国家发改委修订相关办法，把好节能降碳"源头关"—— 助推经济社会发展绿色转型 固定资产投资项目节能审查和碳排放评价是从源头提高新上项目能源利用效率、减少碳排放的一项重要 制度，是中国节能降碳制度体系的重要组成部分。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》（以下简称《办法》），自2025年9月1日起施行。据了解，此举旨在贯彻 落实党中央、国务院关于节能降碳的部署要求，进一步健全有关制度规定、着力提升管理效能，推动经 济社会高质量发展。 促进用能主体节能增效 节能审查制度有什么作用？据国家发展改革委有关负责人介绍，节能审查制度建立实施以来，在提高能 源利用效率、促进产业提质升级等方面发挥了重要作用。一是从源头减少能源浪费和二氧化碳排放，二 是推动产业转型升级，三是促进用能主体节能增效。 "节能审查依据节能政策制度和法规标准等要求，指导项目建设单位在开工建设前优化项目能源管理机 制，完善工艺技术路线设计和节能高效设备选型等方案，可有效减少不合理能源消费、提高能源利用效 率。"该负责人说，"十四五"以来，全国每年通过节能审查有效减少项目不合理设计能耗约1400万吨标 准煤，相当于减少 ...

近日，山东省荣成市热电厂内机械轰鸣，高温次高压供暖锅炉节能改造工程施工正酣。改造完成后，供 暖锅炉的热效率将得到有效提高，煤炭消耗量将进一步降低，既能保障冬季供暖的稳定性与充足性，又 能为当地节能减排、推动绿色低碳发展。 李信君摄（人民视觉） 固定资产投资项目节能审查和碳排放评价是从源头提高新上项目能源利用效率、减少碳排放的一项 重要制度，是中国节能降碳制度体系的重要组成部分。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》（以下简称《办法》），自2025年9月1日起施行。据了解，此举旨在 贯彻落实党中央、国务院关于节能降碳的部署要求，进一步健全有关制度规定、着力提升管理效能，推 动经济社会高质量发展。 促进用能主体节能增效 节能审查制度有什么作用？据国家发展改革委有关负责人介绍，节能审查制度建立实施以来，在提 高能源利用效率、促进产业提质升级等方面发挥了重要作用。一是从源头减少能源浪费和二氧化碳排 放，二是推动产业转型升级，三是促进用能主体节能增效。 "节能审查依据节能政策制度和法规标准等要求，指导项目建设单位在开工建设前优化项目能源管 理机制，完善工艺技术路线设计和节能高效设备选 ...

Core Insights - The company is transforming coal into industrial raw materials such as olefins and polyolefins, with a focus on innovative technologies for resource utilization [1] - The company has developed advanced water injection techniques to enhance oil recovery rates, achieving an increase from 13.7% to 17.3% [1][2] - The company is also capturing and injecting CO2 produced during coal chemical processes to reduce emissions and enhance oil production, with an annual injection capacity of 360,000 tons [2] - Over the past decade, the company has invested over 60 billion yuan in technology, leading to the establishment of numerous innovative platforms and the development of over ten globally first-of-their-kind facilities [2] - The company aims to exceed 20 million tons of oil and gas equivalent and achieve revenues of 390 billion yuan in 2024, with a focus on modern industrial system construction and new productivity development [3] Company Developments - The company has established four research institutions and over 33 national and provincial innovation platforms, employing more than 2,000 researchers [2] - A series of reforms have been implemented to enhance technological innovation, including the hiring of experts and incentivizing long-term R&D through equity and profit-sharing [2] - The company is transitioning from a single oil extraction entity to a comprehensive energy and chemical enterprise that efficiently develops and utilizes multiple resources [2] Financial Performance - In 2024, the company expects to achieve an oil and gas equivalent production of 20.146 million tons and a revenue of 390 billion yuan, with a profit of 14.802 billion yuan [3] - The company anticipates breakthroughs in modern industrial systems and productivity development over the next 5 to 10 years due to increased investment in technology [3]

Core Viewpoint - The company is transforming from a traditional oil extraction enterprise into a large-scale energy and chemical company that efficiently develops and utilizes multiple resources, including oil, gas, and coal, through innovative technologies and sustainable practices [1][2][3]. Group 1: Technological Innovations - The company has developed a controlled-speed water injection technology that has increased oil recovery rates from 13.7% to 17.3%, enhancing production stability [1][2]. - The company captures CO2 produced during coal chemical processes and injects it into oil layers, achieving an annual injection scale of 360,000 tons, which reduces carbon emissions and aids in oil recovery [2]. - Over the past decade, the company has invested over 60 billion yuan in technology, resulting in the establishment of over 10 globally first-of-their-kind facilities for comprehensive resource utilization [2]. Group 2: Financial Performance - In 2024, the company’s oil and gas equivalent production surpassed 20 million tons, reaching 20.146 million tons, with revenue of 390 billion yuan and a total profit of 14.802 billion yuan [3]. - The company anticipates breakthroughs in modern industrial system construction and new productive forces development in the next 5-10 years due to increased investment in technological research and development [3]. Group 3: Organizational Structure and Incentives - The company has established four research institutions and over 30 national and provincial innovation platforms, employing more than 2,000 researchers to drive innovation [2]. - Various mechanisms have been implemented to enhance innovation, including hiring experts, providing incentives through equity and dividends, and rewarding technology transfer based on contract amounts [2].

Core Viewpoint - The company is committed to energy conservation and carbon reduction, positioning itself as a leader in green energy production and innovation, contributing significantly to national clean energy goals and carbon reduction efforts [1][2]. Group 1: Technological Innovation - The company has invested 150 million yuan in boiler ultra-low emission upgrades, implementing advanced technologies to ensure long-term compliance with stringent emission standards [1]. - The project is expected to reduce greenhouse gas emissions by 1,584 tons annually, supporting national carbon reduction targets [1]. Group 2: Energy Efficiency Improvements - Major technological upgrades have led to significant reductions in resource consumption: steam, electricity, and circulating water consumption decreased by 13%, 6%, and 36% respectively [2]. - The implementation of a zero-discharge cooling water project is projected to reduce wastewater discharge by 800,000 cubic meters annually and chemical oxygen demand by 12 tons [2]. Group 3: Smart Technology Integration - The company is enhancing operational efficiency through variable frequency drive modifications, achieving energy savings of 15% to 20% [2]. - The replacement of a 200 kW high-pressure motor with a 160 kW low-pressure motor is expected to generate annual electricity savings exceeding 2 million yuan [2]. - The deployment of a QR code system for equipment management is anticipated to improve management efficiency by 50% [2].

Economic Growth and Development - China's economy demonstrated resilience with a GDP growth rate of 5.3% in the first half of the year, continuing a trend of recovery and high-quality development [3] - The "14th Five-Year Plan" is entering a decisive phase, with a focus on achieving economic and social development goals [3] - The emphasis on high-quality development is reiterated as a fundamental principle for building a modernized strong nation [8] Industrial Transformation - The visit to Yangquan Valve Co., Ltd. highlights the company's focus on smart manufacturing and innovation, having applied for 72 patents and obtained 63 [10] - The company contributes to energy security and green transformation by producing efficient and environmentally friendly hydrogen valve components [10] - The transformation of Shanxi Province from a coal-dominated economy to a diversified industrial structure is a key focus, with directives to enhance energy transition and industrial upgrading [11] Urbanization and City Development - The Central Urban Work Conference emphasizes the need to shift from extensive urban expansion to a more refined and efficient model of urban development [15] - The goal is to achieve coordinated economic, environmental, and social development, promoting high-quality urban growth [15] Disaster Management and Safety - The government is actively preparing for flood prevention and disaster relief, with significant financial allocations for emergency response [17] - A total of 3.5 billion yuan has been allocated for disaster relief efforts across nine provinces [17] International Relations - The ongoing dialogue between China and the EU is highlighted, with trade between the two regions exceeding 1 billion yuan per minute in the first quarter of this year [21] - The emphasis on mutual respect, open cooperation, and multilateralism is crucial for the future development of China-EU relations [22]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The "anti-involution" trend is driving quality upgrades in the industry, emphasizing investment opportunities in specialized engineering companies. This trend is expected to improve corporate profitability and increase capital expenditures in green and low-carbon transformations, benefiting specialized engineering firms [1][19][32] - The government is focusing on innovation-driven and green transformation, which is broader than the supply-side structural reforms of 2015. This includes enhancing industry self-discipline and optimizing supply structures through technological upgrades [2][13] Summary by Sections Industry Performance - The construction index fell by 2.5% in the week of July 28 to August 1, underperforming the broader market by 1.3 percentage points. Only the architectural design and services sub-sector maintained an upward trend, with notable individual stock gains [4][26] Investment Recommendations - Key investment opportunities include: 1. Cement Engineering: China National Materials (high dividend cement engineering leader, expected dividend yield over 5% in 2025) [19] 2. Metallurgical Engineering: China Steel International (low-carbon metallurgical engineering leader, expected dividend yield of 5.5% in 2025) [19] 3. Steel Structure Manufacturing: Honglu Steel Structure, Jinggong Steel Structure [19] 4. Chemical Engineering: China Chemical, Sanwei Chemical, Donghua Technology, benefiting from rising chemical product prices [19] Key Indicators - As of August 1, 2025, the cement shipment rate was 30%, down 13 percentage points from the previous week, while the asphalt plant operating rate was 33.1%, up 4.3 percentage points [3][20] Structural Changes and Opportunities - The report highlights the importance of focusing on infrastructure investments in regions with high demand, such as Sichuan, Zhejiang, Anhui, and Jiangsu, and recommends local state-owned enterprises and central enterprises involved in major infrastructure projects [32][35] Emerging Trends - The report suggests that the nuclear power sector remains highly attractive, with ongoing investments, and highlights the potential of AI and digital technologies in transforming traditional industries [34][36] Specialized Engineering Investment Targets - The report lists specific companies in specialized engineering fields, including: - China National Materials (Cement) - China Steel International (Metallurgy) - Honglu Steel Structure (Steel Structure) - China Chemical (Chemicals) [20] Conclusion - The overall sentiment is positive towards the construction and specialized engineering sectors, driven by government policies aimed at enhancing industry quality and profitability through technological and structural upgrades [1][19][32]

Group 1 - The core viewpoint of the article highlights the acceleration of China's green transformation in the economy, with a focus on the "old-for-new" policy that promotes low-carbon initiatives and encourages the adoption of energy-efficient appliances [1][12][19] - The "old-for-new" policy has led to significant energy savings for consumers, with new air conditioning units demonstrating a drastic reduction in energy consumption compared to older models, saving consumers approximately $943 million annually [7][9][19] - The shift towards energy-efficient products is evident as manufacturers are increasingly focusing on producing first-level energy efficiency appliances, with a reported 70% of television products shipped being of this category [16][18] Group 2 - The article discusses the impact of government subsidies on the adoption of energy-efficient appliances, with first-level energy efficiency products receiving a 20% subsidy and second-level products a 15% subsidy, driving both consumer and manufacturer engagement [14][19] - Equipment upgrades in traditional industries such as steel and cement are being supported by a special long-term national bond fund of 200 billion yuan, facilitating energy-saving transformations and enhancing green productivity [19][25] - The implementation of smart mining projects and energy-efficient upgrades in mining operations has resulted in significant reductions in energy consumption and increased production efficiency, showcasing the benefits of technological advancements in traditional sectors [25][27]

Group 1: Economic Transition and Policy Impact - China's economic and social green transition has accelerated in the first half of the year, with green becoming a significant aspect of economic development [1] - The "old-for-new" policy has a clear low-carbon orientation, promoting energy-efficient home appliances through differentiated national subsidy policies [1][11] - The energy-saving potential of new appliances is highlighted, with significant savings in electricity costs for consumers [5][7] Group 2: Energy Efficiency and Consumer Behavior - A comparative experiment showed that new energy-efficient air conditioners consume significantly less electricity than older models, with new models using 1 kWh compared to 5 kWh for old ones [5] - Consumers are increasingly favoring energy-efficient appliances, prompting manufacturers to shift their production focus towards first-level energy efficiency products [9][11] Group 3: Manufacturing and Equipment Upgrades - Major appliance manufacturers are investing in green production lines, with companies like Changhong and Haier ramping up production of energy-efficient products [13][15] - The government has allocated 200 billion yuan for long-term special bonds to support equipment upgrades in traditional industries, facilitating energy-saving transformations [16] - Specific projects, such as the upgrade of equipment in steel and mining industries, are expected to yield significant energy savings and carbon emission reductions [18][20][22]

具体而言，新《办法》要求节能报告必须包含碳排放总量、结构、单位产品碳排放等核心指标，并与国 家、行业标准及国际先进水平进行全面比较。对于由国家发改委审查的项目，必须同步开展碳排放评 价；地方则需对可能影响区域碳达峰进程的项目实施评价。这种分级分类的管理思路，既确保了重点项 目的严格管控，又赋予地方针对性的执行空间。 值得注意的是，新《办法》特别强化了对煤炭消费的控制，将年煤炭消费量1000吨以上的项目全部纳入 审查范围，这较之前仅考虑能源消费量的标准更为严格。 管理升级：权限上收与动态调整机制筑牢制度防线 高耗能项目审批红线收紧，从"单一节能审查"升级为"节能审查+碳排放评价"。 7月25日，国家发展和改革委员会发布《固定资产投资项目节能审查和碳排放评价办法》（以下简称"新 《办法》"），标志着我国节能降碳源头管控体系迎来重大升级。 这一将于9月1日正式施行的新规是我国实现"能耗双控"向"碳排放双控"转型的关键制度设计。新《办 法》首次将碳排放评价与节能审查深度融合，构建起覆盖项目全生命周期的能碳一体化管控机制， 为"十四五"收官和"十五五"规划提供了强有力的政策工具。 制度创新：从"能耗双控"到"碳排放双控 ...