美利云中卫数据中心机房楼 ◎记者 于瑶 在腾格里沙漠边缘，美利云C1机房楼拔地而起，凭借卓越的绿色节能实践，被工业和信息化部评选为 2025年度国家绿色数据中心。关停传统造纸业务，转向新能源赛道，并以"绿电"驱动"绿算"，战略性新 兴产业的培育孵化使美利云发生"脱胎换骨"的变化。近日，上海证券报记者与公司董事长田生文面对面 交流，探究美利云在国家"东数西算"与"双碳"目标大背景下，如何优化"数据中心+新能源"组合式发 展，重塑企业核心竞争优势。 剥离造纸，聚焦算力 造纸业务曾经为美利云贡献了七成营收，但是近年来该业务持续亏损且扭亏无望，成了公司的"出血 点"。通过深入研判，美利云决定进行战略性调整，明确"绿色数据中心+绿电"双轮驱动发展模式。 "2016年，我们把握数据存储与算力需求爆发机遇，突破传统行业局限，通过非公开发行股票投建数据 中心，成功跨界云计算；2018年，公司又基于自身资源拓展光伏新能源，构建差异化竞争力建成50兆瓦 光伏电站。2024年，美利云数据中心收入同比增长24.66%，达到3.12亿元，且毛利率很高，显著高于原 来的造纸业务，验证了转型方向的正确性。"田生文说。 宁夏中卫市是"东数西 ...

由江苏省电机工程学会、南京工程学院主办的第四届江苏电力"碳达峰碳中和"技术研讨会，在南京市鼓楼区召开。本次活动以"AI赋能电力转型"为主题， 聚焦电力领域科技创新与绿色转型，来自学界的专家与行业精英围绕新型电力系统优化、智慧能源管理等方向展开深入研讨和产学研对接。 图为研讨会现场 活动现场。东南大学徐一骏教授等学界专家，分别聚焦量子计算在新型电力系统中的应用等智慧能源实践主题深度解析；出门问问总经理孙鹏飞分享大模 型应用发展前瞻，描绘"人工智能+"能源产业深度融合路径；蔚来汽车张宁总监围绕电动汽车充换电创新实践，为交通能源协同转型提供可行方案。 鼓楼区正致力于绿色低碳产业的高质量发展 创新答卷亮眼筑牢产业发展根基 作为能源电力产业重要的创新策源地，鼓楼区依托科教资源优势，以学术交流为纽带，联动科研力量与行业龙头，搭建起高效务实的技术对接平台。 今年以来，辖区内企业与科研院所接连交出亮眼的创新答卷。华能江苏7项技术成果斩获美国匹兹堡国际发明展金奖，覆盖多类发电领域，充分彰显国际 竞争力；国电南自（600268）与华为签署战略合作协议，共建人工智能技术联合创新中心，加速电力行业数字化升级；朗坤智慧"人工智能+"能 ...

Core Viewpoint - The company aims to become an indispensable technology partner in China's low-carbon development journey, focusing on green transformation in the shipping industry and supporting the country's "dual carbon" goals through a comprehensive zero-carbon technology matrix [1]. Group 1: Strategic Initiatives - The company plans to deepen cooperation with local partners in China, expand production capacity, and enhance the technology supply system for green low-carbon transformation [1][2]. - The company will provide diverse and forward-looking power solutions for China's shipping industry, facilitating a smooth transition from traditional to intelligent and green power [1][2]. - The company aims to leverage its expertise in carbon capture, utilization, and storage (CCUS) and efficient heat pump technologies to enhance resource utilization efficiency and stimulate new vitality in traditional industries [2]. Group 2: Local Operations and Collaborations - The company will accelerate the localization of its production base in Changzhou to improve responsiveness to local market demands [2]. - The company intends to collaborate deeply with long-term partners such as China Shipbuilding Power, China Merchants Group, COSCO Shipping, and Shuangliang in key areas like green ship power and clean energy applications [2]. Group 3: Future Goals for 2026 - By 2026, the company aims to deepen strategic cooperation with Chinese shipyards, engine manufacturers, shipowners, and energy companies to promote the large-scale manufacturing of two-stroke and four-stroke green engines [2]. - The company expects a significant increase in order volume in the green ship power sector, solidifying the foundation for business growth in China [2]. - The company will continue to invest in R&D, utilizing its digital platform for real-time monitoring and intelligent optimization of ship efficiency and carbon emissions [3].

Core Viewpoint - Everllence aims to become an indispensable technology partner in China's low-carbon development, focusing on green transformation in the shipping industry and expanding its local operations to support the country's carbon neutrality goals by 2060 [1][5]. Group 1: Strategic Initiatives - The company plans to deepen collaboration with local partners and enhance its production capacity in China, providing diverse and forward-looking power solutions for the shipping industry [3][4]. - Everllence will leverage its expertise in carbon capture, utilization, and storage (CCUS) and efficient heat pump technologies to improve resource utilization and stimulate innovation across traditional industries [4]. - The company is accelerating the localization of its production base in Changzhou to better respond to local market demands and enhance operational efficiency [4]. Group 2: Future Goals for 2026 - By 2026, Everllence aims to strengthen strategic partnerships with Chinese shipyards, engine manufacturers, shipowners, and energy companies to scale up the production of two-stroke and four-stroke green engines [6]. - The company plans to increase R&D investment and utilize its digital platform for real-time monitoring and optimization of ship energy efficiency and carbon emissions, thereby helping clients improve operational efficiency and reduce environmental impact [6]. - Everllence intends to accelerate the deployment of heat pump and CCUS technologies in the Chinese market, establishing industry benchmarks for key decarbonization technologies [6].

开栏语： "零碳"，这不是一个遥远的愿景，而是一场正在发生的、重塑中国产业形态与经济发展模式的深刻变革。面对日益严峻的全球气候危机，中国作 出"双碳"目标承诺，提交《2035年中国国家自主贡献报告》，彰显推动绿色低碳发展、应对全球气候变化的担当，也清晰勾勒出未来十年"加快经济社会 发展全面绿色转型，加快美丽中国建设"的路径。 时下，一群产业先锋已经率先启程。他们有零碳园区建设"国家队"、世界级"灯塔工厂"、国际国内权威认证"零碳智造标杆"、"全球首发"、"中国首 秀"⋯⋯他们正在汇聚推动全社会绿色转型的澎湃合力，激发培育新质生产力，迎来开辟新经济增长极的巨大历史机遇。接下来，请跟随《美丽中国·寻找 零碳先锋》栏目的笔墨与镜头，一同去遇见这些描绘"零碳蓝图"的先锋们，发现标杆、解读路径、凝聚共识、搭建生态，见证并推动一个绿色、低碳、繁 荣、韧性的美丽中国加速到来。 12月26日，国家发改委、工信部、国家能源局联合发文，正式公布首批国家级零碳园区建设名单，52个园区从众多申报园区中脱颖而出，实现31个省 （区、市）和新疆生产建设兵团全覆盖。至此，从规划到实景，我国零碳园区建设"大幕"正式开启，零碳园区建设"国家队 ...

Core Insights - The global coal industry has transitioned from a peak profit phase to a new normal characterized by value reconstruction, where profit elasticity and capital operations have become key to success in a differentiated landscape [1][2]. Industry Overview - The global coal mining industry is experiencing a significant economic cycle driven by external shocks and supply-demand mismatches from 2020 to 2024, with a notable profit center established above pre-pandemic levels, despite facing new challenges of profit contraction [2]. - The industry reached a record profit peak of $52.4 billion in 2022, driven by geopolitical conflicts and a surge in international coal prices, following a brief downturn in 2020 due to the pandemic [2][3]. - The average net profit margin improved dramatically from a loss of $7.2 billion in 2020 to a peak of 17.27% in 2022, indicating a fundamental reversal in profitability [3]. Profitability and Efficiency - The coal industry's net profit is projected to normalize at $25.7 billion in 2024, still significantly higher than pre-pandemic levels, reflecting a structural elevation in overall profitability [3]. - The average net profit margin is expected to decline to 7.66% by 2024, indicating a departure from the peak profit phase and highlighting the cyclical nature of profitability [5]. Global Landscape - Asia, particularly China, India, and Indonesia, dominates the global coal industry, with these countries playing pivotal roles in shaping the market dynamics [8]. - China serves as the largest producer and consumer, ensuring energy security with stable profitability, while India experiences robust domestic demand growth, achieving an average net profit margin of 26.69% [8]. - Indonesia and Australia benefit significantly from international coal price surges, with average net profit margins of 19.05% and 15.64%, respectively [8]. Company Comparisons - Major players like China Shenhua and Indian Coal exhibit strong integrated advantages, showcasing resilience and stable profitability amid cyclical fluctuations [11]. - Emerging companies, such as Stanmore in Australia, have capitalized on acquisition opportunities during the cycle, achieving a remarkable compound annual growth rate of 118.56% [11]. - Export-oriented firms in Indonesia, like Golden Energy, have maximized profits from price elasticity, with average returns on equity reaching 71.67% [11]. Strategic Recommendations - The coal industry must transition from being mere fuel suppliers to comprehensive energy service providers, focusing on enhancing energy security and integrating renewable energy solutions [17][20]. - Companies should extend their value chains by developing high-end coal chemical products and exploring synergies with renewable energy projects [20]. - Emphasizing ESG management can transform perceived costs into competitive advantages, enabling firms to secure lower financing costs and enhance their public image [21]. - Maintaining prudent capital discipline is essential, focusing investments on core business areas and ensuring a healthy balance sheet to navigate future economic cycles [22].

Core Viewpoint - Guangdong Construction is accelerating its investment in the Shandong market through its energy investment platform, focusing on green energy projects in response to the "dual carbon" goals [1] Group 1: Investment and Projects - Guangdong Water Power Second Bureau Group's subsidiary, Guangdong Yue Water Power Energy Investment Group, signed a framework agreement with the government of Tancheng County, Linyi City, to invest in green methanol, green LNG, and centralized wind power projects [1] - The planned investment for the projects is approximately 6 billion yuan, with a production capacity of 200,000 tons of green methanol and 65,000 tons of green LNG, along with a 500 MW wind power project [1][2] - The establishment of an integrated project company in Tancheng County will manage the investment, construction, and operation of the projects [2] Group 2: Strategic Development - The Tancheng County government will assist in the preliminary development and administrative procedures for the projects, while Guangdong Yue Water Power Energy Group will focus on biomass supply for green methanol production [2] - The company aims to position Tancheng County as a key area for its core industrial investment, leveraging its expertise in green methanol to create a demonstration effect and scale [2] - The company will prioritize the transfer of research and development results to Tancheng County and promote local policies and industrial advantages to attract further investment [2] Group 3: Company Background - Guangdong Construction, established in December 2001, is a leading infrastructure construction enterprise in Guangdong Province, focusing on water conservancy, municipal engineering, and clean energy generation [3] - Guangdong Yue Water Power Energy Group, founded in January 2023 with a registered capital of 1 billion yuan, specializes in clean energy project investment and has comprehensive management capabilities across the project lifecycle [3] - The company has previously established two subsidiaries in Shandong, indicating a strategic commitment to the region [3][8] Group 4: Financial Performance - In the first three quarters, Guangdong Construction reported total revenue of 43.388 billion yuan, a year-on-year increase of 5.29%, while net profit attributable to shareholders decreased by 13.35% to 558 million yuan [8]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Insights - The release of the CCER methodology for renewable energy electrolysis hydrogen is expected to reshape the economic viability of green hydrogen projects [10][12]. - The environmental protection industry strategy for 2026 emphasizes a dual focus on value and growth, driven by carbon neutrality initiatives [15]. - The report highlights significant growth in the sales of new energy sanitation vehicles, with a year-on-year increase of 64.01% and a penetration rate increase of 6.68 percentage points to 18.6% [22]. - The price of biodiesel remains stable, with slight improvements in profit margins [34]. - The lithium battery recycling sector is experiencing a decline in profitability despite rising metal prices [35]. Summary by Sections CCER Methodology and Green Hydrogen - The CCER methodology for renewable energy electrolysis hydrogen was officially released, enhancing the regulatory framework for green hydrogen projects [10]. - The methodology specifies that it applies only to new projects and emphasizes the use of self-generated renewable energy [11]. - The economic benefits of green hydrogen projects are projected to improve, with investment recovery periods decreasing from 9.21 years to 8.77 years due to CCER revenue [12][13]. Environmental Protection Industry Strategy - The 2026 strategy focuses on the dual themes of value and growth, with an emphasis on market-oriented improvements and operational efficiency [15]. - Key recommendations include focusing on companies with strong cash flow and growth potential, such as Huanlan Environment and Longjing Environmental Protection [15][16]. Sanitation Equipment Market - The sanitation vehicle market saw a total sales volume of 66,563 units in the first eleven months of 2025, with new energy vehicles accounting for 12,383 units sold [22]. - The penetration rate of new energy sanitation vehicles reached 18.6%, indicating a growing trend towards electrification in this sector [22]. Biodiesel Market - The average price of biodiesel remained stable at 8,200 yuan per ton, with a slight improvement in profit margins [34]. - The price difference between UCOME and waste oil is approximately 2,172 yuan per ton, indicating a competitive market environment [34]. Lithium Battery Recycling - The profitability of lithium battery recycling projects has decreased, with average unit profits for lithium carbonate and waste materials showing negative margins [35]. - Despite this, metal prices for lithium, cobalt, and nickel have increased, suggesting potential for future profitability improvements [35][37].

Market Performance - The steel sector increased by 3.42% this week, outperforming the broader market [1][2] - The special steel segment rose by 4.80%, long products by 1.27%, and flat products by 1.94% [1][2] - Iron ore segment surged by 10.15%, steel consumables by 2.94%, and trade circulation by 4.33% [1][2] Supply Situation - As of December 26, the capacity utilization rate of blast furnaces in sample steel enterprises was 84.9%, up by 0.01 percentage points week-on-week [2] - Electric furnace capacity utilization rate was 53.2%, down by 1.12 percentage points week-on-week [2] - The output of five major steel products was 6.92 million tons, an increase of 0.15 million tons week-on-week [2] - Daily average pig iron output was 2.2658 million tons, up by 0.03 million tons week-on-week, but down by 28,300 tons year-on-year [2][5] Demand Situation - Consumption of five major steel products was 8.336 million tons, down by 16,700 tons week-on-week [2] - Mainstream traders' sales volume of construction steel was 95,000 tons, down by 4.3% week-on-week [2] Inventory Situation - Social inventory of five major steel products was 8.726 million tons, down by 339,100 tons week-on-week [3] - Factory inventory was 3.854 million tons, down by 28,800 tons week-on-week [3] Price and Profit - The comprehensive index for ordinary steel was 3,439.2 yuan/ton, down by 9.57 yuan/ton week-on-week [3] - The comprehensive index for special steel was 6,571.8 yuan/ton, up by 1.81 yuan/ton week-on-week [3] - The profit for rebar from blast furnaces was 50 yuan/ton, up by 8.0 yuan/ton week-on-week [3] - The profit for electric furnace construction steel was -4 yuan/ton, up by 3.0 yuan/ton week-on-week [3] Raw Material Situation - The spot price index for Australian powder ore (62% Fe) was 800 yuan/ton, up by 2.0 yuan/ton week-on-week [4] - The price for main coking coal remained stable at 1,700 yuan/ton [4] - The average available days of iron ore for sample steel enterprises was 25.18 days, down by 0.2 days week-on-week [4] Investment Outlook - The steel industry is expected to maintain a stable supply-demand situation despite current challenges [6][7] - The demand for steel is anticipated to improve marginally due to government "stability growth" policies supporting real estate and infrastructure [6][7] - Companies with high gross margins and strong cost control are expected to see valuation recovery opportunities [7] - Recommended companies include regional leaders with advanced equipment and environmental standards, as well as those benefiting from the new energy cycle [7]

12月26日，在八里西潜山CCUS先导试验站内，工作人员正在巡回检查设备运行状况。 12月27日，中国石油华北油田"八里西潜山CCUS先导试验项目"已累计注入二氧化碳30万吨，减排效果现相当于植树约248万棵，标志着京津冀最大规模碳驱 油碳埋存项目推进"双碳"目标取得新成效。 八里西潜山CCUS先导试验区位于河北省沧州河间市，于2022年启动注气。潜山油藏作为华北油田的主力油藏，已进入特高含水开发后期，依据现有技术难 以有效动用巨量的剩余油。华北油田将CCUS作为绿色发展的发力点，一手抓油气生产一手抓科技攻关，优选八里西潜山油藏开展CCUS先导试验，攻关关 键技术瓶颈问题。先后进行二氧化碳混相重力驱油与埋存机理研究、地质建模及注采参数优化调整以及钻井、采油、地面、监测等配套工程技术攻关，新建 先导试验站1座、计量点1座、集油及二氧化碳管道20余公里，更在集团公司内部首次构建起"炼化排放—捕集提纯—油田利用"的绿色循环模式。预计全周期 将累计埋存二氧化碳847万吨，累计增油超300万吨，油藏采收率可提高27%。 八里西潜山CCUS先导试验项目被列入中国石油"四大六小"重点工程，是华北油田深入推进注气提高采收率工 ...