Core Viewpoint - The shipping industry is undergoing a silent yet profound revolution driven by global climate governance and energy transformation, with a focus on decarbonization and technological innovation [1] Group 1: System Reconstruction - Electrification represents a fundamental change in the shipping industry, shifting from mechanical to electric drive systems, requiring a complete overhaul of energy distribution and propulsion systems [2] - European companies like ABB and Wärtsilä are leading with integrated energy platforms, while Chinese firms are rapidly catching up in the back-end of the supply chain, showcasing significant advancements in battery technology [3] - Hybrid power solutions are gaining traction in new builds and retrofits, allowing vessels to achieve zero emissions in emission control areas while maintaining operational efficiency [3] Group 2: Economic Challenges - The initial capital expenditure for advanced electric systems can be 20%-40% higher than traditional vessels, necessitating new business models and financial innovations to absorb the green premium [4] - Financial institutions in China are providing preferential loans for green vessels, and energy management contracts are being explored to lower the barriers for technology adoption [4] Group 3: Automation to Autonomy - The shift towards data-driven operations is transforming the industry from single-vessel automation to integrated ship-shore smart operations, enhancing fuel efficiency and predictive maintenance [5][6] - Chinese companies are developing digital infrastructure for smart shipping, while advancements in autonomous navigation technologies are being made, indicating a growing domestic capability [6] Group 4: Decarbonization Challenges - The choice of green fuels such as LNG, methanol, ammonia, and hydrogen presents a complex dilemma, with each option facing scrutiny regarding its lifecycle carbon emissions [8] - The lack of global infrastructure for green fuel supply creates a "chicken and egg" problem, hindering investment in green fuel-powered vessels [8][9] Group 5: Global Collaboration and Governance - China's infrastructure development for charging and refueling facilities along domestic waterways serves as a testing ground for future global applications, but significant international cooperation and investment are required to replicate this success globally [9] - The future success of the shipping industry's transformation will depend on collaborative efforts across the global ecosystem, including diverse technological paths, innovative business models, and inclusive governance frameworks [10]

9月16日，在美国底特律举办的年度汽车杂志管理简报研讨会（MBS）上，浩思动力与世索科 （Syensqo）联合研发的电机冷却系统荣获2025年Altair Enlighten Award "模块轻量化"类别一等奖。 ■ 多元化技术布局，覆盖80%全球市场需求 "实现净零目标不是不同技术路线的竞赛，而是需要多元技术的融合共生。"浩思动力全球首席执行 官Matias Giannini表示，"我们相信到2040年，全球仍将有50%的车辆需要高效内燃机或混合动力系统。 浩思动力将以其全面的技术解决方案，成为主机厂实现平稳转型的首选合作伙伴。" 在全球汽车产业迈向碳中和的关键节点，一家全新的动力系统巨头——浩思动力（Horse Powertrain）正式登上国际舞台。这家由吉利汽车旗下极光湾科技（Aurobay）与雷诺集团旗下Horse科 技强强联合成立的合资企业，正以其独特的多元化技术路线，为行业提供了一条务实且高效的转型路 径。 ■ 百年技术积淀，打造动力系统全球新巨头 浩思动力继承雷诺与吉利125年的动力系统研发底蕴，在全球拥有17个生产基地和5大研发中心，员 工总数达19,000人。公司年营收高达150亿欧元， ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 1.384 billion yuan in H1 2025, representing a year-on-year increase of 9.11%, and a net profit attributable to shareholders of 188 million yuan, up 23.91% year-on-year [1] - The company has secured over 1.5 billion yuan in orders for its two-machine business, with significant progress in partnerships with major global clients [3] - The nuclear power business is experiencing an upswing, with multiple contracts signed for nuclear power projects [4] - The low-altitude economy segment is advancing with a focus on engine and aircraft integration, targeting high-altitude and cold-weather markets [5] - Profit forecasts for 2025-2027 project net profits of 420 million, 574 million, and 801 million yuan respectively [5] Financial Data Summary - Revenue for 2023 is projected at 2.412 billion yuan, with a growth rate of 9.75% [11] - The net profit attributable to shareholders for 2025 is estimated at 419.51 million yuan, reflecting a growth rate of 46.49% [12] - The company’s EBITDA for 2025 is expected to be 849.74 million yuan [11] - The earnings per share (EPS) for 2025 is projected to be 0.62 yuan [12] - The price-to-earnings (P/E) ratio for 2025 is estimated at 45.26 [12]