Core Viewpoint - The company reported a revenue of 11.78 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.55%, and a net profit attributable to shareholders of 915 million yuan, up 30.90% [1]. Group 1: Financial Performance - Q3 2025 revenue reached 4.39 billion yuan, reflecting an 18.94% year-on-year increase, while net profit attributable to shareholders was 25 million yuan, a significant increase of 122.01% [1]. - The decline in costs helped the company turn a profit in Q3 2025, with the float glass business seeing a 17% decrease in completion, leading to a 12% drop in glass prices [1]. - In the photovoltaic sector, intense competition resulted in a 17% decrease in the average price of photovoltaic glass in Q3 2025 [1]. - Raw material costs decreased significantly, with soda ash prices dropping by 30% in Q3 2025, which helped offset the decline in prices [1]. - The company's gross margin increased by 3.12 percentage points in Q3 2025, and net margin rose by 5.13 percentage points, primarily due to cost reductions and expense dilution [1]. - The period expense ratio decreased by 2.02 percentage points, with reductions in sales, management, and R&D expense ratios of 0.17, 0.91, and 0.91 percentage points, respectively [1]. Group 2: Industry Dynamics - The trend of "anti-involution" has accelerated across various industries, with companies engaging in self-regulation and production cuts to optimize supply structure and alleviate downward price pressure [2]. - The successful implementation of a carbon trading system in the glass industry has imposed constraints on companies, leading to the exit of high-energy and high-emission small capacities, thus optimizing the industry supply structure [2]. Group 3: Investment Outlook - The company forecasts net profits attributable to shareholders for 2025-2027 to be 971 million, 235 million, and 411 million yuan, representing growth rates of 154%, -76%, and 75%, respectively [2]. - The latest closing price corresponds to price-to-earnings ratios of 20x, 82x, and 47x for the respective years [2].

Core Viewpoint - The company aims to become a regional comprehensive energy supply center and carbon neutrality center, focusing on carbon reduction through efficiency improvements and coupling carbon reduction strategies [2] Group 1: Company Strategy and Goals - The company is developing a regional public combined heat and power enterprise with scale advantages, aiming for carbon emissions intensity comparable to natural gas units [2] - Specific measures for carbon reduction include efficiency improvements through new unit expansions and technological upgrades, as well as coupling carbon reduction by increasing the proportion of solid waste and biomass fuel [2] - The company has a plan to construct a "three-dimensional virtual power plant" system to enhance operational efficiency and reliability through real-time data analysis [2][3] Group 2: Financial Performance - As of June 30, the company reported a revenue of 364 million yuan, a year-on-year decrease of 17.74%, and a net profit attributable to shareholders of 61.81 million yuan, down 4.62% year-on-year [8] - The company has distributed a total of 344 million yuan in dividends since its A-share listing, with 204 million yuan distributed over the past three years [9] Group 3: Market Activity - On October 24, the company's stock price fell by 1.86%, with a trading volume of 60.84 million yuan and a turnover rate of 1.68%, resulting in a total market capitalization of 3.597 billion yuan [1] - The stock's average trading cost is 9.27 yuan, with the current price approaching a resistance level of 9.07 yuan, indicating potential for a price correction if it fails to break through this level [6]

Core Viewpoint - The company, Zhejiang Xinhong Electric Power Co., Ltd., is focusing on carbon neutrality and energy efficiency through various initiatives, including carbon trading, virtual power plants, and energy storage projects. Group 1: Company Performance - On October 20, the stock price of Xinhong increased by 3.64%, with a trading volume of 88.98 million yuan and a turnover rate of 2.46%, bringing the total market capitalization to 3.649 billion yuan [1] - As of June 30, the number of shareholders decreased by 4.18% to 20,400, while the average circulating shares per person increased by 4.37% to 19,622 shares [8] - For the first half of 2025, the company reported a revenue of 364 million yuan, a year-on-year decrease of 17.74%, and a net profit attributable to shareholders of 61.81 million yuan, down 4.62% year-on-year [8] Group 2: Carbon Neutrality and Energy Initiatives - The company has a carbon emission quota of 2.6483 million tons for 2019 and 2020, with actual emissions of 2.1483 million tons, resulting in a surplus of 500,100 tons, which is 18.88% of the quota [2] - The company aims to become a regional comprehensive energy supply center and carbon neutrality center, focusing on improving efficiency and coupling carbon reduction through new unit expansions and technology upgrades [2] - The company has launched a "three-dimensional virtual power plant" project to enhance operational efficiency and reliability through real-time data analysis and modeling [3] Group 3: Financial and Market Analysis - The main capital inflow today was 9.76 million yuan, accounting for 0.11% of the total, with the stock showing no clear trend in major capital movements [4] - The average trading cost of the stock is 9.27 yuan, with recent accumulation activity noted, although the strength of this accumulation is weak [6] - The stock is currently near a resistance level of 9.20 yuan, indicating potential for a price correction unless it breaks through this level [6] Group 4: Company Overview - Zhejiang Xinhong Electric Power Co., Ltd. was established on October 17, 1997, and went public on July 7, 2021, primarily engaged in the production and supply of thermal and electric power through cogeneration [7] - The company's revenue composition includes 95.17% from cogeneration, 4.73% from energy storage, and 0.10% from other sources [7] - The company operates in the public utility sector, specifically in electricity and thermal services, and is involved in concepts such as carbon neutrality and energy storage [7]

Core Insights - The Suzhou Carbon Inclusive System, China's first market-oriented carbon inclusive system, has served nearly 500 enterprises over two years, issuing 350,000 tons of carbon reduction, equivalent to planting 2.3 million trees, and completing a transaction volume of 140,000 tons, equivalent to planting 900,000 trees [1][2] Group 1 - The Suzhou Industrial Park is one of the first carbon peak pilot parks in the country, gathering various green manufacturing enterprises with a strong willingness to reduce carbon emissions [1] - In 2022, State Grid Jiangsu Electric Power Company, leveraging the industrial advantages of the Suzhou Industrial Park, established a comprehensive service model covering six major emission reduction scenarios, activating dispersed carbon assets [1] - The carbon inclusive service system allows sellers to gain additional income through emission reduction actions, while buyers pay for environmental rights, facilitating a win-win situation for social low-carbon transformation [1] Group 2 - In July, the Shandong Liaocheng Transportation Group completed its first cross-provincial transaction through the Suzhou system, quantifying low-carbon behavior from new energy buses into 904 tons of carbon assets, with 200 tons sold at a price of 20 yuan per ton, generating revenue of 4,000 yuan [2] - The system has attracted cross-regional cooperation from ten locations across four provinces, including Zhejiang, Anhui, Shandong, and Sichuan [2] - The use of blockchain technology in the system ensures the traceability of carbon assets throughout the entire process, and its innovative experience has been included in the United Nations Global Compact Organization's 25th-anniversary case library [2]

Core Viewpoint - The company, Zhejiang Xinhonggang Thermal Power Co., Ltd., is focusing on developing a "three-dimensional virtual power plant" system and aims to enhance its carbon neutrality efforts through various projects and technologies [2][3]. Group 1: Company Overview - Zhejiang Xinhonggang Thermal Power Co., Ltd. was established on October 17, 1997, and listed on July 7, 2021. The company primarily engages in the production and supply of thermal and electric power through cogeneration, with 95.17% of its revenue coming from this segment [7]. - As of June 30, the company had 20,400 shareholders, a decrease of 4.18% from the previous period, with an average of 19,622 circulating shares per shareholder, an increase of 4.37% [8]. Group 2: Financial Performance - For the first half of 2025, the company reported operating revenue of 364 million yuan, a year-on-year decrease of 17.74%, and a net profit attributable to shareholders of 61.81 million yuan, down 4.62% year-on-year [8]. - The company has distributed a total of 344 million yuan in dividends since its A-share listing, with 204 million yuan distributed over the past three years [9]. Group 3: Investment and Development Initiatives - The company plans to construct a "three-dimensional virtual power plant" system to enhance operational efficiency and reliability by utilizing advanced technologies for real-time data analysis [2]. - The company aims to establish itself as a regional comprehensive energy supply center and carbon neutrality center, focusing on improving efficiency and reducing carbon emissions through new unit expansions and technological upgrades [2][3]. - The company is also investing in energy storage projects through its wholly-owned subsidiary, Zhejiang Yuesheng Energy Storage Technology Co., Ltd., to manage and operate energy storage stations [3]. Group 4: Market Activity - On October 16, the company's stock price fell by 1.33%, with a trading volume of 33.28 million yuan and a turnover rate of 0.93%, resulting in a total market capitalization of 3.553 billion yuan [1]. - The stock has seen a net inflow of 77,200 yuan from major investors today, with a total of 548.94 million yuan in major transactions, accounting for 2.21% of the total trading volume [4][5]. Group 5: Technical Analysis - The average trading cost of the stock is 9.28 yuan, with the current price approaching a resistance level of 9.07 yuan, indicating potential for a price correction if this level is not surpassed [6].

Report Information - Report Title: National Carbon Market Market Briefing (Issue 167, 2025) [1] - Release Date: September 30, 2025 [3] Investment Strategy - Suggest gap enterprises to purchase in batches at low prices before the end of October [4] - The depletion of mandatory circulation quotas may support a carbon price reversal, expected in October, but signs may appear in Q3 [4] Core Logic - From September, key emission units will formulate trading plans, accelerating the release of mandatory circulation quotas and pressuring carbon prices [5] - By the end of October, as compliance pressure mounts and quota release nears completion, carbon prices may rise [5] Market Data CEA | Type | CEA19 - 20 | CEA21 | CEA22 | CEA23 | CEA24 | | --- | --- | --- | --- | --- | --- | | Closing Price (yuan/ton) | 65.00 | 59.00 | 60.00 | 52.48 | 53.38 | | Price Change (%) | 0.00% | 0.00% | 0.00% | -2.11% | -3.52% | | New - Old Price Difference (yuan/ton) | | -6.00 | 1.00 | -7.52 | 0.90 | | Bulk Transaction Average Price (yuan/ton) | N/A | N/A | N/A | 59.16 | 58.46 | | Single - Bidding Transaction Average Price (yuan/ton) | N/A | N/A | N/A | N/A | N/A | | Total Trading Volume (10,000 tons) | 0.00 | 0.00 | 0.00 | 27.75 | 331.78 | | Listing Agreement Trading Volume (10,000 tons) | 0.00 | 0.00 | 0.00 | 10.19 | 94.74 | | Bulk Agreement Trading Volume (10,000 tons) | 0.00 | 0.00 | 0.00 | 17.55 | | [6] CCER - Transaction Average Price: 68.00 yuan/ton, with a decline of 10.80% - Transaction Amount: 204,000 yuan - Trading Volume: 3,000 tons - Cumulative Trading Volume: 3,187,100 tons [8] Today's Market - CEA: The decline of the main target widened. The listing volume was 1.049 million tons, and the bulk volume was 2.546 million tons [11] - CCER: The listing agreement trading volume was 3,000 tons, and the transaction average price was 68.00 yuan/ton (-10.80%) [11]

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The pre - holiday trading activity in the carbon market declined, and the main targets continued to decline. It is recommended that enterprises with a quota gap make batch purchases at low prices before the end of October [2]. - The exhaustion of mandatory circulation quotas may be a real support for the reversal of carbon prices. It is expected that the mandatory circulation quotas will be exhausted in October, but anticipatory trading may occur, and signs of a carbon price reversal may be seen in Q3 [2][3]. - From September, key emission units will gradually formulate trading plans based on the allocation of verified quotas, and the accelerated release of mandatory circulation quotas may put pressure on carbon prices. By the end of October, as the compliance pressure gradually emerges and the release of mandatory circulation quotas nears the end, the upward momentum is expected to accumulate, and carbon prices may enter a stage of trending recovery [4]. 3. Summary by Relevant Catalogs Carbon Emission Allowance (CEA) Market - **Trading Volume**: The total volume of listed CEA was 58.5 tons, and the volume of bulk transactions was 116.5 tons. Among different years' CEAs, CEA23 had a total trading volume of 48.85 tons, and CEA24 had a total trading volume of 126.16 tons [2][5]. - **Price**: The closing prices of CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 were 65.00 yuan/ton, 59.00 yuan/ton, 60.00 yuan/ton, 53.61 yuan/ton, and 55.33 yuan/ton respectively. The price of CEA23 decreased by 4.06%, and that of CEA24 decreased by 1.02% [5]. China Certified Emission Reduction (CCER) Market - **Trading Volume and Price**: The volume of listed CCER agreements was 1.89 tons, with a transaction average price of 76.23 yuan/ton, a year - on - year increase of 5.81%. The transaction amount was 143.87 million yuan, and the cumulative trading volume was 318.41 tons [2][7].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The market contradictions are not prominent, and the EUA price is oscillating at a high level. The recommended strategy is to lightly short at high prices. There are no new factors on the bullish, bearish, or other fronts [2]. 3. Summary by Relevant Content Market Conditions - **Primary Market**: The EUA auction price was 75.56 euros/ton, a decrease of 0.05%, and the bid - cover ratio was 1.08. On September 25, 2025, the auction volume was 326,800 tons, and the auction revenue was 246.93 million euros [2][4]. - **Secondary Market**: The EUA futures settlement price was 75.76 euros/ton, a decrease of 0.34%, and the trading volume was 25,400 lots, an increase of 0.33. The spot settlement price was 75.61 euros/ton, a decrease of 0.33%, and the spot trading volume was 1,313 lots [2][5]. Strategy The recommended strategy is to lightly short at high prices [2]. Factors Affecting the Market There are no new bullish, bearish, or other factors affecting the market [2].

Group 1: Report Overview - Report title: National Carbon Market Market Briefing (Issue 164, 2025) [1] - Publisher: Guotai Junan Futures [2] - Release date: September 25, 2025 [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core Views - CEA price rebounds, with daily trading volume increasing by 16.5% compared to the previous day [5] - From September, key emission - control units will formulate trading plans based on the allocation of verified allowances, accelerating the release of mandatory circulation allowances, and carbon prices may face downward pressure. By the end of October, as compliance pressure gradually emerges and the release of mandatory circulation allowances nears completion, upward momentum is expected to accumulate, and carbon prices may enter a stage of trend - based recovery [8] - The exhaustion of mandatory circulation allowances may be a real support for carbon price reversal. It is expected that the mandatory circulation allowances will be exhausted by October, but anticipatory trading may occur, and signs of carbon price reversal may be seen as early as September [7] - It is recommended that enterprises with allowance gaps make phased purchases at low prices before the end of October [6] Group 4: Market Conditions Summary CEA Market - CEA24 shows weak and stable operation, while other targets show slight rebounds. The volume of listed allowances is 813,000 tons, and the volume of bulk transactions is 845,000 tons [6] - CEA19 - 20 closes at 65.00 yuan/ton with a 0.00% change; CEA21 closes at 59.00 yuan/ton with a 5.36% increase; CEA22 closes at 60.00 yuan/ton with a 3.43% increase; CEA23 closes at 57.13 yuan/ton with a 2.62% increase; CEA24 closes at 57.65 yuan/ton with a - 0.36% change [10] - The total trading volume of CEA19 - 20 is 0.00 tons; CEA21 is 0.00 tons; CEA22 is 18,500 tons; CEA23 is 646,100 tons; CEA24 is 993,100 tons [10] - The total trading amount of CEA19 - 20 is 58,991,100 yuan; CEA21 is 1,108,400 yuan; CEA22 is 41,935,500 yuan; CEA23 is 0.00 yuan; CEA24 is 60,000 yuan [11] CCER Market - The volume of listed agreement transactions of CCER is 139,800 tons, and the average transaction price is 78.30 yuan/ton, a decrease of 17.14%. The trading amount is 10,948,500 yuan, and the cumulative trading volume is 3,160,500 tons [12]

Core Viewpoint - The company is focusing on developing a "three-dimensional virtual power plant" system to enhance operational efficiency and reliability while also pursuing carbon neutrality through various initiatives [2][3]. Company Overview - Zhejiang Xinhonggang Thermal Power Co., Ltd. was established on October 17, 1997, and listed on July 7, 2021. The company primarily engages in the production and supply of thermal and electric power through cogeneration [7]. - The main revenue composition includes 95.17% from cogeneration, 4.73% from energy storage, and 0.10% from other sources [7]. Financial Performance - As of June 30, the company had 20,400 shareholders, a decrease of 4.18% from the previous period, with an average of 19,622 circulating shares per shareholder, an increase of 4.37% [8]. - For the first half of 2025, the company reported revenue of 364 million yuan, a year-on-year decrease of 17.74%, and a net profit attributable to shareholders of 61.81 million yuan, down 4.62% year-on-year [8]. - The company has distributed a total of 344 million yuan in dividends since its A-share listing, with 204 million yuan distributed over the past three years [9]. Market Activity - On September 26, the company's stock rose by 0.69%, with a trading volume of 33.01 million yuan and a turnover rate of 0.95%, bringing the total market capitalization to 3.493 billion yuan [1]. Investment Initiatives - The company plans to construct a "three-dimensional virtual power plant" system to monitor and enhance the efficiency of power plants using advanced technologies [2]. - The company aims to establish itself as a regional comprehensive energy supply center and carbon neutrality center, focusing on improving efficiency and reducing carbon emissions through new unit expansions and technological upgrades [2][3].