长江商报消息 ●长江商报记者 黄聪 以1.03亿元收购福林热力后，联美控股（600167.SH）麻烦不断。 12月16日晚间，联美控股发布的公告显示，为了减少亏损，维护股东利益，公司的控股子公司山东菏泽福林热力 科技有限公司（以下简称"福林热力"）已于近日停产。 联美控股介绍，受整体经济形势放缓、以及当地用汽客户减少等因素影响，福林热力无法达到预期经济效益，导 致其持续亏损。 数据显示，2024年和2025年前9月，福林热力营业收入分别为4182.17万元和1736.86万元，净利润分别为-1.09亿元 和-2.04亿元。 截至2025年9月底，福林热力资产总额达2.33亿元，负债总额达2.93亿元，净资产达-6012.35万元，资产负债率约 为126%，陷入资不抵债。 2019年5月，联美控股公告显示，公司以1.03亿元收购福林热力66%股权。 彼时，交易双方约定，福林热力一年内销售工业蒸汽不低于100万吨，但实际仅销售34.18万吨，完成承诺销售业 绩指标约34%。 福林热力陷入资不抵债 12月16日晚间，联美控股发布的公告显示，为了减少亏损，维护股东利益，公司的控股子公司福林热力已于近日 停产。 需要注 ...

12月16日晚，行动教育(605098)发布公告称，拟以2000万元—2500万元回购股份，回购股份价格不超过 45元/股，回购股份用于公司的员工持股计划或股权激励。 孚能科技：4股东拟合计减持不超过2%公司股份 12月16日晚，孚能科技(688567)发布公告称，股东江西立达、北京立达、共青城立达及深圳立达计划自 2025年12月22日起三个月内，通过集中竞价或大宗交易方式合计减持不超过2444.21万股，即不超过公 司总股本的2%。 华塑股份：2股东拟合计减持不超过2%公司股份 12月16日晚，华塑股份(600935)发布公告称，股东安徽皖投工业投资有限公司（简称"皖投工业"）、建 信金融资产投资有限公司（简称"建信金融"）拟通过集中竞价方式分别减持公司股份数量不超过 3594.74万股，即不超过公司总股本的1%。 行动教育：拟以2000万–2500万元回购股份 12月16日晚，海南橡胶(601118)发布公告称，近日，公司收到橡胶收入保险赔款、橡胶树保险赔款及征 地青苗补偿款分别为2664.92万元、2575.4万元、29.1万元。 联美控股：控股子公司福林热力于近日起停产 士兰微：士兰集华12英寸高端 ...

在岸、离岸人民币对美元汇率再度刷新逾一年来新高 离岸人民币对美元汇率再次击穿7.04，盘中一度升至7.04，创2024年10月4日以来新高。在岸人民币对美 元汇率盘中最高升至7.04，创下2024年10月8日以来新高。谈及近期人民币对美元汇价连续上行，东方 金诚首席宏观分析师王青认为有两个直接原因。一是12月11日美联储降息前后，美元指数持续下行，跌 破100，带动包括人民币在内的非美货币普遍升值。二是临近年底，企业结汇需求增加，带动人民币季 节性走强。而在人民币持续走强后，前期累积的结汇需求有可能加速释放。王青表示，短期内人民币将 处在偏强运行状态，接下来要重点关注美元走势、人民币中间价调控力度，以及国内稳增长政策的力度 和节奏。（中国基金报） 全年业绩抢先看 部分"优等生"率先披露全年业绩预告 钨价加速上涨 每吨突破40万元 钨市场价格今日呈现加速上行态势。据"中钨在线"统计，钨精矿每吨价格突破40万元，APT（仲钨酸 铵）价格突破每吨60万元，钨粉每公斤价格也逼近千元大关。具体来看，黑钨精矿（≥65%）报价攀升 至41.5万元／吨，白钨精矿（≥65%）报价41.4万元／吨，钨粉报价990元／公斤，APT ...

联美控股公告，受整体经济形势放缓、以及当地用汽客户减少等因素影响，福林热力无法达到预期经济 效益，导致其持续亏损。为避免损失的进一步扩大，维护股东利益，福林热力决定于近日起停产，未来 将根据市场情况决定是否恢复生产。福林热力系公司控股子公司，其主要产品为工业蒸汽，为客户提供 合格的工业蒸汽。本次停产预计会减少其对公司业绩的影响，符合公司和全体股东的利益；本次停产对 公司经营数据的具体影响以经审计的财务报告为准。停产后，福林热力将依法依规完成员工安置。 ...

Group 1: Clean Energy Industry - China has established the world's largest and most complete clean energy industry chain, with a total investment of $818 billion in energy transition in 2023, a 20% increase year-on-year, surpassing the combined investments of the US, UK, and EU [2] - In 2024, global CO2 emissions related to energy are projected to increase by 0.8% year-on-year, reaching a historical high of 3.78 billion tons, highlighting the urgency for energy transition [2] - China exports clean energy products to over 200 countries, providing 70% of global wind power equipment and 80% of solar photovoltaic components, significantly reducing global wind and solar power generation costs by over 60% and 80% respectively [2] Group 2: Electricity Consumption - In October, China's total electricity consumption reached 857.2 billion kWh, a year-on-year increase of 10.4%, with a cumulative consumption of 8,624.6 billion kWh from January to October, up 5.1% [3] - The southern power grid region (Guangdong, Guangxi, Yunnan, Guizhou, Hainan) achieved a 10% year-on-year increase in electricity consumption in October, marking the first double-digit growth since February [4] Group 3: Nuclear Energy Developments - The world's largest "Hualong One" nuclear power base in Fujian successfully connected its second unit to the grid, marking significant progress in the batch construction of "Hualong One" [3] - China's nuclear energy utilization has entered a new phase with the Hainan nuclear power project beginning to supply industrial steam, expanding beyond electricity generation and residential heating [4] - Japan's Niigata Prefecture governor has agreed to restart the Kashiwazaki-Kariwa nuclear power plant, which has been offline since the Fukushima disaster in 2011, indicating a shift in Japan's nuclear energy policy [6] Group 4: Infrastructure and Logistics - China's longest crude oil pipeline, the Western Crude Oil Pipeline, has transported over 200 million tons of oil, enhancing national energy security [3] - The Gansu power grid's energy storage system achieved a record discharge power of 5.04 million kW, supporting electricity supply during peak demand [7]

Core Viewpoint - Huadian Energy, a subsidiary of Huadian Group, is making significant investments to accelerate its green transformation, with a total investment of 120.43 billion yuan for a coal and wind power project in Heilongjiang [1][3][4]. Investment Projects - The investment includes the construction of the Fulaerji Power Plant with two 660,000 kW cogeneration units and a 1.4 million kW wind power project, which consists of six wind power projects [1][3]. - The coal power project will replace six smaller coal-fired units, with a total investment of 59.6 billion yuan, scheduled to start construction in July 2026 and complete by the end of 2028 [3][4]. - The wind power project has a total investment of 60.83 billion yuan and is expected to be operational by 2028 [3][4]. Financial Performance - In the first three quarters of 2025, Huadian Energy reported revenue of approximately 11.8 billion yuan, a year-on-year decrease of 11.25%, and a net profit of 267 million yuan, down about 41% [2]. - The company has been implementing cost reduction measures, with a notable decrease in its operating expenses, referred to as "three fees," which include sales, management, and financial expenses [10][11]. Strategic Transformation - The company is actively pursuing a strategy of "large-scale replacement of small units," which aims to phase out outdated coal power capacity and enhance operational efficiency [6][7]. - Huadian Energy has transitioned from a traditional coal power company to a comprehensive energy enterprise, reducing its reliance on coal and mitigating the impact of coal price fluctuations on its financial performance [9]. Future Outlook - The company plans to continue its investment in integrated renewable energy projects, including 700,000 kW of new energy projects in various locations, which will optimize its asset structure [9]. - Huadian Energy's ongoing efforts in quality improvement and efficiency enhancement are expected to strengthen its competitive position in the energy sector [8][10].

Core Insights - The completion and operation of the industrial steam pipeline project in Zaozhuang High-tech Zone will significantly enhance the area's investment attraction and project implementation capabilities [1][3]. Group 1: Investment Attraction - The project will substantially reduce investment costs for enterprises, particularly in the biopharmaceutical and lithium battery sectors, which have a high demand for steam [3]. - By providing centralized steam supply, the project meets stringent environmental regulations and enhances operational efficiency for businesses [3]. Group 2: Operational Stability - The centralized steam pipeline will ensure stable steam supply, supporting continuous production for enterprises with a monitoring system for pressure and temperature, resulting in lower failure rates compared to individual small boilers [3]. Group 3: Industrial Synergy - The steam pipeline service will cover the entire park, attracting more steam-dependent enterprises and fostering upstream and downstream industrial chain projects, creating a virtuous cycle of enterprise aggregation and cost reduction [3]. Group 4: Infrastructure Competitiveness - The project enhances the competitiveness of the park's infrastructure, showcasing forward-looking planning and refined services, which will attract high-quality projects that require robust infrastructure [3].

Core Viewpoint - Dalian Thermal Power reported a decrease in revenue and continued losses in the first half of 2025, but showed signs of reduced losses compared to the previous year, indicating a focus on operational efficiency and cost management [1][2]. Financial Performance - The company achieved an operating revenue of 379 million yuan, a year-on-year decrease of 6.41% [1]. - The total profit was -40.76 million yuan, slightly improved from -41.43 million yuan in the same period last year [1][2]. - The net profit was -40.69 million yuan, compared to -41.36 million yuan in the previous year [1]. - The non-recurring net profit was -42.67 million yuan, an improvement from -43.81 million yuan year-on-year [1]. - Basic earnings per share were -0.1 yuan [1]. Sales and Production - The company sold 99.38 million kWh of electricity, an increase of 14.58 million kWh year-on-year [1]. - Steam sales decreased by 1.6 million tons to 0.4 million tons [1]. - High-temperature water sales dropped by 44,000 GJ to 632,000 GJ [1]. - The area charged at the end of the period was 18.47 million square meters, an increase of 52,000 square meters year-on-year [1]. Operational Strategies - The company focused on reducing losses and improving operational management, optimizing production methods, and managing heating energy consumption effectively [2]. - The increase in electricity sales was attributed to optimized production organization and reduced auxiliary power consumption [1]. - The decline in steam and high-temperature water sales was mainly due to higher temperatures and reduced demand from industrial and commercial sectors [1]. Future Outlook - The company plans to enhance its profitability as coal prices stabilize and aims to implement specific management plans to improve operations and seek new profit growth points [3]. - Ongoing projects, such as the renovation of the heating network and the transition to a heat supply service model, are expected to significantly reduce operational costs and improve profitability [4]. - The company is exploring market-oriented strategies to enhance its sustainable profitability and is leveraging resources from the Dalian state-owned platform for future growth [4].

Core Viewpoint - The industrial steam market in China is experiencing significant growth due to the increasing demand from various industrial sectors, with a projected market size of 19.346 billion yuan by 2024 and a consumption volume of 48,730 million GJ [1][17]. Group 1: Industry Overview - The industrial steam industry is characterized by high energy utilization efficiency and environmental benefits, making combined heat and power (CHP) a key development trend in regional heating [1]. - The industrial steam market in China is the largest globally, with industrial heat demand nearly double that of electricity consumption [17]. - The supply of industrial steam in China is projected to reach 67,161 million GJ in 2024, indicating a robust growth trajectory [14]. Group 2: Market Structure - The competitive landscape of the industrial steam industry includes three main types of companies: heating companies, self-owned heating enterprises, and self-owned industrial enterprises, with heating companies holding approximately 54% of the market share [2]. - The industry is regionally concentrated, with companies establishing operations in industrial parks to leverage local demand and create competitive advantages [2][20]. - Major players in the industrial steam sector include Ningbo Energy, New Zhonggang, Hangzhou Thermal Power, and others [20][22]. Group 3: Market Dynamics - The industrial steam industry is supported by a comprehensive supply chain, with upstream activities involving equipment manufacturing and raw material supply, while downstream applications span various sectors such as chemicals, paper, food, and textiles [10][11]. - The market price for industrial steam is approximately 39.7 yuan per GJ, reflecting the industry's pricing dynamics [17]. Group 4: Research and Analysis - The research team employs various analytical models, including SCP, SWOT, and PEST, to assess the market environment, competitive landscape, and potential investment opportunities within the industrial steam sector [3]. - A detailed report titled "2025-2031 China Industrial Steam Industry Development and Investment Potential Forecast" has been compiled to provide insights for enterprises and investment institutions [28].

Group 1 - Yongxing Co., Ltd. has signed a steam supply cooperation agreement through its subsidiary, Conghua Environmental Energy Co., Ltd., to implement a dual-track heating supply system combining mobile and pipeline heating [1] - The mobile heating project commenced operations in July, providing flexible and efficient emergency heating for enterprises in the industrial park, while the pipeline heating project is currently being developed to cover surrounding industrial clusters [1] - Traditional waste incineration power generation projects have low thermal efficiency due to the loss of heat through cooling towers; however, the implementation of cogeneration can improve energy utilization efficiency by providing additional marketable industrial steam [1] Group 2 - The waste incineration power generation industry is transitioning its external steam sales from a secondary role to a primary one, with projected revenue from external steam sales for major A-share listed waste incineration companies reaching ten billion yuan in 2024 [2] - In the context of declining national subsidies, external steam sales have become a crucial strategy for maintaining or improving profit levels in the industry, with a study indicating that cogeneration can enhance comprehensive returns by 37% to 74% compared to pure power generation [2] - In 2024, Yongxing Co., Ltd. is expected to sell 16.44 million tons of steam, a year-on-year increase of 21%, although its heating volume and ratio remain lower compared to industry leaders, indicating significant growth potential through cogeneration [2]