分析师 1: 那我是本次会议的主持人，天风计算机团队的首席梁振军。那今天我们也非常荣幸的邀请 到了国能日新的这个董秘这个赵楠总，请那个楠总给我们深度分享一下这个行业今年为何 我们看到一个非常明确的加速趋势？那我们认为这块也是被市场低估的，以及国能日新在 这个行业内的深度的一个卡位，以及它的一个长期的一个市场空间。那今天和我一同主持 会议的，还有我们团队的雨欣。那今天的会议还是包括两部分，第一部分我们把时间那个 交给赵总，请赵总帮我们把行业的这个最新的一个情况，后面的一个驱动因素以及公司的 一个卡位和大家进行一个分享。 那第二部分的话，还是把更多的时间交给线上各位关心的一个投资者。那赵总，您可以开 始了。 国能日新董秘赵楠: 好的，谢谢辛军老师，谢谢那个雨欣老师。然后，也因为马上就要到农历的春节了，然后 可能我们节前的出来的交流的这个情况和频次也不会那么高了，那就趁这个机会给各位投 资人先提前拜个年。希望大家今年在整个今年的行情当中可以这个股票长虹，然后这个收 益也是棒棒的，然后身体也都是好好的。然后，那个这个缪老师刚才就是提到的关于，就 是对于今年的整个的这个业务上面的一些的变化，当然也是结合我们对行业上的一 ...

Core Viewpoint - Jinling Petrochemical and JD Government Business signed a strategic cooperation agreement to explore innovative paths for the integration of energy, chemicals, and digital economy [1] Group 1: Strategic Cooperation - The partnership aims to establish a regular communication mechanism between Jinling Petrochemical and JD Government Business [1] - Both companies will collaborate in areas such as supply chain, digital transformation, and rural revitalization [1] Group 2: Resource Complementation - Jinling Petrochemical has significant advantages in energy supply and chemical products, while JD Government Business offers a stable and efficient supply chain infrastructure [1] - The cooperation will include joint promotion of proprietary brands and material procurement to achieve resource complementarity [1] Group 3: Sustainability Initiatives - The collaboration will incorporate "dual carbon" goals and environmental protection into their projects [1] - Both parties will explore innovative projects in new energy services and green supply chains to inject new momentum into the sustainable development of the industry [1]

关键词| 生物基大会 生物基材料作为实现双碳目标的重要路径、助力我国产业链自主可控，并拥有万亿市场潜力，已成为全球战略重点，更是我国"十五五"重点规划产 业。 浙江省全省生物基高分子材料重点实验室 、 宁波德泰中研信息科技有限公司（DT新材料） 站在关键节点，以推动行业绿色低碳转型为目标，搭建全 球交流合作平台——生物基大会暨展览（Bio-based）。 作为生物基行业盛会风向标， # 第11届生物基大会暨展览（Bio-based 2026） 布局" 9大主题论坛 + 9大同期活动 + 1000 个新品展示 + 1 场创新评选 &颁奖 "，将邀请产业化专家、行业领袖与终端品牌分享 产业趋势、前沿科技创新、创新材料与下游应用、需求与趋势、项目路演、成果转化等 关键 话题，以助推产业绿色低碳转型。 展会正在火热报名中， 诚邀您 参会、新品发布、参展、参选DT新叶奖 ，共同跨越新周期，澎湃新生机！ Bio-based 2026 会务组 2026年 5 月 20-22 日（周三-周五） 中国 · 上海富悦大酒店 朱锦研究员 ：给研究者展示新技术的平台，给生产者找到应用客户，给下游客户找到产品新方向，为政府寻找新技术， ...

Core Viewpoint - China's economic and social green transformation is accelerating, driven by structural optimization in industries, energy, and transportation, along with effective tax policies promoting emission reduction and water conservation [2][3]. Industry Structure - The proportion of "dual high" industries is continuously decreasing, while green and low-carbon industries are developing well. During the 14th Five-Year Plan period, key green product manufacturing sectors such as new energy vehicles, photovoltaic equipment, lithium-ion batteries, and solar appliances are expected to see annual sales growth rates exceeding 30% [2]. - Sales revenue in green technology service industries, including new energy, energy-saving, and environmental protection, is projected to grow annually by 51.1%, 28.5%, and 18.2% respectively, while ecological protection and environmental governance industries are expected to grow by 13.2% annually [2]. Energy Structure - The share of clean energy is steadily increasing, with high-energy-consuming manufacturing industries optimizing their energy use. By 2025, sales revenue from clean energy generation, including wind, solar, hydro, and nuclear power, is expected to account for 42.6% of total power generation revenue, an increase of 7.2 percentage points from the end of the 13th Five-Year Plan [2]. - Sales revenue from wind and solar power generation is projected to grow at an annual rate of 25.4% during the 14th Five-Year Plan period [2]. Transportation Structure - The new energy vehicle industry is experiencing strong growth, with an increase in the proportion of railway and waterway freight. By 2025, domestic sales of new energy vehicles are expected to grow by 25.9% year-on-year [2]. Pollution Reduction and Water Conservation - The environmental protection tax policy has released tax reduction benefits, with cumulative tax reductions amounting to 111.06 billion yuan since its implementation in 2018. This includes 59.945 billion yuan for promoting centralized treatment and improving pollution control efficiency, 24.37 billion yuan for promoting clean production, and 26.134 billion yuan for enhancing governance efficiency [3]. - The number of urban and rural sewage and solid waste treatment plants benefiting from environmental tax incentives is expected to increase from 5,589 in 2021 to 6,415 by 2025 [3]. - By 2025, the environmental tax revenue from key air pollutants such as sulfur dioxide and nitrogen oxides is projected to decrease by 33.8% and 34.03% respectively compared to 2020 [3]. - The pilot program for converting water resource fees to taxes is expected to yield positive results, with a projected 7.1% decrease in underground water extraction in new pilot areas by 2025, totaling 5.47 billion tons [3].

Group 1: Company Outlook and Projects - The company anticipates an improvement in performance due to expected price increases in PTA, driven by national policies addressing price wars and profit compression [2] - Two ongoing projects include: - A composite new materials production base in Tibet with an annual capacity of 30,000 tons, enhancing local production capabilities and market coverage [2][3] - A biomass boiler project aimed at reducing carbon emissions, projected to save CNY 23.55 million in fuel costs and generate a net profit of CNY 14.99 million annually [3] Group 2: Competitive Strategy - The company invests heavily in R&D to innovate recycling methods, allowing for the use of multi-component recycled materials, thus maximizing environmental and economic benefits [4] - Collaboration with Donghua University focuses on developing new materials to diversify product offerings and enhance customization [4] - The production line's flexibility mitigates risks associated with customer concentration, ensuring stable profit margins [4] Group 3: Business Philosophy - The company's philosophy is centered on "turning waste into treasure" and prioritizing environmental protection, aligning with China's dual carbon goals [5][6] - Future initiatives will incorporate AI and IoT technologies to improve resource efficiency and contribute to carbon neutrality [6]

近一段时间，全国人大代表、朝阳华兴万达轮胎有限公司技术工艺部主任韩学柱愈发忙碌。刚在车 间完成工艺检查，他便回到办公室，继续打磨今年的建议。"今年我将围绕四个方面建言，推动我国橡 胶循环利用行业高质量发展。"韩学柱说。 2023年，韩学柱当选全国人大代表。双重身份，意味着双重责任。除了穿梭于车间紧盯生产、优化 工艺，他更立志当好行业与劳动者的"代言人"，将一线心声和行业思考转化为一份份扎实的建议。基于 对橡胶产业的深入了解，他多次走访调研同行企业，持续为行业发展建言。今年，他重点关注绿色转型 与数字化智能化升级，呼吁加快推进橡胶循环利用行业实现高质量、可持续发展。 "传统橡胶循环利用多采用高压脱硫罐，不仅安全风险高，环保效益也不理想。"针对这一行业痛 点，韩学柱建议，从设备补贴、人才引进与技能培训等方面加大支持力度，引导企业加快数字化、智能 化改造。"这既能筑牢生产安全防线，也能助力'双碳'目标实现，意义深远。" 立足岗位精研技术，走出车间倾听民声。过去一年，韩学柱积极参加省人大常委会组织的集中调 研，列席朝阳市法院、检察院座谈交流，认真吸纳各界关于经济高质量发展的意见建议。工作之余，他 主动与出租车司机、个 ...

Group 1 - The core viewpoint of the report is that China Hongqiao (01378) is expected to achieve net profits attributable to shareholders of 186.75 billion, 252.99 billion, and 271.76 billion yuan for the years 2025-2027, respectively, with a target price of 45.58 HKD based on a 16x PE for 2026 [1] - The estimated net profit for 2025 is projected to be between 170.0 billion and 200.0 billion yuan, with adjustments made to the 2024 net profit figure to 172.28 billion yuan due to a significant asset restructuring involving the acquisition of Shandong Hongtuo Industrial Co., Ltd. [2] - The production cost of electrolytic aluminum has decreased, leading to a significant expansion in enterprise profits, with the average production cost at 15,747.31 yuan/ton, a month-on-month decrease of 149.18 yuan/ton, and an industry average profit of 8,295.19 yuan/ton, reflecting a month-on-month increase of 2,266.98 yuan/ton [3] Group 2 - The electrolytic aluminum market is entering a new cycle, with historical price highs driven by a weakening dollar and geopolitical factors, leading to fluctuations in aluminum prices [4] - The overall electrolytic aluminum production capacity in China is expected to grow from 43.76 million tons to 45.15 million tons from 2021 to 2025, with a tightening of new capacity control due to the 45 million ton capacity "ceiling" and "dual carbon" goals [5]

Core Viewpoint - The recent policy document from the Central Committee and State Council emphasizes the importance of promoting green production and water-saving irrigation technologies to develop low-carbon agriculture, which is crucial for achieving China's carbon neutrality goals [1] Group 1: Achievements in Agricultural Emission Reduction - China has made progress in agricultural emission reduction, including the establishment of national and provincial greenhouse gas inventories to understand emission totals, structures, trends, and spatial distributions [2] - Policies such as the "Implementation Plan for Agricultural Emission Reduction and Carbon Sequestration" have set clear targets and pathways for controlling greenhouse gas emissions in agriculture [2] - Local initiatives have been launched to promote low-carbon agricultural development, focusing on fertilizer reduction, low-carbon planting, carbon asset development, carbon labeling of agricultural products, and financial support for agricultural transformation [2] Group 2: Challenges in Agricultural Emission Reduction - There is a gap in understanding the relationship between agricultural development and emission reduction, with some regions not recognizing the opportunities presented by low-carbon agriculture [3] - The data foundation for emission accounting is weak, with insufficient research on regional greenhouse gas emission factors and carbon footprints, making it difficult for agricultural producers to conduct self-assessments [3] - Existing emission reduction technologies are limited and lack comprehensive evaluation, with insufficient public funding for key areas such as water management in rice paddies and renewable energy development [3] Group 3: Recommendations for Enhancing Agricultural Emission Reduction - Strengthening the data foundation is essential, including the establishment of greenhouse gas emission accounting and carbon footprint evaluation standards for agricultural producers [5] - Optimizing technical pathways to adapt to changing consumer demands and improve carbon sequestration capabilities through practices like crop rotation and water-saving irrigation [6] - Implementing region-specific emission reduction strategies, focusing on the unique agricultural structures and development levels of different areas [7] - Establishing incentive mechanisms that link agricultural transfer payments to greenhouse gas emission control performance and promoting the labeling of low-carbon products to enhance market competitiveness [7]

作为推动"双碳"目标落地的关键技术，二氧化碳捕集利用与封存（CCUS）的标准化建设迎来关键进 展。 近日，国家市场监督管理总局正式批准发布了12项CCUS国家标准。这一系列标准将于2026年7月1日起 全面实施。 北京师范大学中国绿色发展协同创新中心执行主任张九天在接受记者采访时指出，本轮新国标"成体系 性"地集中发布，纳入了社会高度关注的技术路线如火电碳捕集、长输管道运输、咸水层封存、驱油封 存，以及为确保项目质量和减排效果所必要的量化和检测，有助于填补标准空白，为CCUS项目规划设 计、建设运行、管理评估等提供必要依据，助力CCUS行业有序健康发展。这体现了我国CCUS全链条 标准体系正加速形成，以及国内标准建设与国际协同发展的积极趋势，可支撑我国相关行业不断开展能 力建设和夯实基础。 标准先行CCUS即将迈入"规模化"新阶段 近年来，我国CCUS各项技术均取得显著进展，基本具备了二氧化碳大规模捕集、运输、利用与封存系 统设计能力和近期实现规模化应用的基础，总体与国际先进水平较为接近且展现中国特色。一系列国标 的出台，是对我国CCUS产业从技术研发到落地应用实际需求的系统性回应。 中国21世纪议程管理中心 ...

Core Viewpoint - The implementation plan aims to establish Shanghai as a global hub for green shipping fuel supply and trading, promoting a low-carbon transition in the shipping industry and contributing to China's dual carbon goals [1][3]. Group 1: Implementation Plan Overview - The plan was jointly issued by ten departments, including the Ministry of Transport and the National Development and Reform Commission, marking a significant step towards leading the global shipping industry's green transformation [1]. - By 2030, Shanghai aims to establish a green fuel supply and trading center, with LNG refueling capacity reaching one million cubic meters and green methanol and biofuels reaching one million tons [1]. Group 2: Green Fuel Supply System - Shanghai will develop a coordinated green fuel supply system that includes LNG, green methanol, and biofuels, transitioning from a single fuel supply to a diversified green service model [2]. - Key areas for green fuel production, storage, transportation, and refueling facilities will be established, ensuring a robust supply chain [2]. Group 3: Breakthrough Innovations - The plan includes four major innovations: a collaborative mechanism between national and local levels, innovative multi-scenario refueling service models, breaking production layout restrictions for green methanol, and creating a dual-driven model for refueling and trading [3]. - The establishment of a comprehensive support framework across five dimensions—capacity assurance, refueling services, policy incentives, trading services, and safety regulation—will enhance Shanghai's position as a leading international shipping center [3].