国盛证券研报指出，东珠生态系国内生态修复与市政景观工程领域龙头企业，2022年起受行业需求收 缩、减值计提等影响，业绩有所承压，后续随着存量PPP新政及政府化债资金落地，减值压力有望逐步 缓解，叠加公司积极布局林业碳汇、"一带一路"（中标老挝35亿元大单）等新兴市场，主业经营有望边 际改善。近期公司公告重大资产重组预案，拟通过发行股份及支付现金的方式收购凯睿星通89.49%股 份，切入卫星通信领域，有望打造第二增长曲线。若凯睿星通并购顺利推进，有望驱动公司价值重估， 首次覆盖给予"买入"评级。 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 10 10 年 月 日 东珠生态（603359.SH） 跨界并购卫星通信龙头，擘画成长新蓝图 生态修复龙头跨界并购卫星通信领军企业，打造第二成长曲线。东珠生态系国 内生态修复与市政景观工程领域龙头企业，2022 年起受行业需求收缩、减值 计提等影响，业绩有所承压，后续随着存量 PPP 新政及政府化债资金落地， 减值压力有望逐步缓解，叠加公司积极布局林业碳汇、"一带一路"（中标老挝 35 亿元大单）等新兴市场，主业经营有望边际改善。近期公司公告重大资产 重组预案，拟通过发行股份及支付现金的方式收购凯睿星通 89.49%股份，切 入卫星通信领域，有望打造第二增长曲线。 凯睿星通系国产卫星通信系统龙头，技术及渠道优势显著，盈利能力优异。凯 睿星通主营卫星通信技术与系统设计、研发及生产，自主研制卫星通信关键技 术软硬件产品，先后参与神舟飞船、登月舱、低轨小卫星星座等多项国家级卫 星通信工程项目，其创始人毕业于解放军理工大学通信工程学院（我军通信事 业的开创者，由通信工程学院、空军气象学院等其他学院合并组建），系资深 卫星通信行业专家，核心团队具备从系 ...

Core Viewpoint - The recent notification from the People's Bank of China, the Financial Regulatory Administration, and the National Forestry and Grassland Administration aims to support the high-quality development of forestry through 15 financial measures, including the establishment of a comprehensive forest insurance product system [1][4]. Group 1: Forestry Economic Growth - The forestry economy is a crucial pillar of the national economy, contributing to ecological restoration and carbon sequestration while integrating various industries such as timber processing and forest tourism [2]. - The total output value of China's forestry industry reached 5.13 trillion yuan in the first three quarters of 2024, marking a year-on-year growth of 5.3%, with projections suggesting it could reach 1.5 trillion yuan by 2030 [2]. Group 2: Risks in Forestry Production - Forestry production is characterized by long cycles and high risks, with natural disasters like typhoons and droughts posing significant threats to forest resources [2][3]. - Recent typhoons caused over 40% reduction in some economic crops, highlighting the urgent need for a robust forestry risk protection system [2]. Group 3: Demand for Diverse Insurance Products - The growth of the forestry economy has led to increased asset value but also heightened demand for comprehensive risk coverage due to natural disasters and market fluctuations [3]. - The notification encourages the development of various insurance products, including index insurance, yield insurance, income insurance, and liability insurance, to address these risks [4]. Group 4: Innovations in Insurance Products - The notification promotes the optimization of forest insurance implementation plans and the innovation of insurance products, with a focus on creating a diverse insurance product system [4]. - For instance, Shanxi Province increased its policy forest insurance coverage from 1,000 yuan to 1,200 yuan per mu, which is expected to add 25 billion yuan in risk protection by 2025 [4]. Group 5: Enhancements in Insurance Services - The insurance industry is addressing challenges such as risk assessment difficulties and product adaptation issues, with a call for differentiated insurance product designs to meet diverse needs [6][7]. - Experts suggest that insurance pricing should be based on historical loss data and risk levels, with a dynamic adjustment mechanism to align premiums with actual risks [7]. Group 6: Technological Integration in Insurance - The integration of technology is seen as essential for improving the efficiency of forestry insurance claims and assessments, utilizing satellite remote sensing and drones for accurate damage evaluation [7]. - Establishing a comprehensive database for forestry information is also recommended to enhance the quality and efficiency of forestry insurance [7].

Core Insights - The article discusses the development and significance of China's national carbon market, which has entered a new phase aimed at enhancing its vitality and international influence [4][5][9]. Group 1: Carbon Market Overview - The national carbon market consists of two components: a mandatory carbon market for key emission units and a voluntary carbon market to encourage self-reduction efforts [6][11]. - As of August 22, 2023, the mandatory carbon market has seen a cumulative trading volume of over 680 million tons of carbon emission allowances (CEA) with a transaction value of 47.41 billion yuan [7]. - The voluntary carbon market has registered 2.49 million tons of certified voluntary emission reductions (CCER) with a transaction value of 210 million yuan [7]. Group 2: Future Goals and Development - The government aims for the mandatory carbon market to cover major industrial sectors by 2027 and to establish a comprehensive quota control system by 2030 [9]. - The voluntary carbon market is expected to achieve full coverage of key areas by 2027 and to align with international standards by 2030 [9][10]. Group 3: Financial Mechanisms and Innovations - The article highlights the introduction of carbon pledge and repurchase policies to enhance financing channels for emission-reducing enterprises [13]. - Carbon emissions can now be used as collateral for loans, and insurance products related to forestry carbon sinks are being developed [14]. Group 4: Market Dynamics and Participation - The article emphasizes the need to expand the participant base in both carbon markets to improve liquidity and effectiveness [15][16]. - The current structure primarily involves high-emission enterprises, and expanding participation could lead to more continuous price signals in the market [16].

《方案》指出，加快打造一批零碳园区，深化部省共建推进湄洲岛"近零碳岛屿"建设。加快建设福州、 厦门海洋经济发展示范区。支持三明、南平、龙岩等地巩固绿水青山优势，高标准推进国家生态产品价 值实现机制、气候投融资、林业碳汇等试点工作。支持平潭建设零碳国际旅游岛。（朱碧琳） 《方案》明确，加快现役煤电机组节能降碳改造、灵活性改造、供热改造"三改联动"，持续淘汰落后煤 电机组。合理规划新建保障电力系统安全所必需的调节性、支撑性煤电。推动陆上风电升级改造，加快 近海海上风电项目建设，稳妥推进闽南海上风电基地开发。安全有序发展核电，稳妥推进漳州核电、宁 德核电项目建设，探索利用核能供汽供热。探索海洋能等新能源开发利用。到2030年，非化石能源消费 比重达到30%以上。完善省内"四纵三横、沿海双廊"主干电网，推进闽赣联网工程建设，强化跨省跨区 电网互联。因地制宜规划建设天然气调峰电站，推进云霄、仙游木兰等抽水蓄能电站布局建设，有序建 设新型储能设施，提升电力系统安全运行和综合调节能力。推进微电网、虚拟电厂、源网荷储一体化项 目建设。 责任编辑：于彤彤 近日，福建省委、福建省人民政府印发《关于加快福建经济社会发展全面绿色转型 ...

Core Viewpoint - Inner Mongolia is focusing on strengthening its role as an important ecological security barrier in northern China, emphasizing integrated protection and systematic governance of natural resources [1] Group 1: Ecological Restoration Efforts - Inner Mongolia has completed afforestation of 148 million acres, grass planting of 367 million acres, and desertification control of 185 million acres since the 18th National Congress, ranking first in the country [3] - The region is implementing a "green wall" strategy, with daily progress in desertification control reaching 60,000 acres [2] - The ecological restoration projects have significantly increased vegetation coverage along the Yellow River, transforming previously hazardous areas into green landscapes [2] Group 2: Grassland Management - Inner Mongolia is promoting a "paid vacation" for its 970 million acres of grassland, allowing for ecological recovery and providing financial incentives to herders [4] - The region is exploring diverse compensation mechanisms for grassland ecological protection, linking subsidy distribution to ecological outcomes [4][5] - The shift towards a semi-pasture model is being encouraged to enhance resource integration and support sustainable livestock farming [6] Group 3: Forest Management and Economic Development - The logging of natural forests has been halted in key areas, leading to a nearly 30% increase in forest stock from 803 million cubic meters to 1.029 billion cubic meters over ten years [7] - The region is developing forest ecological tourism and exploring carbon trading projects to convert ecological advantages into economic benefits [8]

Core Insights - Yanbian Korean Autonomous Prefecture is implementing a comprehensive ecological governance system focusing on increasing green coverage, protecting green areas, utilizing green resources, and enhancing green vitality, contributing to ecological protection and economic development [1][2] Group 1: Ecological Governance - The prefecture has added and improved urban green spaces totaling 781.3 million mu, achieving a total output of 10.7 million tons of forest products with a value of 38.287 billion yuan [1] - Urban green coverage, tree-lined road ratio, and park service coverage rates have reached 39%, 61.6%, and 64.83% respectively, indicating continuous improvement in the ecological environment [1] Group 2: Protection Measures - Yanbian has strictly adhered to ecological red lines, handling 340 administrative cases related to forest and grassland protection last year, with a 100% case closure rate [2] - The prefecture has established a comprehensive disaster response capability, achieving 44 years without major forest fires [1] Group 3: Economic Development - The region is focusing on the "Four Libraries" concept, enhancing natural forest cultivation and restoring degraded forests, while developing over 110 types of forest products and 52 brands [2] - A three-year action plan for the development of the under-forest economy has been established, fostering 442 operating entities and benefiting over 40,000 workers [2] Group 4: Innovative Management - The prefecture is reforming collective forest rights and optimizing timber harvesting management, while implementing a smart management platform for forest governance [2] - Yanbian is actively supporting the construction of the Northeast Tiger and Leopard National Park, enhancing ecological collaboration [2]

Core Viewpoint - Tianjin Green Landscape Ecological Construction Co., Ltd. has shown significant growth in both financial and business performance in the first half of 2025, driven by strategic initiatives in ecological restoration, green space maintenance, cultural tourism operations, and forestry economy [2][3]. Financial Performance - The company achieved approximately 225 million yuan in revenue, representing a year-on-year increase of 30.87% [2] - Net profit attributable to shareholders reached 58.88 million yuan, up 42.91% year-on-year [2] - Gross margin improved to 48.43%, an increase of 12.42% compared to the previous year [2] - The asset-liability ratio stood at 38.3%, a decrease of 1.82%, indicating a stable financial condition [2] Business Development - The company is transitioning towards an operation and maintenance-oriented enterprise, focusing on four major sectors: ecological restoration, green space maintenance, cultural tourism operations, and forestry economy [2] - In ecological restoration, the company capitalized on the national "Three North" project, executing multiple projects in Inner Mongolia [2] - The green space maintenance segment has taken on over 60 million square meters of projects, with maintenance revenue increasing by 20% year-on-year [2] - The cultural tourism segment has launched the "Mamma Beast·Dream Mountain Sea" project, which has become a popular destination [2] - The company is involved in a 1 billion yuan investment in the Sanqing Mountain cultural tourism project, enhancing operational and cultural integration capabilities [2] Strategic Planning - The company plans to deepen its presence in Inner Mongolia and leverage technology to enhance its operations [3] - The Sanqing Mountain project will utilize a "infrastructure investment + industrial investment" model, promoting a closed-loop management system [3] - The cultural tourism sector is currently in a nurturing phase, with expectations for significant growth in three years [3] - The ecological restoration sector aims to expand its market share by aligning with national strategies, while the green space maintenance sector is advancing mechanization and smart upgrades [3] - Major projects like the Tibet Yaxia Hydropower Station and the New Tibet Railway are expected to drive demand for ecological restoration services [3]

Core Insights - The company reported a revenue of 225 million yuan, a year-on-year increase of 30.87%, and a net profit attributable to shareholders of 58.88 million yuan, up 42.91%, indicating steady growth and improved profitability in core business operations [1] - The company has increased its R&D investment to 11.2 million yuan, a growth of 58.72%, enhancing its focus on technological innovation and support for ecological restoration and green space maintenance [1] Group 1: Ecological Restoration - The company actively promotes ecological restoration projects in key national areas, successfully implementing multiple projects in Inner Mongolia [2] - Utilizing an integrated ecological restoration technology system and smart monitoring, the company achieves precise control and standardized management during construction [2] - Collaborations with renowned universities and research institutions focus on developing key ecological restoration technologies for desertification, grasslands, and water environments [2] Group 2: Green Space Maintenance - The green space maintenance segment has become a significant revenue driver, with an area of 60 million square meters under maintenance, generating approximately 130 million yuan in revenue, a 20% increase [3] - The company leads the development of provincial maintenance standards and promotes mechanization and smart upgrades in green space maintenance [3] - A smart maintenance management system has been established, integrating functions such as intelligent irrigation and environmental monitoring [3] Group 3: Cultural Tourism Operations - The company’s cultural tourism operations, led by Shanghai Senyang, focus on revitalizing green assets and innovative consumption scenarios through original IPs [4] - Successful projects include "Mama Beast Dream Forest" and "Mama Beast Dream Mountain Sea," which have quickly gained popularity [4] - The company collaborates with local state-owned enterprises for a comprehensive investment and operation model in the Sanqing Mountain tourism project, with total investment exceeding 1 billion yuan [4] Group 4: Forestry Economy - The company explores diverse forestry economic models, successfully implementing trials in under-forest planting and carbon trading [6] - Strategic partnerships have been established to advance carbon asset management and forestry carbon trading [6] - The company aims to enhance the value chain of forestry ecological products and promote integration with tourism, creating a new system that balances economic and ecological benefits [6]

Core Insights - The seventh Carbon Trading Market Development Conference was held in Beijing, focusing on the role of forestry carbon sinks in achieving carbon neutrality goals and the challenges faced in this area [1] Group 1: Forestry Carbon Sinks and Climate Goals - Forestry activities can absorb approximately 33% of anthropogenic greenhouse gas emissions, but they can also become sources of emissions due to disturbances [1] - The IPCC's Sixth Assessment Report indicates that the agriculture, forestry, and land use sectors could contribute 20%-30% of the global emission reductions needed for carbon neutrality between 2020 and 2050, equating to 800 million to 1.4 billion tons of CO2 equivalent annually [1] Group 2: Market Dynamics and Challenges - Although forestry carbon sink projects are not the most registered in the voluntary carbon market, they lead in trading volume and price, with a trading volume of 240 million tons in 2021, projected to drop to 37 million tons by 2024 [2] - The decline in trading volume is attributed to various challenges, including issues with carbon measurement baselines, additionality, non-permanence, potential negative impacts on biodiversity, and carbon leakage [2] Group 3: Quality Assessment and Standards - A new guideline titled "Forestry Carbon Sink Project Quality Evaluation Guidelines" was released in January 2023, proposing 30 specific indicators to create a quality assessment system that aligns with international standards while considering regional realities [3] - The guideline aims to promote high-quality development of forestry carbon sink projects, ensuring they are measurable, traceable, effective, and equitable [3]