Core Viewpoint - The recent approval of a batch of important national standards by the State Administration for Market Regulation (SAMR) aims to accelerate the construction of a unified national market, promote green and low-carbon development, and ensure safety in production [2][6]. Market Circulation Sector - The release of 29 national standards related to e-commerce, product barcodes, and knowledge management will help maintain market order and facilitate the circulation and trade of goods [6]. - Nine logistics national standards, including those for logistics pallets and cold chain logistics for aquatic products, have been published to enhance cost reduction and quality improvement in logistics [6]. Energy Conservation and Environmental Protection Sector - Five national standards, including those for formaldehyde energy consumption and solar water heater efficiency, have been introduced to promote energy conservation and carbon reduction [7]. Safety Production Sector - Four national standards related to safety production, including those for combustible dust process systems and aluminum electrolysis safety, have been established to clarify safety and explosion-proof technical requirements in the non-ferrous metal smelting and processing industry [9]. - Thirteen national standards, including those for greenhouse gas management in road vehicles and automatic identification systems for ships, have been released to support traffic safety and green development [10]. - Five national standards aimed at promoting the intelligent and green development of household appliances have also been published, covering areas such as digital simulation testing and carbon footprint requirements for air conditioners [10].

Core Viewpoint - Iceberg Cold Chain (000530) reported a slight decline in revenue but a modest increase in net profit for the first half of 2025, indicating resilience in a competitive market environment [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.401 billion yuan, a year-on-year decrease of 2.52% [1] - The net profit attributable to shareholders was 79.5411 million yuan, reflecting a year-on-year increase of 1.29% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 74.1626 million yuan, showing a year-on-year growth of 10.12% [1] Industry Focus and Strategy - The company is focused on the cold and heat industry, developing key areas such as industrial refrigeration and heating, commercial freezing and refrigeration, air conditioning, and environmental services [1] - The company aims to expand its market presence in both domestic and international markets, primarily through self-operated sales complemented by channel sales [1] Market Conditions - The refrigeration and air conditioning industry benefits from rigid demands driven by food safety, energy security, consumption upgrades, energy conservation, and domestic substitution [1] - However, the industry faces challenges such as intensified market competition, difficulties in improving efficiency, and challenges in receivables collection [1] Business Development - The company is focusing on niche markets such as petrochemicals, cold chain logistics, and energy management, while actively expanding into new areas like energy storage and carbon capture [2] - The company’s subsidiaries are successfully securing high-profile projects, enhancing their core competitiveness and industry influence [2] Product Innovation - Subsidiaries are innovating in energy-saving technologies and expanding their product offerings, including the development of oil-free compressors and integrated compressor projects [3] - The company is also advancing in energy storage solutions and has seen a rapid increase in orders for energy storage products [3]

Core Insights - The "Vibrant China Research Tour" in Chongqing highlights the city's significant progress in green transformation since the 14th Five-Year Plan, achieving an average energy consumption growth rate of 2.4% while supporting an economic growth rate of 5.6% [1] - Chongqing's energy consumption per unit of GDP is approximately 30% lower than the national average, showcasing its effective energy efficiency measures [1] Group 1: Industrial Structure Optimization - Chongqing is focusing on optimizing its industrial structure by developing strategic emerging industries, aiming for a modern manufacturing cluster system termed "33618," which includes three trillion-level leading industry clusters and three five-hundred billion-level pillar industry clusters [1] - By 2024, the added value of strategic emerging industries is expected to account for 34.6% of the industrial added value above designated size [1] - The city is also upgrading traditional industries to promote low-carbon transformation, achieving an 11.8% reduction in energy consumption per unit of GDP compared to 2020 [1] Group 2: Energy Efficiency Improvement - Chongqing has introduced an energy consumption output efficiency evaluation mechanism to help key energy-consuming enterprises optimize production processes and reduce energy costs [2] - The city has implemented an integrated energy efficiency assessment model, conducting energy-saving services for over 700 enterprises and energy efficiency inspections for more than 1,000 enterprises [2] Group 3: Green Energy System Development - The city is enhancing the clean and efficient use of fossil energy, with the average coal consumption for coal-fired power generation reduced to 307 grams per kilowatt-hour [2] - Natural gas exploration and development are being accelerated, with shale gas production maintaining a growth rate for 12 consecutive years [2] - Renewable energy installations have reached a record high, with renewable energy accounting for 46.5% of the total installed capacity [2] Group 4: Circular Economy Development - Chongqing is developing a green circular economy, with the total output value of the circular economy expected to exceed 150 billion yuan by 2024, involving over 20,000 enterprises and employing 153,000 people [3] - The city has established 170 national-level green factories and industrial parks, with the output value of these green factories accounting for 29.5% of the city's industrial output, surpassing the national average by 9.5 percentage points [3]

据悉，办法自2025年9月1日起施行，原《固定资产投资项目节能审查办法》同时废止。下一步，国家发 展改革委将持续加强工作指导和监督管理，推动各有关方面落实好办法要求，更好发挥节能审查和碳排 放评价源头把关作用，坚决遏制高耗能高排放项目盲目无序上马，扎实推动产业结构和能源结构调整优 化，加快经济社会发展全面绿色转型。 新华社北京7月25日电（记者魏玉坤）记者25日从国家发展改革委获悉，为贯彻落实党中央、国务院决 策部署，建立能耗双控向碳排放双控全面转型新机制，更好适应新形势下的节能降碳工作需要，强化固 定资产投资项目能源消费和碳排放管理，近日，国家发展改革委修订印发《固定资产投资项目节能审查 和碳排放评价办法》。 【纠错】 【责任编辑:王頔】 办法将碳排放评价和煤炭消费管理有关要求纳入节能审查，对项目用能和碳排放情况进行综合审查评 价；建立节能审查权限动态调整机制，由国家发展改革委对重点领域重大项目实施节能审查和碳排放评 价；强化节能审查事中事后监管，压实地方管理节能工作部门的监督管理职责，完善项目节能报告和情 况说明编制、项目重大变动情形、节能审查验收等方面的具体规定，明确相关违法违规行为的法律责 任。 ...

Core Viewpoint - The "Xinjiang Power to Chongqing" project, a ±800 kV UHVDC transmission line, has commenced operation, enabling electricity from Xinjiang to reach Chongqing in approximately 0.007 seconds over a distance of 2260 kilometers, marking a significant advancement in China's energy infrastructure [1][2]. Group 1: Project Overview - The project connects Xinjiang's Hami City to Chongqing, passing through Gansu, Shaanxi, and Sichuan, with a total investment of approximately 28.6 billion yuan [2]. - It is part of China's first large-scale renewable energy delivery project from the "Shagou Desert" region, with over 70% of the 14.2 million kW capacity coming from wind, solar, and thermal energy [2]. - The project is expected to deliver over 36 billion kWh of electricity annually, with more than half sourced from renewable energy, effectively replacing about 6 million tons of coal consumption and reducing carbon dioxide emissions by approximately 16 million tons [2]. Group 2: Demand and Benefits - Chongqing's electricity demand has been growing rapidly, with an annual increase of 6%, and is projected to reach an 11% growth rate in 2024 [4]. - The project will provide more green electricity to data centers in Chongqing, helping to lower electricity costs and meet the increasing demand for renewable energy [4]. Group 3: Technical Aspects - The two converter stations are crucial for the project, featuring domestically produced core equipment that stabilizes the intermittent nature of renewable energy, maintaining fluctuations within 5% [6]. - The Chongqing converter station utilizes advanced technology with proprietary intellectual property, enhancing the system's voltage stability and transmission capacity [8]. Group 4: Strategic Importance - The project reflects Xinjiang's ambition to become a national energy resource strategic support base, with significant potential for wind and solar energy development [10]. - Since 2010, Xinjiang has exported over 900 billion kWh of electricity, with renewable energy accounting for about 30% of this total, and the new project will further increase the share of renewable energy in exports to eastern provinces [12].

Investment Rating - The investment rating for the chemical industry, specifically the soda ash sector, is "Positive" and maintained [15]. Core Insights - The report discusses why soda ash is considered a potential good sector for "anti-involution" in the chemical industry, the impact of real estate downturns on soda ash demand, factors driving capacity reduction in the soda ash industry, the emergence of natural soda ash resources in Inner Mongolia, the current market position of soda ash, the elasticity of listed companies in the sector, and highlights of the leading natural soda ash company, Boyuan Chemical [3][7]. Summary by Sections Why is soda ash considered a potential good sector for "anti-involution"? - Soda ash has a global pricing mechanism, and after recent price declines, it has shown a "sales radius" effect. Domestic overproduction has led to a downturn in market conditions, while downstream applications like photovoltaic glass have significant overseas demand, making it a typical "involution" industry. The price of soda ash has dropped significantly since its peak in 2021, with many leading companies reporting losses in recent quarters. The cost curve for soda ash is steep, indicating a clear competitive disparity among companies, which may lead to market exit for less competitive players. The overall operating rate for soda ash remains around 80%, suggesting limited overcapacity and manageable exit challenges. Additionally, potential policy measures related to energy consumption and facility upgrades could accelerate industry clearing from "involution" [7][27]. How to view the impact of real estate downturn on soda ash? - The demand for soda ash from flat glass is declining, with projections indicating that it will account for about 30% of soda ash demand by 2024. Considering the demand from automotive glass and renovation needs, the impact of real estate completions on soda ash demand is estimated to be around 20%. In a pessimistic scenario where completions drop to 50-60% in 2024, the impact on soda ash demand could be approximately 8-10%. However, emerging sectors such as photovoltaic glass, lithium carbonate, and other long-tail demands are expected to effectively offset the decline in real estate demand [8][28]. What factors may drive capacity reduction in the soda ash industry? - Energy consumption and facility upgrades are seen as key drivers for "anti-involution" in the soda ash sector. The proportion of soda ash production capacity that meets energy efficiency benchmarks is still below the guidelines set by the National Development and Reform Commission. Additionally, 31% of soda ash facilities are over 20 years old, which is relatively high compared to other chemical sub-industries [9][52]. What is the impact of the emergence of natural soda ash resources in Inner Mongolia? - The report estimates that even with the planned production of natural soda ash, synthetic processes will still dominate the market. The pricing is expected to be anchored around the full cost of synthetic processes. The supply increase from the natural soda ash project is not anticipated to impact the market significantly until after 2028 [10][64]. What is the current market position of soda ash? - The current market conditions for soda ash are at a low point, with price differentials nearing historical lows and a safety margin in place. Many related listed companies have reported losses in recent quarters, with companies like Shandong Haihua, Xue Tian Salt Industry, and Zhongyan Chemical experiencing declining performance [11][44]. How elastic are listed companies in the soda ash sector, and what are the main recommended stocks? - At the industry bottom, the report recommends investing in Boyuan Chemical, a leading natural soda ash company with cost advantages. It also suggests monitoring the progress of the Naimanqi soda ash project by Zhongyan Chemical and potential developments regarding the leading natural soda ash company [12][62]. What are the highlights of the leading natural soda ash company, Boyuan Chemical? - Boyuan Chemical has three main highlights: growth potential, high dividend payout potential due to cost advantages, and price elasticity options. The company has been generous with dividends, with a payout ratio exceeding 5% in 2024, and has shown a declining debt ratio, indicating strong future cash flow. With the second phase of its project expected to contribute additional capacity, the company is positioned for substantial dividend potential and price elasticity [13][66].

Core Viewpoint - The National Development and Reform Commission (NDRC) has revised and issued the "Measures for Energy Conservation Review and Carbon Emission Evaluation of Fixed Asset Investment Projects," which will take effect on September 1, 2025, replacing the previous energy conservation review measures [1] Group 1 - The revised measures incorporate carbon emission evaluation and coal consumption management requirements into the energy conservation review system, allowing for a comprehensive assessment of project energy use and carbon emissions [2] - A dynamic adjustment mechanism for energy conservation review authority has been established, with the NDRC responsible for reviewing major projects in key areas and detailing specific review processes [2] - The measures enhance the management of energy conservation reviews during and after project implementation, requiring oversight of review implementation and clarifying circumstances for significant project changes and non-compliance with review opinions [2]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is a leading energy-saving service provider, primarily focused on industrial and building energy efficiency, with a stable growth trajectory in its core business [1][14]. - The energy-saving industry is expected to experience significant growth, with the market size projected to reach approximately 1 trillion yuan by 2025 and 1.5 trillion yuan by 2035 [2][29]. - The company has a strong competitive advantage due to its extensive project experience and is actively pursuing business upgrades to enhance its service offerings [3][50]. Summary by Sections 1. Company Overview - The company specializes in energy-saving services, providing comprehensive solutions for energy diagnosis, design, renovation, and operation maintenance [14]. - It is backed by the Southern Power Grid, which holds about 40.4% of its shares [14]. 2. Industry Landscape - The energy-saving service industry is characterized by high capital intensity, strong policy guidance, and significant technological reliance [2]. - The industry is currently in a growth phase, with a projected market size of around 1 trillion yuan by 2025, driven by national policies and increasing energy efficiency awareness [29][31]. 3. Business Strategy and Competitive Advantage - The company has accumulated substantial project experience and maintains a strong market presence, particularly in the Southern region of China [3][50]. - It plans to invest over 3 billion yuan in external projects in 2025, with a consistent annual growth rate of over 20% in fixed assets since 2023 [3][50]. 4. Financial Performance and Forecast - The company achieved revenue of 3.2 billion yuan in 2024, a year-on-year increase of 5.6%, but reported a net loss due to underperforming biomass assets [1][20]. - Excluding the impact of low-efficiency assets, the net profit for 2024 would have been approximately 540 million yuan [20]. - Forecasted net profits for 2025, 2026, and 2027 are 480 million yuan, 590 million yuan, and 720 million yuan, respectively, with corresponding EPS of 0.13, 0.16, and 0.19 yuan [3][10].

Core Viewpoint - The company focuses on energy-saving services, primarily in industrial and building sectors, and is experiencing steady growth despite facing challenges from low-efficiency biomass assets [1][2] Group 1: Company Overview - The company is primarily engaged in energy-saving services, with a focus on industrial and building energy efficiency projects, adopting an investment-holding model for energy-saving renovation projects [1] - Southern Power Grid is the controlling shareholder, and the company is centered in South China while expanding its reach nationwide [1] - In 2024, the company achieved revenue of 3.2 billion yuan, a year-on-year increase of 5.6%, but reported a net loss due to the impact of low-efficiency biomass assets [1] Group 2: Financial Performance - Excluding the impact of biomass assets, the company's net profit for 2024 would have been 540 million yuan [1] - The company plans to gradually exit biomass-related projects, which is expected to lead to a significant recovery in performance [1] Group 3: Industry Outlook - The energy-saving industry has a clear development outlook, with leading enterprises holding first-mover advantages in industrial, building, and public facility energy-saving services [1][2] - The sector is characterized by capital intensity, strong policy guidance, high technological dependence, and stringent safety requirements [1] - According to estimates from the State Grid, the market size for energy-saving services is expected to reach around 1 trillion yuan by 2025 and approximately 1.5 trillion yuan by 2035 [1] Group 4: Competitive Advantage - The current supply side of energy-saving services is characterized by a "many but weak, small and scattered" structure, with leading companies likely to achieve sustained business growth [2] - The company has accumulated extensive project experience and a solid customer base over years in the energy-saving service industry, showcasing its first-mover advantages in brand influence, technology, talent, capital, and credit [2] - The company is transitioning from a primary focus on "investment holding" to a balanced approach of "investment holding + high-end services" and expanding from "comprehensive energy" to "comprehensive energy + energy-saving carbon reduction" [2] Group 5: Future Investment Plans - The company plans to invest over 3 billion yuan externally by 2025, maintaining a fixed asset growth rate of over 20% annually since 2023, while also experiencing a decline in financing costs [2] - With existing competitive advantages and the exploration of new business areas and downstream customers, the company's energy-saving business is expected to grow in line with industry trends [2] Group 6: Investment Recommendation - The company is expected to benefit from its first-mover advantage and business transformation in the energy-saving service industry [3] - Projected net profits for 2025-2027 are 480 million, 590 million, and 720 million yuan, with corresponding EPS of 0.13, 0.16, and 0.19 yuan, leading to PE ratios of 38, 31, and 25 times respectively [3]

Group 1 - The core focus of Beijing's clean production initiatives is to support the construction of an international green economy benchmark city through top-level design, policy services, regional cooperation, and demonstration effects [1][3] - In the first half of the year, 44 enterprises completed clean production audits, resulting in annual energy savings of 7,720 tons of standard coal and a reduction of 16,600 tons of carbon dioxide emissions [1][3] - The Beijing Development and Reform Commission and the Beijing Energy Conservation and Environmental Protection Center organized a training session for over 300 participants to promote clean production audits and energy conservation awareness [1][2] Group 2 - The Beijing-Tianjin-Hebei clean production partnership plan is being advanced, focusing on key units with headquarters in Beijing and production facilities in Tianjin and Hebei [2] - The implementation of clean production projects at Beijing Beilu Pharmaceutical Co., Ltd. and its facilities in Hebei is expected to enhance energy efficiency and wastewater treatment [2] - A clean production demonstration project at Zhengda Egg Chicken Breeding (Beijing) Co., Ltd. is projected to save 51 tons of standard coal and reduce carbon dioxide emissions by 237 tons annually [2][3] Group 3 - A total investment of 350 million yuan was made for various clean production schemes, achieving significant reductions in water usage and hazardous waste generation [3] - The Beijing Development and Reform Commission plans to continue promoting clean production in the second half of the year, focusing on equipment updates and integrating clean production with ESG mechanisms [3]