公司已退出对湖南云松的投资，商誉值占净资产比例较高(30.7%)，减值后可能改善财务状况。 近期受关注事件 公司因关联方资金占用问题于2025年4月被ST，截至2026年1月尚未公告实质性进展。若欠款未能收 回，2025年报告可能继续亏损，影响2026年初摘帽申请。 公司状况 经济观察网ST合纵（300477）近期业绩预亏，同时面临关联方欠款回收、摘帽风险及多项诉讼，业务 转型前景受行业政策影响。 证券虚假陈述责任纠纷案已提交新一轮立案申请，诉讼时效截至2026年12月3日。同时，公司与多家企 业存在诉讼纠纷，涉及现金流压力。 业绩经营情况 公司于2026年1月30日发布公告，预计2025年归属净利润亏损4.7亿元至7亿元，主要因电力板块和锂电 池正极材料业务下滑，以及资产减值测试影响。 财务状况 行业政策现状 公司主营业务为电力电网设备和新能源储能，可能受益于国家"十五五"电力投资规划，但短期业绩承 压。 以上内容基于公开资料整理，不构成投资建议。 ...

近日， 瑞德丰与安徽国科能源科技有限公司在安徽国科能源总部举行战略采购框架协议签约仪式。 双方本着"优势互补、互利共赢"的原则， 正式达成五年深度战略合作，协议预计总金额达15亿元。此次签约标志着瑞德丰在新能源储能领域市场布局的重要一步，与行业优质伙伴携 手，共同为新能源行业发展注入新动能。 瑞德丰作为全球新能源精密结构件产品及技术解决方案提供商，深耕行业二十年，拥有专业人才团队、多省市标准化生产基地及完善的服务体 系，提供高效可靠的整体解决方案；安徽国科能源专注于电化学储能电池领域，拥有完善的产业链，双方核心理念高度契合，为此次深度合作 奠定坚实基础。 根据协议，未来五年安徽国科能源将向瑞德丰采购新能源精密结构件相关产品，双方将在研发、供应链、技术等方面深度协同。此次合作不仅 推动双方实现优势叠加、高质量发展，更助力双方抢占新能源储能市场先机，为全球新能源行业发展贡献重要力量。 往 期 回 顾 | 01 | ｜ | 锂电龙头遭狙击，7万吨产线或将停产？ | | --- | --- | --- | | 02 | ｜ | 比亚迪固态电池将小批量生产 | | 03 | ｜ | 盟固利拟投建年产3万吨锂离子电池正极 ...

Core Viewpoint - The China Petroleum Engineering Materials Research Institute has achieved a significant milestone by integrating a 42kW all-vanadium flow battery stack, which has passed third-party certification, marking a key transition from research to product implementation in the commercial all-vanadium flow battery sector [1][7]. Group 1: Product Development and Certification - The 42kW all-vanadium flow battery stack has undergone rigorous testing by the Beijing Jianheng Certification Center, ensuring compliance with industry standards [3][9]. - The stack demonstrated a coulombic efficiency greater than 96% and an energy efficiency exceeding 83%, placing its performance at the forefront of both domestic and international standards [9]. Group 2: Industry Trends and Strategic Focus - 2025 is identified as a pivotal year for the all-vanadium flow battery industry to enter large-scale applications, with the research institute focusing on long-duration energy storage needs in the oil and gas sector [3][8]. - The research team is addressing key technical bottlenecks related to stack structure and energy storage performance through innovations in material performance, stack optimization, and integration processes [3][8]. Group 3: Future Directions and Market Opportunities - The all-vanadium flow battery industry is experiencing dual opportunities for capacity expansion and technological iteration, prompting the research institute to enhance core technology development and product diversification [5][11]. - The institute aims to accelerate the application of all-vanadium flow battery storage technology across various scenarios in oil and gas fields, integrating energy storage with solar and wind energy development to support the company's green and low-carbon transition [5][11].

Core Viewpoint - The core strategy of the U.S. towards China is to contain its development, shifting from indirect economic means to direct technological restrictions [3][4][5] Group 1: Current State of U.S.-China Competition - The U.S.-China trade disputes, which began in 2018, have escalated from tariff conflicts to investment and personnel flow restrictions, fundamentally rooted in a technological competition [4][5] - The U.S. is increasingly using technology wars as a tool to limit China's growth, indicating a shift in policy focus from economic engagement to strategic competition [3][4] Group 2: Key Areas of Technological Competition - The global competition in "key core technologies" such as semiconductors, artificial intelligence, quantum information, new materials, and energy storage is intensifying, with these areas becoming the main battleground for technological and industrial competition [5][6] - The global semiconductor market is projected to reach $630.6 billion in 2024 and nearly $1 trillion by 2026, highlighting its critical role in industrial and national security [5] - In artificial intelligence, China accounted for 69.7% of global AI patent grants in 2023, while the U.S. share dropped from 42.8% in 2015 to 14.2% [5] Group 3: U.S. Strategies to Restrict China - The U.S. has implemented technology blockades against China, focusing on investment restrictions and export controls, alongside limiting the flow of researchers [8][9] - The U.S. aims to restructure supply chains and has enacted laws to limit tax credits for companies associated with "prohibited foreign entities," targeting Chinese firms [8][9] - The U.S. is also striving to establish standards in emerging technologies, emphasizing the importance of standards for economic and national security [8][9] Group 4: Challenges and Advantages for China - China faces challenges in R&D spending, which, while increasing, remains lower than that of the U.S. and some European countries, and there is a need to enhance the originality of patents and influence in international standard-setting [9][10] - However, China possesses a complete industrial system across all categories, forming a self-sufficient and efficient supply chain that is difficult for developed and developing economies to replicate [9][10] Group 5: Strategic Recommendations for China - China should enhance its technological self-reliance and effectively utilize global innovation resources by increasing R&D investment and fostering collaboration between academia and industry [11][12] - There is a need to support foundational sciences and original research, focusing on critical issues and encouraging talent to propose new theories and explore new fields [11][12] - Improving the standard-setting system and maintaining international cooperation in standards is crucial for enhancing China's influence in global technology [12][20]

Group 1 - Liaoning's grain production is projected to reach 51.556 billion jin by 2025, marking a historical high with a year-on-year growth of 3.1%, the highest increase among major grain-producing provinces in China [1] - Over 60 well-known companies have recently invested in Liaoning, reflecting growing confidence in the province's development prospects [1] - The "Ninth Consumption Season" is currently underway, promoting local experiences and products, which is contributing to a boost in consumer spending [1] Group 2 - President Xi Jinping emphasized the importance of Liaoning in driving the comprehensive revitalization of Northeast China during his visit before the 2025 Spring Festival, outlining a new mission and vision for the province [2][3] - The provincial government is focused on stabilizing employment, businesses, and market expectations while promoting growth, reform, and risk prevention [3] Group 3 - The transformation of traditional industries and the cultivation of strategic emerging industries are key to building a modern industrial system in Liaoning, as highlighted by President Xi Jinping [4] - The provincial government has been actively engaging in high-level discussions on future industrial strategies, focusing on technological innovation and industry integration [4] Group 4 - Liaoning is advancing its "2211" industrial system, emphasizing intelligent, green, and integrated development, with significant progress in digital transformation among small and medium-sized enterprises [8] - The province's key tool CNC rate and digital R&D tool penetration rates have reached 69.3% and 85.8%, respectively, both exceeding the national average [8] Group 5 - The emergence of new industries is exemplified by the launch of China's first photon-counting CT scanner by Neusoft Medical, marking a significant advancement in medical technology [9] - Liaoning is focusing on deep integration of technological and industrial innovation, enhancing the local transformation of scientific achievements [9] Group 6 - The province is implementing reforms in its scientific and technological systems, utilizing new research organization models to drive innovation and competitiveness [11] - The optimization of the business environment is a top priority, with various initiatives aimed at improving investment conditions and reducing bureaucratic obstacles [12][13] Group 7 - Liaoning's manufacturing sector is experiencing a surge in productivity and efficiency due to digital transformation initiatives, with companies like Benxi Steel achieving significant improvements [7] - The province is enhancing its open economy, with increased cross-border e-commerce activities and international logistics operations [14][15] Group 8 - The province is committed to improving public services, including healthcare and education, to enhance the quality of life for its residents [18][19] - Initiatives to support the elderly and promote cultural activities are being implemented, reflecting a focus on community well-being and cultural enrichment [17][22]

本报记者 董翰博 胡海林 王坤 黄岩 王笑梅 数九寒冬，霜雪覆野。在辽宁的山山水水间，仍有一种破冰突围的力量，于沉潜中蓄势，在奋进中激 荡。 黑土地上，粮仓根基更牢。2025年，我省粮食总产量达515.56亿斤，为历史第一高产年，同比增长 3.1%，增幅居全国粮食主产省第一位。 招商一线，信心加速汇聚。最近不到1个月时间，60多家知名企业顶风冒雪走进辽宁，从一次次推介、 一场场对话中体会辽宁变化、拥抱辽宁机遇。"企业家正在用投资、用项目，对辽宁的发展前景投下'信 任票'。"中国商业文化研究会上市公司分会会长李想说。 冰天雪地，消费热力升腾。眼下正值"九九消费季"开展，消费者既能沉浸式体验古老渔猎、参加冰雪游 乐项目，也能品尝地道的渔家铁锅炖、购买新鲜上市的丹东草莓……各地以"冷资源"撬动"热经济"，升 腾的烟火气和服务业的忙碌劲儿，映照出辽宁提振消费的持续发力。 纵览大江大河的汹涌澎湃，总能找到源头的不息奔涌。 回拨时间的指针。2025年春节前夕，习近平总书记到辽宁看望慰问基层干部群众，来到葫芦岛、沈阳、 本溪等地，深入农村、市场、社区、企业考察，并发表重要讲话、作出重要指示，赋予辽宁"在推动新 时代东北全面 ...

文 | 中车时代电气 近日， 株洲中车时代电气股份有限公司 完成入会流程，正式成为中关村储能产业技术联 盟会员单位。 1月1 3日，中车时代电气三大新能源解决方案重磅发布： 大型光储解决方案、下一代光储 解决方案及大型制氢解决方案。 中车时代电气将其在高铁牵引变流、智能控制与超高标 准可靠性领域数十年的尖端技术底蕴，系统性注入新能源装备。 模块化光储变流器解决方案 基于海外主型模块化产品1100kW光伏逆变器及1 2 5 0 kW储能变流器，中车时代电气推出 全新8 . 8MW逆变升压一体机及5MW变流升压一体机解决方案，凭借其高效发电、安全可 靠、电网友好、智能运维等突出性能，迅速成为展会明星，该方案可全面适应中东地区高 温、高风沙、高湿度等恶劣环境，满足吉瓦级光储电站稳定并网需求。 新一代光储解决方案 锚 定 储 能 系 统 技 术 发 展 趋 势 ， 中 车 时 代 电 气 推 出 全 新 一 代 4 6 0 kW 组 串 式 光 伏 逆 变 器 、 3 4 50kW液冷储能变流器及13.8MW变流升压一体机解决方案。通过将高效自主器件、先 进散热技术、构网技术等深度融合，大幅度提升产品可靠性、易维护性 ...

证券日报网讯1月13日，艾比森（300389）在互动平台回答投资者提问时表示，公司的全资子公司艾比 森投资公司对睿电绿能等进行投资并持有相应的股权，相关事项已按规定履行披露义务，睿电绿能主要 开展新能源储能业务，致力于为客户提供安全的、智能的、可持续的绿色储能产品和服务，业务涵盖家 庭储能和工商业储能领域，依托母公司全球市场布局优势，储能产品销售及服务网络先后触达欧洲、亚 太及国内市场，已在国内外成功交付多个商用项目。 ...

Core Insights - China's service trade continued to grow steadily in the first 11 months of last year, with knowledge-intensive services and travel services being significant growth drivers [1][2] Service Trade Overview - The total service trade import and export amounted to 72,023.7 billion yuan, representing a year-on-year increase of 7.1%. Exports reached 31,980.1 billion yuan, growing by 13.4%, while the service trade deficit decreased by 2,796.3 billion yuan [1] Knowledge-Intensive Services - Knowledge-intensive service trade maintained growth, with imports and exports totaling 27,305.7 billion yuan, an increase of 5.6%. Other business services, telecommunications, computer, and information services saw rapid growth. The surplus in knowledge-intensive services expanded to 4,723.7 billion yuan, an increase of 1,067.4 billion yuan compared to the previous year [1] Travel Services - Travel service imports and exports reached 19,762.7 billion yuan, growing by 8.2%. Exports surged by 51.3%, while imports increased by 1.9% [2] Manufacturing and Technology Export - A manufacturing company in Henan has developed a highly efficient production line for rail wheels, producing one every 57 seconds. This line not only fulfills production tasks but also serves as a platform for exporting new technology [4][6] - The company transitioned from merely selling equipment to providing comprehensive solutions, including installation, maintenance, and remote operation services, with annual revenue exceeding 200 million yuan [8] AI and Energy Solutions - A company in Inner Mongolia is collaborating with a UK energy firm to provide AI-based solutions for a large battery storage project. This reflects a shift from selling equipment to offering integrated smart systems that stabilize the grid and optimize trading [10][14] - The company's AI trading technology allows for millisecond-level responses to real-time price fluctuations, significantly improving trading efficiency [12] Strategic Development - The Ministry of Commerce emphasizes the importance of integrating high-value mechanical equipment exports with technical services, leading to a new model of collaborative export of Chinese equipment, technology, and services [17]

Core Viewpoint - The Shanxi New Energy Storage Innovation Development Forum marks a significant step for Shanxi in advancing its new energy storage industry, emphasizing the importance of integrating traditional and green energy sources for a sustainable energy future [1][10]. Group 1: Forum Highlights - The forum gathered top industry experts and showcased Shanxi's commitment to scaling its new energy storage sector [1]. - Wang Zhonglin, an academician from the Chinese Academy of Sciences, delivered a keynote speech analyzing the core value and technological pathways of the energy storage industry, proposing a new vision for energy development that integrates AI, IoT, and new energy [3][4]. Group 2: Energy Dynamics - The current energy landscape is characterized by a competition between traditional fossil fuels and renewable energy, with each having distinct advantages and challenges [4]. - The integration of these energy types is essential for a successful energy transition, with energy storage playing a critical role in enhancing efficiency and stability [4][5]. Group 3: Storage Value and Functionality - Energy storage is not merely about storing and supplying electricity; it encompasses essential functions like peak shaving and frequency regulation, which are vital for the stable operation of power systems [5]. - Shanxi's diverse energy resources, including coal, wind, and solar, provide a strong foundation for developing its energy storage industry, enhancing both efficiency and safety [5][6]. Group 4: Technological Foundations - The successful implementation of AI in energy systems relies on accurate and continuous data collection, which is facilitated by advanced sensing technologies [6][7]. - The integration of sensing technology and AI is crucial for achieving a smart and efficient energy system, addressing the data collection challenges in energy production and utilization [7]. Group 5: Future Energy Paradigm - Wang Zhonglin proposed a dual-track energy paradigm that combines centralized and distributed energy systems, emphasizing the need for multi-energy complementarity to meet China's energy demands [8][9]. - This approach is particularly relevant for rural energy utilization in Shanxi, where distributed renewable energy sources can significantly reduce energy consumption and losses [9]. Group 6: Project Significance - The launch of Shanxi's first 100 MW hybrid energy storage project represents a landmark achievement in the region's energy storage development, showcasing innovative technology that addresses critical power system needs [10][11]. - The project utilizes supercapacitor technology, which complements traditional lithium battery storage by providing rapid charge and discharge capabilities essential for frequency regulation [11]. Group 7: Industry Standards and Future Directions - The release of the "Shanxi Province New Energy Storage Frequency Regulation Technology Application White Paper" aims to establish industry standards and guidelines, facilitating the transition from isolated advancements to a more standardized and scalable development phase [12]. - The insights and practices from Shanxi's energy sector are positioned to serve as a reference for national energy transition efforts, highlighting the province's innovative spirit and leadership in the energy field [12][13].