Core Viewpoint - The Chinese government has issued an opinion to enhance the market-oriented allocation system for resource and environmental factors, aiming for a comprehensive trading system for carbon emissions, water rights, and pollution rights by 2027, which will support the achievement of related environmental goals [1][2]. Group 1: Carbon Emission Trading - The opinion emphasizes the transition of the national carbon emission trading market from intensity control to total quota control, enhancing the connection between carbon emission rights trading and carbon emission control systems [2]. - The carbon emission trading market currently covers approximately 40% of national CO2 emissions from the power generation sector, and with the inclusion of steel, cement, and aluminum industries, this coverage will exceed 60% [3]. - The distribution system for carbon emission quotas is identified as fundamental for all trading systems, necessitating improvements in the allocation methods to ensure scientific validity [3]. Group 2: Water Rights and Pollution Rights - The opinion outlines the need for strict dual control of total water usage and intensity, promoting the integration of water rights trading and water resource management systems [2]. - A pollution rights trading system will be established based on pollution permits, which will serve as the basis for rights confirmation and regulatory oversight [2]. Group 3: Market Mechanisms and Data Sharing - The opinion calls for the integration of carbon emission rights, water rights, and pollution rights trading into a public resource trading platform, facilitating data sharing and enhancing market efficiency [5]. - A reserve adjustment system for resource and environmental factors will be established to manage supply and demand effectively, including mechanisms for quota management [6]. Group 4: Implementation and Evaluation - The National Development and Reform Commission will oversee the implementation of the opinion, ensuring that local and national markets are aligned and that reforms are effectively executed [6].

（文章来源：经济日报） 北京市发展改革委体改处处长郝婧说，《工作要点》聚焦数据、资本、技术等要素市场制度建设问题， 提出深化要素市场化配置综合改革的一揽子措施。今年，北京将重点培育全国一体化数据市场，开展数 据基础制度先行先试，实行全市公共数据统一目录管理。同时，北京还将积极争取建设全国性技术交易 服务平台，推动北京绿色交易所建立健全配额管理、交易监管、核查核证等机制，形成一批标志性"北 京规则"。 建设全国统一大市场，京津冀要协力以区域市场一体化形成示范突破。根据《工作要点》，京津冀三地 将聚焦政务服务合作、信用监管联动、跨境贸易协同三方面实现率先突破。今年三地将出台京津冀互认 资质资格场景化应用文件，实现20项以上互认资质资格统一规范办理或"亮证即办"，探索将更多京津冀 区域通办事项纳入"一网通办"专区。 下一步，北京将推动《工作要点》与"十四五"规划任务同步实现圆满收官，助力建设全国统一大市场。 本报北京6月1日讯（记者杨学聪、韩秉志）近日，北京市印发《贯彻落实加快建设全国统一大市场意见 实施方案2025年工作要点》，注重解决群众和经营主体反映迫切的痛点堵点，形成同向推动改革发展的 政策集成。 北京市发 ...

Key Points - The platform economy is emphasized for its role in promoting innovation and domestic circulation, with a focus on mutual benefits among platform enterprises, merchants, laborers, and consumers [1] - The release of the "Opinions on Improving the Modern Enterprise System with Chinese Characteristics" outlines 19 specific measures aimed at institutional innovation and enhancing corporate governance through capital market mechanisms [2] - The government aims to establish a comprehensive trading system for carbon emissions and water rights by 2027, alongside a robust pollution rights trading system [2] - The Ministry of Human Resources and Social Security has issued a notice to enhance the salary distribution incentives for skilled workers in state-owned enterprises, promoting a system where pay is linked to skill levels and job value [4] - The sales revenue from the consumption of old goods has surpassed 1 trillion yuan this year, indicating strong consumer engagement in the market [7] Industry Developments - The Ministry of Commerce has called for the construction of intelligent supply chains, leveraging digital economy and AI advancements to enhance governance and standardization [3] - The State Administration for Market Regulation has released a draft guideline on compliance for online platform charging behaviors, aiming to reduce burdens on platform operators and promote fair competition [3] - The manufacturing sector shows signs of recovery, with the PMI rising to 49.5% in May, indicating improved business conditions [7] - The automotive industry has seen significant engagement in the old-for-new consumption policy, with substantial subsidies and participation in various categories [7] - The OPEC and non-OPEC oil-producing countries have agreed to increase production by 411,000 barrels per day starting in July, reflecting ongoing adjustments in the global oil market [10]

5月28日，阳光正好。获嘉县大新庄乡帅庄村，种粮大户王三留站在麦田旁，拿起手机"要"了两台收割 机。不大一会儿，两台收割机就到了田间，开始机收作业。 "这些零星地块先收了，等到成片的麦田大规模成熟时，能腾出更多精力。"王三留说。 自2014年流转土地以来，王三留流转的土地从100多亩增加到现在的500多亩，让他有底气的便是随叫随 到的农业社会化服务组织。耕、种、管、收、销的每一个环节，他都可以随时喊他们"搭把手"。 谁来种地、如何种好地等关键问题，在农业社会化服务组织和种粮大户、家庭农场或小农户的合作中， 得到了有效解决。 目前我省农业社会化服务组织有12.7万个。各地探索出了各具特色、形式多样的农业社会化服务模式， 全省已形成"百千万"市场化服务格局，各经营主体联动效果显著，"平急两用"农业综合服务中心潜力无 限，为粮食增产、农民增收提供了有力保障。 "我们通过加大对新型经营主体和农业社会化服务组织的培育力度，加强服务指导和政策支持，不断发 展壮大农业社会化服务主体。"获嘉县农村土地与合作经济指导服务站站长李欣说。 如今，获嘉县农业社会化服务组织有288个，服务土地面积达62万亩次，服务农户4万户。 走进邓 ...

| 定价机制类型 | 适用对象 | | --- | --- | | 成本加成定价("一厂一价") | 2014年2月前投产的存量水电站 | | 跨区域落地倒推电价 | 跨省 / 区送电的新建水电站 (2014年2月后投产) | | 省内标杆电价 | 省内消纳的新建水电站 (2014年2月后投产) | | 市场化定价 | 全部水电(主要是超计划电量) | | | 2 雪球:聚焦企业内在价值 | 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：聚焦企业内在价值 来源：雪球 净利润=上网电量x（平均上网电价-度电完全成本） 所以，关于水电，就先从定价机制开始谈起吧！ 中国水电定价机制经历了从政府定价向市场化方向的渐进式改革，目前形成"计划与市场双轨并 行"的多元体系。目前主要包括以下四类： 下面是定价机制以及对应的相关政策： | 阶段 | 政策 | 关键改革内容 | | --- | --- | --- | | 2001 | 规范电价管理有关问题 | 明确按经营期核定水电商平均上网电价 | | 2014 | 完善水电上网电价形成机制 | 新投产电站执行跨区倒推价或省内标杆价 ...

截至2025年5月30日收盘，银星能源（000862）报收于5.49元，较上周的5.42元上涨1.29%。本周，银星 能源5月30日盘中最高价报5.7元。5月26日盘中最低价报5.38元。银星能源当前最新总市值50.4亿元，在 电力板块市值排名78/102，在两市A股市值排名2866/5146。 本周关注点 机构调研要点 公司已完成的贺兰山"以大代小"项目投资收益率均达到了项目可研预期水平，投资收益率约10%。 2024年，依托铝企业千亿度稳定高负荷，围绕降碳、降成本目标，加快分布式光伏项目建设要求，公司 取得18个项目立项批复，目前已完成9个项目并网发电。2025年公司将聚焦中铝集团绿色能源需求，加 速推进剩余分布式光伏项目并网，并积极争取中铝新分布式项目。 公司通过智慧运维中心的建设，以实现对已建成部分风场的定时巡检诊断、故障智能预警、精准功率预 测等功能，提升新能源数智化管控水平，实现新能源场站"无人值班、少人值守、智慧巡检、区域维 检"生产管理新模式，降低运维成本，实现科学高效管理，不断增强企业竞争力。 国家对相关电力市场交易规则在持续完善中。针对市场化交易波动带来的不确定风险，公司将密切关注 电力交 ...

Group 1 - The vitality of the private economy has continued to improve in the first four months of this year [4] - Software business revenue and profit achieved double-digit growth in the first four months [10] - The national housing provident fund contribution amount is expected to exceed 3.6 trillion yuan in 2024 [11] Group 2 - China is accelerating the promotion of market-oriented trading of carbon emission rights [12]

Core Viewpoint - The recent policy changes in China's energy storage sector, particularly the implementation of the "136 document" and the "394 document," are driving a shift from policy-driven growth to market-oriented operations, leading to a mixed response from companies in the industry [1][4]. Group 1: Policy Changes and Market Impact - The "136 document" mandates that new energy projects will operate under a market-based pricing mechanism, with all electricity from new projects entering market trading [1]. - The "394 document" aims for nationwide coverage of the electricity spot market by the end of 2025, promoting the optimization of energy storage resources and the elimination of outdated capacity [1][3]. - The transition has led to a divergence in company strategies, with some rushing to complete projects before the policy changes take full effect, while others are delaying or exiting the energy storage business [2][3]. Group 2: Industry Trends and Company Responses - The energy storage market has seen a decline in installed capacity for the first quarter of this year, marking a shift from rapid expansion to a focus on quality and efficiency [2][3]. - Over eight listed companies have announced delays or cancellations of their energy storage projects this year, reflecting the cautious investment climate [3][4]. - Leading companies like CATL and BYD are increasing their investments in energy storage, anticipating significant market growth in the coming years [5]. Group 3: Global Market Dynamics - Chinese companies are gaining a competitive edge in the global energy storage market, with significant breakthroughs in both AC and DC sectors, surpassing Tesla in the AC market [6][7]. - The first quarter of this year saw a surge in overseas orders for Chinese energy storage companies, particularly in Australia, indicating strong international demand despite tariff challenges [7]. - The European energy storage market is expected to shift from residential storage to large-scale storage solutions, with significant growth projected in countries like the UK and Italy [8][9].

21世纪经济报道记者 雷椰 李德尚玉 北京报道 继全国碳排放权交易市场之后，用水权、排污权交易市场 建设将提速，资源环境要素市场化配置迈入新阶段。 5月29日，中办、国办印发《关于健全资源环境要素市场化配置体系的意见》（以下简称《意见》）， 深化资源环境要素市场化配置改革。《意见》重点提出，到2027年，碳排放权、用水权交易制度基本完 善，排污权交易制度建立健全，节能市场化机制更加健全。 "资源环境要素市场化配置体系"并非首次出现在政策文件里。党的二十大报告提出"健全资源环境要素 市场化配置体系"。2024年中共中央、国务院发布的《关于全面推进美丽中国建设的意见》明确提出， 健全资源环境要素市场化配置体系，把碳排放权、用能权、用水权、排污权等纳入要素市场化配置改革 总盘子。《意见》则更进一步说明"资源环境要素市场化配置体系"该如何健全，重点从配额分配制度、 交易范围、交易制度等方面对资源环境要素市场化配置体系进行了系统性规划。 多位业内人士向21世纪经济报道记者表示，碳排放权、水权、排污权交易已纳入"要素市场化改革总盘 子"。未来推动碳排放权交易制度完善，金融机构参与其中，将有助于市场稳定性和流动性提升。用水 ...

Report Industry Investment Rating - No information provided in the report Core Viewpoints of the Report - The domestic economic recovery shows marginal weakness but retains resilience, and with the short - term improvement of the trade situation in May and the implementation of growth - stabilizing policies, the fundamentals are expected to improve marginally [95]. - Overseas economies show signs of recession, with the US economy facing challenges such as a decline in GDP and a weakening labor market, and inflation is expected to rise gradually [96]. - The bond market is expected to continue its oscillatory consolidation pattern, with low probability of significant fluctuations in the short term. Attention should be paid to subsequent high - frequency economic data and changes in the capital market. Also, be wary of the risk of long - end bond price corrections [96]. Summary by Directory 1. Market Review - **Weekly Data**: The 30 - year, 10 - year, 5 - year, and 2 - year Treasury futures' main contracts (TL2509, T2509, TF2509, TS2509) fell by 0.16%, 0.11%, 0.03%, and 0.01% respectively. The trading volumes were 431,000, 373,000, 307,000, and 197,000 contracts respectively. The settlement prices were 41.119, 108.72, 106.01, and 102.40 respectively [13][14]. - **Treasury Futures Market Review**: The trading volumes of TS and T main contracts decreased, while those of TF and TL main contracts increased. The open interest of TS, TF, T, and TL main contracts all increased [32]. 2. News Review and Analysis - **Key News Review**: On May 26, the General Offices of the CPC Central Committee and the State Council issued the "Opinions on Improving the Modern Enterprise System with Chinese Characteristics". Moody's maintained China's sovereign credit rating at "A1" with a negative outlook. On May 27, it was announced that in April, the profits of industrial enterprises above the designated size in China increased by 3% year - on - year. From May 28 - 29, multiple important events occurred, including the release of the Fed's meeting minutes and the issuance of the "Opinions on Improving the Market - based Allocation System of Resource and Environmental Elements" [35][36]. 3. Chart Analysis - **Spread Changes** - **Treasury Yield Spreads**: The spreads between 10 - year and 5 - year, and 10 - year and 1 - year Treasury yields both narrowed slightly [45]. - **Main Contract Spreads**: The spread between 2 - year and 5 - year main contracts oscillated, and the spread between 5 - year and 10 - year main contracts narrowed slightly [49]. - **Treasury Futures Near - and Far - Month Spreads**: The spreads of 10 - year, 30 - year, 2 - year, and 5 - year contracts all weakened slightly [55][61]. - **Treasury Futures Main Contract Open Interest Changes**: The net short positions of the top 20 open interests in the T main contract increased slightly [65]. - **Interest Rate Changes** - **Shibor and Treasury Yields**: Overnight Shibor rates declined, while 1 - week, 2 - week, and 1 - month Shibor rates rose. Treasury bond yields weakened, with 1 - 7Y yields rising by 2 - 3bp, and 10Y and 30Y yields rising by about 2bp to 1.68% and 1.92% respectively [69]. - **China - US Treasury Yield Spreads**: The spreads between 10 - year and 30 - year China - US Treasury yields both narrowed slightly [73]. - **Central Bank Open - Market Operations**: The central bank conducted 1,602.6 billion yuan in reverse repurchases, with 946 billion yuan in reverse repurchases maturing, resulting in a net injection of 656.6 billion yuan. The weighted average DR007 rate rebounded to around 1.66% [76]. - **Bond Issuance and Maturity**: This week, bonds worth 105.7177 billion yuan were issued, with a total repayment of 87.1891 billion yuan, and a net financing of 18.5286 billion yuan [79]. - **Market Sentiment** - **Exchange Rates**: The central parity rate of the RMB against the US dollar was 7.1848, up 71 basis points this week. The spread between offshore and onshore RMB weakened [85]. - **US Treasury Yields and VIX Index**: The 10 - year US Treasury yield and the VIX index both declined slightly [88]. - **A - Share Risk Premium**: The 10 - year Treasury yield rose slightly, and the A - share risk premium declined slightly [92]. 4. Market Outlook and Strategy - **Market Outlook**: The domestic economy continues to recover moderately, while overseas economies show signs of recession. The bond market is expected to continue its oscillatory consolidation pattern, and attention should be paid to subsequent high - frequency economic data and changes in the capital market. Be wary of the risk of long - end bond price corrections [95][96]. - **Strategy**: Given the current situation, the possibility of further interest rate cuts is low. The bond market is driven by the capital and fundamental factors, and there may be no high - quality short - term trading opportunities. One should be cautious about the risk of long - end bond price corrections [96].