登录新浪财经APP 搜索【信披】查看更多考评等级 来源 | 《财经》杂志 作者 | 中国人民大学应用经济学院 中创碳投 《财经》联合研究团队 碳排放量最大的100家上市公司，2024年碳排放总量51.34亿吨，较2023年减少0.27亿吨，可能已接近达峰。百大上市公司碳排放披露比例已从2021年的43% 上升至2025年的80% 2025年是中国深入推进双碳战略的第五年。9月，中国宣布了新一轮国家自主贡献（NDC）目标，不仅体现了对全球气候治理的责任担当，也标志着中国气 候治理进入了更加系统、全面的新阶段。今年，在延续前四年《中国上市公司碳排放排行榜》的基础上，中国人民大学应用经济学院作为新加入力量，首次 与中创碳投公司、《财经》杂志携手，共同呈现本项研究的第五次年度成果。 经过五年的积累与完善，我们构建起一套多维度的榜单体系：全面覆盖中国碳排放总量最高的百家上市公司，细化呈现碳排放总量排名、碳效率表现以及企 业双碳战略领导力评估。此外，针对新能源设备、食品饮料、汽车与动力电池、房地产、互联网、金融六大关键行业，我们还设立了双碳领导力专项榜单。 中国百家上市公司碳排放总量榜能够帮助社会各界清晰识别各领域头部企 ...

Investment Rating - The industry investment rating is "Recommended" (maintained) [2] Core Viewpoints - In November, electricity consumption increased by 6.2% year-on-year, with total electricity consumption reaching 835.6 billion kilowatt-hours [6] - The report highlights a shift in electricity generation, with thermal power output declining while hydropower and renewable energy sources like nuclear, solar, and wind power showed growth [6] - The report suggests that the demand for electricity across various industries has remained stable, with significant growth in sectors such as high-tech and equipment manufacturing [6] Summary by Relevant Sections Electricity Generation Data - In November, the industrial electricity generation was 779.2 billion kilowatt-hours, a year-on-year increase of 2.7%. The average daily generation was 25.97 billion kilowatt-hours [6] - For the first eleven months, the total industrial electricity generation was 8,856.7 billion kilowatt-hours, up 2.4% year-on-year [6] - Breakdown of generation types in November: - Thermal power decreased by 4.2% year-on-year - Hydropower increased by 17.1% - Nuclear power grew by 4.7% - Wind power increased by 22.0% - Solar power surged by 23.4% [6] Electricity Consumption Data - Total electricity consumption for the first eleven months was 94,602 billion kilowatt-hours, reflecting a year-on-year growth of 5.2% [6] - Breakdown of consumption by sector in November: - Primary industry: 11.3 billion kilowatt-hours, up 7.9% - Secondary industry: 5,654 billion kilowatt-hours, up 4.4% - Tertiary industry: 1,532 billion kilowatt-hours, up 10.3% - Urban and rural residential consumption: 105.7 billion kilowatt-hours, up 9.8% [6] Investment Recommendations - The report recommends focusing on companies in the thermal and renewable energy sectors, including Huaneng International, Huadian International, Guodian Power, and Datang Power, as well as hydropower companies like Huaneng Hydropower and State Power Investment Corporation [6]

来源：环球网 项目建设过程中先后攻克疫情防控、土地征用、施工建设推进及外部环境协调保障等难题。在各级政府 部门、西安铁路局大力支持和华能陕西公司的领导下，项目于2025年11月26日实现全线贯通，12月22日 完成开通运营相关手续办理。为确保首列煤炭调运与牵引试验按计划完成，公司各部门高效协作、顺畅 衔接，行车值班人员精准调度、全程把控，列检员严格执行安全标准，在规定时间内顺利完成首列煤炭 12月25日11:00，伴随着一声汽笛长鸣，华能铜川照金煤电有限公司铁路专用线首列煤炭顺利抵达电厂 卸煤站，标志着这条践行国家"公转铁"战略的能源通道正式投入运营。 编组及返程任务。此次专用线正式开通运营，不仅全面检验了项目建设质量与相关设备的可靠性，更充 分彰显了公司上下同心、协同作战的优良作风。 铁路专用线的正式投运，改写了公司发电用煤长期依赖汽车运输的历史，将进一步强化区域电煤稳定供 应保障能力，为助力国家"双碳"目标实现、服务地方经济社会高质量发展注入强劲动力。 公司铁路专用线是华能集团首批"公转铁"重点示范项目。线路起于咸铜线梅家坪车站，途经富平县梅家 坪镇、三原县马额镇、铜川市新区坡头新材料产业园等区域，终点到 ...

Core Viewpoint - The coal power industry in China is undergoing a historic transformation from being a primary energy source to a key support for system regulation, with a focus on achieving higher levels of energy security and advancing green and low-carbon transitions [1] Group 1: Policy and Regulatory Environment - The national energy work conference has set a clear policy blueprint for the transformation of coal power, emphasizing the need for higher energy security and a solid push towards green and low-carbon transitions [1] - By 2026, five coal power listed companies will face their first ESG (Environmental, Social, and Governance) assessment, requiring them to enhance ESG governance and reporting in accordance with the guidelines [1] Group 2: Low-Carbon Transition Performance - A report by the Natural Resources Defense Council evaluated the low-carbon transition performance of 33 coal power listed companies, revealing a significant disparity in transition progress, with non-fossil energy development lagging behind the national average [2] - The profitability of coal power companies has rebounded due to falling coal prices and supportive policies, but reliance on short-term coal price declines for profit is unsustainable [3] Group 3: Challenges in Transition - Coal power companies face multiple pressures, including supply responsibilities, operational efficiency, and low-carbon transition, necessitating a shift from a single revenue model to a diversified structure that includes capacity and auxiliary services [3] - The transition is complicated by policy and funding challenges, market competition from renewable energy, and the need for management restructuring to accommodate carbon emission controls [5][6] Group 4: ESG Integration and Financial Implications - Integrating ESG into management is essential for coal power companies, as it is critical for achieving national carbon reduction goals and enhancing corporate value [7] - The global ESG investment fund size has reached $3.7 trillion, indicating that capital markets view ESG performance as a vital dimension for assessing long-term corporate value [8] Group 5: Future Trends and Strategies - The traditional power industry is moving from passive to proactive transformation, with five core development trends expected over the next five years, including the need for diversified revenue models and enhanced collaboration between coal and renewable energy [4] - The government has recognized the economic value of coal power in providing flexible and baseline power, and policies are being developed to support the transition and investment returns for coal power [9]

为了保障冬季进口能源供应链稳定，鲅鱼圈海关制定"一船一策"监管方案，实施进口货物"一站式"查 验；依托科技手段，不断创新优化进口煤炭检测流程，压缩实验室检测周期，实现进口煤炭"随到随 检、快检快放"，为冬季能源保供提供了有力支持。 前不久，在大连海关所属鲅鱼圈海关监管下，华能国际电力股份有限公司申报进口的7.07万吨进口煤炭 快速通关放行，尽享这一便利。 本报讯 记者佟利德报道 寒潮天气频频来袭，进口煤炭迅速通关到企迫在眉睫。为此，大连海关所属鲅 鱼圈海关开通了通关"绿色通道"，煤炭抵港后第一时间办理手续，迅速放行。 ...

Investment Rating - The investment rating for the industry is "Positive" and is maintained [9]. Core Insights - The average transaction price for Guangdong Province in 2026 is projected to be 372.14 RMB/MWh, reaching the lower limit of the medium to long-term trading price, which represents a year-on-year decrease of 19.72 RMB/MWh. If the impact of the coal power capacity price increase in 2026 is considered, the comprehensive average electricity price will remain roughly the same as in 2025 [2][13]. - The total transaction volume for Guangdong Province in 2026 is expected to reach 359.437 billion kWh, reflecting a year-on-year growth of 5.38% [6][13]. - The Southern Energy Regulatory Bureau has emphasized the prohibition of signing "yin-yang contracts" and will strictly investigate violations in medium to long-term electricity trading. This indicates a focus on maintaining market order and rational trading [2][13]. - The report suggests that if electricity prices experience irrational declines, a new round of mechanism reforms may be initiated. The publication of the long-term electricity price in Guangdong marks the beginning of a new phase in the national electricity price negotiations [13]. Summary by Sections Section: Price Trends - The long-term electricity price has reached its lower limit, indicating potential volatility in prices if not constrained. The regulatory body has issued guidelines to ensure compliance and market stability [2][13]. - The coal power capacity price is set to increase from 100 RMB/year·kW to 165 RMB/year·kW in 2026, which, combined with a decrease in coal power utilization hours, will affect the average price for coal power units, keeping it stable compared to 2025 [2][13]. Section: Market Dynamics - The report highlights that the supply-demand relationship is becoming more relaxed, with an increase in new coal power installations, which may exert downward pressure on electricity prices. The dual-track pricing system of medium to long-term and spot markets is also contributing to this dynamic [13]. - The report recommends focusing on quality coal power operators such as Huaneng International, Datang Power, and others, as well as hydropower companies like Yangtze Power and Guotou Power, and new energy firms like Longyuan Power and China Nuclear Power [13].

六大趋势展望能源可持续发展 12月25日，由中国能源研究会与深圳证券信息有限公司联合开发的"国证能源可持续发展指数"在"能源 可持续发展研讨会"上正式发布。 "国证能源可持续发展指数"指数简称"能源ESG"，英文名称为CNI Energy Sustainable Development Index，英文简称为CNIEESG，指数代码为980133。 据中国能源研究会能源金融与法律分会主任委员陈景东介绍，"国证能源可持续发展指数"在选样方法 上，首先对入围证券按照最近半年A股日均成交金额和最近半年A股日均总市值从高到低排序，分别剔 除排名后20%的证券；然后结合中国能源研究会ESG评分和国证ESG评分，按照评分从高到低排序，选 取前50名证券作为指数样本。 "能源ESG"指数累计收益率达40% 能源可持续发展指数50家样本公司是从上海、深圳、北京三地交易所的上市公司中，选取可持续发展 （ESG）综合得分靠前、盈利能力较强、成长性较高的公司作为指数样本，总市值为5.9万亿元，样本 公司平均市值1182亿元，总市值超千亿的样本12只。其中，长江电力（600900）、中国神华 （601088）、中国石油（601857 ...

2025年的雄安新区迎来了从"塔吊林立"的建设高峰向"要素汇聚"的城市繁荣的历史性转折。 本报（chinatimes.net.cn）记者刘昱汝 徐芸茜 北京报道 这座承载"千年大计"的"未来之城"，在"十四五"收官之际从以大规模基础设施建设为主，全面转入承接 北京非首都功能疏解、推动城市功能集聚和产业发展的新阶段。 8年间，这座承载着疏解北京非首都功能历史使命的城市，累计完成投资超1万亿元，"十四五"时期年均 2000亿元的投资规模与17.1%的地区生产总值年均增速，勾勒出高质量发展的强劲曲线。 2025年，作为疏解工作的关键节点，中国中化、中国华能总部正式迁驻，中国星网稳定运营，第二批疏 解项目有序落地，400余家央企各类机构在此集聚，疏解的标志性、引领性、聚集性作用全面显现。 央企总部集群崛起 10月9日，中国华能与中国中化在雄安新区启动区同步举行升旗仪式，标志着两家首批疏解央企正式迁 驻雄安。 此时，距离中国星网2024年10月入驻办公刚满一年，这家率先迁驻的央企总部已实现稳定运营，其状如 花瓣的总部大厦成为雄安启动区的标志性建筑，见证着疏解项目从蓝图变为现实的坚实步伐。 "首批疏解央企的顺利落地，是雄 ...

为中国式现代化建设贡献更大力量 ——习近平总书记重要指示激励中央企业砥砺前行、奋发有为 习近平总书记近日对中央企业工作作出重要指示，对中央企业提出了明确要求和殷切希望。习近平总书 记强调："新征程上，中央企业要充分认识肩负的职责使命，更好服务党和国家工作大局，服务经济社 会高质量发展，服务保障和改善民生，勇担社会责任，为中国式现代化建设贡献更大力量。" 习近平总书记的重要指示为推动中央企业高质量发展提供了根本遵循，为做好中央企业工作进一步指明 了方向。大家表示要深入学习领会，抓好贯彻落实。 切实增强核心功能、提升核心竞争力 习近平总书记强调："要聚焦主责主业，持续优化国有经济布局，切实增强核心功能、提升核心竞争 力。" "习近平总书记的重要指示为新征程上推动中央企业高质量发展指明了前进方向。"国务院国资委规划发 展局局长戴希表示，国务院国资委将高质量编制落实中央企业"十五五"规划，从更大范围、更深层次、 更广领域统筹优化国有经济布局，切实增强核心功能、提升核心竞争力。 中国南方电网有限责任公司党组书记、董事长孟振平表示，深入学习贯彻习近平总书记重要指示精神， 南方电网坚定全面履行经济责任、政治责任、社会责任， ...

习近平总书记近日对中央企业工作作出重要指示，对中央企业提出了明确要求和殷切希望。习近平总书 记强调："新征程上，中央企业要充分认识肩负的职责使命，更好服务党和国家工作大局，服务经济社 会高质量发展，服务保障和改善民生，勇担社会责任，为中国式现代化建设贡献更大力量。" 习近平总书记的重要指示为推动中央企业高质量发展提供了根本遵循，为做好中央企业工作进一步指明 了方向。大家表示要深入学习领会，抓好贯彻落实。 中国南方电网有限责任公司党组书记、董事长孟振平表示，深入学习贯彻习近平总书记重要指示精神， 南方电网坚定全面履行经济责任、政治责任、社会责任，高质量服务超2.7亿人口用上电、用好电，扛 牢能源电力保供政治责任，持续深化新型能源体系和新型电力系统建设，助力能源强国建设。 "总书记的重要指示让我们备受鼓舞。"中国华能集团有限公司党组书记、董事长温枢刚表示，作为全球 装机容量第二大发电集团，中国华能始终守牢保发电、保民生、保供热底线，切实发挥能源保供国家队 作用。中国华能将继续以保障国家能源安全为首责，以能源技术创新为引领，在推进中国式现代化进程 中更好发挥作用。 作为全球基础设施建设领域规模最大、实力最强的多功能 ...