山东首张欧盟MID证书落地 全国计量器具主产区产品出口欧盟更便利 当天，山东省计量科学研究院还与法国国家计量院在相关领域达成MID合作意向。法国国家计量院仪器 仪表认证部部长埃默里克·莫雷尔表示，未来将与山东省计量科学研究院在OIML（国际法制计量组织） 认证证书、OIML测试实验室等领域展开深入合作，助力山东乃至全国计量器具对接国际标准，打通走 向国际市场的绿色通道。（记者 王鹤颖） MID认证，是欧盟针对计量仪表设立的强制准入制度，覆盖了水表、电能表等10大类产品，是这些产品 进入欧盟市场的"通行证"。"为进入欧盟市场，长期以来，企业把产品送到境外机构检验拿证，沟通 难、成本高、周期长，不仅耗费大量人力和资金，还承受着订单延迟、客户流失的压力。"山东省计量 科学研究院副院长郭波说。 记者了解到，山东拥有流量仪表、电能表等生产企业400余家，总数占全国四分之一。企业生产的水 表、电能表等产品从国外取得MID证书，周期普遍在1年左右，需花费40万—80万元，影响了企业的国 际竞争力。为解决这一难题，去年山东省计量科学研究院与德国莱茵TÜV集团达成MID认证合作，在热 量表、水表等领域建立合作实验室，让企业在家 ...

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]

Core Viewpoint - The National Market Supervision Administration has issued an action plan to enhance the service capacity of measurement technology standards, focusing on key areas such as electronic weighing scales and fuel dispensers, to ensure the protection of public interests in the context of increasing digitalization and intelligence [1][2]. Group 1: Overall Goals - By 2030, the capability of measurement technology standards supply will be significantly improved, establishing a comprehensive system that includes national standards as the main body, supplemented by departmental, local, and industry standards [3]. - The plan aims to create over 15 national professional measurement technical committees, establish 50 special working groups, and recruit 500 measurement professionals, with a target of revising over 1,000 measurement technical standards [3]. Group 2: Implementation of Measurement Technology Standards Upgrade - The plan emphasizes the need for a dynamic and scientific approach to expand the measurement technology standards system, focusing on key areas and major projects [4]. - It aims to strengthen the measurement standards in essential livelihood sectors, enhancing anti-cheating capabilities and ensuring high-quality supply of measurement technology standards [4]. - A dual-track model of "measurement technology standards development + measurement standards research" will be promoted to ensure effective implementation [4]. Group 3: Enhancing Supply Capacity - The plan encourages the establishment of communication and coordination mechanisms among departments, localities, and industries to avoid redundancy and promote resource sharing [5][6]. - It aims to improve the internationalization of measurement technology standards by analyzing international trends and increasing participation in the development of international standards [6]. Group 4: Support System for Measurement Technology Standards - The action plan includes the establishment of a comprehensive support system for measurement technology standards, optimizing the structure and enhancing the management of measurement technical committees [8][9]. - It emphasizes the importance of talent development within measurement technical committees, aiming to build a team of high-level measurement experts [9][10]. Group 5: Implementation Requirements - All relevant units are required to prioritize the action plan, clarify responsibilities, and ensure effective implementation through coordinated efforts [10].

Group 1: Company Overview - Aux Group (奥克斯) successfully listed on the Hong Kong Stock Exchange on September 2, 2023, with an initial share price of HKD 16.1, resulting in a market capitalization of approximately HKD 26 billion [3] - The company attracted significant cornerstone investors, raising a total of USD 124 million (approximately HKD 974 million) from five cornerstone investors [3] - Aux's journey to the capital market spanned nearly ten years, including a brief listing on the New Third Board in 2016 and subsequent attempts to list on A-shares before finally opting for a Hong Kong listing [3][14] Group 2: Leadership and Vision - Zheng Jianjiang, the 64-year-old chairman of Aux, has now achieved his goal of having three listed companies, with Aux being the largest by scale [3][5] - Zheng's entrepreneurial journey began in the 1980s, and he has described himself as a grassroots entrepreneur who started from humble beginnings [5][6] - His vision included having at least three to five listed companies within five years, a goal that took a decade to realize [4][5] Group 3: Market Position and Strategy - Aux has positioned itself as a significant player in the smart home appliance sector, particularly in air conditioning, where it has adopted a competitive pricing strategy [8][10] - The company has shifted its focus towards international markets, establishing production bases and sales teams in over 150 countries, with overseas revenue increasing from 42.9% in 2022 to 57.1% in Q1 2025 [12] - Aux's R&D investment has been relatively low compared to industry leaders, with R&D expenses accounting for only 2% to 2.4% of revenue from 2022 to 2024, while competitors like Gree and Midea invest significantly more [12] Group 4: Industry Context - The air conditioning market in China is highly competitive, dominated by established players like Gree and Midea, which presents challenges for Aux as it seeks to maintain its market position [9][10] - Aux's historical pricing strategies have led to significant market share gains, but rising raw material costs and increasing energy efficiency standards are constraining its low-cost model [11][12] - The company has been involved in legal disputes with Gree over patent infringements, highlighting the intense competition and challenges within the industry [11]

Core Viewpoint - The report highlights significant declines in revenue and profit for Qingdao Topscomm Communication Co., Ltd. in the first half of 2025, primarily due to adverse external conditions affecting sales in the power products sector and a shift towards solution provision, impacting profit margins [4][6]. Company Overview and Financial Indicators - Company Name: Qingdao Topscomm Communication Co., Ltd. [2] - Stock Code: 603421 [2] - Major Financial Data: - Revenue: CNY 704.13 million, down 50.99% year-on-year [4] - Total Profit: CNY -222.92 million [4] - Net Profit Attributable to Shareholders: CNY -219.17 million [4] - Net Assets: CNY 2.92 billion, down 6.99% from the previous year [4] - Total Assets: CNY 4.08 billion, down 12.43% from the previous year [4] Industry and Business Analysis - The company focuses on the power industry and fire alarm sectors, aligning with national policies for energy transition and technological innovation [4][5]. - The energy sector is undergoing a green transformation, with an emphasis on clean, efficient, and intelligent energy systems [4][5]. - The company is actively involved in the development of smart grid solutions, enhancing its product offerings in energy measurement, collection, and distribution automation [5][6]. Product Development and Market Position - The company has developed a competitive product matrix for smart grid applications, including low-voltage power line communication and energy quality management devices [5][6]. - Recent advancements include high-protection-grade smart energy meters capable of withstanding extreme environmental conditions, enhancing operational reliability [9][10]. - The company is expanding its product lines to cover diverse metering scenarios, including smart water meters and energy meters for various sectors [10][11]. Strategic Initiatives and Future Outlook - The company is focusing on integrating new energy technologies, electric vehicle charging infrastructure, and smart sensing terminals to enhance its market position [6][7]. - It aims to leverage government policies and market trends to optimize product offerings and develop sustainable growth engines [6][7]. - The company is also exploring overseas markets for advanced metering infrastructure (AMI) solutions, aligning with international communication standards [11][12]. Regulatory and Standardization Efforts - The company is involved in drafting national standards for flexible load control terminals and monitoring equipment, enhancing its influence in the industry [16][17]. - It is committed to improving the quality and performance of its products to meet the evolving demands of the power sector [21][23].