Recently, China Construction Decheng announced the bidding results for energy storage projects in Denmark and Spain. The total capacity of these energy storage systems reached 1.12 GW/2.4 GWh, and four suppliers—CRRC Zhuzhou Institute, Envision Energy, Sungrow, and Great Power Energy—successfully won the bids, with the winning prices ranging between 0.8362 and 1.0431 yuan/Wh. The energy storage project covers eight projects in Denmark and Spain, with a procurement scale of 1,116.5 MW/2,427.72 MWh. The total investment amounted to 2.5 billion yuan, which translates to a unit price of approximately 1.0297 yuan/Wh. It is worth mentioning that in October of last year, China Construction Decheng signed cooperation agreements with Denmark's DRSOLAR and NORLA for a 2.5 GWh energy storage project. The project will adopt an LFP battery system and an intelligent energy management system.

As the PV industry enters the large-scale base construction phase, safety and system reliability are becoming the core elements for the long-term operation of PV power plants. This is particularly true in regions prone to extreme weather conditions, such as deserts, gobi, mountainous, coastal, and marine areas, where the strength, stability, and weather resistance of materials are of utmost importance. With the ongoing trend towards larger and thinner PV modules, there is an urgent need to enhance the mechanical strength of PV systems. The industry is in dire need of load standards with higher safety ratings. The PV frame is a crucial component of the module, serving as the framework material primarily used for fixing and sealing PV modules. It significantly impacts the module's lifespan and requires high weather resistance. Based on the material, PV frames can be classified into aluminum alloy frames, steel frames, and composite material frames. Among them, aluminum alloy frames are widely used, with a current penetration rate exceeding 93%. Additionally, PV frames are considered high-value auxiliary materials for modules. In the cost structure of PV modules, the cost of solar cells accounts for approximately 55%. Based on the current common dimensions and weight of aluminum frames, PV frames account for about 13% of the cost, which is higher than other auxiliary materials such as EVA, glass, backsheets, and welding strips, making them the auxiliary material with the highest cost proportion. Due to cost pressures, aluminum frames continue to reduce weight, lower height, and thin wall thickness, while the module area continues to expand, posing challenges to safety. The industry urgently needs to establish load standards with higher safety ratings to ensure the stable operation and full life cycle reliability of power plants under extreme conditions. In the early days of China's PV industry development, aluminum alloy became the primary material for module frames due to its lightweight, strong corrosion resistance, and ease of forming. However, in recent years, as the application scenarios of PV modules have become increasingly diverse, modules are exposed to more extreme environments, necessitating the optimization and transformation of module frame technologies and materials. This has led to the emergence of various alternative frame solutions, such as frameless double-glass modules, steel structure frames, rubber frames, and composite material frames. At this influential exhibition in the global PV industry, Zhongjian Materials made a stunning debut with its "double-beam alloy steel frame." Leveraging its leading advantages in high strength, high safety, high adaptability, high corrosion resistance, and ultra-low carbon emissions, Zhongjian Materials' booth attracted numerous domestic and international customers, experts, and scholars, becoming one of the most-watched booths at the exhibition. Challenges of Extreme Weather on PV Modules As the PV industry enters the large-scale base construction phase, safety and system reliability are becoming the core elements for the long-term operation of PV power plants. This is particularly true in regions prone to extreme weather conditions, such as deserts, gobi, mountainous, coastal, and marine areas, where the strength, stability, and weather resistance of materials are of utmost importance. Due to cost pressure, aluminum frames continue to reduce weight, lower height, and thin wall thickness, while the module area keeps expanding, posing challenges to safety. The industry urgently needs to establish higher safety-level load standards to ensure the stable operation of power plants under extreme conditions and the reliability throughout their life cycle. Born for the safety of PV power plants The double-beam alloy steel frame features a unique design. The A-side dragon head protrusion is thinned to 1.0mm, effectively preventing dust accumulation. The B-side load-bearing beam offers superior load-bearing and buffering capabilities, while the C-side reinforcing beam optimizes the bifaciality and enhances tear resistance. The frame is made of high-strength zinc-aluminum-magnesium alloy steel with a material strength of up to 800MPa, more than three times that of traditional aluminum alloy. It has passed a 60m/s wind tunnel test and successfully withstood the impact of a Category 17 "Yagi" typhoon in Wenchang, Hainan, in September 2024. The front-side ultimate load can reach 10,000Pa, demonstrating excellent structural stability under extreme snow load conditions. The double-beam alloy steel frame solution not only achieves breakthroughs in structure and materials but also showcases its ability to withstand extreme climates through data and empirical evidence. As of June 1, 2025, the double-beam alloy steel frame has been applied in 19 provinces across the country, with total shipments reaching the GW level, covering both residential and centralized power plants. It has withstood multiple extreme weather events, including typhoons, hailstorms, and heavy snowfall, with zero damage to the modules, demonstrating outstanding reliability and weather resistance. In terms of carbon emissions, the double-beam alloy steel frame reduces carbon emissions from 76.4kg to 29.2kg per module (182 solar cell, 78-panel format) through three aspects: raw materials, manufacturing process, and weight reduction of module glass, achieving a 61.8% reduction. It is estimated that using double-beam alloy steel frames for 1GW of modules can reduce carbon emissions by 73,700mt. Strong alliance, embarking on a new journey of cooperation Zhongjian Materials joins hands with Hangzhou Bicheng Energy Development Co., Ltd. to sign a strategic cooperation agreement Bicheng Energy (PCG Power) is a leading investment management and operation service provider for new-type power systems in the industry and one of the world's leading investment and operation service providers for industrial and commercial distributed clean energy power plants. Its shareholders include international capital such as Temasek and GLP, as well as domestic leading industrial capital such as Huamei International, Zhongding Capital, Xinlian Capital, NIO Capital, and Xinghang Capital. In 2024, it achieved an investment, construction, and grid connection scale of over 1GW. Bicheng Energy (PCG Power) is committed to providing enterprises, industrial parks, and cities with cost-effective, intelligent, and reliable one-stop green energy solutions. With the investment and construction of new energy PV+ESS power plants as a strategic pivot, it integrates full value chain business modules, including power asset operation, integrated energy services, power trading, carbon asset management, and energy IoT technological innovation. Relying on six operational centers in Hangzhou, Guangzhou, Shanghai, Beijing, Suzhou, and Xi'an, we have established a nationwide asset expansion and management network. Our domestic business covers hundreds of cities, while our overseas business extends to international new energy potential markets in the Middle East, Southeast Asia, and Oceania. Through this strategic signing, both parties will engage in in-depth cooperation on the practical application of "double-beam alloy steel frames" in real projects, jointly promoting the adoption and implementation of high-strength, high-reliability PV structural solutions in more scenarios, and accelerating the industry's development towards a safer, more efficient, and greener direction. In addition to Bicheng Energy, Backbone Materials has also formed strategic partnerships with PowerChina Guiyang Institute and PowerChina Sichuan Institute, and signed an agreement with Saifute New Energy for the 500MW steel frame project in Shizuishan, Ningxia, demonstrating customers' high recognition of Backbone's products and technological approach. In the future, Backbone Materials will continue to advance the upgrade and iteration of steel frame products in terms of materials, structures, and system applications, collaborating with partners to build a new structure for the high-quality development of PV systems, providing solid support for the global energy transition and the realization of the "dual carbon" goals. Contact Information Phone 0512-52363688 Email info@backbonesolar.com Website www.backbonesolar.com Address No. 99, Yangguang Avenue, Yushan High-tech Zone, Changshu City, Suzhou

Guided by the "dual carbon" goals, the PV industry is accelerating into a new phase of high-quality development characterized by "safety + greenness". On June 10th, the "Safety and Green Technology Seminar", hosted by Zhongjian Materials, was successfully held in Shanghai. At the event, the highly anticipated "double-beam alloy steel frame" was unveiled, becoming an innovative solution to address extreme weather conditions and enhance module safety. Representatives from state-owned enterprises, EPC companies, leading module manufacturers, as well as experts and scholars, gathered to discuss the future development path of the PV industry driven by "hard technology". Safety First: The Double-Beam Alloy Steel Frame Makes a Grand Appearance With the increasing frequency of extreme weather events, the severity of power plant safety incidents is escalating. Amidst the ongoing trends of larger and thinner modules, there is an urgent need for breakthroughs in the mechanical strength of PV systems, and the industry is in dire need of higher safety-level load standards. Deng Ruhua, Technical Manager of Zhongjian Materials, systematically introduced the company's latest R&D achievement—the double-beam alloy steel frame—in response to the climate challenges and structural bottlenecks faced by the industry. Based on three generations of technological iterations, this product utilizes high-strength zinc-aluminum-magnesium alloy steel, significantly enhancing corrosion resistance and structural strength. Its "Dragon Head" structure on the A-side effectively prevents dust accumulation, the load-bearing beam on the B-side offers strong load-bearing and cushioning capabilities, and the reinforcing beam on the C-side optimizes the bifaciality and enhances tear resistance. The frame's appearance is highly consistent with traditional aluminum frames, compatible with existing module production and installation processes, offering excellent adaptability and substitutability. With a front-side ultimate load capacity of up to 10,000 Pa, it can withstand typhoons of up to Category 17. Its carbon emissions are reduced by 61.8% compared to aluminum frames, achieving a dual improvement in greenness and safety. Currently, the product has passed multiple extreme environment tests, including IEC63556, and is particularly suitable for harsh application scenarios such as "desert, gobi, and wasteland", high winds and snow, and severe hailstorms. Wind-Resistant Modules Demonstrated in Multiple Locations, Zero-Loss Performance Attracts Attention Qiu Guohui, Vice President of Jolywood and General Manager of the Application BU, introduced that the "Wind-Resistant Module" featuring a "single-glass + transparent backsheet + double-beam alloy steel frame" design has been successfully applied in 19 provinces across the country, with a total installed capacity of 168 MWp. After enduring multiple rounds of extreme weather conditions, including strong typhoons, hailstorms, and heavy snowfall, only one module suffered external damage, while the rest remained intact, fully demonstrating the high safety and reliability of the "Wind-Resistant Module" and attracting significant attention from power plant investors. Mr. Qiu also pointed out that the dust-prevention design of the double-beam alloy steel frame can enhance the power generation efficiency of the Wind-Resistant Module, further increasing power generation revenue for power plant investors. Dr. An Chao, R&D Technical Director of Jolywood Optoelectronics, noted that the steel frame, with its superior strength performance (front-side load capacity of 8,100 Pa, back-side load capacity of 3,200 Pa) and good compatibility, has proven its reliability in multiple Jolywood projects, with cumulative shipments and orders approaching 400 MW. Aluminum frames are becoming a critical pathway to meeting the requirements for high-quality development. Technology and insurance drive the solidification of green foundations. Dr. Liu Jie from Baosteel Central Research Institute introduced the green application of BaoXM® zinc-aluminum-magnesium coated steel sheets in PV frames, which not only enhances corrosion resistance but also helps address carbon tariffs. This material exhibits excellent formability and self-healing capabilities at cut edges, making it widely applicable in coastal and extreme climate zones. Baosteel offers a variety of high-coating products with specified corrosion resistance lifespans, ensuring long-term and stable supply. Lu Peijian, Deputy General Manager of PICC Suzhou Branch, pointed out that natural disasters currently account for over 60% of the risks in PV power plants. He highly praised the risk-resistance capabilities of steel-framed modules and expressed his intention to promote the transformation of insurance from "post-event compensation" to "risk reduction + capital synergy," supporting the steady development of the industry. Relying on its experience serving top-tier enterprises such as LONGi, PICC Suzhou provides comprehensive, one-stop risk protection for the industry. Strategic Signing to Elevate Collaboration At the event, Zhongjian Materials signed strategic cooperation agreements with PowerChina Guiyang Engineering Corporation and PowerChina Sichuan Engineering Corporation, as well as a 500MW steel frame project agreement in Shizuishan, Ningxia, with Saifute New Energy, demonstrating customers' high recognition of Zhongjian's products and technological approach. Zhang Haichao, Member of the Party Committee and Deputy General Manager of PowerChina Guiyang Engineering Corporation, stated that complex environments such as high altitudes and high wind pressures impose higher safety requirements on structural materials. The technological breakthrough in Zhongjian's double-beam steel frames provides more efficient and reliable structural solutions for the corporation. This strategic cooperation will usher in a new chapter of complementary advantages and synergistic development between the two parties. Returning to Essentials, Ushering in the Era of "Tough Competition" At the end of the seminar, Lin Jianwei, the founder of Jolywood Group, delivered a speech. He noted that although the PV industry is in a phase of rapid development, it is experiencing anxiety due to cut-throat competition, with intensified cost-reduction and capacity competition. However, the core of future industry competition will no longer be mere scale expansion but rather a return to product quality, technological innovation, and value creation, ushering in the era of "tough competition." Taking Zhongjian's steel frames as an example, he recounted the seven-year innovation journey spanning three generations: from project initiation in 2018 to achieving hundred-megawatt-scale applications in 2024, and plans to advance to gigawatt-scale promotion in 2025. Lin Jianwei emphasized that the core innovation of Zhongjian's steel frames lies in the "double-beam" structure. By pioneering the "double-beam" structural design and process optimization, they have successfully addressed pain points such as the easy deformation of aluminum frames, combining high safety with cost advantages. It is expected that within five years, this technology will become a mainstream solution, significantly enhancing module quality and reliability. He called on the industry to build consensus and, supported by professionalism, technology, and ecological collaboration, jointly construct a safer, greener, and higher-quality PV ecosystem. The PV industry has broad prospects, with the power and scale of modules continuing to increase. Developing more reliable, safe, and green system solutions has become a common goal for the industry. Zhongjian Materials will continue to lead the new era of steel frames with cutting-edge technology, contributing to the global energy transition. The future is here; let's join hands as peers to create a bright future together!

Macro News 1. Xi Jinping, General Secretary of the Communist Party of China Central Committee, President of the People's Republic of China, and Chairman of the Central Military Commission, recently emphasized during a field trip in Henan that, in the new era and on the new journey, Henan should earnestly implement the strategic plans of the CPC Central Committee on accelerating the rise of the central region, ecological protection and high-quality development of the Yellow River Basin, adhere to the general principle of pursuing progress while ensuring stability, comprehensively deepen reform and opening up, focus on building a modern industrial system and a strong agricultural province, improve people's livelihoods and strengthen social governance, enhance ecological and environmental protection, and promote cultural prosperity, striving to write a new chapter in advancing Chinese-style modernization in central China with high-quality development and efficient governance. 2. On the 19th (local time), US President Trump held separate phone calls with Russian President Putin and Ukrainian President Zelenskyy to discuss issues such as the ceasefire negotiations between Russia and Ukraine. Foreign Ministry spokesperson Mao Ning stated that, on the issue of the Ukraine crisis, China supports all efforts conducive to peace. We support direct dialogue and negotiations between Russia and Ukraine, and support a political solution to the crisis. We hope that all parties can reach a fair, lasting, and binding peace agreement acceptable to all parties involved through dialogue and negotiations. 3. On May 19th, Pan Gongsheng, Governor of the People's Bank of China, chaired and spoke at a symposium on financial support for the real economy. The meeting emphasized the need to intensify support for key areas such as scientific and technological innovation, boosting consumption, private and micro enterprises, and stabilizing foreign trade. It called for making full use of existing and incremental policies to improve the quality and efficiency of financial support for the real economy, and to support economic restructuring, transformation, upgrading, and the replacement of old growth drivers with new ones. 4. According to data from the Ministry of Finance, from January to April, the national general public budget revenue was 8,061.6 billion yuan, down 0.4% YoY. Among this, national tax revenue was 6,555.6 billion yuan, down 2.1% YoY; non-tax revenue was 1,506 billion yuan, up 7.7% YoY. From January to April, stamp duty revenue was 161.4 billion yuan, up 18.9% YoY. Among this, stamp duty on securities transactions was 53.5 billion yuan, up 57.8% YoY. 5. The National Health Commission held a press conference yesterday. An Zhijie, a researcher from the Chinese Center for Disease Control and Prevention, introduced that currently, the pertussis epidemic situation nationwide is stable, with the number of reported cases down by more than 80% YoY. An Zhijie also stated that recently, the COVID-19 epidemic has shown a slight upward trend in some countries and regions, but there has been no significant change in the clinical severity of the disease. Industry News 1. The State Council Information Office will hold a press conference at 3 p.m. on May 22, 2025. Qiu Yong, Vice Minister of the Ministry of Science and Technology, Zhu Hexin, Vice Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, and relevant officials from the National Financial Regulatory Administration and the China Securities Regulatory Commission will introduce the relevant situation of science and technology finance policies and answer questions from reporters. 2. The Cyberspace Administration of China (CAC) and two other departments jointly issued the Key Points for Further Promoting the Large-Scale Deployment and Application of IPv6 in 2025. The Key Points specify that by the end of 2025, China will have fully established a globally leading IPv6 technology, industry, infrastructure, application, and security system. The number of active IPv6 users will reach 850 million, the number of IPv6 connections in the Internet of Things (IoT) will reach 1.1 billion, the proportion of IPv6 traffic in fixed networks will reach 27%, and the proportion of IPv6 traffic in mobile networks will reach 70%. 3. The National Energy Administration (NEA) released data on electricity consumption across society in April. In April, electricity consumption across society was 772.1 billion kWh, up 4.7% YoY. Electricity consumption for urban and rural residents' daily lives was 93.6 billion kWh, up 7.0% YoY. From January to April, cumulative electricity consumption across society was 3,156.6 billion kWh, up 3.1% YoY, with power generation from industrial enterprises above designated size reaching 2,984 billion kWh. 4. Regulatory authorities have recently initiated a new round of surveys on some leading quantitative private equity firms. This survey focuses on two aspects: one is the overall operational status of quantitative trading under the current market environment; the other is the application of AI models in quantitative strategies. 5. It has been learned from the State Grid Corporation of China that China has independently developed a high-proportion new energy large power grid operation and control system, marking that China has taken the lead in solving the world-class challenge of integrating ultra-large-scale new energy into large power grids. It is understood that currently, the proportion of installed new energy capacity in China has exceeded 40%. To ensure the safe and stable integration of large-scale new energy into large power grids, China has independently developed a new energy large power grid operation and control system. 6. A new round of interest rate cuts on deposits is on the horizon, with multiple banks, including the Industrial and Commercial Bank of China (ICBC), Bank of China (BOC), and China Construction Bank (CCB), lowering interest rates on various products such as demand deposits, time deposits, and notice deposits. As the "interest rate cut trend" in bank deposits continues, certificate of deposit (CD) products, once regarded as "powerful tools for attracting deposits," are gradually falling out of favor. Recently, several banks have simultaneously lowered interest rates on time deposits and CD products. Currently, CD products are on the verge of fully entering the "1% era." Corporate News 1. GigaDevice announced its plan to issue and list H shares. 2. TINAVI Medical Technologies announced that Advanced Manufacturing Fund and its concerted actors intend to reduce their combined shareholding in the company by no more than 3%. 3. Huili B announced that its shares may be delisted. 4. NovaSense announced that its shareholders intend to transfer a combined 3.4% of the company's shares. 5. *ST Yushun announced a trading halt for verification due to abnormal stock price fluctuations. 6. National Silicon Industry Group released a draft report on major asset restructuring, proposing to acquire a 46.7354% stake in Xinsheng Jingtou, among others. The second phase of the National Integrated Circuit Industry Investment Fund will become a shareholder holding more than 5% of the company's shares. 7. ST Huaxi announced that its controlling shareholder and actual controller, Li Renchao, had been detained and a case had been filed against him. 8. Jiuding Investment announced that management remuneration is typically realized gradually over several years after investment, leading to significant volatility in the company's performance. 9. Xichang Electric Power announced that due to adjustments in the time-of-use electricity prices mechanism, it is expected to reduce the company's net profit for 2025 by approximately 5.4 million yuan. 10. Ancai Hi-Tech announced that the selling price of its PV glass products in Q1 2025 decreased by approximately 30% compared to the same period last year. 11. Yulong Co., Ltd. announced that its shares will be delisted and removed from trading on May 27. 12. Huamao Technology announced that it is planning to acquire equity in Fuchuang Youyue, and its shares have been suspended from trading starting from the 21st. 13. Hongjing Technology announced that it has signed a service contract for an intelligent computing project worth 597 million yuan. 14. Chaohongji announced that it is planning to issue H shares for listing on the Hong Kong Stock Exchange. 15. Demai Shi announced that its controlling shareholder is planning changes to the company's control, and its shares have been suspended from trading. 16. Suzhou Longjie stated on an interactive platform that the prices of some of its new and hot-selling products have increased. 17. Rockchip announced that its shareholder, Runkexin, plans to reduce its stake in the company by no more than 2%. Global Markets 1. The three major US stock indices closed lower collectively, with the Dow Jones falling 0.27%, the Nasdaq dropping 0.38%, and the S&P 500 declining 0.39%. Most popular Chinese ADRs fell, with the Nasdaq Golden Dragon China Index closing down 0.65%. 2. WTI crude oil futures rose by 2.5% to $63.60 per barrel. News emerged that US intelligence had discovered that Israel was planning to attack Iranian nuclear facilities. 3. COMEX gold futures closed up 1.83% at $3,292.6 per ounce, while COMEX silver futures closed up 2.32% at $33.26 per ounce. Investment Opportunities Reference 1. The "Healthcare Robotics" Collaborative Development Conference is set to convene, with Huawei and Zhiyuan Robotics to collaborate The Embodied Intelligent Healthcare Robotics Collaborative Development Conference, themed "Reshaping the Future of Healthcare with Intelligent Technology," will be held on May 21. Meanwhile, the Science and Technology Innovation Board Daily learned that Huawei, Zhiyuan Robotics, and Zhongjian Technology will collaborate on healthcare humanoid robots, with cooperation in areas such as computing power, large model platforms, data collection, solutions, and application scenarios. Against the backdrop of an accelerating aging population, the embodied intelligent healthcare robotics industry is becoming an important force in promoting the implementation of the Healthy China strategy, ushering in unprecedented opportunities. Founder Securities believes that the elderly care robot industry is entering a period of explosive growth in technological integration and scenario implementation. The R&D, application promotion, and ecosystem co-construction of elderly care robots provide more intelligent, efficient, and humanized elderly care solutions for groups such as the elderly, opening up a new future for "AI + elderly care." 2. Microsoft Plans to Establish an "Agent Factory," with Institutions Projecting the Global AI Agent Market to Reach $47.1 Billion by 2030 According to media reports, based on an internal Microsoft memo, the company is developing a new "Tenant Copilot" service. This new service aims to assist tenants in establishing a Copilot that can "converse, think, and work like the tenant themselves," and is expected to be announced at Microsoft's developer conference next week. Additionally, Microsoft also plans to establish an "Agent Factory" to help enterprise customers develop methods for managing AI Agents alongside human employees. According to MarketsandMarkets' forecast, the global AI Agent market is expected to grow from $5.1 billion in 2024 to $47.1 billion in 2030, with a compound annual growth rate (CAGR) of 44.8%. Shanghai Securities stated that the commercialization of AI Agents is continuously evolving both domestically and overseas, with a vast market potential. On the B-side, companies such as Microsoft, Google, Salesforce, Zoom, Baidu, Alibaba, Tencent, and ByteDance are continuously increasing their investments to drive the commercialization of AI Agents. On the C-side, remarkable AI Agents are emerging both domestically and overseas. 3. Shanghai's First Urban Low-Altitude Sightseeing Route Takes Off, with Institutions Reporting Gradual Implementation of Low-Altitude Economy Market Applications According to media reports, Shanghai's first customized urban low-altitude sightseeing route took off from the outdoor platform on the fifth floor of Global Harbor, passing by iconic Shanghai landmarks such as Shanghai Stadium, Lupu Bridge, Nanpu Bridge, Lujiazui, and Yangpu Bridge (on the Pudong side) before returning along the same route, with a total flight time of approximately 15 minutes. Guoyuan Securities stated that the current low-altitude economy sector is characterized by deepening policies and accelerating scenario implementation. On the policy side, the state has incorporated the low-altitude economy into its top-level design for the first time, including it in the preparation of the national "15th Five-Year Plan." Multiple regions, including Shenzhen and Hefei, are promoting industrialization through substantial subsidies and pilot expansions. Meanwhile, financial support is also increasing, with special bonds for the low-altitude economy providing strong support, the establishment of multiple low-altitude industry investment funds, and a gradual rise in investment preferences for low-altitude industry enterprises in the primary market. On the technology side, the airworthiness certification process for eVTOLs is accelerating, with AI drones achieving breakthrough applications in agriculture, logistics, tourism, and other scenarios. The low-altitude infrastructure network is being densely laid out to support large-scale operations of the low-altitude economy. On the market side, the low-altitude zone at the China International Consumer Products Expo has seen a surge in popularity, with multiple eVTOL producers delivering products or securing large orders, indicating the gradual implementation of low-altitude economy market applications. 4. As a typical example of "self-indulgent consumption," this type of economy is now entering a stage of high-quality development. As people's living standards improve, the demand for emotional consumption continues to grow. As a typical example of "self-indulgent consumption," the pet economy has seen consumption demand extend from basic food to high-end and service-oriented products. According to the "2025 China Pet Industry White Paper" by Petu, it is projected that by 2027, the consumer market size for pets (dogs and cats) in urban areas will surpass the 400 billion yuan mark, reaching 404.2 billion yuan, with a compound annual growth rate (CAGR) of 12.6% from 2015 to 2027. With the development of the social economy and changes in people's lifestyles, pets have transitioned from their traditional role as guardians of the home to becoming members of the family, giving rise to and fueling the growth of the pet economy. From pet food and supplies to medical care and services, the consumer market surrounding the entire life cycle of pets continues to expand, becoming a significant growth point in the global consumer sector. In recent years, China's pet industry has gone through stages of enlightenment, growth, and rapid development, and is now entering a stage of high-quality development. The market size continues to expand, domestic brands are emerging, new retail models are rising, and the concept of scientific pet care is deeply rooted in people's minds. Huaan Securities points out that, overall, China's pet industry is developing in a professional and diversified direction, with immense market potential, a continuously improving industry chain, and broad prospects for the future.

【Public Notice on the New Construction Project with an Annual Output of 100,000 mt of Anode Materials!】Project Name: Production and Auxiliary Equipment and Facilities Project for 100,000 mt of Lithium-ion Battery Anode Materials per Year by Zhongjian Huida (Jilin) Emerging Energy Co., Ltd.; Construction Unit: Zhongjian Huida (Jilin) Emerging Energy Co., Ltd.; The total investment of this project is 2.66 billion yuan, of which the environmental protection investment is approximately 55.65 million yuan, accounting for 2.09% of the total investment. Production Scale: The construction scale of this project is an annual output of 100,000 mt of lithium-ion battery anode materials, categorized into three types of products: low-end, mid-end, and high-end. Product Plan: The low-end, mid-end, and high-end products of this project share a single production line, with the raw materials and processes for the three types of products not being entirely the same.

On May 1, Guangzhou Development New Energy Group announced the winning candidates for small and micro distributed PV projects, which were divided into 15 sections with a total capacity of 1.092 GW. Specifically, Skyworth, Midea, TrinaSolar, Nenghui Technology, Xinmaide, GCL, and other enterprises were the first-ranked winning candidates, with winning unit prices ranging from 2.6 to 3.6 yuan/W. See the table below for details:

On May 1, Guangzhou Development New Energy Group announced the bid winners for small and micro distributed PV projects, which were divided into 15 sections with a total capacity of 1.092 GW. Specifically, Skyworth, Midea, TrinaSolar, Nenghui Technology, Xinmaide, GCL, and other companies were the first-ranked bid winners, with bid unit prices ranging from 2.6 to 3.6 yuan/W. See the table below for details: According to the tender documents, the scope of the tender includes, but is not limited to, the procurement of PV modules, inverters, brackets, cables, power distribution equipment, equipment installation, commissioning, trial operation, and related services (related services include, but are not limited to: the bid winner is responsible for collecting project information, submitting it to the bid inviter for review and confirmation, assisting the bid inviter in signing lease agreements with farmers, owners of public buildings, and owners of idle public spaces, and providing all other necessary related services to ensure the normal operation and power generation of specific projects after project implementation, including equipment production, transportation, storage, loading and unloading, installation, commissioning, acceptance, etc.), as well as the first-year operation and maintenance work, with the bid winner bearing all related costs. The integrated service project for the integration, development, and handover of small and micro distributed PV equipment in regions such as Huazhou City and Xinyi City in Maoming City, Guangdong Province (fourth batch) is divided into 8 sections by region, with a total installed capacity limit of 792 MW. The specific division of the sections is as follows: Section 1: Parts of Maoming City and Zhanjiang City Integrated service locations: Huazhou City, Maoming City; Xinyi City, Maoming City; Wuchuan City, Zhanjiang City; Leizhou City, Zhanjiang City; Suixi County, Zhanjiang City; Xuwen County, Zhanjiang City. Section 2: Part of Guangxi Zhuang Autonomous Region 1 Integrated service locations: Liujiang District, Liuzhou City; Yongfu County, Guilin City; Du'an County, Hechi City; Jinchengjiang District, Hechi City; Luocheng County, Hechi City; Babu District, Hezhou City; Pinggui District, Hezhou City; Wuxuan County, Laibin City; Xingning District, Nanning City; Binyang County, Nanning City; Mashan County, Nanning City; Tianyang County, Baise City; Fangcheng District, Fangchenggang City; Gangkou District, Fangchenggang City; Dongxing City, Fangchenggang City. Section 3: Parts of eastern Guangdong Integrated service locations: Xiangqiao District, Jiexi County, Huilai County, Longhu District, and Chengqu District of Shanwei City. Section 4: Part of Guangxi Zhuang Autonomous Region 2 Integrated service locations: Lingshan County, Qinzhou City; Xincheng County, Laibin City; Xiangzhou County, Laibin City; Tiandong County, Baise City; Tengxian County, Wuzhou City; Beiliu City, Yulin City; Xingye County, Yulin City; Tiandeng County, Chongzuo City. Section 5: Parts of Sichuan Province, Chongqing City, and Guiyang City Integrated service locations: Nanbu County, Nanchong City; Dayi County, Chengdu City; Dujiangyan City, Chengdu City; Wangcang County, Guangyuan City; Wansheng Economic Development Zone, Chongqing City; Liangping County, Chongqing City; Kaixian County, Chongqing City; Pengshui County, Chongqing City; Wushan District, Chongqing City; Qingzhen City, Guiyang City. Section 6: Parts of Hubei Province Integrated service locations: Huangpi District, Wuhan City; Yunyang District, Shiyan City; Xishui County, Huanggang City; Macheng City, Huanggang City; Huangmei County, Huanggang City. Section 7: Parts of Beijing City, Langfang City, and Tianjin City 1 Integrated service locations: Changping District, Beijing (array type); Pinggu District, Beijing (array type); Dacheng County, Langfang City (array type); Sanhe County, Langfang City (array type); Xianghe County, Langfang City (array type); Wen'an, Langfang City (array type); Jizhou District, Tianjin (Luozhuangzi Town, Sangzi Town, and surrounding areas) (array type); Jizhou District, Tianjin (Youguzhuang Town, Dongzhao Town, and surrounding areas) (array type); Baodi, Tianjin (array type); Wuqing, Tianjin (array type); Sanhe County, Langfang City (north and south slopes); Xianghe County, Langfang City (north and south slopes). Note: ① The installed capacity limit for a single county (district or city) in the integrated service locations is 12 MWp. Among them, the installed capacity limit for Changping District, Beijing (solar shed); Pinggu District, Beijing (solar shed); and Dacheng County, Langfang City (solar shed) is 4 MWp. The installed capacity limit for Wen'an, Langfang City (array type); Jizhou District, Tianjin (Youguzhuang Town, Dongzhao Town, and surrounding areas) (array type); Wen'an, Langfang City (solar shed); and Jizhou District, Tianjin (Luozhuangzi Town, Sangzi Town, and surrounding areas) (solar shed) is 6 MWp. The installed capacity limit for Changping District, Beijing (array type); Pinggu District, Beijing (array type); and Dacheng County, Langfang City (array type) is 8 MWp. ② This project consists of eight sections. The same bidder is allowed to win up to three sections at most (except in cases where the first-ranked bid winner of a certain section gives up or is disqualified), that is, the same bidder can only be recommended as the first-ranked bid winner for up to three sections of this project in section order. See the bid evaluation method for details. The integrated service project for the integration, development, and handover of small and micro distributed PV equipment in regions such as Liuzhou City and Shaoguan City, Guangdong Province (fifth batch) is divided into 7 sections by region, with a total installed capacity limit of 348 MW. The specific division of the sections is as follows: Section 1: Parts of Guangxi Zhuang Autonomous Region and Qujing City Integrated service locations: Rongan County, Liuzhou City; Tian'e County, Hechi City; Donglan County, Hechi City; Zhaoping County, Hezhou City; Qingxiu District, Nanning City; Wuming District, Nanning City; Shanglin County, Nanning City; Mengshan County, Wuzhou City; Qinnan District, Qinzhou City; Qinbei District, Qinzhou City; Cenxi City, Wuzhou City; Qilin District, Qujing City; Economic Development Zone, Qujing City. Section 2: Part of Shaoguan City 1 Integrated service locations: Renhua County, Shaoguan City; Zhenjiang District, Shaoguan City. Section 3: Part of Shaoguan City 2 Integrated service locations: Nanxiong City, Shaoguan City; Lechang City, Shaoguan City; Xinfeng County, Shaoguan City; Ruyuan Yao Autonomous County, Shaoguan City. Section 4: Part of Sichuan Province and Chongqing City 1 Integrated service locations: Gaoping District, Nanchong City; Wusheng County, Guang'an City; Xuzhou District, Yibin City; Fengdu County, Chongqing City. Section 5: Part of Chongqing City 2 Integrated service locations: Wulong District, Chongqing City; Fuling District, Chongqing City. Section 6: Parts of Kunming City Integrated service locations: Jinning District, Kunming City; Songming County, Kunming City. Section 7: Part of Sichuan Province 2 Integrated service locations: Zhongjiang County, Deyang City; Bayingolin Mongolian Autonomous Prefecture, Bazhong City. Note: ① The installed capacity limit for a single county (district or city) in the integrated service locations is 12 MWp. ② This project consists of seven sections. The same bidder is allowed to win up to two sections at most (except in cases where the first-ranked bid winner of a certain section gives up or is disqualified), that is, the same bidder can only be recommended as the first-ranked bid winner for up to two sections of this project in section order. See the bid evaluation method for details.

The National Development and Reform Commission (NDRC) of Guangdong Province released the list of key construction projects in Guangdong for 2025: there are a total of 11 aluminum projects, including the following: 1. Boluo Xinyuanda Aluminum Electrolytic Capacitor Production Project 2. Zhuoersheng NEV Lightweight Aluminum Alloy Parts Project 3. Guangdong Hongxinghua Aluminum Co., Ltd. Aluminum Formwork South China Base Project 4. Han Aluminum Power Battery New Material R&D and Production Project (Phase I) 5. Zhongjian Aluminum Industry Production Headquarters Construction Project 6. Desilais Aluminum Semis and Smart Window and Door Manufacturing Project 7. Guangdong Xinxing Fenglu Aluminum Co., Ltd. Aluminum Products and Metal Processing Project 8. Guangdong Langxing Curtain Wall Co., Ltd. Aluminum Window and Curtain Wall Production Site Project 9. Senguan New Material Aluminum Curtain Wall and PV Fluorocarbon Backsheet Project 10. Guangdong Guangyun New Material Technology Co., Ltd. Annual Production of 50,000 mt High-Precision Aluminum Alloy Materials for Transportation Project 11. Xinfangzun High-Performance Foam Aluminum New Material Project

[EPC Bidding for Shandong Weihai's 200MW/1200MWh Compressed Air Energy Storage Project Coming Soon] On July 18th, the EPC general contracting bidding plan for the 200MW compressed air energy storage project in Rushan, Shandong Weihai was released. The project bidder is Zhongjian Shuangchu (Shandong) New Energy Technology Co., Ltd. The main construction content of this project includes a 200MW/1200MWh advanced compressed air energy storage system and power facilities, and it is planned to adopt grid-connected access through overhead power lines.

Recently, Nanjing EtlChip Microelectronics Technology Co., Ltd. (EtlChip), a Chinese in-vehicle Ethernet chip supplier, successfully completed its Pre-A+ round of financing