Core Viewpoint - Baiyun Electric has won a bid for the State Grid Corporation of China's power transmission and transformation project, with a total bid amount of 163.5954 million yuan, which represents 3.28% of the company's audited revenue for 2024 [1] Summary by Category Company - Baiyun Electric and its subsidiary, Guilin Electric Capacitor Co., Ltd., are the winning bidders for the State Grid Corporation's 2025 procurement, specifically for the third round of bidding for power transmission and transformation equipment, including cables [1] - The total bid amount of 163.5954 million yuan is significant, accounting for 3.28% of Baiyun Electric's projected audited revenue for 2024 [1] - There is currently no formal business contract signed, indicating uncertainty in contract execution [1] Industry - The procurement is part of the State Grid Corporation's ongoing efforts to enhance its infrastructure through the acquisition of essential equipment for power transmission and transformation projects [1]

Summary of Key Points from Conference Call on Copper Connectors Industry Overview - The copper connector industry is experiencing significant growth driven by the evolution of data center servers towards larger cabinet designs, such as NVIDIA's NVL72, which enhances the application of copper connectors in short-distance high-speed interconnections [1][2] - Major companies like Huawei, Amazon, and Meta have begun large-scale adoption of copper connectors due to their cost-effectiveness and transmission distance advantages over other solutions [1][5] Core Insights and Arguments - **DAC and AEC Usage**: - DAC (Direct Attach Copper) is a low-cost solution suitable for short-distance transmission (around 2 meters), while AEC (Active Electrical Cable) is more complex and expensive but supports longer distances (4-6 meters) [1][6] - North American cloud service providers are leaning towards AEC for their self-developed INSILCO projects, indicating a shift in demand towards longer transmission distances [1][8] - **Market Demand**: - The demand for AEC in the North American market is expected to increase significantly by 2026, primarily driven by cloud service providers focusing on cost control and efficiency [1][8] - NVIDIA's ability to ship approximately 1,000 units of MVL72 weekly highlights the growing demand in the copper connector sector [2] Technical Developments - The evolution of data centers necessitates larger server configurations, leading to increased communication needs and a shift from short to longer distances for copper connectors [3][5] - The performance of DAC and AEC connectors has improved significantly, with NVIDIA's use of customized DACs for compact cabinet designs being a notable example [8] Cost Structure and Competitive Landscape - The copper connector industry is characterized as a processing industry where the core competitiveness lies in precision processing technology and yield control rather than raw material costs [7][10] - Companies primarily earn from precision processing rather than material costs, emphasizing the importance of optimizing equipment and labor to enhance profitability [7][10] Emerging Opportunities - Domestic companies, particularly those like Walden Materials' subsidiary Letin, are well-positioned in the high-speed copper cable market, showcasing strong technical reserves and capacity expansion [10] - The exploration of cabinet solutions by domestic and international computing chip manufacturers is influencing connector demand, with NVIDIA's compact designs requiring customized DACs and North American providers needing AEC for longer distances [10] Conclusion - The copper connector industry is poised for growth, driven by technological advancements and increasing demand from cloud service providers. The focus on cost-effective solutions and the exploration of new market opportunities present significant investment potential in this sector [1][2][10]

（原标题：英政府宣布拨款3亿英镑支持本国海上风电供应链建设） 据英国政府网站4月24日消息，在能源安全未来峰会（Future of Energy Security summit）当天在英 国开幕之际，英首相斯塔默宣布将向国有的英国能源公司（Great British Energy）拨款3亿英镑，用于投 资建设英本国海上风电供应链。 斯塔默表示，此举旨在强化英能源安全，并创造良好就业机会，呼吁国际投资者赴英共同参与建设 英清洁能源行业。 英能源安全与净零排放大臣米利班德表示，只有重新把能源掌握在英自己手中，才能保护英民众和 企业免受全球市场波动的影响，鉴此，英工党政府将加大工作力度，将英打造为清洁能源超级大国。 英国能源公司将使用该笔拨款投资新建海上风电组件（如浮动海上平台、电缆）供应链，确保英在 2030年前拥有具有韧性的供应链。英政府同时希望上述投入能撬动私人部门投资，带动本国清洁能源行 业发展。 英政府是在能源安全未来峰会开幕之际宣布上述举措的。该峰会由英政府与国际能源署（IEA）共 同主办，将于4月24日至25日在伦敦举行。英首相斯塔默、欧盟委员会主席冯德莱恩、相关国家能源部 长及能源行业代表将出席会议 ...