4、2024年1月关于投资建设储能项目的公告：公司通过全资子公司浙江越盛储能科技有限公司进行储能 电站的建设、管理与运营。 来源：新浪证券-红岸工作室 11月24日，新中港涨2.30%，成交额6615.15万元，换手率1.86%，总市值35.65亿元。 异动分析 碳中和+碳交易+虚拟电厂+储能 1、2023年12月25日互动易：公司把"打造成具有规模优势，环保和碳排放强度可与天然气机组相媲美的 区域综合能源供应中心和碳中和中心"的区域公用热电联产企业作为发展目标。 目前公司减碳方面具体 措施主要是提效减碳和耦合减碳，提效减碳是公司通过新机组扩建和技术改造，进一步提高机组热效 率、?效率，从而降低碳排放强度；耦合减碳方面，公司控股子公司RDF生产线已经投产，公司耦合固 废和生物质燃料锅炉改造项目即将投运，逐步耦合并加大固废和生物质燃料的比例，将降低燃料成本及 大幅降低碳排放。 2、根据2022年4月10日公告：2019 年和 2020 年合计碳排放配额 264.83 万吨，排放 214.83 万吨，结余 50.01 万吨，结余比例为 18.88%。 2021 年 12 月出售了 50 万吨 3、2023年5月2 ...

周期半月谈 - 年末年初周期板块供需前景展望 20251123 摘要 油气化工行业资本支出持续下降，2024 年降幅达 20%，2025 年前三 季度再降 10%，预示新增产能减少，有助于改善供需关系，行业自律会 议推动部分产品如有机硅、DMAC 价格上涨，吉林西安通过供应收缩和 装置检修稳定价格。 与锂电相关的 EC、DMC、DEC 等溶剂需求旺盛，价格分别上涨 47.8%、10%、5.1%，受益于供需紧张而非价格协同。华鲁拥有大量 DMAC 和 DGC、EMC 产能，有望受益于相关产品涨价。 煤炭市场明年需求预计平稳偏弱，受经济增速和风光发电替代影响，但 安监环保压力增大抑制产量。煤价中枢预计维持在 750-800 元/吨，稳 定中枢对煤炭公司是利好，长协结构基本不变，坑口煤定价或参照下水 煤方式，增强稳定性。 建材行业受地产下行影响，需求和价格不理想，预计明年新开工项目继 续下跌但跌幅收窄。涂料需求相对较好，玻纤受益于风电装机增长，钢 铁行业反内卷力度不足，减产目标执行存疑，水泥需求下降明显，需严 格执行限产政策并推动碳交易。 当前油气化工行业逐步进入季节性淡季，尽管今年春节较晚，但整体需求端在 房地产 ...

Core Viewpoint - The company aims to become a regional comprehensive energy supply center and carbon neutrality center, focusing on carbon reduction through efficiency improvements and coupling carbon reduction measures [2] Group 1: Company Development Goals - The company is developing into a regional public utility cogeneration enterprise with scale advantages, aiming for carbon emissions intensity comparable to natural gas units [2] - Specific measures for carbon reduction include efficiency improvements through new unit expansions and technological upgrades, as well as coupling carbon reduction by increasing the proportion of solid waste and biomass fuel [2] Group 2: Carbon Emission Management - The company had a total carbon emission quota of 2.6483 million tons for 2019 and 2020, with actual emissions of 2.1483 million tons, resulting in a surplus of 500,100 tons, which is a surplus ratio of 18.88% [2] - In December 2021, the company sold 500,000 tons of carbon emissions [2] Group 3: Technological Innovations - The company plans to construct a "three-dimensional virtual power plant" system to enhance operational efficiency and reliability through real-time data collection and analysis [2][3] - The "three-dimensional virtual power plant" project will facilitate the future development of a dispatchable virtual power plant [2] Group 4: Financial Performance - As of September 30, the company reported a revenue of 529 million yuan for the first nine months of 2025, a year-on-year decrease of 18.48%, while net profit attributable to shareholders was 91.8345 million yuan, a year-on-year increase of 2.51% [8] - The company has distributed a total of 344 million yuan in dividends since its A-share listing, with 204 million yuan in the last three years [9] Group 5: Market Activity - The company's stock price increased by 1.04% on November 14, with a trading volume of 75.0249 million yuan and a turnover rate of 1.94%, bringing the total market capitalization to 3.894 billion yuan [1]

长期以来，宾州的参议院共和党人一直反对RGGI。他们认为，该机制给作为电网和工业经济支柱的传 统发电厂带来了过重负担。据独立的电网运营商PJM和州监管机构的报告警告，参与RGGI可能会迫使 燃煤和天然气发电厂提前关闭，从而削弱电网的韧性，并增加电力容量短缺的风险。在电力需求不断攀 升的背景下，这些担忧成为促使政策转向的关键因素。 该州州长Josh Shapiro在签署预算案时表示，共和党人多年来一直以RGGI为借口，拖延关于能源生产的 实质性对话，而"今天这个借口消失了"。 因电价飙升及数据中心需求激增，美国宾夕法尼亚州正式决定退出区域性碳交易市场。 11月13日，美国宾夕法尼亚州州长Josh Shapiro已签署法案，授权该州退出"区域温室气体倡 议"（RGGI）。此举不仅削减了与该气候倡议相关的资金，也标志着该州能源政策的重大转变，正式推 翻了前州长Tom Wolf在2019年推动加入RGGI的决定。 而宾州此次退出的直接原因是该地区不断恶化的电价危机。RGGI通过其碳定价结构，对该州的能源部 门尤其是天然气和燃煤电厂构成了事实上的惩罚。发电厂需要为二氧化碳排放购买配额，这直接推高了 批发电价，最终导致企 ...

Core Viewpoint - The Jiangsu Provincial Department of Industry and Information Technology has announced the list of companies selected for the 2025 Zero Carbon (Near Zero Carbon) Factory program, highlighting the commitment to reducing greenhouse gas emissions in industrial production [1][2][3] Group 1: Zero Carbon Factory Selection - A total of 12 companies have been selected for the 2025 Zero Carbon Factory list, including notable firms such as Zhongtian Electric Power Cable Co., Ltd. and Jiangsu Hengtong High Voltage Submarine Cable Co., Ltd. [2] - Additionally, 18 companies have been included in the Near Zero Carbon Factory list, featuring companies like Jiangsu Yijiatong New Energy Technology Co., Ltd. and Xuzhou Xugong Mining Machinery Co., Ltd. [2] Group 2: Definition and Importance of Zero Carbon Factories - Zero Carbon (Near Zero Carbon) factories aim to achieve net-zero greenhouse gas emissions through technological optimization and management innovation, focusing on both emission reduction and offsetting [3] - These factories prioritize the use of green electricity (such as solar and wind power) to replace traditional fossil fuels and incorporate energy storage systems to ensure stable energy supply [3] - By upgrading equipment and improving processes, these factories aim to lower energy consumption per unit of product and optimize carbon emissions across the entire supply chain [3] - Zero Carbon factories serve as benchmarks for regional green development, enhancing local ecological responsibility and attracting high-tech, environmentally friendly enterprises [3]

Summary of Conference Call on Conch Cement and the Cement Industry Company and Industry Overview - The conference call focused on Conch Cement and the cement industry in China, highlighting the impact of macro policies and market dynamics on the sector [1][2][3]. Key Points and Arguments Industry Dynamics - The cement industry is experiencing a price decline since the second quarter of 2023, which has offset profit gains from lower coal costs [2][5]. - Conch Cement's gross profit dropped significantly to 50 CNY/ton in Q3 2025, with competitors like Tianshan and Jidong facing losses [2][6]. - The overall industry is in a low-price and low-profit state, with only a few leading companies maintaining slight profits [2][6]. Demand and Supply Outlook - Short-term demand remains weak, but further price declines are limited due to many companies already incurring losses, suggesting a potential price stabilization and slight recovery [7][8]. - China's cement demand is expected to continue declining, with a 5% drop in national cement production in the first nine months of the year, totaling approximately 1.7 billion tons for the year [9]. - The need for policy and market interventions to address supply-demand imbalances is emphasized, including stricter production controls and mergers to reduce excess capacity [10][12]. Competitive Advantages of Conch Cement - Conch Cement has competitive advantages in cost management and market positioning, including large-scale procurement, efficient production lines, and high capacity utilization [3][13][14]. - The company primarily operates in East and Central South China, leveraging a transportation network to reduce costs significantly [14]. Financial Performance and Future Projections - In the first three quarters of 2025, Conch Cement reported a profit of approximately 6.3 billion CNY, with Q3 profit at 1.9 billion CNY, reflecting a year-on-year increase of 3.4% [15]. - Future profit projections estimate around 9 billion CNY for 2025, 10 billion CNY for 2026, and potentially 11 billion CNY thereafter, indicating a low current valuation with good investment potential [15]. Additional Important Insights - The cement industry is characterized by cyclical trends, with historical correlations between cement prices and stock prices [3]. - The implementation of daily production controls and carbon trading policies is anticipated to significantly impact the industry by 2026, potentially leading to a more balanced supply-demand scenario [12]. - The ongoing price war in the industry is expected to continue until at least the first three quarters of 2024, with a potential price increase anticipated towards the end of 2024 and into 2025 [5][8].

Core Viewpoint - The company aims to become a regional comprehensive energy supply center and carbon neutrality center, focusing on carbon reduction through efficiency improvements and coupling carbon reduction measures [2] Group 1: Company Development Goals - The company is developing into a regional public combined heat and power enterprise with scale advantages, aiming for carbon emission intensity comparable to natural gas units [2] - Specific carbon reduction measures include efficiency improvements through new unit expansions and technological upgrades, as well as coupling carbon reduction by increasing the proportion of solid waste and biomass fuel [2] Group 2: Carbon Emission Management - The company had a total carbon emission quota of 2.6483 million tons for 2019 and 2020, with actual emissions of 2.1483 million tons, resulting in a surplus of 500,100 tons, which is 18.88% of the quota [2] - In December 2021, the company sold 500,000 tons of carbon emission allowances [2] Group 3: Technological Innovations - The company is planning to construct a "three-dimensional virtual power plant" system to enhance operational efficiency and reliability through real-time data collection and analysis [2][3] - This system will facilitate the visualization and simulation of power plant operations, laying the groundwork for a dispatchable virtual power plant in the future [2] Group 4: Financial Performance - As of September 30, the company reported a revenue of 529 million yuan for the first nine months of 2025, a year-on-year decrease of 18.48%, while net profit attributable to shareholders was 91.8345 million yuan, an increase of 2.51% [8] - The company has distributed a total of 344 million yuan in dividends since its A-share listing, with 204 million yuan in the last three years [9] Group 5: Market Activity - On November 6, the company's stock price decreased by 0.63%, with a trading volume of 175 million yuan and a turnover rate of 4.57%, resulting in a total market capitalization of 3.769 billion yuan [1]

Core Insights - The national carbon market in China reported a closing price of 51.96 yuan per ton, reflecting an increase of 1.39% compared to the previous day [1][2] Trading Data - The opening price was 51.18 yuan per ton, with a highest price of 53.02 yuan per ton and a lowest price of 51.14 yuan per ton [2] - The total trading volume for the day was 1,532,361 tons, with a total transaction value of 67,710,117.01 yuan [3] - The agreement trading volume was 943,851 tons, amounting to 43,995,377.01 yuan, while the bulk agreement trading volume was 588,510 tons, totaling 23,714,740.00 yuan [2] Cumulative Data - As of October 31, 2025, the cumulative trading volume in the national carbon market reached 769,929,996 tons, with a total transaction value of 51,818,523,691.32 yuan [5] - From January 1 to October 31, 2025, the carbon emission quota trading volume was 139,661,332 tons, with a total value of 8,785,796,587.81 yuan [4]

Core Viewpoint - The company aims to become a regional comprehensive energy supply center and carbon neutrality center, focusing on carbon reduction through efficiency improvements and coupling reduction methods [2] Group 1: Company Development Goals - The company is developing a regional public utility cogeneration enterprise with scale advantages and carbon emission intensity comparable to natural gas units [2] - Specific measures for carbon reduction include efficiency improvements through new unit expansions and technological upgrades, as well as coupling reduction by increasing the proportion of solid waste and biomass fuel [2] Group 2: Carbon Emission Management - The company had a total carbon emission quota of 2.6483 million tons for 2019 and 2020, with actual emissions of 2.1483 million tons, resulting in a surplus of 500,100 tons, which is a surplus ratio of 18.88% [2] - In December 2021, the company sold 500,000 tons of carbon emission quotas [2] Group 3: Technological Innovations - The company plans to construct a "three-dimensional virtual power plant" system to enhance operational efficiency and reliability through real-time data collection and analysis [2][3] - The project aims to create conditions for a dispatchable virtual power plant after its completion [2] Group 4: Financial Performance - As of September 30, the company had 22,900 shareholders, an increase of 12.16% from the previous period, with an average of 17,497 circulating shares per person, a decrease of 10.83% [8] - For the period from January to September 2025, the company reported operating revenue of 529 million yuan, a year-on-year decrease of 18.48%, while net profit attributable to shareholders increased by 2.51% to 91.8345 million yuan [8] Group 5: Dividend Distribution - The company has distributed a total of 344 million yuan in dividends since its A-share listing, with 204 million yuan distributed over the past three years [9]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 11.78 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 1.55%, while the net profit attributable to shareholders was 915 million yuan, up 30.90% year-on-year. In Q3 2025, revenue reached 4.39 billion yuan, an increase of 18.94% year-on-year, with a net profit of 25 million yuan, a significant increase of 122.01% year-on-year [7] - The company is expected to face challenges in the glass and photovoltaic sectors due to price declines and intense competition, but cost reductions in raw materials have helped improve profit margins [7] - The company is projected to achieve net profits of 971 million yuan, 235 million yuan, and 411 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 20x, 82x, and 47x [7] Financial Performance Summary - Revenue forecast for 2023A is 15.68 billion yuan, with a growth rate of 17.80%. For 2024A, revenue is expected to decrease slightly to 15.65 billion yuan, with a growth rate of -0.21%. The forecast for 2025E is 15.84 billion yuan, indicating a growth rate of 1.23% [6] - The net profit attributable to shareholders for 2023A is 1.75 billion yuan, with a growth rate of 32.98%. For 2024A, it is projected to drop to 383 million yuan, reflecting a decline of 78.15%. The forecast for 2025E shows a recovery to 971 million yuan, with a growth rate of 153.78% [6] - The company's EPS for 2023A is 0.66 yuan, expected to drop to 0.14 yuan in 2024A, and then recover to 0.36 yuan in 2025E [6] Market Performance - The company's stock has underperformed compared to the CSI 300 index, with a decline of 30% over the past 12 months [4]