亨通光电7月发布公告显示，近期，该公司及控股子公司陆续收到项目中标通知书或签署项目合同，确 认中标国内外海洋能源项目，中标总金额为15.09亿元。具体而言，包括广西钦州海上风电示范项目 220kV/66kV海底光电复合电缆、湛江徐闻东三海上风电示范项目EPC总承包项目220kV海底复合电缆、 东海海上平台电力组网项目动态静态复合海缆等。"未来，公司将继续致力于能源互联领域市场竞争力 的提升，服务于国家深海科技的发展，助力全球能源体系的绿色转型。"该公司在公告中称。 除了亨通光电，近期霍普股份、中国通号等多家上市公司均披露了新基建相关项目，涉及项目包括光伏 发电、储能电站、5G通信基站等领域。 基建项目稳步开展离不开政策支持。8000亿元"两重"建设项目清单全部下达完毕，《新一轮农村公路提 升行动方案》提出，到2027年全国完成新改建农村公路30万公里，用于支持交通运输等中央本级重点投 资领域和重大项目建设中央预算内投资全部下达……今年以来，在一系列扩内需稳增长政策支持下，上 半年基础设施投资实现同比4.6%的增长，较整体固定资产投资增速高1.8个百分点。 佳电股份近日发布公告称，该公司控股子公司哈尔滨电气动力 ...

Group 1 - Jiadian Co., Ltd. announced that its subsidiary, Harbin Electric Power Equipment Co., Ltd., has won a bid for the Shandong Haiyang Xinan Nuclear Power Project with a contract value of 608.98 million yuan [1] - In the past month, over 130 major contract announcements have been made by listed companies, involving more than 60 companies, indicating a robust activity in the infrastructure sector [1] - The infrastructure investment in the first half of the year has grown by 4.6% year-on-year, outpacing the overall fixed asset investment growth by 1.8 percentage points [2] Group 2 - Companies like Hengtong Optic-Electric have secured contracts for marine energy projects totaling 1.509 billion yuan, highlighting the emergence of new infrastructure projects in renewable energy and communication [1][2] - The government has fully allocated an 800 billion yuan construction project list, supporting various infrastructure initiatives, including rural road improvements [2] - The trend of large contracts in the infrastructure sector reflects a shift towards new development drivers, including big data, cloud computing, and semiconductors [2][3] Group 3 - Qidi Design signed a contract worth approximately 860 million yuan for the construction of a computing power and supercomputing center in Henan [3] - Companies are increasingly signing large contracts in the new economy sectors, such as automation and digitalization, indicating a growing demand for advanced technologies [3] - The number of overseas contracts signed by listed companies has increased, showcasing their efforts to expand into international markets [4] Group 4 - Zhongcheng Co. signed a contract for a photovoltaic project in Azerbaijan valued at approximately 853 million yuan, reflecting the international expansion of Chinese companies [4] - Enjie Co. has entered into a supply agreement with LG Energy Solution for lithium battery separator films, indicating a strong demand for high-end manufacturing products [4][5] - The improvement in Chinese companies' technological capabilities is enhancing their export competitiveness, contributing to the growth of overseas contracts [5]

Group 1: Investor Relations Activities - The company conducted a specific investor survey on July 29, 2025, at the company meeting room, attended by Zhongyou Securities and the board secretary, Mr. Shi Jianwei [3][4]. Group 2: Computing Resource Acquisition Models - The company acquires computing resources through two main models: external purchase agreements with upstream suppliers and a co-construction model where the company builds its own computing clusters [4]. - The co-construction model allows the company to rent and use data center facilities to provide proprietary computing resources to downstream clients [4]. Group 3: Domestic Computing Resource Utilization - The company’s domestic computing resource usage is categorized into several application scenarios, with the highest demand for "basic large model training" and "mainstream large model inference" [5]. - The company has integrated various domestic chip computing resources into its platform, supported by a team of engineers for installation and optimization [5]. Group 4: Computing Resource Utilization Rate - The utilization rate of the company's proprietary GPU computing resources is currently between 85% and 90% [6]. Group 5: Strategic Cooperation with Alibaba Cloud - The strategic cooperation with Alibaba Cloud focuses on three main areas: building domestic computing centers, co-developing public cloud services, and promoting industry large models [7][8]. - The partnership aims to create a closed-loop system of "co-construction, sharing, and promotion" to enhance resource efficiency and commercial value [8]. Group 6: Shareholder Reduction Plans - The major shareholder, Qingkong Yinxing Nantong Venture Capital Fund, has completed its planned share reduction, and future decisions on further reductions will depend on various factors including market conditions [9]. Group 7: Gross Margin Decline in Intelligent Computing Cloud Business - The gross margin of the intelligent computing cloud business has declined due to factors such as product demand differences, resource allocation, and market competition [10]. - The revenue share from general cloud and industry cloud services has decreased, while the share from intelligent computing cloud services has increased, affecting overall gross margin [10].

Core Viewpoint - Hainan Huatie and Anhui Haima Cloud Technology Co., Ltd. have signed a strategic cooperation agreement to provide high-quality and stable computing power resources, with a total service amount reaching 1 billion RMB [1] Group 1: Strategic Cooperation - The agreement includes the provision of GPU servers, management servers, storage servers, and after-sales services to meet Haima Cloud's technical needs [1] - This collaboration marks a significant breakthrough for Hainan Huatie in extending computing power services to high-value application scenarios such as real-time cloud rendering [1] Group 2: Market Expansion - The partnership successfully opens a new track for inference computing power services, indicating a strategic move into a growing market segment [1]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned for multi-faceted growth through environmental protection, energy, digital technology, and equipment manufacturing, with a strong focus on expanding its business model since its establishment in 2009 [8][13]. - The company has experienced rapid revenue and profit growth, with total revenue projected to reach 2,766 million yuan in 2025, reflecting a year-on-year increase of 39.34% [1][19]. - The company is actively expanding its project operations, with a significant increase in both engineering and franchise orders, indicating a robust pipeline for future revenue [8][42]. Summary by Sections 1. Environmental Protection as a Source of Growth - The company has evolved from a core business in landfill leachate treatment to a diversified model encompassing energy, digital technology, and equipment manufacturing [8][13]. - Revenue has grown from 550 million yuan in 2020 to an expected 2,766 million yuan in 2025, with a compound annual growth rate (CAGR) of 53.05% from 2023 to 2024 [1][19]. 2. Abundant Environmental Orders and Accelerated Project Operations - The company has a strong order backlog, with engineering orders increasing from 322 million yuan in 2021 to 460 million yuan in 2024, while franchise orders surged from 806 million yuan to 3,672 million yuan in the same period [42][46]. - The company is shifting its focus from water treatment to solid waste management, particularly in the garbage incineration sector, which is becoming a new growth driver [48][53]. 3. New Growth Curves in Energy, Digital, and Equipment - The company is strategically investing in high-quality renewable energy projects, including a 2GW photovoltaic project, with 1GW already under construction [8][49]. - The company is also responding to the national "East Data West Computing" strategy by optimizing its computing power resource layout across various regions [8][39]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 500 million yuan, 608.81 million yuan, and 749.05 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 50%, 21.71%, and 23.04% [1][8].

Market Performance - On May 29, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index up 0.70%, the Shenzhen Component Index up 1.24%, and the ChiNext Index up 1.37% [2][3] - The total market turnover reached 1213.4 billion yuan, an increase of 179.5 billion yuan compared to the previous day, with over 4400 stocks rising [2] - Leading sectors included autonomous driving, innovative pharmaceuticals, and mobile payments, while precious metals and food sectors experienced declines [2] International Market Overview - The New York stock market indices rose on May 29, with the Dow Jones Industrial Average up 0.28%, the S&P 500 up 0.40%, and the Nasdaq Composite up 0.39% [3] - In contrast, European indices fell, with the FTSE 100 down 0.11%, the CAC 40 down 0.11%, and the DAX down 0.44% [3] Oil Prices - International oil prices declined on May 29, with light crude oil futures for July delivery down $0.90 to $60.94 per barrel, a decrease of 1.46%, and Brent crude down $0.75 to $64.15 per barrel, a decrease of 1.16% [4] Trade Relations and Policies - The Chinese Ministry of Commerce urged the U.S. to stop discriminatory restrictions against China, emphasizing the need to maintain the consensus reached in the Geneva high-level talks [6][7] - The Ministry also called for the complete removal of unilateral tariffs imposed by the U.S., highlighting the negative impact of such measures on international trade and domestic economic stability [7][10] Industry Insights - According to CICC, the micro-cap style may show diminishing advantages but still presents structural opportunities, with ongoing support for small and micro enterprises from policy measures [11] - Huatai Securities noted that tariffs and high interest rates may lead to tightening effects on the U.S. economy, suggesting a cautious outlook for U.S. stocks in the short term [11] - CITIC Securities highlighted the integration of AI and robotics as a significant trend, with Chinese companies positioned well within the global supply chain [11] Key Announcements - The Chinese government issued guidelines to enhance the market-oriented allocation of resource and environmental factors by 2027, aiming to improve trading systems for carbon emissions and water rights [5] - The domestic fuel surcharge for air travel will be adjusted starting June 5, with routes under 800 kilometers exempt from the surcharge, which is expected to positively impact domestic travel prices [9]

Group 1 - New stock offering by Ying Shi Innovation with an issuance price of 47.27 yuan per share and a subscription limit of 0.65 million shares [1] - The Ministry of Commerce of China emphasized ongoing communication with the U.S. regarding trade concerns, particularly around semiconductor export controls [2] - The State Council issued opinions to enhance the market-oriented allocation of resource and environmental factors, aiming for a comprehensive carbon trading system by 2027 [3] Group 2 - Zhejiang Province released implementation opinions to promote the development of intelligent computing cloud services, targeting a scale of 60 EFlops by 2027 [4] - Shanghai's housing fund committee announced policies to support the renovation of old residential elevators, allowing residents to withdraw funds for their share of costs starting July 1, 2025 [5] - South Africa's central bank lowered the benchmark interest rate by 25 basis points to 7.25% [5] Group 3 - Fulede's asset acquisition and fundraising project received approval from the Shenzhen Stock Exchange, marking the first restructuring project approved under new regulations [7] - Li Auto reported a net profit of 647 million yuan for the first quarter, reflecting a year-on-year increase of 9.4% [9] - Zhuhai Guanyu was designated by SAIC Volkswagen to develop and supply low-voltage lithium batteries for vehicles [10]

Group 1 - The article discusses the recent developments in U.S.-China trade relations, highlighting China's concerns over U.S. export control measures in the semiconductor sector and the call for the U.S. to correct its discriminatory practices [3] - The Chinese government has issued a notice regarding the market-oriented allocation of resource and environmental factors, aiming for a comprehensive trading system for carbon emissions, water rights, and pollution discharge by 2027 [4] - Zhejiang Province has released an implementation opinion to promote the development of intelligent computing cloud services, targeting a computing scale of 60 EFlops by 2027 and the establishment of a robust ecosystem for intelligent computing [5] Group 2 - The South African Reserve Bank has lowered its benchmark interest rate by 25 basis points to 7.25% [7] - Several companies have made significant announcements, including Ideal Auto reporting a net profit of 647 million yuan for Q1, a 9.4% year-on-year increase [11] - Zhuhai Guanyu has been designated by SAIC Volkswagen to develop and supply low-voltage lithium batteries for vehicles [16] Group 3 - Huatai Securities suggests that the core assets in the A-share market are undervalued and may benefit from a re-evaluation as global funds rebalance between dollar and non-dollar assets [24] - Changcheng Securities recommends focusing on defensive sectors, expanding domestic demand, and self-sufficiency in technology to navigate current market uncertainties [25]

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant updates, impacting their operations and stock performance [2] Group 1: Company Announcements - Zhongke Xingtu has been suspended from participating in military procurement activities due to alleged violations, which may impact its operations in the short term, although existing contracts remain valid [3] - Guangyang Co. has terminated its plan to acquire 100% of Ningbo Yinqiu Technology Co., and its stock will resume trading on May 30, 2025, with no adverse effects on its business or financial status [4][5] - ST Pioneer will remove its risk warning and change its stock name to Pioneer New Materials, as previous risk indicators have been resolved [6] - Fengmao Co. plans to invest up to 1.5 billion yuan in a new automotive parts production base in Jiaxing, with an expected annual output value of approximately 1.5 billion yuan [7] - Yiwei Communication intends to invest 100 million yuan to establish a wholly-owned subsidiary focused on investment activities and IoT technology services [8] - Hexing Co. clarified that it is not involved in the "unmanned logistics vehicle" business despite recent market speculation, and its operations remain normal [9] - Junyao Health's director reduced his holdings by 30,000 shares during a period of stock price volatility [10] - Menguli plans to reduce its shareholding by up to 5% through major transactions [11] Group 2: Major Contracts - Pingao Co. signed a significant contract worth 397 million yuan for providing computing resource services, which is expected to positively impact its business and performance [12]

Group 1 - The Ministry of Commerce of China emphasized ongoing communication with the U.S. regarding trade concerns, particularly around semiconductor export controls, urging the U.S. to correct discriminatory measures [3] - The State Council of China issued opinions to enhance the market-oriented allocation of resource and environmental factors, aiming for a comprehensive trading system for carbon emissions, water rights, and pollution discharge by 2027 [3] - The Ministry of Finance plans to issue 710 billion yuan of 30-year fixed-rate bonds with a coupon rate of 1.88%, maintaining the same terms as previous issuances [3] Group 2 - Zhejiang Province's Economic and Information Technology Department released implementation opinions for promoting intelligent computing cloud innovation, targeting a computing scale of 60 EFlops by 2027 and the establishment of 100 benchmark enterprises [4] - Shanghai's Housing Provident Fund Committee announced policies to support the funding of old elevator renovations, allowing residents to withdraw from their provident fund for personal contributions starting July 1, 2025 [5] - The South African Reserve Bank lowered its benchmark interest rate by 25 basis points to 7.25% [5] Group 3 - Yushu Technology has changed its name to Hangzhou Yushu Technology Co., Ltd. [6] - Li Auto reported a net profit of 647 million yuan for the first quarter, reflecting a year-on-year increase of 9.4% [6] - Guohsing Co. stated it is not involved in the business of unmanned logistics vehicles [6] Group 4 - Zhuhai Gree was designated by SAIC Volkswagen to develop and supply low-voltage lithium batteries for vehicles [7] - Pingao Co. signed a contract worth 397 million yuan for computing resource services [7] - Huayuan Real Estate will change its stock name to "Huayuan Holdings" starting June 5 [7]