一个大号充电宝能有多大？一整座山。 这个正在建设的大号"空气充电宝"，是信阳300兆瓦先进压缩空气储能项目，就在新县的大别山深处。项目建 成后能把光伏、风力发的电能，稳定流畅地接入电网，存储备用，平衡电网供需。 实现碳达峰碳中和目标，能源绿色低碳发展是关键。河南加快推进能源结构战略性调整，积极推动能源替 代，2024年迎来"双超越双突破"：可再生能源装机超越火电、新能源装机超越煤电；可再生能源装机占比突 破50%、年发电量突破1000亿千瓦时。 在这场绿色变革浪潮中，老区信阳凭借得天独厚的自然资源禀赋，可再生能源装机占比达66.59%，高出全省 13个百分点以上，成为河南绿色发展的"尖子生"，也是观察区域绿色低碳转型的鲜活标本。 绿能"风光"无限 8月18日，记者沿着施工通道走进信阳"空气充电宝"项目现场，看到连接地上场区和地下储气硐室的运输通道 已经完成，大山"肚子"内直径15米、总长1800米、总容量约31万立方米的空气压缩硐室已掘进过半，预计将 于2026年年底建成投产。 作为国家能源局新型储能试点示范项目，"空气充电宝"是国内最大的在建300兆瓦级人工硐室压缩空气储能项 目。"项目建成投用后，年发电量 ...

Fundraising Overview - The company raised a total of RMB 152,080.06 million from its initial public offering (IPO) by issuing 38,599 million shares at a price of RMB 3.94 per share, with a net amount of RMB 140,192.00 million after deducting issuance costs of RMB 11,888.06 million [1][57] - As of June 30, 2025, the company has utilized RMB 104,982.12 million of the raised funds, with RMB 829.62 million used in the first half of 2025 [2][12] - The company has earned a net income of RMB 1,005.23 million from financial investments and interest income, with RMB 4,083.6 million remaining in the fundraising account as of June 30, 2025 [2][3] Specific Fundraising Activities - The company issued 87,336,244 shares to specific investors at a price of RMB 2.29 per share, raising a total of RMB 199,999,998.76, with a net amount of RMB 196,924,966.30 after deducting issuance costs [4][5] - By June 30, 2025, RMB 19,692.50 million of the funds raised from the specific issuance has been utilized [4][6] Fund Management and Compliance - The company has established a fundraising management system to ensure the proper use and management of raised funds, adhering to relevant laws and regulations [7][21] - The company has signed tripartite supervision agreements with banks and sponsors to ensure the safety of the raised funds [8][9] Project Updates and Adjustments - The company has concluded several fundraising projects, including the "2*300MW Thermal Power Unit Energy Efficiency Improvement Project" and the "Annual Production of 6,000 Tons of Trichlorosilane Project," reallocating surplus funds for new projects [57][61] - The company has adjusted the scale of the "Annual Production of 20,000 Tons of Solid Alkali and Caustic Soda Deep Processing Project" to 10,000 tons, reallocating the remaining funds to the "29.99984MW Photovoltaic Power Generation Project" [18][59] Financial Performance and Future Plans - The company plans to use surplus funds for permanent working capital and to implement new fundraising projects, including the "Annual Production of 50,000 Tons of PVC Modified Nano Calcium Carbonate Project" [57][61] - The company has reported that the "Annual Production of 6,000 Tons of Trichlorosilane Project" has not met expected benefits due to a decline in market prices [24][25]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 此乃中信泰富特鋼集團股份有限公司在二零二五年八月十九日登載 於中華人民共和國深圳證券交易所網站(www.szse.cn)關於2025年半 年度報告。中信泰富特鋼集團股份有限公司為中國中信股份有限公 司的附屬公司。 中信泰富特钢集团股份有限公司 2025 年半年度报告全文 中信泰富特钢集团股份有限公司 中信泰富特钢集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人钱刚、主管会计工作负责人倪幼美及会计机构负责人(会计主 管人员)吴斌声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质 承诺，请投资者注意投资风 ...

编者按：近日《纽约时报》将中国在清洁能源行业的跃升概括为"从模仿到创新的转变"，强调中国在技 术实际应用和全球供给体系中发挥日益关键的作用。中国靠什么实现了这一巨大进步？本期"环球圆桌 对话"邀请三位学者就相关话题展开讨论。 洪 勇：商务部研究院副研究员 林伯强：厦门大学管理学院讲席教授、中国能源政策研究院院长 第二， 绿色金融制度加速了资本市场的"绿色转向"。自2016年起，我国率先建立绿色金融体系，推出 绿色债券、绿色信贷、碳中和债等多层次产品。2024年，我国绿色信贷余额超过30万亿元，绿色债券发 行规模占全球近一半，为清洁能源企业提供了持续不断的资金来源。 第三，我国金融政策具有工具箱式创新。例如，人民银行推出碳减排支持工具，商业银行可以通过低成 本再贷款形式支持企业开展碳减排项目，直接将货币政策工具与绿色目标挂钩。这种机制不仅降低了融 资成本，还通过政策导向引导市场资源流向绿色产业。 对比来看，不少国家在绿色投资中高度依赖私人资本，缺乏公共金融的支撑与风险分担机制，导致项目 落地速度较慢。我国的制度优势在于能够通过政府主导的金融架构与市场机制的结合，实现资本快速集 聚、成本有效下降，为清洁能源产业化 ...

Core Viewpoint - The Chinese biodiesel industry is facing significant challenges due to EU policies, but the emerging market for bio marine fuel presents a viable opportunity for growth and diversification [2][3][5]. Industry Overview - China is a major biodiesel producer with an annual output exceeding 2 million tons, of which 90% is exported [3]. - The EU is the largest market for Chinese biodiesel, with approximately 180,000 tons exported in 2023, accounting for 90% of total exports [3]. Challenges Faced - The biodiesel export volume dropped by 42.55% in the first half of 2025, indicating a significant contraction in market share [4]. - The EU has implemented multiple measures against Chinese biodiesel, including the revocation of ISCC certifications and anti-dumping investigations, leading to tariffs ranging from 10% to 35.6% [3][5]. Opportunities in Bio Marine Fuel - The bio marine fuel market is seen as a potential solution for the biodiesel industry, with the possibility of increasing annual usage to over 3.6 million tons [5][7]. - The demand for bio marine fuel is rising due to the shipping industry's decarbonization pressures, with significant sales growth in major ports like Singapore and Rotterdam [5][6]. Strategic Recommendations - Promoting bio marine fuel aligns with low-carbon development trends and can help circumvent EU tariffs by shifting the supply chain to domestic blending and refueling [6][8]. - Establishing a local blending and refueling system is crucial for reducing costs and improving efficiency in the bio marine fuel market [8]. - The industry should focus on innovation and high-quality development to transition from an export-dependent model to a dual circulation strategy [8].

Core Insights - The Chinese biodiesel industry is facing significant challenges due to EU policies, but the development of bio marine fuel bunkering presents a viable opportunity for growth [1][2][4]. Industry Overview - China is a major biodiesel producer with an annual output exceeding 2 million tons, of which 90% is exported [2]. - The EU is the largest market for Chinese biodiesel, with approximately 180,000 tons exported in 2023, accounting for 90% of total exports [2]. Challenges Faced - The EU has implemented multiple measures against Chinese biodiesel, including the revocation of ISCC certifications and anti-dumping investigations, leading to a significant drop in exports [2][3]. - In the first half of 2025, China's ester-based biodiesel exports fell by 42.55% year-on-year, indicating a shrinking market share [3]. Opportunities in Bio Marine Fuel - Expanding bio marine fuel bunkering is seen as a critical strategy for the biodiesel industry to overcome export challenges [4][5]. - The demand for bio marine fuel is increasing, with significant sales growth in major ports like Singapore and Rotterdam, despite a price premium of 30% to 60% over low-sulfur fuel oil [4]. Strategic Advantages - Promoting bio marine fuel aligns with low-carbon development trends and can help avoid EU tariffs by shifting the supply chain to domestic blending and bunkering [5][6]. - The establishment of a domestic carbon accounting and certification system is crucial for enhancing China's international competitiveness in biofuels [6]. Future Projections - By the end of the 14th Five-Year Plan, the annual consumption of B24 bio marine fuel in China is expected to reach 15 to 20 million tons, potentially driving biodiesel usage by 3.6 to 4.8 million tons [6]. - The industry must transition from an export-dependent model to a dual circulation strategy, focusing on innovation and high-quality development [7].

Core Viewpoint - The article highlights significant advancements in the new energy commercial vehicle sector, showcasing multiple large-scale deliveries of electric trucks and vehicles, which contribute to the industry's low-carbon transformation and align with national carbon neutrality goals [1][5][6]. Group 1: Major Deliveries - A record-breaking delivery of 137 units of the CIMC·Shanqi new energy head-mounted train was made to a major customer, marking the largest batch of cross-border transport of new energy head-mounted trains in the industry [2][3]. - Dongfeng delivered 50 new energy heavy trucks to Yichang, which can operate for 8 hours on a full charge, significantly reducing carbon emissions by approximately 60 tons per truck annually [6][8]. - SANY successfully delivered the first batch of 30 new energy heavy trucks in Xi'an, marking the initiation of a green energy low-carbon transport project [11][12]. Group 2: Strategic Collaborations - The collaboration between CIMC and Shanqi represents a milestone in their integrated strategy, aiming to create a new ecosystem for the development of new energy head-mounted trains [5]. - The partnership between SANY and Shuqifuture focuses on enhancing green logistics and achieving the national dual carbon strategy through efficient transportation solutions [14]. Group 3: Industry Trends and Innovations - The transportation sector is undergoing a green transformation, driven by national policies promoting the adoption of new energy vehicles, particularly in heavy-duty freight [9]. - The development of a zero-carbon mining transport corridor in Hubei is a key initiative, integrating electric and hydrogen fuel cell vehicles to address the challenges of traditional fuel vehicles in complex operational environments [9][10]. - Sanhuan Automobile's delivery of 50 pure electric dump trucks reflects the company's commitment to customer-centric innovation and the growing demand for reliable electric commercial vehicles [16][18].

Core Viewpoint - The Chinese biodiesel industry is facing significant challenges due to EU policies, but the development of bio marine fuel bunkering presents a viable opportunity for growth and market expansion [1][2][4]. Industry Overview - China is a major biodiesel producer with an annual output exceeding 2 million tons, of which 90% is exported [2]. - The EU is the largest market for Chinese biodiesel, with approximately 180,000 tons exported to the EU in 2023, accounting for 90% of China's total biodiesel exports [2]. Challenges Faced - The biodiesel industry is experiencing a 40% drop in export volume in the first half of 2025, with total exports at 380,100 tons [3]. - The EU has implemented multiple measures against Chinese biodiesel, including the revocation of ISCC certifications and anti-dumping duties ranging from 10% to 35.6%, severely impacting export opportunities [2]. Opportunities in Bio Marine Fuel - The bio marine fuel bunkering market is emerging as a critical strategy for the biodiesel industry to overcome export challenges, with potential annual usage exceeding 3.6 million tons [4][6]. - The demand for bio marine fuel is increasing due to the shipping industry's decarbonization pressures, with significant growth in sales at major ports like Singapore and Rotterdam [4]. Strategic Recommendations - Promoting bio marine fuel bunkering aligns with low-carbon development trends and can help circumvent EU tariffs [5]. - Establishing a domestic carbon accounting and certification system for bio marine fuel can enhance China's position in international trade [6]. - The industry should transition from an export-dependent model to a dual circulation strategy, focusing on innovation and high-quality development [7].

Core Viewpoint - The report highlights the critical role of new energy storage in supporting the new power system and achieving the "dual carbon" strategic goals, emphasizing the need for top-level design, addressing development bottlenecks, and strategic layout for the new energy storage industry during the 14th Five-Year Plan period [2]. Group 1: Top-Level Design and Industry Practice - A comprehensive policy framework has been established, with new energy storage included in the Energy Law of the People's Republic of China, marking its legal position in power system regulation [3]. - By the end of 2024, the installed capacity of new energy storage in China reached 73.76 million kilowatts, accounting for over 40% of the global total, with an average annual growth rate exceeding 130% [4]. - Technological innovation has led to significant advancements, including the mass production of lithium-ion battery cells with a capacity of 500 ampere-hours and a cycle life of 15,000 times [5]. Group 2: Bottlenecks in High-Quality Development - Despite a 25% decrease in lithium-ion battery storage costs compared to 2023, the initial investment for long-duration storage (over 4 hours) remains high, with vanadium flow battery systems costing 1.6 to 2.5 times that of lithium-ion batteries [6]. - The current standards primarily cover electrochemical storage, but there are systemic challenges in the implementation of these standards, highlighting the need for enhanced execution and regulatory oversight [7]. - The industry chain has weak links, particularly in high-end products, which still rely on imports, indicating a need for improved collaboration between research, development, and engineering [9]. Group 3: Leading Global Energy Storage Paradigm - A focus on technological innovation across various time scales is essential, with plans to upgrade lithium-ion batteries and accelerate the industrialization of sodium-ion and solid-state batteries [10]. - The establishment of a unified capacity compensation mechanism and a three-pronged revenue model is necessary to unlock diverse value opportunities for new energy storage [11]. - The report advocates for the internationalization of storage technology standards and the establishment of integrated projects in overseas markets, aiming to position China as a leader in the global energy storage industry [12].

Core Viewpoint - The company is committed to enhancing operational quality and investor returns through a systematic strategy focused on high-quality development and sustainable practices in the energy sector [1][6][8]. Group 1: Business Strategy and Performance - The company aims to become a leading provider of green and efficient environmental energy services, focusing on "environmental protection" and "energy" themes while optimizing its dual-driven model of "energy trade + energy industry" [1][2]. - In the first half of 2025, the company's thermal power generation business achieved operating revenue of 1.447 billion yuan and a net profit of 247 million yuan [3]. - The company successfully acquired 100% equity of Huzhou South Taihu Power Technology Co., Ltd., which has a boiler capacity of 480t/h and a generator set capacity of 48MW, further consolidating its leading position in the energy industry [3]. Group 2: Energy Trade and New Energy Development - The company is expanding its investment in the energy sector, focusing on thermal power generation and solid waste disposal while accelerating breakthroughs in the new energy sector [2][4]. - In the first half of 2025, the coal circulation business generated operating revenue of 16.928 billion yuan and a net profit of 146 million yuan, with coal sales volume reaching 31.9 million tons, a year-on-year increase of 14.13% [5][3]. Group 3: Innovation and R&D - The company invested 65.2781 million yuan in R&D in the first half of 2025, a 1.7% increase year-on-year, focusing on high-end, digital, and intelligent innovations [8][13]. - The company has established an innovation system comprising various research centers and laboratories to enhance its technological capabilities and drive the transformation of research results into practical applications [9][10]. Group 4: Investor Relations and Governance - The company has committed to a stable and scientific return mechanism for investors, planning to distribute cash dividends amounting to no less than 40% of the net profit attributable to shareholders for the years 2024-2026 [6][7]. - Since its listing in 2021, the company has distributed a total of 1.506 billion yuan in cash dividends, representing 101.23% of the net raised funds [7]. Group 5: Sustainable Development and Environmental Responsibility - The company is actively promoting green and low-carbon transformation through comprehensive energy services and waste disposal, achieving a sales volume of 4.2595 million tons of steam in the first half of 2025, a year-on-year increase of 0.24% [4][11]. - The company’s waste tire pyrolysis project has made significant progress, converting waste tires into valuable products while achieving environmental benefits [11].