Core Viewpoint - The "Supercritical Carbon Dioxide" (S-CO2) power generation technology, developed by China National Nuclear Corporation (CNNC), has successfully transitioned from laboratory to commercial application, marking a global first in utilizing supercritical CO2 for power generation [7][17]. Group 1: Technology Overview - The S-CO2 power generation system can improve power generation efficiency by over 85% and increase net power output by more than 50% compared to traditional steam-based systems [8]. - The technology simplifies the system, reduces equipment requirements, and cuts operational space by 50% [8]. - The process involves compressing, heating, expanding, and cooling supercritical CO2, which operates at temperatures above 31°C and pressures exceeding 73 standard atmospheres [10]. Group 2: Development Journey - The development of S-CO2 technology began in 2009, with the team facing significant challenges due to a lack of existing research and experience in this field [11]. - The team overcame various technical hurdles, including creating a unique sealing structure to prevent leaks under high temperature and pressure conditions [12]. - The project took nearly a decade to develop a comprehensive dynamic control system to ensure efficient operation [12]. Group 3: Commercial Application and Impact - The "Supercarbon One" demonstration project has been operational since December 20, 2025, at Shougang Water Steel, successfully converting waste heat from steel production into clean electricity [9][17]. - The project is expected to generate an additional 70 million kWh of electricity annually, increasing revenue by nearly 30 million yuan and reducing carbon emissions by several tons [17]. - The technology is positioned to support China's "dual carbon" goals and is included in key national energy innovation plans [15][18]. Group 4: Future Prospects - The CNNC plans to expand the application of S-CO2 technology to various energy sources, including thermal, nuclear, and renewable energy systems, aiming for modular and intelligent power generation solutions [17]. - A 50 MW demonstration project combining molten salt storage with S-CO2 power generation is set to begin in 2024, highlighting the ongoing commitment to innovation in this field [18].

Investment Rating - The report maintains a rating of "Buy" for key companies in the coal industry, including China Shenhua, Yanzhou Coal, Shaanxi Coal, and others, while some companies like Huayang Co. and Shanmei International are rated as "Overweight" [4]. Core Insights - The coal consumption scale has reached a peak plateau, with the demand for electricity generated from coal expected to stabilize in the coming years. The report suggests that the traditional growth model of coal-fired power generation may face a turning point due to the increasing share of clean energy [6][7]. - The transition of coal-fired power from a primary energy source to a supporting role in the new energy system is emphasized, with a significant expansion in installed capacity expected in the next few years [6][11]. Summary by Sections 1. Coal-fired Power: Transitioning to Peak Regulation and Support - The role of coal-fired power is shifting towards providing peak regulation and support, with its share in the energy mix declining but still remaining a core component of energy security [6][11]. - Installed capacity of coal-fired power is expected to continue expanding, with projections of new installations reaching 87 GW, 86 GW, and 43 GW from 2026 to 2028, respectively [6][29]. 2. Clean Energy: Becoming the Main Source of New Installations - Hydropower is expected to play a dual role in stable supply and peak regulation, with new installations projected to reach 17 GW, 18 GW, and 33 GW from 2026 to 2028 [7][39]. - Wind power is anticipated to see significant growth, with new installations expected to reach 109 GW, 161 GW, and 193 GW during the same period, reflecting its transition to a primary energy source [7][52]. - Solar energy is entering a stable development phase, with new installations projected at 192 GW, 139 GW, and 153 GW from 2026 to 2028, despite recent challenges in energy consumption and bidding processes [7][59]. 3. Investment Recommendations: Focus on Dividend and Flexibility - The report recommends focusing on companies with strong cash flow stability and dividend potential, such as China Shenhua and Shaanxi Coal, while also highlighting companies like Yanzhou Coal and Huayang Co. as having potential benefits from high coal demand [6][7][8].

国务院印发的《固体废物综合治理行动计划》提出，2030年大宗固体废弃物年综合利用量达到45亿吨、 主要 再生资源年循环利用量达到5.1亿吨，为固体废物资源化利用划定了清晰的线路图和时间表。 在"双碳"目标引领下，固体废物资源化利用已不仅限于 环境治理范畴，正逐步成为我国多途径、多元 化强化资源安全保障的关键支撑。推进固废资源化利用，需以创新为驱动，提升需求适配，稳步推进相 关工作。 ...

Core Insights - The State Council has issued the "Solid Waste Comprehensive Management Action Plan," aiming for an annual comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of main recycled resources by 2030, providing a clear roadmap and timeline for solid waste resource utilization [1] - China generates over 11 billion tons of various solid waste annually, with historical industrial solid waste storage exceeding 33 billion tons, occupying over 3,500 square kilometers, highlighting the urgency of solid waste management and the potential for resource utilization [1] - Under the "dual carbon" goals, solid waste resource utilization is evolving beyond environmental management to become a key support for resource security in China, with the action plan focusing on resource conservation and efficient utilization [1] Group 1 - The action plan emphasizes three specific tasks: strengthening the comprehensive utilization of major solid waste, enhancing the recycling level of renewable resources, and promoting the application of recycled materials [1] - The plan calls for the use of new technologies, processes, and methods to expand the depth and breadth of solid waste comprehensive utilization [2] - It aims to create a dynamic balance between demand-driven supply and supply-creating demand, enhancing the level of solid waste resource utilization [2] Group 2 - The action plan includes initiatives such as efficient extraction of valuable components, diversified utilization of coal gangue, and upgrading "urban mineral" demonstration bases [2] - It encourages enterprises to increase the proportion of recycled materials used and to include more eligible recycled materials and products in government green procurement [2] - A cautious approach is recommended for solid waste types that are currently difficult to utilize economically, suggesting alternative ecological disposal methods until conditions for resource recycling are met [2]

（来源：新华日报） □ 本报记者 盛文虎 2月1日，中国环境科学学会碳足迹专业委员会成立会议在玄武区举行，专委会第一届领导办事机构选举 出炉，首批专家顾问获颁聘书。会议期间，碳足迹专委会还分别与中节能、中国—上海合作组织绿色产 业发展合作区签署了战略合作协议。 碳足迹是连接宏观政策制定、微观产业实践和国际规则对接的关键纽带，也是产品出海"绿色通行证"。 党的二十届四中全会提出，加快经济社会发展全面绿色转型，以碳达峰碳中和为牵引，协同推进降碳、 减污、扩绿、增长。作为制造业大省、开放大省，实现绿色低碳循环发展，既是江苏产业转型升级的迫 切需求，也是落实国家战略的必然选择。 紫金山下，南京主城玄武区紧扣"东部现代服务业中心核心区"的目标定位，正以GDC江苏国际数碳谷建 设为主线，围绕"算碳、管碳、降碳、消碳、汇碳"全流程，构建起碳管理、碳认证、碳交易、碳金融、 碳培训五大核心服务体系，打造全省唯一的绿色低碳服务业集聚区，为制造业节能添"绿"提供技术支 撑。 为什么是玄武？ 从价值认同到产业实践 变城市绿洲为低碳示范 绿色发展是高质量发展的底色，新质生产力本身就是绿色生产力。老城区如何在实现"双碳"目标的进程 中， ...

绿证是可再生能源电力消费的凭证。根据国家能源局数据，2025年共计核发绿证29.47亿个，其中可交 易绿证18.93亿个；全国共计交易绿证9.30亿个，其中绿色电力交易绿证2.50亿个。相比2024年全国交易 绿证4.46亿个，2025年的交易数量翻倍。 ● 本报记者郑萃颖 国家能源局最新数据显示，2025年我国可再生能源绿色电力证书交易活跃，交易量较2024年翻倍，不同 核发年份的绿证交易价格呈现分化趋势。随着绿色电力消费机制不断完善，绿证交易一方面为新能源企 业带来收益，另一方面推动高能耗企业加快绿色转型。专家表示，2026年绿证交易市场需求有望保持旺 盛，企业应避免陷入依赖绿证来抵消碳排放的误区。 交易活跃价格分化 国家能源局数据显示，在2025年交易的不同核发年份绿证，其价格呈现差异。其中，核发年份为2025年 的绿证，在4月的平均交易价格为每个4.12元，8月涨至每个8.10元，到12月回落至每个5.15元。而核发 年份为2024年的绿证，其价格在2025年4月后维持在每个2元以上，至12月回落至每个1.12元。 中国节能协会副秘书长兼碳中和委员会秘书长张军涛表示，这种价格分化现象，反映了市场对不同 ...

国家能源局最新数据显示，2025年我国可再生能源绿色电力证书交易活跃，交易量较2024年翻倍，不同 核发年份的绿证交易价格呈现分化趋势。随着绿色电力消费机制不断完善，绿证交易一方面为新能源企 业带来收益，另一方面推动高能耗企业加快绿色转型。专家表示，2026年绿证交易市场需求有望保持旺 盛，企业应避免陷入依赖绿证来抵消碳排放的误区。 ● 本报记者 郑萃颖 国泰君安期货高级分析师唐惠珽预计，2026年，绿证市场将迎来供需双增，存在阶段性供需错配机会。 需求方面，绿色电力消费比例目标覆盖行业将扩围，绿证需求将增长；供应方面，可再生能源发电将继 续保持高速增长，其对应的绿证核发数量也将增加；一、四季度为需求方集中采购时段，价格将走强。 张军涛表示，对于高耗能企业，绿证价格上涨将带来绿证采购成本上升，短期虽带来压力，长期则会倒 逼企业绿色转型，促进绿色投资。企业应避免陷入依赖绿证来抵消碳排放的误区。"绿证不是万能解 药，不是购买了就可实现碳中和。企业应把自身能源结构优化和能效提升放在第一位，在应减则减的基 础上购买绿证。"他说。 张军涛认为，绿证市场持续活跃、交易进一步规范，将为我国可再生能源发展提供稳定的市场需求与 ...

（来源：内蒙古日报） 转自：内蒙古日报 □张铭洋 纵横交错的电网如同新时代的草原血脉，将来自内蒙古的温暖与光明，源源不断地输送至全国各地。作 为国家电网有限公司在内蒙古自治区的战略践行者，国网蒙东电力深入贯彻落实内蒙古自治区党 委"1571"工作部署，大力弘扬"蒙古马精神"，坚定扛牢职责使命，积极推动能源转型，全力服务经济社 会高质量发展，为内蒙古建设"两个屏障"、"两个基地"、"一个桥头堡"提供有力支撑。 2025年12月30日，国家电网有限公司与内蒙古自治区党委、政府举行会谈。这是双方连续第二年举行高 层会谈，旨在持续巩固深化合作，携手开创"十五五"内蒙古特高压大建设新篇章。国网蒙东电力紧抓发 展机遇，建强电力输送动脉，保障国家能源安全；构建新型电力系统，探索能源转型之路；优化电力营 商环境，践行为民服务初心，在内蒙古大地上绘就履责奉献的崭新画卷。 扛牢保供首责 保障能源安全 在内蒙古鄂尔多斯，一条银线正从这里启程，一路向东到河北沧州，连起蒙西"沙戈荒"新能源基地与京 津冀负荷中心。 2025年12月30日，蒙西—京津冀±800千伏特高压直流工程开工建设。这是内蒙古首条"沙戈荒"新能源基 地外送通道，也是 ...

Group 1 - The core viewpoint of the articles highlights the accelerated transition of China's heavy truck market towards electrification, driven by the "dual carbon" goals and green transformation of road freight by 2025 [1][2]. - In 2025, cumulative sales of new energy heavy trucks in China are projected to reach 231,100 units, representing a year-on-year growth of 182% [1]. - By December 2025, the terminal sales of new energy heavy trucks are expected to surge to 45,300 units, with a monthly penetration rate exceeding 50%, reaching 53.89%, setting a new industry record [1]. Group 2 - The development of new energy heavy trucks in China can be divided into two phases: the initial phase from 2021 to 2023, with penetration rates of 0.7%, 4.7%, and 5%, and a rapid development phase starting in 2024, with projected penetration rates of 12.9% and 28.9% [2]. - The market share structure of power types is undergoing a fundamental shift, with fuel heavy trucks' share dropping from 91% in 2020 to 46% by 2025, while new energy heavy trucks' share rises from nearly zero to 29% [2]. - By 2025, the gas heavy truck market share is expected to reach 25%, indicating that both new energy and gas heavy trucks will collectively account for a significant portion of the market [2]. Group 3 - Companies in the industry are accelerating their layout to seize opportunities in the electrification of heavy trucks, as evidenced by the strategic cooperation agreement between Kandi Technologies Group and CATL to focus on the mass production of heavy truck battery swap stations [3]. - The heavy truck industry is currently in a high-growth phase driven by both policy support and technological innovation, with companies aiming to enhance product competitiveness and market responsiveness [3]. - The unique ecological development path of the new energy heavy truck market involves interlinked elements of "people-vehicle-cargo-money-energy," with battery companies playing a crucial role beyond being mere component suppliers [4].

■杜雨萌 其次，市场需求的爆发构成产业飞速增长的核心驱动力。国家能源局数据显示，截至2025年底，我国太 阳能、风电装机累计容量达18.4亿千瓦，占全国累计发电装机容量的比例达47.3%。与此同时，新能源 发电"间歇性、波动性"特征带来的电网消纳压力也日益凸显。在此背景下，新型储能的市场需求被快速 激活，通过储能系统的充放电调节，可有效平抑新能源发电波动，提升其稳定性与可预测性，大幅提高 新能源并网消纳能力。同时，新型储能能够优化电力系统调度，提升电力系统的灵活性与可靠性，缓 解"源快网慢"矛盾，保障电力系统安全稳定运行。 最后，技术迭代与成本下降为产业规模化发展扫清障碍。从技术路线来看，当前我国新型储能已形成锂 离子电池储能引领，压缩空气储能、液流电池储能及飞轮储能等多元技术路线协同发展的格局。同时， 得益于核心设备国产化率的持续提升，储能系统价格合理回落，让大规模商业化应用成为可能。据初步 统计，2025年全国新型储能等效利用小时数达1195小时，较2024年提升近300小时。新型储能的灵活调 节能力日益凸显，在促进新能源开发消纳、提升电力系统安全稳定运行水平和电力保供能力等方面的作 用逐步增强。 过去五 ...