致同香港咨询主管合伙人汤飈表示，香港上市公司的交易量于今年首季下滑，预示今年商业活动前景可 能转趋审慎。在地缘政治风险及特朗普政府关税政策引发的全球市场不确定性影响下，香港上市公司对 投资采取更为保守的策略。许多企业正通过剥离非核心业务来确保核心运营资金充裕，以期在日益波动 的市场环境中充分应对行业挑战，同时尽量降低全球风险敞口。 他指出，展望2025年，反垄断与数据私隐审查趋严，叠加美国关税政策及地缘政治不稳定因素，预计将 导致尽职调查流程更趋复杂、审核周期延长、交易估值波动加剧，并抑制跨境交易活动。因此该行预计 2025年全年企业买卖交易宗数可能较去年录得单位数跌幅。不过，若年中迎来利率下调，将改善市场流 动性并降低融资成本，为下半年交易市场带来利好，或可提振下半年交易动能。 智通财经APP获悉，致同(香港)会计师事务所最新发表《买卖协议研究报告2025》显示，香港上市公司 的买卖协议活动在2025年初显现放缓迹象，首季交易量从2024年同期的67宗下降约24%至51宗。致同预 期，2025年全年企业交易宗数或录得单位数跌幅，反映市场观望情绪持续升温。 报告显示，2024年香港上市公司的买卖协议宗数较20 ...

Core Viewpoint - The European Commission President Ursula von der Leyen has proposed an ambitious budget reform plan aimed at promoting fiscal integration within the EU, enhancing strategic autonomy, and creating a more flexible and efficient fiscal mechanism to address global geopolitical risks and high-tech competition [1][2]. Group 1: Reasons for the Reform - The geopolitical crisis, particularly following the Ukraine conflict, has exposed the limitations of the EU in security and diplomacy, prompting a reevaluation of "strategic autonomy" [2]. - The EU is falling behind in key areas such as digitalization, artificial intelligence, and green energy, necessitating a more robust fiscal stimulus to invest in future industries [2]. - There is a lack of sufficient fiscal tools and limited financing options, as demonstrated by the successful introduction of a joint borrowing plan during the pandemic, which the Commission aims to institutionalize [2][3]. Group 2: Key Components of the Reform - Defense spending exemption: The proposal suggests exempting defense expenditures from the fiscal deficit calculations, allowing member states to significantly increase their defense budgets [3]. - Establishment of a European Competitiveness Fund: This fund aims to consolidate existing research and industry support tools to invest in strategic projects like chip manufacturing and clean energy [3]. - Reform of budget allocation methods: The plan proposes reducing traditional agricultural subsidies and structural funds, shifting to conditional direct payments to member states based on their performance in climate transition and fiscal reforms [3]. - Institutionalization of a joint borrowing mechanism: The proposal seeks to create a permanent EU joint debt issuance mechanism to ensure long-term strategic investment and crisis response capabilities [3]. Group 3: Internal Divisions and Challenges - There are significant divisions within the EU regarding the reform, with countries like France and Italy supporting it for strategic autonomy, while others, particularly the "frugal four" (Denmark, Netherlands, Sweden, and Austria), oppose expanded borrowing [4][5]. - Some Eastern European countries, while potentially benefiting from EU funds, resist conditional funding that may infringe on national sovereignty [5]. - The political landscape suggests that while the reform is likely to pass, it will require extensive negotiations and compromises, indicating a shift in the EU's institutional development and its future direction [5].

Policy Developments - China will send a high-level delegation to participate in COP30 in Brazil, emphasizing the importance of sustainable development and multilateralism [4] - The joint statement between China and Brazil highlights the commitment to addressing climate change impacts on developing countries [4] Regional Dynamics - In the first quarter, the Guangdong-Hong Kong-Macao Greater Bay Area recorded a green certificate trading volume of 780 billion kilowatt-hours, representing a 16-fold year-on-year increase [5] - The region's green certificate market is leading nationally, with a total trading volume of 1.329 trillion kilowatt-hours, showing a tenfold annual growth rate [5][6] Corporate Practices - Envision Energy plans to establish the first zero-carbon industrial park in Latin America, focusing on bio-jet fuel and green hydrogen technologies [9] - Hitachi Energy will deliver the world's first 550 kV SF₆-free GIS to State Grid Corporation, contributing to the decarbonization of the power grid [10] - Tetra Pak showcased its end-to-end solutions for ready-to-drink high-protein products, emphasizing sustainable innovation in food and beverage packaging [11]

她表示，百达也非常擅长寻找周期增长的主题，但在寻找到主题之后要去实施，所有人都在这个世界上 可以起到重要的作用，她希望能够识别到早期的且能够为世界做出不同的企业。 责任编辑：彭紫晨 专题：深交所2025全球投资者大会：新质生产力 投资中国新机遇——开放创新的深圳市场 5月19日至20日，深交所2025全球投资者大会在深圳举行。大会主题为"新质生产力：投资中国新机遇 ——开放创新的深圳市场"，通过主旨演讲、圆桌讨论、公司路演等多种形式，展现中国资产和A股市 场投资价值。瑞士百达资产管理亚洲（除日本）首席执行官赵俊杰在圆桌论坛"新质生产力视角下的中 国投资机遇"中发表关于中国独特投资优势的看法。 赵俊杰表示，绿色能源、制造业和数字化交通都是她关注的投资领域，百达资产管理公司在战略上一直 在投资于全球的主动市场，已经投资了30多年，现在是世界上最大的主权投资品类。百达希望能够找到 大的趋势，希望这些趋势能够在未来的25年、30年甚至50年茁壮发展。他们相信这些大的趋势，强大的 力量，社会、环境、经济中的力量，还有技术的力量能够真的改变世界。相信这些大趋势是长期收益的 一个重要机会。 先用环保作为一个例子。中国政府一 ...

Core Insights - Brazilian President Lula met with Envision Group Chairman Zhang Lei during his visit to China to discuss Brazil's green energy transition and the development of zero-carbon industrial parks [1] - A strategic cooperation agreement was signed between Brazil's Export and Investment Promotion Agency and Envision Group, aiming to establish the first zero-carbon industrial park in Latin America [1] Group 1 - Envision Group will focus on developing a green fuel value chain in Brazil, centered around bio-aviation fuel [1] - The company will provide green ammonia equipment for the Brazilian market, contributing to the creation of a green oil ecosystem in Brazil [1] - The zero-carbon industrial park will be based on a new power system, supporting the construction of Brazil's new green industrial system [1] Group 2 - Envision Group is currently developing various forms of zero-carbon industrial parks in Inner Mongolia, Jiangsu, and Spain [1]

沙特阿美是沙特阿拉伯唯一国有石油公司，也是全球最大的石油天然气化工一体化公司之一 ，在2024 年《财富》世界500强榜单中排名第4位。其每年召开的全球董事会，一直以在本国召开为主。此次为首 次在京召开，便将地点选在比肩世界顶尖水平的北京CBD。这份坚定的选择，源于沙特阿美与CBD十 余年的友谊与信任。 作为首都对外开放的前沿阵地和国际交往的重要窗口，近年来，北京CBD不断强化国际化发展定位、 打造国际一流营商环境，通过北京CBD论坛、北京CBD影像季等品牌活动，实现全球"朋友圈"持续扩 容。2013年，被北京CBD国际化氛围吸引的沙特阿美正式将其亚洲区总部落户于CBD，为沙特阿拉伯 和中国之间的投资及其他业务合作发展按下"快进键"。就此，沙特阿美与北京CBD的"铁杆"友谊和国际 合作正式开篇。 深耕北京CBD十余载，沙特阿美充分利用自身专业优势和朝阳区资源优势，与朝阳、北京CBD持续保 持密切交流合作，不断拓展其业务布局。2015年，沙特阿美北京研发中心在朝阳区成立，为沙特阿美与 中国企业广泛开展研发合作奠定了良好基础。目前，沙特阿美已与我国部分央企建立了密切的贸易伙伴 关系。如今，沙特阿美已连续多年蝉联对 ...

5月2日，赤道几内亚副总统曼格率政府高级别代表团在访华期间，与卓然股份（688121.SH）举行战略 合作洽谈会。双方围绕能源化工全产业链建设开展了深度交流，并探索了炼油化工、绿色氢能、天然气 处理等核心领域合作的可能性。同时，双方还探讨了资源整合、贸易加工等创新合作模式。 响应"一带一路"倡议 业务覆盖海外16个国家 公开资料显示，卓然股份依托共建"一带一路"倡议，秉持"共商共建共享"原则，实施"深耕本土、辐射 全球"的市场战略。截至2024年底，公司目前业务已覆盖国内27个省级行政区和海外16个国家。 赤道几内亚，凭借其得天独厚的地理位置、丰沛的能源资源与优越的港口条件，始终是区域经济发展的 战略支点。近年来，在奥比昂总统的卓越领导下，该国积极拥抱共建"一带一路"倡议，以开放的姿态深 化与中国的经贸合作，致力于将资源优势转化为产业价值，推动经济多元化与能源主权建设。 作为深耕能源化工产业链数十载的国际化企业，卓然股份有尖端的技术实力、卓越的工程服务能力与前 瞻性的绿色发展理念。此次与赤道几内亚的合作，卓然股份充分发挥其全产业链整合优势，提出以"垂 直整合战略"为核心的协同发展方案：从原油供应端的高效开发， ...

4月10日，ESIE2025第十三届储能国际峰会暨展览会在北京首都国际会展中心盛大启幕。公司以 700平米超大型展台，全景呈现从系统集成、智慧运维到商业应用的全链条创新实力，并围绕 "新品 发布、技术赋能、生态共建" 三大主线，打造一场深度交互的储能行业盛宴。 新品全球首发，定义行业标杆 中车株洲所全新一代6.X储能电池舱适用于电源侧、电网侧、用户侧等全方位储能应用场 景。通过能量密度跃迁、全域安全防护、智控融合架构、全维兼容架构及静音工程体系五大 技术维度，驱动全场景储能一体化解决方案升级，重新定义储能技术边界。 兼容100%技术路线和应用场景，运输运维灵活性提高50% 能量密度跃迁 能量密度提升38%，场站投资成本降低20% 全域安全防护体系 搭载多模态传感矩阵，4S消防体系，热失控风险降至最低 智控融合架构 搭载AI全时均衡+智能运维系统，电站综合收益提高10% 全维兼容架构 中国中车集团产业发展事业部总经理刘建勋莅临展会现场并致辞。 静音工程体系 横卧顶出风设计+智能变频温控，噪音低至70dB 技术深度赋能，共话储能未来 在中车展台的技术盛宴中，企业专家团队倾力奉上多场深度技术分享，全景展现储能领域创 ...

Core Viewpoint - The article highlights the significant growth in the global energy storage market, particularly in lithium battery shipments and installations, driven by various factors including renewable energy demands and energy security needs [4]. Company Performance Summary - **Tesla**: Revenue of $97.69 billion with a 1% increase; energy storage revenue of $10.086 billion, showing a 67% year-on-year growth; net profit decreased by 53% to $7.091 billion [3]. - **Wärtsilä**: Revenue of €6.449 billion, a 7% increase; net profit increased by 88.5% to €507 million [3]. - **海博思创**: Revenue of 8.27 billion yuan, an 18.44% increase; net profit of 647 million yuan, up by 11.92% [3]. - **Fluence**: Revenue of $2.7 billion, a 22% increase; net profit increased by 129.03% to $30.4 million [3]. - **阿特斯**: Revenue of 46.161 billion yuan, a decrease of 10.03%; net profit decreased by 21.09% to 2.291 billion yuan [3]. - **华宝新能源**: Revenue between 3.4 billion to 3.7 billion yuan, a significant increase of 146.94%-159.91%; net profit between 200 million to 250 million yuan, up by 215.13%-243.91% [3]. - **新网光**: Revenue of 1.895 billion yuan, an 11.39% increase; net profit of 170 million yuan, up by 2.77% [3]. - **特变电工**: Net profit expected between 3.9 billion to 4.3 billion yuan, a decrease of 59.81% to 63.55% [3]. - **上海电气**: Net profit expected between 680 million to 810 million yuan, an increase of 138.6% to 184.2% [3]. - **易事特**: Net profit expected between 180.1 million to 236.4 million yuan, a decrease of 58% to 68% [3]. - **晶科能源**: Net profit expected between 80 million to 120 million yuan, a decrease of 98.39% to 98.92% [3]. - **科陆电子**: Revenue between 4.3 billion to 4.5 billion yuan, a slight increase of 2.38%-7%; net profit expected to be a loss between 380 million to 480 million yuan [3]. - **育都电源**: Revenue between 8.4 billion to 9.5 billion yuan, a decrease of 35.22% to 42.01%; net profit expected to be a loss between 1.2 billion to 1.56 billion yuan [3]. - **智光电气**: Net profit expected to be a loss between 250 million to 350 million yuan [3]. - **华自科技**: Net profit expected to be a loss between 360 million to 420 million yuan [3]. - **东方日升**: Net profit expected to be a loss between 2.7 billion to 3.5 billion yuan [3]. Industry Growth Insights - The global lithium battery energy storage system installations are projected to reach 63 GW/165 GWh in 2024, representing a year-on-year growth of 61.5% and 77.4% respectively [4]. - The primary drivers for market growth include the demand for renewable energy consumption in China, increased demand for energy storage systems in the US grid, the green energy transition in Europe, energy security needs, and cross-border grid interconnectivity [4]. - Global shipments of lithium batteries for energy storage are expected to grow over 55% year-on-year, with specific segments like power storage, residential, and commercial storage showing growth rates of over 70%, 25%, and 40% respectively [3].

罗必雄说，2023年全球可再生能源新增装机473吉瓦，亚洲占据69%份额，其中中国占比63%，成为亚 洲绿色发展的"压舱石"。在用电量方面，2013年至2023年间，全球用电量年平均增长率2.5%，亚洲为 4.5%。中国用电量占亚洲总量的52%，驱动亚洲成为全球能源需求的"心脏"。 与此同时，亚洲也面临严峻的低碳转型压力。罗必雄表示，尽管全球能源转型进展缓慢，但亚洲通过技 术突破和政策引领，已走出了一条独特的发展路径。大型火电、核电、海上风电、水电、氢能及特高压 技术的快速发展，为能源转型提供了有力支撑。此外，亚洲旺盛的市场需求，为清洁能源市场提供了广 阔空间。 （聚焦博鳌）中国能建携创新方案助力亚洲绿色能 源转型 中新网博鳌3月26日电 (冯玲玲)中国能建首席科学家，中电工程党委书记、董事长罗必雄在博鳌亚洲论 坛2025年年会"携手亚洲，共筑绿色能源未来"主题发布会上表示，中国在全球可再生能源领域占据重要 地位。中国能建正通过技术创新与国际合作，推动亚洲能源结构的绿色升级。 3月25日， 博鳌亚洲论坛2025年年会"携手亚洲，共筑绿色能源未来"主题发布会在海南博鳌举行。冯玲玲 摄 伏发电与咖啡种植结合，实现 ...