12月29日晚间，国电电力公告称，其控股子公司国能大渡河流域水电开发有限公司将与四川铁能电 力开发有限公司、宁德时代按56.11%：33.89%：10%共同设立项目公司，投资建设并运营四川 甘孜州丹巴水电站，总装机115万千瓦，项目动态总投资152.73亿元。 界面新闻援引公告测算口径称，在电价暂按0.2974元/千瓦时（含税）、年均发电量47.18亿千瓦 时、贷款利率4.9%等假设下，项目资本金内部收益率约5.95%，并据此推算宁德时代直接出资约 4.58亿元。 对一家以动力与储能电池闻名的公司而言，参股水电站并非"财务投资"四个字可以概括。 摘要 宁德时代首次入股水电项目。 宁德时代正在用一组看似分散的投资动作，重新定义自己在产业链中的位置：从电池制造商，向"电 力资产+汽车智能化入口+物理AI耦合"的系统玩家推进。 国家能源局在2025年4月发布《关于促进能源领域民营经济发展若干举措的通知》，明确支持民营 企业投资建设水电等能源基础设施项目，为民营资本进入大型能源项目打开了更清晰的制度通道。 而宁德时代与国家能源集团在2021年就已签署战略合作协议，合作方向覆盖风光火储、风光水储等 综合智慧能源。 丹巴 ...

Core Viewpoint - The company, Unisoc, has made significant progress in its automotive electronics business, particularly in the production of safety chips, which are now being mass-produced for several leading Tier 1 suppliers and OEMs [1][3]. Group 1: Automotive Electronics Business Progress - The company reported that its annual shipment volume for safety chips has reached several million units, covering multiple mass-production models from various automakers [1]. - The automotive electronic chips are primarily focused on two categories: safety chips and domain control chips, with safety chips emphasizing vehicle identity authentication, data security, and functional safety [3]. - The company is experiencing accelerated customer onboarding, leading to stable volume growth for related products [3]. Group 2: Domain Control Chips - The domain control chips are mainly applied in critical areas such as power and chassis, where safety requirements are extremely high, and the industry adoption cycle is lengthy with stringent OEM certification standards [3]. - The company is advancing verification and customer-side adaptation according to automotive regulations, focusing on computing power, interfaces, and safety mechanisms for continuous iteration [3]. Group 3: Industry Trends and Strategic Focus - The domestic automotive industry's international expansion and the increasing penetration of intelligent connected vehicles are driving close communication between customers and the company regarding chip upgrades in product forms and usage [3]. - The company aims to enhance its product matrix in line with automakers' platform needs and ensure long-term supply capabilities through quality systems and supply chain management [3]. - The industry trend indicates that domestic substitution is a crucial direction for automotive electronic chips, with the company prepared in technology research and customer certification, focusing on functional safety, information security, and reliability to seize structural opportunities brought by smart electrification [3].

Core Viewpoint - Unisoc (紫光国微) is actively expanding its automotive chip business, achieving significant sales and technological advancements in the domestic automotive chip sector [1] Group 1: Automotive Chip Business - The company has established a leading position in the domestic automotive chip market, focusing on high-security chip solutions for automotive electronics [1] - Unisoc's automotive safety chip solutions have been successfully implemented in multiple leading Tier 1 suppliers and OEMs, with annual shipments reaching millions of units [1] - New domain control chip products have been introduced to several major Tier 1 suppliers and OEMs, indicating strong market penetration [1] Group 2: Core Business Focus - Unisoc concentrates on two main areas: special integrated circuits and intelligent security chips, while also engaging in quartz crystal frequency devices and power semiconductors [1] - The company's products are deeply integrated into various sectors, including mobile communications, finance, government, automotive, industrial, and the Internet of Things [1]