Investment Rating - Industry Rating: Recommended [6] Core Viewpoints - The humanoid robot industry is expected to accelerate towards mass production due to breakthroughs in AI technology and increasing domestic and international enterprise layouts, with strong demand for domestic core components [10][11] - The photovoltaic industry is poised for a new upward cycle as prices for silicon materials and wafers have rebounded significantly, creating pricing space in battery and module segments [24][26] - The renewable energy sector, particularly wind and solar power, is projected to continue playing a crucial role in achieving carbon neutrality goals, with significant installed capacity expected to be added from 2025 to 2035 [25][26] Humanoid Robots - Google has launched the Gemini Robotics 1.5 series, indicating a significant step towards the industrialization of humanoid robots, with domestic companies likely to benefit from the strong demand for core components [10][11] - The industry is seeing increased participation from major tech companies, which is expected to create opportunities for the supply chain, particularly for key component suppliers [11][12] - Focus areas include advancements in dexterous hands and lightweight materials, which are critical for improving robot efficiency and performance [12] New Energy Vehicles - The new energy vehicle sector is experiencing rapid growth, driven by the introduction of high-quality models and advancements in battery technology, which enhance performance and reduce costs [14][15] - The lithium battery supply chain is expected to expand due to increasing demand from electric vehicles and energy storage systems, with a focus on solid-state batteries and new materials [17][18] - Companies with strong technological advantages and those expanding into new applications are likely to benefit from the evolving market landscape [15][18] Renewable Energy - The photovoltaic industry is undergoing structural changes aimed at optimizing supply and reducing internal competition, with a focus on enhancing operational efficiency and market competitiveness [23][24] - The total installed capacity of wind and solar power in China has significantly increased, contributing to the majority of new power installations since the start of the 14th Five-Year Plan [26] - The industry is expected to see continued growth driven by technological innovations and the expansion of new applications, including energy storage and distributed generation [25][27] Power Equipment & AIDC - The AIDC industry is benefiting from high demand and technological advancements, particularly in liquid cooling systems, which are expected to see rapid growth [4] - Companies that are actively expanding into overseas markets and have a strong competitive position in core supply segments are likely to experience significant growth [4]

Core Viewpoint - The Ministry of Human Resources and Social Security has announced the release of 72 new occupations over the past five years, reflecting the structural optimization of China's economy and the adaptation to new talent demands driven by high-quality economic development [1][2]. Group 1: New Occupations Overview - A total of 72 new occupations have been released, covering sectors such as the digital economy, modern services, and intelligent manufacturing [1]. - New occupations are seen as a "barometer" for innovation-driven development, indicating the emergence of new industries and business models [1]. Group 2: Adaptation to Economic Changes - The emergence of new occupations is driven by technological advancements, such as artificial intelligence, which has led to roles like AI digital human trainers [2]. - Changes in industrial structure, particularly the push for carbon neutrality, have created demand for green jobs, exemplified by positions like new energy vehicle maintenance workers [2]. - New consumption activities have also given rise to new roles, such as drone flight planners and online learning service providers, reflecting the growth of low-altitude economy and online education [2]. Group 3: Training and Development Initiatives - The Ministry is focusing on training to help workers transition into new occupations, recognizing the interest among young people in these roles [2]. - Key initiatives include the development of national standards for new occupations, encouraging social participation in training resources, and increasing training efforts in new occupational fields [2][3]. - The popularity of training programs for new occupations has surged, with some courses being fully booked upon release [3].

国家自主贡献（下称"NDC目标"）是各国根据各自国情和发展阶段确定的应对气候变化行动 目标。 多名受访人士向21世纪经济报道表示：新一轮NDC目标，详细阐述了我国在应对气候变化 方面的自主承诺，将为减少全球温室气体排放提供有力支撑。同时，碳市场是行业碳排放 管控的重要手段，有了总量目标，会使得全国碳市场更高效地实现价格发现。 记者丨李德尚玉 编辑丨张星 全国碳排放权交易市场运行已有四年多。自2021年7月16日上线以来，全国碳市场已覆盖电力 行业2200余家重点排放单位，成为全球覆盖温室气体排放量最大的碳市场。经过3个履约周 期，碳市场的制度体系不断完善，市场机制愈加成熟。2025年，全国碳市场取得新突破，钢 铁、水泥、铝冶炼三大行业扩围，首批核证自愿减排量（CCER）正式签发。 据新华社消息，在9月24日联合国气候变化峰会上，中国宣布了新一轮国家自主贡献：到2035 年，中国全经济范围温室气体净排放量比峰值下降7%~10%，力争做得更好。非化石能源消费 占能源消费总量的比重达到30%以上，风电和太阳能发电总装机容量达到2020年的6倍以上、 力争达到36亿千瓦，森林蓄积量达到240亿立方米以上，新能源汽车成 ...

(经济观察)引领全球低碳韧性转型 中国全面开启气候治理新征程 中国新一轮国家自主贡献还包括，非化石能源消费占能源消费总量的比重达到30%以上，风电和太阳能 发电总装机容量达到2020年的6倍以上、力争达到36亿千瓦，森林蓄积量达到240亿立方米以上，新能源 汽车成为新销售车辆的主流，全国碳排放权交易市场覆盖主要高排放行业，气候适应型社会基本建成。 国家应对气候变化战略研究和国际合作中心战略规划部主任柴麒敏表示，这是中国首次提出碳达峰阶段 后全经济范围、全温室气体净排放下降等一揽子应对气候变化目标，系统性构建了涵盖能源和产业转 型、政策工具创新等多维度指标的行动纲领，标志着中国迈入更加系统全面的低碳韧性发展新征程，并 将为《巴黎协定》长期目标实现作出积极贡献。 "当前全球气候治理面临内外多重挑战，国际社会对全球气候治理前景的忧虑上升、信心下降。"北京大 学国际关系学院副院长张海滨认为，正是在这一特殊的国际环境下，中国发布新的国家自主贡献目标， 向世界发出强有力信号，向世人展示中国致力于推进全球气候治理进程的积极姿态和坚定决心，对提振 国际社会对全球气候治理的信心将大有裨益，也彰显了中国对全球气候治理的引领作用。 ...

中新社北京9月26日电 (记者 阮煜琳)中国国家主席习近平24日在联合国气候变化峰会发表视频致辞，宣 布中国新一轮国家自主贡献。到2035年，中国全经济范围温室气体净排放量比峰值下降7%-10%，力争 做得更好。 中国积极推进应对气候变化和碳达峰碳中和工作。生态环境部会同有关部门，积极推进能源、产业转型 升级和重点领域的绿色低碳发展，推动建成全球最大、发展最快的可再生能源体系，风电、太阳能发电 装机总量已提前完成2030年国家自主贡献目标。柴麒敏说，中国应对气候变化取得积极进展，为2035年 国家自主贡献制定和实施奠定坚实基础。 "新一轮国家自主贡献涵盖能源、工业、建筑、交通、农林业等所有部门，贯穿生产、分配、流通、消 费等各经济环节，并首次将甲烷、氧化亚氮、含氟气体等非二氧化碳温室气体都纳入总量控制范围，历 史性地实现了相对下降目标向绝对下降目标的转变，标志着应对气候变化工作向全经济领域、全链条综 合治理纵深推进。"柴麒敏说，到2035年，中国温室气体净排放较峰值下降绝对量预计将超过10亿吨二 氧化碳当量(CO2e)，超过美欧达峰后5年下降绝对量之和。 柴麒敏表示，2035年是中国实现碳达峰之后迈向碳中和进 ...

Core Viewpoint - The development of new professions is essential to meet the new talent demands arising from high-quality economic development, driven by technological advancements, industrial structural changes, and new consumption patterns [1] Group 1: Technological Advancements - The rapid development and deep application of digital technologies, such as artificial intelligence, have led to the emergence of numerous new digital professions [1] - An example of a new profession is the AI digital human trainer, which assists platforms in improving the accuracy of responses [1] Group 2: Industrial Structural Changes - The ongoing push for carbon peak and carbon neutrality has increased the demand for talent in the new green low-carbon sector and the transformation of traditional industries [1] - A specific new job created by the rapid development of the new energy vehicle industry is the new energy vehicle maintenance worker [1] Group 3: New Consumption Patterns - The development of new business formats, such as low-altitude economy and online learning and entertainment, has given rise to new professions [1] - Examples of these new roles include drone swarm flight planners and online learning service providers [1]

人力资源社会保障部副部长颜清辉表示，我们大力发展新职业，主要是为了适应经济高质量发展对人才 的新需求。一是适应技术进步新趋势。人工智能等数字技术的快速发展和深度应用，催生了大量数字新 职业。比如，人工智能数字人训练师，可以帮助平台数字人提高应答准确率。二是适应产业结构新变 化。碳达峰碳中和持续推进，新型绿色低碳领域和传统行业转型升级对人才需求加大，绿色职业应运而 生。比如，新能源汽车维修工，就是我国新能源汽车产业快速发展，催生出来的新就业岗位。三是适应 经济消费活动新业态。比如，低空经济、在线学习娱乐等新业态发展，孕育了无人机群飞行规划员、在 线学习服务师等新职业。 ...

这些债券的发行情况也同样可圈可点。例如，深圳在香港发行的40亿元离岸人民币地方债吸引了多个来自不同国家和地区 的账户下单认购，簿记定价峰值订单倍数高达4.7倍；深圳9月9日首次在澳门发行的离岸人民币地方债簿记峰值达到66.2亿元人 民币，认购倍数达6.62倍，创下人民币债券在澳门发行订单倍数历史新高，同时，市场订单金额超过发行规模的50%。 本报记者 韩昱 自2021年10月份我国离岸人民币地方债首发以来，地方债"走出去"在持续发力。据《证券日报》记者不完全统计，今年以 来截至目前，已有多地在香港特别行政区、澳门特别行政区成功发行离岸人民币地方债，发行规模已达到125亿元。 投资者认购踊跃 9月23日，"深圳财政"微信公众号发布消息称，日前深圳市政府在香港特别行政区成功发行2025年离岸人民币地方政府债 券。这是深圳市连续第五年安排地方政府债券在香港簿记发行、登记托管并挂牌上市，持续推进粤港澳大湾区金融市场互联互 通。本次发行债券规模为40亿元人民币，发行期限为2年期、5年期、10年期，发行利率逐年下降。 除在香港连续发债外，深圳在今年9月9日还首次在澳门特别行政区成功发行10亿元离岸人民币地方政府债券。 另 ...

Group 1: Nationally Determined Contributions (NDC) Goals - China announced new NDC goals aiming for a 7%-10% reduction in greenhouse gas emissions by 2035 compared to peak levels, with a target for non-fossil energy consumption to exceed 30% of total energy consumption [1] - The total installed capacity for wind and solar power is expected to reach over 360 million kilowatts, which is more than six times the capacity in 2020 [1] - The NDC goals are seen as a strong commitment to reducing global greenhouse gas emissions and will enhance the efficiency of the national carbon market [1] Group 2: Carbon Market Development - The national carbon market has been operational for over four years, covering more than 2,200 key emission units in the power sector, making it the largest carbon market globally in terms of greenhouse gas emissions coverage [2] - As of August 2024, the cumulative trading volume in the carbon market reached nearly 700 million tons, with a transaction value of approximately 48 billion yuan [2] - The carbon market is expected to expand to include the steel, cement, and aluminum industries by 2025, adding over 1,300 new key emission units and increasing the controlled carbon emissions by about 3 billion tons [7] Group 3: Future Plans and Recommendations - The Ministry of Ecology and Environment plans to steadily expand the carbon market's coverage and enhance trading varieties and methods [3] - A central document was released outlining a roadmap for the carbon market's development, aiming for comprehensive coverage of major industrial sectors by 2027 [4] - Experts suggest establishing a total control system for carbon emissions and setting net-zero growth targets for the 14th Five-Year Plan period [5][6] Group 4: International Cooperation and Standards - China is actively working to enhance its international influence in carbon markets and is exploring cross-border carbon trading mechanisms [10] - The upcoming COP30 in Brazil is seen as a critical point for advancing the implementation of the Paris Agreement, with expectations for increased international cooperation [9] - China's carbon market has been recognized as a model for emerging economies, with its innovative carbon intensity control being referenced by countries like Turkey, Brazil, and Indonesia [11]

21世纪经济报道记者李德尚玉 据新华社消息，在9月24日联合国气候变化峰会上，中国宣布了新一轮国 家自主贡献：到2035年，中国全经济范围温室气体净排放量比峰值下降7%-10%，力争做得更好。非化 石能源消费占能源消费总量的比重达到30%以上，风电和太阳能发电总装机容量达到2020年的6倍以 上、力争达到36亿千瓦，森林蓄积量达到240亿立方米以上，新能源汽车成为新销售车辆的主流，全国 碳排放权交易市场覆盖主要高排放行业，气候适应型社会基本建成。 国家自主贡献（下称"NDC目标"）是各国根据各自国情和发展阶段确定的应对气候变化行动目标。多名 受访人士向21世纪经济报道表示：新一轮NDC目标，详细阐述了我国在应对气候变化方面的自主承 诺，将为减少全球温室气体排放提供有力支撑。同时，碳市场是行业碳排放管控的重要手段，有了总量 目标，会使得全国碳市场更高效地实现价格发现。 全国碳排放权交易市场运行已有四年多。自2021年7月16日上线以来，全国碳市场已覆盖电力行业2200 余家重点排放单位，成为全球覆盖温室气体排放量最大的碳市场。经过3个履约周期，碳市场的制度体 系不断完善，市场机制愈加成熟。2025年，全国碳市场 ...