丨证券研究报告丨 行业研究丨专题报告丨公用事业 [Table_Title] "十五五"加码碳排放双控，电力何去何从？ 报告要点 [Table_Summary] 2026 年 1 月 20 日，国新办举行新闻发布会，会上再度重申了"双碳"目标，并提出全面实施 碳排放总量和强度双控，建立健全碳达峰碳中和综合评价考核、行业碳管控和产品碳足迹等制 度，完善激励约束政策。电力行业作为纳入碳市场的第一个行业，已经经历了多个履约周期， 在"十五五"碳排放双控加强的预期下，电力行业的碳排放控制也存在趋严的可能，对火电和 绿电将带来不同程度的影响。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 张子淳 请阅读最后评级说明和重要声明 火电减排压力下，优质个体获得交易回报 research.95579.com 1 公用事业 cjzqdt11111 根据中电联数据统计，2020 年以来全国单位火电发电量二氧化碳排放量呈现整体下滑的态 ...

新华财经上海2月13日电 本周A股电力设备板块多只个股股价持续走高，新华出海电新指数成分股东方电气周涨幅超20%，华明装备、思源电气等样本股也 分别斩获两位数涨幅，龙头股的强势表现带动整个板块暖意融融。如国金证券研报所言，随着"政策红利释放+刚性需求爆发+全球竞争力提升"的三重共 振，这一投资赛道已经逐渐兼具成长性与安全性。 政策密集落地为电力设备行业发展筑牢根基，顶层设计与实际部署形成双重支撑。国务院办公厅近日印发《关于完善全国统一电力市场体系的实施意见》， 明确2030年基本建成、2035年全面建成全国统一电力市场体系的目标。业内人士分析称，该政策的出台直接利好电网建设、电力交易、新能源发电等相关领 域，电网企业将显著受益于跨区输电工程建设。 国家层面的布局不止于此，国家电网近期宣布"十五五"期间固定资产投资预计达4万亿元，较"十四五"增长40%。这笔投资将贯穿整个"十五五"周期，预计将 为电网设备行业带来持续的发展景气度。此前国家发展改革委、国家能源局也发布相关指导意见，提出2035年基本建成适配高比例新能源的新型电力系统， 完善新能源消纳调控体系。一系列政策举措形成合力，为电力设备行业发展指明方向、夯 ...

本报（chinatimes.net.cn）记者何一华 李未来 北京报道 随着双碳目标纵深推进，低碳领域已从政策驱动开道，跃升为创投机构布局的新模态。近日，朗玛峰创 投基金管理部总经理董本京接受《华夏时报》记者专访，他从创投视角分析了低碳项目投资的核心痛 点、实操投资决策逻辑，同时解读了"十五五"期间低碳赛道的投资价值边界与机构布局策略。 董本京认为，当前绿色金融的核心痛点是早期低碳项目短期难盈利，资金扎堆成熟资产导致投资效率偏 低。双碳的关键有两条，一是能用绿电的用绿电（电气化），二是不能用电的加绿氢(氢能)，作为能源 基础形式，长远来看绿电和绿氢必须走向平价化。目前，中国的绿电已经进入平价阶段了，但绿氢还存 在制氢成本高、行业发展逻辑错位等问题，需要刚性市场政策与技术突破双重支持。 投资布局上，他提出创投要以长期回报为核心，聚焦高增长、高壁垒赛道，布局既能中期兑现、又契合 2050年绿色能源长期趋势的领域。 《华夏时报》：从创投视角看，绿色金融在服务早期低碳项目时，最大痛点是什么？ 绿色转型是国家必须推动的方向，而能源作为基础产业，长期趋势一定是平价化、普惠化。 从能源角度，实现双碳目标主要有两条路径，能电 ...

Core Viewpoint - The Bio-based materials industry is a crucial pathway to achieve carbon neutrality goals and has significant market potential, becoming a global strategic focus and a key part of China's 14th Five-Year Plan [1] Group 1: Event Overview - The 11th Bio-based Conference and Exhibition (Bio-based 2026) will feature 9 major thematic forums, 9 concurrent activities, 1000 new product displays, and an innovation award ceremony, aimed at promoting green and low-carbon transformation in the industry [1] - The event will take place from May 20-22, 2026, at the Shanghai Fuyue Hotel, China [1] Group 2: Awards and Recognition - The 4th DT New Leaf Award 2026 has been launched to recognize outstanding products, technologies, solutions, and companies in the bio-based and bio-manufacturing sectors, with four award categories: Innovative Material Award, Innovative Application Award, Most Commercially Valuable Award, and Innovative Industry Solution Award [3] Group 3: Forums and Discussions - The conference will host 9 major forums covering various topics, including key chemicals and materials, bio-based CASE products, HMF-FDCA-PEF industry developments, biodegradable packaging, and bio-based materials for sportswear [7][10][12][14][15] - A special forum for international cooperation will invite leading global companies and experts to share the latest advancements in the bio-based industry [21] Group 4: Exhibition Highlights - The exhibition is expected to showcase over 1000 new products, focusing on bio-based innovative materials, packaging, 3D printing, and engineering solutions, aiming to connect industry players and promote collaboration [24] - Concurrent activities will include demand matching sessions for end brands, technical consultation meetings, and new product launches [25]

行动发起方之一，达医晓护医学传播智库负责人王韬介绍，医疗自愿碳中和，旨在深挖中国传统"杏林 文化"的生态智慧，即患者愈后植杏树成林的典故，将其与当代"双碳"目标结合。 中新网三明2月13日电(记者 袁秀月)以往，患者向医生表达谢意，常送锦旗、感谢信。如今，患者可以 把对医护人员的感激，直接转化为认购林业碳汇、认养守护树木的行动，还能领到电子"碳惠锦旗"转赠 医生。 这正是发生在上海、三明等地的医疗自愿碳中和行动——医疗消费主体(患者与普通公众)通过植树碳汇 等绿色行为方式，抵消其在医疗消费过程中所产生的额外碳排放。 研讨会现场。 2月11日，在福建三明将乐县召开的医疗自愿碳中和与生态文明建设研讨会上，中国环境记协主席刘友 宾表示，医疗自愿碳中和行动，通过医患共同植绿、推动患者从单纯的健康受益者转变为生态建设的主 动参与者，依托碳普惠机制，将患者绿色就医及机构低碳行为与林业、旅游等产业经济深度融合，为生 态产品价值实现创造新路径，体现了"白衣天使"的医者大爱，是对中国传统医疗"杏林文化"的弘扬光 大。 在他看来，当前我国生态文明建设进入了实现生态环境质量改善由量变到质变的关键时期。实现"双 碳"目标，是一场广泛 ...

1. Report Industry Investment Rating - No information provided about the industry investment rating 2. Core Viewpoints of the Report - In 2025, the issuance scale of green ABS products declined, with the structure of underlying asset types adjusted. Green financial leasing ABS rose to the top in issuance scale. Green REITs, renewable energy price subsidy ABS, and new - energy vehicle loan ABS still dominated the issuance, while new underlying assets like held real estate and consumer finance loans were added [5][35]. - Multiple departments coordinated to deepen the financial supply - side reform, continuously improving the green finance standard system and basic institutions, and promoting the high - quality development of green finance. The green ABS market is moving towards higher - quality and diversified development [5][30][35]. 3. Summary by Relevant Catalogs 3.1 Issuance - In 2025, 136 green ABS products were issued in China, a 7.48% year - on - year decrease, with a total issuance scale of 185.326 billion yuan, a 16.59% year - on - year decline. Green enterprise ABS, green ABN, and green credit ABS accounted for 50.72%, 38.01%, and 11.27% respectively [5][6]. - By underlying asset types, green financial leasing ABS ranked first with an issuance scale of 58.484 billion yuan (31.56% of the total). Green REITs, renewable energy price subsidy ABS, and new - energy vehicle loan ABS decreased but remained major issuers. Held real estate and consumer finance loans expanded the types of green underlying assets [5][14]. - In 2025, 53 carbon - neutral ABS products were issued, with a scale of 70.393 billion yuan, a 32.02% year - on - year decline, accounting for 37.98% of green ABS [5]. 3.2 Issuance Interest Rate - The issuance spread of green ABS products showed a narrowing trend. In 2025, the average spreads of AAAsf - rated green credit ABS, ABN, and enterprise ABS products to the benchmark rate were 16BP, 46BP, and 64BP respectively. The spread of green credit ABS was significantly lower than other credit ABS, while the difference between green ABN/enterprise ABS and non - green ABS was small [5][26]. 3.3 Policy - In 2025, multiple departments issued policies to deepen the financial supply - side reform, improve the green finance standard system, and promote the development of green asset securitization. Key policies included those from the China Securities Regulatory Commission, the National Administration of Financial Regulation and the People's Bank of China, etc [30][31]. 3.4 Conclusion - In 2025, the green ABS market saw a decline in issuance scale and an adjustment of underlying asset types. With policy support, the market is moving towards high - quality and diversified development. Emerging fields such as green consumer credit, carbon sink revenue rights, and held real estate may become new growth drivers [35]. 3.5 Schedule - The schedule lists the detailed issuance information of green asset - backed securitization products in 2025, including green credit ABS, green ABN, and green enterprise ABS [37][38][39].

Core Viewpoint - The "Sustainable Development Blue Book: Sustainable Development Report of China's Transportation Industry Enterprises (2025)" highlights the critical transition of the transportation industry in China from "factor-driven, scale expansion" to "innovation-driven, quality and efficiency-oriented" development [1] Group 1: Industry Overview - The blue book assesses the sustainable development progress, current shortcomings, and future pathways of 244 listed companies in the transportation sector, including A-shares and Hong Kong stocks, for the years 2024-2025 [1] - The green and low-carbon development of the transportation industry is not only essential for the industry itself but also a strategic priority for achieving the societal "dual carbon" goals [1] Group 2: Disclosure and Challenges - As of April 2025, 156 companies have disclosed sustainability-related reports, achieving a disclosure rate of 64%, indicating a significant increase in awareness of sustainable development information disclosure [2] - The industry exhibits a "layered" characteristic in performance across different segments, with the aviation and airport sector leading in information disclosure completeness and sustainable development [2] - The logistics and transportation sector still has considerable room for improvement in social responsibility and internal governance [2] Group 3: Structural Challenges - The overall industry faces shortcomings in the "comparability" and "verifiability" of information disclosure, with issues such as non-unified disclosure standards, ambiguous data accounting boundaries, and lack of third-party verification, leading to the risk of "greenwashing" [2] - Although over 90% of sample companies achieved a BB rating or above in sustainable development performance for 2024, there remains a gap in management capabilities, characterized by "grand visions and vague paths" [2] - Many companies have set long-term strategic goals but have not fully established a closed loop from indicator management, data governance to input-output analysis, hindering the implementation of strategies [2]

Core Viewpoint - The integrated development of source-grid-load-storage is essential for the high-quality development of the power system and is a necessary choice for enhancing the consumption of renewable energy and non-fossil energy [2] Group 1: Training Overview - The training on source-grid-load-storage and microgrid investment construction is organized by China Energy News and aims to deepen understanding of related issues [2][3] - The training will take place from March 6 to 7 in Hangzhou [3] Group 2: Target Audience - The training is aimed at large energy groups, power companies, generation groups, local energy groups, key parks, factories, and various energy-consuming institutions [3] - It also targets new energy enterprises (wind, solar, storage), power design institutes, and integrated design units [3] Group 3: Course Modules - The training will cover policy interpretation, current development status, application scenarios, technical analysis, and profit models related to source-grid-load-storage and microgrids [3][4] Group 4: Development Directions - The training will discuss the differences and connections between green electricity direct connection and source-grid-load-storage [4] - It will also cover the application of microgrids in zero-carbon parks and provide guidelines for industrial green microgrid construction [4] Group 5: Training Fees - The training fee is set at 3,900 yuan per person, which includes the training cost, while transportation and accommodation are self-managed [4]

Core Viewpoint - The solar diffusion furnace industry in China is experiencing significant growth, with the market size expected to reach 6.05 billion yuan by 2025, reflecting an 11% year-on-year increase, driven by the expansion of the photovoltaic industry and supportive government policies [1][6]. Industry Overview - Solar diffusion furnaces are essential for producing crystalline silicon solar cells, specifically for forming PN junctions, which are critical for enhancing cell efficiency [2]. - The main types of solar diffusion furnaces are vertical and horizontal, each offering distinct advantages in terms of production efficiency and space utilization [2]. Industry Chain - The upstream of the solar diffusion furnace industry includes quartz components, heating systems, temperature control systems, and gas control systems, with quartz components being crucial for stability and efficiency [3]. - The midstream involves the manufacturing of solar diffusion furnaces, while the downstream primarily serves the photovoltaic industry, specifically in solar cell and module production [3]. Current Development - The solar diffusion furnace market is benefiting from China's commitment to renewable energy, with solar power generation capacity increasing significantly from 204.2 GW in 2019 to an expected 1,161.2 GW by the end of 2025, marking a 41.90% year-on-year increase [4][5]. - The production of solar cells is projected to reach 83,274.3 MW by 2025, a 7.60% increase from the previous year, driven by government subsidies and technological advancements [5]. Competitive Landscape - The solar diffusion furnace industry has high entry barriers, making it difficult for new entrants to compete. Leading companies leverage technology, supply chains, and customer resources to maintain competitive advantages [7]. - Key players in the industry include North Huachuang, Jiejia Weichuang, and Jing Sheng Machinery, among others, with North Huachuang reporting a revenue increase of 32.97% year-on-year for the first nine months of 2025 [7][8]. Industry Trends - The rapid development of the solar diffusion furnace industry is leading to accelerated industry consolidation, with smaller companies lacking core technologies being phased out, while stronger companies invest in R&D and improve production processes [9]. - Domestic companies are increasingly focusing on international markets, expanding their presence through partnerships and participation in global trade shows, capitalizing on their competitive pricing and responsive service [10].

2月1日至3日，世界顶尖科学家峰会在阿联酋迪拜举行，来自全球各领域的科学家，包括数十位诺贝尔 奖、图灵奖、沃尔夫奖获得者，围绕应对人类面临的复杂挑战展开深入研讨。 本届峰会以"基础科学：应对人类未来的挑战"为主题，聚焦人工智能与机器学习、量子科学与纳米技 术、生物技术与基因组学、数据科学与密码学、神经技术与脑科学以及能源与先进材料等多个关系到人 类文明未来发展方向的关键领域。 会场上，来自粤港澳大湾区的青年科学家代表、清华大学深圳国际研究生院副教授董恺琛就AI和社会 关系作分享，与会嘉宾们对其研究领域成果产生了浓厚兴趣。他在接受南都N视频记者专访时表示，粤 港澳大湾区的国际交流环境非常有利于新技术哺育和落地，为科研创新提供了良好土壤。 董恺琛（左一）。 "尽可能增加AI的可解释性" 在峰会开幕式当天的首场圆桌会议上，清华大学深圳国际研究生院副教授董恺琛围绕AI和社会关系， 从教育与科研两个维度切入，分享了他的独到见解。 董恺琛认为，AI能够加速教育和科研方面的各项工作，包括加速文章阅读、提升学习进度，科学研究 也因机器人和人工智能技术而变得更加快速。同时，他也提出了自己的顾虑：如果未来AI深度参与论 文发表甚 ...