九功模型功能强大，赋能公司电力现货交易等新兴业务。随着香 港"稳定币+RWA"生态的发展，朗新有望凭借其较好的业务场景和先发优势，在绿色能源+区块链领域 成为重要的参与者和生态建设方，从而为自身业务发展和商业模式扩展提供助力。参照可比公司，认为 公司合理估值水平为2025年41倍市盈率，对应目标价为22.96元，维持"买入"评级。 ...

Group 1 - Tianjin Ente Energy Technology Co., Ltd. has launched the "Blade" series of all-silicon carbide inverters, which significantly enhance energy efficiency and adaptability in energy storage stations, achieving a 50% reduction in energy loss, a 66.67% weight reduction, and a 600% increase in power density [1] - The Tianjin innovation-driven development strategy is supported by the establishment of science and technology parks, which provide a nurturing environment for research institutions and technology companies [1] - In 2024, Tianjin's overall R&D investment intensity is projected to reach 3.58%, placing it among the top cities globally in the "Nature Index - Research Cities" ranking [1] Group 2 - Tianjin is leveraging its rich educational resources to promote deep integration between local universities and science and technology parks, facilitating the reform of technology achievement rights and benefits [2] - The Tianjin Science and Technology Bureau is implementing six operational mechanisms in the Tianjin Kaikai Park to optimize project selection, cultivation, and market transition of technological achievements [2] - Last year, Tianjin's technology contract transaction volume exceeded 200 billion yuan, marking a growth of over 10% [2] Group 3 - The Beijing-Tianjin Zhongguancun Technology City is enhancing its industrial ecosystem by adopting 203 services from Beijing's Zhongguancun, facilitating efficient production and operation for companies [3] - Tianjin is focusing on building a complementary and collaborative science and technology park system, strengthening cooperation with various industrial parks in Beijing [3] - In 2024, the transaction volume of technology contracts between Tianjin and the Beijing-Hebei region is expected to grow by over 35% [3] Group 4 - Tianjin aims to continuously promote the development of science and technology parks like Tianjin Kaikai, optimizing policies and service offerings to accelerate the transformation of achievements and upgrade industries [4]

Core Viewpoint - The article discusses the challenges faced by state-owned enterprises in China regarding asset valuation in the context of technological innovation, highlighting the need for improved evaluation methods and regulatory frameworks to adapt to rapid technological advancements [1][10][38]. Group 1: Challenges in Asset Valuation - The speed of technological advancement has outpaced the ability of existing evaluation systems to adapt, leading to difficulties in valuing innovative technologies [2][3]. - A specific case involves a deep-sea exploration patent where the valuation process faced significant disagreements over projected market penetration rates, with the technical team predicting over 30% while evaluators suggested only 15% [6][18]. - The lack of market comparables for certain assets creates a "deadlock" in valuation, as seen in the case of a geological exploration company's data assets, which were undervalued due to the absence of transaction references [28][30]. Group 2: Regulatory Developments - The State-owned Assets Supervision and Administration Commission (SASAC) is working on revising asset evaluation management systems to provide targeted regulations for the valuation of assets in the technology innovation sector [11][38]. - New regulations allow for alternative valuation methods for "core" technologies, but practical implementation remains challenging due to existing evaluation frameworks [19][38]. - The Ministry of Finance is guiding the establishment of a comprehensive asset evaluation standard system, which includes 33 evaluation standards that must be adhered to by evaluation institutions [39][40]. Group 3: Operational Inefficiencies - The current asset evaluation process is lengthy, often taking 2 to 3 months, which discourages investment in innovative enterprises [36]. - There is a general lack of a robust evaluation methodology tailored for state-owned technology enterprises, leading to increased risks in valuation outcomes [35]. - The complexity of operational processes in state-owned venture capital further complicates investment and exit decision-making [36].

Core Viewpoint - Starbucks China has announced a strategic partnership with Envision Group to develop a digital carbon management platform aimed at reducing carbon emissions across its supply chain over the next three years [1][2]. Group 1: Strategic Partnership - The collaboration will cover 100% of Starbucks' direct suppliers and key indirect suppliers, focusing on measuring the carbon footprint of thousands of products [1][2]. - The partnership aims to create a new model of "full-chain collaborative carbon reduction" [1]. Group 2: Sustainability Initiatives - Starbucks has integrated Envision's smart IoT operating system in over 7,500 stores, enabling real-time data tracking for energy efficiency and carbon reduction [1]. - The Starbucks Coffee Innovation Park utilizes Envision's "zero-carbon integrated energy solution" to achieve energy savings, cost reduction, and carbon reduction through various measures such as solar panels and digital carbon management systems [1]. Group 3: Supply Chain Carbon Emissions - Approximately 70% of Starbucks' total carbon emissions come from suppliers, prompting the company to focus on complex supply chain carbon reduction efforts [2]. - The partnership will provide suppliers with clear insights into their carbon emissions, with pilot projects in sustainable dairy aiming for refined carbon management through green energy procurement and optimized feed management [2].

Core Insights - The article emphasizes the transformation of the Jurong City Political Consultative Conference (CPPCC) from passive duty fulfillment to proactive engagement in development through knowledge application [1][2][3] Group 1: Knowledge and Learning Initiatives - The Wenchang Academy serves as a library and a platform for idea exchange, hosting over 20 thematic activities this year, attracting more than 1,000 participants [2] - CPPCC members submitted 188 proposals and over 80 reports on public sentiment, focusing on key issues of concern to the municipal government and the public [2] Group 2: Practical Engagement and Development - CPPCC members actively engage in research and discussions on core topics such as reform empowerment and improving the business environment, showcasing their professional commitment [3] - Notable members, such as Cai Jiyan, promote Jurong's resources and business environment at various promotional events, receiving positive feedback [3] - Member Ren Ai leads a technology company to overcome technical challenges, contributing to local industrial strategies and proposing targeted initiatives for business growth [3] Group 3: Technological Innovation and Industry Development - Zhai Hongjin, Chief Engineer of Ningwu New Materials Co., focuses on technological breakthroughs, leading projects that align with international standards and save foreign exchange for the country [4] - His research on microchannel polyether polyol preparation technology has been adopted by the provincial CPPCC and submitted to the national level [4] Group 4: Enhanced Collaboration and Research - The CPPCC has upgraded its collaboration platforms to create a three-in-one system for micro-research, micro-consultation, and micro-supervision, enhancing the precision and efficiency of member duties [5] - Members have conducted over 20 field research activities, producing reports on various sectors, which have been effectively adopted [5] - The shift from waiting for tasks to proactively seeking topics reflects a renewed vigor in member engagement, positioning them as key drivers of local development [5]

Group 1 - The company forecasts a net profit from non-recurring gains between 455 million to 485 million yuan, representing an increase of 26.76% compared to the same period last year [1] - The net profit from regular operations is expected to be between 470 million to 508 million yuan, showing a year-on-year growth of 62.51% to 75.65%, with an increase of 180.78 million to 218.78 million yuan [1] - The previous year's net profit attributable to the parent company was 386.56 million yuan, with a net profit excluding non-recurring gains of 289.22 million yuan [1] Group 2 - The company is advancing its "fully embrace AI" strategy, integrating AI technology deeply into business scenarios, which has enhanced product competitiveness and profitability [2] - The Ultra S2 and ADAS calibration systems are utilizing "repair large models" and AI agents, leading to increased sales and customer recognition [2] - The AI digital repair application business has experienced rapid growth, enhancing market influence and profitability [2] Group 3 - The company has made significant breakthroughs in major global markets such as Europe and the United States, achieving top-tier clients in various industries including energy, transportation, and hospitality [2] - The AI digital source business achieved profitability in the second quarter [2] - The company is focusing on management innovation and operational efficiency optimization, leading to continuous improvements in quality and cost reduction [2]

Core Points - The company has established an internal review system for information release and response on the Interactive Easy platform to enhance communication with investors and improve governance [1][6] - The Interactive Easy platform is a voluntary, interactive information release and investor relations management platform provided by the Shenzhen Stock Exchange [1][2] - The company emphasizes the importance of honesty, equality, and proactive communication with all investors [2][3] Overall Requirements - Information released or responses to investor inquiries must be cautious, rational, objective, and based on facts, ensuring that the content is true, accurate, and complete [2][3] - The company must not disclose any undisclosed significant information through the Interactive Easy platform and should guide investors to official announcements for such matters [2][3] Content Normative Requirements - The company must ensure fairness in information release and responses, treating all inquiries seriously and without selective disclosure [3][4] - Information shared must not violate public order, social ethics, or involve state secrets and commercial confidentiality [3][4] Internal Management - The Securities Department is responsible for managing the information release and responses on the Interactive Easy platform, collecting investor inquiries, and drafting responses for board secretary review [5][6] - The board secretary must approve any significant or sensitive responses, and no information can be released without prior review [5][6]

General Principles - The investment management system aims to standardize the investment behavior of the company, prevent investment risks, and improve investment efficiency based on relevant laws and regulations [2][3] - The system applies to all investment activities, including operational investments, equity investments, real estate investments, and other investments [2] Investment Principles - Investments must adhere to principles of appropriateness, ensuring they do not affect the company's main business development and prioritize benefits [3] - Major investments require internal controls that are legal, prudent, safe, and effective, focusing on risk control and investment efficiency [3] Investment Proposal and Approval - The Strategic Investment Department is responsible for managing investment matters, including planning, evaluation, monitoring, and annual investment plan implementation [7] - Senior management or relevant departments must submit project proposals to the Strategic Investment Department, which includes an economic evaluation report [8] Major Investment Standards - Transactions that meet certain thresholds must be submitted for board approval and disclosed, including those where the total asset amount exceeds 10% of the latest audited total assets or where the net asset amount exceeds 10% of the latest audited net assets [9][11] - The board must analyze investment prospects and risks when reviewing major investment matters [10] Investment Agreement Execution - After approval from the shareholders' meeting, board, or president, authorized representatives can handle investment-related matters, including signing legal documents [21] - Investment agreements must be drafted with input from the Strategic Investment Department and may require legal review [23] Investment Project Supervision - The Strategic Investment Department and relevant departments must monitor and manage investment projects post-implementation [28] - The audit supervision department is responsible for tracking the investment project's progress and financial performance [30] Responsibilities and Legal Compliance - Individuals who violate laws, regulations, or the company's internal rules resulting in investment losses may face disciplinary actions [35] - Unauthorized signing of investment agreements that lead to actual losses will result in liability for the responsible person [36]

Company Overview - Neutron Star (Qingdao) Energy Technology Co., Ltd. has been established with a registered capital of 5 million RMB, fully owned by Neutron Star (Guangdong) Energy Technology Co., Ltd. [1] - The legal representative of the company is Zhang Yuhan [1]. Shareholding Structure - Neutron Star (Guangdong) Energy Technology Co., Ltd. holds 100% of the shares in Neutron Star (Qingdao) Energy Technology Co., Ltd. [2]. Business Scope - The company’s business scope includes solar power generation technology services, safety technology prevention system design and construction services, artificial intelligence public service platform technical consulting services, offshore wind power system research and development, carbon reduction, carbon conversion, carbon capture, and carbon storage technology research and development [2]. - Additional services include warehousing equipment leasing, transportation equipment leasing, photovoltaic power generation equipment leasing, container leasing, engineering management services, energy-saving management services, and various technical services [2]. - The company is also involved in the manufacturing and sales of photovoltaic equipment and components, as well as the sales of new energy power equipment [2]. Company Registration Details - The company is registered in Shandong Province, Qingdao City, with a business address at Room 1001, No. 3 Shouguang Road, Shibei District [2]. - The company is classified under the manufacturing industry, specifically in the petroleum, coal, and other fuel processing sectors [2]. - The business license allows the company to operate until June 30, 2025, with no fixed term thereafter [2].

恒通股份（603223）公告，全资子公司山东恒福绿洲新能源有限公司计划以8181.2万元收购公司控股子 公司华恒能源持有的广西华恒通能源科技有限公司100%的股权。此次交易旨在整合资源，进一步开展 LNG相关业务。交易价格基于资产评估结果，经协商确定，不构成关联交易或重大资产重组。交易已 通过公司第五届董事会第十一次会议审议，无需提交股东大会审议。 ...