Core Insights - The article discusses the development of the "Jiangsu Province Industrial Efficiency Guide (2025 Edition)" aimed at enhancing industrial efficiency and promoting energy conservation and carbon reduction in the province [1] Group 1: Purpose and Objectives - The guide is designed to better serve the province's industrial structure upgrade and energy-saving efforts, facilitating the improvement of industrial energy efficiency across Jiangsu [1] - It provides a reference for government departments to attract high-efficiency and quality industrial projects while curbing the blind development of high-energy-consuming and high-emission projects [1] Group 2: Content Overview - The guide includes information on energy efficiency for key products in the province, energy efficiency for other products, equipment efficiency, standard coal equivalent coefficients for commonly used energy, and requirements for energy metering equipment [1] - It aims to assist enterprises and institutions in benchmarking industry energy efficiency, standardizing energy equipment selection, and enhancing energy-saving and carbon management practices [1] Group 3: Expected Outcomes - The implementation of the guide is expected to lead to a systematic improvement in the industrial energy efficiency level across Jiangsu Province [1]

Core Insights - The company reported a revenue of 31.559 billion RMB, a year-on-year increase of 10.1%, and a net profit of 1.388 billion RMB, up 4.8% year-on-year [1] Group 1: Order Structure Optimization - The company signed new contracts for major projects, achieving a historical high in new contract value of 71.158 billion RMB, a year-on-year increase of 42.1% [2] - The proportion of new contracts in front-end, design, and EPC categories reached 80%, indicating a solid foundation for high-quality growth [2] - Overseas orders saw significant growth, with new contract value reaching 4.3 billion USD, a year-on-year increase of 82.7%, accounting for 43.5% of total new contracts [2] - Notable domestic contracts included the Maoming Ethylene project EPC contract worth approximately 11.631 billion RMB and the Luoyang Ethylene project contract worth approximately 3.291 billion RMB [2] - In emerging business areas, the company signed 197 new contracts with a total value of about 7 billion RMB, including 3.2 billion RMB from clean energy/new energy contracts [2] Group 2: Technological Innovation - The company emphasized project integration innovation and engineering transformation, increasing collaboration with institutions like the Chinese Academy of Sciences and Tsinghua University [3] - Research in artificial intelligence is ongoing, focusing on enhancing design efficiency and optimizing construction processes [3] - The company has made progress in areas such as process optimization, intelligent design review, and smart pipeline design [3] Group 3: Advanced Equipment Development - The company is advancing the development and application of automated welding robots and intelligent construction equipment, effectively reducing costs and improving efficiency [4] - A total of 86 high-efficiency construction equipment applications have been developed, along with guidelines for intelligent equipment applications [4] - The company has set ambitious market development targets of 63 billion RMB domestically and 5 billion USD internationally for the year [4]

Group 1 - The core idea emphasizes that energy conservation and carbon reduction initiatives must engage every employee, transforming the strategy from "I have to reduce" to "I want to reduce" [1][2] - Chemical companies should decompose energy consumption indicators to specific responsibilities, ensuring accountability for every ton consumed, and implement a structured approach to track and analyze energy usage [1] - The establishment of incentive mechanisms is crucial, rewarding employees for their contributions to energy savings, thereby fostering a culture of recognition and respect within the organization [2] Group 2 - Companies should create platforms for employees to showcase their contributions, utilizing collective wisdom to identify energy-saving opportunities through suggestions and project recognition [2] - The overall strategy for energy conservation and carbon reduction should integrate positive incentives and quantitative assessments, embedding green development principles into daily operations [2]

Group 1 - The core viewpoint emphasizes the significant progress in energy conservation and carbon reduction in China, with a cumulative decrease in energy intensity exceeding 26% since 2012, equivalent to saving 1.4 billion tons of standard coal and reducing carbon dioxide emissions by approximately 3 billion tons [7][6][8] - The "14th Five-Year Plan" period has seen a notable reduction of 11.6% in energy consumption per unit of GDP compared to the end of the "13th Five-Year Plan," indicating a clear trend towards green and low-carbon development [7][6] - Key industries such as steel, cement, and glass have shown continuous declines in energy consumption per unit of industrial added value, alongside reductions in the intensity of major pollutants [9][10] Group 2 - Companies like Zhejiang Shunhu Aluminum Co., Ltd. have successfully implemented energy-saving technologies, achieving significant savings in natural gas and costs through energy efficiency improvements [8][9] - The introduction of intelligent water management systems in companies like Zhejiang Nanlong Industrial Co., Ltd. has led to a water reuse rate exceeding 98%, showcasing advancements in resource efficiency [10] - The Guangzhou Metro Group has adopted smart cooling systems and energy-efficient technologies, resulting in a 15% to 20% reduction in traction energy consumption, highlighting the importance of energy efficiency in urban transportation [12][11] Group 3 - The construction industry is increasingly focusing on green building practices, with new policies promoting energy efficiency and carbon reduction in building design [15][14] - The Xiong'an Free Trade Zone's zero-carbon demonstration building exemplifies innovative energy-saving technologies, including photovoltaic glass and geothermal heat pumps, contributing to significant energy savings [16][17] - Nationally, the proportion of newly built green buildings has exceeded 97%, with energy consumption per unit of building area decreasing compared to 2020, reflecting a strong commitment to sustainable construction practices [17]

Core Viewpoint - The recent approval of a batch of important national standards by the State Administration for Market Regulation (SAMR) aims to accelerate the construction of a unified national market, promote green and low-carbon development, and ensure safety in production [2][6]. Market Circulation Sector - The release of 29 national standards related to e-commerce, product barcodes, and knowledge management will help maintain market order and facilitate the circulation and trade of goods [6]. - Nine logistics national standards, including those for logistics pallets and cold chain logistics for aquatic products, have been published to enhance cost reduction and quality improvement in logistics [6]. Energy Conservation and Environmental Protection Sector - Five national standards, including those for formaldehyde energy consumption and solar water heater efficiency, have been introduced to promote energy conservation and carbon reduction [7]. Safety Production Sector - Four national standards related to safety production, including those for combustible dust process systems and aluminum electrolysis safety, have been established to clarify safety and explosion-proof technical requirements in the non-ferrous metal smelting and processing industry [9]. - Thirteen national standards, including those for greenhouse gas management in road vehicles and automatic identification systems for ships, have been released to support traffic safety and green development [10]. - Five national standards aimed at promoting the intelligent and green development of household appliances have also been published, covering areas such as digital simulation testing and carbon footprint requirements for air conditioners [10].

Core Viewpoint - Iceberg Cold Chain (000530) reported a slight decline in revenue but a modest increase in net profit for the first half of 2025, indicating resilience in a competitive market environment [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.401 billion yuan, a year-on-year decrease of 2.52% [1] - The net profit attributable to shareholders was 79.5411 million yuan, reflecting a year-on-year increase of 1.29% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 74.1626 million yuan, showing a year-on-year growth of 10.12% [1] Industry Focus and Strategy - The company is focused on the cold and heat industry, developing key areas such as industrial refrigeration and heating, commercial freezing and refrigeration, air conditioning, and environmental services [1] - The company aims to expand its market presence in both domestic and international markets, primarily through self-operated sales complemented by channel sales [1] Market Conditions - The refrigeration and air conditioning industry benefits from rigid demands driven by food safety, energy security, consumption upgrades, energy conservation, and domestic substitution [1] - However, the industry faces challenges such as intensified market competition, difficulties in improving efficiency, and challenges in receivables collection [1] Business Development - The company is focusing on niche markets such as petrochemicals, cold chain logistics, and energy management, while actively expanding into new areas like energy storage and carbon capture [2] - The company’s subsidiaries are successfully securing high-profile projects, enhancing their core competitiveness and industry influence [2] Product Innovation - Subsidiaries are innovating in energy-saving technologies and expanding their product offerings, including the development of oil-free compressors and integrated compressor projects [3] - The company is also advancing in energy storage solutions and has seen a rapid increase in orders for energy storage products [3]

Core Insights - The "Vibrant China Research Tour" in Chongqing highlights the city's significant progress in green transformation since the 14th Five-Year Plan, achieving an average energy consumption growth rate of 2.4% while supporting an economic growth rate of 5.6% [1] - Chongqing's energy consumption per unit of GDP is approximately 30% lower than the national average, showcasing its effective energy efficiency measures [1] Group 1: Industrial Structure Optimization - Chongqing is focusing on optimizing its industrial structure by developing strategic emerging industries, aiming for a modern manufacturing cluster system termed "33618," which includes three trillion-level leading industry clusters and three five-hundred billion-level pillar industry clusters [1] - By 2024, the added value of strategic emerging industries is expected to account for 34.6% of the industrial added value above designated size [1] - The city is also upgrading traditional industries to promote low-carbon transformation, achieving an 11.8% reduction in energy consumption per unit of GDP compared to 2020 [1] Group 2: Energy Efficiency Improvement - Chongqing has introduced an energy consumption output efficiency evaluation mechanism to help key energy-consuming enterprises optimize production processes and reduce energy costs [2] - The city has implemented an integrated energy efficiency assessment model, conducting energy-saving services for over 700 enterprises and energy efficiency inspections for more than 1,000 enterprises [2] Group 3: Green Energy System Development - The city is enhancing the clean and efficient use of fossil energy, with the average coal consumption for coal-fired power generation reduced to 307 grams per kilowatt-hour [2] - Natural gas exploration and development are being accelerated, with shale gas production maintaining a growth rate for 12 consecutive years [2] - Renewable energy installations have reached a record high, with renewable energy accounting for 46.5% of the total installed capacity [2] Group 4: Circular Economy Development - Chongqing is developing a green circular economy, with the total output value of the circular economy expected to exceed 150 billion yuan by 2024, involving over 20,000 enterprises and employing 153,000 people [3] - The city has established 170 national-level green factories and industrial parks, with the output value of these green factories accounting for 29.5% of the city's industrial output, surpassing the national average by 9.5 percentage points [3]

据悉，办法自2025年9月1日起施行，原《固定资产投资项目节能审查办法》同时废止。下一步，国家发 展改革委将持续加强工作指导和监督管理，推动各有关方面落实好办法要求，更好发挥节能审查和碳排 放评价源头把关作用，坚决遏制高耗能高排放项目盲目无序上马，扎实推动产业结构和能源结构调整优 化，加快经济社会发展全面绿色转型。 新华社北京7月25日电（记者魏玉坤）记者25日从国家发展改革委获悉，为贯彻落实党中央、国务院决 策部署，建立能耗双控向碳排放双控全面转型新机制，更好适应新形势下的节能降碳工作需要，强化固 定资产投资项目能源消费和碳排放管理，近日，国家发展改革委修订印发《固定资产投资项目节能审查 和碳排放评价办法》。 【纠错】 【责任编辑:王頔】 办法将碳排放评价和煤炭消费管理有关要求纳入节能审查，对项目用能和碳排放情况进行综合审查评 价；建立节能审查权限动态调整机制，由国家发展改革委对重点领域重大项目实施节能审查和碳排放评 价；强化节能审查事中事后监管，压实地方管理节能工作部门的监督管理职责，完善项目节能报告和情 况说明编制、项目重大变动情形、节能审查验收等方面的具体规定，明确相关违法违规行为的法律责 任。 ...

Core Viewpoint - The "Xinjiang Power to Chongqing" project, a ±800 kV UHVDC transmission line, has commenced operation, enabling electricity from Xinjiang to reach Chongqing in approximately 0.007 seconds over a distance of 2260 kilometers, marking a significant advancement in China's energy infrastructure [1][2]. Group 1: Project Overview - The project connects Xinjiang's Hami City to Chongqing, passing through Gansu, Shaanxi, and Sichuan, with a total investment of approximately 28.6 billion yuan [2]. - It is part of China's first large-scale renewable energy delivery project from the "Shagou Desert" region, with over 70% of the 14.2 million kW capacity coming from wind, solar, and thermal energy [2]. - The project is expected to deliver over 36 billion kWh of electricity annually, with more than half sourced from renewable energy, effectively replacing about 6 million tons of coal consumption and reducing carbon dioxide emissions by approximately 16 million tons [2]. Group 2: Demand and Benefits - Chongqing's electricity demand has been growing rapidly, with an annual increase of 6%, and is projected to reach an 11% growth rate in 2024 [4]. - The project will provide more green electricity to data centers in Chongqing, helping to lower electricity costs and meet the increasing demand for renewable energy [4]. Group 3: Technical Aspects - The two converter stations are crucial for the project, featuring domestically produced core equipment that stabilizes the intermittent nature of renewable energy, maintaining fluctuations within 5% [6]. - The Chongqing converter station utilizes advanced technology with proprietary intellectual property, enhancing the system's voltage stability and transmission capacity [8]. Group 4: Strategic Importance - The project reflects Xinjiang's ambition to become a national energy resource strategic support base, with significant potential for wind and solar energy development [10]. - Since 2010, Xinjiang has exported over 900 billion kWh of electricity, with renewable energy accounting for about 30% of this total, and the new project will further increase the share of renewable energy in exports to eastern provinces [12].

Investment Rating - The investment rating for the chemical industry, specifically the soda ash sector, is "Positive" and maintained [15]. Core Insights - The report discusses why soda ash is considered a potential good sector for "anti-involution" in the chemical industry, the impact of real estate downturns on soda ash demand, factors driving capacity reduction in the soda ash industry, the emergence of natural soda ash resources in Inner Mongolia, the current market position of soda ash, the elasticity of listed companies in the sector, and highlights of the leading natural soda ash company, Boyuan Chemical [3][7]. Summary by Sections Why is soda ash considered a potential good sector for "anti-involution"? - Soda ash has a global pricing mechanism, and after recent price declines, it has shown a "sales radius" effect. Domestic overproduction has led to a downturn in market conditions, while downstream applications like photovoltaic glass have significant overseas demand, making it a typical "involution" industry. The price of soda ash has dropped significantly since its peak in 2021, with many leading companies reporting losses in recent quarters. The cost curve for soda ash is steep, indicating a clear competitive disparity among companies, which may lead to market exit for less competitive players. The overall operating rate for soda ash remains around 80%, suggesting limited overcapacity and manageable exit challenges. Additionally, potential policy measures related to energy consumption and facility upgrades could accelerate industry clearing from "involution" [7][27]. How to view the impact of real estate downturn on soda ash? - The demand for soda ash from flat glass is declining, with projections indicating that it will account for about 30% of soda ash demand by 2024. Considering the demand from automotive glass and renovation needs, the impact of real estate completions on soda ash demand is estimated to be around 20%. In a pessimistic scenario where completions drop to 50-60% in 2024, the impact on soda ash demand could be approximately 8-10%. However, emerging sectors such as photovoltaic glass, lithium carbonate, and other long-tail demands are expected to effectively offset the decline in real estate demand [8][28]. What factors may drive capacity reduction in the soda ash industry? - Energy consumption and facility upgrades are seen as key drivers for "anti-involution" in the soda ash sector. The proportion of soda ash production capacity that meets energy efficiency benchmarks is still below the guidelines set by the National Development and Reform Commission. Additionally, 31% of soda ash facilities are over 20 years old, which is relatively high compared to other chemical sub-industries [9][52]. What is the impact of the emergence of natural soda ash resources in Inner Mongolia? - The report estimates that even with the planned production of natural soda ash, synthetic processes will still dominate the market. The pricing is expected to be anchored around the full cost of synthetic processes. The supply increase from the natural soda ash project is not anticipated to impact the market significantly until after 2028 [10][64]. What is the current market position of soda ash? - The current market conditions for soda ash are at a low point, with price differentials nearing historical lows and a safety margin in place. Many related listed companies have reported losses in recent quarters, with companies like Shandong Haihua, Xue Tian Salt Industry, and Zhongyan Chemical experiencing declining performance [11][44]. How elastic are listed companies in the soda ash sector, and what are the main recommended stocks? - At the industry bottom, the report recommends investing in Boyuan Chemical, a leading natural soda ash company with cost advantages. It also suggests monitoring the progress of the Naimanqi soda ash project by Zhongyan Chemical and potential developments regarding the leading natural soda ash company [12][62]. What are the highlights of the leading natural soda ash company, Boyuan Chemical? - Boyuan Chemical has three main highlights: growth potential, high dividend payout potential due to cost advantages, and price elasticity options. The company has been generous with dividends, with a payout ratio exceeding 5% in 2024, and has shown a declining debt ratio, indicating strong future cash flow. With the second phase of its project expected to contribute additional capacity, the company is positioned for substantial dividend potential and price elasticity [13][66].