Core Viewpoint - The China-Shanghai Cooperation Organization (SCO) Green Industry Cooperation Platform was launched in Tianjin to enhance collaboration among SCO member states in the field of green development [1]. Group 1: Platform Objectives and Structure - The platform aims to facilitate the exchange of green industry policies, project cooperation, and resource sharing among SCO countries, contributing to ecological civilization and global green low-carbon transformation [1]. - The platform includes a Green Industry Cooperation Alliance and a Green Industry Cooperation Promotion Center to drive practical project cooperation, relying on the Tianjin Ziya Economic and Technological Development Zone to establish a green industry development cooperation area [1]. Group 2: Regional Commitment and Actions - Tianjin has been actively implementing green low-carbon development actions, focusing on a comprehensive green transformation of economic and social development [1]. - The Tianjin Development and Reform Commission plans to advance the platform's construction through enhanced communication, joint research projects, practical cooperation, information resource sharing, green standard alignment, and talent exchange training [1]. Group 3: Future Outlook - The year 2025 is designated as the "Sustainable Development Year" for the SCO, with green industries becoming a significant driving force for economic transformation and sustainable development among member states [1]. - The platform is expected to serve as a bridge for more practical cooperation, injecting new momentum into the construction of a closer SCO community of shared destiny [2].

记者了解到，中国—上海合作组织绿色产业合作平台下设绿色产业合作联盟、绿色产业合作促进中心等 推动务实项目合作，并依托天津子牙经济技术开发区，建设绿色产业发展合作区。 新华社天津9月2日电（记者魏玉坤、李亭）2日，中国—上海合作组织绿色产业合作平台在天津子牙经 济技术开发区揭牌启动，推动上海合作组织国家加强在绿色发展领域的交流合作。 国家发展改革委副秘书长肖渭明介绍，中国—上海合作组织绿色产业合作平台将促进上海合作组织国家 绿色产业政策交流、项目合作、资源共享，助力上海合作组织国家携手建设生态文明，为全球绿色低碳 转型贡献智慧与方案。 2025年是"上海合作组织可持续发展年"。绿色产业正逐步成为上海合作组织国家经济转型与可持续发展 的重要推动力。 近年来，天津深入实施绿色低碳发展行动，着力推动经济社会发展全面绿色转型。天津市发展改革委副 主任刘涛说，天津将全力推进绿色产业合作平台建设，通过深化沟通交流、开展联合课题研究、推动务 实项目合作、强化信息资源共享、加强绿色标准对接、组织人才交流培训等，推动绿色产业融合发展。 肖渭明表示，将会同各方，充分发挥绿色产业合作平台桥梁纽带作用，开展更多务实合作，为构建更加 紧 ...

Core Viewpoint - Zhang Sufen, a prominent investor, focuses on undervalued stocks with state-owned enterprise (SOE) backgrounds, demonstrating a unique investment philosophy that contrasts with current market trends favoring high-profile sectors like chips and innovative drugs [1][2]. Group 1: Investment Strategy - Zhang Sufen's investment logic is characterized by a combination of "low price + SOE background," which serves as a safety net for her investments [2]. - Among the 22 stocks in her portfolio, 14 are controlled by SOEs or local governments, accounting for 63.64% of her holdings, which she views as a "policy lightning rod" to mitigate risks and capture policy benefits [2]. - The stocks in her portfolio are predominantly low-priced, with most trading below 10 yuan per share, indicating a preference for undervalued assets [1][2]. Group 2: Notable Holdings - In the second quarter, Zhang Sufen became a major shareholder in six companies, including Xinneng Wind Power, Fida Environmental Protection, and Jinjia Co., all of which have low stock prices [1]. - Fida Environmental Protection, one of her key holdings, saw its stock price rise from 4.8 yuan to a peak of 5.83 yuan, reflecting a more than 20% increase since the second quarter [7]. - Aerospace Power, another significant investment, experienced a price increase from around 10 yuan to a peak of 16.9 yuan, marking a recovery after a period of decline [5][7]. Group 3: Market Context - The recent policy initiatives from the central government aimed at promoting green and low-carbon transitions have positively impacted stocks like Fida Environmental Protection, highlighting the importance of aligning investments with government policies [7]. - Zhang Sufen's approach emphasizes patience and strategic trading, as evidenced by her handling of Aerospace Power, where she employed a flexible strategy to lower her cost basis during market fluctuations [5].

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The logic of improving solid waste quality and efficiency, along with cash flow enhancement, continues to be realized, while the construction of the national carbon market is strengthened and carbon constraints are tightening [1] - The report highlights the importance of cash flow improvements and dividend increases in the waste incineration sector, driven by reduced capital expenditures and enhanced operational efficiency [39] Summary by Sections Industry Trends - The environmental protection industry is experiencing a stable revenue growth, with the waste incineration sector's revenue reaching 23.2 billion yuan, a 1% increase year-on-year, and net profit of 5.1 billion yuan, an 8% increase year-on-year [10][13] - The report emphasizes the need for a market-oriented approach in water services, predicting significant cash flow improvements similar to those seen in the waste incineration sector [7] Policy Tracking - The central government has issued guidelines to strengthen the national carbon market, aiming for a more comprehensive coverage of industrial sectors and a robust carbon pricing mechanism by 2030 [35][36] - The report suggests that stricter carbon monitoring will increase demand for carbon monitoring equipment, benefiting companies like Snowy Dragon and Juguang Technology [38] Company Performance - **Huanlan Environment**: Achieved a net profit of 966 million yuan in H1 2025, a 28% increase year-on-year, with a significant contribution from its subsidiary [29] - **Green Power**: Reported a 24% increase in net profit in H1 2025, driven by increased waste incineration and operational efficiency [31] - **Haihua Entrepreneurship**: Experienced a 9.33% increase in net profit, with a focus on stable growth in waste disposal and energy generation [31] - **Yongxing Co.**: Increased its waste processing volume, leading to a 9% rise in net profit [32] Cash Flow and Dividends - The waste incineration sector is seeing a significant increase in free cash flow, with projections indicating potential dividend payouts reaching 50% to 150% in the coming years [40][41] - The report notes that companies are beginning to distribute dividends more actively, with Huanlan Environment initiating its first mid-year dividend [24][29]

Group 1: Domestic Policy Developments - The State Council organized the fifteenth special study session focusing on accelerating the innovation and development of service trade, emphasizing the need to cultivate new momentum for foreign trade development [9][10][11] - The State Council's executive meeting discussed implementing comprehensive reforms for market-oriented allocation of factors in certain regions, highlighting the importance of deepening market-oriented reforms for a high-level socialist market economy [11][12] Group 2: Equity Market Analysis - In August, major equity indices in China continued to rise, with the Shanghai Composite Index, CSI 100, CSI 500, and Shenzhen Composite Index all increasing by over 10%, while the ChiNext Index surged by 24.13% [3] - The China Securities Regulatory Commission held a seminar on the "14th Five-Year" capital market planning, indicating a focus on the future development of the capital market [3] Group 3: Fixed Income Market Analysis - The People's Bank of China conducted a net fund injection of 446.6 billion yuan in August, with liquidity tightening slightly towards the end of the month [3] - The issuance of local government bonds accelerated in July, and the year-on-year decline in corporate profits significantly narrowed [3] Group 4: Commodity Market Analysis - The prices of non-ferrous metals rebounded, while crude oil prices saw a slight decline, and the prices of agricultural products, particularly pork, remained low [3] - The State Council issued opinions on promoting green and low-carbon transformation, which may impact the commodity market [15] Group 5: Foreign Exchange Market Analysis - The US dollar index declined by 2.2% in August, while the Chinese yuan appreciated by 1.21% during the same period [4] - The international balance of payments data showed a slight expansion in trade surplus in July, indicating a stable foreign exchange environment [4][22] Group 6: Major Events Outlook - The report anticipates that after September, policies will maintain continuity and stability, enhancing flexibility and predictability to address potential geopolitical risks and economic challenges [4]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]

Core Viewpoint - The establishment of the China-Shanghai Cooperation Organization (SCO) Green Industry Cooperation Platform aims to promote green development and sustainable economic transformation among SCO member countries [1][2] Group 1: Report Overview - The "Report on Green Industry Development and Cooperation of the Shanghai Cooperation Organization 2025" is a comprehensive study that outlines the current status and future prospects of green industry development among SCO member states [1] - The report was jointly compiled by the National Development and Reform Commission's International Cooperation Center and Tsinghua Suzhou Environmental Innovation Research Institute [1] Group 2: Key Findings - Green industries are becoming a crucial driving force for economic transformation and sustainable development in SCO countries [1] - The report identifies strong complementarities and willingness to cooperate in areas such as renewable energy, pollution control, resource recycling, and ecological protection among member states [1] Group 3: Future Cooperation Directions - Future cooperation directions are proposed in seven key areas: energy conservation and carbon reduction, environmental protection, resource recycling, and green infrastructure renovation [1] - The report advocates for a multi-dimensional cooperation mechanism that includes green finance, technology collaboration, and talent training [1] Group 4: Implications for Sustainable Development - The report is a significant initiative to promote the goals of the 2025 "SCO Sustainable Development Year," facilitating the sharing of green development experiences among member countries [2] - It is expected to enhance the flow of green economic factors among SCO nations, contributing to the formation of regional green industry and supply chains [2]

Group 1 - The meeting emphasized the importance of addressing feedback from the Central Ecological and Environmental Protection Supervision, viewing it as a major political task [1][2] - The focus is on implementing Xi Jinping's ecological civilization thoughts and ensuring a better environment for the people of Gansu [1] - Key areas of action include scientific water usage, land regulation, energy conservation, ecological governance, ecological safety, and forest fire prevention [2] Group 2 - The "Four Waters and Four Determinations" principle will be strictly enforced to enhance water conservation across agriculture, industry, urban areas, and ecology [2] - A systematic approach to ecological governance will be adopted, integrating the protection of mountains, rivers, forests, fields, lakes, grasslands, and deserts [2] - Specific measures will be taken to address illegal waste disposal, heavy metal pollution, and to ensure the safety of the ecological environment [2]

Core Viewpoint - The construction of zero-carbon parks is a significant strategic initiative aimed at fostering green productivity, accelerating the establishment of a new energy system, and achieving carbon neutrality goals in China [1][2]. Group 1: Construction Standards and Guidelines - The establishment of a unified standard for zero-carbon park construction is essential, focusing on a core indicator of carbon emissions per unit energy consumption [2][3]. - Additional guiding indicators include the proportion of clean energy consumption, energy efficiency of products, industrial waste recycling rates, and water reuse rates, which are crucial for promoting comprehensive green transformation [2]. Group 2: Innovation and Green Vitality - Zero-carbon park construction requires innovation across multiple dimensions, including technology, systems, and business models, to stimulate green vitality [4]. - Technological innovations in renewable energy, energy storage, and low-carbon transportation are vital, providing application scenarios that encourage research and development [4]. - Institutional innovations, such as green electricity supply models, can enhance market vitality and support the development of new energy systems [5]. Group 3: Energy Supply and Consumption Transition - The transition to green energy supply and consumption must be integrated within the zero-carbon park construction framework, focusing on improving the efficiency and effectiveness of renewable energy utilization [6][7]. - There is a need to optimize industrial structures and explore "green production" models to promote the green upgrade of traditional industries [7]. Group 4: Implementation and Support Mechanisms - The construction of zero-carbon parks is a long-term strategic task that requires a phased approach, prioritizing areas with favorable conditions for renewable energy and technological innovation [8]. - A comprehensive planning and design strategy is necessary to ensure the feasibility and operability of projects, focusing on renewable energy integration and resource utilization [8]. - Strengthening collaboration among government, parks, and enterprises is crucial for effective implementation and evaluation of construction tasks [9].

Core Viewpoint - Nasda (002180.SZ) has signed a strategic cooperation agreement with Telai Electric New Energy Co., Ltd. to enhance their partnership in promoting green and low-carbon transformation in the transportation industry [1] Group 1: Strategic Cooperation - The agreement is based on principles of complementary advantages, resource sharing, common development, and win-win cooperation [1] - Both parties will engage in continuous discussions on product innovation and advanced technology development to meet market demands and industry technological needs [1] Group 2: Product Development and Market Expansion - The collaboration will explore new scenarios and technological exchanges in the charging field, focusing on products such as MCU devices and DSP devices [1] - To enhance market development, improve R&D capabilities, and ensure better product quality, both parties agreed to regular communication, conditional sharing of core data, and mutual priority in cooperation [1] - The partnership aims to deepen collaboration in new technology and product R&D, including resource support and close cooperation during product testing phases to improve market competitiveness and R&D efficiency [1]