（文章来源：证券日报） 证券日报网讯 1月14日，万科A在互动平台回答投资者提问时表示，公司致力于可持续发展，践行绿色 未来，为社会创造更长远的价值。未来公司将持续推进绿色建筑技术的规模化应用与绿色相关新业务的 拓展，同时不断完善公司治理、全流程监督及风险防控机制，保障目标的达成。关于公司各年度ESG目 标达成情况，可从公司《可持续发展报告》中进一步查阅。 ...

马拉松，是一场城市文明的长跑。 城市是人类走向文明的标志，马拉松起源于城市的胜利。公元前490年，当雅典士兵菲迪皮德斯跋涉 42.195公里奔回雅典时，他奔跑的意义已远超传递胜利消息本身——那是一个城邦捍卫其独立、文明与 生活方式的象征。从这个角度看，马拉松运动源于"城市的胜利"，也是"文明的胜利"。 千年后，马拉松重返现代城市，并成为"城市文明"的盛大展演与压力测试。文明的尺度在于其指向未来 的可持续性，两个月前，《中国田径协会关于进一步规范马拉松赛事相关工作的通知》发布，一场成功 的马拉松，不仅要在奔跑中展现力量与秩序，更需在奔跑中守护其赖以生存的根基——可持续的理念与 共生的生态。 2026建发厦门马拉松赛鸣枪开跑 作为2026年全球第一场世界田联白金标赛事，建发厦门马拉松于1月11日开跑。在"山-海-城"整体系统 思维构建的"最美马拉松跑道"，一抹流动的绿色如同随风传播的可持续之种，是厦门马拉松"城-企- 赛"共生模式最生动的表述——200位"建发绿跑在行动·文明领跑员"，由与厦门马拉松共同奔跑二十四 载的冠名商建发集团协同组委会在跑者中招募，以榜样的力量带动更多跑者参与厦马文明可持续行动。 当马拉松 ...

Core Viewpoint - Shenzhen Chengtai Technology Co., Ltd. is pursuing an IPO on the Hong Kong Stock Exchange, showing rapid revenue growth but has not yet achieved profitability, with over 90% of its revenue coming from a single customer [1][5]. Revenue and Profitability - The company reported revenues of 57.65 million, 157 million, 348 million, and 539 million yuan for the years 2022 to 2025, respectively, but incurred losses of 79.17 million, 96.60 million, 21.76 million, and 14.43 million yuan during the same periods [2][4]. - The average selling price of products decreased from 249 yuan/unit to 113 yuan/unit over the same period, reflecting a strategy to penetrate the mid-to-low-end vehicle market [3][4]. Market Position - Chengtai Technology is the largest domestic supplier in China's forward-looking millimeter-wave radar market with a market share of 9.3% and the third-largest in the overall vehicle millimeter-wave radar market with a 4.5% share [2]. Customer Dependency - The company heavily relies on a single customer, referred to as "Customer A," which accounted for approximately 81.9% to 97.4% of total revenue from 2022 to 2025 [5]. - Sales revenue from customers other than "Customer A" grew at a compound annual growth rate of 46.0%, but only reached about 14.20 million yuan in the first half of 2025 [5]. Production Capacity and Financial Health - Chengtai Technology has two production bases, with the Suzhou base operating at full capacity and the Shenzhen base at 66.8% capacity utilization in the first half of 2025 [6]. - As of November 30, 2025, the company had cash and cash equivalents of only 18.82 million yuan and a total shortfall of 25.30 million yuan in social insurance and housing fund contributions, indicating potential financial constraints [1][7]. Future Plans - The company aims to achieve sustainable growth by expanding its customer base, increasing sales, and enhancing production capacity [1][4].

Core Insights - Lenovo Group has achieved a historic milestone by receiving dual "A" ratings in climate change and water security from CDP for the first time, highlighting its leadership in corporate transparency and environmental governance [1][2] Group 1: CDP Rating and Significance - In 2025, over 22,100 companies reported environmental data to CDP, with less than 170 companies receiving an "A" rating in both climate change and water security, representing approximately 0.85% of evaluated companies [1] - CDP ratings are recognized as the "gold standard" for measuring corporate environmental credibility, with a rigorous independent assessment method aligned with TCFD frameworks [1] Group 2: Water Security Rating Improvement - Lenovo improved its water security rating from "A-" to "A," indicating a transition from "well-managed" to "industry leader" in addressing water resource scarcity and efficiency [2] - The company has received multiple accolades for its ESG performance, including the "Most Sustainable Organization" award from HKICPA and the highest EcoVadis sustainability rating of "Platinum" [2] Group 3: Climate Change Initiatives - Lenovo is the first high-tech manufacturing company in China to have its net-zero targets verified by the Science Based Targets initiative (SBTi), demonstrating a commitment to ambitious climate goals [3] - The company has developed a digital platform for supply chain ESG management, covering over 99% of suppliers, and has implemented a scoring system that prioritizes suppliers with strong ESG performance in procurement decisions [3] Group 4: Technological Innovations for Sustainability - Lenovo promotes green transformation through technological innovations, such as liquid cooling technology, to reduce operational energy consumption while assisting clients in achieving low-carbon development [4] - The company maintains high standards of transparency in its climate actions, ensuring that all initiatives are traceable and quantifiable [4] Group 5: Water Resource Management Strategies - Lenovo has revamped its water resource risk scenario analysis process, applying mature climate change models to water management for precise risk assessment [5] - The company has implemented a strict Water Resiliency Policy and utilizes digital tools to monitor water usage in real-time, ensuring efficient water resource recycling [5]

微软在这场人才争夺战中表现突出，自2022年以来新增超过570名能源相关员工。去年1月，曾在谷歌担 任能源市场和政策职务的Betsy Beck加盟微软，出任能源市场总监。2024年，微软还聘请通用电气前首 席财务官Carolina Dybeck Happe担任首席运营官，这或许预示着该公司在能源领域的长远布局。 亚马逊以605名能源相关新员工位居榜首，不过这一数据包括其子公司AWS的招聘。谷歌则新增340名 能源专业人员，追赶其硅谷邻居在AI领域的步伐。今年1月，曾在BP工作近14年的能源监管事务顾问 Eric Schubert加入谷歌。去年11月，谷歌还从杜克大学挖来研究员Tyler Norris，负责能源市场创新，并 持续扩充其能源市场和政策团队。 除个人招聘外，科技巨头还通过收购能源相关公司扩充实力。Alphabet计划以47.5亿美元现金收购数据 中心公司Intersect，交易包括承担债务。与此同时，项目和建设经理以及土地收购岗位需求激增，但科 技公司更倾向于通过临时合同而非永久雇佣来完成基础设施初期建设。 从可持续发展到运营核心 能源岗位的性质正在发生根本转变。Green Recruitment ...

Core Insights - The demand for carbon black products is increasing due to global economic development and industrialization, with applications in rubber, plastics, inks, and coatings [2] - The carbon black industry faces pressures from environmental protection, necessitating a balance between market demand and sustainable development in pricing strategies [2][3] Market Demand - Market demand fluctuations are a primary factor influencing carbon black pricing, requiring adjustments to maintain supply-demand balance and market stability [2] - The N219 carbon black is widely used in rubber and plastic production, making it essential to monitor market demand changes in these sectors for timely price adjustments [2] Sustainable Development - Sustainable development is crucial for carbon black pricing strategies, as production generates significant CO2 emissions, impacting the environment [3] - Companies are encouraged to adopt clean production technologies and energy-saving measures to enhance resource efficiency and environmental friendliness [3] Supply Chain Collaboration - The carbon black industry involves complex supply chain dynamics, necessitating stable and reliable partnerships across various production stages [3] - Establishing good cooperation within the supply chain can enhance overall industry efficiency and promote mutual benefits among companies [3] Government Policy Support - Government policies play a vital role in supporting carbon black pricing strategies through regulation and management to ensure healthy industry development [3] - Financial and tax incentives from the government can encourage investments in environmental facilities and technological innovation, steering the industry towards greener, low-carbon practices [3]

Core Insights - The event titled "Sustainable Future Empowerment Series - Climate Seminar" will be held on January 27, 2026, in Beijing, organized by the Central University of Finance and Economics and the United Nations Sustainable Development Management Academy, focusing on climate governance and information disclosure [1][9] - The seminar aims to enhance corporate understanding of the newly released "Corporate Sustainability Disclosure Guidelines No. 1 - Climate" and improve climate governance and risk management practices [1][9] Event Details - The seminar is scheduled for January 27, 2026, from 14:00 to 17:00 at the Central University of Finance and Economics, Beijing [2][10] - Registration is required by January 23, 2026, through specified contact methods [2][3] Agenda Highlights - The agenda includes a welcome speech, thematic sharing on global climate change progress, policy interpretation of climate guidelines, and discussions on financial applications of ESG and climate disclosure [5][13] - Notable speakers include representatives from the United Nations and experts in green finance and ESG practices [5][6][14] ESG Rating Center Overview - The Sina Finance ESG Rating Center is the first Chinese platform dedicated to ESG information and ratings, promoting sustainable development and responsible investment [7][15] - The center aims to establish ESG evaluation standards suitable for China's context and enhance corporate ESG performance [7][15]

云南是全国水能源最丰富的地区之一，其丰富的水电资源和得天独厚的绿色能源优势，为"绿色铝"的诞生提供了天然的沃土。云南铝业股份有限公司（以 下简称"云铝股份"）充分发挥云南绿色清洁水电能源独特优势，从铝土矿源头开始，将绿色、可持续理念贯穿于矿产资源开发、能源结构优化和供应链管 理的全流程，通过建设绿色矿山、构建负责任的供应链体系，以"绿水青山就是金山银山"为指引，为每一块"绿色铝"注入了低碳基因，奠定了绿色铝产业 的坚实根基。 绿电驱动：从能源源头重塑产业"动力心脏"，奠定绿色铝纯洁血统 工业发展的血液是能源，其"颜色"决定了产业的碳足迹底色。对于电解铝这一高载能产业而言，源头的能源结构直接定义了铝产品的环境属性。云铝股份 充分依托云南省清洁水电的独特优势，构建了以水电为核心、光伏为补充的"双绿电"能源矩阵。 云铝股份创新构建"绿色生态、固碳储能"的可持续发展模式，坚持"谁开发、谁保护"原则，形成"由外及内、由易到难、由高到低"的科学复垦体系，创新 应用生态固土技术实现边坡裸露修复，充分利用矿区自然条件、地形地貌，建设花园、绿地、宣传栏、观景台等景观设施。在典型喀斯特地貌的西畴矿业 卖酒坪矿山，云铝文山创新土壤 ...

第二日的全球产业峰会标志着论坛内容的重要升级。峰会集中探讨高增长潜力产业，包括人工智能与科 技、生物医药、机器人、新消费及绿色能源等范畴，透过主题演讲、专题讨论及项目配对，推动内地企 业"走出去"与国际企业"引进来"。香港作为双向平台，将助力企业在全球价值链中寻求新机遇，推动产 业升级与创新发展。这与"十五五"规划所强调的创新驱动与更高水平对外开放一脉相承，旨在促进科技 自立自强与可持续增长。 智通财经APP获悉，1月14日，香港财经事务及库务局长许正宇在网志上指出，香港将于1月26日至27日 举办第19届亚洲金融论坛(AFF)，并首次新增"全球产业峰会"环节。预期该论坛将吸引超过3,600名来自 60个国家及地区的参与者，其中逾八成为企业首席执行官或高层决策者。论坛内容涵盖全球经济展望、 资产与财富管理、绿色金融、可持续转型等热点议题，并重点探讨金融如何更有效服务实体经济。 论坛首日将举行开幕仪式，聚焦宏观经济形势及多边合作，并设有与黄金市场发展相关的合作备忘录签 署仪式。这是推进香港黄金市场发展的重要一步，届时将发布加强黄金中央清算系统建设的最新计划， 为未来与内地市场互联互通做好准备。此举既呼应建设金融 ...

Investment Rating - The report maintains a "Buy" rating for the environmental industry, specifically focusing on sustainable aviation fuel (SAF) and its related sectors [1]. Core Insights - Sustainable Aviation Fuel (SAF) is identified as the only feasible solution for carbon reduction in the aviation sector, with potential carbon emission reductions of 80%-85% throughout its lifecycle [9][10]. - The demand for SAF is expected to surge due to regulatory mandates in the EU and UK starting in 2025, leading to a significant increase in prices and profitability for SAF producers [15][16]. - The supply of used cooking oil (UCO), a key raw material for SAF production, is projected to become increasingly scarce, driving up its value and creating investment opportunities in companies with access to these resources [4][19]. Summary by Sections 1. SAF as the Only Viable Solution - The aviation sector is a major source of greenhouse gas emissions, with liquid fuels being irreplaceable due to high energy density requirements [9]. - SAF can be blended with traditional jet fuel without requiring major modifications to existing aircraft [10]. 2. SAF: EU Regulations and Market Dynamics - The EU will enforce mandatory SAF blending ratios starting in 2025, with targets set for 2030, 2035, 2040, 2045, and 2050 [16][18]. - The projected SAF demand in the EU is expected to reach 3,662 million tons by 2050, with a compound annual growth rate of 15% from 2025 to 2050 [19][20]. 3. UCO Supply and Demand - China's annual UCO utilization is approximately 400 million tons, with significant potential for growth, but collection remains challenging [37]. - The demand for UCO is expected to rise sharply as SAF production increases, with long-term supply shortages anticipated [4][19]. 4. Investment Recommendations - Companies with scarce UCO resources, such as Shanhigh Environmental and Longkun Technology, are recommended for investment due to the increasing value of waste oil resources [4]. - The short-term supply constraints in SAF production are expected to lead to substantial profits for SAF manufacturers [4].