智通财经APP获悉，对能源转型的支持者而言，2025年的挑战可谓接踵而至：美国清洁能源政策大幅倒退、欧洲风电遭遇"无风 季"、企业风电投资收缩、煤电产能强势反弹。但这一年同样孕育着希望——全球电池储能装机创历史新高、数十个国家太阳能发 电占比突破纪录、主要汽车市场电动车销量持续攀升。 下文将通过八张图表，梳理2025年影响全球能源转型进程的关键里程碑与发展动态，并列出2026年及未来需要重点关注的核心数 据指标。 中国领跑清洁能源赛道 中国持续领跑全球清洁能源发展，在核电、光伏、风电及生物质能装机规模上稳居世界首位。清洁电力生产即将实现连续第七年 强劲增长，能源智库Ember数据显示，2025年前11个月中国清洁发电量同比增长15.4%。 2025年，清洁能源发电量占全国电网供电总量的比例将首次突破40%，而化石能源发电占比则降至历史最低点。 尽管化石能源仍是中国电力系统的核心支柱，但自2019年以来，清洁能源发电量的增速已达到化石能源发电量增速的四倍以上。 未来十余年，随着中国持续扩张光伏、风电、核电及储能装机规模，清洁能源在全国发电结构中的占比有望进一步提升。 中国清洁技术出海同样势不可挡。根据Ember ...

Group 1: Company Overview - Fujian Snowman Group Co., Ltd. was established in 2000, focusing on thermal power technology for cold chain logistics, industrial refrigeration, clean energy, and hydrogen power sectors [1] - In the first three quarters of 2025, the company achieved a revenue of CNY 1.631 billion, representing a year-on-year increase of 24.26% [1] Group 2: Data Center Business Expansion - The company has entered the data center business through compressor refrigeration equipment supply and key project construction [1] - It offers a diverse product line including piston compressors, open screw compressors, semi-hermetic screw compressors, and centrifugal compressors, with a new centrifugal compressor designed for high-efficiency data centers now on the market [1] - The company utilizes low-charge ammonia refrigeration technology, replacing traditional refrigerants, exemplified by its provision of third-generation low-charge ammonia cooling technology to Facebook's Denmark data center [1][2] Group 3: Controlled Nuclear Fusion Business - The company produces helium compressors essential for large-scale low-temperature systems, crucial for projects like the superconducting tokamak [2] - Its "megawatt-level" helium compressors can achieve cooling capacities at -271°C, with the technology recognized as internationally leading [2] Group 4: Hydrogen Energy Sector - The company is developing hydrogen fuel cell technology, focusing on core components and systems, while extending its existing compressor and refrigeration technologies to liquid hydrogen applications [2] - It has established a global hydrogen fuel cell technology R&D and supply chain system, with research institutions in Europe and Japan [2] - The new generation of metal plate fuel cell stacks has been developed, and the company is advancing the mass production of hydrogen fuel cells and core components domestically [2]

据悉，EquipmentShare自称是美国规模最大、增长最快的设备租赁供应商之一。截至2025年9月30日， 该公司运营着一个数字原生设备租赁平台，拥有342个全方位服务租赁点、9个经销商网点和22家建材商 店，业务覆盖美国45个州。其设备库包含约23.5万台拥有、租赁或管理的设备，原始设备成本达81亿美 元。所有设备均通过其专有平台T3连接，该平台提供实时跟踪、预测性维护和远程访问控制功能，覆 盖各类设备以优化施工现场运营。公司主要收入来自租赁业务，设备销售也贡献显著营收。除通用工程 设备(如伸缩臂叉装车、挖掘机、紧凑型履带装载机、推土机、压缩机)外，公司还扩展至暖通空调、水 泵和发电设备等专业领域。数据显示，该公司截至2025年9月30日的12个月营收达44亿美元。 建筑设备租赁与销售平台EquipmentShare.com周二向美国证券交易委员会(SEC)提交了上市申请，预计 将通过首次公开募股(IPO)筹资约8亿美元。该公司预计最早将于2026年1月上市，上市地点为纳斯达 克，股票代码为"EQPT"。定价条款尚未披露。 ...

Group 1: Company Overview - Fujian Snowman Group Co., Ltd. was established in 2000, focusing on advanced equipment manufacturing in fields such as cold chain logistics, industrial refrigeration, and clean energy [1] - In the first three quarters of 2025, the company achieved a revenue of CNY 1.631 billion, representing a year-on-year increase of 24.26% [1] Group 2: Controlled Nuclear Fusion Business - The company is involved in the controlled nuclear fusion sector, specifically in superconducting tokamak projects, which require helium compressors to operate in cryogenic environments [1] - The helium compressor equipment produced by the company is used in a national major scientific research project, achieving cooling capacity at -271°C [1] - The technology has received national scientific achievement evaluation, reaching international leading levels with significant social and economic benefits [1] Group 3: Magnetic Levitation Centrifugal Machine Business - The magnetic levitation centrifugal machine is becoming an ideal solution for cooling systems in AI data centers due to its low noise, high cooling capacity, and energy efficiency [2] - The newly launched SCM-FD series high-pressure magnetic levitation centrifugal compressor integrates advanced technologies and significantly outperforms traditional compressors [2] - The company plans to enhance market promotion of magnetic levitation centrifugal machines across various sectors in the coming years [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company achieved a revenue of 363.06 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 13.82%. The net profit attributable to the parent company was 37.88 billion yuan, up 19.51% year-on-year, and the net profit after deducting non-recurring gains and losses was 37.14 billion yuan, an increase of 22.26% year-on-year [4][5]. - In Q3 2025, the company reported a revenue of 111.93 billion yuan, a year-on-year increase of 10.06%, with a net profit of 11.87 billion yuan, up 8.95% year-on-year, and a net profit after deducting non-recurring gains and losses of 10.91 billion yuan, reflecting a growth of 6.95% year-on-year [4][5]. Summary by Sections Revenue Growth - The company experienced double-digit revenue growth, with the C-end business growing by 13% and the B-end business by 18%. Notably, the new energy and industrial technology sectors grew by 21%, while smart building technology saw a growth of 25% [9]. - The OBM (Original Brand Manufacturer) strategy has shown positive results, with OBM revenue accounting for over 45% of C-end export revenue in the first three quarters of 2025 [9]. Profitability - The gross margin for the first three quarters of 2025 was 25.87%, with a slight year-on-year decrease of 0.17 percentage points. The operating profit reached 34.54 billion yuan, reflecting a year-on-year growth of 13.98%, with an operating profit margin of 9.51%, an increase of 0.01 percentage points [9]. - In Q3 2025, the gross margin improved to 26.44%, up 1.20 percentage points year-on-year, with an operating profit of 11.14 billion yuan, a significant increase of 27.76% year-on-year, and an operating profit margin of 9.95%, up 1.38 percentage points [9]. Future Outlook - The company is expected to maintain a dual focus on both C-end and B-end business development, enhancing its product variety and services while strengthening its global business layout for sustainable growth. The projected net profits for 2025, 2026, and 2027 are 44.82 billion yuan, 48.13 billion yuan, and 52.19 billion yuan, respectively, with corresponding P/E ratios of 13.07, 12.17, and 11.22 [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 25.393 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 11.49%. However, the net profit attributable to shareholders decreased by 8.20% to 488 million yuan, and the net profit excluding non-recurring items fell by 12.47% to 451 million yuan. In Q3 2025, revenue was 7.321 billion yuan, down 6.33% year-on-year, with a net profit of 71.22 million yuan, a decline of 38.58% [2][6][14]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's gross margin was 10.15%, a decrease of 0.19 percentage points year-on-year. The operating profit for the same period was 365 million yuan, reflecting a growth of 0.99% year-on-year, with an operating profit margin of 1.44%, down 0.15 percentage points [14]. - In Q3 2025, the gross margin was 9.44%, with an operating profit of 26.64 million yuan, showing a year-on-year increase of 4.67% [14]. Market Opportunities - The company is expected to benefit from structural opportunities in the industry, including cautious domestic consumption, the rise of e-commerce, and upgrades in refrigerator structures. The air conditioning business is anticipated to gain market share through e-commerce and competitive pricing, while the refrigerator segment aims to enhance average prices and profit elasticity through structural upgrades [14]. Profit Forecast - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 649 million yuan, 716 million yuan, and 801 million yuan, respectively. The corresponding price-to-earnings ratios are projected to be 11.08, 10.04, and 8.97 times [14].

Core Viewpoint - The recent transfer of shares from 瑞邦证券 to 富途证券国际 indicates a significant shift in shareholder structure for 金叶国际集团, which may impact its market perception and future performance [1] Company Overview - 金叶国际集团 is a well-established contractor in Hong Kong, primarily engaged in electromechanical engineering, focusing on the supply, installation, and maintenance of HVAC, electrical, and water supply systems [1] - The company mainly undertakes private projects and acts as the main contractor [1] Financial Performance - The annual revenue of the company exceeds 100 million HKD, while its annual profit is only in the tens of millions HKD [1] - For the fiscal year 2025/26, the company anticipates a significant decrease in net profit compared to the fiscal year 2024/25, primarily due to increased listing expenses [1]

Core Viewpoint - The recent transfer of shares in Golden Leaf International Group indicates a strategic shift in shareholder engagement, with a significant portion of shares moving from one brokerage to another, reflecting potential investor sentiment and market dynamics [1] Company Overview - Golden Leaf International Group (stock code: 08549) is a well-established contractor in Hong Kong, primarily engaged in electromechanical engineering, focusing on the supply, installation, and maintenance of HVAC, electrical, and water supply systems [1] - The company mainly undertakes private projects and acts as the main contractor, showcasing its role in the local construction industry [1] Financial Performance - The company reported annual revenue exceeding 100 million HKD, with annual profits around 10 million HKD, indicating a modest profitability relative to its revenue scale [1] - It is projected that the net profit for the fiscal year 2025/26 will significantly decrease compared to 2024/25, primarily due to increased listing expenses [1]

Core Viewpoint - The recent transfer of shares of Golden Leaf International Group (08549) indicates a strategic shift among shareholders, with a significant portion of shares moving from Baichui Securities to Futu Securities International Hong Kong, reflecting a market value of HKD 10.2262 million, which accounts for 5.27% of the total shares [1] Company Overview - Golden Leaf International Group is a well-established contractor in Hong Kong, primarily engaged in electromechanical engineering, focusing on the supply, installation, and maintenance of HVAC, electrical, and water supply systems [1] - The company mainly undertakes private projects and acts as the main contractor, generating annual revenue exceeding HKD 100 million, with annual profits around HKD 10 million [1] Financial Outlook - The company anticipates a significant decrease in net profit for the fiscal year 2025/26 compared to 2024/25, primarily due to increased listing expenses [1]

Core Viewpoint - The recent transfer of shares in Golden Leaf International Group indicates a strategic shift in shareholder investment, with a significant portion of shares moving to Futu Securities, reflecting a market interest in the company despite its projected profit decline [1] Company Overview - Golden Leaf International Group (stock code: 08549) is a well-established contractor in Hong Kong, specializing in electromechanical engineering, particularly in the supply, installation, and maintenance of HVAC, electrical, and water supply systems [1] - The company primarily undertakes private projects and acts as the main contractor, generating annual revenue exceeding 100 million HKD, with annual profits around 10 million HKD [1] Financial Projections - The company anticipates a substantial decrease in net profit for the fiscal year 2025/26 compared to 2024/25, primarily due to increased listing expenses [1]