快递行业电动化 转型与运输效率 优化的减排潜力 编辑与校对 王乐 闫咏涵 1 研究团队 同济大学：袁泉、俞诚成、林佳毅、覃正桃、闫丛笑、马旭 绿色和平：朱伟望、李嘉铖、夏怡雯 DRIVING EMISSIONS REDUCTIONS IN EXPRESS DELIVERY INDUSTRY: POTENTIAL OF ELECTRIFICATION AND TRANSPORT OPTIMIZATION 鸣谢 感谢以下专家对报告内容的支持（按姓氏首字母排序）： 巢 渊 上海市减污降碳管理运行技术中心 高欣甜 清华大学 沈 寅 上海市减污降碳管理运行技术中心 王雯雯 能源与交通创新中心 李星宇、刘爽、马倩儒、王昕楠、吴浩、袁瑛、赵雨晨 绿色和平 著作权及免责声明 本报告为绿色和平于环保公益工作中形成的资料。阅读本研究报告即表示您已阅读、理解并接受下列著作权和免责声明条 款的约束。请认真阅读。 发布时间：2025年4月 快递行业电动化转型与运输效率优化的减排潜力 2 1. 本报告由绿色和平和同济大学基于在上海取得的临时活动备案共同发布，除标明引用的内容外，本报告内所有内容 （包括文字、数据、图表）的著作权归绿色和平 ...

Summary of Key Points Core Viewpoint - The report emphasizes the importance of developing high-quality forestry carbon sinks in China as a means to address climate change, enhance biodiversity, and promote community development. It highlights the need for scientific and orderly development of these carbon sinks to avoid issues such as non-standard development and market inefficiencies [8][9]. Section Summaries 1. High-Quality Forestry Carbon Sinks and Climate Change Response - The report outlines that carbon trading mechanisms, including forestry carbon sinks, can help offset emissions but should not replace direct emission reduction efforts. High-quality carbon credits must be based on reliable methodologies and should provide environmental and social benefits [19][20][25]. 2. Review of China's Forestry Carbon Sink Policies and Market (2005-2021) - The report details the evolution of China's forestry carbon sink projects, starting from the CDM mechanism to the establishment of the CCER system. It notes the challenges faced, including regulatory gaps and the need for improved governance and transparency in project implementation [37][38][39]. 3. Analysis of Supply, Demand, and Challenges Post-CCER Restart - Following the restart of the CCER mechanism, there is a renewed focus on forestry carbon sinks, with various provinces developing action plans. However, the report warns of potential overdevelopment and emphasizes the need for scientific guidance in project implementation to ensure quality and effectiveness [59][60][61].

Investment Rating - The report does not explicitly provide an investment rating for the forestry carbon market in China. Core Insights - The initiation of China's carbon emission trading market and the restart of the CCER mechanism present significant opportunities for the development of forestry carbon sinks in China. A scientifically organized development of high-quality forestry carbon sinks can help achieve climate change mitigation, biodiversity protection, and community development simultaneously [8][9]. - China is one of the earliest countries to participate in forestry carbon trading, having accumulated rich experience and faced numerous challenges in international forestry carbon project development and domestic carbon trading pilots [8][9]. - The report emphasizes the need for a cautious strategy in the scientific and orderly development of forestry carbon sinks to prevent irregular development and ensure the credibility of carbon trading [9][10]. Summary by Sections 1. High-Quality Forestry Carbon Sinks and Climate Change Response - High-quality forestry carbon sinks must be based on reliable calculations of baseline, additionality, leakage, and permanence to ensure their effectiveness and authenticity [25]. - The report highlights the importance of direct emission reductions as the primary goal, with high-quality carbon credits serving as a supplementary means to achieve carbon neutrality [20][21]. 2. Review of China's Forestry Carbon Sink Policies and Market (2005-2021) - The development of forestry carbon sinks in China has gone through various phases, including the CDM mechanism, international voluntary carbon trading, and the CCER pilot [37][38]. - The early phase (2005-2021) revealed issues such as unclear recognition, insufficient regulation, and a lack of professional capacity, which have informed subsequent management mechanisms [37][38]. 3. Analysis of Supply, Demand, and Challenges After the Restart of CCER - The report notes that while there is a scientific push for orderly development of forestry carbon sinks, there is also a risk of overheating in project development due to high local enthusiasm [60][61]. - New policies and regulations are being introduced to enhance the management framework of the carbon market, ensuring the scientificity, authenticity, and transparency of transactions [61][62].

Key Points Company and Industry Overview 1. **Company Background**: Green Power is a leading company in the garbage incineration power generation industry in China. It was founded in 2000 as a private enterprise and later became a state-controlled listed company after being acquired by Beijing State-owned Assets Supervision and Administration Commission in 2005. The company's total assets exceed 20 billion yuan. 2. **Industry Status**: The garbage incineration power generation industry in China has matured over the past two decades. The number of new projects has decreased, and the industry is facing challenges such as declining national subsidies and insufficient garbage supply. 3. **Company Strategy**: Green Power focuses on operational efficiency, cost reduction, and diversification of business. The company aims to expand its non-electricity business, such as heating and steam supply, and explore overseas projects. Financial Performance and Dividends 1. **Revenue Structure**: Green Power's revenue structure has changed significantly since 2021 due to the new accounting treatment for BOT projects. Construction revenue has decreased significantly, while operating revenue from garbage incineration power generation and other sources has increased. 2. **Cash Flow**: The company's cash flow has improved significantly due to lower capital expenditures and increased operating revenue. Green Power has implemented an intermediate dividend and plans to increase the dividend ratio in the future. 3. **Dividend Policy**: The company has disclosed a three-year dividend plan, aiming to increase the dividend ratio each year. The current dividend yield is expected to exceed 7.5% in Hong Kong. Business Strategies and Growth Opportunities 1. **Operational Efficiency**: Green Power focuses on improving operational efficiency through technological innovation, such as digital management and R0 technology. The company aims to increase power generation efficiency by 2% and achieve stable operation with a reliability of 98%. 2. **Cost Reduction**: The company has implemented measures to reduce financial costs, such as refinancing project loans and obtaining low-interest loans from banks. 3. **Non-electricity Business**: Green Power plans to expand its non-electricity business, such as heating and steam supply, and explore opportunities in the waste treatment and other industries. 4. **Mergers and Acquisitions**: The company is actively seeking opportunities for mergers and acquisitions to expand its scale and enhance its competitiveness. 5. **Overseas Expansion**: Green Power is exploring overseas projects, particularly in Southeast Asia, to diversify its business and reduce dependence on the domestic market. Risks and Challenges 1. **National Subsidy Reduction**: The reduction in national subsidies for garbage incineration power generation projects may impact the profitability of some projects. 2. **Insufficient Garbage Supply**: Insufficient garbage supply in some areas may affect the operation of garbage incineration power generation projects. 3. **Political Risks**: Political risks associated with overseas projects may pose challenges to the company's expansion plans. Conclusion Green Power is a well-established company in the garbage incineration power generation industry with a solid financial foundation and clear growth strategy. The company is well-positioned to navigate the challenges and seize opportunities in the industry.

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes the urgent need for effective measures to protect marine biodiversity and enhance the resilience of marine ecosystems due to increasing pressures from human activities such as climate change, overfishing, and pollution [16][17] - Marine protected areas (MPAs) are identified as effective tools for marine conservation, capable of restoring biodiversity and maintaining ecosystem services [16][26] - The report highlights the importance of international cooperation in marine governance, particularly between China and the EU, to address shared marine challenges [30] Summary by Sections Executive Summary - The ocean covers 71% of the Earth's surface and is crucial for human survival, yet it faces unprecedented crises due to human activities [16] - MPAs have been shown to effectively rebuild marine biodiversity and enhance ecosystem resilience [16] Current Status of EU Marine Protected Areas - EU MPAs cover approximately 12% of its marine area, with the highest coverage in coastal waters [19] - Effective management remains a significant challenge, with only 1.8% of EU marine areas having management plans [19] Legal Framework for EU Marine Protected Areas - The legal basis for EU MPAs includes the Birds Directive, Habitats Directive, and Marine Strategy Framework Directive [20][21] - The Natura 2000 network is a cornerstone of EU marine and terrestrial protection, covering about 8.7% of EU marine areas [20] Challenges and Lessons Learned - Existing MPAs often allow harmful human activities, indicating a need for stricter protections [25] - Effective management and long-term funding mechanisms are critical for the success of MPAs [28][27] Future Outlook - The EU aims to have at least 30% of its marine areas protected by 2030, with a focus on effective management and connectivity of protected areas [29] - The report underscores the potential for enhanced cooperation between China and the EU in marine biodiversity protection and MPA establishment [30]

Key Points Industry/Company Involved * **Industry**: Green supply chain, ESG (Environmental, Social, and Governance), renewable energy, steel industry * **Companies**: * **Fengchao Energy**: A leading Chinese manufacturer of power batteries. * **Baowu Group**: A leading steel company in China. * **Standard Chartered Bank**: A global bank with a focus on green finance. Core Views and Arguments * **ESG Standardization**: China has entered a year of ESG standardization with numerous policy documents and guidelines being issued by various government bodies. * **Green Supply Chain Transformation**: Both Fengchao Energy and Baowu Group are actively pursuing green supply chain transformation. * **Carbon Footprint and Carbon Factor**: The importance of carbon footprint and carbon factor in achieving green supply chain goals. * **Green Finance**: The role of green finance in supporting green supply chain transformation. * **Technology and Digitalization**: The importance of technology and digitalization in driving green supply chain transformation. Other Important Points * **Fengchao Energy**: * Achieved a closed-loop management of the lithium battery industry, from raw material procurement to manufacturing, BMS development, vehicle operation, and battery recycling. * Invested in the establishment of a lithium white material factory and a hydrogen-carbon industrial park in Dazhou. * Signed green supplier agreements with all suppliers. * **Baowu Group**: * Launched the Green Carbon Cycle Business Division to promote green supply chain transformation in the steel industry. * Developed the Steel Industry EPD Platform in collaboration with the China Iron and Steel Association and Baowu Group. * Launched the CN100 initiative to promote carbon neutrality in the manufacturing industry. * Built the Green Chain Platform to support the CN100 initiative. * **Standard Chartered Bank**: * Established a dedicated green finance department in 2018. * Committed to achieving net-zero emissions from financing activities by 2050. * Plans to allocate $300 billion for green financing by 2030. * Developed various green financial products and solutions. * Collaborated with fintech companies to implement innovative supply chain financing solutions. References * [1] * [2] * [3] * [4] * [5] * [6] * [7] * [8] * [9] * [10] * [11] * [12] * [13] * [14] * [15] * [16] * [17] * [18] * [19] * [20] * [21] * [22] * [23] * [24] * [25] * [26] * [27] * [28] * [29] * [30] * [31] * [32] * [33] * [34]

Key Points Industry Overview - **Industry Focus**: Aviation transportation industry, specifically focusing on environmental, social, and governance (ESG) aspects. - **Carbon Emissions**: Mainly from passenger transportation, accounting for 85% of total emissions, with cargo transportation contributing 15%. - **Geographical Distribution**: U.S. aviation passenger transportation has higher CO2 emissions compared to other regions. - **Energy Management**: Energy consumption directly impacts carbon emissions, production efficiency, and cost. In 2023, the industry's energy emission intensity was 75.6%, with A-share companies having a lower disclosure rate of 30%+ compared to H-share companies with 100% disclosure. - **Renewable Energy**: Only four companies, including SF Express, Kerry Logistics, CHT, and China Foreign Freight, disclosed renewable energy consumption data in 2023, with SF Express leading with an 8% usage rate. - **Climate Change Management**: Climate change management performance varies among companies, with some companies needing to improve implementation. - **Material Management**: Material management in the aviation industry focuses on transportation packaging, with companies like SF Express and Deppon Logistics demonstrating good practices in management systems, green material usage, and recycling. - **Waste Management**: Recycling and reuse of waste in the aviation industry are limited, with only two companies disclosing waste management practices. Companies like Binhai Taoda Logistics and Yinghui Logistics show strong capabilities in waste management. - **Social Responsibility**: Southern Airlines and Hong Kong Airlines demonstrate strong social responsibility performance in the industry. Key aspects include health and safety, community management, research and innovation, and talent and employment management. - **Occupational Health and Safety**: SF Express had a low occupational health and safety incident rate of 0.01% in 2023, but the high number of workdays lost due to incidents had a significant impact on operations. Company Performance - **SF Express**: Leading in renewable energy consumption, with an 8% usage rate. Demonstrates strong energy management capabilities, with significant investment in photovoltaic power generation and energy-saving transformations. - **China Foreign Freight**: Outperforms in energy management, achieving above-average performance in all four dimensions of energy management. Demonstrates strong climate change management and waste management capabilities. - **Southern Airlines**: Strong performance in social responsibility, ranking first in the industry. Needs improvement in environmental management. - **Hong Kong Airlines**: Strong performance in social responsibility, ranking first in the industry. Needs improvement in environmental management. - **Deppon Logistics**: Demonstrates good practices in material management, including management systems, green material usage, and recycling. - **Binhai Taoda Logistics and Yinghui Logistics**: Strong capabilities in waste management, with good measures and implementation. Conclusion The aviation transportation industry faces challenges in environmental management, social responsibility, and governance. Companies need to focus on improving energy efficiency, reducing carbon emissions, enhancing social responsibility, and strengthening corporate governance to achieve sustainable development.

Financial Data and Key Metrics Changes - The latest policy document emphasizes the goal of achieving a non-fossil energy consumption ratio of around 25% by 2030, with pumped storage capacity exceeding 120 million kilowatts, indicating a significant commitment to low-carbon energy development [14] - The low-carbon market is expected to reach a trillion scale, reflecting the government's strong focus on green energy transition [14] Business Line Data and Key Metrics Changes - The document highlights the importance of flexible power sources, such as gas power generation, in ensuring energy supply stability while promoting the integration of renewable energy [15][19] - Investment in power equipment is directed towards three main areas: ultra-high voltage construction, base load power generation, and digitalization of the grid [22] Market Data and Key Metrics Changes - The document indicates that several key sectors, including strategic emerging industries and digitalization, will significantly benefit from green transition policies [5] - The focus on the construction of clean energy bases, particularly offshore wind, hydropower, and nuclear power, reflects a shift towards more aggressive support for these sectors [17] Company Strategy and Development Direction - The government aims to create a modern economic system that is both environmentally friendly and efficient, focusing on supporting green industry upgrades and encouraging technological innovation [6] - The emphasis on the synergy between digitalization and green transformation suggests a strategic direction towards integrating technology with sustainable practices [7] Management's Comments on Operating Environment and Future Outlook - The management acknowledges the need for a balanced approach between flexible and green energy sources, highlighting the importance of both in the future energy structure [19][20] - The commitment to enhancing the carbon market and establishing a scientific carbon emission accounting system is seen as crucial for the expansion of the carbon market [13] Other Important Information - The document outlines four core principles for the green transition: comprehensive transformation, collaborative transformation, innovative transformation, and safe transformation [3] - The government plans to implement a tiered pricing system for electricity to guide consumption behavior and alleviate pressure on the grid [16] Q&A Session Summary Question: What are the key points of the comprehensive green transition document released by the central government? - The document covers all aspects of green transition, from consumption to industrial chain optimization, reflecting the government's commitment to sustainable economic development [1] Question: How does the document combine long-term planning with short-term policy needs? - It addresses immediate policy requirements while outlining a long-term path for green transition, ensuring economic growth alongside environmental sustainability [2] Question: What are the four main principles of the transition? - The principles include comprehensive, collaborative, innovative, and safe transformations, emphasizing the importance of coordinated development [3] Question: What major goals are set in the document? - Goals are set for 2030 and 2035, focusing on substantial progress in green collaboration and transformation [4] Question: Which industries are likely to benefit from green transition policies? - Key sectors include strategic emerging industries and those focusing on digitalization and green upgrades [5] Question: How does the government support green collaborative development? - Support includes fiscal policies, financial backing, and market mechanism innovations to promote green industry upgrades [12] Question: What is the concept of "computing power and electricity synergy"? - It aims to optimize the use of computing and electricity infrastructure to promote simultaneous progress in digitalization and green transformation [7] Question: How does the transportation sector contribute to green development? - By promoting electric vehicles and optimizing public transport systems to reduce fossil fuel consumption [10] Question: What is the government's approach to supporting clean energy development? - The government emphasizes the construction of clean energy bases and the acceleration of related projects [17] Question: What are the key investment directions in the power sector? - Investment will focus on ultra-high voltage construction, base load power generation, and digitalization of the grid [22] Question: Which companies or industries are worth paying attention to? - Companies like Dongfang Electric, Zhongtian Technology, and others in the renewable energy sector show strong potential [23][24]

Key Points - **Industry/Company**: Green Power Corporation - **Core Message**: The presentation focuses on the book "Green Power" and highlights the company's growth, cash flow, and dividend increase. - **Quote**: "A stroke of a brush, a poem written with the heart, depicting the beauty of growth, cash flow thickening, and dividend enhancement" [1]

Key Points - **Legal Responsibility**:中信证券 reserves the right to pursue legal action against any individuals involved in illegal activities [1].