February 26th Macroeconomic Index: Zhejiang Aims to Cultivate 100 Leading Private Enterprises by 2025, New Oil and Gas Reserves in Bohai Sea

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Domestic News

1. Zhejiang: Spare no efforts to cultivate 100 provincial-level private economic headquarters leading enterprises by 2025

2. ZKTeco will launch the first generative industrial AI model

3. The Supreme People's Procuratorate launched the special action of "procuratorial protection of enterprises" and clarified 14 key work measures

4. New breakthrough: The new proven reserves of oil and gas in the Bohai Sea exceed 40 million cubic meters

International News

1. A new round of Palestinian-Israeli ceasefire negotiations may be held in Qatar next week

2. Japan plans to use waste wood to produce ethanol

3. The natural gas reserves of Saudi Arabia's Jafurah oilfield increased by 15 trillion standard cubic feet

4. Nvidia identified Huawei as its "biggest competitor"

Domestic News

1. Zhejiang: Spare no efforts to cultivate 100 provincial-level private economic headquarters leading enterprises by 2025

The Zhejiang Provincial Department of Economy and Information Technology issued the "Work Plan for Accelerating the Construction of Private Economic Headquarters in Zhejiang Province (Trial)". The "work plan" makes it clear that by 2025, 100 provincial-level private economic headquarters leading enterprises and 20 private economic headquarters will be cultivated, and the number of headquarters enterprises in Zhejiang on the list of "China's Top 500 Private Enterprises" will remain leading in the country, and the capability level and influence of private enterprise headquarters and agglomeration highlands will be further highlighted in the country. In terms of building a leading enterprise in the headquarters of the private economy, the "Work Plan" proposes to cultivate leading enterprises in the headquarters. A third-party organization shall evaluate the private economic headquarters enterprises in the warehouse. According to the evaluation results, 100 leading enterprises of private economic headquarters will be announced every year, and their cultivation will be strengthened.

2. ZKTeco will launch the first generative industrial AI model

ZKTeco will launch the first AI large model for operation optimization and design of the process industry, using massive production operation, process, equipment and quality data, independently developing generative AI algorithm architecture, based on industrial multi-source data for fusion training, establishing a high-generalization and high-reliability large model for the process industry, providing customers with AI+ safety, AI+ quality, AI+ efficiency, AI+ low-carbon intelligent solutions, or is expected to achieve a revolutionary breakthrough in the efficiency of the process industry.

3. The Supreme People's Procuratorate launched the special action of "procuratorial protection of enterprises" and clarified 14 key work measures

The Supreme People's Procuratorate recently issued the "Work Plan for the Special Action of "Procuratorial Protection of Enterprises", and decided to carry out the special action of "Procuratorial Protection of Enterprises" from February to December 2024. The Plan clearly states that there are 14 key work measures in this special action, including the supervision and governance of the company's actual controllers and senior executives' breach of trust and damage to the company's interests, and the special crackdown on "shell companies".

4. New breakthrough: The new proven reserves of oil and gas in the Bohai Sea exceed 40 million cubic meters

CNOOC Limited announced today (February 25) that China's deep oil and gas exploration in the Bohai Sea has made new major discoveries. The new drilling and testing capacity of the Bozhong 26-6 oilfield reached a new high, with more than 40 million cubic meters of new proven oil and gas reserves, and the cumulative proven reserves exceeded 200 million cubic meters.

International News

1. A new round of Palestinian-Israeli ceasefire negotiations may be held in Qatar next week

According to a Reuters report on the 25th, citing Egyptian sources, Qatar will host negotiations on a ceasefire agreement between Hamas and Israel next week. At present, Qatar, Egypt and Israel have not issued an official statement on this.

2. Japan plans to use waste wood to produce ethanol

The Nihon Keizai Shimbun recently reported that some companies in Japan are studying the production of ethanol from wood waste and plan to start mass production from 2027. Some Japanese companies plan to make effective use of waste wood recycling technology and improve the domestic supply mechanism. Nippon Ryoshi plans to do this by installing saccharification, fermentation, and distillation equipment for ethanol production at its subsidiary in charge of waste recycling. By 2027, the company plans to produce 20 million litres of ethanol annually from construction wood waste, which will be supplied to companies that make sustainable aviation fuel.

3. The natural gas reserves of Saudi Arabia's Jafurah oilfield increased by 15 trillion standard cubic feet

Saudi Energy Minister Abdulaziz said on Sunday that Saudi Arabia's state-owned oil company, Saudi Aramco's Jafurah oil field, has discovered another 15 trillion standard cubic feet of natural gas reserves. He said the field has 229 trillion cubic feet of natural gas reserves and 75 billion barrels of condensate reserves.

4. Nvidia identified Huawei as its "biggest competitor"

According to a report on the website of Deutsche Welle radio on February 23, the American chip giant Nvidia identified Huawei as the "biggest competitor" for the first time in a file submitted to the US Securities and Exchange Commission this week in multiple categories including AI chips. Other competitors mentioned by Nvidia include Intel, Supermicro, Broadcom, Qualcomm, Amazon, and Microsoft. Nvidia pointed out that Huawei can compete with the industry in the field of supplying graphics processing units (GPUs), central processing units (CPUs) and other chips for AI. According to the report, it is worth noting that Chinese technology giants Baidu, Tencent, Alibaba and others have been important customers of Nvidia for a long time in the past, but it is reported that Baidu has turned to Huawei to place orders, which indicates that Chinese companies have begun to move away from dependence on American technology amid the continuous increase in export controls to China by the United States.

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