Core Viewpoint - Leshan is positioning itself as a significant player in the green chemical industry, aiming to develop a 100 billion yuan green chemical sector by 2030, following its success in the crystalline silicon photovoltaic industry [7][8][12]. Group 1: Industry Development - Leshan has a strong chemical foundation with 35 large-scale chemical enterprises and a total output value of nearly 28 billion yuan [7]. - The city is committed to ecological and low-carbon development, focusing on high-end fine chemical products as a transformation direction [8][12]. - The establishment of a dedicated task force for green chemical industry development marks a strategic move to enhance coordination and planning across various departments [10][11]. Group 2: Green Transformation - As one of the first carbon peak pilot cities in Sichuan, Leshan is implementing strict environmental controls and promoting green manufacturing [12]. - The city has rejected over 40 projects that do not meet new capacity admission standards, focusing on eliminating outdated production capacity [13]. - The green chemical industry is expected to complement the existing crystalline silicon photovoltaic sector, enhancing overall industrial resilience [13]. Group 3: Infrastructure and Investment - The newly recognized Wutong Bridge Chemical Park is the largest provincial chemical park in the region, facilitating the establishment of new projects [14]. - Additional chemical parks are being planned, with significant investments expected to exceed 10 billion yuan [15]. - Recent project signings and ongoing negotiations indicate a robust pipeline of new investments, potentially adding 420 billion yuan in new production value [15]. Group 4: Product and Market Trends - Leshan's herbicide production capacity ranks second globally, with a focus on expanding its chemical product ecosystem [16][18]. - Collaborations with leading international companies are underway to develop new biopesticide products, aiming for a global market scale exceeding 10 billion yuan within five years [18][19]. - The shift towards fine chemicals and new materials is evident, with a focus on green fine chemicals, chemical new materials, and electronic chemicals as key growth areas [19].

Core Viewpoint - Shanghai Trading Group is projected to achieve a trading scale exceeding 1.2 trillion yuan in 2024, emphasizing its role as a comprehensive, market-oriented trading institution engaged in various asset transactions [1][2]. Group 1: Company Overview - Shanghai Trading Group operates in multiple sectors including state-owned property, financial property, intellectual property, and cultural property transactions, as well as bidding procurement, private equity fund transfers, real estate leasing, carbon emissions trading, and data transactions [1]. - The company was established in November 2023, following the approval from the Shanghai municipal government to form it based on the Shanghai Stock Exchange [2]. Group 2: Strategic Partnerships - China National Nuclear Corporation (CNNC) is a key strategic partner of Shanghai Trading Group, with both entities achieving significant results in asset revitalization, industrial restructuring, and green low-carbon transformation since signing a comprehensive strategic cooperation agreement in June 2022 [1]. Group 3: Future Initiatives - Shanghai Trading Group aims to optimize the layout of state-owned capital by leveraging its professional and market-oriented advantages to assist in mixed ownership reform, asset restructuring, and industrial chain integration [1]. - The company plans to promote the development of new productive forces through specialized enterprise cultivation, intellectual property valuation, and financing services, facilitating the organic integration of technology, finance, and industry [1]. - It will also focus on advancing green low-carbon transformation by providing carbon finance, management, consulting, accounting, and certification services to support low-carbon industrial development [2].

Core Insights - Jiangsu Province has become the first region in the Yangtze River Delta to exceed 100 million kilowatts in installed renewable energy capacity, reaching 109 million kilowatts by the end of May [1] - The growth of renewable energy in Jiangsu is characterized by significant increases in both wind and solar power, with solar power accounting for 82.26 million kilowatts and wind power reaching 23.37 million kilowatts [1] - The share of renewable energy in Jiangsu's total power generation capacity has risen to 48%, with an annual growth rate exceeding 30% compared to the beginning of the 14th Five-Year Plan [1] Group 1 - As of May 2023, Jiangsu's installed solar power capacity reached 82.26 million kilowatts, with distributed solar power making up 58 million kilowatts, marking it as the dominant source [1] - Offshore wind power in Jiangsu has an installed capacity of 11.83 million kilowatts, ranking second among all provinces in China [1] - The rapid increase in renewable energy capacity is evident, with Jiangsu surpassing 50 million kilowatts in December 2022 and reaching 100 million kilowatts in less than three months [1] Group 2 - In the first five months of 2023, Jiangsu's renewable energy generation reached 66.514 billion kilowatt-hours, contributing to over 30% of the total electricity consumption in the province [2] - The Chinese National Energy Administration projects that by the end of 2024, the total installed capacity of renewable energy in China will reach 1.45 billion kilowatts, surpassing that of thermal power for the first time [2] - The overall installed power generation capacity in China is expected to reach approximately 3.35 billion kilowatts by the end of 2024, with solar power capacity growing by 45.2% year-on-year [2]

2016年起，南京坚持制度先行，印发《南京市水污染防治行动计划》，以市政府1号文件聚焦水污 染防治，相继出台或修订《南京市水环境保护条例》《南京市长江岸线保护条例》等法律法规，高质量 保障河湖水质达标。经过"铁腕"攻坚，秦淮河重现水清岸绿，成功入选全国第二批美丽河湖优秀案例。 记者6月5日从市生态环境局获悉，今年以来，南京生态环境质量稳中趋好，1—5月，全市PM2.5 浓度同比下降4.5%；优良天数比率为85.4%，同比增加1.8个百分点。长江干流南京段水质保持Ⅱ类， 18条省控入江支流、11个集中式饮用水水源地的水质优良比例保持100%。 如今，"水晶天""森呼吸"频频刷爆朋友圈，户外徒步、骑行的人越来越多。从"雾里看花"到"蓝天常 在"的转变，源于南京十几年如一日的攻坚克难与开拓创新。 创新推出"一把手"管环保的机制，持续推进标本兼治、系统治理；聚焦工业第一污染源，以最严要 求、最高标准，持续推动"两钢四化"等重点企业超低改造、煤电机组全负荷脱硝等工作；在省内率先开 展VOCs治理，出台储罐治理提升10条措施，全面推进高效密封改造和低泄漏呼吸阀更换…… 举措扎实，成效明显。2014年—2024年，南京PM ...

许昆林强调，当前即将进入迎峰度夏关键时期，要精心组织做好能源电力保供工作，提前做足煤炭 物料储备，积极组织顶峰发电用气资源，各类机组做到应发尽发、稳发满发，扩大高峰时段区外来电规 模，优先保障好群众生活用电，对涉及社会稳定、国计民生和产业链供应链安全的重要用户、重大项 目、重点企业强化"点对点"服务。要加强各类风险隐患排查整治，完善大面积停电事件应急体系，建设 分布式电源、智能微电网等设施设备，确保发、输、变、配、用等各环节安全可靠运行，确保区域电力 供应稳定、城市正常运转。 6月5日，省能源委员会第二次会议暨迎峰度夏能源电力保供会议召开，深入贯彻落实习近平总书记 关于国家能源安全的重要论述和对江苏工作重要讲话精神，全面分析能源电力供需形势，部署安排迎峰 度夏能源电力保供和能源安全保障工作。省长、省能源委员会主任许昆林主持会议并讲话。 许昆林指出，能源保障和安全事关国计民生。习近平总书记高度重视能源工作，就推动能源发展作 出一系列重要指示批示，为新时代能源高质量发展提供了根本遵循，引领江苏能源工作迈上新台阶，为 支撑经济回升向好、促进发展方式绿色转型、满足人民美好生活需要提供了有力支撑。要准确把握能源 安全新 ...

Core Viewpoint - The Supreme People's Court of China emphasizes strict legal actions against environmental violations, particularly focusing on fraudulent activities by third-party environmental service providers and illegal waste disposal practices [1][2]. Group 1: Legal Actions Against Environmental Violations - A case involving a testing company revealed that the defendants provided 222 false environmental monitoring reports, earning over 760,000 yuan. The court sentenced the company to a fine of 200,000 yuan and imposed prison terms on six individuals ranging from nine months to one year and two months, prohibiting them from engaging in environmental monitoring for three years post-sentence [1]. - In another case, a resin technology company and its personnel were found guilty of illegally discharging over 20,000 tons of hazardous waste into the Yangtze River. The company was fined 6 million yuan, and the individuals received prison sentences ranging from two years to six years and six months, with a compensation mechanism involving cash and technological improvements [1]. Group 2: Promoting Green Transformation and Conflict Resolution - The courts are actively resolving conflicts arising from the green transformation of the economy, focusing on ecological and environmental disputes that affect people's lives. In a contract dispute case, a biomass energy company refused to accept over 7,000 tons of cow dung, leading to outdoor accumulation. The court applied green principles from the Civil Code to facilitate the reuse of the waste through various methods, including the production of biomass pellets [2]. - In a separate case, a livestock cooperative was found guilty of repeatedly discharging wastewater, contaminating drinking water sources and disrupting water supply to nearby villages. The cooperative was fined 400,000 yuan, and the responsible individual received a four-year prison sentence along with a fine of 100,000 yuan [2].

Core Viewpoint - Chongqing has achieved significant improvements in environmental quality, with the Yangtze River's water quality remaining excellent for eight consecutive years and a 100% good water quality ratio at 74 national monitoring points for two years [2][3]. Group 1: Water Quality and Pollution Control - Chongqing has implemented rigorous measures for river pollution control, including the investigation and remediation of wastewater discharge outlets [2]. - The city has completed the governance of 1,314 rural black and odorous water bodies, benefiting over 800,000 residents and significantly improving rural landscapes [3]. - The water environment management big data system has reduced the time for identifying and tracing water pollution issues from an average of 7 days to under 24 hours [8]. Group 2: Air Quality Improvement - In 2024, Chongqing recorded 333 days of good air quality, with PM2.5 concentration decreasing by 8.4% year-on-year [2][8]. - The city has launched an air quality improvement action plan, which has led to a 49.2% reduction in complaints about restaurant oil smoke [3]. Group 3: Ecological Protection and Green Development - Chongqing has maintained a forest coverage rate of over 55%, promoting integrated protection and restoration of natural resources [2]. - The city has established a horizontal ecological compensation mechanism along the Yangtze River, encouraging upstream and downstream cooperation for ecological protection [10]. - Chongqing's carbon market has shown strong growth, with the highest carbon price increase among eight pilot carbon markets in the country, supporting the city's green development initiatives [3]. Group 4: Urban Environment and Quality of Life - The city has made significant progress in addressing urban issues such as restaurant oil smoke and noise pollution, enhancing the livability of urban areas [3]. - The governance of 61 kilometers of riverbanks has transformed them into attractive urban landscapes, contributing to the overall aesthetic of the city [6].

申能股份有限公司 第四十六次（2024 年度） 股东大会文件 二〇二五年六月二十日 申能股份第四十六次（2024 年度）股东大会文件 关于续聘大华会计师事务所（特殊普通合伙）为公司 2025 年度财务 关于续聘大华会计师事务所（特殊普通合伙）为公司 2025 年度内部 关于公司向银行间交易商协会申请统一注册发行非金融企业债务融 申能股份第四十六次（2024 年度）股东大会文件 股东大会须知 一、本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式。股东通过上海证券交易所股东大会网络投票系统行使 表决权的，既可以登陆交易系统投票平台（通过指定交易的证券 公司交易终端）进行投票，也可以登陆互联网投票平台（网址： vote.sseinfo.com）进行投票。 二、股东通过上海证券交易所股东大会网络投票系统行使表决权， 如果其拥有多个股东账户，可以使用持有公司股票的任一股东账 户参加网络投票。投票后，视为其全部股东账户下的相同类别普 通股或相同品种优先股均已分别投出同一意见的表决票。 三、同一表决权通过现场、上海证券交易所网络投票平台重复进 行表决的，以第一次投票结果为准。 四、股东对所有议案均表决完毕才能 ...

Investment Rating - The report maintains an "Increase" rating for the oil and petrochemical industry [5] Core Viewpoints - International oil prices have shown a downward trend recently, with Brent crude settling at approximately $63.90 per barrel, down about 1.30% week-on-week, and down approximately 15.80% since the beginning of the year [19][21] - The North American active rig count has decreased week-on-week, with a notable year-on-year decline of 37 rigs, indicating a potential future increase in global drilling platform activity [31] - The refining sector shows promising recovery potential, with significant increases in price differentials for various products, suggesting improved profitability for refining companies [35] Market Performance - The CITIC oil and petrochemical sector rose approximately 0.37% during the week of May 26 to May 30, outperforming the Shanghai Composite Index by about 0.39 percentage points [16] - Key stocks that led the gains include Hengtong Co., Hongtian Co., and Compton, while stocks like Guangju Energy and Dongfang Shenghong saw declines [17][18] Investment Recommendations - The report identifies four main investment themes: 1. Focus on major energy state-owned enterprises like China National Petroleum and China National Offshore Oil Corporation, which are pushing for oil and gas exploration and green transformation [53] 2. Increased global upstream capital expenditure benefiting oil service companies such as CNOOC Services and Offshore Engineering [53] 3. Accelerated development of coal chemical projects and natural gas resources in Xinjiang, with a focus on companies like Baofeng Energy and New Natural Gas [53] 4. Refining companies planning new capacities and accelerating new material projects, recommending companies like Satellite Chemical and Hengli Petrochemical [53]

Core Viewpoint - The transformation of old diesel locomotives to more efficient and lower-emission power systems is being promoted by the National Railway Administration through new management regulations aimed at ensuring orderly implementation and sustainability in the railway industry [1][2]. Group 1: Management Regulations - The National Railway Administration has drafted the "Management Regulations for the Transformation of Old Diesel Locomotive Power Systems" to facilitate the green and low-carbon transition of railway locomotives [1]. - The regulations aim to replace fossil fuel power systems with "diesel engine + power battery systems," "power battery systems," and "hydrogen fuel cell systems + power battery systems," which are expected to provide better energy efficiency and emission levels [1][2]. Group 2: Implementation Guidelines - The regulations specify that only old diesel locomotives in good operational condition and with transformation value can be modified, with a maximum operational age of 20 years for the original locomotives [2]. - Owners of the locomotives are required to enhance the safety management of power batteries and establish ground support facilities for charging and hydrogen refueling according to national standards [2].