2026.03. 25 本文字数：2213，阅读时长大约4分钟 作者 | 第一财经 郭霁莹 3月24日拍摄的行驶在博鳌零碳示范区的新能源汽车。新华社 外资为何青睐投资中国 在全球地缘局势持续震荡的当下，中国正以稳定的经济增速预期、超大规模市场需求、以发展新质生 产力为抓手的创新生态、完整的全球产业链网络体系，为全球经济持续发展注入信心与动能。 随着中国从"世界工厂"转型升级为"全球创新中心"，如何深度参与中国经济高质量发展，共享投资机 遇，并通过在华布局增强企业全球供应链稳定性与产业链韧性，成为今年博鳌亚洲论坛上外资重点关 注的议题。 "要想在国际市场具备竞争力，须得在中国市场发挥影响力。"3月25日，加中贸易理事会北京代表处 首席代表裴大卫在博鳌亚洲论坛2026年年会上指出，中国汇聚了本土有很强竞争力的企业，以及来 自世界各地的多元跨国公司，是全球最具活力的市场之一。投资中国，意味着成为全球经济最具活力 的一部分。 同时，中国也以更高水平的对外开放拥抱世界。原中国对外贸易经济合作部副部长龙永图表示，中国 政府多次承诺给予外资企业完全平等的非歧视待遇，这完全符合世贸组织国民待遇原则。 "外资企业在华注册、纳税 ...

Core Viewpoint - The article discusses the latest research progress on the biological conversion of methane into high-value chemicals, emphasizing its potential in achieving a low-carbon bioeconomy [2][3]. Group 1: Research Background and Importance - The ongoing push for carbon neutrality and the transition to a low-carbon bioeconomy highlight the need for efficient utilization of methane, a significant greenhouse gas, to achieve both emission reduction and resource utilization [3]. - Methane bioconversion presents a promising technological pathway that combines environmental benefits with economic value by directly converting methane into high-value biological products [3]. Group 2: Research Progress and Challenges - Recent advancements have been made in the metabolic regulation and product synthesis optimization of methane-oxidizing bacteria, although challenges remain due to low methane solubility, poor biological availability, and limited metabolic flexibility [3]. - Researchers are employing synthetic biology, metabolic engineering, and systems biology to systematically modify and optimize methane-oxidizing bacteria, aiming to enhance methane utilization efficiency and product synthesis capabilities [3][4]. Group 3: Systematic Review and Framework - The review systematically organizes research progress on methane bioconversion, following a logical framework of "microbial host selection - metabolic pathway design - microbial engineering strategies - industrial application challenges" [4]. - It analyzes the key processes by which four types of methane-oxidizing bacteria assimilate methane into cellular building blocks, elucidating their carbon flow distribution and energy conversion characteristics [4]. Group 4: Future Prospects and Applications - The article outlines the future application prospects of methane resource utilization from both anthropogenic emissions and renewable sources, identifying critical scientific issues and technological challenges that need to be addressed [4]. - It provides theoretical references and directional guidance for promoting the development of a sustainable low-carbon bioeconomy [4].

2025 Annual Results 2026.03.26 ir.wasion.com 3393.HK Disclaimer 2 ⚫ The presentation is prepared by Wasion Holdings Limited (the "Group" or the "Company" or "Wasion Holdings") and is for the purpose of corporate communication and general reference only. The presentation is not intended as an offer to sell, or to solicit an offer to buy or to form any basis of investment decision for any class of securities of the Company in any jurisdiction. All such information should not be used or relied on without profe ...

Core Viewpoint - The article discusses the strategic opportunities and challenges faced by Dow in the Chinese market, emphasizing the importance of sustainable development and alignment with China's "dual carbon" goals [1][8][23]. Group 1: Market Opportunities - The Chinese market is characterized by significant policy support and demand in sectors such as new energy, semiconductors, and high-end manufacturing, presenting key opportunities for Dow [3][18]. - Dow has identified the potential for transforming cutting-edge materials science technologies into scalable and sustainable solutions within the Chinese market [4][19]. - The company is leveraging its long-term expertise in high-performance materials to meet the increasing safety, reliability, and sustainability requirements in the new energy sector [4][20]. Group 2: Sustainable Development Strategy - Dow aims to reduce its global carbon emissions by 5 million tons annually by 2030, which represents a 15% reduction from 2020 levels, and to achieve carbon neutrality by 2050 [8][23]. - Approximately 90% of Dow's R&D projects are focused on sustainability, with a goal to reach 100% [8][23]. - The company is actively engaging in circular economy initiatives, including recycling plastic waste and developing sustainable materials that balance performance and environmental impact [9][24]. Group 3: Local Adaptation and Innovation - Dow is adapting to the rapidly changing regulatory environment and consumer demands in China by maintaining a long-term strategic focus while enhancing competitiveness [6][21]. - The company emphasizes the integration of global capabilities with local insights to develop innovative solutions tailored to the Chinese market [7][22]. - Dow is committed to collaborating with local customers and partners to drive application-oriented innovation in sectors such as artificial intelligence and new energy [14][29]. Group 4: Future Outlook - Dow recognizes China's evolving role in global supply chains and aims to deepen its presence in the market by enhancing supply chain reliability and sustainability [13][28]. - The company plans to invest in circular materials and green design to support clients' transitions towards sustainability and contribute to China's "dual carbon" goals [14][29]. - Dow's focus on long-term partnerships and co-creation with clients and industry stakeholders is seen as essential for navigating future market dynamics [7][22].

Core Viewpoint - The CIHC 2026 China Hydrogen Energy Exhibition serves as a pivotal platform for showcasing advancements in the hydrogen energy sector, marking China's transition from a participant to a leader in the global hydrogen energy landscape [2][20]. Group 1: Event Overview - The CIHC 2026 China Hydrogen Energy Exhibition took place from March 25 to 27, 2026, in Beijing, coinciding with strategic planning phases for China's 14th and 15th Five-Year Plans [2]. - The exhibition featured a record scale of 50,000 square meters, covering the entire hydrogen energy industry chain from production to application, establishing a world-class hydrogen energy ecosystem [5][8]. Group 2: Participation and Innovation - The event attracted 523 exhibitors from 18 countries and regions, showcasing over 1,000 new technologies and products, including major players like China Energy Group and China Aerospace [7][14]. - More than 60 innovative technologies and core equipment were launched at the exhibition, highlighting significant breakthroughs in hydrogen energy technology [12][13]. Group 3: International Collaboration - The exhibition facilitated international cooperation, with participation from 85 international exhibitors, including companies from the US, Germany, and Norway, showcasing cutting-edge hydrogen technologies [14][16]. - A series of forums and discussions were held to promote global collaboration and knowledge sharing in the hydrogen energy sector, reinforcing China's role in international energy governance [20][18]. Group 4: Strategic Importance - The CIHC 2026 exhibition aligns with China's dual carbon goals and emphasizes the importance of hydrogen energy as a new growth point in the national strategy [18][20]. - The event is positioned as a critical step in China's hydrogen energy industry, aiming to enhance the country's global competitiveness and innovation capacity in the energy transition [20][21].

Core Viewpoint - Xinwang Bank actively extends its financial services to the forefront of agricultural modernization and green infrastructure construction, aligning with national strategies for rural revitalization and carbon neutrality goals [2]. Group 1: Financial Support and Services - Xinwang Bank successfully supported a modern agricultural development company in Chengdu with its funding needs for rural green infrastructure, contributing to the "Beautiful and Livable Countryside" initiative [3]. - The company transitioned from a focus on agricultural product marketing to rural infrastructure construction in 2021, which is crucial for improving living conditions and efficient resource utilization in rural areas [3]. - Xinwang Bank tailored a comprehensive financial service plan to address the company's funding and management challenges during its transition, providing specialized credit support for key areas such as rural road upgrades and ecological restoration [3]. Group 2: Green Risk Management and Impact - Xinwang Bank established a green risk management mechanism throughout the loan lifecycle, ensuring the company's role as a key player in rural revitalization while preventing risks, achieving a win-win for commercial sustainability and environmental benefits [4]. - The projects funded by Xinwang Bank have successfully improved rural appearances, promoted urban-rural integration, and protected the ecological environment, enhancing the carbon sink capacity of the regional ecosystem and increasing income for surrounding farmers [4]. Group 3: Future Outlook - Xinwang Bank plans to deepen its green finance strategy, continuously improving its product and service system to better support green and low-carbon projects, contributing positively to achieving carbon peak and carbon neutrality goals [4].

Core Viewpoint - China Eastern Airlines has signed an agreement with Airbus to purchase 101 A320NEO aircraft, with a total catalog price of approximately $15.802 billion, which is about 108.893 billion RMB based on the exchange rate on the signing date [1][2]. Group 1: Aircraft Purchase Agreement - The aircraft are scheduled for delivery in batches from 2028 to 2032, with specific annual delivery plans: 9 aircraft in 2028, 19 in 2029, 30 in 2030, 27 in 2031, and 16 in 2032 [2]. - The purchase will partially replace at least 53 A320 series aircraft that are expected to exit service due to lease expirations or aging during the delivery period [2]. Group 2: Financial Aspects - The actual transaction price negotiated with Airbus is significantly lower than the basic catalog price, indicating favorable discounts obtained through multiple rounds of commercial negotiations [2]. - Funding for the transaction will come from the company's own funds, commercial bank loans, bond issuance, and other financing tools, and the payment will be made in installments, which is not expected to significantly impact the company's cash flow and business operations [2]. Group 3: Operational Benefits - The new aircraft feature the latest generation engines and Airbus's sharklet technology, which will enhance the company's single aircraft capacity, reduce fuel consumption, and lower unit operating costs [2]. - This acquisition is aimed at maintaining an advanced and younger fleet, thereby improving market competitiveness and supporting the company's and China's civil aviation's "dual carbon" goals [2].

Core Viewpoint - China Eastern Airlines (600115.SH) has signed a purchase agreement with Airbus for 101 A320NEO series aircraft, totaling approximately $15.802 billion, which is about 108.893 billion RMB based on the exchange rate on the signing date [1] Group 1: Aircraft Purchase Agreement - The agreement was signed on March 25, 2026, in Shanghai [1] - The total catalog price for the aircraft is approximately $15.802 billion [1] - The purchase will enhance the company's narrow-body fleet capacity and optimize fleet structure [1] Group 2: Strategic Benefits - The new aircraft will help reduce fuel consumption and unit costs [1] - It will optimize the route network and improve passenger experience [1] - This acquisition supports the company's strategic direction of expanding into international and emerging markets, aligning with its "dual carbon" goals [1]

Core Viewpoint - China Eastern Airlines has signed a purchase agreement with Airbus for 101 A320NEO series aircraft, totaling approximately $15.802 billion, which will enhance the airline's operational capacity and support its strategic goals [1] Group 1: Purchase Agreement Details - The purchase agreement was signed on March 25, 2026, in Shanghai [1] - The total list price for the aircraft is approximately $15.802 billion, equivalent to about 108.893 billion RMB based on the exchange rate of 1 USD to 6.8911 RMB [1] Group 2: Strategic Implications - The acquisition of the latest generation of narrow-body aircraft will help the company supplement its narrow-body capacity and optimize fleet structure [1] - The new aircraft will contribute to reducing fuel consumption and unit costs, optimizing the route network, and enhancing passenger experience [1] - This move aligns with the company's strategic direction of expanding internationally and into emerging markets, supporting its "dual carbon" goals [1]

Investment Rating - The report maintains a "Recommend" rating for the industry, indicating an expected performance exceeding the benchmark index by more than 10% [6]. Core Insights - The State Grid Corporation of China plans to invest over 4 trillion yuan during the "14th Five-Year Plan" period, representing a significant increase of 40% compared to the previous plan, with an average annual investment of 800 billion yuan. When combined with the Southern Power Grid's investment, the total investment in the national grid could approach 5 trillion yuan, surpassing 1 trillion yuan annually [6]. - The core drivers for the transformation and upgrade of the power system include the energy transition goals on the supply side and the rapid increase in demand from sectors like AIDC and new energy vehicles [6]. - The report predicts that the investment during the "15th Five-Year Plan" could reach 5 trillion yuan, with a compound annual growth rate (CAGR) of approximately 13% [6]. Summary by Sections Distribution Network - The main goals for upgrading the distribution network include enhancing the capacity for renewable energy integration and increasing the space for distributed energy sources. The plan aims to add over 900 million kilovolt-amperes of capacity during the planning period [2]. - The report emphasizes the construction of source-based distribution networks and microgrid demonstration projects in rural areas to facilitate the integration of distributed renewable energy sources [2]. - Urban distribution networks will also be upgraded to support industrial green microgrids and integrated projects, ensuring an annual addition of over 60 million kilowatts of distributed renewable energy [2]. Ultra-High Voltage and Main Network - Strengthening investments in ultra-high voltage and the main network is identified as a primary task for the State Grid during the "15th Five-Year Plan" [6]. - The State Grid aims to expedite the commissioning of 15 planned ultra-high voltage direct current lines, enhancing inter-provincial transmission capacity by 35% and significantly improving regional interconnection capabilities [6]. - The report highlights the need to optimize the layout of regional main networks to align with the development of centralized renewable energy bases [6]. Smart Grid - The report advocates for investments in digital platform construction to facilitate integrated scheduling and monitoring of renewable energy, aiming for efficient resource coordination across provinces and regions [7]. - It emphasizes the importance of smart control technology investments, focusing on precise forecasting of renewable energy and the application of flexible control technologies [7]. - The potential for demand-side adjustments will be explored, with plans to enhance the system's capabilities for intelligent peak shaving, frequency regulation, and voltage control [7].