Investment Rating - The report rates the petrochemical industry as "Positive" for investment, indicating an expectation of outperforming market performance [1]. Core Insights - The report highlights that addressing climate change and safety production are key focuses for state-owned petrochemical enterprises [1]. - Most companies in the industry have performed well in ESG scores, with a 100% coverage of ESG reporting, particularly excelling in environmental and social aspects, while governance needs improvement [10][16]. - Seven companies scored above 80 points, including China National Offshore Oil Corporation (CNOOC), China Petroleum, and China Petrochemical, while two companies scored between 40-80 points [10]. Summary by Sections 1. ESG Reporting Coverage - The ESG report coverage is complete, with high scores in environmental and social aspects, but governance remains an area for improvement [10][16]. 2. Environmental Indicators - Companies show a strong commitment to environmental management, with five companies scoring over 15 points and eight scoring above 10 points. However, disclosure on oil spill risk management and circular economy indicators is lacking [16][20]. 3. Climate Change Response - The industry generally scores high in climate change response, with 100% disclosure rates for climate management and indicators. However, there is a need for better disclosure on internal supervision and financial impact assessments [26][30]. 4. Social Responsibility - Most companies score moderately high in social responsibility, focusing on rural revitalization, social contributions, innovation, safety production, and employee welfare. However, the disclosure rate for public awareness initiatives is low [43][46]. 5. Governance Structure - The governance structure is largely complete, with high scores in governance indicators. However, the disclosure of ESG information reporting and supervision mechanisms needs improvement [57][66].

Economic Outlook and CEO Confidence - 84% of CEOs in the energy and natural resources sector are optimistic about industry growth, up from 72% last year[12] - 78% of CEOs are confident about their own company's growth prospects, although this is a slight decrease from 82% in 2024[13] - 44% of CEOs expect a slight revenue increase (2.5%-4.99%) this year, compared to 30% last year[13] Artificial Intelligence and Innovation - 80% of CEOs recognize the disruptive potential of artificial intelligence (AI)[10] - 40% of CEOs are actively retraining employees affected by AI to enhance their skills[10] - 66% of CEOs expect to see returns on AI investments within 1-3 years, significantly higher than 15% in 2024[10] Mergers and Acquisitions - 55% of CEOs anticipate "moderate" M&A activity, a significant increase from 38% the previous year[16] - Only 36% of CEOs expect to engage in "major" M&A, down from 58% in 2024[16] ESG and Sustainability - 72% of CEOs have integrated sustainability into their corporate strategy, but only 38% have fully incorporated ESG into capital decisions[54] - 61% of CEOs acknowledge that public debates on sustainability hinder their focus on core tasks[54] Supply Chain Resilience - 34% of CEOs identify supply chain resilience as the primary factor influencing short-term decisions[22] - 61% of stakeholders in the renewable energy sector believe supply chain risks complicate the scaling of renewable projects[19]

当亚马逊雨林的晨雾尚未散尽，来自中国赤水河畔的"绿色答卷"已在COP30中国角徐徐展开。11月10 日，贵州茅台在巴西贝伦举办的《联合国气候变化框架公约》第三十次缔约方大会(COP30)"生态文明 与美丽中国实践"边会上，贵州茅台酒股份有限公司党委副书记、监事会主席游亚林分享的绿色转型实 践，成为中国传统产业践行"双碳"目标的鲜活注脚。这是继2024年阿塞拜疆巴库COP29后，茅台再度登 上全球气候治理舞台，以持续迭代的生态实践诠释中国品牌的责任与智慧。 中国角会场 流域守护：从赤水河到亚马逊的生态共鸣 "让绿水青山真正转化为金山银山，需要全产业链的协同。"游亚林在发言中展示的循环经济图景令人瞩 目：酿酒副产物酒糟、窖泥经资源化利用，形成"从土里来，到土里去"的闭环产业链，年创造农业产值 超750亿元，带动百万农户增收超100亿元。这一模式在COP29期间已引发共建"一带一路"国家兴趣，被 视为传统产业减贫与环保双赢的范例。 茅台的绿色影响力正沿着供应链向外延伸。2024年底举办的供应链大会上，企业发布《绿色指标体 系》，将ESG考核权重提升至15%，推动50余家供应商完成能耗摸排，试点"以竹代塑"包装、植物 ...

Core Insights - Aegon reported strong progress in business transformation during Q3 2025, with notable growth in its largest segment, Transamerica, particularly in life and annuity sales [2][3] - The company is on track to meet its full-year operating capital generation (OCG) target of EUR 1.2 billion for 2025, with a reported OCG of EUR 340 million before holding funding and operating expenses [3][7] - Aegon plans to provide updates on its strategy and financial targets during the upcoming Capital Markets Day on December 10, 2025, including a review of a potential relocation of its legal domicile and head office to the United States [3][7] Business Performance - Transamerica's distribution network continued to expand, contributing to strong commercial momentum, with individual life sales increasing by 39% compared to the previous year [7] - Despite some outflows in the UK due to the departure of two large, low-margin schemes, Aegon's Asset Management and International businesses showed continued growth [2][7] - The company maintained strong capital ratios across its main units, with cash capital at holding reported at EUR 1.9 billion, reflecting recent share sales and dividend payments [7] Market Position and Strategy - Aegon operates a diverse portfolio, including fully owned businesses in the US and UK, and engages in strategic partnerships in various international markets [8][9] - The company emphasizes its commitment to addressing critical environmental and societal issues as part of its corporate purpose [9] - Aegon's ongoing share buyback program is 54% complete, indicating a proactive approach to capital management [7]

行 业 及 产 业 电力设备 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 马天一 A0230525040004 maty@swsresearch.com 王艺儒 A0230523110003 wangyr@swsresearch.com 牟瑾瑾 A0230524100002 mujj@swsresearch.com 陆灏川 A0230520080001 luhc@swsresearch.com 联系人 王艺儒 (8621)23297818× wangyr@swsresearch.com 2025 年 11 月 13 日 构建电力设备行业央企 ESG 评价体 系：聚焦绿色转型与供应链韧性 看好 —— A 股央企 ESG 系列报告之二十 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。2 - ⚫ 电力设备行业是在电力系统中用于发变电、输配电、保护控制等环节的各类设备和装 置，是能源体系变革和实现"双碳"目标的关键支撑产业，其 ESG 表现直接关系到能 源电力产业链的绿色化、 ...

Core Points - TCL's founder and chairman, Li Dongsheng, signed a memorandum of cooperation with IOC President Thomas Bach, focusing on strategic collaboration for the Milan Winter Olympics and global promotion of the Olympic movement [2] - The partnership aims to leverage TCL's advanced technologies in areas such as AI and ESG to enhance the Olympic experience for athletes and global audiences [2] - The memorandum signifies an expansion of the existing collaboration between the IOC and TCL, exploring new partnership models for Olympic global cooperation [2] Group 1 - TCL will provide various cutting-edge display products for the Olympic events, including large-screen TVs, LED screens, digital signage, and AR/AI glasses, creating an "Olympic Screen Universe" [3] - The deployment of TCL's products will occur in key areas such as competition venues, broadcast centers, and the Olympic Village [3] - TCL aims to empower athletes with smart Olympic experiences by providing smart home appliances and communication tools to enhance their connectivity with family and friends [3] Group 2 - The company plans to actively expand strategic collaborations with the IOC and national Olympic committees, utilizing its global resources to support the dissemination of Olympic spirit and the development of youth sports and Paralympic movements [3]

Core Insights - G Mining Ventures Corp. (GMIN) reported strong financial and operational results for Q3 2025, highlighting record production and free cash flow, positioning the company among the lowest-cost producers in the Americas [1][3][6] Financial Highlights - Gold production reached 46,360 ounces in Q3 2025, a 9% increase from Q2 2025, with year-to-date production totaling 124,525 ounces [3][6] - Revenues for Q3 2025 were $161.7 million, supported by a record average realized gold price of $3,292 per ounce, leading to year-to-date revenues of $389.3 million [5][6] - Free cash flow generated was $95.8 million for Q3 2025, representing a 59% increase from Q2 2025, with year-to-date free cash flow at $190.7 million [3][10] - Adjusted EBITDA for Q3 2025 was $122.6 million, a 32% increase from Q2 2025, with year-to-date adjusted EBITDA reaching $283.6 million [5][10] - Net income for Q3 2025 was $123.8 million, or $0.55 per share, compared to $24.3 million in Q3 2024 [5][10] Operational Performance - The Tocantinzinho Gold Mine (TZ) operated at a steady state, achieving an all-in sustaining cost (AISC) of $1,046 per ounce in Q3 2025, compared to an average gold price received of $3,114 per ounce, resulting in a robust AISC margin of $2,068 per ounce [3][7][15] - The average gold grade of ore processed was 1.43 g/t, with a gold recovery rate of 92.3% [4][13] - Mining activities included 1,787 kt of ore mined and 3,275 kt of waste mined, resulting in a strip ratio of 1.83 [4] Project Developments - The Oko West Gold Project has secured all major approvals and is now in full construction, with a financing package of up to $387.5 million closed [3][16] - The Gurupi project has advanced following a favorable Federal Court ruling, allowing the restart of environmental licensing and exploration activities [20][22] Liquidity and Capital Resources - GMIN ended Q3 2025 with $94.6 million in cash and equivalents, down from $156.1 million in Q2 2025, primarily due to investments in Oko West and a deferred payment to Eldorado Gold [11][24] - Total liquidity stood at $471.6 million, providing flexibility for ongoing projects [24] 2025 Outlook - GMIN reaffirms its production guidance for 2025 of 175,000 to 200,000 ounces of gold, with AISC expected to remain between $1,025 and $1,155 per ounce [25][28] - The company is positioned for continued self-funded growth and long-term value creation, supported by a robust gold price environment and disciplined cost management [27][28]

EXPERIENCE THE BEST IN MEDICINE 3Q25 & 9M25 FINANCIAL RESULTS WEBCAST PRESENTATION SAFE HARBOR This presentation contains forward -looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 , which statements involve substantial risks and uncertainties . All statements other than statements of historical fact, could be deemed forward -looking, including risks and uncertainties related to statements about our competition ; our ability to attract, upsell and retain students ...

Core Insights - Okeanis Eco Tankers Corp. has published its 2024 Environmental, Social and Governance (ESG) Report, adhering to Global Reporting Initiative (GRI 2021 Standards) and Sustainability Accounting Standards Board (SASB) for Marine Transportation [1][2] Company Overview - Okeanis Eco Tankers Corp. is a leading international tanker company focused on seaborne transportation of crude oil and refined products, incorporated on April 30, 2018, under the laws of the Republic of the Marshall Islands [2] - The company is listed on the Oslo Stock Exchange under the symbol OET and on the New York Stock Exchange under the symbol ECO [2] - The fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers [2]

Core Points - The company held its Q3 2025 earnings briefing on November 11, 2025, via an online interactive platform [1] - Key executives, including the chairman and general manager, participated in the meeting to address investor inquiries [1] Group 1: Risk Management and Future Plans - The company is focused on risk management in its photovoltaic projects in Africa, emphasizing policy compliance, financial risk control, and quality assurance [2] - The company plans to enhance its investment in renewable energy projects, aiming to increase the proportion of renewable energy and reduce electricity purchase costs [2] - A joint venture is planned in Zambia for a 10MW solar power project, with an investment of approximately 43.43 million RMB (about 6.09 million USD) [2] Group 2: Financial Performance - The company's net profit attributable to shareholders increased by 33.93% year-on-year, while operating revenue decreased by 7.16% [2] - The revenue decline was primarily due to a one-time recognition of gas supply income from the previous year, amounting to 274 million RMB [2] Group 3: Business Expansion and Strategy - The company's water supply services cover urban areas and several towns in Hunan province, with ongoing investments in wastewater treatment projects [3] - The company is exploring market expansion beyond its current operations in Hunan and other provinces [3] - Future strategic goals include significant breakthroughs in resource integration and the establishment of new industries by 2027 [3] Group 4: ESG Initiatives - The company is committed to sustainable development through innovation, safety, and governance, aiming to enhance long-term value [3]