Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The introduction of an ESG negative screening mechanism in the ChiNext Composite Index aims to promote high-quality development of the index [2] - The new Green Finance Directory clarifies the support direction for green trade and consumption, while a mandatory national standard for electric bicycles has been released to enhance product quality supervision [2][3] - The EU has simplified the application standards for sustainable finance classification, easing the reporting burden on small and medium-sized enterprises [3] - The ISSB has initiated the revision of the SASB sustainable development reporting standards to enhance compatibility and international applicability [3] Summary by Sections 1. Monthly Research Summary - The ChiNext Composite Index has introduced an ESG and risk dual exclusion mechanism to promote high-quality index development [2] - The latest Green Finance Directory has been released, clarifying the support direction for green trade and consumption [2] - A mandatory national standard for electric bicycles has been published to strengthen product quality supervision and accelerate battery recycling [2] - Various green electricity policies have been intensively introduced by central and local departments, covering multiple areas of development, issuance, and consumption [2] 2. Key Policy Tracking Domestic Policy Tracking - The ChiNext Composite Index has implemented a dual exclusion mechanism for ESG and risk, enhancing the quality and investability of index samples [24] - The People's Bank of China and other ministries have released a new version of the Green Finance Directory, which includes green trade and consumption projects for the first time [26] - A mandatory national standard for electric bicycles has been issued to strengthen product quality supervision and accelerate battery recycling [27] - Various departments have introduced green electricity policies, establishing a rigid constraint system for green electricity consumption [33] International Policy Tracking - The EU has simplified the application standards for sustainable finance classification, reducing the compliance burden for enterprises [3] - The ISSB has started revising the SASB sustainable development reporting standards to improve their applicability [3] 3. Market Data Tracking - In July 2025, the total issuance of ESG bonds in China reached 732.56 billion yuan, a year-on-year increase of 76.22% [4] - The global ESG fund market saw a net inflow of approximately 4.9 billion USD in Q2 2025, rebounding from a net outflow of 11.8 billion USD in the previous quarter [4][22] - The carbon market in China recorded a trading volume of 10.7554 million tons in July 2025, with an average transaction price of 73.24 yuan per ton [4]

Group 1 - The construction materials industry is in a critical period of accelerating green and low-carbon transformation, with heavy tasks in energy conservation, emission reduction, and carbon reduction [1] - The industry is committed to high-quality green and low-carbon development, continuously exploring carbon reduction paths and achieving significant results, such as establishing national standards for carbon emission accounting in cement, flat glass, and ceramic industries [1][2] - The cement industry has achieved its carbon peak on schedule and was formally included in the national carbon emission trading market in March this year, which will help promote the exit of inefficient capacity and guide companies to improve production processes and develop low-carbon technologies [1] Group 2 - There is a focus on strengthening energy-saving and carbon reduction policies and foundational research, with departments guiding the implementation of carbon reduction technology guidelines for key sectors like cement and glass [2] - The industry is encouraged to deepen research on carbon emission factors and parameters, and to develop a carbon label system for typical construction materials to enhance carbon accounting [2] - Efforts are being made to build a robust carbon emission trading market for cement, including monitoring, reporting, and verification systems, as well as training to improve corporate carbon management [2][3] Group 3 - The construction materials industry is urged to enhance collaboration across the supply chain to promote low-carbon technologies and energy-saving techniques, including the development of alternative raw materials and renewable energy applications [3] - The "Six Zero" factory initiative is being promoted as a catalyst for innovation and a model for providing internationally influential solutions, contributing to the industry's deep transformation [3] - The industry is expected to achieve more technological innovations in green and low-carbon development, benefiting the nation and its people [3]

在华盛顿州雷德蒙德市的微软总部，工程师们的手指正在键盘上翻飞，为人工智能（AI）的未来编写着一行行代码。 与此同时，在1500公里外，一场看似毫不相干的"怪事"正在发生：在堪萨斯州地下深处，巨型泵机正将混合着人类粪便和污水的黏稠"生物泥浆"，源源不断 地注入地壳深处。 这听起来匪夷所思的"埋粪"操作，正是微软为AI飞速发展所付出的"环境账单"。 AI的"超能力"光环背后，是惊人的电力、水资源消耗和飙升的碳排放。法国AI初创公司Mistral AI的最新报告显示，其旗舰模型Mistral Large 2训练和运行18 个月，产生的二氧化碳竟然相当于5000辆家用轿车一年的排放量。 每经记者｜兰素英 每经编辑｜高涵 在AI基础设施规模扩张时，科技公司对自身碳足迹的披露却依然不甚透明。"埋粪"不过是冰山一角，"绿色焦虑"正逐步成为AI产业链上无法回避的巨大成 本。 图片来源：视觉中国-VCG41N2155090857 最近，微软和一家名为Vaulted Deep的生物科技初创公司签了一份大单。根据协议，Vaulted Deep将代表微软在2038年前完成490万吨的碳去除目标。 虽然具体金额没公布，但有报道称这笔交 ...

● 本报记者 郑萃颖 在全球积极推进能源转型、大力发展清洁能源的背景下，氢能作为一种清洁、高效、可持续的能源，正 逐渐成为能源领域的焦点。在氢气制、储、运、加、用的产业链环节中，储、运是高效利用氢能的关 键，直接影响着氢能的广泛应用与产业发展。 艾氢技术（苏州）有限公司自主研发纯镁基储氢技术，并将该技术产品化，为能源转型提供了新的解决 方案。今年5月，由国资基金领投的艾氢技术A轮融资完成；6月，公司发布了行业首套自动化镁基模块 供氢系统，并将相关产品推向市场。中国证券报记者近日探访艾氢技术，深入了解这家公司的技术创新 以及在减碳领域的应用前景。 创新技术破解储运难题 在固定式用氢场景下，如实验室用氢、半导体用氢、工业级冶金化工用氢，艾氢技术01号自动化镁基模 块供氢系统可以覆盖公斤级至吨级用氢需求。此外，其还适用于车辆、船舶、无人机、机器人等移动式 用氢场景。 固态储氢技术具有诸多显著优势。从储氢密度来看，镁基固态储氢材料的质量储氢密度达到7.6%，约 为高压气态氢的4倍，低温液态氢的1.5倍，能够满足大规模储氢需求。安全性上，该材料在常温常压下 非常稳定，储存方便，且工作压力始终为1个大气压左右，无易燃易爆 ...

Group 1 - Ganfeng Comprehensive Energy (Qinghai) Co., Ltd. has been established with a registered capital of 200 million yuan [1] - The company is wholly owned by Ganfeng Lithium [1] - The business scope includes emerging energy technology research and development, manufacturing and sales of new energy equipment, and various energy management services [1] Group 2 - The company also engages in the sale of photovoltaic equipment and components, wind power technology services, and energy storage technology services [1] - Additional services include carbon reduction, carbon conversion, carbon capture, and carbon storage technology research and development [1] - The company is involved in industrial internet data services, software development, and environmental consulting services [1]

企业名称深圳市华麟隆佑科技实业控股有限公司法定代表人周显文注册资本5000万人民币国标行业科学 研究和技术服务业>研究和试验发展>工程和技术研究和试验发展地址深圳市龙岗区龙城街道吉祥社区 雅商3号213企业类型有限责任公司(法人独资)营业期限2025-8-1至无固定期限登记机关 天眼查App显示，近日，深圳市华麟隆佑科技实业控股有限公司成立，法定代表人为周显文，注册资本 5000万人民币，由深圳市新隆伟科技实业控股有限公司全资持股。 序号股东名称持股比例1深圳市新隆伟科技实业控股有限公司100% 经营范围含一般经营项目是：规划设计管理；工程和技术研究和试验发展；数字技术服务；农业科学研 究和试验发展；智能农业管理；科技中介服务；新材料技术推广服务；人工智能行业应用系统集成服 务；专业设计服务；数字文化创意软件开发；数字文化创意内容应用服务；物联网技术服务；物联网技 术研发；创业投资（限投资未上市企业）；以自有资金从事投资活动；咨询策划服务；项目策划与公关 服务；旅游开发项目策划咨询；碳减排、碳转化、碳捕捉、碳封存技术研发；光伏设备及元器件销售； 风力发电技术服务；发电技术服务；太阳能发电技术服务；充电桩销售； ...

Core Viewpoint - Lianyungang Dage Huimin Comprehensive Service Co., Ltd. has been established with a registered capital of 2 million RMB, fully owned by Lianyungang Dage Enterprise Management Consulting Service Co., Ltd. [1] Company Overview - The legal representative of the new company is Liu Rongzhi [1] - The registered capital is 2 million RMB [1] - The company is located at No. 126, Building 28, Cangwu River Riverside Garden B, Xindong Street, Haizhou District, Lianyungang City, Jiangsu Province [1] - The business scope includes various services such as industrial internet data services, IoT application services, and elderly care services [1] Business Scope - The company’s operations encompass a wide range of services including: - Industrial Internet data services - IoT application services - Comprehensive management of commercial complexes - Elderly care services (institutional elderly care) - Health consulting services (excluding medical treatment services) - Remote health management services - Education consulting services (excluding activities requiring special permits) - Intellectual property services (excluding patent agency services) - Labor services (excluding labor dispatch) [1] Industry Classification - The company is classified under the national standard industry of health and social work, specifically in social work providing accommodation [1]

Core Viewpoint - Bohai Leasing has been awarded the "Carbon Road Practitioner Award" for its outstanding practices in carbon reduction, reflecting its commitment to integrating economic efficiency with social responsibility in the ESG domain [1][4]. Group 1: ESG Recognition - The award is established by Securities Star in collaboration with Miaoying Technology and Yingke Law Firm, aimed at recognizing companies that excel in environmental practices [1]. - Bohai Leasing's achievement is part of a broader initiative to promote sustainable development and environmental responsibility within the industry [4]. Group 2: Carbon Reduction Strategies - Bohai Leasing, as the world's second-largest aircraft leasing company, prioritizes fleet optimization as a core strategy for carbon reduction, committing to reduce aviation emissions and achieve decarbonization in air travel [4]. - By the end of 2024, the proportion of energy-efficient aircraft in its subsidiary Avolon's fleet reached 64%, an increase of 4 percentage points from 2023 [4]. Group 3: Future-Oriented Initiatives - The company is actively pursuing low-emission flight commercialization and has partnered with Airbus on the ZEROe project to explore hydrogen aviation [4]. - Avolon signed an intention to cooperate with Air New Zealand on the industry's first CTOL electric cargo aircraft leasing, supporting the commercialization of clean technology aircraft [4]. Group 4: Aircraft Retirement and Recycling - Bohai Leasing is exploring resource recycling models to address environmental challenges associated with aircraft retirement, including extending the lifespan of certain aircraft through conversion from passenger to cargo use [4]. - Avolon, as a member of the Aircraft Fleet Recycling Association (AFRA), is committed to sustainable practices in aircraft dismantling and management, using only AFRA-approved providers [5]. Group 5: Systematic Carbon Reduction Approach - The company's carbon reduction journey illustrates the unique value of leasing firms in climate action, guiding green upgrades in the industry through asset allocation and forward-looking investments [5]. - The recognition received is a result of a systematic carbon reduction strategy, transforming environmental commitments into measurable fleet data, technological collaborations, and recycling projects [5].

Core Viewpoint - Microsoft has invested $1.7 billion in a project to manage organic waste, specifically human and animal waste, to reduce carbon emissions and meet its carbon neutrality goals [1][3][12]. Group 1: Investment and Project Details - Microsoft signed a 12-year agreement with Vaulted Deep to provide 4.9 million tons of organic waste for underground disposal [3][7]. - The project aims to bury waste deep underground to prevent the release of carbon dioxide and methane, which contribute to greenhouse gas emissions [9][12]. - The cost of the project is estimated to exceed $1.7 billion, based on current carbon removal service rates of approximately $350 per ton [7][12]. Group 2: Carbon Emission Context - Microsoft's carbon emissions increased by 23.4% from 2020 to 2023, largely due to the growth of its AI and cloud computing businesses, which saw energy consumption rise by 168% [14][12]. - The company has committed to achieving carbon negativity by 2030 and aims to eliminate all carbon emissions since its founding by 2050 [12][14]. Group 3: Regulatory and Market Influences - Companies are increasingly pressured by regulations to disclose carbon emissions and face penalties for non-compliance, which drives investments in carbon management projects [16][12]. - The ESG (Environmental, Social, and Governance) scoring system influences investment decisions, with higher scores attracting more capital and lower financing costs [16][23]. Group 4: Financial Incentives - The 45Q tax credit mechanism incentivizes companies to capture and store carbon dioxide, offering up to $85 per ton for underground storage [20][22]. - Microsoft's investment in the waste management project aligns with the 45Q standards, potentially allowing the company to recoup a significant portion of its investment through tax credits [22][23]. Group 5: AI's Environmental Impact - The energy consumption and carbon emissions associated with AI technologies, such as GPT-4, are substantial, with estimates suggesting that training the model consumes 5-6 million kWh and emits 12,000 to 15,000 tons of CO2 equivalent [26][35]. - The phenomenon known as the "Jevons Paradox" suggests that increased efficiency in AI can lead to higher overall energy consumption due to greater demand [40][41].

Group 1 - The steel industry is included in the national carbon market, which aims for a green and low-carbon transition, with the path still needing clarification [1] - As of July 25, 2025, the cumulative trading volume of carbon allowances reached 679 million tons, with a transaction value of 46.64 billion yuan [1] - The national carbon market has been operational for over four years, covering key industries such as power generation, steel, cement, and aluminum smelting, with approximately 3,700 enterprises and an annual emission coverage of over 8 billion tons [1] Group 2 - The regulatory framework for the national carbon market has been established, consisting of administrative regulations, departmental rules, and technical specifications [2] - In 2024, the trading volume was 18.8 million tons, with a transaction value of 18.044 billion yuan, reflecting a year-on-year increase of 24.92% [2] - The carbon allowance price has increased from 48 yuan per ton at the start to a current range of 70-80 yuan per ton, with a peak above 100 yuan in April 2024 [2] Group 3 - The expansion of the carbon market to three additional industries faces challenges such as weak data foundations and insufficient carbon management capabilities [3] - The steel industry will undergo a phased and orderly entry into the carbon market, with a focus on improving data quality and enhancing enterprise capabilities [3] - The next steps include accelerating the green and low-carbon transition in the steel industry and familiarizing enterprises with market rules [3]