Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.11 RMB [6][7]. Core Insights - The company, Longjing Environmental Protection, is a leader in China's air pollution control industry, benefiting from its partnership with Zijin Mining to become a comprehensive green energy service provider for mining [1][14]. - The "source-network-load-storage" and "mining-electricity linkage" strategies are expected to drive long-term growth, with significant contributions from clean energy projects and electric mining vehicles [1][2][15]. - The company has maintained over 9 billion RMB in new environmental orders annually since 2017, supported by the ongoing demand for ultra-low emissions in industries such as steel and cement [2][17]. Summary by Relevant Sections Business Growth and Strategy - Longjing Environmental Protection has a robust growth trajectory, with a clean energy project capacity exceeding 3 GW by 2025, and significant project values from various hydroelectric stations [3][15]. - The company is positioned to benefit from Zijin Mining's dual-carbon strategy, aiming for peak carbon emissions by 2029 and carbon neutrality by 2050, enhancing its role as a green energy service provider [14][31]. Financial Performance - The company is projected to achieve net profits of 1.21 billion RMB, 1.58 billion RMB, and 1.97 billion RMB for the years 2025 to 2027, respectively, with corresponding EPS of 0.96, 1.24, and 1.55 RMB [6][10]. - The revenue for 2025 is expected to reach 11.66 billion RMB, reflecting a growth rate of 16.36% compared to the previous year [10][12]. Market Position and Competitive Advantage - The company has established a unique business model integrating "green electricity-storage-electric mining vehicles," which is expected to create a closed-loop business ecosystem [4][15]. - The electric mining vehicles provided by Longjing have significantly lower operational costs compared to traditional fossil fuel vehicles, enhancing their competitive edge in the market [4][15]. Future Outlook - The report highlights the potential for clean energy and electric mining vehicles to open up substantial growth opportunities for Longjing Environmental Protection, supported by favorable market conditions and strategic partnerships [1][15][16]. - The company is actively expanding its overseas projects and enhancing its technological capabilities in areas such as carbon capture and mining machinery [5][16].

Core Insights - The company views China as a key driver of global economic growth and aims to increase its sales in China from 10% to 15% of global sales by 2032 [1] Group 1: Market Outlook - China is the largest chemical producer globally, expected to account for 42% of the global market share by 2024, making it a core growth engine for the chemical industry [2] - The "dual carbon" strategy in China is driving the chemical industry to explore innovative solutions, with green sustainability becoming essential for high-quality development [2] - Emerging industries such as new energy vehicles, renewable energy, healthcare, and semiconductors are creating new market demands and growth points for the chemical sector [2] Group 2: Business Strategy - The company emphasizes R&D and production as the two pillars for growth in China, focusing on bio-based solutions, energy transition, and circular economy [3] - The company aims to enhance production efficiency and sustainability while providing stable, green product supply to both local and global markets [3] Group 3: Innovation and Collaboration - The company plans to focus on new energy and energy transition, developing high-performance materials for new energy vehicles and hydrogen energy [4] - It will establish innovation centers in China, such as a hydrogen technology center and an Asian skin research center, to support local customer needs from R&D to application [4] - The company is expanding its production capacity with projects like the specialty amines expansion in Nanjing and a specialty hydrogen peroxide plant in Leshan, set to be operational by 2026 [4]

Group 1 - The core viewpoint of the article emphasizes the shift in China's green low-carbon transition focus from macro goal setting to systematic promotion through specific scenarios and carriers, with zero-carbon parks being a key battlefield for implementing the "dual carbon" strategy and seizing the high ground of the green low-carbon industry [1] - The national goal during the "14th Five-Year Plan" period is to establish over a hundred national-level zero-carbon parks, which will transform energy consumption "dual control" into carbon emission "dual control," creating a trillion-level green market space [1] - Shanghai has taken the lead in integrating zero-carbon park construction into its urban green transformation, with the Lingang New Area serving as the core carrier and practical benchmark for this transition [1] Group 2 - Lingang New Area has leveraged its advantages in new energy, intelligent manufacturing, and energy conservation to explore deep integration paths of "zero-carbon + industry," accumulating rich practical experience in distributed energy utilization, large-scale promotion of green buildings, and circular transformation of parks [3] - The construction of zero-carbon parks faces challenges such as difficulties in planning implementation, complex collaborative mechanisms, and insufficient sustainability of business models [3] - An event titled "Zero-Carbon Park China Solution: Innovative Practices and Collaborative Governance" is scheduled for February 2, 2026, at Shanghai Jiao Tong University, aiming to summarize and amplify the exploration experiences of Lingang New Area [3]

Summary of Key Points from Conference Call Records Industry Overview - The records primarily discuss the aluminum and photovoltaic (PV) industries, focusing on the impact of recent policy changes and market dynamics on aluminum demand and pricing. Key Insights and Arguments Aluminum Demand and Pricing - The "15th Five-Year Plan" anticipates an investment of 4 trillion yuan in the power grid, stabilizing aluminum demand for overhead transmission lines, while copper demand for cables also remains significant. Despite pressure on metal prices, fundamental material choices are unlikely to change significantly [1][3]. - The cancellation of the export tax rebate for photovoltaic products starting April 1, 2026, is expected to temporarily boost orders for frame and component manufacturers by over 15%, likely due to demand being brought forward. The long-term effects of this policy remain to be seen [1][4][5]. - The estimated aluminum consumption for transmission lines during the "15th Five-Year Plan" is projected to be between 24 million to 26 million tons, an increase from approximately 22 million tons during the "14th Five-Year Plan" [1][7][23]. Impact of Policy Changes - The cancellation of the export tax rebate is expected to have a mixed impact on the photovoltaic industry. While it may support frame and aluminum rod manufacturers in the short term, it could benefit overseas component manufacturers in the long run, as they may have a competitive edge in production costs [16][20]. - The anticipated increase in grid investment is expected to maintain demand for aluminum in overhead transmission lines, as these lines typically use aluminum due to its mechanical strength and cost-effectiveness [3][11]. Market Dynamics - Recent fluctuations in aluminum prices have led to a cautious order-taking attitude among downstream processing companies, which could significantly influence future aluminum pricing [2]. - The photovoltaic industry is experiencing a shift towards centralized installations, supported by large-scale projects that are less sensitive to price changes, ensuring stable supply chains for major manufacturers [15][17]. Future Projections - The expected new installed capacity for distributed photovoltaic systems in 2026 is projected to decline from a peak of 140-150 GW in 2025 to between 110-130 GW, primarily due to the pressure from supporting infrastructure [14]. - The overall aluminum consumption in 2026 is projected to remain between 1.2 to 1.5 million tons, despite the challenges posed by rising prices and policy changes [16]. Investment and Financing - Funding for grid investments is primarily sourced through bond issuance, financial budgets, and internal cash flows, with bond financing being the fastest method [8]. - The transition from coal power to decarbonization is expected to accelerate, driven by advancements in storage technology and smart grid development [10]. Inventory and Order Management - Companies are currently building up inventory in anticipation of market demand changes post-holiday, with some manufacturers increasing sales by 15% compared to December [24][27]. - The processing cycle for aluminum is expected to be confirmed later, but companies plan to concentrate purchases after the holiday, anticipating a price drop [28]. Additional Important Content - The records highlight the importance of integrating various energy sources and the need for a comprehensive system to manage energy consumption and distribution effectively [13]. - The competitive landscape in the photovoltaic industry is shifting, with larger firms consolidating market share while smaller companies struggle due to price wars and operational challenges [20]. This summary encapsulates the critical insights and projections regarding the aluminum and photovoltaic industries, reflecting the current market conditions and anticipated future trends.

在新能源商用车加速迭代的浪潮中，电驱桥作为决定车辆动力性能、能耗水平与运营效率的核 心部件，已然成为企业技术角逐的关键赛道。从城配物流到干线运输，从客车到轻卡再到重 卡，不同场景对电驱桥的适配性和性能提出了多元化需求。 今天，第一商用车网就为各位盘点一下，当前市场上热门的电驱桥产品，帮助大家找到更适合 自身运营场景的"赚钱利器"。 东风德纳EP9D电驱桥：全能型电驱桥标杆 东风德纳凭借在传动领域的深厚积累，去年底推出的EP9D双挡AMT电驱桥便荣获"2025年度 第一推荐全能电驱桥"奖项，其技术实力与行业认可度毋庸置疑。作为首款搭载东风德纳自主 开发TCU与驻车取力器的量产产品，EP9D精准响应商用车新能源转型中"高效、可靠、多功 能"的核心需求，采用低阻减速器与高效扁线电机集成技术，系统效率超过94%，显著降低运 行能耗。 性能参数上，FS2EA450-B综合效率达94%，轮端输出扭矩高达48000牛米，配合800V高 压平台特性，充电速度较传统平台提升30%，电力传输损耗降低40%，助力重卡日均续航里 程突破近千公里。同时，其通过软件功能模块灵活配置，可针对高原、极寒、高温等极端环境 实现自适应调节，确保 ...

（来源：邯郸日报） 转自：邯郸日报 本报讯（通讯员魏海霞）新年伊始，冀中能源峰峰集团大社矿紧抓"双碳"战略机遇，坚持生态优先、绿 色发展，通过一系列硬举措全面推进绿色矿井建设，促进节能降耗与生态保护双提升。 该矿精准施策，扎实推进节能减排。严格落实"源头减排、过程管制、末端治理"措施，执行避峰填谷用 电管理，建立"调度+现场"双监督机制，优化生产运煤班次，减少峰期运行。深化瓦斯全浓度阶梯利 用，推进低浓度瓦斯发电项目，预计实现瓦斯利用量96万立方米，发电115万千瓦时，减少二氧化碳排 放1000余吨，节约并替代部分燃煤。推进余热回收系统建设，利用井下排水、空压机余热用于洗浴供 暖。实施电机系统节能改造，主运输系统电耗同比下降12%。 该矿智慧监管，推动污染防治提档升级。加强水处理提标，更新"入河排污口应急预案"，确保污水达标 排放，处理后回用于绿化和清扫。实行环保无尘化生产，在皮带、转载点加装除尘与喷雾装置，降低粉 尘排放。创新矸石山堆存整理方案，释放空间并保护原有绿化。建立全链条能源管理机制，引入智能化 能耗监测平台，实行重点系统实时监控。将能耗与排放强度纳入基层单位绩效评价体系，实行"一票否 决"与奖惩联 ...

南方电网旗下上市公司 南网能源 （003035.SZ）实现扭亏。 1月19日晚间，南网能源披露业绩预告，公司预计2025年实现归母净利润3亿元—3.6亿元，上年同期亏 损5812.58万元。 南网能源表示，2025年，公司节能业务板块巩固拓展，经营收入稳定增长；生物质等存量低效资产 综 合 治理成效显著，生物质项目经营情况改善，减值损失同比大幅减少。 长江商报记者注意到，2025年，南网能源持续剥离亏损业务，包括生物质业务、综合资源利用业务等公 司。公司宣布不再新增投资综合资源利用业务及光伏等智慧绿电项目，转而聚焦高端节能服务，重点拓 展零碳园区、零碳工厂、 虚拟电厂 、数据中心节能等赛道。 为此，南网能源正在推进不超过20亿元的定增事项，将用于节能降碳项目和补充流动资金及偿还有息负 债。 治理低效资产成功扭亏 1月19日晚间，南网能源披露业绩预告，公司预计2025年实现归母净利润3亿元—3.6亿元，上年同期亏 损5812.58万元。 南网能源表示，2025年，公司积极把握"双碳"战略机遇，加快推进战略转型，公司节能业务板块巩固拓 展，经营收入稳定增长；生物质等存量低效资产综合治理成效显著，生物质项目经营情况 ...

Core Insights - The Chinese new energy equipment manufacturing industry is transitioning from resource development to high-end manufacturing under the "dual carbon" strategy [2] - The "2025 China New Energy Equipment Manufacturing Industry City Competitiveness TOP 50" list was released, ranking cities based on six core dimensions and over 60 indicators [2] - Suzhou, Jiangsu Province, topped the list with a score of 87.71, followed closely by Shenzhen (87.63) and Changzhou (87.47) [2] Industry Overview - The list highlights a new industrial pattern characterized by "Yangtze River Delta cluster leadership and multi-polar collaborative breakthroughs" [2] - The East China region is a key player in the new energy equipment manufacturing industry, with cities from the Yangtze River Delta accounting for about half of the top 50 [12] City Rankings - The top ten cities in the new energy equipment manufacturing sector include: 1. Suzhou, Jiangsu 2. Shenzhen, Guangdong 3. Changzhou, Jiangsu 4. Wuxi, Jiangsu 5. Shanghai 6. Ningde, Fujian 7. Ningbo, Zhejiang 8. Beijing 9. Hefei, Anhui 10. Nantong, Jiangsu [8][12] Suzhou's Competitive Edge - Suzhou's success is attributed to its "full-chain layout" and "supporting advantages," with a comprehensive new energy industry system covering solar, energy storage, power batteries, wind power, smart grids, hydrogen energy, and green low-carbon + new energy vehicles [12] - The city aims to exceed 1 trillion yuan in new energy industry output by 2026, establishing itself as a fourth trillion-level industrial cluster [12] - Suzhou ranks first in "enterprise aggregation" (91.51) and "development effectiveness" (88.98) [12] Other Notable Cities - Changzhou is recognized as the "capital of new energy," with a significant share of national power battery production [13] - Wuxi focuses on a modern industrial cluster strategy, while Shanghai leads in high-end equipment with strong research and financial capabilities [13] - Shenzhen, as the only non-Yangtze River Delta city in the top three, excels in innovation with a score of 89.24 in the "innovation momentum" category [14] Future Trends - The industry is expected to shift towards green manufacturing, lifecycle carbon management, and deep integration of intelligence and digitalization [15] - The competition will evolve from production capacity to standards, green practices, and intelligence [16] - Cities that enhance core technology, optimize industrial ecosystems, and expand global markets will gain a competitive advantage in the future [16]

黄河重大国家战略纵深推进。全面落实"四水四定"，完成绿化造林7.1万亩，7座再生水厂建成投用。国家节水型城市通过复审，获批国家森林城市、全国 再生水利用重点城市，无棣入选国家县级水网先导区。 "双碳"战略加快落实。渤中19-6凝析气田年供气量达9亿方，建成国内首个万吨级高纯氢生产基地，新能源装机规模突破千万千瓦，非化石能源消费占比 预计较2020年提高4.9个百分点。全球首艘万吨级新能源散货船顺利启航，全市低碳运输量突破亿吨。再生铝产能达325万吨，国家级绿色制造单位达34 家。 1月20日，滨州市第十二届人民代表大会第五次会议开幕，市长李春田作政府工作报告。记者了解到，"十四五"期间，滨州市完成绿化造林7.1万亩，7座 再生水厂建成投用，非化石能源消费占比预计较2020年提高4.9个百分点，生态环境质量明显改善。 生态环境质量明显改善。空气质量优良天数比例达75.1%，PM2.5年均浓度较2020年改善32.7%。地表水国控断面优良水体比例优于省定目标9个百分点， 全面完成"两清零一提标"任务。饮用水源水质达标率、重点建设用地安全利用率均保持100%。污染防治攻坚战实现全省"四连优"，绿色生态已成为滨州 高 ...

东阳光在电子新材料领域深耕多年，在氟化冷却液、冷板组件等液冷核心材料，以及积层箔电容器等关 键电子元器件方面拥有深厚技术积累。其自主研发的积层箔电容器，比传统化成箔电容器比容提高40% 以上，容量密度提升30%，还能减少40%的铝材消耗，既契合高效算力需求，又符合绿色发展理念。而 秦淮数据作为国内领先的超大规模算力基础设施解决方案运营商，在数据中心建设、运营管理及算力资 源配置方面拥有成熟经验，更具备大规模、高密度的实际应用场景。 产业协同的深度落地，离不开区域资源的精准匹配。在完成收购签约后，东阳光集团与秦淮数据依托各 地资源禀赋，在韶关、乌兰察布、宜昌三地推进系列合作项目，构建起跨区域的"产算电"一体化协同网 络。 本报讯(记者李雯珊见习记者张美娜)近日，广东东阳光（600673）科技控股股份有限公司(以下简称"东 阳光")发布公告，宣布由控股股东深圳市东阳光实业发展有限公司(以下简称"东阳光集团")携手东阳光 领投，联合其他投资人共同组成买方团，采用现金支付方式，以280亿元完成对北京秦淮数据有限公司 (以下简称"秦淮数据")中国区业务的收购交割。 据悉，这是近年来亚洲地区规模最大的算力产业收购案。此次 ...