Core Viewpoint - Hydrogen energy is a key clean energy source for achieving global carbon neutrality, with significant potential for growth in the green hydrogen market, particularly through water electrolysis technology [1]. Summary by Sections Hydrogen Production Methods - Hydrogen production methods include fossil fuel-based hydrogen, industrial by-product hydrogen, and water electrolysis, with water electrolysis being the most promising green hydrogen pathway due to its use of renewable energy [1]. Current Challenges in Water Electrolysis - High production costs: Electricity costs account for 60%-70% of total costs, combined with expensive equipment, making it more costly than fossil fuel hydrogen [2]. - Low energy conversion efficiency: The efficiency of converting electrical energy to hydrogen is low, affected by catalyst activity and electrode corrosion [3]. - Immature technology routes: Alkaline electrolysis (ALK) is easy to scale but has poor dynamic response; Proton Exchange Membrane (PEM) is costly and relies on imported materials; Solid Oxide Electrolysis (SOEC) is still in the validation stage [3]. Industry Innovations - Numerous domestic companies are actively seeking breakthroughs in technology research, equipment manufacturing, and project implementation in the water electrolysis hydrogen production sector [3]. Selected Companies in Water Electrolysis - A selection of 11 outstanding companies in the water electrolysis hydrogen production field has been highlighted, covering various technology routes such as ALK, PEM, and AEM [3][5]. - Notable companies include: - Wenshih Hydrogen Energy: First domestic provider of third-generation water electrolysis technology [5]. - Qingneng Co., Ltd.: Supplier of AEM water electrolysis systems and fuel cell stacks [5]. - Longi Hydrogen Energy: Provider of large-scale green hydrogen equipment and solutions [5].

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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 Midea Group Co., Ltd. 美的集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：0300） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列美的集團股份有限公司於深圳證券交易所網站( www.szse.cn )刊登的公告如 下，僅供參閱。 承董事會命 美的集團股份有限公司 董事長、執行董事兼總裁 方洪波先生 香港，2025年3月28日 於本公告日期，董事會成員包括(i)執行董事方洪波先生、王建國先生、顧炎民博 士及管金偉先生，(ii)非執行董事趙軍先生，及(iii)獨立非執行董事許定波博士、 肖耿博士、劉俏博士及邱鋰力博士。 (Midea 2024 美的集团环境、社会及管治（ESG）报告 美的集团官方网站 美的集团官方微信 Midea 2024 美的集团环境、社会 及管治（ESG）报告 股票代码 : 000333.SZ ...

Core Viewpoint - China has elevated carbon neutrality to a national strategic level, implementing a series of policies and action plans to achieve energy conservation and carbon reduction goals [1][2]. Policy and Action Plans - The State Council has introduced the "2024-2025 Energy Conservation and Carbon Reduction Action Plan," outlining specific targets and action paths for energy conservation and carbon reduction [1]. - In March 2025, the National Development and Reform Commission and other departments issued a document to promote the green power certificate market for renewable energy [1]. Industry Structure - The carbon neutrality industry chain in China can be divided into three main parts: 1. Front-end energy structure adjustment, replacing high-carbon energy with low-carbon and renewable energy. 2. Mid-end improvement of energy conservation and emission reduction levels, including industrial structure adjustments [1]. 3. Back-end carbon capture and storage technologies [2]. Carbon Trading - Carbon trading plays a crucial role in the development of carbon neutrality, allowing one party to purchase greenhouse gas reduction credits from another, which can be used to mitigate climate change [2]. Economic Opportunities - The carbon neutrality industry holds significant development potential, fostering new industries such as renewable energy, energy conservation, and carbon capture, creating numerous job opportunities and driving technological innovation [2]. - The development of the carbon neutrality industry is not only a response to climate change but also a new engine for promoting high-quality economic growth [2]. Key Companies in Carbon Neutrality - Major companies in the carbon neutrality sector include: - China Three Gorges New Energy Group Co., Ltd. (Registered Capital: 2,862,522 million RMB, Established: 1985) [4]. - Longi Green Energy Technology Co., Ltd. (Registered Capital: 757,804.44 million RMB, Established: 2000) [2]. - China Yangtze Power Co., Ltd. (Registered Capital: 2,446,821.8 million RMB, Established: 2002) [2]. - Inner Mongolia Baotou Steel Union Co., Ltd. (Registered Capital: 4,540,494.2248 million RMB, Established: 1999) [2]. - Hebei Iron and Steel Co., Ltd. (Registered Capital: 1,033,712.1 million RMB, Established: 1997) [2]. - Anhui Conch Cement Co., Ltd. (Registered Capital: 529,930.25 million RMB, Established: 1997) [2]. - Beijing Qingxin Environmental Technology Co., Ltd. (Registered Capital: 142,438.86 million RMB, Established: 2001) [2]. Carbon Neutrality Leadership - China Three Gorges New Energy is recognized as a leading enterprise in the carbon neutrality sector, managing significant hydropower capacity and actively promoting low-carbon development [5][6].

近日，江西赣锋锂电科技股份有限公司（简称"赣锋锂电"）与福建星云电子股份有限公司（简称"星云股份"）正式签署战略合作协议。作为 锂电产业链的领军企业，双方将深度融合技术研发、产业资源与场景应用能力，围绕固态电池、智能检测、储能系统及光储充检一体化解决方 案等核心领域展开深度协作，共同推动新能源行业向高效、安全、可持续方向迈进。 此次会谈中，双方就在技术协同的基础上，加速新能源技术的场景化落地达成一致。将针对电动船舶、两轮车智能换电、移动储能设备等领 域，在新技术开发创新与协同、产品供应、项目开发等方面开展全方位交流、互动。这一模式将为城市级换电网络、零碳港口等场景提供灵活 支持，助力"双碳"目标实现。 此次合作将推动新能源产业从研发到回收的全链条生态闭环，加速固态电池商业化与零碳场景落地。在全球能源转型浪潮中，赣锋锂电与星云 股份的联手不仅是技术协同的典范，更标志着新能源产业迈向高质量发展的新阶段，为全球碳中和目标注入强劲动力。 （来源：赣锋锂电） 1、 22.3GWh！大圆柱电池"起量" 2、 第七届起点钠电论坛精彩回顾 3、 孚能科技再获江铃新能源定点 4、 比亚迪工商业储能新品重磅发布 2 起点锂电 全 ...

党的二十大报告为"推动绿色发展，促进人与自然和谐共生"指明方向，明确提出要牢固树立和践 行"绿水青山就是金山银山"理念，从人与自然和谐共生的高度谋划发展。 近期，《国务院办公厅关于做好金融"五篇大文章"的指导意见》（以下简称《指导意见》）印 发，明确金融"五篇大文章"重点领域和主要着力点。 在绿色发展的浪潮中，绿色金融成为关键力量，《指导意见》更是对金融机构助力绿色发展提出 了更高要求，完善绿色金融政策、市场和标准体系，丰富绿色金融工具，统筹对绿色发展和低碳 转型的支持。 青岛农商银行作为区域金融的佼佼者，也是省内唯一的上市农商银行，在这场绿色金融变革，以 一系列创新实践和显著成效，交出了令人瞩目的"青农答卷"。 增速领跑，创新赋能，绿色金融成果斐然 翻开青岛农商银行2024年度绿色金融成绩单，一系列跃动的数字见证了该行绿色基因的深度渗 透和绿色金融业务的蓬勃发展。 绿色贷款余额较年初净增31.06亿元，占比提升至5.33%，较年初增加1.12个百分点，其中节能 环保产业贷款增长尤为突出，增速高达160%，远超全行业平均水平。节能环保贷款余额达到 33.41亿元，较年初增加20.56亿元，为节能环保企业的技术 ...

（原标题：交通银行杨立文："跨境理财通2.0"推动需求分层|跨境财富谈） 【导读】交通银行杨立文："跨境理财通2.0" 推动需求分层 【编者按】随着中国经济与全球经济发展日益融合，以及中国资本市场开放程度不断提升，跨境财富管 理迎来黄金时代。中国基金报和深圳市财富管理协会共创 "跨境财富谈"栏目，走访境内外财富管理龙 头机构，帮助投资者更全面地了解跨境财富管理的机遇与挑战，洞悉金融机构全球资产配置最新策略。 中国基金报记者 郭玟君 "跨境理财通" 自2021年9月正式启动。作为一项创新的金融政策，"跨境理财通"允许大湾区内地及港澳 投资者通过闭环式资金管道，便捷地投资对方地区金融机构销售的合资格理财产品。2024年12月4日， 粤港澳大湾区迎来了"跨境理财通2.0"，券商业务正式落地，这一举措为大湾区金融市场的互联互通注 入了新的动力。 作为首批参与"跨境理财通"的试点银行，交通银行深圳分行在该业务中积累了丰富经验。此项业务最新 进展如何？"跨境理财通2.0"推出后，投资者偏好有何变化？本期"跨境财富谈"，中国基金报记者走进 交通银行，邀请分管此项业务的交通银行深圳分行党委委员、副行长杨立文介绍相关业务的最新 ...

Group 1 - Apple has invested $20 billion in smart and green manufacturing in China over the past five years [1] - The partnership with Luxshare Precision has led to over 50% growth in related business in the past two years, with four new factories established in Jiangsu, Shanghai, and Guangdong [1] - Apple aims for carbon neutrality across its entire supply chain by 2030, with two-thirds of its production in China currently powered by renewable energy [1] Group 2 - The collaboration with Apple presents both opportunities and challenges, driving unique innovation journeys for companies [2] - Companies are focusing on smart system design, operational efficiency optimization, and cost-effective manufacturing solutions to enhance value and drive innovation [2]

以下文章来源于解码LP ，作者吴琼 （来自昌发展集团） 20 25年新一轮产业竞赛开启，北京继续发力。 解码LP . 投资界（PEdaily.cn）旗下，专注募资动态 VC/PE云集。 作者 I 吴琼 报道 I 投资界-解码LP 近日，202 5未来科学城科创金融大会在北京市昌平区举办。投资界—解码LP从现场看 到，总规模150亿元的科技产业基金群正式成立。 具体来看，该基金群由昌平区国资企业牵头，联合多家投资机构共同发布了10支基金， 涵盖科技成果转化、并购、AIC及主导产业等领域，助力科创发展。 北京国资牵头 现场10支基金亮相 大会现场，昌平区联合各投资机构共合作10支基金， 其中已落地总规模150亿元。 具体来看，昌发展集团与五支签约基金集中亮相，前者是北京市昌平区政府全资设立的 产业生态投资运营平台，包括资产管理、科技金融、产业服务三大业务体系。会上，昌 发展集团联合发布基金分别为： AIC 股 权 投 资 基 金 —— 与 中 银 资 产 及 上 市 公 司 康 为 世 纪 联 合 设 立 金 融 资 产 投 资 公 司 （AIC）股权投资基金，基金规模5亿元，将围绕生物制药CGT、生命科学和诊断 ...

Group 1: AI Data Centers - The AI data center sector is experiencing a "valuation bubble + geopolitical risk" pricing logic, with rising supply chain costs due to Trump's tariff policies[1] - Major tech companies plan to invest over $345 billion in AI infrastructure in 2025, with Microsoft alone investing $80 billion[16] - NVIDIA's Blackwell chip production is accelerating, with four major public cloud vendors purchasing 3.6 million units, capturing 92% of the global AI GPU market[18] Group 2: Industrial and Energy Equipment - The price index for aircraft engines and components in the U.S. was 273.188 in February 2025, stable month-on-month and up 6.2% year-on-year[2] - The price index for gas turbines increased by 5.35% year-on-year and 0.22% month-on-month in February 2025[63] - The price index for electric and special transformers was 433.246 in February 2025, stable month-on-month and up 1.07% year-on-year[48] Group 3: Infrastructure Investments - The U.S. is expected to invest an average of $44 billion annually in the power grid from 2023 to 2030, with total investment in distribution networks reaching $581.5 billion[21] - In 2025, China's State Grid and Southern Grid are projected to invest over 825 billion yuan, a significant increase from 2024[31] Group 4: Defense and Aerospace - The U.S. government defense price index was 117.187 in Q4 2024, stable quarter-on-quarter and up 3.2% year-on-year[44] - Raytheon Technologies (RTX) continues to benefit from increased defense spending, particularly in missile systems and aerospace electronics[5]

Group 1: REITs and Data Centers - The first data center REIT, Southern Runze Technology Data Center REIT, has been accepted for review on the Shenzhen Stock Exchange, attracting significant investor attention due to its business model and asset characteristics [4]. Group 2: Defense and AI - Kosi Technology (688788.SH) is positioned as a leader in AI and unmanned equipment for military applications, with a strong focus on AI command and control systems, having accumulated over 20 years of core data and experience [5][6]. - The company has invested over 1 billion yuan in R&D, with a team of over 400 people dedicated to AI and military applications, indicating significant growth potential in both military and civilian sectors [6]. Group 3: Healthcare - Meinian Health (002044.SZ) is leveraging AI to enhance efficiency and reduce costs in the health checkup industry, with over 600 branches and a leading position in the number of annual health checkups [7][8]. - The company is expected to achieve revenues of 10.826 billion yuan, 12.099 billion yuan, and 13.098 billion yuan from 2024 to 2026, with corresponding net profits of 326 million yuan, 617 million yuan, and 813 million yuan [8]. Group 4: Banking - Chongqing Rural Commercial Bank (601077.SH) is expected to benefit from the Chengdu-Chongqing economic circle, with projected net profit growth rates of 5.72%, 5.99%, and 6.53% from 2025 to 2027 [9]. - China Merchants Bank (600036.SH) has shown resilience with a return to profit growth in 2024, maintaining a leading position in the industry [10]. Group 5: Carbon Market and Construction - The national carbon market is expanding, with significant implications for the steel, cement, and aluminum industries, as companies adapt to new carbon pricing mechanisms [11]. - Key players in these sectors, such as Baosteel and China Aluminum, are expected to benefit from the transition to greener production methods [11]. Group 6: Coal Industry - China Shenhua Energy (H) has seen an increase in long-term investment interest, with a recent stake acquisition by Swiss Life Insurance, reflecting a reevaluation of the coal sector's value [14][15]. - The company has a low debt ratio of 23.4% and plans to distribute 44.9 billion yuan in cash dividends in 2024, indicating strong cash flow and dividend capacity [15][16]. Group 7: Chemicals and Materials - Sanwei Chemical (002469.SZ) reported a significant acceleration in Q4 performance, with a high dividend payout ratio of 99%, making it an attractive investment [21]. - China Jushi (600176.SH) achieved a revenue of 15.856 billion yuan in 2024, with a strong performance in Q4, indicating resilience in the fiberglass market [22][23]. Group 8: Consumer Goods - Nongfu Spring (09633.HK) reported stable growth with a revenue of 42.896 billion yuan in 2024, driven by strong brand value and product innovation [30]. - The company is expected to see net profits grow by 15.6%, 15.0%, and 16.0% from 2025 to 2027, maintaining its market leadership [30]. Group 9: Textile and Apparel - Shenzhou International (02313.HK) reported a revenue of 28.66 billion yuan in 2024, with a net profit increase of 37%, indicating strong demand and operational efficiency [31].