Core Viewpoint - The article highlights the significant progress made in China's clean energy projects, emphasizing the role of central enterprises in leading the "dual carbon" initiative and promoting energy transition [1]. Group 1: Major Clean Energy Projects - The Huaneng Shandong Peninsula North L offshore wind power project, the deepest offshore wind project in China, has begun operation, generating approximately 1.7 billion kilowatt-hours annually and saving about 500,000 tons of standard coal each year [3]. - Two large wind power projects by Huaneng Group in Inner Mongolia have achieved full capacity operation, including a 2 million kilowatt integrated wind-solar-storage project and a 1 million kilowatt base project that has been fully connected to the grid [3]. - The China National Nuclear Corporation's Zhangzhou Nuclear Power Unit 2 has commenced commercial operation, marking the first operational unit of the "Hualong One" technology in the new five-year plan [3]. Group 2: Central-Local Cooperation - Central enterprises are actively engaging with local governments to advance the development of "shale gas" new energy bases and green transformation initiatives [5]. - China Huadian Group is collaborating with Jiangxi Province to accelerate the development of the "shale gas" new energy base, which will support high-quality economic development in the region [5]. - The State-owned Assets Supervision and Administration Commission has emphasized the need for central enterprises to plan and implement significant projects and landmark projects [6]. Group 3: Pathways for Green Transition and Energy Security - The energy supply system in China has been continuously improving, with the National Energy Administration reporting that the proportion of non-fossil energy consumption will exceed 20% by 2025 [8]. - By 2030, the target is to achieve a 25% share of non-fossil energy consumption and over 50% for new energy power generation capacity [8]. - The article stresses the importance of focusing on major project layouts and enhancing the stability and reliability of clean energy supply [8]. - It also highlights the need for innovation in financing models and the use of green financial tools to attract social capital for clean energy projects [8].

Core Insights - The article highlights the significant progress made in China's clean energy projects, particularly in the context of the "dual carbon" goals and energy transition initiatives [1][4]. Group 1: Major Clean Energy Projects - The Huaneng Shandong Peninsula North L offshore wind power project, the deepest offshore wind project in China, has commenced operations, generating approximately 1.7 billion kilowatt-hours annually and saving about 500,000 tons of standard coal each year [2]. - Two large wind power projects by Huaneng Group in Inner Mongolia have achieved full capacity and grid connection, including a 2 million kilowatt integrated wind-solar-storage project and a 300,000 kilowatt wind power project [2]. - The CNNC Zhangzhou Nuclear Power Unit 2 has begun commercial operation, marking the first operational unit of the "Hualong One" technology in the new five-year plan [2]. Group 2: Central-Local Cooperation - Central enterprises are actively engaging with local governments to advance clean energy projects, with "Shagao Desert" renewable energy bases and green transformation being key discussion points [4]. - China Huadian Group is collaborating with Jiangxi Province to expedite the development of the "Shagao Desert" renewable energy base, while the Three Gorges Group is enhancing cooperation with Gansu Province on renewable energy projects [4]. - The State-owned Assets Supervision and Administration Commission emphasizes the need for central enterprises to plan and implement significant projects and collaborations [4]. Group 3: Energy Transition and Policy Framework - The energy supply system in China is diversifying, with a target for non-fossil energy consumption to exceed 20% by 2025, and a goal of 25% by 2030 [5]. - The upcoming five years will focus on accelerating comprehensive green transformation and building a beautiful China, with renewable energy generation capacity expected to exceed 50% [5]. - The National Energy Administration is working on standards and policies to support energy project planning, safety management, and the development of new technologies and industries [6].

立足黄河重大国家战略,济阳区在主动融圈入链中打开了跨越式发展的新格局。 深度对接济南新旧动能转换起步区,随着《联动合作协议》的签署,双方协作进入机制化、项目化新阶 段。比亚迪（002594）整车零部件配套产业园等引领性项目成功落户紧密协作区,生动实践"起步区建 链、济阳区延链"的产业协同路径,一个高效互补、深度融合的产业发展生态正在形成。两地规划同绘、 设施共建,在"十五五"蓝图编制中紧密衔接,积极推动将"海峡两岸产业合作区与起步区一体化发展"纳入 上级规划,携手打造黄河流域高质量发展的协同标杆。与此同时,与历下区的结对共促发展日益紧密,在产 业互动、资源共享等方面持续深化合作,云食谷等共建项目按下"快进键",历下区的市场、资本、人才优 势与济阳的空间、资源、产业基础深度交融,为济阳高质量发展注入源源不断的新动能。济阳,正以更加 开放的姿态,在服务重大战略中提升自身能级,于区域协同共赢中书写崭新篇章。 2025年,是"十四五"规划圆满收官、"十五五"规划谋篇布局的关键之年,也是济阳区砥砺前行、硕果盈枝 的一年。全区上下锚定"12345"发展思路,以"项目提升年"为总牵引,跑出"十个加速度",高质量北部中心城 ...

Core Viewpoint - China's green transition has entered a new phase, emphasizing the dual control of carbon emissions and energy consumption as a core strategic priority for economic development by 2026 [2][9]. Group 1: Impact on Traditional Industries - Traditional high-energy-consuming industries such as steel, cement, and chemicals will face unprecedented carbon constraints, requiring new projects to meet both energy efficiency and carbon emission evaluations [3][11]. - Existing capacities must accelerate low-carbon technology upgrades, shifting focus from scale expansion to quality improvement [3][11]. Group 2: Opportunities in Emerging Industries - Emerging sectors like renewable energy and carbon management services are expected to experience explosive growth, with increasing demand for carbon accounting, carbon footprint certification, and CCUS services [4][11]. - Digital technologies that integrate energy and carbon management will have significant growth potential, contributing to the establishment of a competitive green industrial chain [4][11]. Group 3: Carbon Emission Accounting System - China's carbon emission accounting system is in a critical development phase, extending beyond major emitters to include local government planning and industry standards [5][11]. - The national greenhouse gas emission factor database has been launched, covering 24 key industries, and the national carbon market now includes eight industries, accounting for over 60% of total carbon emissions [5][11]. Group 4: Carbon Market Dynamics - The deepening linkage between the dual control of carbon emissions and the national carbon market will make carbon a measurable, tradable, and priced production factor, compelling companies to adopt carbon asset management strategies [6][11]. Group 5: Learning from International Experiences - The EU's carbon trading system and the UK's carbon budget system provide valuable lessons for China, emphasizing the importance of clear emission reduction targets and third-party supervision [7][8][11]. Group 6: Requirements for Traditional and Renewable Energy - The comprehensive green transition requires traditional energy to evolve from being the main energy source to providing backup and regulatory services, while renewable energy will see significant market expansion [11][12]. - The "14th Five-Year Plan" indicates that most new electricity demand will be met by clean energy, leading to explosive growth in the renewable energy sector [11][12].

2026 年 01 月 09 日 物价的上行周期或已开启 固定收益研究团队 ——2025 年 12 月价格数据点评 陈曦（分析师） 王帅中（联系人） chenxi2@kysec.cn wangshuaizhong@kysec.cn 证书编号：S0790521100002 证书编号：S0790125070016 事件：国家统计局公布 2025 年 12 月价格数据，12 月 PPI 环比+0.2%，且连续 3 个月为正，是 2022 年以来的首次。 市场共识其实只是"结束通缩"，而非"进入通胀" 尽管市场对物价讨论很多，但市场共识，其实只是"结束通缩"，而非"进入通 胀"。市场主流预期：2026 年上半年 PPI 同比负增速收敛，随后 PPI 同比回升至 0%左右，但这并不是"物价回升"，市场主流预期，其实是"物价走平"，即 PPI 定基指数，持续走平。以长期短幅震荡的 PPI 定基指数，做 PPI 同比，即可得到 市场预期的："2026 年上半年 PPI 同比负增速收敛、下半年 PPI 同比 0%、全年 PPI 同比-0.6%"。市场预期的实际是：物价结束了"负增速"，物价将进入"0% 增速"，但市场并未预期 ...

中国城市发展研究院投资部副主任袁帅对《证券日报》记者分析，此次座谈会提出的规范举措，兼顾短 期监管需求与长期制度建设，形成"监管+市场+协同"的完整治理闭环。在强化市场监管层面，价格执 法与质量监督双管齐下、协同发力，市场监管部门将加强价格监测力度，杜绝质量乱象。同时，政策也 积极鼓励行业组织制定行业规范标准，建立企业产能承诺制度，对违规扩张企业实施联合抵制，有力推 动"优质优价"市场机制的形成。 袁帅表示，动力与储能电池产业是我国实现"双碳"目标、构建新型电力系统的关键支撑力量。此次四部 门联合召开座谈会，既是对行业短期乱象的有力纠偏，更是对长期竞争力的战略布局，随着政策的逐步 落地实施，动力和储能电池产业将逐步告别"野蛮生长"阶段，步入"质量为王"的全新发展阶段，通过质 量分级认证、碳足迹追溯等有效手段，让高端产品获得溢价空间，倒逼企业提升技术含量与创新能力。 会议指出，我国动力和储能电池产业发展迅速，在全球范围内取得阶段性竞争优势。同时，受多种因素 影响，行业内存在盲目建设情况，出现低价竞争等非理性竞争行为，扰乱正常市场秩序，削弱行业可持 续发展能力，必须予以规范治理。要强化市场监管，加强价格执法检查， ...

Group 1: Company Developments in Large Cylinder and Data Center Business - The company has seen accelerated growth in the data center backup power market driven by advancements in AI technology, leading to increased demand for high-end engines [1][3] - The large cylinder engines are recognized for their fast startup speed, strong loading capacity, and reliability, with successful project deliveries in both domestic and international data centers [1][3] - The company plans to actively expand its strategic customer base both domestically and internationally to enhance market share [1][3] Group 2: SOFC Business Development Plans - The company is deeply engaged in the SOFC sector, having signed a technology licensing agreement with Xilius in November 2025, allowing it to master core technologies in batteries, stacks, systems, and power stations [1][4] - Focused on key scenarios such as AI data centers and industrial parks, the company has launched a new generation of high-power metal-supported commercial products with significant improvements in efficiency and power density [1][4] - The company has established intent to cooperate with several leading enterprises, laying the groundwork for large-scale commercialization while contributing to carbon neutrality goals and global energy transition [1][4] Group 3: New Energy Powertrain Strategy - The company is accelerating its layout in new business models, new energy, and new technologies, advancing the development of pure electric power systems, fuel cells, and hybrid technologies to meet diverse market demands [2][5] - Future strategies include leveraging the group's full industry chain advantages and a comprehensive technology layout to drive rapid growth in the new energy business [2][5] - The company aims to respond flexibly to different regional markets and application scenarios through differentiated products and rich customer channel resources [2][5]

来源：科技日报 长久困扰天然气、石化等行业的剧毒废气硫化氢，如今已能通过创新技术，直接转化为清洁能源和高价 值化工品。 自2003年起，李灿院士团队便开始攻关这一课题。经过10余年攻关，研究团队解决了规模化分解硫化氢 工程放大问题，研发出具有我国自主知识产权的离场电催化全分解硫化氢制氢和硫磺技术。与传统电催 化反应在电极表面进行不同，该技术通过特殊的电子介导，巧妙地将产生硫磺和氢气的化学反应"转 移"到电解槽之外独立的反应器中进行。 "这一设计，犹如为化学反应设置了'专用车间'，从根本上避免了硫磺固体堵塞、污染电极和隔膜的难 题，也排除了催化剂表面氢气气泡黏附对析氢反应的影响，使得整个系统能够稳定、高效、规模化运 行，实现了从实验室原理到大型化工程应用的重大跨越。"李灿说。 目前，该技术已申请26项专利，其中12项已获授权，并形成了完整的专利包。随后，研究团队与企业合 作，在煤化工领域开展了硫化氢消除与资源化利用的工业示范项目研究。他们先后研制出高效率、高稳 定性的电化学池及系统，高转化率、高效分离的硫化氢氧化熔融一体反应系统，并攻克了高品质硫磺和 高纯氢气回收技术，成功将实验室成果推向工业化。 相关测算数据 ...

Group 1: Business Development and Market Expansion - The company is experiencing rapid growth in the data center backup power market, driven by advancements in AI technology and increasing demand for high-end engines [2] - Multiple domestic and international data center projects have completed product delivery and acceptance, with growing market recognition [2] - The company aims to actively explore strategic customers both domestically and internationally to enhance market share [2] Group 2: SOFC Business Strategy - The company is committed to the development of Solid Oxide Fuel Cell (SOFC) technology through continuous innovation and market deployment [3] - A licensing agreement with Xili Technology was signed in November 2025, allowing the company to master core technologies related to batteries and fuel cells [3] - The company has introduced a new generation of high-power commercial products, significantly improving efficiency and performance metrics [3] Group 3: New Energy Powertrain Initiatives - The company is accelerating its layout in new energy and technology sectors, focusing on electric power systems, fuel cells, and hybrid technologies [3] - Future strategies include leveraging the group's full industrial chain advantages to promote rapid development in the new energy sector [3] - The company aims to respond flexibly to diverse market demands through differentiated products and extensive customer channel resources [3]

1月4日，生态环境部印发《省级温室气体清单编制指南（2025年版）》（以下简称新版指南）。新版指 南是对2011年试行版的首次全面修订，旨在进一步提升省级温室气体清单编制的科学性、规范性和可操 作性，更好与最新国家温室气体清单以及国际规则衔接，为全经济领域、所有温室气体排放控制提供坚 实的数据基础和方法学支撑。 一是边界范围更明确。废弃物处理领域，新增废弃物生物处理和焚烧处理甲烷和氧化亚氮排放内容，优 化了填埋处理计算方法；工业生产过程和产品使用领域，行业覆盖数量从12个增加至24个；二氧化碳捕 集、运输与地质储存首次纳入能源活动清单；土地利用、土地利用变化与林业领域，新增核算农地、草 地、湿地等其他土地利用类型。 新版指南将显著增加编制工作量 相比旧版指南，新版指南不仅是技术方法的更新，更是对"双碳"政策行动的深入贯彻，反映了十余年来 我国在温室气体监测、报告与核查（MRV）领域的技术进步和实践经验积累。总体上看，新版指南主 要有四点变化。 二是方法学更新。全面参考《2006年IPCC国家温室气体清单指南》及其2019年修订版，同步更新缩写 符并将全球增温潜势值更新至IPCC第五次评估报告中给出的数值；土地 ...