来源：新浪证券-红岸工作室 12月23日，新中港跌0.12%，成交额1733.90万元，换手率0.50%，总市值34.69亿元。 异动分析 碳中和+碳交易+虚拟电厂+储能 1、2023年12月25日互动易：公司把"打造成具有规模优势，环保和碳排放强度可与天然气机组相媲美的 区域综合能源供应中心和碳中和中心"的区域公用热电联产企业作为发展目标。 目前公司减碳方面具体 措施主要是提效减碳和耦合减碳，提效减碳是公司通过新机组扩建和技术改造，进一步提高机组热效 率、?效率，从而降低碳排放强度；耦合减碳方面，公司控股子公司RDF生产线已经投产，公司耦合固 废和生物质燃料锅炉改造项目即将投运，逐步耦合并加大固废和生物质燃料的比例，将降低燃料成本及 大幅降低碳排放。 2、根据2022年4月10日公告：2019 年和 2020 年合计碳排放配额 264.83 万吨，排放 214.83 万吨，结余 50.01 万吨，结余比例为 18.88%。 2021 年 12 月出售了 50 万吨 3、2023年5月23日互动易：公司可转债募投项目是有计划建设"三维虚拟电厂"系统的内容。即：利用传 感器、监控系统、三维建模技术、数据分析技术 ...

清晨，河源龙川（宝安）科技创新中心内，工作人员正忙着对接大湾区客户订单。几小时后，龙川的山 茶油衍生产品、电子零部件等便将通过宝安物流网络发往全国各地。 这一幕，正是宝安区推进"百县千镇万村高质量发展工程"（简称"百千万工程"）的生动缩影。 今年是"百千万工程"实现三年初见成效的一年。作为深圳制造业大区、产业大区，宝安立足雄厚的产业 基础和创新资源，主动将产业体系、工业逻辑和市场机制引入城乡协同发展：向空间要效率、向技术要 动能、向协作要增量、向农业要现代化，探索出一条以工业思维推动区域协调发展的实践路径。 向空间要效率 夯实产业承载底盘 产业发展，空间是基础载体。宝安区以"百千万工程"为主线，内外兼修破解产业空间瓶颈。在区内，针 对老旧工业园区碎片化、低效化问题，宝安系统推进"产业园区碎片化"整治。通过"整整转更""快供快 建""提容增效"等方式，一批低效产业空间被重新整合，老厂房实现"腾笼换鸟"。 同时，为保障优质企业用地需求，宝安区在全市率先建立"四个一"产业遴选机制，并在该模式基础上， 提出"五步法"工作原则，以遴选焕新破解"供地难、匹配难"问题。该机制精准对接"四梁八柱"产业体系 中的新赛道、高成长 ...

今日挂牌协议交易成交量1,994,276吨，成交额119,488,335.13元；大宗协议交易成交量1,031,235吨，成 交额60,426,774.10元；今日无单向竞价。 新华财经北京12月17日电据微信公众号"全国碳交易"，今日全国碳市场综合价格行情为： 开盘价58.59 元／吨，最高价59.19元／吨，最低价58.59元／吨，收盘价59.09元／吨，收盘价较前一日上涨0.65%。 | 名 称 | 价 格 | 单 位 | | --- | --- | --- | | 开 盘 | 58. 59 | 元/吨 | | 最 高 | 59. 19 | 元/吨 | | 最 低 | 58. 59 | 元/吨 | | 收 盘 | 59. 09 | 元/吨 | | 涨 幅 | 0. 65% | | | 全国碳市场各年度碳排放配额成交情况(20251217) | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 各年度 硕排放配复 | 开盘价 | | 最高价 最低价 收费价 (元/吨)(元/吨) ...

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 measures [2] Group 1: Company Developments - The company has set a development goal to establish a regional public utility cogeneration enterprise with scale advantages and carbon emission 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 launched a "three-dimensional virtual power plant" system to enhance operational efficiency and reliability through real-time data collection and analysis [2][3] Group 2: Financial Performance - As of September 30, the company reported a revenue of 529 million yuan for the first nine months of 2025, a year-on-year decrease of 18.48%, while net profit attributable to shareholders was 91.83 million yuan, an increase of 2.51% [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 December 17, the company's stock price increased by 0.71%, with a trading volume of 26.02 million yuan and a turnover rate of 0.77%, bringing the total market capitalization to 3.405 billion yuan [1] - The main capital inflow for the day was 676,700 yuan, accounting for 0.03% of the total, indicating unclear trends in major capital movements [4][5]

中国钢铁出口的竞争力，很大程度上建立在廉价电力基础上。 作为"电力吞噬器"行业，钢铁生产成本中电力占比极高。 过去十年，中国通过巨额基建投入建成全球最庞大的电力系统，形成稳定低价的能源供应优势。 但这一优势在出口领域逐渐演变为漏洞：国际买家低价采购中国钢材，实则享受了中国的能源和环境补贴。 这种补贴的代价触目惊心。 钢铁行业占全国碳排放总量15%，是制造业中碳排放最大的领域。 2025年12月12日，商务部和海关总署的一纸公告引爆行业：自2026年1月1日起，中国将对钢铁产品全面实施出口许可证管理。 这意味着，过去16年来钢铁自由出口的时代正式终结。 公告发布当天，钢铁产业链企业火速调整策略，部分贸易商通宵清理库存，钢厂紧 急召开会议评估出口资质。 这场调整并非突然之举，而是中国对长期"能源补贴全球"模式的彻底告别。 2025年前11个月，中国钢材出口量已达1.077亿吨，同比增长6.7%，全年出口量预计突破1.15亿吨，刷新2015年的历史纪录。 但数字背后隐藏着严峻问题：出口均价同比下跌，部分低附加值产品陷入"量增价跌"的恶性循环。 中国以消耗自身能源和环境为代价，变 相补贴全球钢铁消费的模式已难以为继。 ...

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 reduction strategies [2]. Group 1: Company Development Goals - The company is working towards becoming a regional public utility cogeneration enterprise with scale advantages, comparable environmental and carbon emission intensity to natural gas units [2]. - Specific measures for carbon reduction include efficiency improvements through new unit expansions and technological upgrades, as well as coupling reduction by increasing the proportion of solid waste and biomass fuel [2]. Group 2: Carbon Emission Management - In 2019 and 2020, the company had a total carbon emission quota of 2.6483 million tons, with actual emissions of 2.1483 million tons, resulting in a surplus of 500,100 tons, which is a surplus ratio of 18.88% [2]. - The company sold 500,000 tons of carbon emissions in December 2021 [2]. Group 3: Technological Innovations - The company plans to construct a "three-dimensional virtual power plant" system to enhance operational efficiency and reliability through real-time data collection and analysis [2]. - This system will facilitate the visualization, simulation, and analysis of power plant operations, laying the groundwork for future development of a dispatchable virtual power plant [2]. Group 4: Financial Performance - As of September 30, the company had 22,900 shareholders, an increase of 12.16% from the previous period, with an average of 17,497 circulating shares per person, a decrease of 10.83% [8]. - For the period from January to September 2025, the company reported revenue of 529 million yuan, a year-on-year decrease of 18.48%, while net profit attributable to shareholders increased by 2.51% to 91.8345 million yuan [8]. Group 5: Company Overview - Zhejiang Xinhong Port Thermal Power Co., Ltd. was established on October 17, 1997, and listed 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].

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 reduction methods [2] Group 1: Company Strategy and Goals - The company is developing a regional public utility cogeneration enterprise with scale advantages and environmental performance 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 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 [2][3] Group 2: Financial Performance - As of September 30, the company reported a revenue of 529 million yuan, a year-on-year decrease of 18.48%, while net profit attributable to shareholders was 91.83 million yuan, a year-on-year increase of 2.51% [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 [8] Group 3: Market Activity - On December 3, the company's stock price fell by 0.98%, with a trading volume of 29.83 million yuan and a turnover rate of 0.82%, resulting in a total market capitalization of 3.645 billion yuan [1] - The stock has seen a net outflow of 1.0061 million yuan from major funds today, with a continuous reduction in major fund positions over the past three days [4][5]

Core Viewpoint - Tianfu Energy announced the completion of its plan to sell approximately 640,000 tons of carbon emission quotas, having sold 629,500 tons for a total transaction amount of 33.8691 million yuan (including tax) [1] Group 1 - The company has executed its sale plan without involving related transactions or major asset restructuring [1] - The revenue from the sale of quotas will be recorded as non-recurring gains, with an estimated impact of 31.952 million yuan on the net profit for the year 2025 after deducting expenses [1] - The funds obtained from this transaction will be used for the company's main business operations, and the company plans to actively participate in the carbon trading market in the future [1]

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 reduction methods [2] Group 1: Company Developments - The company has set a development goal to establish a regional public utility cogeneration enterprise with scale advantages and carbon emission 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 reduction through the production line of its subsidiary RDF [2] - The company plans to construct a "three-dimensional virtual power plant" system to enhance operational efficiency and reliability through real-time data analysis and modeling [2][3] Group 2: Financial Performance - As of September 30, the company reported a total revenue of 529 million yuan for the first nine months of 2025, a year-on-year decrease of 18.48%, while net profit attributable to shareholders was 91.83 million yuan, a year-on-year increase of 2.51% [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 [8] Group 3: Market Activity - On November 24, the company's stock rose by 2.30%, with a trading volume of 66.15 million yuan and a turnover rate of 1.86%, bringing the total market capitalization to 3.565 billion yuan [1] - The main capital flow showed a net outflow of 5.4851 million yuan, indicating a reduction in main capital positions over the past two days [4][5]

Summary of Industry and Company Insights Industry Overview Oil and Gas Chemical Industry - Capital expenditures in the oil and gas chemical industry are expected to decline by 20% in 2024 and by another 10% in the first three quarters of 2025, indicating a reduction in new capacity which will help improve supply-demand balance [1][2][3] - Seasonal demand is expected to remain weak due to the downturn in real estate and related downstream sectors, with no significant recovery anticipated before the next Spring Festival [2] - Industry self-discipline meetings have led to price increases for products like organic silicon and DMAC, with prices rising by 3.9% to 8,650 RMB/ton [3] Lithium and Related Materials - Demand for lithium-related solvents such as EC, DMC, and DEC is strong, with price increases of 47.8%, 10%, and 5.1% respectively, driven by supply-demand tightness rather than price coordination [1][3] - The price of lithium carbonate has surged to 92,000 RMB/ton, with futures exceeding 100,000 RMB/ton, driven by concentrated procurement in the electric vehicle sector and supply constraints from major producers [2][9] Coal Market - The coal market is expected to see stable but weak demand in 2024, influenced by economic growth rates and the substitution effect from renewable energy sources [4] - The average coal price is projected to stabilize around 750-800 RMB/ton, which is favorable for coal companies despite macroeconomic pressures [4] - In 2025, coal prices have seen significant declines, particularly due to price cuts by coal companies to ensure long-term contracts with power companies [5] Construction and Building Materials - The construction materials sector is negatively impacted by the downturn in real estate, with demand and prices under pressure [6] - New project starts are expected to continue declining in 2026, although the rate of decline may slow [6] - The demand for coatings is relatively strong due to renovation needs, while the demand for gypsum boards and pipes remains under pressure [6] Steel Industry - The steel industry faces challenges with insufficient reduction efforts, with a 50 million ton reduction target largely unmet [7] - The cement sector is also experiencing significant demand declines, with a 15% year-on-year drop in early November [7] Nonferrous Metals - The nonferrous metals sector is expected to benefit from global monetary easing and emerging industries, with demand accelerating [8] - Copper supply is tightening due to production cuts from major mines and increased demand from clean energy sectors [8] - The aluminum sector has reached capacity limits, with high operating rates and increasing demand from electric vehicles and photovoltaics [8] Tungsten Market - Tungsten prices have reached record highs, with a cumulative increase of 132% this year, driven by domestic supply constraints and increased demand [13] - The global tungsten supply growth is expected to remain under pressure for the next 3-5 years due to declining domestic ore grades and environmental regulations [13][14] Key Insights - The overall economic outlook remains cautious, with potential for further monetary policy easing as fiscal space is constrained [21] - The need for core economic stimulus measures, particularly in employment and income, is highlighted as essential for recovery [21] This summary encapsulates the key points from the conference call, providing a comprehensive overview of the current state and future outlook of various industries, particularly focusing on oil and gas, lithium, coal, construction materials, steel, nonferrous metals, and tungsten.