双方将在长期合作基础上，加强政府间、行业间合作，在全球、地区和国家层面开发地热能潜力，推广地热能利用，减少温室气体排放，推 动能源转型，创造新的绿色产业和就业岗位，持续改善人民生活质量。 双方将支持和促进可持续发展政策、措施及实践，发展循环经济和可持续绿色价值链，鼓励绿色创新和低碳解决方案，并在上述过程中促进 性别平等。双方将共同推进全球塑料污染治理。 双方相关主管部门、企业、组织将根据共同利益和可用资源并在各自职责范围内，就现有合作领域及有利于加快绿色转型和可持续发展的新 倡议开展合作和对话，通过会议、访问及其他形式促进专业交流，在共同关心的多边进程中加强沟通。 中华人民共和国和冰岛关于进一步加强地热和绿色转型合作的联合声明 应中华人民共和国主席习近平邀请，冰岛总统哈德拉·托马斯多蒂尔于2025年10月12日至18日来华出席全球妇女峰会。两国元首在亲切友好气氛中举 行会晤。 中冰双方一致认为气候变化是当今时代重大挑战之一，重申将坚持公平、共同但有区别的责任原则，立足各自国情维护和落实《联合国气候 变化框架公约》及其《巴黎协定》。 为此，双方一致认为地热能在减缓气候变化和实现绿色转型中发挥重要作用，同意在以下 ...

五年中流击水、扬帆奋楫，五载春华秋实、硕果盈枝。 "十四五"时期，我国经济总量接连跨越三大台阶，逼近140万亿元，年均5.5%的增速托举起超35万亿元 的巨大增量，2024年全社会研发经费投入规模比"十三五"末增长近50%，2024年高技术制造业增加值 比"十三五"末增长42%，单位GDP能耗累计降低11.6%，减税降费规模预计达10.5万亿元……一串串沉 甸甸的数据，绘就出大国经济巨轮在风浪中稳健前行的厚重底色。 这背后是一套蕴含辩证法的"四则运算"：以政策"减法"换发展"加法"，以制度"除法"创增长"乘法"， 在"舍"与"得"、"破"与"立"的实践中，实现总量之增、基础之实、格局之新、循环之畅。 加"速度，"强根基 新近通车的贵州花江峡谷大桥凌空跨越天险，将两岸车程从2个多小时压缩至2分钟左右。这座桥面距水 面625米、主跨1420米的超级工程，在高度与跨径上"横竖"都拿下了世界第一的桂冠，成为中国经济实 力与科技自强的又一生动注脚。 "十四五"时期，"中国号"巨轮经受住了重大风险考验，经济发展取得一系列新进展、新突破。 五年间中国经济增量预计超35万亿元。"相当于再造一个长三角，也超过了世界排名第三国家 ...

Core Insights - Yuexiu Capital's performance forecast for the first three quarters of 2025 is better than expected, with a projected net profit attributable to shareholders of 2.92 to 3.09 billion yuan, representing a year-on-year increase of 70% to 80% [1] - The company's non-recurring net profit is expected to be between 1.41 to 1.58 billion yuan, reflecting a year-on-year growth of 18% to 32% [1] - The strong performance is driven by the steady development of the new energy business and high investment returns due to a prosperous capital market [1] Financial Performance - In Q3 2025, the company is expected to achieve a net profit attributable to shareholders of 1.36 to 1.54 billion yuan, marking a year-on-year increase of 94% to 118% [1] - The company has changed its accounting method for equity investments, which is expected to contribute a one-time gain of 2.02 and 0.30 billion yuan, adding approximately 1.18 billion yuan to Q3 2025 net profit [2] - However, the company anticipates asset impairment and credit impairment provisions of 1.4 to 1.6 billion yuan, which will reduce the net profit for the first nine months of 2025 by 720 to 820 million yuan [2] New Energy Business - The new energy business continues to grow, with total electricity generation of 7.81 billion kWh in the first half of 2025, resulting in electricity revenue of 2.42 billion yuan, a year-on-year increase of 123% [3] - Yuexiu New Energy, a subsidiary, achieved revenue of 2.20 billion yuan and a net profit of 520 million yuan in the first half of 2025, reflecting year-on-year increases of 122% and 134%, respectively [3] - The company plans to focus on solar, wind, and energy storage sectors to diversify its new energy product offerings and enhance operational efficiency [3] Investment Outlook - The company is expected to maintain a high growth trajectory for the full year, with projected net profits of 3.41 billion yuan, 3.67 billion yuan, and 4.01 billion yuan for 2025 to 2027, representing year-on-year growth of 49%, 8%, and 9% respectively [3] - Current closing prices correspond to dynamic price-to-book ratios of 1.23x, 1.15x, and 1.07x, and dynamic price-to-earnings ratios of 12.0x, 11.2x, and 10.2x for 2025 to 2027 [3]

10月初，世界贸易组织(WTO)与国际货币基金组织(IMF)等国际机构接连发声，指出全球贸易体系 正承受着单边主义和贸易政策不确定性的冲击。当前，一些国家短期的人为政策干扰，正在深刻威胁着 中长期全球贸易的增长根基和全球经济稳定。 10月7日，WTO发布全球贸易展望报告称，受全球经济复苏乏力和美国关税政策等因素影响，将 2026年全球货物贸易增长预期大幅下调至0.5%，这较8月份1.8%的预测值明显降低。报告还预计，2025 年全球服务出口增速将从2024年的6.8%降至4.6%，2026年进一步降至4.4%，"单边关税措施和贸易政策 不确定性带来强劲逆风"。8日，IMF总裁格奥尔基耶娃对外表示，关税政策全部影响"尚未显现"，"全 球经济韧性尚未受到全面考验，而且有令人担忧的迹象表明真正的考验可能即将到来"。 面对严峻挑战，维护以规则为基础的多边贸易体制是应对危机的根本出路。10月6日至7日，世界贸 易组织在瑞士日内瓦召开总理事会2025年度第四次会议。中方主动设置议题，提出加强透明度、集体重 申对多边体制的承诺以及推动WTO取得务实成果等建议。欧盟、巴西、澳大利亚、瑞士、巴基斯坦等 多方也发言呼吁维护世贸组 ...

对造纸产业来说，科技创新不仅在于破解高污染、高能耗等问题，也是跳出"老圈子"，长出"新叶子"的 关键。 《指引》明确，围绕制浆、生物质精炼、造纸、纸制品上下游全产业链环节强化科技创新为驱动，提高 自主研发能力。以造纸为例，加强纤维分级和低能耗打浆、纸浆流送与纸页成型、提高上网浓度、干法 造纸等关键技术攻关；应用中高浓打浆、靴式压榨、膜转移施胶、非接触干燥、湿部化学品混合添加、 改善抄纸系统阴离子干扰等先进技术。 同时，以先进制造为重点，强化数智转型，提高产业协同能力。这个过程中，山东将引导企业加快智能 工厂建设，打造无人值守计量、资产管理、数字化碳管理等应用场景，实现制浆造纸生产流程的实时数 据采集、质量检测控制等，建设以"产业大脑"为代表的"产业大数据+行业大模型"产业链服务平台，推 动产供销精准匹配、高效协同。 （来源：华印纸箱彩盒） 从"一棵树"里能看到什么？过去，木头进去，白花花的纸张出来，这就到头了；今后，"一棵树"将发生 七十二般变化：储能碳材料、软组织修复材料、功能性膳食纤维、低聚糖…… 造纸是山东省传统优势产业，全国1/6、亚洲1/12、全球1/24的纸和纸板都由山东制造。当前，除了纸产 品多 ...

Core Viewpoint - Ningbo is showcasing its ecological civilization practices through various green transformation projects, including renewable energy initiatives and smart energy solutions, which are contributing to sustainable development and economic growth [1][3][26]. Renewable Energy Development - In 2024, Ningbo's renewable energy generation is projected to reach 131.38 million kilowatt-hours, accounting for 11.32% of the total electricity consumption [3]. - As of mid-2023, Ningbo's installed renewable energy capacity reached 12.24 million kilowatts, ranking first in Zhejiang Province, with wind power at 1.54 million kilowatts and solar power at 10.28 million kilowatts, making it the "first city" for distributed solar power in China [3][4]. Smart Energy Solutions - The Fuming Smart Charging Station in Ningbo integrates charging, battery swapping, solar power, and energy storage, featuring a 114 kW solar roof and an 880 kWh energy storage system [5][7]. - The station's operational performance includes a 32% reduction in peak load, a 50% utilization of off-peak electricity, and an annual contribution of 20,000 kWh for peak shaving [7]. Hydropower and Energy Storage - The Ninghai Pumped Storage Power Station, which began operations in May 2023, has a total installed capacity of 1.4 million kilowatts and is designed to support the stability of the East China Power Grid [11][12]. - The project is expected to generate over 30 billion yuan in GDP annually during its construction phase and increase local tax revenue by 0.6 billion yuan [11][12]. Offshore Wind and Solar Projects - The Xiangshan offshore wind farm has a total installed capacity of 25.4 million kilowatts, with an annual generation of 700 million kilowatt-hours for the first phase and 1.6 billion kilowatt-hours for the second phase [15][17]. - The largest coastal tidal flat solar project in China, located in Xiangshan, has an installed capacity of 300,000 kilowatts and an annual generation of 340 million kilowatt-hours [17][18]. Rural Transformation and Economic Benefits - Li'ao Village has become a model for rural transformation through solar power, with a total installed capacity of 600 kW and an annual generation of approximately 600,000 kWh, providing significant economic benefits to local residents [21][22]. - The village's solar initiative has led to a reduction in electricity costs for residents and has been expanded to other villages in the region, promoting a sustainable rural economy [21][23].

在塔里木盆地腹地，12000米特深井自动化钻机打出我国首口超万米科探井，82米的铁搭载着6000马力 钻井绞车，900吨提升系统可以吊起两列动车组，智能控制系统实现了钻井作业全流程自动化……自主 研发的技术利器是精密运转的工业心脏，支撑着中国石油与地球深部的对话。 将时间指针拨回20年前，当时中国石油已有35家装备制造企业。但隶属于各油气田和炼化企业的装备制 造部门，由于专业化程度不高、生产规模不大、产品单一等问题，一度陷入亏损困境。 近年来，中国石油一批"大国重器"相继亮相。"一键式"自动化钻机让钻井作业时效和安全水平显著提 升，更让我国成为少数可自主研制自动化钻机的国家；钢管产品填补多项国内空白，引领我国由钢管制 造大国走向钢管制造强国。2024年，中国石油装备制造业务国际和国内外部市场新签合同额占比达 61.6%，较2020年接近翻一番，向更大范围、更高层次的用户展示"中国制造"的实力。 装备生产厂区绿意环绕，新能源项目"风光"无限，绿色装备纷纷"上岗"，节能产品效能持续提升。"光 伏供能+24小时储能"的供电模式，替代了柴油发电抽采石油，实现了边远井的绿色低碳高效生产，推 动油田工作效率、经济效益和绿 ...

Group 1 - The Ministry of Ecology and Environment emphasizes the need to strengthen tracking research on new technologies such as fusion [1] - The storage industry is experiencing a significant price increase, with contract prices from South Korean manufacturers expected to rise by 20%-30% [2] - Major cloud service providers are projected to increase capital expenditures to over $420 billion in 2025, driven by AI server demand and GPU procurement [3] Group 2 - UBS indicates that if the MSCI China Index drops to 74, it will attract strong buying interest from investors [4] - CITIC Securities continues to recommend the energy storage sector, highlighting the positive fundamentals of the lithium battery industry [5] - Shanghai has officially launched a high-end medical device cluster, aiming to significantly increase the number of approved medical devices by 2027 [6] Group 3 - China Unicom has officially opened a nationwide reservation channel for eSIM services, with over 60,000 reservations already made [7] - Shanghai has achieved 37 overseas licensing transactions for innovative drugs in the first eight months of this year, amounting to $18.8 billion [8] - The Shanghai Environment and Energy Exchange has launched the "CSI Shanghai Environment Exchange Green Transition Index" to guide capital towards green transformation [9] Group 4 - Future Intelligence has completed a Series A financing round led by Ant Group, marking its third investment round this year [10]

面对严峻挑战，维护以规则为基础的多边贸易体制是应对危机的根本出路。10月6日至7日，世界贸易组 织在瑞士日内瓦召开总理事会2025年度第四次会议。中方主动设置议题，提出加强透明度、集体重申对 多边体制的承诺以及推动WTO取得务实成果等建议。欧盟、巴西、澳大利亚、瑞士、巴基斯坦等多方 也发言呼吁维护世贸组织基本原则并推动世贸组织改革。 10月初，世界贸易组织（WTO）与国际货币基金组织（IMF）等国际机构接连发声，指出全球贸易体 系正承受着单边主义和贸易政策不确定性的冲击。当前，一些国家短期的人为政策干扰，正在深刻威胁 着中长期全球贸易的增长根基和全球经济稳定。 10月7日，WTO发布全球贸易展望报告称，受全球经济复苏乏力和美国关税政策等因素影响，将2026年 全球货物贸易增长预期大幅下调至0.5%，这较8月份1.8%的预测值明显降低。报告还预计，2025年全球 服务出口增速将从2024年的6.8%降至4.6%，2026年进一步降至4.4%，"单边关税措施和贸易政策不确定 性带来强劲逆风"。8日，IMF总裁格奥尔基耶娃对外表示，关税政策全部影响"尚未显现"，"全球经济 韧性尚未受到全面考验，而且有令人担忧的迹象 ...

Economic Growth and Contributions - China's economy is projected to exceed 35 trillion yuan in growth over five years, equivalent to recreating the Yangtze River Delta and surpassing the economic output of the world's third-largest economy [2] - The average annual growth rate is 5.5%, contributing approximately 30% to global economic growth [2] - By 2024, China's total grain production is expected to surpass 1.4 trillion jin, an increase of 74 billion jin compared to 2020, indicating a robust agricultural sector [2] Structural Reforms and Tax Policies - A cumulative reduction in taxes and fees is expected to reach 10.5 trillion yuan during the "14th Five-Year Plan" period, with over 36.7% of these reductions benefiting technology innovation and advanced manufacturing [2][3] - The number of enterprises benefiting from R&D expense deductions reached 615,000, with a total deduction amounting to 3.32 trillion yuan in 2024, reflecting a 25.5% increase from 2021 [3] Innovation and R&D Investment - R&D expenditure in large manufacturing enterprises accounted for over 1.6% of their operating income, with total R&D investment expected to grow nearly 50% by 2024 compared to the end of the "13th Five-Year Plan" [5] - The added value of high-tech manufacturing is projected to increase by 42% by 2024 compared to the end of the "13th Five-Year Plan" [5] Domestic Demand and Market Dynamics - Domestic demand contributed an average of 86.4% to economic growth over the past four years, with final consumption contributing 56.2%, an increase of 8.6 percentage points from the "13th Five-Year Plan" period [6] - The market for AI smart glasses saw a sevenfold increase in sales during the "618" shopping festival, showcasing the explosive potential of emerging product categories [6] Infrastructure and Connectivity - The Hubei Ezhou Huahu International Airport has opened 45 international cargo routes, contributing to a 6.1 percentage point increase in Hubei's foreign trade growth since 2025 [7] - The reduction of regulatory barriers has led to a significant increase in market efficiency, with over 4,000 regulations hindering fair competition and a unified market being eliminated [7][8] Green Development and Sustainability - During the "14th Five-Year Plan" period, energy consumption per unit of GDP decreased by 11.6%, and renewable energy generation capacity increased to approximately 60% [6] - The focus on green transformation is expected to empower traditional industries and contribute to global sustainability efforts [6]