Core Viewpoint - The innovative technology developed by the team led by Academician Li Can enables the direct conversion of toxic hydrogen sulfide into clean energy and high-value chemical products, marking a significant advancement in addressing environmental pollution from industries such as natural gas and petrochemicals [1][2]. Group 1: Technology Development - The technology for the complete electrochemical decomposition of hydrogen sulfide into hydrogen and sulfur has been developed with independent intellectual property rights in China [2]. - The design of the technology allows the chemical reactions to occur in a separate reactor, avoiding issues such as solid sulfur clogging and contamination of electrodes, thus enabling stable and efficient large-scale operations [2]. - The research team has applied for 26 patents related to this technology, with 12 already granted, forming a comprehensive patent portfolio [2]. Group 2: Industrial Application - A pilot demonstration facility capable of processing 100,000 cubic meters of hydrogen sulfide annually has been successfully established in Xinxiang, Henan, which has operated stably for over 1,000 hours [1]. - The facility has achieved complete conversion of hydrogen sulfide, producing sulfur with a purity greater than 99.95% and high-purity hydrogen gas exceeding 99.999% [1]. - The technology is expected to have promising applications in coal chemical, petrochemical, and oil and gas extraction industries, contributing to the green transformation of these sectors [3]. Group 3: Environmental Impact - Utilizing renewable energy sources to drive this technology can significantly reduce pollution while recovering substantial amounts of "green hydrogen," which is crucial for building a clean and low-carbon energy system in China [3]. - The technology provides a new pathway for the complete elimination and resource utilization of hydrogen sulfide, effectively protecting the ecological environment and achieving dual resource recovery of hydrogen and sulfur [3].

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 ...

Core Viewpoint - The company is positioned as a key player in China's energy strategy, celebrating its 25th anniversary of H-share listing in 2025, showcasing its evolution and commitment to energy security and green transformation [4]. Group 1: Business Overview - The company is one of the largest oil and gas producers and refiners in China, with a robust oil and gas output and extensive oil reserve system, forming a reliable defense for national energy security [4]. - The company is transitioning from a traditional fossil fuel giant to a leader in green transformation, actively embracing changes under the "dual carbon" goals [4]. Group 2: Integrated Business Model - Upstream: The company focuses on "increasing reserves and production," with shale oil production exceeding 1 million tons and proven shale gas reserves over 1 trillion cubic meters, while establishing overseas operations in 23 countries [5]. - Midstream: The company has built globally leading refining and intelligent refining bases, with a terminal network covering 30,000 gas stations and over 28,000 convenience stores, driving high-quality development through differentiated strategies [5]. - Downstream: The company implements "oil transformation" and "oil specialty" strategies, optimizing refining structures to adapt to demand changes, while exploring hydrogen energy, charging and swapping stations, and photovoltaic industries [5][6]. Group 3: Future Growth Engines - The company is enhancing its refining structure through "oil transformation" and increasing the proportion of chemical products and high-end specialty oils, achieving technological breakthroughs at bases like Jingmen Petrochemical [6]. - The company is accelerating digital transformation by establishing smart factories and developing new business formats such as automotive services and dining through its online platform [6]. Group 4: Governance and Reform - The company is advancing state-owned enterprise reform by optimizing governance efficiency and implementing market-oriented management mechanisms, which enhances organizational vitality and provides institutional support for quality and efficiency improvements [7]. - The company's ESG performance is improving, with a clear "dual carbon" implementation path and leading ESG ratings in the industry, attracting long-term capital [7].

Group 1: Economic Strategy and Goals - The 2025 Central Economic Work Conference emphasizes the need for a "dual carbon" approach to lead economic work in 2026, focusing on comprehensive green transformation [1] - The "14th Five-Year Plan" period is identified as a critical phase for implementing national strategies to address climate change and achieve carbon peak goals [1] Group 2: New Energy System Development - The construction of a new energy system is being accelerated, focusing on supply, consumption, and technology to reshape the industrial ecosystem [2] - Key characteristics of an energy powerhouse include a non-fossil energy-dominated structure, self-controlled technology, and a complete industrial chain from equipment manufacturing to operation services [2] Group 3: Industrial Transformation - The "dual carbon" goals are driving an industrial revolution, transitioning the machinery industry from high-carbon to low-carbon models [3] - By 2050, an estimated investment of $12 trillion will be required globally for new green equipment to meet the Paris Agreement targets [3] Group 4: Innovation in Energy Consumption - New energy consumption models are emerging, such as direct green electricity connections and integrated energy systems, enhancing energy efficiency and creating new growth points [4] Group 5: Equipment Manufacturing Sector - The equipment manufacturing sector is experiencing a triple benefit from policy support, market demand growth, and technological advancements [5] - High-energy-consuming industries are accelerating their low-carbon transitions, increasing demand for efficient and intelligent environmental protection equipment [5] Group 6: Circular Economy Potential - The circular economy is being developed through the use of recycled materials, creating a complete chain from green sorting to regeneration [6] - Companies are encouraged to focus on energy consumption and emissions to enhance their green competitiveness [6] Group 7: Carbon Market Development - The national carbon market has included four industries and 3,500 companies, covering emissions of 8.3 billion tons [7] - Future plans include expanding market coverage to major industrial sectors, potentially reaching 9.3 billion tons of emissions by 2027 [8] Group 8: Carbon Market Optimization - The carbon market aims to improve quota allocation mechanisms to balance supply and demand while addressing corporate emission reduction pressures [8] - Strengthening data quality and establishing a transparent monitoring system are essential for the carbon market's stability and effectiveness [8]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) is positioned as a leader in marine energy development, focusing on enhancing oil and gas reserves, technological innovation, and transitioning to new energy systems to support the construction of a marine power nation [1][2]. Group 1: Performance and Financials - CNOOC's performance in 2023 has significantly exceeded historical oil price levels, demonstrating resilience during periods of declining oil prices [1]. - The company's free cash flow has improved markedly, exceeding 100 billion yuan from 2022 to 2023, with interest-bearing debt ratio decreasing from 17% in 2021 to 6% in the first half of 2025 [1]. - CNOOC plans to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, translating strong performance and cash flow into investor returns [1]. Group 2: Production and Cost Efficiency - CNOOC's oil and gas production is projected to grow rapidly, with a compound annual growth rate (CAGR) of 8.0% for crude oil and 10.5% for natural gas from 2021 to 2024 [2]. - The company's major cost per barrel of oil equivalent is $27.35, a 2.8% year-on-year decrease, which is significantly lower than competitors in both domestic and international markets [2]. Group 3: Energy Transition and ESG - CNOOC is actively pursuing energy transition by developing renewable energy resources and enhancing its ESG governance framework [2]. - The company aims to replace 760 million kilowatt-hours with green electricity by 2024 and expects to consume over 1 billion kilowatt-hours of green electricity in 2025, marking a 30% year-on-year increase [2]. - CNOOC is exploring industrialization paths for offshore CCS/CCUS and is establishing two offshore CCUS bases in Bohai and Hainan [2]. Group 4: Investment Outlook - CNOOC is expected to maintain strong performance due to its production growth and cost control, with projected net profits of 135.4 billion, 139.8 billion, and 144.3 billion yuan for 2025-2027, translating to earnings per share (EPS) of 2.85, 2.94, and 3.04 yuan respectively [3]. - The company maintains a "buy" rating for its A-shares and initiates coverage with a "buy" rating for its H-shares [3].

中国发布稀土价格指数： 树立全球新定价话语权 ·北方稀土控股的包头稀土产品交易所，承担中国每年约三分之二的稀土产量。 ·该交易所已用基于交易的基准价格取代了独立生产商的报价，覆盖近千家注册企业。 ·与西方大宗商品指数不同，此"价格指数"在中国"有为政府与有效市场结合"的框架下，发挥政策工具作用。 ·定价更多受到生产配额、出口管控及战略目标驱动，而非完全由独立的市场力量主导。 ·这一机制使中国在制度层面掌控了全球稀土的定价权。 该价格指数旨在提升市场透明度，同时也可理解为在全球供应链趋紧背景下，影响稀土定价、参考标准与交易方式的战略举措。 【Rare Earth Exchanges网 1月5日报道】 核心要点 ·2025年，新华社平台发布中国国家主导的包头稀土价格指数。 ·该指数追踪关键稀土产品，或将成为全球实际参考基准，其反映的是宏观调控的价格，而非完全自由市场形成的价格。 对于美国和西方相关方而言，其影响远不止于数据可获得性。除了新兴的"中国以外"稀土供应链市场中公司间的特定合同外，中国驱动着全球稀土定价。 重要的是，目前这一定价体系尚处于早期阶段，而特朗普政府的政策在一定程度上加速了这一进程。但目前，钕镨 ...

Core Viewpoint - The company, Sanwei Chemical, has successfully completed the pilot test of a new hydrogen and sulfur production technology, which has been recognized as internationally leading by experts, indicating potential for industrial application and scale-up [1]. Group 1: Company Performance - As of January 8, 2026, Sanwei Chemical's stock closed at 8.66 yuan, with a slight increase of 0.46% and a turnover rate of 1.41%, amounting to a trading volume of 88,700 shares and a transaction value of 76.76 million yuan [1]. - The total number of shareholders for Sanwei Chemical as of December 31, 2025, is reported to be 33,524 [1]. Group 2: Technological Development - The technology for "off-site electrocatalytic full decomposition of hydrogen sulfide to produce hydrogen and sulfur" developed in collaboration with the Dalian Institute of Chemical Physics has passed evaluation by the China Petroleum and Chemical Industry Federation, with recommendations for scaling up and promoting its application [1]. - The company aims to deepen its collaboration with the Dalian Institute to advance the technology's industrial application, focusing on technological innovation and green low-carbon development [1]. Group 3: Market Activity - On January 8, 2026, the net inflow of main funds into Sanwei Chemical was 2.56 million yuan, indicating a short-term buying interest from major investors [1]. - Retail investors contributed a net inflow of 1.92 million yuan, while speculative funds experienced a net outflow of 4.48 million yuan on the same day [1].

Core Viewpoint - The company, Ice Wheel Environment, is focusing on industrial heat pump services to respond to the dual carbon policy, with a significant emphasis on its subsidiary, Beijing Huayuan Taimeng, which has been recognized as a national-level specialized and innovative "little giant" enterprise [1] Group 1: Company Achievements and Technologies - The company holds a total of 96 authorized patents and 33 software copyrights as of the end of 2024 [1] - The "absorption heat exchanger" has been awarded the title of a national manufacturing single champion product and has contributed to the national standard for "absorption heat exchangers" [1] - The technology based on absorption heat for centralized heating has won the second prize of the National Technology Invention Award [1] - The low-grade waste heat utilization technology for large temperature difference long-distance heating has been included in the national green technology promotion directory [1] - The high-salinity wastewater MVR evaporation crystallization treatment technology has been listed in the "Major Environmental Protection Technology and Equipment Directory Encouraged by the State" [1] Group 2: Industry Impact and Policy Alignment - The company's technologies, including waste heat recovery, high-temperature heat pumps, and CCUS, are positioned to help high-energy-consuming industries (such as chemicals, metallurgy, textiles) reduce energy consumption and carbon emissions [1] - The demand driven by policies is expected to transition from an "optional" to a "mandatory" requirement, indicating long-term and certain demand [1]

证券日报网讯1月8日，三维化学（002469）在互动平台回答投资者提问时表示，2026年1月6日，公司与 中国科学院大连化学物理研究所共同研发的"离场电催化全分解硫化氢制氢和硫磺技术"通过了中国石油 和化学工业联合会组织的科技成果评价，评价委员会专家一致认为："该成果达到国际领先水平，一致 同意通过评价；建议扩大装置规模，加快推广应用。"该技术目前已通过中试试验及成果评价，后续尚 需技术规模化验证与技术推广。作为国内硫磺回收技术的行业龙头企业，公司将继续深化与中国科学院 大连化学物理研究所合作，以更大力度推进该项技术规模化与工业化应用，持续以技术创新为核心驱动 力，以工程实力为落地保障，以绿色低碳为发展底色，在践行"双碳"目标的道路上持续贡献力量。 ...