评估结果显示，经过4年的持续监测与政策引导，中国城市在"双碳"行动上已从初期的目标制定阶段全 面步入实质性的落实深化阶段。在综合排名中，北京蝉联榜首，四川成都、上海、浙江宁波、云南昆明 分列第二至第五位，展现了不同区域中心城市的引领作用。湖南株洲作为老工业基地转型典范首入前10 位，凸显差异化路径的成功。 本年度《报告》最显著的发现是，"因地制宜"取代单纯的指标追逐，成为中国城市气候行动的新黄金标 准。表现优异的城市无一不是成功将自身的资源禀赋或产业基础转化为差异化竞争优势的典范。 昆明作为"资源禀赋型"城市的代表，充分利用云南省高达90%的清洁能源装机占比优势，提前超额完成 了2025年非化石能源消费占比目标，并正迈向利用绿色电力发展数据中心等高附加值产业的"绿色利 用"新阶段。江苏盐城作为"增量开发型"的代表，通过大规模开发海上风电和滩涂光伏，确立了东部沿 海非化石能源高占比的标杆，并以此吸引绿色高端制造业集聚。安徽合肥则展示了"产业驱动型"的成功 路径，通过政府战略投资构建起涵盖整车与核心零部件的新能源汽车"超级供应链"，实现了高达50%的 乘用车渗透率，完成了从政策驱动向市场驱动的良性循环。宁夏银川则 ...

在英国首相再度访华的重要契机下，中英能源领域合作迎来突破性进展。1月30日，碧澄能源与全球性能源科技公司章鱼能源（Octopus Energy）在中英商务 论坛正式签约，宣布战略合资，计划在华设立聚焦电力交易业务的合资公司，深度融合全球顶尖能源科技与中国本土化运营服务能力，共同探索并引领智慧 能源发展的新路径，为工商业用户创造更高价值，为行业发展注入新动能。 作为全球领先的新型基础设施产业服务商，普洛斯在新能源领域布局深厚，已构建起覆盖分布式光伏、集中式光伏、风电、储能的多元化投资运营体系。截 至目前，其新能源开发规模超2GW，累计开发资产达3GW。2025年，普洛斯新能源平台管理已并网容量1.35GW，年发电量达11.1亿千瓦时，折合减少二氧 化碳排放64.1万吨，全年绿证销售30万张。同时，普洛斯通过搭建多元化投资平台、引入国际合作方等方式，持续强化产业生态协同能力，为客户、投资人 与各方合作伙伴创造更大价值，为生态企业的发展提供全面赋能支持。 碧澄能源与章鱼能源在1月30日举行的中英商务论坛中签约 作为集绿色电力生产与市场化售电于一体的综合能源服务商，碧澄能源不仅拥有广泛而稳定的工商业用户网络与光伏电站 ...

Investment Rating - The report maintains a positive investment rating for the chemical industry, highlighting the potential benefits from the "dual carbon" policy implementation [5]. Core Insights - The "dual carbon" policy is expected to significantly impact the chemical industry, with a focus on carbon emissions control becoming a rigid constraint during the 14th Five-Year Plan period [6][14]. - The report identifies that the attention towards "dual carbon" from provincial leaders has increased by 137% since September 2025, indicating a shift in focus towards carbon emissions as a critical performance metric [7][18]. - The chemical industry is anticipated to undergo structural changes, with high carbon intensity sectors facing supply constraints, while low-carbon leaders are expected to benefit from the transition [8][30]. Summary by Sections 1. "14th Five-Year Plan": Carbon Peak Closing Battle - Local carbon assessments may treat carbon emissions as an equally important rigid constraint [15]. - High carbon intensity sectors such as ammonia fertilizer, coal chemical, and chlorine-alkali are likely to face capacity constraints first [29][30]. 2. Petrochemical "Dual Carbon" Opportunities - The petrochemical sector is expected to undergo a transformation driven by the "dual carbon" goals, with a focus on optimizing supply and demand structures [38]. - Refining sector dynamics are shifting towards improved supply-demand balance due to stringent approval processes for new projects and the elimination of high-energy-consuming capacities [38]. 3. Basic Chemical "Dual Carbon" Opportunities - Coal chemical industry is projected to stabilize supply under carbon limits, driving quality improvements in the sector [3.1]. - Carbon fiber and fluorochemical sectors are expected to benefit from process optimization and green transitions [3.2][3.3]. 4. Investment Recommendations - The report suggests focusing on three categories of leading companies: 1. Integrated leaders in the oil chemical sector with scale and efficiency advantages [8]. 2. Coal chemical leaders with advanced processes and low emissions [8]. 3. High-quality firms in fluorochemical and carbon fiber sectors that align with "dual carbon" goals [8].

Group 1 - The Chinese steel industry is set to complete its ultra-low emission transformation project by the end of 2025, with a total investment exceeding 370 billion yuan, achieving over 80% of crude steel capacity meeting ultra-low emission standards [2] - The "Three-Year Action Plan for Steel Extreme Energy Efficiency Benchmarking" initiated at the end of 2022 involves 143 enterprises with a total steel capacity of 750 million tons [2] - By 2025, companies like Zhanjiang Steel and Shagang will implement energy efficiency measures, resulting in a reduction of energy consumption in blast furnaces and converters by 2.5% and 12.2% respectively compared to 2023, saving 13.2 million tons of standard coal and reducing carbon dioxide emissions by 34 million tons, equivalent to the annual carbon absorption of approximately 3.1 billion trees [2] Group 2 - The 14th Five-Year Plan period is characterized by significant investment in the steel industry, with a total investment of 1.27 trillion yuan completed for ultra-low emissions and capacity replacement steel enterprises [2] - The industry aims to accelerate the transition to a fully green transformation, promoting the completion of ultra-low emission modifications for remaining steel production capacity and the application of advanced pollution reduction and carbon reduction technologies [3] - The industry will guide enterprises in establishing carbon asset management systems and enhance their capabilities to participate in carbon markets, collaborating with the Ministry of Ecology and Environment on quota distribution and accounting methods [3]

Investment Rating - The report maintains a "Market Weight" rating for the building materials industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [49]. Core Insights - The building materials industry is experiencing a recovery in profitability, with some consumer building materials products seeing price increases due to rising raw material costs [2][5]. - The cement sector is expected to show resilience in profitability, supported by significant infrastructure projects and urban renewal initiatives in 2026, despite a projected decline in cement production in 2025 [4][41]. - The glass and fiberglass sectors are undergoing structural adjustments, with a focus on high-end products and green transformation, while traditional segments face challenges from real estate market weaknesses [42][43]. - The consumer building materials segment is witnessing a trend of price stabilization and recovery, driven by demand for renovation and urban renewal, despite a slowdown in new construction [44]. Summary by Sections Cement Industry - In Q1 2026, cement companies are expected to implement significant production cuts, with an average shutdown period of 46 days nationwide, aimed at balancing supply and demand [4][41]. - The average cost of P.O42.5 bulk cement is reported at 197 RMB/ton, with a gross profit margin of 17% [4]. - The industry is projected to recover gradually, contingent on effective supply-side policies and infrastructure investment [4][41]. Glass and Fiberglass - The flat glass market is expected to stabilize as production capacity is controlled and environmental standards are enforced, although demand remains weak due to real estate sector challenges [42]. - The fiberglass industry is in a recovery phase, with a focus on eliminating inefficient capacity and enhancing production quality through technological upgrades [43]. Consumer Building Materials - Major companies like Keshun and Sankeshu have announced price increases due to rising costs of raw materials, indicating a trend towards price recovery in the sector [44]. - The demand for renovation and urban renewal is expected to drive growth, while leading companies are enhancing their market share through brand strength and service improvements [44]. Recommended Stocks - The report suggests focusing on companies with strong fundamentals and high dividend yields, including Shangfeng Cement, Tapa Group, and Huaxin Cement [4][45].

Core Viewpoint - The company is experiencing temporary pressure on revenue and profit due to a complex macro environment, industry adjustment cycles, and tightened fiscal budgets from downstream clients [1] Group 1: Client Structure and Market Focus - The company's main clients are local governments and their platform companies [1] - The company is actively adjusting its client structure, particularly focusing on the dual carbon sector and enterprise market [1] - Significant progress has been made in the enterprise market [1] Group 2: Performance Improvement and M&A Activities - The company aims to prioritize problem-solving and performance improvement in its operations [1] - The company is actively and orderly advancing its merger and acquisition activities, ensuring timely information disclosure based on progress [1]

文/ 浙商证券首席经济学家 李超 ，浙商证券宏观研究部 储雯 20 26年全球主要经济体经济周期出现分化，AI投资是驱动美国经济增长 动力之一，同时美联储降息波折反复，欧元区经济在财政分化与政策托底 下实现温和复苏，日本经济由宽财政托底，货币政策逐渐正常化。我国方 面，伴随《 中共中央关于制定国民经济和社会发展第十五个五年规划的 建议 》（ 以下简 称《建议 》 ）发布，未来五年我国政策路线进一步明 朗化，大幅提高科技自立自强水平是重中之重。 2024年9月27日，中共中央政治局会议提出超常规逆周期调节，带来了2025年积极的财政和货币环境。在政策路线方面， 2024年9月， 我国以举国体制攻 关科技，财政政策大量向供给端与科技领域倾斜，需求端政策相对缺位，但产业端科技领域突破依然较少。 2025以来，我国在人工智能（AI）等多个新 质生产力领域接连取得技术突破，并在全球广获认可，产业优势在中美博弈中占得主动，中美两国国力对比不同往日，国内市场重振对政策路线的信心。 在外需预期方面， 2024年9月， 特朗普 有很大可能在选举中胜出 ， 他当时声称要 对我国加征高额关税， 导致 我国对出口预期 谨慎 。进入 ...

Core Viewpoint - The company emphasizes its core competitive advantage in the smart heating sector, which is built on a comprehensive "algorithm-hardware-data-scenario" closed-loop capability system that is interdependent and difficult to replicate [1] Group 1: Technology and Innovation - The company has developed a full-link intelligent control technology core tailored to the heating industry, supported by multiple patented inventions that are challenging to imitate [1] - The company possesses a full-stack independent core technology encompassing OT, IT, and AI, with both software and hardware being self-developed and deeply adapted for efficient end-to-end integration [1] - Continuous investment in R&D will be made to deepen integration across various dimensions, reinforcing the company's core barriers [1] Group 2: Data and Experience - The company has accumulated vast amounts of real operational data from various heating regions across the country, which, combined with practical project experience involving orders ranging from millions to billions, facilitates a positive feedback loop for algorithm and solution iteration [1] - The company offers a one-stop service capability for the entire heating system process, which cannot be achieved through short-term technological imitation or data acquisition [1] Group 3: Future Outlook - The company aims to contribute value to industry development and the achievement of "dual carbon" goals by continuously enhancing its core capabilities [1]

Group 1: Business Overview and Product Applications - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers that manage thermal energy across a temperature range of -271°C to 200°C [3] - Products are widely used in various industries, including food processing, cold chain logistics, industrial refrigeration, commercial air conditioning, and energy recovery systems [3] - Specific applications include data centers, nuclear power, and industrial heat management, showcasing the versatility of the company's offerings [4][6][10] Group 2: Data Center and Cooling Systems - The company’s subsidiary, Dunham-Bush, provides cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems, with successful projects in major data centers across China [4] - The market for data center cooling is robust, with a shift from screw-type to centrifugal chillers, particularly magnetic levitation types, indicating a trend towards higher efficiency [6] - The company has established a global after-sales service system supported by overseas manufacturing bases [6] Group 3: Nuclear Power Applications - The company has developed innovative technologies for nuclear power applications, including cooling systems and heat recovery solutions, to support the safe and efficient operation of nuclear power plants [7] - Recent projects include supplying cooling systems for multiple nuclear power stations in China, reflecting the company's strong position in this sector [7] Group 4: Heat Recovery and Energy Management - The company is actively involved in heat recovery technologies, with a focus on industrial heat pumps and energy management solutions, aligning with national carbon reduction policies [8][10] - The subsidiary Beijing Huayuan Taima has been recognized as a national-level "little giant" enterprise, holding numerous patents and contributing to significant energy-saving technologies [8][9] Group 5: Future Growth and Market Trends - The company anticipates revenue growth in its joint venture producing heat recovery steam generators (HRSG), projecting revenues of over 700 million in 2024 and approximately 1 billion in 2025 [8] - The demand for energy-efficient technologies is expected to increase due to government policies promoting urban renewal and carbon neutrality, positioning the company favorably for future opportunities [10] Group 6: Specialized Technologies - The company has developed specialized equipment for liquefying gases used in aerospace applications, including hydrogen and oxygen, demonstrating its technological capabilities [11] - Innovations in cryogenic technology, such as helium compressors for superconducting magnets, highlight the company's role in cutting-edge scientific research [11]

Core Viewpoint - Klate has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds, aiming to raise up to 200 million yuan to invest in intelligent high-efficiency fan projects and supplement working capital, aligning with the dual carbon strategy and industry upgrades [1][3] Group 1: Company Overview - Klate is recognized as a "little giant" enterprise by the Ministry of Industry and Information Technology and a national manufacturing single champion, with a strong foundation in ventilation and cooling equipment [1] - The company focuses on core areas such as rail transit, new energy equipment (nuclear power, wind power, gas turbines), and marine engineering, with its main business covering R&D, production, sales, and maintenance services of ventilation and cooling systems [1][2] Group 2: Technological Innovation - Technological innovation is a core competitive advantage for Klate, with multiple research platforms and a strong patent portfolio of 110 patents, including 26 invention patents [2] - Klate has established significant technical barriers in the fan industry and has a strong voice in the market, particularly in the offshore wind power sector, where its products account for 70% of its offerings [2] Group 3: Market Potential - The intelligent high-efficiency fan project aligns with national dual carbon strategies, with the global high-speed blower market projected to grow from 4.741 billion yuan in 2024 to 6.393 billion yuan by 2030, at a CAGR of 5.11% [3] - The intelligent variable frequency (EC) fan market is expected to grow from 15.626 billion yuan to over 22.675 billion yuan by 2030, with a CAGR of 6.37% [3] Group 4: Investment Opportunity - The issuance of convertible bonds provides unique advantages under the improving policy framework of the North Exchange, offering investors a dual investment tool with growth potential and stable returns [3] - Klate aims to leverage the bond issuance to enhance technological innovation and capacity building, further solidifying its leading position in the high-end ventilation equipment sector [3]