12月29日，林洋能源跌0.72%，成交额6678.85万元。两融数据显示，当日林洋能源获融资买入额674.26 万元，融资偿还587.05万元，融资净买入87.21万元。截至12月29日，林洋能源融资融券余额合计6.05亿 元。 融资方面，林洋能源当日融资买入674.26万元。当前融资余额6.02亿元，占流通市值的5.30%，融资余 额低于近一年40%分位水平，处于较低位。 融券方面，林洋能源12月29日融券偿还7800.00股，融券卖出4.72万股，按当日收盘价计算，卖出金额 26.05万元；融券余量55.12万股，融券余额304.26万元，超过近一年90%分位水平，处于高位。 责任编辑：小浪快报 资料显示，江苏林洋能源股份有限公司位于江苏省启东经济技术开发区林洋路666号，成立日期1995年 11月6日，上市日期2011年8月8日，公司主营业务涉及从事智能电网、新能源、储能。主营业务收入构 成为：电能表、系统类产品及配件57.52%，发电业务16.10%，其他产品10.89%，储能业务8.35%，智维 服务3.80%，电站销售3.34%。 截至9月30日，林洋能源股东户数7.42万，较上期减少6.01% ...

Group 1 - The Weifang Market Supervision Administration focuses on key areas such as civil "three meters," electronic weighing scales, and fuel dispensers to establish a comprehensive and multi-dimensional regulatory system to protect public welfare and ensure fair measurement [1][2][3] - A special rectification plan was developed, with three deployment seminars and 42 enterprise discussions held, leading to the inspection of 2,078 water meters, 5,561 electric meters, and 8,841 gas meters, resulting in 20 issues rectified [1] - The administration has implemented a "you point, I check" initiative, handling 112 complaints and conducting free inspections of 551 civil "three meters," while organizing 24 community detection events and 13 open laboratory sessions [1] Group 2 - The administration emphasizes the importance of electronic weighing scales in ensuring fair pricing for consumers, establishing a mechanism that includes the installation of 261 fair scales and the use of "mobile weights" for consumer protection [2] - A grid-based regulatory approach has been adopted, focusing on key areas such as farmers' markets and restaurants, with 56 issues rectified through active supervision [2] - The "mobile coding" initiative has been launched, with 205 coding points set up and 1 million coding labels distributed to engage consumers and businesses in the rectification of electronic weighing scales [2] Group 3 - Strict supervision of fuel dispenser measurements is enforced, with inspections conducted at 187 gas stations and 1,021 fuel dispensers, leading to the identification and rectification of 57 issues [3] - The administration promotes a "trustworthy measurement" initiative, guiding gas stations to enhance their measurement management systems and assisting 312 stations in establishing these systems [3] - Future efforts will focus on improving the regulatory system, reinforcing corporate responsibility, optimizing public service measures, and fostering a collaborative governance framework [3]

北京煜邦电力技术股份有限公司（以下简称"公司"）于近日通过中国合格评定国家认可委员会 （CNAS）的认可评定，获得其授予的实验室认可证书和认可决定书（以下简称"认可证书"），具体情 况如下： 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性依法承担法律责任。 一、基本情况 获得机构名称：北京煜邦电力技术股份有限公司实验中心 注册号：CNAS L24563 二、对公司的影响及风险提示 中国合格评定国家认可委员会（CNAS）是国际认可论坛（IAF）、国际实验室认可合作组织 （ILAC）、亚太实验室认可合作组织（APLAC）和太平洋认可合作组织（PAC）的正式成员。公司此 次获得认可证书，标志着公司检测中心的管理水平和检测能力获得国家及国际的认可，具备了按照国家 标准开展检测的能力，对保障公司产品质量强化公司产品研发能力、增强客户对公司的认同感及信任感 具有促进作用，有利于进一步提升公司的综合竞争力。 本次认可证书的获得不会对公司经营业绩产生重大影响，敬请广大投资者谨慎决策，注意投资风险。 三、备查文件 中国合格评定国家认可委员会实验室认可证书。 特 ...

Core Points - The first locally issued EU MID (Measuring Instruments Directive) certificate in Shandong has been established, facilitating easier access for local measuring instrument manufacturers to the EU market [2] - MID certification is a mandatory entry system set by the EU for measuring instruments, covering ten categories including water meters and electric meters, serving as a "passport" for these products to enter the EU market [2] - Previously, obtaining MID certification required sending products to foreign institutions for testing, which was costly (ranging from 400,000 to 800,000 yuan) and time-consuming (approximately one year), impacting international competitiveness [2] - A collaboration between Shandong Provincial Institute of Metrology and TÜV Rheinland Group has established local testing laboratories, reducing certification time by over 50% and costs to 200,000 to 300,000 yuan [2] - The increasing popularity of smart electric meters in domestic and international markets highlights the importance of speed in seizing opportunities, with the recent MID certification completed in under six months boosting confidence in development [3] - A cooperation intention was reached between Shandong Provincial Institute of Metrology and the French National Metrology Institute to enhance collaboration in OIML (International Organization of Legal Metrology) certification and testing laboratories, aiming to align Shandong's measuring instruments with international standards [3]

Group 1 - The stock price of LinYuan Energy increased by 2.12% on November 13, reaching 6.27 CNY per share, with a total market capitalization of 12.917 billion CNY [1] - Year-to-date, LinYuan Energy's stock price has decreased by 7.85%, but it has seen a 2.28% increase over the last five trading days [1] - The company has experienced a significant decline in revenue and net profit for the first nine months of 2025, with revenue of 3.674 billion CNY, down 28.88% year-on-year, and a net profit of 359 million CNY, down 60.56% year-on-year [2] Group 2 - LinYuan Energy's main business segments include smart grids, renewable energy, and energy storage, with the largest revenue contribution coming from electric meters and system products at 57.52% [2] - The company has distributed a total of 3.319 billion CNY in dividends since its A-share listing, with 1.529 billion CNY distributed in the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 6.01% to 74,200, while the average circulating shares per person increased by 6.39% to 27,776 shares [2]

Core Insights - The overall performance of the dividend style sector has been poor from early 2025 to October 28, 2025, while electricity demand has maintained steady growth, with a total electricity consumption of 7.77 trillion kilowatt-hours, representing a year-on-year increase of 4.8% [2][3] - During the 14th Five-Year Plan period, a "wide electricity volume, tight electricity supply" pattern is expected, with comprehensive electricity prices likely to stabilize [2][3] Electricity Sector - Coal prices have bottomed out and are expected to stabilize electricity prices; from the end of 2023 to mid-2025, coal prices have been declining, but began to rebound in July 2025, with the average clearing price in Jiangsu's electricity market reaching 395.60 yuan per megawatt-hour, an increase of 82.80 yuan per megawatt-hour month-on-month [3] - Hydropower remains stable with long-term investment value in a low-interest-rate environment; the net interest margin for hydropower has expanded by 69 basis points compared to the previous year [3] - Nuclear power's marketization ratio is gradually increasing, with a marketable electricity volume cap of 31.2 billion kilowatt-hours in 2026, a 14.3% increase from 2025; fluctuations in natural uranium prices have a minimal impact on operators [3] - Green electricity policies have seen uncertainty resolved, with market reforms entering a deeper phase; the wind power tax subsidy has decreased, indicating a policy bottom [4] Power Grid Equipment - The State Grid's investment in transmission and transformation equipment has seen significant growth, with a cumulative bidding amount of 68.188 billion yuan from January to September 2025, a year-on-year increase of 22.9% [6] - The export of primary equipment has also maintained high growth, with liquid medium transformers, high-voltage switches, and energy meters showing significant year-on-year increases in export amounts [6] Investment Opportunities - Beneficial stocks include: - Thermal Power: Huaneng International, Huadian International, China Resources Power, Datang Power, and others [7] - Hydropower: Yangtze Power, Huaneng Hydropower, and others [7] - Nuclear Power: China National Nuclear Power, China General Nuclear Power, and others [7] - Green Power: Longyuan Power, China Power, and others [7] - Power Grid Equipment: Pinggao Electric, XJ Electric, and others [7]

Investment Rating - The report maintains a "Recommended" rating for key companies in the industry, including Weisheng Information, Haixing Electric Power, and Juhua Technology [4]. Core Insights - The 2025 State Grid third batch of metering equipment bidding shows a clear trend of technological upgrades, with an increase in the number of high-end meter bids and a shift towards supporting international standards [3]. - Price adjustments in the bidding process are expected to alleviate previous price pressures in the industry, as the scoring criteria for price calculations have been modified [2]. - The overall bidding quantity for electric meters has improved on a month-on-month basis, indicating a potential recovery in both volume and profit for domestic smart meters [3]. Summary by Sections Bidding Overview - The third bidding round for metering equipment by the State Grid includes 10 sub-bids and 386 packages, with a total of 217 packages for electric meters, showing a month-on-month increase [1]. - The bidding for collection terminals and metering transformers has decreased compared to previous rounds, indicating a mixed demand landscape [1]. Price Adjustments - The scoring formula for price evaluation has been revised, which is expected to reduce the pressure of continuous price declines in the industry [2]. - The floating coefficient range has been adjusted, and extreme low-price bids have been excluded from the current bidding process [2]. Technological Trends - The bidding for A-level single-phase meters remains stable, with a significant increase in the proportion of low-power models [3]. - The demand for B/C-level three-phase meters has grown, particularly in provinces with strong renewable energy needs [3]. Investment Recommendations - The report suggests focusing on high-quality domestic electric meter companies such as Weisheng Information, Haixing Electric Power, and Juhua Technology, as they are well-positioned to benefit from the upcoming market changes [3].

Core Viewpoint - The Ordos Market Supervision Administration conducted a comprehensive inspection of 10 legally established metrology verification institutions to strengthen public trust in measurement standards and ensure the accuracy of measurement services [1][2] Group 1: Inspection Overview - The inspection was carried out from July to September, focusing on the operational norms of the institutions, maintenance of measurement standards, and adherence to the "Regulations on the Supervision and Management of Legal Metrology Verification Institutions" [2] - The inspection emphasized the verification processes for consumer-related measurement tools, including household "three meters" (water, electricity, gas meters) and fuel dispensers, ensuring the accuracy of data [2] Group 2: Performance and Capacity - Ordos has a total of 14 legally established metrology technical institutions, with 8 being legally established and 6 authorized, covering various fields such as thermodynamics, mechanics, electromagnetism, optics, and chemistry [1] - From January to September of this year, the city verified a total of 288,200 mandatory measuring instruments, providing fair and efficient measurement services to businesses and the public [2]

Core Viewpoint - The article discusses the current state of the Chinese market amidst ongoing US-China tensions, highlighting the cautious stance of major investment banks regarding market recovery and the importance of focusing on high-quality stocks with stable dividends before any clear resolution of uncertainties [1][2]. Economic Growth Targets - Morgan Stanley predicts that the "14th Five-Year Plan" will likely set a specific growth target below 5%, but not lower than 4.5%. In contrast, Nomura, HSBC, and UBS do not expect a specific numerical target, suggesting a range or implicit goals instead [2]. Consumer Support Measures - Morgan Stanley believes that the support for consumption will be relatively limited, with China primarily relying on employment promotion to bolster consumption. Other banks emphasize improving the social security system to stimulate consumption, with UBS suggesting the government may set a clear target for the official consumption-to-GDP ratio [3]. Service Industry Development - Morgan Stanley anticipates that the "14th Five-Year Plan" will continue to emphasize maintaining a stable manufacturing sector, potentially limiting service industry growth. UBS expects further opening of the service sector to foreign investment, particularly in telecommunications, healthcare, and education, while HSBC mentions expanding service consumption and lowering barriers for foreign investment [4]. "Anti-Overwork" Policies - Morgan Stanley does not expect explicit mention of "anti-overwork" policies in the "14th Five-Year Plan," viewing it as an inherent part of building a unified national market. UBS believes the new plan may clarify some strategic goals and core principles of the "anti-overwork" initiative, while Nomura and HSBC do not specifically address the relationship between this policy and the plan [5]. Real Estate Sector - Nomura indicates that Beijing may intensify efforts to clean up the debt issues in the real estate market. HSBC notes that the new urbanization plan will focus on coordinated urban-rural development, urban cluster construction, and the promotion of affordable housing. Morgan Stanley believes the plan will emphasize high-quality urban development and establish a new development model for the real estate market, aiming to stabilize housing price expectations, accelerate inventory reduction, and expand rental housing supply [6]. Technology and Innovation - All four investment banks agree that innovation and technology development are priorities. Nomura points out that Beijing will continue to drive technological self-reliance through significant investments and industrial policies, especially in semiconductors and artificial intelligence. HSBC emphasizes breakthroughs in foundational technology areas, while Morgan Stanley aims for industrial modernization and efficiency improvements, focusing on overcoming "bottleneck" technologies. UBS expects continued support for basic and cutting-edge research, particularly in "bottleneck" technology fields [7]. Market Strategy Insights - Various securities firms provide insights into market strategies, suggesting a focus on high-quality stocks and sectors with stable earnings. They recommend attention to sectors like new energy, advanced manufacturing, and consumer goods, while also highlighting the importance of mergers and acquisitions as a theme [8]. Lithium Prices - As of October 17, the average price of domestic lithium hexafluorophosphate is reported at 79,000 yuan per ton, reflecting a 13.67% increase. Export prices have also risen to 86,000 yuan per ton, marking a 14.67% increase [9][10]. Coal Prices - As of October 17, the market price for Shanxi-produced thermal coal (Q5500) is 740 yuan per ton, up 34 yuan from the previous week. The price for Indonesian coal at Guangzhou port is 759.93 yuan per ton, and Australian coal is priced at 799.27 yuan per ton, with respective increases of 22.30 yuan and 36.75 yuan [10]. IPO Developments - Jiangsu Tianbing Aerospace Technology Co., Ltd. has completed its IPO counseling filing with the Jiangsu Securities Regulatory Bureau, indicating ongoing activity in the aerospace sector [11]. Metering Equipment - The State Grid has announced a tender for 16.95 million new energy meters for 2025, marking a shift to new metering technology that is expected to enhance profit margins in the metering equipment sector [12][13]. Domestic Substitution Trends - Recent reports indicate significant shifts in the supply chain dynamics of major tech companies, with Nvidia's CEO stating that the company's market share in China has dropped from 95% to 0% due to US export controls. Microsoft is also pushing suppliers to move production outside of China, indicating a broader trend of domestic substitution [17][20].

Core Insights - Linyang Energy's stock increased by 1.64% on October 15, with a trading volume of 165 million yuan [1] - The company reported a financing net purchase of 4.34 million yuan on the same day, with a total financing and securities balance of 581 million yuan [1][2] - The company's revenue for the first half of 2025 was 2.481 billion yuan, a year-on-year decrease of 28.35%, and the net profit attributable to shareholders was 324 million yuan, down 45.88% year-on-year [2] Financing and Securities - On October 15, Linyang Energy had a financing buy amount of 19.2834 million yuan, with a current financing balance of 579 million yuan, accounting for 4.53% of the circulating market value [1] - The financing balance is below the 10% percentile level of the past year, indicating a low position [1] - The company had a securities lending repayment of 16,000 shares and a securities lending sell amount of 58,700 shares, with a lending balance of 1.8276 million yuan, which is above the 60% percentile level of the past year, indicating a high position [1] Shareholder Information - As of June 30, 2025, Linyang Energy had 78,900 shareholders, an increase of 3.16% from the previous period [2] - The average circulating shares per person decreased by 3.07% to 26,108 shares [2] - The top ten circulating shareholders include significant institutional investors, with notable changes in holdings among various ETFs [3]