Core Viewpoint - The company is implementing a special rectification action to address the "last mile" issues in electricity supply, aiming to enhance the power business environment and improve service quality and customer satisfaction [1][2] Group 1: Special Rectification Action - The action focuses on frontline service positions, targeting key areas such as business expansion, fault repair, electricity fee collection, and electricity inspections [1] - A comprehensive review of power lists and integrity risk points is conducted to prevent micro-corruption and improper practices [1] Group 2: Technology Empowerment - The company promotes online services through platforms like the "State Grid" app and WeChat, ensuring transparent and traceable business processes [1] - Big data analysis is utilized for monitoring abnormal orders and complaint hotspots, extending supervision to the service end [1] Group 3: Strengthening Supervision - A multi-dimensional supervision network is established, incorporating internal inspections and external reporting channels for social oversight [2] - The company adopts a zero-tolerance policy for verified violations, emphasizing accountability and using typical cases for warning education [2] - A job rotation mechanism for key positions is implemented to reduce integrity risks [2]

近日，山东省气象台发布寒潮黄色预警，预计2-4日将出现寒潮大风天气，全省大部分地区降温幅度8至 10摄氏度，局部可达14摄氏度。国网东平县供电公司扛牢电力保供政治责任，将迎峰度冬电力保供工作 质效纳入政治监督重要内容，紧盯工作责任落实、作风纪律，通过列席会议、查阅资料、现场检查、调 研走访等形式，强化贯彻落实迎峰度冬电力保供情况监督，确保安全优质高效开展电网运行、设备检 修、重要客户保障等工作，护航"采暖季"。 在东平县州城供电所，监督检查组人员详细了解该所寒潮天气应急预案启动落实情况、电网日常运维情 况等，督促专业部门、供电所加强隐患排查、持续深化治理，确保特殊时期电网保供万无一失。一是持 续深化作风纪律建设，深入学习贯彻习近平总书记关于电力保供工作的重要指示批示精神，落实省市公 司近期迎峰度夏保供要求，坚持作风引领、狠抓落实。二是重点防范大风引发线路舞动、倒杆断线等情 况，对线路通道内树障进行巡查，对线路异物进行排查，加大输电线路通道内大棚、建筑工地、广告 牌、垃圾站等重点区段的巡视力度，严防线路异物搭挂，并对线路周边反光膜、塑料薄膜、废弃铝箔纸 等易漂浮物进行快速清理，为线路安全运行营造良好环境。三是对 ...

Core Points - The company is advancing its compliance management through a three-year action plan focusing on system construction, dynamic risk prevention, and compliance culture cultivation [1][2] - A compliance committee has been dynamically adjusted, and a team of 23 compliance liaisons has been established to oversee specific compliance management tasks [1] - The company has implemented a new regulatory system, with 526 employees participating in training and achieving a 100% pass rate in compliance examinations [1] - The compliance department has pre-reviewed 13 major legal compliance matters and issued 13 legal opinions [1] - Compliance guidelines have been developed for key business areas, with 172 compliance obligation lists updated regularly [1] - Compliance training has become a mandatory part of onboarding for new employees, with initiatives like "compliance micro-lectures" and knowledge competitions to enhance understanding [1] - The digital legal construction platform reviewed 181 contracts, and regular supervision checks are conducted to ensure compliance with contract signing and review processes [2] - The company aims to transform compliance from a paper-based system into an integral part of employee behavior and corporate culture [2]

Core Points - The Ministry of Ecology and Environment has issued the "Quota Plan" for the national carbon emission trading market, focusing on the steel, cement, and aluminum smelting industries for the years 2024 and 2025 [1] - The plan emphasizes a dynamic linkage between enterprise quota and actual output, without setting an absolute cap on carbon emissions, ensuring necessary development space for industries [2] - The carbon quota distribution will target the most carbon-intensive production enterprises, which account for over 98% of emissions in their respective sectors [2] Group 1 - The "Quota Plan" outlines the allocation and management of carbon quotas for key emission units in the steel, cement, and aluminum industries, with the first quota compliance expected within the year [1] - Industries such as chemicals, petrochemicals, civil aviation, and paper-making are in the preparatory phase for inclusion in the carbon trading market, aiming for comprehensive coverage by 2027 [1][6] - The plan encourages companies to optimize production processes and adopt low-carbon technologies, such as electric arc furnaces and hydrogen reduction methods, to achieve deeper decarbonization [3] Group 2 - The Ministry of Ecology and Environment is enhancing the management of carbon emission data quality, which is crucial for the national carbon market's construction [4] - Measures include improving the accounting and reporting verification system, and encouraging companies to innovate data quality management techniques using technologies like blockchain and IoT [4][5] - Following the market expansion in 2025, it is expected that 1,500 new key emission units will be added, covering over 60% of national CO2 emissions [4] Group 3 - The expansion of the carbon trading market will be conducted in a phased manner, based on the maturity of each industry and the quality of data available [6][7] - The Ministry aims to gradually include additional sectors, with a target for the carbon trading market to cover major industrial emission sectors by 2027 [7]

Core Viewpoint - The 2025 Boao Forum for Entrepreneurs, themed "Linking the World, Leading the Future: New Opportunities in the 14th Five-Year Plan," commenced on December 2, 2023, gathering leaders from global and Chinese top enterprises to discuss development opportunities during the 14th Five-Year Plan period [1][3]. Group 1: Forum Highlights - The forum featured the launch of the "World Brand Yearbook 2025," with Delixi Electric recognized for its case study on "Leading with New Quality, Moving Towards 'Net Zero'" [3]. - Delixi Electric's inclusion in the yearbook underscores its leadership in green transformation and its significant impact on China's dual carbon goals, providing a model for sustainable development in manufacturing [3][7]. Group 2: Delixi Electric's Green Strategy - Delixi Electric has proposed an ecological brand strategy, focusing on "people-oriented, promoting carbon neutrality, and building a green ecosystem" as part of its sustainable development approach [9]. - The company has achieved significant milestones, including the certification of its Wuhu, Wenzhou, and Puyang bases as zero-carbon factories, reducing carbon emissions by 7,000 tons annually [10][11]. Group 3: Achievements and Future Plans - Delixi Electric aims to achieve comprehensive operational carbon neutrality by 2024, ahead of schedule, and plans to publish a guide on green sustainable development practices [10]. - The company has received multiple accolades for its ecological brand strategy and continues to innovate in low-carbon and digital transformation, contributing to the green transition of the manufacturing sector [14][15].

Core Viewpoint - The recent fluctuations in copper prices are significantly influenced by the changing expectations of the Federal Reserve's interest rate policies, alongside tight supply fundamentals and agreements among Chinese copper raw material negotiation groups to reduce copper production capacity by over 10% in 2026, leading to a bullish trend in copper prices [1][2]. Fundamental Analysis - The SMM copper concentrate index continued to decline, reporting -42.33 USD/ton in November 2025, a decrease of 0.39 USD/ton from October [2]. - The consensus among CSPT members includes reducing copper production capacity by over 10% in 2026, maintaining the Benchmark system, and establishing a blacklist for suppliers and testing agencies to prevent market disruption [2]. - In November, China's electrolytic copper production increased by 11,500 tons month-on-month, with a year-on-year increase of 9.75% [3]. Inventory Trends - National copper inventories in major regions decreased for four consecutive weeks, with a reduction of 14,500 tons to 159,000 tons as of December 1, indicating a tightening supply situation [4]. - LME copper inventories increased from 133,600 tons at the end of October to 152,950 tons by November 28, reflecting a contrasting trend in overseas inventories [4]. Market Outlook - Future copper price movements will be influenced by domestic macroeconomic indicators such as CPI, PPI, and industrial output, as well as the Federal Reserve's monetary policy decisions [5]. - The market is expected to experience a "supply reduction, weak consumption" scenario, with a slight increase in weekly inventories anticipated [6]. - The macroeconomic environment remains supportive, with tight copper supply fundamentals expected to sustain high copper prices despite potential pressures from macroeconomic developments [6]. Institutional Commentary - Jinrui Futures noted that the recent dovish signals from the Federal Reserve and the CSPT consensus strengthen the expectation of tighter copper supply, although actual market conditions need to be realized [7]. - Maike Futures highlighted that the increase in electrolytic copper production is due to improved raw material supply, while the high premiums in the spot market indicate tightening future supply expectations [8]. Price Forecasts - The Chilean National Copper Corporation forecasts an average copper price of 4.45 USD/pound in 2025 and 4.55 USD/pound in 2026, while JP Morgan predicts a rise to 12,000 USD/ton in Q1 2026 [9]. - UBS expects copper prices to continue rising due to ongoing supply disruptions and strong long-term demand driven by electrification and clean energy investments, with price targets set at 11,500 USD/ton for March 2026 and 13,000 USD/ton for December 2026 [10].

来源：中国能源网 中银国际投资有限责任公司成立于2009年5月，法定代表人为于君，经营范围为投资管理、股权投资、 投资咨询。股东信息显示，该公司由中银证券（601696）全资持股。 天眼查工商信息显示，近日，中银国际投资有限责任公司发生工商变更，注册资本由6亿人民币增至20 亿人民币，增幅约233%。 ...

开源证券近日发布风电设备行业投资策略：2025年10月《风能北京宣言2.0》提出"十五五"期间国内风 电年新增装机容量不低于120GW，其中海风年新增不低于15GW，"十五五"期间国内风电装机规模有望 再上台阶。全球风能协会预测2025-2030年全球除中国陆风合计新增装机为367GW，复合增长率为 12.4%，海风复合增长率为15.8%，欧洲、亚太除中国、拉美等市场均展现出强劲的风电需求增长动 力。 以下为研究报告摘要： "十五五"国内风电装机有望再上台阶 海外需求正在起量，国内企业加速出海 全球风能协会预测2025-2030年全球除中国陆风合计新增装机为367GW，复合增长率为12.4%，海风复 合增长率为15.8%，欧洲、亚太除中国、拉美等市场均展现出强劲的风电需求增长动力。面对快速起量 的海外需求，国内风机企业正在加速出海，通过在巴西、欧洲、中亚等地投资建厂，国内风机企业正在 从单纯的产品出口转为深度的属地化布局，2025年前三季度国内7家整机商合计中标海外订单19.28GW 再创新高，海外订单单价更高、盈利能力更好，随着海外订单进入集中交付期，将直接驱动整机环节企 业盈利能力的提升。此外，2024年 ...

Industry Overview - The chemical sector's overall performance ranked 13th this week (2025/11/24-2025/11/28) with a change of 2.98%, positioned in the upper-middle of the market. The Shanghai Composite Index rose by 1.40%, while the ChiNext Index increased by 4.54%. The Shenwan Chemical sector outperformed the Shanghai Composite by 1.58 percentage points but underperformed the ChiNext by 1.56 percentage points [1]. Key Insights - The chemical industry is expected to continue its trend of divergence in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [1]. Synthetic Biology - A pivotal moment for synthetic biology is anticipated, driven by energy structure adjustments. Traditional chemical companies will face competition based on energy consumption and carbon tax costs. Companies that adopt green energy alternatives and leverage integrated and scaled advantages are likely to reduce energy costs and expand into larger overseas markets. The demand for bio-based materials is expected to surge, leading to potential profitability and valuation increases. Key companies to watch include Kasei Bio and Huaheng Bio [1]. Refrigerants - The implementation of quota policies is expected to usher in a high-growth cycle for third-generation refrigerants. Starting in 2024, the supply of these refrigerants will enter a "quota + continuous reduction" phase, while second-generation refrigerants will be phased out more rapidly. The demand for refrigerants is projected to grow steadily due to the development of heat pumps, cold chain markets, and the expansion of the air conditioning market in Southeast Asia. Companies with high quota shares, such as Juhua Co., Sanmei Co., Haohua Technology, and Yonghe Co., are expected to benefit significantly [2]. Electronic Specialty Gases - Electronic specialty gases are critical to the electronics industry and represent a core component of domestic industrialization. The domestic market is experiencing rapid upgrades in wafer manufacturing, but there is a mismatch with the fragmented and insufficient capacity of high-end electronic specialty gases. Companies that establish high-end capacity and possess substantial technical reserves are likely to seize opportunities for growth. Demand is driven by integrated circuits, displays, and photovoltaics. Key players include Jinhong Gas, Huate Gas, and China Shipbuilding Gas [3]. Light Hydrocarbon Chemicals - The trend towards light raw materials in the global olefin industry has been significant over the past decade, with a shift from heavy naphtha to lighter low-carbon alkanes like ethane and propane. This transition is characterized by shorter processes, higher yields, and lower costs. Light hydrocarbon chemicals also align with global low-carbon and energy-saving initiatives. Companies in this sector, such as Satellite Chemical, are expected to see their values reassessed [4]. COC Polymers - The industrialization of COC/COP (cyclic olefin copolymer) is accelerating in China, driven by domestic companies achieving breakthroughs after years of R&D. The shift of downstream industries, such as consumer electronics and new energy vehicles, to domestic sources is increasing the demand for these materials. The market is currently constrained by high prices, but domestic companies are expected to break through and expand market space. Key company to watch is Acolyte [5]. Potash Fertilizers - Potash fertilizer prices are expected to rebound as the industry enters a destocking cycle. Canpotex has withdrawn new quotes, and Nutrien has announced production cuts, leading to a short-term decline in supply. The termination of the Black Sea Grain Export Agreement has increased the prices of wheat and corn, boosting the demand for potash fertilizers. Companies like Yara International, Salt Lake Potash, and Zangge Mining are positioned to benefit from this trend [6]. MDI Market - The MDI market is characterized by oligopoly, with demand steadily improving due to the expansion of polyurethane applications. The global MDI production capacity is concentrated among five major chemical giants, which account for 90.85% of total capacity. Despite current price fluctuations, MDI remains a high-margin product. Companies like Wanhua Chemical are expected to benefit from a favorable supply structure as demand recovers [7]. Price Tracking - The top five price increases this week included methanol (East China) at 6.27%, NYMEX natural gas (futures) at 5.90%, and caprolactam (East China CPL) at 5.49%. The top five price decreases included liquid chlorine (East China) at -7.82% and propylene oxide (East China) at -5.85% [8]. Supply Side Tracking - This week, 168 chemical enterprises had their production capacities affected, with 9 new repairs and 3 restarts reported [9].

信达证券近日发布航运港口2025年11月专题：2025年1～10月，原油进口量实现4.71亿吨，同比增长 3.1%，其中，来源地为中东7国、俄罗斯、马来西亚同比增速分别为-1.23%、-8.03%、-1.25%，占比分 别为42.45%、17.66%、11.9%。2025年1～10月，主要原油接卸港口企业原油吞吐量实现3.29亿吨，同比 下滑3.25%。 以下为研究报告摘要： 本期内容提要: 一、综述：全国进出口总额及货物吞吐量情况 进出口总额：2025年1～10月，全国进出口总额实现37.31万亿元，同比增长3.6%，其中，全国进口总额 实现15.19万亿元，同比持平，全国出口总额实现22.11万亿元，同比增长6.2%。 外贸货物吞吐量：河北、山东、江苏、上海、浙江、广东同比增速分别为-0.2%、4.7%、5.6%、6.1%、 3.1%、3.2%，占比分别为9.36%、23.06%、4.43%、9.54%、13.83%、16.18%。 二、集装箱：集运运价及集装箱吞吐量情况 集运运价：2025年11月28日，CCFI收于1121.8点，同比下滑23.58%，环比2025年11月21日下滑0.09%， 其中， ...