在当今全球汽车产业深刻变革的浪潮中，环境、社会与公司治理（ESG）已成为衡量企业可持续发 展能力的重要标尺。作为中国汽车工业的佼佼者，江淮汽车近年来在ESG领域，尤其是科技创新与国际 化发展方面取得了显著成就，不仅推动了企业自身的转型升级，更为中国汽车产业的绿色发展及全球化 布局贡献了重要力量。特别是江淮汽车与华为合作推出的尊界品牌，正引领中国汽车在超豪华市场迈向 新的高度。 研发创新：科技驱动，引领未来出行 在全球汽车产业的激烈竞争中，科技创新是制胜的关键。 近年来，江淮汽车不断加大研发投入，1-5月研发投入14.64亿元，同比增长9.6%，占营收比重达 8.9%。正是这样的投入和积累，为企业的高质量发展奠定了坚实的基础。 自主构建的江淮DHE155发动机平台凭借46.4%的极致热效率达到行业领先水平，为目前国内3L以 下最高热效率的柴油动力；实现自主智能的协同控制，构建行业首个自主智能安全体系。 在整车集成技术方面，江淮汽车已完成中央+区域架构技术平台方案设计，初步具备基于SOA的车 控应用层软件及通讯中间件自主开发能力，为产品提供了强大的技术支撑。智能底盘技术的革新同样令 人瞩目，电控悬架、后轮转向在尊 ...

部分环节存在污染风险。在碳捕集环节，化学吸收剂使用过程中会发生气体逸出，甚至生成气溶胶等污 染物。同时，化学吸收剂使用后的残留废弃物如果处置不当还会造成二次污染。 在全球每年排放的温室气体中，二氧化碳占比约76%。我国"双碳"战略目标对二氧化碳减排也提出了明 确要求，因此，用好碳捕集、利用与封存（CCUS）技术是实现碳达峰、碳中和目标的重要举措。为了 确保我国CCUS技术符合可持续发展要求，加强相关政策支持非常重要。 我国CCUS技术现状 碳捕集技术可分为燃烧前、燃烧中（富氧燃烧）和燃烧后捕集3类。其中，燃烧前捕集技术投资成本 高、系统复杂，在我国尚无工业示范项目。燃烧中捕集采用传统燃煤电站技术，采用氧气替代空气，燃 烧后产生含有高浓度二氧化碳的烟气，可以直接进行处理和封存，这项技术目前在我国尚处于试验阶 段。燃烧后捕集则无需改变现有燃烧方式，直接从燃煤烟气中分离二氧化碳，是目前国内外应用最广泛 的技术，具体有固体吸附法、化学（液体）吸收法、膜分离法等，其中化学吸收法是当前我国碳捕集的 主流技术。 我国的碳封存技术主要有深部咸水层封存、枯竭油气藏封存、深海封存等。其中，深部咸水层由于分布 范围广，容易靠近碳排 ...

编号：【2025】第 033 号 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 √路演活动 □现场参观 □其他 参与单位名称 及人员姓名 广发基金张毅、华泰证券王龙钰 时间 2025 年 7 月 9 日 地点 公司会议室 上市公司接 待人员姓名 董事会秘书孙秀欣 | | 活动期间谈论的主要内容如下： | | --- | --- | | | 一、讨论了公司业务情况和产业板块 | | | 公司致力于在能源和动力领域提供先进的系统解决方案和 | | | 全生命周期服务，主要产品形式为压缩机和换热装置，实施温控、 | | | 增压等冷热能管理功能，覆盖-271℃-200℃温度区间。具体有螺 | | | 杆式压缩机、离心式压缩机、吸收式压缩机、活塞式压缩机、涡 | | | 旋式压缩机、各类工业热泵、储能蓄能装置、真空冻干设备、速 | | | 冻装置、换热设备、船用制冷设备、多联机等。 | | | 公司打造了全系列磁悬浮压缩机产品矩阵,有着显著的技术 | | | 优势和市场表现。磁悬浮压缩机在北京冬奥村项目中表现出色， | | | 展现了产品的可靠性和高效性。 | | | 从 ...

Core Insights - In 2024, China's express delivery volume surpassed 170 billion packages, maintaining its position as the world's largest market for the 11th consecutive year, highlighting the significant environmental impact of packaging materials used in the industry [1] - The shift towards green packaging is driven by policies, corporate initiatives, and technological advancements, with a focus on reusable packaging solutions like circular express boxes to address the challenges of high costs and low recycling rates [1][15] Group 1: Industry Trends - The concept of "gray environmentalism" was introduced by entrepreneur Chai Aina in 2017, emphasizing that packaging should not be single-use but reusable, marking the beginning of a gradual transition towards sustainable logistics [2] - Gray Environmental's first product, made from renewable materials, has attracted significant investment, enabling the deployment of over 10 million circular boxes across China, resulting in a reduction of approximately 160,000 tons of carbon emissions [4][6] - The circular packaging model is gaining traction among major brands like Anta, which has reported significant cost savings and environmental benefits from using circular boxes for short-distance transportation [6][8] Group 2: Challenges and Solutions - The scalability of circular packaging faces challenges such as high initial costs, complex recovery processes, low consumer participation, and data sharing issues among stakeholders [7] - SF Express has been a pioneer in implementing circular packaging, having deployed over 1.4 million circular boxes by 2021, but still faces challenges in user awareness and operational complexity [8][9] - The integration of circular packaging into cold chain logistics has shown promising results, with SF Express reporting significant carbon reductions through the use of reusable cold transport boxes [9][14] Group 3: Corporate Strategies - JD.com has developed a diverse circular packaging system under its "Qingliu Plan," achieving over 70 million uses annually, focusing on product variety and ecological layout [10][12] - EMS is leveraging its extensive network to implement smart reusable packaging solutions, allowing users to easily return packaging through a mobile app [13][14] - The future of circular packaging relies on a collaborative approach among technology, user engagement, and corporate execution to create a sustainable system [14] Group 4: Policy Influence - The development of circular packaging is accelerating due to strengthened policy guidance, with clear targets set for the promotion of reusable packaging [15][16] - The revised "Interim Regulations on Express Delivery" effective June 1, 2025, mandates express companies to establish packaging operation standards and recycling management systems, making circular packaging a compliance requirement [16][17] - Recommendations for effective implementation include creating a shared recovery system, addressing data barriers, and adopting international best practices to support the transition to circular packaging [17]

齐鲁晚报·齐鲁壹点记者 白新鑫 7月1日，"青春当先开新局"融媒采风活动第二站来到山东力诺瑞特新能源有限公司（以下简称"力诺瑞特"）。作为国家级绿 色工厂，力诺瑞特始终秉持创新驱动发展的理念，以更高站位积极探索新质生产力的实践路径。系列成就背后，青年人才 已然成为推动企业发展的核心动力。 "黑灯工厂"，树立太阳能智能制造新标杆 在世界首座太阳能平板集热器"黑灯工厂"，全流程无人化生产线上，一排排连接着黑色线缆的机械臂正有条不紊地运行 着，精确地完成系列复杂生产工序，AGV小车穿梭自如，自动精准配送物料，为生产提供了高效的物流保障。 "这就是我们的'黑灯工厂'，行业首创板芯、玻璃安装及整机外观AI自学习检测系统，精准识别0.01mm级外观缺陷，良品率 达99.95%。"力诺瑞特总经理张春杰介绍。 这座通过5G全链接，100%自动化率、30秒/台极致节拍的"黑灯工厂"，拥有9个机器人自动化工位及6个无人专机、7个关键 质量自动采集点、4个AI视觉检测工位，全工位精益智能物流AGV自动配送，实现"全流程无人化、柔性化生产、产品全生 命周期管理、全域数据互联"的同时，将以年产百万台集热器的能力，推动中国太阳能制造正式 ...

齐鲁晚报·齐鲁壹点记者 白新鑫 山东力诺瑞特新能源有限公司研发团队与上海交通大学联合攻关，成功开发出180℃高温热泵蒸汽系统，节能率突破40%。 该技术已应用于酿酒、化工等高耗能领域，替代传统燃煤锅炉，入选国家科技进步奖项目。其建设的全球首座太阳能平板 集热器"黑灯工厂"，通过智能控制实现零碳排放生产，成为工业热力系统低碳转型的示范样板。 太阳能驱动"黑灯工厂"全速运转，小麦从育种到深加工实现全程零废弃，化工废弃物在先进工艺中实现资源重生……在山 东加速构建绿色低碳循环经济体系的进程中，青年力量正成为关键技术突破与产业模式创新的关键引擎。 7月1日至4日，由团省委组织的2025年第一期"青春当先开新局"融媒采风活动走进济南、滨州、东营三地，深入探访多家民 营企业，解码青年人才如何以科技赋能产业转型，推动绿色循环经济体系加速成型。 一幅幅青年创新创业推动发展的生动画卷，成为山东经济高质量发展的最美注脚。 新材料与新能源的绿色攻坚 在产业链上游，一场由青年主导的技术革命正打破国际垄断，夯实绿色根基。 山东国瓷功能材料股份有限公司研发工程师王键带领团队，向柴油车尾气处理的"卡脖子"技术发起冲锋。面对长期被国外 企业 ...

Core Insights - The report emphasizes the dual approach of "footprint + handprint" to minimize the company's environmental impact while enhancing the value of its products and solutions for customers [1][3] Group 1: Sustainability Initiatives - The company reported a total energy usage of 2,486 GWh in 2024, remaining stable compared to the previous year, with renewable energy accounting for 38% of total energy consumption, an increase of 2% from the previous year [1] - Carbon dioxide emissions were recorded at 568,000 tons, a reduction of 37,000 tons compared to the previous year [1] - Since 2020, the company has reduced its carbon emissions per million euros in sales by 45%, down to 47.5 tons, and has decreased absolute carbon emissions by approximately 200,000 tons, equivalent to 26% of 2020 levels [1] Group 2: Renewable Energy Projects - As of the end of 2024, the company has established and is operating 44 solar photovoltaic arrays globally, including 9 in China, with 65 additional projects in various planning stages [2] - A new solar project at the company's site in Hangzhou is expected to generate 200,000 kWh annually, reducing carbon emissions by 118.8 tons each year [2] - The company plans to increase the renewable energy usage ratio to 41% at its Suzhou factory by procuring 1.6 million kWh of green electricity in 2024, achieving a 23% reduction in carbon emissions per unit of sales compared to the 2020 baseline [2] Group 3: Energy Efficiency and Product Solutions - The company has identified a potential 30% energy-saving opportunity by analyzing approximately 40% of its total carbon emissions as part of its "Bee-Efficient" initiative launched in 2019 [2] - The Wibak factory in Wuxi achieved a 13% reduction in carbon emissions and a 14% decrease in overall energy consumption compared to the 2023 baseline through system optimizations [3] - In the lubricant sector, the company saved 44 GWh of electricity for Chinese customers in 2024, equivalent to a reduction of 230,000 tons of carbon emissions [3] Group 4: Future Commitments - The company is committed to continuous upgrades in green manufacturing, strengthening local R&D, and expanding talent and cultural investments, with a focus on "taking responsibility" as a core value [4] - The company aims to achieve climate neutrality by 2045, reinforcing its commitment to global climate initiatives [4]

权益驱动时代推动投资模式升级 当前金融市场环境下，保险资金正经历着投资策略的深度调整。随着利率中枢持续下行，传统固收资产收益率承压，险资开始将目光转向更具成长潜力的股 权投资领域。这一转变不仅体现了资本市场的内在需求，更反映出险资在服务实体经济过程中的战略升级。 保险资金作为典型的长期资本，其投资周期往往以十年为单位进行规划。这种"耐心资本"的特性，与民生基础设施建设的长期性需求形成了天然匹配。从青 海高原的清洁能源项目到城市基础设施建设，险资正通过股权投资的方式，深度参与到关乎国计民生的重大工程中。 传统的负债驱动投资模式正在向权益驱动模式转变。这一变化的核心在于，险资不再单纯追求稳定的固定收益，而是更加注重通过股权投资获得企业成长带 来的长期价值回报。 股权投资的成长性特征为险资提供了新的收益来源。与传统债权投资相比，股权投资能够让险资分享被投企业的成长红利。特别是在新兴产业和科技创新领 域，股权投资的潜在收益往往远超固定收益类产品。 险资在股权投资过程中展现出的"陪伴式"投资理念，正成为其核心竞争优势。通过长期持有和深度参与企业治理，险资能够与被投企业形成良性互动，共同 推动企业价值提升。这种投资方式不 ...

Investment Rating - The report maintains a "Positive" investment rating for the power equipment industry [4] Core Insights - The dual carbon strategy emphasizes the coexistence of highly clean power generation and highly electrified power consumption, with the grid serving as a crucial link between the two [4][7] - The development of ultra-high voltage (UHV) technology is essential for achieving carbon neutrality, but progress has been slower than expected [4][8] - The distribution network is critical for renewable energy consumption, yet investment during the 14th Five-Year Plan period has fallen short of expectations [4][39] Summary by Sections Ultra-High Voltage (UHV) - UHV is a key component of the dual carbon strategy, with a planned investment of 380 billion yuan for over 30,000 kilometers of lines and a capacity of 340 million kilovolt-amperes [8] - The actual progress of UHV projects has been below expectations, with only eight projects likely to be completed by 2025 [16][18] - The shift towards flexible direct current technology is noted, as it allows for higher proportions of renewable energy to be transmitted [22][24] Distribution Network - The distribution network's role has evolved significantly post-dual carbon strategy, requiring upgrades to accommodate distributed energy resources [39][40] - Despite a consensus on the need for increased investment in the distribution network, actual investment levels have been lower than anticipated during the 14th Five-Year Plan [47] - The rapid growth of distributed solar power has led to challenges in the capacity of the distribution network, necessitating further enhancements [50]

责编:徐小雪 电话:(010)67139791 传真:(010)67139791 E-mail:dfxcb@vip.sina.com ·海碳普惠串起! 2025年6月25日,全国低碳日上海主场活动上,上海碳普惠正式 上线。自此,上海市民可将乘坐地面公交、骑行共享单车、驾驶纯电动 车等日常绿色行为积累的碳减排量,在碳普惠平台商城中光换成数字 人民币、商品券、热门IP周边等77种权益。涵盖"蛋仔派对异形抱枕" "周同学限定徽章"等潮品,以及黑胶音乐会员卡、上海海昌海洋公园门 票等多样化选择,一经推出便广受市民欢迎。 经历近8个月的调试运行,碳普惠平台已有13万用户受邀参加了 抢先体验。首批"体验官"之一 -- 每天通勤接近80公里的市民杨女 士介绍,她每天乘坐地铁的减排大概有6.23千克,曾用42万多减排积 分兑换到了 48.9元数字人民币。在上海碳普惠机制中,1克减排量对 应1个碳积分。杨女士兑换的数字人民币来自"沪碳行"商城,该商城 将汇聚的碳积分转化为减排量,通过碳交易平台进行消纳,最终被某企 业购买用于上海碳配额履约。 这意味着,市民的低碳行动不仅产生实际减排量,更通过积分兑换 间接参与地方碳市场。碳普惠 ...