Core Viewpoint - The event "Jin Jie You Cu" focused on addressing the needs of advanced energy industry enterprises, highlighting the importance of collaboration between government and businesses to enhance the energy sector in Chengdu [1][2]. Group 1: Enterprise Needs and Government Response - Key enterprises such as Chuan Kai Electric and Tongwei Solar expressed concerns regarding technical collaboration, funding support, and application scenarios, emphasizing the need for a platform for ongoing communication [1]. - The Chengdu government agencies, including the Science and Technology Bureau and the Economic and Information Bureau, provided immediate responses to the enterprises' requests, outlining solutions and timelines for implementation [1]. Group 2: Industry Development and Innovation - Chengdu has integrated the advanced energy industry into its 17 key industrial chains, with significant achievements such as the establishment of a national-level advanced manufacturing cluster and the inclusion of green hydrogen in the new industrial track [2]. - The industrial ecosystem is thriving, with 515 large-scale industrial enterprises and three billion-level leading companies, showcasing a complete industrial chain in hydrogen, photovoltaics, and lithium batteries [2]. - The revenue of large-scale industrial enterprises reached 130 billion yuan in the first three quarters of 2025, marking a 13.1% year-on-year growth, indicating robust development [2]. Group 3: Innovation and Technological Advancements - The region has established 40 technology innovation platforms and developed over 140 major technological equipment, with notable achievements in photovoltaic efficiency and solid-state battery technology [3]. - Significant progress has been made in hydrogen energy applications, including the operation of a solid-state hydrogen storage system and the establishment of a zero-carbon station in Ganzi [3].

Core Viewpoint - The article emphasizes that green initiatives are not merely an enhancement but an intrinsic variable of production systems, requiring grounding in verification platforms, infrastructure, technical details, and real-world applications [2][17]. Group 1: Event Overview - The "Carbon Index Plan" event, co-hosted by 36Kr and Dongfang Securities, took place in the Daxing International Hydrogen Energy Demonstration Zone, showcasing new ideas and industrial logic related to carbon neutrality [4]. - The event featured key figures from government and industry, highlighting the collaborative efforts in the hydrogen energy sector [5]. Group 2: Industry Development - Daxing has become a significant hub for the hydrogen energy industry, with over 200 hydrogen enterprises and more than 80 leading companies established, covering critical segments such as fuel cells and detection systems [9]. - The Daxing International Hydrogen Energy Demonstration Zone is recognized as a core area for hydrogen development in Beijing, having implemented a comprehensive policy framework to support various industry segments [11]. Group 3: Infrastructure and Ecosystem - The establishment of a one-stop service platform for the hydrogen energy industry, including the National Hydrogen Fuel Cell Vehicle Quality Inspection and Testing Center, is pivotal for driving standards and collaboration [9][10]. - The Daxing area is building a green verification system that supports operational and regulatory frameworks for hydrogen enterprises [11]. Group 4: Technological Maturity and Market Readiness - The article notes that the maturity of hydrogen technology is no longer the primary concern; instead, the focus is on rapid validation from laboratory to commercial applications [12]. - The transition from "technology validation" to "system implementation" is highlighted, with a diverse range of technological paths being explored [14]. Group 5: Company Highlights - Several companies showcased their innovations during the event, including Hydrogen Aviation Technology, which focuses on hydrogen fuel cell applications, and Zhongdian Engineering, which specializes in titanium alloy hydrogen storage devices [18]. - The event featured seven companies presenting their technologies, covering various aspects of the hydrogen energy supply chain, from storage to application [13].

Core Insights - The "Carbon Index Plan" has returned to the real industrial scene, focusing on hydrogen energy as a key area for achieving carbon neutrality goals [1][7] - The Daxing International Hydrogen Energy Demonstration Zone is highlighted as a representative sample of China's hydrogen energy industry, showcasing over 200 hydrogen enterprises and a complete industrial chain [3][4] Industry Developments - Daxing has established a comprehensive infrastructure for hydrogen energy, including the National Hydrogen Fuel Cell Vehicle Quality Inspection and Testing Center, which serves as a one-stop service platform for the entire hydrogen energy industry chain [3][4] - The region has implemented 10 quantitative support policies to facilitate the development of hydrogen energy, integrating research, manufacturing, and financial support [4][5] Technological Innovations - The hydrogen energy industry is transitioning from "technology validation" to "system implementation," with a focus on diverse technological pathways and system integration [6] - Emerging companies are showcasing innovations in hydrogen storage, fuel cells, and hydrogen production technologies, indicating a shift from conceptual investments to practical applications [5][6] Investment Opportunities - The "Carbon Index Plan" has attracted attention from capital markets, with companies participating in project roadshows to present solutions rather than just ideas [5][6] - Key players in the hydrogen energy sector are demonstrating their capabilities in various applications, from hydrogen storage to fuel cell systems, indicating a robust investment landscape [5][6]

Core Insights - The article emphasizes the importance of Jiangsu Province in achieving the "14th Five-Year Plan" development goals, particularly in technology and industry innovation integration [1] - Jiangsu Industrial Technology Research Institute (JITRI) is highlighted as a leading entity in this integration, showcasing significant achievements in technology innovation and industrial transformation [1][2] Group 1: Achievements of Jiangsu Industrial Technology Research Institute - JITRI has established 81 research and development platforms, leading to the incubation of over 1,400 technology companies and attracting nearly 20 billion yuan in local investments [2][3] - The institute has developed a unique "team-controlled" model for research institutions, facilitating market-oriented operations and addressing the motivation mechanisms for scientific research [3][4] - JITRI has created a global innovation network with nine overseas incubation platforms and partnerships with over 200 top universities and research institutions [4] Group 2: Policy and Legislative Support - The establishment of JITRI in December 2013 was a key decision by the Jiangsu provincial government to promote comprehensive reform in technology innovation [3] - The implementation of the "Jiangsu Provincial Industrial Technology Research Institute Development Promotion Regulations" in January 2025 marks the first local legislation specifically for industrial technology research institutes in China [3] Group 3: Future Plans and Focus Areas - JITRI plans to focus on future industries such as quantum communication, artificial intelligence, and synthetic biology by selecting high-level innovation teams and establishing specialized research institutes [7] - The institute aims to enhance its investment model for technology innovation, creating a comprehensive incubation investment chain from concept validation to commercial promotion [7]

Investment Rating - The report maintains a "Recommended" rating for Zhongyuan Neipei (002448.SZ) [6] Core Views - The company achieved a revenue of 3.31 billion yuan in 2024, a year-on-year increase of 15.6%, while the net profit attributable to shareholders was 204 million yuan, a decrease of 34.4% [1] - In Q1 2025, the company reported a revenue of 950 million yuan, up 13.8% year-on-year, and a net profit of 111 million yuan, an increase of 25.9% [1] - The gross margin for 2024 and Q1 2025 was 25.7% and 27.8%, respectively, with fluctuations mainly due to changes in the business structure [2] Summary by Sections Financial Performance - The company’s gross margin fluctuated due to changes in domestic and overseas business proportions, with overseas revenue declining by 8% in 2024 due to economic downturns, while domestic revenue increased by 49% [2] - The expense ratio for 2024 and Q1 2025 was 14.5% and 12.6%, respectively, showing a continuous decline over five years, indicating improved cost control [2] Profit Impact - The profit was significantly impacted by a goodwill impairment of 120 million yuan related to the acquisition of Incodel Holding LLC in the U.S., leading to a net profit margin of 6.2% for 2024, down 4.7 percentage points year-on-year [3] - Excluding the goodwill impairment, the net profit for 2024 would have shown an approximate growth of 10% year-on-year [3] Business Development - The company maintains stable partnerships with major clients in the cylinder sleeve and piston product sectors, with sales growth of 17% and 23% for these products in 2024 [4] - New business ventures, such as the brake system and hydrogen energy projects, are progressing, with the brake system generating revenue of 473 million yuan and a net profit of 33.73 million yuan in its first full year [4] - The company is accelerating the construction of a production base in Thailand for cylinder sleeves, aiming for an annual output of 7 million units [3] Future Outlook - The company is expected to achieve revenues of 3.76 billion, 4.24 billion, and 4.78 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13.6%, 12.9%, and 12.7% [5] - Projected net profits for the same years are 377 million, 433 million, and 490 million yuan, with significant growth anticipated in 2025 [5]