Core Viewpoint - Handan Yanqi New Materials Co., Ltd. has been established with a registered capital of 2 million RMB, focusing on various technology services and sales related to new materials and carbon reduction technologies [1] Company Overview - The company is legally represented by Shi Yanling and has a registered capital of 2 million RMB [1] - The business scope includes technology services, development, consulting, and promotion, as well as sales of graphite and carbon products, graphene materials, and refractory materials [1] Industry Focus - The company is involved in research and development of carbon reduction, carbon conversion, carbon capture, and carbon storage technologies [1] - It also engages in the sale of metallurgical equipment, building materials, and hardware products, indicating a diverse portfolio within the new materials industry [1]

第30届联合国气候变化大会（COP30）于11月10日至21日在巴西帕拉州首府贝伦市举办，这是2015年《巴黎协定》签署以来最受瞩目的气候大会。大会首 次将人工智能列为关键讨论主题之一，并发布气候相关"人工智能倡议"，旨在支持各国政府加速开发基于此的气候解决方案。 COP30在巴西贝伦市举办 11月18日举办的中国角数字化日上，人工智能也成为核心主题。中国代表团团长、生态环境部副部长李高，巴西政府COP30特使、前战略事务部副部长马 塞洛.比哈尔，国际电信联盟副秘书长托马斯·拉马瑙斯卡斯参加数字化日开幕并致辞。 今年是阿里巴巴作为核心主办方第三次组织中国角数字化日活动，和国家气候中心、国际电信联盟ITU、世界气象组织WMO、中国信息通信研究院等国 内外机构一起，展示了一系列AI驱动的气候变化解决方案，探讨和展望AI 助力加速气候创新路径。 AI驱动 绿色计算 阿里巴巴作为核心主办方第三次组织中国角数字化日活动 阿里巴巴达摩院决策智能实验室资深算法专家孙亮在大会现场分享，针对在浙江朱家尖岛登陆后又"复活"的"竹节草"，"八观"强度预测误差较其他AI模型 减少50%以上，为浙江9.7万人避险转移提供了科学支撑。 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) emphasizes its commitment to green low-carbon transformation and international cooperation in the energy sector during the COP30 conference in Brazil [1][2][3] Group 1: CNOOC's Initiatives - CNOOC is enhancing the proportion of natural gas production while ensuring low-carbon energy supply and developing a carbon capture, utilization, and storage (CCUS) circular economy [1][2] - The company aims to optimize the energy structure in Brazil, being the first foreign enterprise to achieve independent natural gas sales, and is focused on building a clean energy supply system [2] - CNOOC is accelerating the development of zero-carbon industries, particularly in offshore wind power, and is promoting renewable energy development cooperation [2] Group 2: International Cooperation and Impact - The collaboration between China and Brazil in energy and environmental sectors is expected to deepen, leveraging each country's strengths to advance technology research and improve regulatory frameworks [2][3] - CNOOC's efforts in Brazil are seen as a model for international cooperation in climate governance, showcasing the role of Chinese enterprises in promoting sustainable development [3][4] - The ongoing COP30 conference highlights the importance of global cooperation in addressing climate challenges and emphasizes the need for effective action and equitable energy transitions [4]

Core Viewpoint - The establishment of Guodian (Lixian) New Energy Development Co., Ltd. signifies Guodian Power's strategic expansion into renewable energy and carbon reduction technologies [1] Group 1: Company Overview - Guodian (Lixian) New Energy Development Co., Ltd. has been recently established with a registered capital of 82 million yuan [1] - The company is wholly owned by Guodian Power (600795) through indirect holdings [1] Group 2: Business Scope - The business scope includes power generation, transmission, and distribution services [1] - The company will focus on emerging energy technology research and development, including carbon reduction, carbon conversion, carbon capture, and carbon storage technologies [1]

商务部：前10月AI眼镜、智能手表等智能穿戴网上零售额同比增长23.1% 截至收盘，沪指报3931.05点，跌幅0.40%，成交额约7113亿元；深成指报12980.82点，跌幅0.76%，成 交额约9968亿元；创业板指报3042.34点，跌幅1.12%，成交额约4521亿元；科创综指报1561.89点，跌 幅1.05%，成交额约1427亿元；北证50指数报1445.54点，跌幅1.07%，成交额约146亿元。 机构观点 巨丰投顾：周四市场震荡运行，海南自贸区板块涨幅居前。 英伟达超预期财报成为市场情绪修复的催 化剂。强劲业绩印证了全球科技产业的复苏韧性。经历近期海内外的干扰以及持续的回撤之后，当前A 股迎来短期多重利好的叠加。在政策刺激下，A股与经济有望同步出现向上的拐点。具体投资方向上， 建议关注维持高景气度的半导体、消费电子、人工智能、机器人、低空经济等领域的增量机会。 中信证券："十五五"期间，预计以碳市场与绿证市场为核心的碳减排"工具箱"将得到全面升级：碳市场 扩容与配额调整推动2028年—2030年碳价上涨至80元／吨—90元／吨，助力控排行业淘汰落后产能；绿 证市场供需调整导致2026年绿证价 ...

市场评论 报告日期：2025 年 11 月 20 日 证券研究报告 | 市场评论 | ESG 及绿色金融 ❑ 突出重点，稳步过渡，提高结转，偏离收窄 全国碳市场钢铁、水泥、铝冶炼分配方案出台，稳步推进实质性高 碳行业覆盖 核心观点 2025 年 11 月 17 日，生态环境部办公厅印发《2024、2025 年度全国碳排放权交易市场 钢铁、水泥、铝冶炼行业配额总量和分配方案》。方案突出管控重点，短期不会带来实 际缺口，盈亏率控制在 3%。对比征求意见稿，大幅提高可结转的年度配额（1 万吨→ 10 万吨；碳排放强度偏离度浮动区间收窄（±30%→±20%）。总体上，政策延续性良 好，充分借鉴了发电行业的经验，标志着首次扩容进入实质化新阶段，旨在建立激励 长期减排、保障市场稳定、兼具严格与灵活的碳配额管理体系。我们认为，新行业纳 入的步调预期偏向稳健，扩容行业分配方案对碳价影响有限。 方案纳入钢铁、水泥、铝冶炼的二氧化碳排放，铝冶炼还包括四氟化碳、六氟化 二碳。扩容三行业覆盖化石燃料燃烧、工业过程等产生的温室气体直接排放，不 覆盖因消耗电力、热力等带来的间接排放。方案重点抓住每个行业碳排放最集中 的生产企业，包括高炉 ...

Core Viewpoint - During the "14th Five-Year Plan" period, China's low-carbon development strategy remains steadfast, with expectations for a comprehensive upgrade of the carbon reduction "toolbox" centered on carbon markets and green certificate markets, which will drive structural adjustments across multiple industries [2][3]. Group 1: Carbon Market Insights - The carbon market in China is set to undergo "capacity expansion + quota allocation" reforms, with an expected increase in carbon emissions coverage to 77% by 2030, leading to a long-term rise in carbon prices to 80-90 yuan per ton [4]. - The anticipated carbon market supply from CCER methodologies could reach 480-750 million tons by 2030, enhancing the market's overall supply [4]. - The carbon price increase is expected to facilitate the elimination of outdated production capacity in emission-intensive industries, providing competitive advantages to green enterprises [4]. Group 2: Green Certificate Market Dynamics - The green certificate market currently faces downward price pressure due to oversupply, but improvements in supply-demand dynamics are expected, with prices projected to rise to 6-6.5 yuan per certificate by 2026 [5]. - The transition from "certificate and electricity separation" to "certificate and electricity integration" is anticipated, driven by domestic demand for green electricity and international policies like CBAM [5]. - High green electricity consumption ratio enterprises will gain a first-mover advantage, particularly those located in regions with abundant renewable energy [5]. Group 3: Product Carbon Footprint Management - The concept of product carbon footprint management is emerging as a new paradigm in corporate carbon management, aimed at enhancing corporate "green competitiveness" [6]. - The establishment of carbon footprint accounting standards and certification systems is underway, which will benefit exporting companies and those in raw materials and long supply chains [6]. Group 4: Investment Opportunities - The upgrade of the carbon reduction toolbox is expected to create investment opportunities in green sectors, such as sustainable aviation fuel and green electricity direct connection industries [7]. - Low-carbon enterprises in high-emission sectors, such as steel, will have cost advantages and profit potential in the carbon market, while data centers and aluminum smelting companies with high green electricity consumption ratios will face lower transition risks [7]. - Companies with higher product carbon footprint management levels in long supply chains and exporting industries will exhibit greater resilience and "green competitiveness" [7].

Core Insights - The recycling industry in China is undergoing transformation and growth, driven by policies such as "Two New" initiatives, with a projected total recycling volume of 401 million tons in 2024, representing a 6.5% year-on-year increase, and a recycling value of 1.33 trillion yuan [1] - The establishment of the China Resource Recycling Group has significantly increased industry concentration, while the development of the recycling system is creating a multi-layered network from collection points to utilization bases [1] - The industry faces challenges including incomplete macro policies, low recycling rates for low-value recyclable materials, a need for a more integrated recycling supply chain, weak influence from local leading enterprises, and insufficient technological innovation [2][3] Policy and Industry Development - The current macro policies require improvement, with existing tax incentives needing to address issues such as cooperation between buyers and sellers, personal income tax withholding, and the establishment of quality standards for recycled products [1][2] - The recycling rate for low-value recyclable materials remains low due to factors such as dispersed sources, low value, and high collection costs, particularly for items like used textiles and low-value plastics [2] - The recycling supply chain needs enhancement, as many enterprises operate independently, leading to low added value in primary processed products and the presence of unregulated companies causing environmental issues [2] Recommendations for Improvement - It is suggested to increase policy support for the recycling industry, including the development of tiered tax incentives and financial subsidies to encourage enterprises to recycle and utilize waste materials [3] - Establishing a comprehensive certification system for resource recycling that covers various levels of regions, organizations, and products is recommended, along with improving standards for second-hand goods circulation [3] - The creation of resource recycling demonstration bases and support for upgrading existing solid waste utilization enterprises is advised, alongside promoting synergy between resource recycling and carbon reduction efforts [3]

Core Viewpoint - Brazil's oil industry leaders emphasize the importance of China as a global economic leader and advocate for deepening cooperation between Brazil and China in the field of carbon reduction through technological innovation and collaboration [1][2]. Group 1: China's Role in Carbon Reduction - China has become a global leader in economic development and is expected to play a significant role in carbon reduction efforts [1]. - China National Offshore Oil Corporation (CNOOC) is actively enhancing its natural gas production and promoting a carbon capture, utilization, and storage (CCUS) circular economy model [2]. Group 2: CNOOC's Initiatives in Brazil - CNOOC has established itself as the first foreign company in Brazil to achieve independent natural gas sales, aiming to optimize the energy structure and support local market development [2]. - The company is focusing on offshore wind power and renewable energy development, contributing to the green development of deepwater oil and gas fields [2]. Group 3: Global Cooperation and Recognition - CNOOC is expanding international cooperation in green energy, leveraging the complementary energy advantages of China and Brazil to enhance technology research and development [2]. - Gerard Gallagher from Ernst & Young praised China's innovative capabilities and its significant contributions to carbon reduction, highlighting the country's role in achieving global decarbonization goals [3].

2.公司为什么选择投资绿色甲醇项目？ 答：2023 年至 2025 年，国家发改委、国家能源局分别发布政策， 鼓励绿色甲醇等为代表的绿色液体燃料产业的发展，公司投资绿色甲醇 项目，是公司积极响应国家新能源发展战略的重要部署，可紧跟绿色燃 料及化工市场趋势，抢占行业先机。近年来，国际海事组织（IMO）提 出"2023 战略"，《欧盟海运燃料条例》提出 2025、2050 年目标，对 国际航运减排要求日趋严格，而使用以绿色甲醇为代表的清洁燃料，则 成为船舶节能减排的重要途径。在全球碳减排的大背景下，随着欧盟法 规和 IMO 减排政策的逐步执行，绿色甲醇作为一种碳排放更少、使用更 经济的绿色燃料具有广泛的市场前景和增长潜力。公司作为综合能源服 务商，致力于构建绿色能源服务共同体，近年来积极布局氢能、光伏等 绿色低碳能源，此次投资绿色甲醇项目，是公司在绿色氢基能源领域的 重要部署，有利于构建公司中长期可持续发展的产业优势。 证券代码：002911 证券简称：佛燃能源 佛燃能源集团股份有限公司投资者关系活动记录表 编号：2025011 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 ...