Following the release of the "Implementation Opinions on Promoting High-Quality Development of 'Artificial Intelligence +' Energy" in early September, the National Energy Administration recently issued "Guiding Opinions on Promoting High-Quality Development of Energy Equipment." Under the dual driving forces of policy and market demand, artificial intelligence + energy scenario applications are surging like a tide. BRETON (01333), as the first stock in zero-carbon mining robots, has naturally become the segment industry leader in AI + energy scenarios. The company utilizes artificial intelligence technology to design, develop, and manufacture "mining robots" with autonomous operation capabilities, while providing intelligent operation services and photovoltaic energy storage services.

In fact, the artificial intelligence application track has produced multiple stocks with several-fold returns. For example, Cambricon on the A-share STAR Market saw its market value increase 10-fold over the past two years. In the Hong Kong stock market, the AI large model track has performed most prominently. In the energy scenario, BRETON, as the purest AI application industry leader, has continuously attracted capital favor since its listing in May this year.

Notably, BRETON uses zero-carbon smart mining scenarios as its fundamental business, fully leveraging its customer resource advantages in the mining industry to expand into photovoltaic scenarios for industrial zero-carbon economy, which is expected to accelerate performance growth.

**Dual Carbon Policy Guidance: Sustained Growth in Zero-Carbon Mining Robot Demand**

BRETON's fundamental business is very stable. Under the guidance of dual carbon policies, the new energy transformation of mining engineering has become one of the main tools for zero-carbon policy implementation. From a policy perspective, the Ministry of Natural Resources previously issued the "Notice on Further Strengthening Green Mine Construction." In September this year, the National Energy Administration released the "Implementation Opinions on Promoting High-Quality Development of 'Artificial Intelligence +' Energy" and "Guiding Opinions on Promoting High-Quality Development of Energy Equipment," all guiding the transformation of new energy equipment from high-speed growth to high-quality growth.

For coal mining equipment, the policies emphasize breakthroughs in key technologies such as high-hardness and high-wear-resistant rock cutting materials, high-power-density explosion-proof transmission systems, and adaptive collaborative control for multi-group joint operation equipment. They also focus on developing key equipment such as intelligent construction for deep shaft mechanical rock breaking and unmanned driving for open-pit mines.

According to Frost & Sullivan, China's new energy main construction machinery market segments maintain double-digit and above compound growth rates. Among them, loaders and wide-body dump trucks have compound annual growth rates of 129.7% and 127.6% respectively from 2020-2024, expected to reach 28.7 billion yuan and 14.9 billion yuan by 2029, maintaining high double-digit compound growth.

Under the artificial intelligence application wave, new energy wide-body dump trucks with powerful driving stability control systems have become the future trend for achieving high-quality growth in mining engineering.

BRETON's orders continue to increase. Recently, the company entered into a strategic cooperation agreement with Mingyang Mining for long-term strategic cooperation in mining business, promoting electrification and intelligent development of mining transportation. According to the cooperation content, BRETON plans to provide Mingyang Mining with no less than 1,000 electric mining truck autonomous driving vehicles and unmanned driving services.

Additionally, the company has long-term cooperative clients who continuously place additional orders, such as state-owned enterprise China Resources Cement. BRETON's cooperation with China Resources Cement dates back to September 2024, when it first provided 6 BRETON electric mining trucks. One year later, it secured another order worth 118 million yuan, covering multiple China Resources mining projects. Based on BRETON's excellent performance in equipment quality, stability, and after-sales service, China Resources Cement decided to award it the "Quality Supplier" award.

**Partnering with Huawei to Create Grid-Forming Energy Storage Technology: Mining Energy Revolution Comparable to Tesla**

Leveraging its scale advantages and customer accumulation in fundamental business, BRETON explores industrial zero-carbon economy by providing photovoltaic energy storage services, offering customers comprehensive one-stop green and intelligent operation solutions.

Mining environmental issues have always been prominent. Besides operations, industrial decarbonization is also a key focus of dual carbon guidance. Source-grid-load-storage solutions with mining as application scenarios are becoming the next frontier for new energy development.

On August 18 this year, the company signed a strategic cooperation agreement with Huawei Digital Power, focusing on "grid-forming energy storage technology" to jointly explore African and South American mining markets. This cooperation is not a simple technology overlay but integrates Huawei's advanced grid-forming energy storage and ultra-fast charging technology with BRETON's zero-carbon mining equipment to jointly create a "mining operating system," promoting the mining industry's transformation from "energy consumer" to "clean energy producer" - this is not only a technological upgrade but also a major strategic turning point in mining development.

The business model is comparable to Tesla - Tesla is "electric vehicles + energy storage + autonomous driving," while BRETON is "electric mining trucks + grid-forming energy storage + autonomous driving." Moreover, grid-forming energy storage technology is far more difficult than residential/commercial energy storage (capable of independently supporting mining area grid stability), and its emission reduction intensity far exceeds Tesla's solutions.

Notably, on September 18, BRETON entered into an energy storage system equipment procurement contract with Guoxia Technology regarding the procurement, delivery, and supporting services of energy storage system equipment for mining photovoltaic storage projects. This is considered a landmark event marking BRETON's grid-forming energy storage entering a substantial development stage.

The photovoltaic energy storage service business as a new track will significantly expand BRETON's growth space. BRETON has partnered with international mining giants to operate pure electric mining trucks in Zambia, with Congo (DRC) photovoltaic storage power stations about to provide stable power supply. Through AI energy management systems, mining area energy efficiency has improved by 50% and carbon emissions reduced by 70%. The independently developed "pragmatic" autonomous driving mining trucks are also about to be released (focusing on core needs of safety, efficiency, and environmental protection).

Comprehensively, BRETON, as the segment industry leader in AI + energy scenarios, uses mining as its core application scenario, taking the lead in promoting high-quality development of energy equipment through autonomous driving capabilities and achieving industry new quality productivity upgrades. It also explores the photovoltaic energy storage services segment track, promoting high-quality development of zero-carbon mining economy.

The company has also gained market recognition, being selected by Hang Seng Indexes Limited in September this year for inclusion as a constituent stock of the Hang Seng Composite Index. Under the investment wave in AI application tracks, its valuation still has considerable upside potential.