Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the strategic cooperation between China and France in addressing global climate and environmental challenges, emphasizing the importance of multilateralism and the implementation of international agreements such as the Paris Agreement [5][6][9] - The report indicates that China's carbon emissions growth has significantly slowed, with a 0.6% increase in 2024 compared to 2023, which is lower than the global average of 0.8% [17][19] - The establishment of a green foreign debt pilot program in Shanghai aims to support "dual carbon" key enterprises, with over 300 million RMB in financing for green technology projects [20][22] Policy Developments - China and France issued a joint statement on climate cooperation during President Macron's visit, reaffirming their commitment to international climate agreements and cooperation in various areas such as carbon pricing and methane reduction [5][6][7] - The China Securities Regulatory Commission (CSRC) is seeking public opinion on a draft regulation aimed at enhancing corporate governance and investor protection in listed companies [11][12][13] Industry Trends - The Ministry of Ecology and Environment released the "2025 China Mobile Source Environmental Management Annual Report," indicating that mobile sources are a significant contributor to air pollution, with total emissions reaching 18.582 million tons in 2024 [14][15][16] - The "2024 China Greenhouse Gas Bulletin" shows that China's anthropogenic carbon emissions increased by approximately 0.6% in 2024, reflecting effective implementation of carbon reduction commitments [17][19] - The Shanghai branch of the State Administration of Foreign Exchange has initiated a green foreign debt pilot program, with three key enterprises signing agreements to raise over 300 million RMB for green projects [20][22] International Events - The United Nations Environment Programme (UNEP) released the 2025 Climate Adaptation Gap Report, highlighting a significant funding gap for climate adaptation in developing countries [24][25] - Former President Trump announced plans to roll back fuel economy standards, which could impact environmental progress in the U.S. automotive industry [26][27][28] - Germany's government has agreed to construct hydrogen-compatible gas power plants, potentially delaying the coal phase-out process [29] Corporate Developments - China Gas and EVE Energy have entered a strategic partnership to collaborate on energy storage and green energy projects [30][31] - Hutchison Whampoa has been recognized as an "ESG Leading Company" for three consecutive years, reflecting its commitment to sustainability and responsible governance [32][33]

资讯汇总 [table_Header]2025.12.12 【双碳周报】全国碳市场碳排放配额累计成交量明显下调 产业研究中心 摘要： | [Table_Authors] | | | --- | --- | | | 赵子健(分析师) | | | 021-38032292 | | | zhaozijian@gtht.com | | 登记编号 | S0880520060003 | | | 蔡晨(分析师) | | | 021-38031023 | | | caichen@gtht.com | | 登记编号 | S0880525080002 | | | 王佳(分析师) | | | 010-83939781 | | | wangjia7@gtht.com | | 登记编号 | S0880524010001 | [Table_Report] 往期回顾 【双碳周报】全国碳市场碳排放配额累计成交量 明显下降 2025.12.02 【行业 ESG 周报】中方发布《绿色矿产国际经贸 合作倡议》，超百家企业驰援中国香港大埔火灾 2025.12.02 【ESG 投资周报】本月新发绿色债券 13 只，银 行理财稳步发行 2025.12. ...

资讯汇总 [table_Header]2025.12.12 【ESG 投资周报】本月新发绿色债券 65 只，银行理财稳步发行 产业研究中心 摘要： | [Table_Authors] | | | --- | --- | | | 赵子健(分析师) | | | 021-38032292 | | | zhaozijian@gtht.com | | 登记编号 | S0880520060003 | | | 王佳(分析师) | | | 010-83939781 | | | wangjia7@gtht.com | | 登记编号 | S0880524010001 | | | 蔡晨(分析师) | | | 021-38031023 | | | caichen@gtht.com | | 登记编号 | S0880525080002 | [Table_Report] 往期回顾 【行业 ESG 周报】三大行业将完成首次碳排放配 额清缴，证监会发声逐步完善上市公司可持续披 露制度 2025.11.25 请务必阅读正文之后的免责条款部分 1 of 7 [Table_Summary] 结论：上周（2025 年 12 月 8 日-2025 年 ...

债 券 研 究 12 月 FOMC 如期降息，但前瞻指引偏鹰，压缩了未来宽松空间。美联储提前重启 短端扩表成为最大意外，短期改善流动性。 投资要点： 风险提示：美联储政策超预期，海外债券市场系统性风险。 债券研究 /[Table_Date] 2025.12.12 | | 021-38031722 | | --- | --- | | | wangyifan4@gtht.com | | 登记编号 | S0880524120001 | | | 唐元懋(分析师) | | | 0755-23976753 | | | tangyuanmao@gtht.com | | 登记编号 | S0880524040002 | [Table_Report] 相关报告 12 月 FOMC 会议简评：眼下的鸽与未来的鹰 [Table_Authors] 王一凡(分析师) 本报告导读： 跨年攻势序幕有望开启 2025.12.08 压力测试下转债具备韧性 2025.11.24 REIT 打新策略数据跟踪 2025.10.29 买卖国债如何理解：从"长"计议 2025.10.28 把握反击窗口期 2025.10.26 证 券 研 究 报 告 请务 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 87.50 CNY [4][12]. Core Insights - The company is increasing its investment in carbon fiber structural components, which is expected to benefit from the ramp-up of foldable devices. The introduction of new material numbers for major clients is anticipated to lead to significant growth in 2026 [2][12]. - The company has acquired an 80% stake in Weiste, which specializes in carbon fiber structural components for foldable phones, with projected revenues of 180 million CNY and a net profit of 16 million CNY in 2024 [12]. - The company is also expanding its presence in AI terminal products, with significant collaboration with Meta, expecting accelerated growth in 2026 [12]. Financial Summary - Total revenue is projected to grow from 1,398 million CNY in 2023 to 6,513 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 32.2% [10]. - Net profit attributable to shareholders is expected to increase from 73 million CNY in 2023 to 692 million CNY in 2027, with a notable growth rate of 47.5% in 2027 [10]. - The earnings per share (EPS) is forecasted to rise from 0.55 CNY in 2023 to 5.16 CNY in 2027, indicating strong profitability growth [10]. Market Data - The company's market capitalization is approximately 7,885 million CNY, with a 52-week stock price range of 43.42 CNY to 76.69 CNY [5]. - The current price of the stock is 58.80 CNY, with a price-to-earnings (P/E) ratio of 107.48 for 2023, decreasing to 11.39 by 2027 [12][10].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 48.25 CNY [5][11]. Core Insights - The company is deeply engaged in high-end electronic materials, with the explosion of AI mobile phone demand expected to drive both volume and price increases for its products. Additionally, the continuous expansion into optoelectronic display materials provides ample growth momentum for the future [2][11]. - The company has three main product lines: electronic composite materials, optoelectronic display module materials, and functional adhesives, which are applied in OLED display modules, consumer electronics, AI smart hardware, and automotive electronics. Its products are already utilized by well-known domestic and international consumer electronics brands and display panel industry clients [11]. - The company is investing 2.05 billion CNY in a new high-performance optical adhesive film project, which has already commenced construction. This will further enhance its capabilities in optical display film materials, photosensitive materials, and optical display coating materials [11]. Financial Summary - Total revenue is projected to grow from 511 million CNY in 2023 to 2,008 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 31.4% [4][12]. - Net profit attributable to the parent company is expected to increase from 193 million CNY in 2023 to 698 million CNY in 2027, reflecting a CAGR of about 29.1% [4][12]. - Earnings per share (EPS) is forecasted to rise from 0.69 CNY in 2023 to 2.49 CNY in 2027 [4][12]. Market Position - The company operates in a market where high-end optical materials are predominantly controlled by foreign enterprises from the US, Japan, and South Korea, indicating significant potential for domestic substitution [11]. - The company has successfully broken the monopoly of foreign firms by achieving new customer certifications and mass production sales of its optoelectronic products, which are gradually ramping up [11].

非洲卫生用品龙头，港股正式上市 乐舒适(2698) ——乐舒适首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 王文杰(分析师) | 021-23185637 | wangwenjie4@gtht.com | S0880525040070 | 本报告导读： 公司是非洲卫生用品龙头，在港股正式上市，新兴国家卫生用品行业景气度较高， 公司位居行业龙头，看好公司业绩持续高增。 投资要点： | 财务摘要(百万美元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 411.37 | 454.39 | 521.19 | 592.82 | 669.08 | | (+/-)% | 28.6% | 10.5% | 14.7% | 13.7% | 12.9% | | 毛利润 ...

经营质量持续改善，AI 业务落地迅速 汉得信息(300170) 汉得信息跟踪报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 杨蒙(分析师) | 021-23185700 | yangmeng@gtht.com | S0880525040072 | 本报告导读： AI 业务推动公司向产品型、数智解决方案供应商逐步转型，AI 生态圈不断扩大，看 好公司在 AI 时代的发展潜力。 | 52 周内股价区间(元) | 11.15-25.22 | | --- | --- | | 总市值(百万元) | 18,973 | | 总股本/流通A股(百万股) | 1,022/977 | | 流通 B 股/H 股(百万股) | 0/0 | [Table_Balance] 资产负债表摘要(LF) | 股东权益(百万元) | 5,508 | | --- | --- | | 每股净资产(元) | 5.39 | | 市净率( ...

Investment Rating - The investment rating for the company is "Accumulate" [2][4]. Core Views - The report indicates a significant decline in net profit attributable to the parent company, which decreased by 36.9% year-on-year for Q1 to Q3 of 2025. The company is actively seeking investment opportunities in new productive forces and hard technology sectors to secure long-term returns [3][4]. - The company has initiated the construction of the AIAgent platform for the construction industry, aiming to provide intelligent solutions for the entire architectural design process [3][6]. Financial Performance Summary - For Q1 to Q3 of 2025, the company's revenue reached 889 million yuan, reflecting a year-on-year growth of 10.1%. However, the net profit attributable to the parent company was 70 million yuan, down 36.9% year-on-year [4]. - The gross profit margin decreased by 3.1 percentage points to 25.9%, while the net profit margin fell by 5.9 percentage points to 7.9% [4]. - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 0.54, 0.61, and 0.64 yuan, representing changes of -15.2%, 12.6%, and 4.7% respectively [4][7]. Investment Opportunities - The company is focusing on expanding its international business along the "Belt and Road" initiative while consolidating its domestic market presence [5]. - It has made investments in Shenzhen's Zhongtou Xinyao No.1 Technology Investment Partnership to leverage resources and advantages in equity investment for long-term returns [5]. Digital Transformation Initiatives - The company is advancing its digital transformation by exploring data value and applying artificial intelligence in architectural design and engineering cost consulting [6]. - The AIAgent platform, which integrates large model technology, aims to reshape the architectural design process and provide intelligent solutions throughout the design workflow [6].

股 票 研 究 英美烟草：Glo Hilo 反馈亮眼，新型烟草加速扩张 [Table_Industry] 耐用消费品 证 券 研 究 报 新型烟草行业专题更新 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 毛宇翔(分析师) | 021-38038672 | maoyuxiang@gtht.com | S0880524080013 | 本报告导读： 2025 年下半年英美烟草新型烟草业务增长提速，产业链有望受益高景气。 投资要点： [Table_Report] 相关报告 耐用消费品《业绩分化加速，龙头韧性凸显》 2025.11.03 耐用消费品《家具板块：底部确立，后势可期》 2025.09.09 耐用消费品《景气度分化，关注细分赛道投资机 会》2025.09.03 耐用消费品《新型烟草行业增长提速，新品市场 表现可期》2025.08.05 耐用消费品《AI 眼镜新品百花齐放，产品加速破 圈》2 ...