Core Viewpoint - GE Vernova is experiencing an upward trend following its investor day, driven by improved medium-term guidance and enhanced cash flow narrative, indicating potential for growth despite premium valuation [2][4][10] Financial Guidance - Management anticipates approximately $52 billion in revenue and a 20% adjusted EBITDA margin by 2028, up from $45 billion and 14% previously, indicating a stronger earnings and cash flow base than previously expected [4][10] Backlog and Order Trends - GE Vernova has secured 18 GW of gas turbine contracts year-to-date and expects around 80 GW of combined slot reservations and backlog by year-end, aiming to increase total backlog from approximately $135 billion to about $200 billion by 2028 [5][10] Cash Flow and Capital Returns - The company projects at least $22 billion in cumulative free cash flow from 2025 to 2028, up from an earlier minimum of $14 billion, with a quarterly dividend of $0.50 per share announced for Q1 2026 and an increase in buyback authorization from $6 billion to $10 billion [6][10] Current Financial Performance - Revenues have risen approximately 9.4% over the past twelve months, from around $34 billion to $38 billion, with an 11.8% year-on-year increase in the most recent quarter to $10.0 billion, although operating margins remain weak at around 3.7% [7][10] Balance Sheet Strength - GE Vernova is debt-free with cash and equivalents of $7.9 billion against $54 billion of total assets, resulting in a cash-to-assets ratio of 14.6%, which supports its investment strategy and capital returns [8][10] Valuation Perspective - The stock appears expensive based on current sales or profit metrics, as it is assessed on projected earnings rather than current earnings, but there remains upside potential if management meets its targets [9][10] Investment Conclusion - GE Vernova represents a high-quality energy-transition platform with solid revenue growth and strong financial stability, despite current weak profitability, suggesting significant potential for equity value growth [10]

施义观察到一种ESG发展的新路径，这种路径兴许能打开中国 A股上市公司高质量发展的另一扇门：从被动的披露合规，转 向主动的"影响管理"。 作者：王雅洁 封图：图虫创意 这一次，我们将目光对准上市公司，对准ESG。今日，任何一家企业的竞争力都不再仅仅局限于 财务因素。 ESG（Environmental,Social and Governance，即环境、社会和公司治理）方面的非财务因素 正在发挥作用，甚至可以说，是决定性的作用。 但在国内，ESG体系的构建，起步较晚。甚至有的企业这方面的意识也才刚刚觉醒。在采访中， 一位国企人士依然充满疑惑："我为什么要做ESG？" 近一年多来，不同部门陆续出台与ESG相关的新政和指引，财政部、生态环境部等部门，也在酝 酿下一步推动ESG的政策文件。 从瑞士到中国，施义一直在关注着ESG（环境、社会和公司治理）投资如何超越字母游戏与分数 比拼，真正触及企业运营与社会发展的内核。 作为瑞士百达资产管理（Pictet Asset Management，下称"瑞士百达"）旗下主题股票客户投资 组合经理及影响力投资专家。在他看来：ESG不是一份美化了的报告或一个抽象的评分，而是一 套 ...

Core Insights - The Chinese government has emphasized the development of emerging industries like hydrogen energy as a new economic growth point, signaling favorable policies for the hydrogen industry and particularly for green hydrogen, ammonia, and methanol applications [2] - The shipping industry is identified as a primary application area for green fuels, with green methanol emerging as a key choice for achieving green transformation in shipping due to its compatibility with industry needs [3][4] - The production and consumption landscape of green hydrogen and methanol in China shows a significant regional disparity, with northern regions having a more developed industrial base compared to the south, which is constrained by resource availability [5][6] Industry Development - The shipping sector is highly concentrated, with a small number of companies controlling a large fleet, and major ports like Shanghai and Zhoushan handling over 80% of fuel supply needs, creating a focused market for green methanol [4] - China's methanol industry has a robust infrastructure with an annual production capacity of 140 million tons, facilitating the transition to green methanol without significant modifications to existing port and transportation facilities [3] - Recent projects in Jiangsu's coastal cities aim to establish a green hydrogen and methanol production base, leveraging local agricultural resources and renewable energy [6][7] Regional Dynamics - Northern China has a competitive advantage in green hydrogen and methanol production due to abundant biomass resources, renewable energy, and established chemical industrial parks, while southern regions face limitations [5][6] - Jiangsu's coastal cities are emerging as key players in the green hydrogen and methanol sector, with initiatives to enhance renewable energy capacity and establish industrial clusters [6][7] - Anhui province is also positioning itself as a significant contributor to the green hydrogen and methanol industry by utilizing local biomass resources for production [8] Competitive Advantages - The Yangtze River Delta region, despite having fewer natural resources than the north, is building a competitive edge through a well-developed petrochemical industry and a strong export market for green products [10] - The region's transportation advantages facilitate the efficient distribution of green hydrogen and methanol, enhancing market reach and reducing logistical challenges [11] - The integration of green methanol into existing industrial frameworks supports the transition to greener production methods, aligning with international market demands for sustainable products [10][11]

法国核电产能回升，电力盈余局面可持续两三年。 法国输电网公司(RTE)当地时间12月9日发布分析报告指出，今后几年法国发电量将继续超过国内用电需求，可支持向德国等邻 国出口电力，同时有助于本国加速能源转型。 ▲ 法国西沃核电站（资料图） 报告称，随着故障检修和例行维护结束，法国各核电站陆续恢复正常运行，加上可再生能源产能持续扩大，法国的低排放"绿色 电力"出现盈余，且电价处于欧洲最低水平行列。 这种电力产能过剩的局面预期将持续两到三年。 法国输电网公司首席执行官格扎维埃·皮耶哈奇克说，与其他一些欧洲国家经济决策受制于电力不足的情况不同， 法国电力充裕 有利于本国同时寻求新兴产业入驻、减少碳排放、建设数据中心等目标 。 据悉，与欧洲最大经济体德国放弃核电的立场不同，法国继续依靠核能来确保能源供应并实现减排目标， 已计划新建至少1 4座 核反应堆 。此外， 法国还大力发展可再生能源，特别是海上风电 。 来源：央视新闻客户端 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c ne ne rg y） 编辑丨赵方婷 ...

本文为【ESG真心话】系列报道第十八篇。 专题第十八篇 这一次，我们将目光对准上市公司，对准ESG。今日，任何一家企业的竞争力都不再仅仅局限于财务因素。 ESG（Environmental,Social and Governance，即环境、社会和公司治理）方面的非财务因素正在发挥作用，甚至可以说，是决定性的作用。 但在国内，ESG体系的构建，起步较晚。甚至有的企业这方面的意识也才刚刚觉醒。在采访中，一位国企人士依然充满疑惑："我为什么要做ESG？" 近一年多来，不同部门陆续出台与ESG相关的新政和指引，财政部、生态环境部等部门，也在酝酿下一步推动ESG的政策文件。 到2027年，包括财政部在内的国家部委，将陆续出台国内相关企业的可持续披露基本准则、气候相关披露准则。到2030年，国家统一的可持续披露准则体系 要基本建成。 自上而下的推动，也催生着ESG市场的火热。 我们会持续关注ESG的发展，邀请相关人士探讨关于ESG的真问题。 施义：ESG不是"评分游戏" 经济观察报记者 王雅洁 从瑞士到中国，施义一直在关注着ESG（环境、社会和公司治理）投资如何超越字母游戏与分数比拼，真正触及企业运营与社会发展的内核。 ...

据德新社报道，与欧洲最大经济体德国放弃核电的立场不同，法国继续依靠核能来确保能源供应并 实现减排目标，已计划新建至少14座核反应堆。此外，法国还大力发展可再生能源，特别是海上风电。 （白涌泉） 报告称，随着故障检修和例行维护结束，法国各核电站陆续恢复正常运行，加上可再生能源产能持 续扩大，法国的低排放"绿色电力"出现盈余，且电价处于欧洲最低水平行列。这种电力产能过剩的局面 预期将持续两到三年。 法国输电网公司首席执行官格扎维埃·皮耶哈奇克对法国《费加罗报》说，与其他一些欧洲国家经 济决策受制于电力不足的情况不同，法国电力充裕有利于本国同时寻求新兴产业入驻、减少碳排放、建 设数据中心等目标。 新华社北京12月10日电 法国输电网公司(RTE)9日发布分析报告指出，今后几年法国发电量将继续 超过国内用电需求，可支持向德国等邻国出口电力，同时有助于本国加速能源转型。 ...

随着投资者等待美国联邦储备委员会本年度最后一次政策会议，以探寻央行对 2026 年美国经济的看 法，铜及其他工业金属价格走高。 伦敦金属交易所铜价一度上涨 1.3%，至每吨 11641.50 美元，收复了前一交易日的大部分跌幅。投资者 预计美联储将在周三晚些时候宣布降息 25 个基点，市场关注的核心将是美联储主席杰罗姆・鲍威尔如 何阐述央行对明年经济增长、通胀及利率的看法。 美国前总统唐纳德・特朗普物色接替鲍威尔出任美联储主席的热门人选凯文・哈塞特周二表示，他认为 存在充足空间来大幅下调利率。 作为电气化和能源转型的关键金属，伦敦金属交易所铜价今年已累计上涨超 30%。本周早些时候，受 市场担忧大量铜流向美国以提前规避可能的进口关税、进而导致其他地区供应短缺的影响，铜价一度触 及每吨 11771 美元的历史新高。 伦敦金属交易所铜价一度上涨 1.3%，至每吨 11641.50 美元，收复了前一交易日的大部分跌幅。投资者 预计美联储将在周三晚些时候宣布降息 25 个基点，市场关注的核心将是美联储主席杰罗姆・鲍威尔如 何阐述央行对明年经济增长、通胀及利率的看法。 美国前总统唐纳德・特朗普物色接替鲍威尔出任美联储主 ...

近日，36氪发布"WISE2025 商业之王系列年度名册"。香港中华煤气执行董事兼首席投资总裁、赋生资本管理合伙人、TERA-Award组委 会执行主席陈英龙，凭借在能源科技领域的前瞻战略布局、技术转化实践经验，以及推动产业协同创新的长期成果，入选"年度科技领军 人物"榜单。 ▪ EnerVenue：水系金属电池实现商业化突破，2025 年，《时代》杂志评其为全球顶尖绿色科技企业第18名； ▪ 赛昉科技(StarFive)：推出全球首款基于 RISC-V 架构的 BMC 数据中心管理芯片"狮子山芯"，并入选 EE Times Silicon 100，是唯一上榜 的中国 RISC-V 企业； ▪ 怡斯莱(EcoCeres)：成为亚洲领先 SAF/HVO 供应商，是全球首家获得 ISCC–CORSIA+ 认证的 SAF 生产商，2024 年产量占全球约 20%； ▪ 易池新能(Luquos Energy)：落地国内首个硫基液流电池储能示范项目，并连续三年入选全球液流电池初创 TOP20； ▪ 创冷科技(i2Cool)：无电制冷材料成果刊登《Science》，现已在全球 30余个国家落地应用，多场景规模化推进。 据 ...

Core Viewpoint - The lithium battery industry is poised for a significant growth cycle starting in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological advancements, leading to a "spiral rise" in both volume and price [3]. Group 1: Market Outlook - By 2025, global lithium battery production is expected to reach 2250 GWh, with a growth rate of 30% in 2026, and the energy storage sector projected to grow by 48.3%, driven by both domestic and international demand [5]. - There is a notable supply gap in the production of battery cells and key materials, making supply chain stability and efficiency crucial for capitalizing on this growth opportunity [5]. Group 2: Conference Details - The 2026 Lithium Battery Key Materials and Applications Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit will focus on three core topics: in-depth discussions on cutting-edge technologies and market supply-demand dynamics, the release of the authoritative 2025 lithium battery brand rankings, and B2B procurement matchmaking [5][6][7]. Group 3: Key Topics and Participants - The main forum will cover lithium carbonate fundamentals and supply-demand outlook, advancements in solid-state battery electrolytes, and high-performance electrolyte research [9]. - Notable participants include Tianqi Lithium Corporation, Liyang Zhongke Solid Energy New Technology Co., and various leading battery manufacturers and material suppliers [9][10]. Group 4: Participation and Sponsorship - The participation fee is set at 2800 yuan per person, with limited free attendance available for the first 200 registrants [16]. - Sponsorship opportunities are available for companies interested in participating in the event [16].

"我们看到学校所学迅速转为实验室技术，进而被产业界快速应用。这种知识与时代脉搏的同频共振， 让人兴奋。"入职能源央企两年，95后工程师王志得亲历了从学术前沿到产业一线的跨越。通过大量调 研，他深入理解火电转型的实际需求，并作为核心研发人员，深度参与到卡诺电池等科技项目中。 11月13日，湖北宜昌，楚能新能源创新科技有限公司生产车间内，全自动生产线高效运转，技术工人依 托智能监测系统严格把控工序，将原材料加工成储能电池成品。视觉中国供图 新型储能将在"十五五"快速增长，有专家预测其会成为下一个万亿级市场。Z世代正与能源转型的时代 同行，他们不是旁观者，而是正在亲历和参与塑造一个新时代。 当越来越多的中国超级"充电宝"——储能项目走向世界，曾是光伏"配角"的行业储能，也成为不少年轻 人干事创业的新选择。 "这正好对应我们这一代人选专业、进实验室的时间点，可以说是和时代一起入场。"贺可寒说。 这些平视世界的Z世代，正与能源转型的时代同行。不止一位受访青年列举出相似的标志性事件：电动 车销售渗透率领跑全球、新型储能装机年增速超过200%、国家密集发布新型储能试点项目、高校纷纷 —————————— 来自华北电力大学储 ...