作为中韩（盐城）产业园产城融合核心区，盐城经开区自2019年起已连续举办多届中韩经贸合作交流活 动，累计成交额超90亿美元，为深化中韩地方经贸合作搭建了高层次、国际化平台，创造了双边经贸合 作新增长点。 近年来，盐城经开区充分发挥中韩（盐城）产业园、国家级综保区、国家跨境电商综试区等"国字号"开 放载体优势，持续擦亮对韩合作"金名片"，建成中日韩（江苏）产业合作示范区、中国（江苏）自贸试 验区联动创新发展区、国家外贸转型升级基地等一批高能级产业载体，集聚起亚、SK、摩比斯等韩资 企业近400家，打造韩国商品出口中国的集散地和江苏特色商品出口的新通道，全区工业经济规模连续 三年超千亿，国家级经开区综合排名进入全国前60强。 当前，盐城经开区正以创塑"最韩特色"品牌为抓手，全力打造中韩产业合作主阵地、中韩科技合作新高 地、韩国人来华旅游目的地、韩式医美康养首选地，已建成开放中韩国际街区、中韩文化客厅、中韩商 汇、中韩迎宾苑等一批功能载体，韩国元素融入大街小巷，中韩国际街区年接待游客超250万人次，"韩 风盐韵"已成为经开区对韩开放合作的亮丽名片。 11月21日上午，2025中韩（盐城）产业园经贸合作交流会在盐城国 ...

Core Viewpoint - The company emphasizes its commitment to shareholder returns, customer value, and employee opportunities while focusing on high-quality development and sustainable practices [1] Group 1: Company Strategy and Management - The company aims to enhance its operational development by adhering to strategies of resource conversion, green development, technological innovation, and industrial upgrading [1] - The company has maintained a consistent cash dividend policy since its listing, with cumulative cash dividends exceeding 13.2 billion by 2024, ensuring reasonable returns for shareholders while supporting sustainable development [1] - The company is committed to high-quality development by focusing on crisis response strategies, technological innovation, and operational efficiency to create competitive advantages in challenging market conditions [1] - The company plans to improve information disclosure to better communicate its value and future development trends to investors [1] - The company is dedicated to enhancing corporate governance and compliance, ensuring accountability among key personnel [1] Group 2: Industry Outlook - The company views the silicon iron industry as closely linked to the downstream steel and magnesium industries, currently facing pressure due to policy guidance and market supply-demand dynamics [1] - The company believes that green and low-carbon development will be a significant trend in the industry, and it will continue to strengthen its position through automation, intelligence, and low-carbon technological advancements [1]

Core Viewpoint - China's unique advantages in large-scale markets and diverse scenarios serve as both a "touchstone" for industrial upgrades and an "incubator" for innovation, showcasing the country's hard-core strength and immense potential in various innovation fields [2] Group 1: Green Energy and Hydrogen Production - China is set to become the world's largest "green oil" production base, with a complete renewable energy industry chain and an expected installed capacity of wind and solar power reaching 3.6 billion kilowatts by 2035 [4] - The world's largest integrated green hydrogen and ammonia project is located in Jilin Songyuan, which will produce green ammonia from renewable energy sources and is expected to be operational by the end of this year [6][10] - The project has developed the largest hydrogen storage facilities globally, with 15 hydrogen storage tanks, each with a capacity of 2,000 standard cubic meters, to stabilize the supply of green hydrogen for ammonia synthesis [12] Group 2: Technological Innovations and Cost Reductions - The project employs flexible ammonia synthesis technology, allowing production loads to be adjusted between 30% and 110%, enhancing operational efficiency [12] - The hydrogen production facility features 64 electrolysis units, each capable of producing 1,050 cubic meters of hydrogen per hour, marking the largest scale of such equipment worldwide [14] - The cost of hydrogen production has decreased by over 10% compared to the previous year, with expectations for further reductions, enhancing the economic viability of hydrogen [21] Group 3: Market Potential and Future Outlook - Global traditional ammonia production exceeds 200 million tons, with China accounting for one-third of this output; green ammonia demand is projected to surpass 10 million tons by 2035 as technology matures and costs decline [25] - The National Energy Administration is planning renewable energy hydrogen and ammonia production bases in regions with significant wind and solar potential [26] - China's total installed capacity of wind and solar power has surpassed 1.7 billion kilowatts, becoming the largest power source, with annual new renewable capacity exceeding 200 million kilowatts [28] Group 4: Innovation and Policy Support - The unique advantages of large-scale markets amplify the innovation chain, enabling rapid scaling of innovative results [30] - To further activate the innovation potential of the large market, it is essential to leverage market forces and financial services to guide capital towards cutting-edge technological innovation [34] - Recent government policies emphasize the importance of utilizing China's large-scale market and diverse application scenarios to promote large-scale applications of new scenarios, stimulating innovation vitality [36]

Core Viewpoint - The National Standard for the Use of Recycled Materials in Household Appliances (GB/T 46730—2025) has been approved and will be implemented on May 1, 2026, aiming to promote green and low-carbon development in the industry through standardized application of recycled materials [1][2]. Group 1: Material Selection and Environmental Impact - The standard emphasizes that recycled materials must meet the design and usage requirements of household appliances, with key components needing verification tests to ensure reliability equivalent to virgin materials. It prioritizes the use of widely sourced, easily recyclable, and environmentally friendly recycled materials to minimize negative environmental impacts [1]. Group 2: Quality Control and Traceability Mechanism - A collaborative traceability mechanism is required among appliance manufacturers, component producers, and recycled material suppliers. This includes detailed record-keeping of procurement, production, inspection reports, and sales documents, which must be retained for at least five years to ensure the traceability of recycled materials throughout the entire process [1]. Group 3: Usage Rate Calculation and Classification - The standard standardizes the calculation method for the usage rate of recycled materials in household appliances, allowing for comparability across different companies and products. It introduces dual indicators of "post-consumer recycled material usage rate" and "post-consumer recycled plastic usage rate" for classification into three levels: A, A+, and A++, facilitating a scientific approach to guiding the industry's green transition [2].

Group 1: Tourism Development - Xinjiang's border inspection authorities processed 3.654 million entry and exit personnel in the first ten months of the year, a year-on-year increase of 36.4%, with foreign nationals accounting for 1.665 million, up 22.3% [1] - The Xinjiang government is focusing on enhancing tourism by developing unique tourism products, improving infrastructure, and elevating service quality to attract both domestic and international tourists [1] - In the first nine months of this year, Xinjiang received over 260 million domestic and international tourists, reflecting a year-on-year growth of 8.36% [4] Group 2: Environmental and Cultural Initiatives - Xinjiang is committed to green development, implementing integrated protection and systematic governance of its natural resources, including afforestation and land improvement efforts during the 14th Five-Year Plan period [2] - The region is actively preserving and promoting its cultural heritage, utilizing advanced technologies like 3D scanning and AI restoration to enhance the visibility of historical sites [2] - The local government emphasizes the importance of cultural integration and the promotion of traditional cultures among various ethnic groups in Xinjiang [2] Group 3: Infrastructure and Connectivity - By the end of 2024, Xinjiang's total road mileage is expected to exceed 230,000 kilometers, ensuring that all eligible villages are accessible by hardened roads and public transport [3] - Xinjiang has 28 civil airports, the highest number in the country, and has operated 693 domestic and international flight routes in the first ten months of this year, enhancing regional connectivity [3]

Core Insights - The commissioning of Chengdu Airport and Huai Prefecture 500 kV substations marks a significant step in the construction of the Chengdu 500 kV three-dimensional double-ring network, enhancing the power supply for the Chengdu-Chongqing economic circle [1][2] - The construction of the substations is part of a broader initiative to improve the grid's capacity to meet the growing electricity demand in the eastern districts of Chengdu, Jianyang, and Jintang County, with an additional capacity of 4.8 million kVA expected [1] - The project has seen effective collaboration between government and enterprises, with the Sichuan provincial government leading the establishment of a power grid task force and signing cooperation agreements to support the construction [1] Group 1 - The two 500 kV substations were put into operation on November 8 and 11, 2023, respectively [1] - The three-dimensional double-ring network consists of a total of 15 substations, with the new substations being part of the "inner seven, outer eight" configuration [1] - The project aims to support the high-quality development of the Chengdu-Chongqing economic circle by providing a robust power supply [1] Group 2 - The construction process involved intricate coordination with existing infrastructure, including high-speed rail and highways, requiring precise execution of the project [2] - New technologies such as mechanized net sealing and visual line laying were introduced, along with the first use of heavy-duty drones for construction in the province [2] - Once the transmission line connecting the Chengdu East 1000 kV substation to the Huai Prefecture 500 kV substation is operational, it will integrate into the Sichuan-Chongqing UHV ring network, facilitating the stable and efficient delivery of clean energy from the Ganzi and Aba regions to Chengdu [2]

Industry Updates - As of October 2025, the total number of electric vehicle charging facilities in China reached 1,864.5 thousand, a year-on-year increase of 54.0%. Public charging facilities accounted for 453.3 thousand, growing by 39.5%, while private charging facilities reached 1,411.2 thousand, increasing by 59.4% [2] - The first high-pressure natural gas long-distance pipeline pressure recovery power generation project in China has officially commenced operations, marking a breakthrough in the comprehensive utilization of energy in long-distance pipelines [3] - The "Shan Electric into Anhui" ultra-high voltage project has completed the full line in Anhui, with a total length of 323 kilometers and 672 towers constructed, indicating significant progress in the "West-to-East Power Transmission" project [3] - The carbon lithium futures price has surpassed 100,000 yuan per ton, reaching a new high since June 2024, with an intraday increase of over 5% [4] - The first 220 kV substation in the Xiong'an New Area has been put into operation, enhancing the reliability of the power supply and supporting the high-quality development of the area [6] - Germany's natural gas storage capacity is currently at 75%, falling short of expectations, as it was anticipated to reach 81% at the beginning of the heating season [8] - The second phase of the Zhejiang San'ao nuclear power project has officially begun construction, with the first concrete pour for Unit 3 marking the start of the main project [9]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) is committed to integrating deeply into the economic and social development of Sichuan, focusing on energy efficiency, clean energy supply, and technological innovation to support the construction of a national natural gas production base and contribute to local modernization efforts [6][7]. Group 1: Corporate Commitment and Achievements - Sinopec is the largest refining company globally and the largest supplier of refined oil and petrochemical products in China [6]. - The company has made significant contributions to Sichuan's economy, including paying over 20 billion yuan in taxes and investing 84.27 million yuan in community support [7]. - Sinopec has established numerous initiatives, such as "Love Station" and "Driver's Home," to enhance community welfare and support local education and industry [7]. Group 2: Technological Innovation and Energy Supply - Sinopec has focused on technological innovation to enhance oil and gas exploration and development, achieving a geological gas reserve of over 300 billion cubic meters [6]. - The company has increased its gas supply capacity from 3.5 billion cubic meters per year to 7 billion cubic meters per year, enhancing its energy supply network [6]. - Sinopec has developed a comprehensive energy service model, transitioning from a single oil supplier to a multi-energy service provider, including hydrogen and electricity [6]. Group 3: Environmental Responsibility and Green Development - Sinopec has implemented green enterprise actions and energy efficiency improvement plans, focusing on clean production and resource recycling [6]. - The company has achieved a sulfur recovery rate of over 99.93% and has established the first "waste-free" oil depot in Sichuan [7]. - Sinopec has received multiple honors for its environmental efforts, including being recognized as a national-level green factory [7]. Group 4: Community Engagement and Social Responsibility - Sinopec has actively engaged in community support, including educational assistance and agricultural product procurement, benefiting local farmers [7]. - The company has played a crucial role in energy supply during emergencies and major events, ensuring resource availability for local communities [7]. - Sinopec's initiatives have led to significant reductions in deforestation and carbon emissions, showcasing its commitment to sustainable development [7].

Core Points - Xinjiang is enhancing its tourism and travel experience through technological upgrades and service optimizations, leading to a significant increase in inbound and outbound travel [1][4] - The region is focusing on ecological protection and sustainable development, with extensive afforestation and land improvement initiatives [2] - Cultural heritage preservation and promotion are key to Xinjiang's identity, with efforts to showcase the diverse cultures of its ethnic groups [2] - Infrastructure improvements, including road and air travel enhancements, are facilitating easier access to Xinjiang [3] Group 1: Tourism Growth - Xinjiang's border inspection authorities processed 3.654 million travelers in the first ten months of the year, a year-on-year increase of 36.4%, with foreign travelers accounting for 1.665 million, up 22.3% [1] - The region received over 260 million domestic and international tourists in the first nine months, reflecting an 8.36% increase year-on-year [4] Group 2: Ecological Initiatives - Xinjiang has established a 3,046-kilometer green barrier to combat desertification, with 8.3489 million acres of afforestation and 2.3205 million acres of land improvement during the 14th Five-Year Plan [2] Group 3: Cultural Heritage - The region is utilizing advanced technologies for cultural preservation, such as 3D scanning and AI restoration, to maintain its historical sites and promote cultural tourism [2] Group 4: Infrastructure Development - By the end of 2024, Xinjiang's total road mileage is expected to exceed 230,000 kilometers, with all eligible villages connected by hardened roads [3] - Xinjiang has 28 civil airports, the highest in the country, and has operated 693 domestic and international flight routes in the first ten months of the year [3]

Core Viewpoint - The newly released national standard for the use of recycled materials in home appliances aims to enhance the recycling rate and promote green development in the industry by establishing a traceability mechanism and clear guidelines for the use of recycled materials [3][4]. Summary by Sections Standard Requirements - The standard emphasizes three main requirements: 1. Material selection should balance performance and environmental impact, ensuring that recycled materials meet design and usage requirements, with critical components verified for reliability equivalent to virgin materials [3]. 2. A comprehensive quality control and traceability mechanism must be established among manufacturers, ensuring detailed record-keeping of procurement, production, inspection, and sales for at least five years [4]. 3. A unified method for calculating the usage rate of recycled materials post-consumption is introduced, allowing for comparability across different companies and products, with a grading system to guide the industry's green transition [4]. Impact on the Industry - The introduction of the standard is expected to increase the overall utilization of recycled materials in the home appliance sector, as previously, the lack of standards led to uncertainty regarding the sources of recycled materials [5]. - With the new traceability mechanism, companies are likely to feel more confident in using recycled materials, potentially leading to a more efficient recycling process and shorter supply chains for recycled materials [5]. - Compliance with the standard will also enhance the international competitiveness of Chinese home appliances, particularly in the EU market, where there are requirements for the use of recycled materials [5].