将投中网设为"星标⭐"，第一时间收获最新推送 不仅是投资策略的革新，更是对中国能源革命本质的深刻洞察。 作者丨簪竹 来源丨投中网 2021年以来，碳中和基金几乎成了中国头部PE们的"标配"。而 在这个兵家必争的赛道，CMC资 本"卷"出了自己的特色。 2023年8月，CMC资本的第一期碳中和主题基金完成募集。短短一年多时间，CMC资本的这只基金 在碳中和赛道悄然构建起了独特的价值护城河。 不随大流，寻找非共识的机会，是CMC资本碳中和基金身上最突出的标签。比如，当同行们在为IPO 通道收窄而焦虑，CMC资本看到的却是一个巨大的"估值洼地"，甚至敢于去接"下落的飞刀"。尤其 令人印象深刻的是，CMC资本能用自己的产业重构能力，将看似危机的资本困局转化为结构性机 遇。 当全行业在为产能过剩、估值倒挂而担忧，CMC资本传递出的讯息也截然不同。 CMC资本合伙人顾 晓立向投中网透露，他们正在布局一些传统VC/PE视野之外的领域。 这背后不仅是投资策略的革 新，更是对中国能源革命本质的深刻洞察。 为什么选择专注中后期？ 打开CMC资本碳中和基金的投资组合，你会发现一个很难被忽略的特点：它们几乎是清一色的中后 期项目。 ...

Financial Data and Key Metrics Changes - Revenue increased by 52% to RMB582.8 million due to strong demand for containers during the reporting year [9] - Consolidated net profit attributable to owners rose by 76% to RMB34.1 million, including fair value losses from investment properties and a one-off gain on disposal [9] - Basic earnings per share reached USD 1.43, an increase of 74% [9] - Net asset value per share was USD 23.16 at the end of 2024, compared to the previous year [10] - Total dividend proposed for the year was USD 0.08 per share, with a payout ratio of about 72% [10] Business Line Data and Key Metrics Changes - The Manufacturing and Leasing segment achieved revenue of RMB153.6 million, accounting for 95% of total revenue, with a segment profit before tax of RMB44.5 million [11] - Approximately 216,000 TEU of dry freight containers were sold, making up 72.2% of manufacturing revenue [11] - Customized container sales totaled 20,000 units, contributing 21.2% to revenue [12] - Leasing revenue accounted for 1.5% of total revenue, with operating lease income at RMB5.6 million [12] Market Data and Key Metrics Changes - Worldwide new container production surged to over 8.3 million TEU in 2024, a record high, but is expected to decline to about 2.5 million TEU in 2025 due to various market factors [7] - The average selling price (ASP) for 20-foot dry freight containers decreased from USD 2,075 to USD 1,985, despite strong market demand, attributed to oversupply and lower steel costs [8] - Average steel cost was USD 5.53 per tonne, down 6.1% from the previous year [8] Company Strategy and Development Direction - The company aims to accelerate its journey towards net-zero emissions by providing sustainable battery energy storage solutions through its Green Tanaka initiative [4] - Plans to adjust production schedules in response to anticipated decreases in dry freight container demand, focusing on customized container projects with higher growth potential [13] - Continued investment in automation initiatives to improve efficiency [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging market environment, indicating that while profitability is expected, the market remains difficult [48] - The company maintains a strong balance sheet, allowing it to lower overhead costs despite a lack of scale [51] - Confidence in the leasing business and new energy initiatives to navigate through tough market conditions [54] Other Important Information - The company operates eight container depots across major port cities in China and has a fleet of about 120,000 TEU of leasing containers [3] - The company is focused on providing container solutions that integrate renewable energy and optimize energy usage [5] Q&A Session Summary Question: Why is the Energy Storage System (ESS) contained? - The container provides mobility and protection, allowing for easy transport to job sites and efficient energy collection and release [20][25][26] Question: What target industries are being pursued for ESS sales? - The company aims to sell to various industries but focuses on long-term players, emphasizing the importance of mutual trust in customer relationships [31][32] Question: What are the significant capital expenditures (CapEx) planned for the future? - Major CapEx will be directed towards leasing and building new energy facilities, with a projected CapEx of over USD 100 million for 2025 [35][38] Question: Why is the tax provision higher this year? - The effective tax rate is influenced by various factors, including a subsidiary's high-tech status and losses incurred in certain operations [41][43] Question: Any guidance for next year? - Management indicated that while the market is difficult, the company should still remain profitable [48][54]

Group 1: Green Industrial Policy Overview - Green industrial policies are increasingly viewed as essential for achieving net-zero emissions and promoting economic recovery and job growth[6] - The OECD reports that fiscal support for low-carbon technologies has significantly increased, with both the US and EU allocating 3.0% of GDP to green initiatives post-COVID[19] - The number of OECD countries integrating green industrial policy goals into budget planning rose from 14 to 24 between 2020 and 2022[19] Group 2: Challenges and Controversies - Green industrial policies face challenges such as complex design and execution, potential misallocation of public funds, and trade tensions[6] - The implementation of the US Inflation Reduction Act (IRA) is projected to cost between $800 billion and $1.2 trillion over the next decade[34] - Subsidy policies can lead to market distortions, supporting inefficient firms and potentially increasing overall emissions due to reduced incentives for energy conservation[36] Group 3: Economic Implications - The cost of achieving emissions reductions through subsidies can be significantly higher than through carbon pricing mechanisms, with some estimates showing costs up to 1,000 euros per ton of CO2 for early renewable energy policies in France and Germany[35] - In China, the marginal cost of emissions reduction from electric vehicle subsidies is approximately 4,453 RMB (about $712), far exceeding current carbon market prices[35] Group 4: International Trade and Competition - Green subsidy measures can exacerbate global subsidy races and distort international trade, particularly when favoring domestic suppliers[36] - Trade barriers resulting from subsidy policies may lead to increased production costs and hinder global economic stability[37] - Developing countries may struggle to compete with wealthier nations in green technology due to limited fiscal resources, exacerbating global inequalities in green investment[39]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4]. Core Insights - The report emphasizes the high-quality development of the environmental equipment manufacturing industry, aiming to create a trillion-level industry with international competitiveness by 2027 [2][16]. - It highlights the synergy between computing power and electricity, particularly in the context of data centers, which require substantial and reliable electricity supply [18][20]. - The report suggests that the profitability of coal-fired power generation is expected to remain reasonable due to the simultaneous decline in coal and electricity prices [28]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.59%, while the public utility index increased by 2.19% and the environmental index by 2.53% [1][29]. - Among the sub-sectors, coal-fired power saw a 3.39% increase, while renewable energy generation rose by 1.48% [31]. Important Policies and Events - The Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, and the State Administration for Market Regulation jointly issued opinions to promote the high-quality development of the environmental equipment manufacturing industry [2][16]. - By 2030, the report anticipates a complete upgrade of the environmental equipment manufacturing industry towards green, low-carbon, and circular development [2]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies like Shanghai Electric due to stable electricity prices [3][28]. - For renewable energy, leading companies such as Longyuan Power and Three Gorges Energy are recommended, alongside regional offshore wind power companies [3][28]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved free cash flow [3][28]. Industry Dynamics - The report notes that the electricity and heat production and supply industry prices fell by 0.8% year-on-year in February 2025 [17]. - It highlights the increasing importance of green electricity and nuclear power in meeting the energy demands of data centers [24][21]. Company Performance - The report lists several companies with "Outperform" ratings, including Huadian International, Longyuan Power, and China Nuclear Power, among others, indicating their strong market positions and growth potential [6][28].

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The chemical sector's overall performance ranked 19th with a fluctuation of 1.59% during the week of March 8-14, 2025, outperforming the Shanghai Composite Index by 0.19 percentage points and the ChiNext Index by 0.61 percentage points [3][26] - The report highlights a continued trend of divergence in the chemical industry in 2025, recommending attention to sectors such as synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Summary by Sections Industry Review - The chemical sector's performance for the week was 1.59%, with the top three performing sub-sectors being nitrogen fertilizers (5.16%), oil and gas refining (4.63%), and synthetic resins (4.55%) [26][27] - The top three individual stocks in the chemical sector were Kexin New Source (26.5%), Aoyang Health (18.1%), and Nuofeng (16.0%) [32] Supply-Side Tracking - A total of 136 companies in the chemical industry had their production capacities affected, with 7 new maintenance cases and 3 restarts reported [15] Key Industry Dynamics - The report notes the imminent implementation of quota policies for third-generation refrigerants, which are expected to enter a high prosperity cycle due to supply constraints and stable demand growth from markets like heat pumps and cold chains [5] - The electronic specialty gases market is highlighted as a critical area for domestic substitution opportunities, driven by rapid upgrades in downstream industries such as integrated circuits and photovoltaics [6][8] - The light hydrocarbon chemical trend is identified as a global movement, with a shift towards lighter raw materials for olefin production, which is expected to enhance the value of leading companies in this sector [8] - The COC polymer industry is experiencing accelerated domestic industrialization, with significant breakthroughs in production capabilities and increasing demand from various applications [9] - The potassium fertilizer market is anticipated to rebound as major suppliers reduce production and inventory pressures ease, with a recommendation to focus on leading companies in this field [10] - The MDI market is characterized by oligopoly, with a favorable supply structure expected to improve as demand recovers, making it a resilient chemical product through economic cycles [13]

Group 1: Utility Industry - The report maintains an "Overweight" rating for the utility sector, particularly focusing on city gas companies transitioning from growth to dividend phases, with expected improvements in free cash flow and dividend payouts [2][24]. - The natural gas consumption volume is projected to grow significantly, with a 5-year CAGR of 12.4%, driven by urbanization and environmental policies [3][24]. - The report highlights the challenges faced by the city gas industry, including slowing gas consumption growth and rising costs, which have led to a decline in return on equity (ROE) and net profit growth [3][25]. Group 2: Kid's King Company - The report maintains an "Overweight" rating for Kid's King, projecting EPS growth of 76%, 65%, and 37% for 2024-2026, with a target price of 19.14 yuan [6][7]. - The establishment of a subsidiary, Smart Future, aims to provide AI-driven solutions for children and new families, enhancing the company's position in the mother and child retail sector [6][7]. - Kid's King is expanding its store network and enhancing its digital capabilities, which are expected to accelerate its AI product deployment and improve customer engagement [6][7]. Group 3: Market Performance - The report notes that the equity market has performed well, with a year-to-date return of 0.59% for risk parity strategies, indicating a positive outlook for equity investments [8][10]. - The report emphasizes the strong historical performance of H-share gas companies, which have benefited from early market entry and the establishment of exclusive operating rights [3][24]. - The report suggests that the overall market sentiment remains optimistic, with expectations for continued growth in the equity market driven by favorable economic conditions [8][10].

Investment Rating - The report assigns an "Overweight" rating for the environmental sector, consistent with the previous rating [1]. Core Insights - The national carbon market is accelerating its development with the first batch of CCER (Certified Emission Reduction) registrations initiated, indicating a growing demand for carbon credits [8][11]. - The report highlights a significant drop in weekly trading volumes for carbon emissions allowances, with CEA (Carbon Emission Allowance) transactions at 210,300 tons, down 66% from the previous week, and an average price of 87.66 yuan/ton, a decrease of 1% [6][17]. - The CCER methodology has expanded its coverage, with new methodologies introduced for coal mine low-concentration gas utilization and energy-saving in highway tunnel lighting systems [10][11]. Summary by Sections Weekly Investment Perspective - The existing CCER has expired, and the methodology has broadened, with the first batch of methodologies now open for CCER registration. Investment opportunities are recommended in the recycling resources and carbon monitoring sectors [8][9]. - CCER can be used to offset carbon emission allowances in the national carbon market, with a cap of 5% on offsets [9][10]. Environmental Sector Performance - The environmental sector saw a weekly increase of 2.29%, while other sectors like gas and water utilities experienced slight declines [14]. - Top-performing stocks included SanDe Technology (+36.67%) and NingShui Group (+31.87%), while the worst performers were WeiPaiGe (-14.56%) and AnChe Detection (-6.04%) [6][17]. Carbon Neutrality Tracking - The report notes that by 2027, a voluntary disclosure policy for corporate greenhouse gas emissions will be established, with a complete framework expected by 2030 [21]. - The national carbon market is set to expand beyond the power sector to include industries such as cement and steel, with a projected increase in annual greenhouse gas emissions coverage from 4.5 billion tons to 7.5 billion tons [9][10]. Recommendations - The report recommends several companies based on their potential benefits from the evolving carbon market, including: - Snowy Dragon for online monitoring of pollution sources - SanFeng Environment and HanLan Environment for waste incineration - High Energy Environment for recycled metals [12][13].

文 | 中关村储能产业技术联盟 近 日 ， 在 欧 洲 储 能 系 统 和 虚 拟 电 厂 （ VPP ） 解 决 方 案 领 域 占 据 领 先 创 新 地 位 的 GreenVoltis ， 重 磅 宣 布 与 中 缔 资 本 、 Konflux Kapital International（以下简称"KKI"）达成战略合作伙伴关系。三方将以极具前瞻性的布局，推动电池储能系统（BESS）和虚拟电厂基础设施在欧 洲的扩张，全力助力欧洲能源转型。 400MW储能巨量释放，强力赋能欧洲能源生态 此次合作的核心亮点在于，三方不仅将在欧洲开发规模高达400MW的储能项目，同时还将精准布 局欧洲核心区域，覆盖德国、瑞典、芬兰、波兰等国，这不仅能为欧洲能源生态系统注入强劲动 奠定行业领导地位，助力欧洲碳中和目标 此次合作充分巩固了GreenVoltis在数字化可再生能源解决方案领域的领导地位，再次彰显其对可持续发展、能源效率提升以及市场驱动型能源 转型的坚定承诺。随着欧洲推进碳中和目标，这一战略举措将有力保障可再生能源的可靠采用，同时实现电网性能与商业可行性的双重优化。 GreenVoltis 简介 GreenVolti ...

Core Viewpoint - The article emphasizes the significant growth of China Innovation Aviation's energy storage battery shipments, projecting a 150% year-on-year increase to 20 GWh in Q1 2025, highlighting the company's successful global expansion strategy and the evolving competitive landscape in the lithium battery industry [1][2]. Group 1: Overseas Market Expansion - The shift towards overseas markets is becoming a crucial indicator of battery companies' globalization, with a focus on high-value markets [3]. - China Innovation Aviation's substantial growth in Q1 2025 is attributed to its deep cooperation on international projects, including a major 7.8 GWh energy storage project in Saudi Arabia and a 4.4 GWh order for the UK market [4]. - Despite Q1 typically being a slow season for domestic electric vehicles, the rapid growth in overseas markets has effectively countered this seasonal impact, contributing significantly to the company's overall shipment increase [5]. Group 2: Growth Metrics and Market Position - In 2024, global power battery installations reached 894.4 GWh, a 27.2% increase, with Chinese companies occupying six positions in the market, and overseas market contributions exceeding 30% [6]. - The global lithium battery storage installations surged to 165 GWh, marking a 77.4% increase, with Chinese companies dominating the top 10 in storage battery shipments [6]. - China Innovation Aviation is projected to surpass Panasonic and SK On in power battery installations, ranking fourth globally, while maintaining a top five position in energy storage shipments [7]. Group 3: Strategic Transformation - The overseas expansion strategy of Chinese lithium battery companies is transitioning from a "cost-driven" approach to one focused on "value collaboration and zero-carbon ecosystems," reducing associated risks [8]. - China Innovation Aviation is collaborating with international automakers to develop battery platforms that meet stringent European standards, while also implementing AI-driven manufacturing systems in its Portuguese factory to minimize energy waste [8]. - The company aims to deliver a zero-carbon AI super factory in Portugal by 2027, showcasing its commitment to sustainable practices [8]. Conclusion - The article concludes that overseas expansion is a critical aspect of the renewable energy industry's development, representing a pathway for companies to achieve sustainable growth and diversify their market presence. The rise in China Innovation Aviation's overseas shipments reflects the broader trend of globalization in the lithium battery sector and the company's successful transition from rapid scale expansion to value creation [9].

Core Insights - Corporate Venture Capital (CVC) is evolving from purely financial investments to becoming strategic hubs in the industrial ecosystem, driven by technological iterations and industrial transformations [1] - In 2024, the Chinese CVC market showed significant structural characteristics, with 71.6% of the 1027 investment events focusing on early-stage projects, highlighting a trend towards strategic investments in emerging technologies [1] - The report indicates that 55% of newly minted unicorns in 2024 received support from CVCs, emphasizing their role in building "technological moats" and enhancing control over supply chains [1] Group 1 - The global economy is undergoing a structural transformation by 2025, influenced by generative AI, carbon neutrality goals, and geopolitical tech competition [1] - The "2025 Corporate Venture Capital 100" survey aims to identify leading CVC institutions that are pivotal in driving technological innovation and industrial upgrades [2] - Key metrics for the survey include CVC investment activity, performance in investments and exits, post-investment empowerment, and ecosystem development [2] Group 2 - Historical context of the CVC evaluation includes previous years' reports, such as the 2024 report highlighting 1152 joint investments and the 2023 report focusing on IPO leaders [3]