发行人是招商局集团唯一全资控股的融资租赁公司，一经成立即成为招商局集团产融结合 战略的重要抓手 。 2021 年以来，发行人积极响应国家双碳战略布局，逐步压缩传统业 务并向 " 五新 " 行业转型，聚焦新航运、新海工、新能源、新基建、新物流行业。紧密 围绕 " 绿色、科技、能源、物流、设备 " 五个关键词，布局海上风电及海工装备、清洁 能源及运输、海上油气保障、智能物流运输、数字新基建等特色领域，扎实迈向 " 产业 金融特色鲜明的国内一流融资租赁公司 " 的战略愿景，目前发展转型态势良好。 本 期债券的成功发行 是申万宏源长期以来深耕央企客户的重要成果， 为我公司进 一步深化与 发行人 的合作关系奠定了坚实基础 ，也体现了我司 以服务国家战略 为 指引的经营导向 。 2025 年 6 月 26 日 ，申万宏源证券作为 主承销商 ，助力招商局融资租赁有限公司 成 功发行 2025 年度第一期绿色中期票据 。 本期 绿色 中期票据发行规模 5 亿元， 募集 资金用于置换投放绿色产业项目使用的自有资金及绿色产业项目融资租赁款投放 ， 期限 2 年，票面利率 1.60 % ， 创 历史以来同期限中期票据发行利率新低 ...

Group 1: Company Overview - The company, Dongli Xinke, primarily engages in the design, production, manufacturing, and sales of diesel engines and heavy-duty trucks [1] - Its wholly-owned subsidiary, SAIC Hongyan, focuses on the production and sales of heavy-duty trucks [1] Group 2: Financial Performance - In 2024, Dongli Xinke sold 145,800 diesel engines, a year-on-year decrease of 18.48%, while SAIC Hongyan's heavy-duty truck sales dropped by 39.37% to 5,511 units [2] - The company's total revenue for 2024 was 6.467 billion yuan, down 25.5% year-on-year, with a net loss attributable to shareholders of 1.999 billion yuan, an improvement from a loss of 2.463 billion yuan in the previous year [2] - The company reported difficulties in collecting accounts receivable, high debt levels, and an increase in debt-related litigation, with total liabilities significantly exceeding total assets [2] Group 3: Market Outlook - Despite current challenges, the company remains optimistic about its heavy-duty truck business, anticipating a potential market recovery in 2025 driven by macroeconomic policies and the implementation of the "dual carbon" strategy [3] - The domestic heavy-duty truck market is projected to see a slight decline of 1.03% in 2024, with competition expected to intensify due to high market saturation [3] - Major competitors in the heavy-duty truck sector include China National Heavy Duty Truck Group, FAW Jiefang, Dongfeng Motor Group, and Shaanxi Automobile Group [3] Group 4: Restructuring Efforts - SAIC Hongyan's creditors have applied for bankruptcy reorganization due to its inability to repay debts, although the court has yet to accept the application, leaving the outcome uncertain [1][3] - The company believes that a successful reorganization of SAIC Hongyan could alleviate debt pressures and improve operational stability [3] - Regardless of the reorganization outcome, the company will continue to manage its non-heavy-duty truck operations without significant impact [4]

Core Viewpoint - The Chinese electronic paper industry is experiencing rapid growth despite the exit of Amazon's Kindle from the market, with significant advancements in technology and applications [1][2][3]. Industry Overview - The shipment volume of electronic paper application terminals has reached 379 million units, marking a year-on-year increase of 23.4% [1]. - Nearly 96% of electronic paper modules are manufactured in China, establishing a global supply chain centered around the country [1]. - The display output value of electronic paper technology exceeds $14.9 billion, making it the third-largest display technology after LCD and OLED [1]. Market Dynamics - The primary user terminal for electronic paper is electronic price tags, predominantly in the smart retail sector, followed by electronic paper tablets, which include e-readers, learning machines, and office notebooks [1][3]. - The Chinese electronic paper market is projected to grow at a rate of 30% by 2025, significantly outpacing the global market growth forecast of 9.3% [3]. Product Development - The sales volume of electronic paper tablets in China is expected to reach 1.834 million units in 2024, with a year-on-year growth of 49.1% [4]. - The market for electronic paper learning machines is expanding, with over 1 million units sold in 2024 by a leading company [6]. Future Trends - The future of electronic paper technology includes colorization, larger sizes, and flexibility, with plans to replace 20% of written paper [6]. - The evolution of electronic paper into mainstream terminals is expected to occur in three phases: introduction (2023-2028), rapid development (2028-2035), and popularization (2035-2045) [7]. - Key trends include significant growth in learning machines, increased penetration of color e-paper screens, and a younger user demographic [7].

Core Viewpoint - The article provides a comprehensive overview of the advancements in China's energy storage technology in 2024, highlighting significant progress in various storage technologies and the country's leading position in global energy storage research and development [2][3][4]. Group 1: Overview of Energy Storage Technologies - In 2024, China experienced rapid development in energy storage technologies, including pumped hydro storage, compressed air energy storage, flywheel energy storage, lead-acid batteries, lithium-ion batteries, flow batteries, sodium-ion batteries, supercapacitors, and new storage technologies [2][3]. - China has maintained its status as the most active country in the world for foundational research, technology development, and integrated demonstration in the energy storage sector, leading in the number of SCI papers published and WIPO international patents filed [2][3][4]. - The installed capacity of new energy storage technologies has surpassed that of pumped hydro storage for the first time, marking a historic milestone for the industry [2][3]. Group 2: Pumped Hydro Storage - Pumped hydro storage remains a mainstream large-scale energy storage technology, with significant advancements in 2024, including the transition to a new stage of large-scale, intelligent, and ecological development [6][7]. - Key research areas include the flow characteristics of pump-turbine systems, equipment and control technologies, system scheduling and optimization, and market pricing mechanisms [8][9][10]. - The development of new pumped hydro storage technologies, such as gas-liquid composite energy storage systems, has improved both efficiency and construction costs [12]. Group 3: Compressed Air Energy Storage (CAES) - In 2024, China's CAES technology achieved a leap in capacity from 100 MW to 300 MW, with significant advancements in system characteristics and energy loss mechanisms [17]. - Key research areas include the optimization of system parameters, compressor and expander technologies, and the integration of CAES with other energy systems [25][27]. - Several milestone projects have been initiated, including the first 300 MW/1800 MWh salt cavern CAES power station, which set international records for single-unit power and system efficiency [27]. Group 4: Thermal Energy Storage - Thermal energy storage technologies, including sensible heat, latent heat, and thermochemical storage, have seen significant advancements in 2024, focusing on material development and system optimization [28][29]. - Research highlights include the development of new composite phase change materials and the optimization of heat transfer characteristics in thermal storage units [30][31]. - Demonstration projects have successfully implemented molten salt storage systems, enhancing peak shaving capabilities in power generation [36]. Group 5: Flywheel Energy Storage - Flywheel energy storage technology has made notable progress in structural design, system control strategies, and engineering applications in 2024 [37]. - Research focuses on improving the reliability, efficiency, and lifespan of flywheel systems, as well as developing innovative control strategies for hybrid energy storage systems [38].

Core Viewpoint - The article highlights the launch of a national partner recruitment plan by Zhucheng Group, aimed at leveraging national dual carbon strategies to create a win-win ecosystem in the integrated construction and decoration industry, promoting green and high-quality development in the sector [1][5]. Group 1: Industry Context - The Ministry of Housing and Urban-Rural Development and other departments have emphasized the development of prefabricated buildings, with a target that by 2025, prefabricated buildings will account for over 30% of new constructions [1]. - Prefabricated buildings are identified as a key pathway to achieve China's commitment to peak carbon emissions by 2030 and achieve carbon neutrality by 2060 [1]. Group 2: Company Strategy - Zhucheng Group initiated a "Digital Interior Decoration" strategic transformation in 2020, creating a comprehensive digital platform integrating BIM, ERP, and MES, which has resulted in a 40% reduction in project delivery time and a 65% decrease in carbon emissions compared to traditional renovation methods [3]. - The company has reported a 58% increase in user satisfaction and a 76% reduction in maintenance rates for projects utilizing its integrated solutions [3]. Group 3: Partner Recruitment Plan - The partner recruitment plan allows partners to enter the market without the need for storefronts or mandatory targets, minimizing financial and networking pressures [3]. - The plan includes an "Eight Empowerment System" that transforms the company's 31 years of technical experience into market competitiveness, providing a "zero-risk gold mining" path for regional partners [5]. - The original direct sales team has transitioned to a "Channel Support Center," with over 100 experts available to provide comprehensive services from design to delivery, while the company covers service costs to maximize profits for partners [3][5].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response about its business performance, revenue recognition, and profit margins across different sectors [1][2]. Group 1: Business Performance - In 2024, the company achieved operating revenue of 1.918 billion yuan, a year-on-year increase of 12.75%, with fourth-quarter revenue of 809 million yuan, accounting for 42.19% of the total [1]. - The net profit attributable to shareholders was 174 million yuan, reflecting a growth of 5.27%, while the net profit after deducting non-recurring gains and losses was 171 million yuan, up by 8.27% [1]. - The company’s revenue growth rate and net profit growth rate have slowed down, with a decline in gross margins across various business segments [1]. Group 2: Revenue Recognition - The company provided detailed information on revenue recognition for the fourth quarter, including major order amounts, revenue recognition timing, and accounts receivable balances [2][3]. - The revenue recognition for the top ten customer orders in the fourth quarter was based on installation and acceptance reports, with seven customers providing acceptance certificates [3][4]. Group 3: Gross Margin Analysis - The gross margin for the wind power sector decreased by 6.37 percentage points year-on-year, attributed to intensified competition and rising raw material costs [11][12]. - In the photovoltaic sector, the gross margin was affected by policy changes and market oversupply, leading to price wars that compressed margins [12][13]. - The gross margin for other sectors showed a slight increase, but overall, the company faced challenges in maintaining profitability across its business lines [11][12]. Group 4: Market Dynamics - The company noted that the fourth quarter typically sees higher revenue due to seasonal demand and concentrated procurement by major state-owned enterprises [5]. - The implementation of national strategies related to renewable energy has driven growth in the company’s SVG products, particularly in large wind and solar projects [5][6]. - The company has successfully expanded its customer base, including partnerships with major state-owned enterprises and entry into new markets such as data centers [15][16]. Group 5: Future Strategies - The company plans to increase investment in research and development to enhance product performance and competitiveness [17]. - It aims to optimize its customer structure by targeting small and medium-sized enterprises and diversifying into emerging industries [18]. - Cost control measures will be implemented, including optimizing procurement and production processes to reduce expenses [20].

Core Viewpoint - The visit by Ding Shujing, Dean of the School of Chemistry at Xi'an Jiaotong University, to Lanshi Zhongke highlights the company's advancements in nanomaterials and its commitment to green development through innovative technologies [1][3][7]. Group 1: Project Insights - The 100,000 tons/year nano zinc oxide project was inspected, showcasing its production process, technical advantages, and market applications, which received high recognition from Ding Shujing [3]. - The project integrates solid waste high-value utilization with nanotechnology, addressing environmental challenges while enhancing industrial value, aligning with national green development and "dual carbon" strategies [3]. Group 2: Collaboration and Future Plans - Ding Shujing visited the 1,500 tons/year nano lithium iron phosphate precursor demonstration line, focusing on the preparation process and future implementation plans [5]. - The discussions included Lanshi Zhongke's proprietary core patent technologies and advancements in high-value utilization of industrial solid waste, emphasizing the company's significant achievements in the nanomaterials sector [7]. - There is a strong interest in establishing comprehensive cooperation between Xi'an Jiaotong University and Lanshi Zhongke in technology transfer, pilot base construction, and industrial promotion, leveraging both parties' strengths in research and application [7].

Core Viewpoint - The forum focused on accelerating the construction of a new energy system and promoting the green and low-carbon transformation of the energy industry, with participation from over 400 representatives from government, energy companies, and related sectors [1] Group 1: Company Initiatives - JD.com is promoting energy conservation and emission reduction in its supply chain through initiatives such as green data centers, green warehousing, green logistics, and green packaging [2] - The company has installed photovoltaic equipment in 17 smart industrial parks, aiming for a self-generated photovoltaic power output exceeding 38 million kilowatt-hours by 2024, which is expected to reduce carbon emissions by over 30,000 tons [2] - JD.com has optimized operations in high-energy-consuming data centers by incorporating renewable energy and developing its own Alpha intelligent computing module, maintaining a Power Usage Effectiveness (PUE) below 1.15 [2] Group 2: Industry Collaboration - JD.com utilizes digital technology to connect and optimize various aspects of social production, consumption, and services, driving the transformation of the green supply chain [2] - Since 2022, JD.com has launched the "Green Plan" in collaboration with over 100 Fortune 500 brands to encourage consumers to choose green products [2] - The company has introduced dual carbon accounts for brands and consumers, establishing a carbon-inclusive mechanism and an environmentally friendly product system [2] Group 3: Support for the Energy Sector - JD.com extends its services across the entire energy industry chain, including generation, grid, load, and storage, serving major energy companies such as China National Energy Group, PetroChina, Sinopec, and Southern Power Grid [3] - The company has served over 8 million government and enterprise clients, including more than 30,000 large clients [3] - As the national "dual carbon" strategy deepens, the digitalization and greening of the energy industry are becoming essential, with JD.com committed to supporting energy companies in cost reduction and efficiency improvement [3]

Group 1 - The 2025 Ora Good Cat and 2025 Ora Good Cat GT Mulan Edition were officially launched on June 27, with price ranges set between 83,800 to 103,800 yuan for the Good Cat and 96,800 to 106,800 yuan for the GT Mulan Edition, along with various promotional offers for customers [1][3] - The brand manager emphasized the importance of pure electric small cars in achieving lower carbon emissions and supporting the national "dual carbon" strategy, positioning them as a necessary choice in the current energy transformation [3][10] - The 2025 Ora Good Cat aims to redefine the value benchmark for premium A0-class electric sedans, featuring a new sporty front face and distinctive design elements such as LED headlights and unique wheel designs [5][9] Group 2 - The smart cockpit of both the 2025 Ora Good Cat and GT Mulan Edition includes a new two-spoke steering wheel and an upgraded Coffee OS 3 system, featuring a combination of a 10.25-inch instrument panel and a 14.6-inch floating central control screen [7][9] - The new models are equipped with an efficient electric drive system, with a CLTC range of 430 km for most variants, and a commitment to safety standards that will be implemented in 2026 [9][10] - Since its launch in 2020, the Ora Good Cat has entered over 50 countries and regions globally, achieving over 280,000 users, and has been recognized as the quality champion in the compact electric vehicle segment by J.D. Power [9][10]

"塑料外卖盒可能会致癌""外卖盒盛放60℃以上的食物时会释放有害物质"……近日，有媒体机构和自媒 体博主在视频平台发布针对塑料制品的误导性信息和不准确的言论。真相究竟如何？记者进行了相关采 访调查。 王占杰在接受记者采访时表示，塑料加工业作为国民经济的重要支柱产业之一，是优质传统产业、重要 民生产业，也是国家新兴产业和未来产业的基础产业及组成部分。目前，我国塑料加工业已形成门类齐 全、独立完整的制造业体系，在国民经济中占有重要地位。塑料制品具有质轻、耐腐蚀、绝缘性好、易 加工、节能降碳等特点，在国际和国内的工业、农业、建筑、家电、医疗、5G通信、汽车、新能源建 设、航空航天、国防建设等领域得到了广泛应用，为国民经济的发展和人民美好生活做出了诸多重要的 贡献。可以说，人们不可能完全拒绝塑料制品。 浙江大学高分子科学与工程学系博士生导师郑强表示，"客观地讲，若不被当作价廉物美的一次性制品 使用，尤其是使用后不被随意丢弃，能够真正做到严格分类回收，那么'白色污染'的污名就不会扣到一 次性塑料制品头上。" 正如郑强所说，因为塑料化学性质相对稳定，在我们使用的时候，赞叹它"轻便耐用"，在我们遗弃它后 同样也会埋怨它"难 ...