Core Viewpoint - The National Development and Reform Commission, Ministry of Industry and Information Technology, and National Energy Administration have issued a notice to promote the construction of zero-carbon parks, aiming to support regions in achieving carbon peak and carbon neutrality goals through various measures and funding channels [1][2]. Group 1: Key Tasks - Accelerate the transformation of energy structure in parks by enhancing the development and utilization of renewable energy and promoting green electricity supply models [2][3]. - Promote energy conservation and carbon reduction in parks by establishing energy and carbon emission management systems and encouraging enterprises to adopt advanced energy-efficient practices [3][4]. - Optimize the industrial structure of parks by developing low-energy, low-pollution, and high-value-added industries, and exploring green manufacturing models [3][4]. - Enhance resource conservation and intensive use in parks by improving spatial planning and promoting recycling networks for industrial waste [3][4]. - Upgrade park infrastructure by optimizing planning and construction of energy supply systems and promoting low-carbon transportation [3][4]. Group 2: Support Measures - The National Development and Reform Commission will utilize existing funding channels to support zero-carbon park construction, encouraging local governments and policy banks to provide financial backing [6][7]. - Support for enterprises to issue bonds for zero-carbon park construction and the introduction of external talent and technology for energy-saving and carbon reduction efforts [6][7]. - Explore a "single-window" approval system for multi-energy complementary projects within zero-carbon parks [6][7]. Group 3: Implementation Organization - The National Development and Reform Commission will coordinate the construction of zero-carbon parks and support pilot projects and funding arrangements [7][8]. - Local development and reform commissions will recommend qualified parks for national-level zero-carbon park construction based on various factors such as energy endowment and carbon reduction potential [8]. - A thorough evaluation process will be established for the construction of national-level zero-carbon parks, with successful parks receiving formal recognition [8].

Core Viewpoint - The article discusses the launch of a national-level zero-carbon park application process by the National Development and Reform Commission, the Ministry of Industry and Information Technology, and the National Energy Administration, emphasizing the importance of transitioning to renewable energy and reducing carbon emissions in industrial parks [1][8]. Group 1: Key Tasks for Zero-Carbon Park Construction - Accelerate the transformation of energy use structure by enhancing the development and utilization of renewable energy in parks and surrounding areas, supporting the matching of parks with non-fossil energy generation resources, and promoting green electricity supply models [9][10]. - Promote energy conservation and carbon reduction by establishing energy and carbon emission management systems, conducting energy efficiency assessments, and encouraging the construction of ultra-efficient and zero-carbon factories [10][11]. - Optimize the industrial structure of parks by developing low-energy, low-pollution, and high-value-added emerging industries, and exploring green energy manufacturing [10][12]. Group 2: Support and Funding Measures - The National Development and Reform Commission will utilize existing funding channels to support zero-carbon park construction, encouraging local governments to provide financial backing through special bonds and long-term credit support from policy banks [6][13]. - Support for enterprises to issue bonds for zero-carbon park construction and the introduction of external talent and technology for energy-saving and carbon reduction initiatives [6][13]. Group 3: Basic Conditions for Application - The construction entity for national-level zero-carbon parks must be a provincial-level or above development zone, with the possibility of including newly established emerging industrial parks or high-tech parks [3][20]. - The application can cover the entire park or a "park within a park" model, requiring clear boundaries and management responsibilities [3][20]. - Parks must have a certain foundation in energy consumption and carbon emission statistics, and must not have experienced major safety or environmental incidents in the past three years [4][5][20]. Group 4: Evaluation and Implementation - After the construction period, provincial development and reform commissions will conduct self-assessments, and those meeting requirements will undergo evaluations by the National Development and Reform Commission to officially become national-level zero-carbon parks [5][15]. - The article outlines a structured approach for the application process, including the need for comprehensive feasibility analysis and economic, environmental, and social benefit assessments [15][22]. Group 5: Indicators for Zero-Carbon Parks - Core indicators include a unit energy consumption carbon emission target of ≤0.2 tons per ton of standard coal for parks with an annual energy consumption of 20-100 million tons, and ≤0.3 tons for those with ≥100 million tons [28][30]. - Guiding indicators include a clean energy consumption ratio of ≥90% and an industrial solid waste comprehensive utilization rate of ≥80% [28][30].

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Views - **Macro**: In the second half of the year, the demand is pro - cyclically weak, and the policy is "easy to loosen and hard to tighten". Under the assumption of relatively mild monetary and supply - side policies, focus on policy expectations in July, with a relatively positive macro tone. From July to September, if policies do not turn significantly looser, the US will face liquidity risks and the threat of "reciprocal tariffs", bringing macro pressure. After September, pay attention to the expansion of fiscal policy and the transmission of inflation [8][29][30]. - **Mesoscopic**: From the perspective of policy documents and industry self - discipline, industries such as steel, refining, synthetic ammonia, cement, electrolytic aluminum, data centers, coal - fired power, photovoltaic, lithium batteries, new energy vehicles, and e - commerce can be focused on for the current comprehensive rectification of "involution - style" competition [9]. - **Microscopic**: Overseas, the core is the inflation expectation dominated by currency. It is necessary for the Fed to restart the easing cycle smoothly, and gold, crude oil, and non - ferrous metals are relatively beneficial. Domestically, the core is the supply - side policy. Referring to 2015, sectors with obvious supply - side production cuts had greater increases, and industrial profits improved, with the mid - and downstream benefiting more than the upstream. This round focuses on sectors such as the black sector and new energy metals [10]. 3. Summary by Directory 3.1 Macro - **Demand and Inventory Cycle**: The pro - cyclical demand in the second half of the year is weak. The Sino - US inventory cycle has re - entered the destocking phase, and this round of destocking may last until the end of 2025 [14]. - **Monetary and Fiscal Policies**: Global central banks are "easy to loosen and hard to tighten", and both China and the US are increasing fiscal policies. In China, a series of financial policies have been introduced, and the "market bottom" is clear [20][21]. - **Tariff Threats**: Global populist waves are continuous. Trump has issued tariff threats, and the US is in different stages of trade negotiations with various countries [25]. - **Macro Scenario Deduction**: In July, focus on policy expectations; from July to September, there is macro pressure; after September, pay attention to the expansion of fiscal policy and the transmission of inflation [28][29][30]. 3.2 Mesoscopic - **Policy Shift in the US**: The passage of the "Great Beauty" bill marks the US's shift from the first half of the year's "tight fiscal expectation + neutral currency" to a "easy to loosen and hard to tighten" policy stage [32]. - **Domestic Policy Focus**: The Central Financial and Economic Commission meeting focuses on governing "involution - style" competition, but details of industry production cuts are needed to determine the inflation trading theme [32]. - **Policy on "Involution - style" Competition**: Policy documents and industry self - discipline focus on industries such as steel, refining, etc. The causes of "involution - style" competition are analyzed, and comprehensive rectification ideas are proposed [9][35][36]. 3.3 Commodities - **Capital Expenditure**: The capital expenditure of non - ferrous metals has slowed down, while that of the black, chemical, and energy sectors has increased. The capital expenditure of crude oil has increased, and the capital expenditure of industrial metals has shown different trends [42][45]. - **Asset Performance in Stagflation - like Situations**: Overseas macro situations are more in line with "stagflation - like" characteristics. In historical stagflation - like stages, the performance of various assets is highly differentiated [54]. - **2015 Supply - side Reform Review**: In 2015, supply - side structural reform was proposed, with clear tasks such as "cutting overcapacity, reducing inventory, deleveraging, reducing costs, and strengthening weak links". Sectors with obvious production cuts had greater increases, and industrial profits improved [61][62].

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Views - The ongoing "anti-involution" initiative is expected to improve the fundamentals of the construction materials industry, with a focus on enhancing product quality and phasing out outdated production capacity [3] - The report highlights specific companies to watch, including SanKeTree, Dongfang Yuhong, Weixing New Materials, and Jianlang Hardware, as well as beneficiaries like Beixin Building Materials [3] - The cement sector is projected to benefit from energy-saving and carbon reduction initiatives, with a target to control cement clinker capacity to around 1.8 billion tons by the end of 2025 [3] Market Performance - The construction materials index increased by 3.96% in the week from June 30 to July 4, outperforming the CSI 300 index by 2.42 percentage points [4][13] - Over the past three months, the CSI 300 index rose by 8.01%, while the construction materials index only increased by 2.47%, indicating a lag of 5.55 percentage points [4][13] - In the past year, the CSI 300 index has risen by 16.06%, compared to an 11.69% increase in the construction materials index, resulting in a 4.38 percentage point underperformance [4][13] Cement Sector - As of July 4, 2025, the average price of P.O42.5 bulk cement was 293.11 RMB/ton, reflecting a 1.97% decrease from the previous period [6][24] - The clinker inventory ratio nationwide was 68.18%, down by 1.18 percentage points [6][25] - Regional price variations were noted, with the Northeast region remaining stable, while other regions like North China and Southwest saw declines of 4.13% and 6.58%, respectively [6][24] Glass Sector - The average price of float glass was 1201.35 RMB/ton as of July 4, 2025, showing a slight increase of 0.07% [6][74] - The inventory of float glass decreased by 1.17%, with a total of 58.31 million weight boxes reported [6][76] - The price of photovoltaic glass fell by 3.88%, with an average price of 116.02 RMB/weight box [6][81] Fiberglass Sector - The price of non-alkali 2400tex direct yarn ranged from 3400 to 4100 RMB/ton, with variations based on specific product types [6] - The fiberglass sector is expected to benefit from favorable tariffs for companies with overseas production bases [3] Consumer Building Materials - The report indicates that raw material prices for consumer building materials have remained relatively stable with slight fluctuations [6][5]

Core Viewpoint - The credit rating of Shuangliang Energy Saving System Co., Ltd. has been downgraded to AA- due to significant declines in profitability and increased debt burden, with a stable outlook for the future [1][4]. Company Overview - Shuangliang Energy Saving System Co., Ltd. focuses on energy-saving and water-saving equipment, new energy equipment, and photovoltaic products [8]. - The company was established in 1995 and is listed on the Shanghai Stock Exchange [8]. Financial Performance - In 2024, the company reported total revenue of 130.38 billion yuan and a net loss of 25.45 billion yuan [8]. - As of March 2025, the company had total assets of 275.10 billion yuan and total liabilities of 166.53 billion yuan, with a debt-to-asset ratio of 82.77% [8][10]. - The company's profit margin has significantly declined, with a total profit loss of 1.91 billion yuan in the first quarter of 2025 [8][10]. Industry Analysis - The energy-saving and water-saving industry is experiencing increased demand due to national policies aimed at reducing energy consumption and carbon emissions [9]. - The photovoltaic manufacturing sector is facing challenges such as overcapacity and declining prices, which have negatively impacted the company's revenue and profitability [9][10]. Competitive Position - The company maintains a strong market position in the energy-saving and new energy equipment sectors, with a significant market share in lithium bromide chillers and multi-crystalline silicon reduction furnaces [4][6]. - The company has a dual business model of "equipment manufacturing + clean energy," which helps mitigate risks associated with reliance on a single business line [6][10]. Risks and Challenges - The company faces risks related to increased competition in the photovoltaic sector, leading to reduced profitability and cash flow [4][5]. - There is a significant risk of inventory depreciation due to the oversupply in the photovoltaic manufacturing industry [4][10]. Future Outlook - The company is expected to continue facing challenges in the short term due to industry overcapacity and competitive pressures [4][9]. - However, improvements in cash flow and profitability are anticipated if the company can effectively manage its operations and capitalize on market opportunities [4][9].

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the real estate market policies are continuously tightening, creating investment opportunities in building materials. Recent policies from the central bank and local governments aim to support home purchases and improve safety in construction sites, indicating a shift towards a balanced supply-demand dynamic in the real estate market [3][4] - Recommended stocks in the consumer building materials sector include Sankeshu (channel penetration and retail expansion), Dongfang Yuhong (waterproof leader with optimized operational structure), Weixing New Materials (high-quality operations with a significant retail business), and Jianlang Wujin. Beneficiary stocks include Beixin Building Materials (gypsum board leader with diversified expansion in coatings and waterproof sectors) [3] - The report also notes that the National Development and Reform Commission has issued a plan for energy conservation and carbon reduction in the cement industry, aiming to control cement clinker capacity to around 1.8 billion tons by the end of 2025, which is expected to accelerate the iteration of energy-saving and efficient equipment [3][4] Market Performance - The building materials index increased by 2.41% in the week from June 23 to June 27, 2025, outperforming the CSI 300 index, which rose by 1.95%, resulting in a 0.46 percentage point advantage [4][13] - Over the past three months, the CSI 300 index has risen by 0.88%, while the building materials index has decreased by 3.79%, indicating a 4.67 percentage point underperformance [4][13] - In the past year, the CSI 300 index has increased by 13.29%, while the building materials index has only risen by 7.19%, showing a 6.11 percentage point underperformance [4][13] Cement Sector - As of June 27, 2025, the average price of P.O42.5 bulk cement nationwide was 284.72 yuan/ton, a decrease of 4.47% month-on-month. The price trends varied by region, with Northeast China seeing a significant drop of 21.95% [6][24] - The clinker inventory ratio reached 69.36%, an increase of 1.27 percentage points from the previous month [6][25] Glass Sector - The report indicates that the spot price of float glass as of June 27, 2025, was 1200.53 yuan/ton, reflecting a slight increase of 0.13%. The inventory of float glass decreased by 2.51%, with a total of 59 million weight boxes [6][75] - The average price of photovoltaic glass was 120.70 yuan/weight box, down by 3.44% [6][78] Fiberglass Sector - The report notes that the price of fiberglass remains stable, with various types of fiberglass priced between 3400 to 6600 yuan/ton depending on the type and region [6][3] Consumer Building Materials - The report tracks the prices of key raw materials for consumer building materials, noting slight fluctuations. For instance, the price of asphalt remained stable at 4520 yuan/ton, while the price of acrylic acid increased by 1.87% to 6825 yuan/ton [6][3]

企业是绿色发展的主力军。今天，越来越多的企业意识到，节能降碳不仅是履行社会责任的表现，更是 提升自身竞争力的关键。不少企业通过技术创新与工艺革新，对生产线进行智能化改造，引入先进节能 设备，不仅降低了能耗与排放，更实现了生产效率的跃升。更有企业主动参与碳交易市场，通过优化资 源配置，在经济收益与生态保护间找到了平衡点，走出了一条绿色发展的新路径。 节能降碳，与每个人的生活息息相关。选择步行、骑自行车或乘坐公共交通出行，减少一次性用品使 用，做好垃圾分类……这些看似微不足道的日常举动，实则是汇聚成绿色发展洪流的涓涓细流。每个人 微小的改变，都在为可持续发展注入力量。 今年6月23日至29日为全国节能宣传周，活动主题是"节能增效，焕'新'引领"；6月25日为全国低碳日， 活动主题是"碳路先锋、绿动未来"。一时间，从城市到乡村，从企业到个人，全国范围内掀起了一股绿 色发展的热潮。 全国节能宣传周和全国低碳日，是对全社会的一次绿色动员。随着时代发展，其重要性更加凸显。数据 显示，"十四五"前四年，我国能耗强度累计降低11.6%，节能降碳力度持续加大。面对全球气候变化与 资源约束的双重挑战，唯有以更加坚定的信念、更创新 ...

Group 1 - In 2025, the Anhui Provincial Finance Department will allocate 200 million yuan to support the high-quality development of emerging industries such as high-end equipment manufacturing [1] - In the first quarter, the output value of strategic emerging industries grew by 8.1%, accounting for 9.3% of the province's total [1] - A total of 80.78 million yuan has been allocated for the "Manufacturing Strong Province" and small and medium-sized enterprise development special funds to support industrial transformation and upgrading [1] - Anqing City has been selected for the 2025 National Camellia Oil Industry Development Demonstration Subsidy Project, expected to receive 500 million yuan from the central government [1] Group 2 - In 2025, the Anhui Provincial Finance will allocate 2.9 billion yuan for rural revitalization subsidies to consolidate and expand poverty alleviation achievements [1] - An allocation of 300 million yuan will support the construction of provincial-level central villages and rural toilet reforms [1] - 120 million yuan will be allocated to support the second round of land contract extension pilot work for an additional 30 years [1] Group 3 - In 2025, the Anhui Provincial Finance will coordinate 47.4 million yuan to promote air pollution prevention, energy conservation, and carbon reduction, as well as water pollution control and drinking water source protection [1] - By the end of 2024, the average PM2.5 concentration in old areas is expected to be 31.7 micrograms per cubic meter, with a good air quality day ratio of 86.9% [1] - The proportion of good water quality at national control sections of surface water is expected to reach 93.2%, indicating steady improvement in ecological environment quality [1] Group 4 - In 2025, the provincial finance will allocate 11 million yuan to support free public access to cultural venues in old areas and implement cultural benefit activities such as "Sending Drama to Ten Thousand Villages" [2] - A total of 10.25 million yuan will be allocated to support the creation of national red tourism integration development demonstration zones in Liu'an and Anqing cities [2] - The old areas have launched red-themed tourism routes, including "Thousand Miles of Leap - Hometown of Generals," and established three national and provincial-level red tourism boutique routes [2]

Core Insights - The article highlights Shenzhen's efforts to integrate the "Ultra Long-term Special Government Bonds for Energy Equipment Renewal" policy to promote energy conservation and carbon reduction among enterprises, aiming to transition from "energy-saving demonstration" to "zero-carbon benchmark" [1][3] - The "Two New" policy focuses on large-scale equipment updates and the replacement of consumer goods, which is crucial for constructing a new development pattern and promoting high-quality development [1] Group 1: Policy Implementation - Shenzhen is actively promoting the "Ultra Long-term Special Government Bonds" to support energy equipment updates, with a focus on reducing application barriers for small-scale projects in areas like building cooling and lighting [1] - The 2025 policy will adopt a "joint application" model to facilitate more enterprises in securing funding support [1] Group 2: Energy Efficiency Achievements - Shenzhen has made significant progress in energy conservation and carbon reduction, with energy consumption per unit of GDP, water consumption, and carbon emission intensity in 2024 reaching 1/3, 1/8, and 1/5 of the national average, respectively [3] - The ongoing National Energy Conservation Promotion Week emphasizes the theme "Energy Saving and Efficiency Improvement, Leading with 'New'" and includes various educational activities to enhance public awareness of energy conservation and low-carbon development [3]

Core Viewpoint - The 2025 Energy Conservation Promotion Week emphasizes "energy conservation and efficiency improvement" as a key to green transformation across various sectors, with a focus on the petrochemical industry as a major energy consumer and carbon emitter [1] Group 1: Energy Consumption and Efficiency Goals - In 2024, China's primary energy consumption reached 5.96 billion tons of standard coal, with oil and natural gas import rates exceeding 70% and 40% respectively, highlighting energy security risks [2] - The State Council's "2024-2025 Energy Conservation and Carbon Reduction Action Plan" sets a target for over 30% of energy-efficient capacity in refining, ethylene, synthetic ammonia, and calcium carbide industries by the end of 2025, while controlling crude oil processing capacity to within 1 billion tons [2] - The National Development and Reform Commission's plan aims to achieve energy savings of approximately 2 million tons of standard coal and a reduction of 5 million tons of carbon dioxide emissions through energy conservation and carbon reduction transformations in the refining industry [2] Group 2: Local Government Initiatives - Gansu Province's 2022 plan mandates that by 2025, over 30% of petrochemical and chemical enterprises must meet energy efficiency standards, listing 11 key renovation projects [3] Group 3: Corporate Actions and Commitments - China National Petroleum Corporation signed a "Key Areas Energy Conservation and Carbon Reduction Commitment" during the Energy Conservation Promotion Week, showcasing the industry's commitment to green transformation [4] - Since the 14th Five-Year Plan, China National Petroleum has achieved energy savings of 3.51 million tons of standard coal and saved 40.5 million cubic meters of water, exceeding planned targets [4] - Qilu Petrochemical has implemented strict energy consumption assessment indicators and energy monitoring systems to enhance energy efficiency and reduce costs [4] Group 4: Employee Engagement in Energy Conservation - A mechanism for employee participation in energy conservation is being established in chemical enterprises, with initiatives like "suggestion savings jars" and the "three checks and three adjustments" operational method being promoted [5] Group 5: Digital and Innovative Solutions - The Shanghai Chemical Industry Park showcases an integrated wastewater treatment model that reduces carbon consumption to 1/40 of traditional methods, benefiting over 70% of enterprises [6] - The Kaos Smart Energy Dual Carbon Park solution demonstrates the potential of digital empowerment, achieving an average energy saving rate of over 30% across 18 industrial parks and 55 interconnected factories [7]