Core Viewpoint - The Hong Kong Stock Exchange (HKEX) plans to transition to a paperless securities market (USM) by 2026, enhancing market accessibility, resilience, and competitiveness [1] Group 1: USM Implementation and Benefits - The USM will modernize market operations, allowing investors to hold and manage securities more efficiently through digital means [2] - The transition to USM will eliminate paper documents for listed securities, reducing manual operations and increasing operational efficiency [2] - Investors will benefit from simplified processes and clearer information, leading to lower costs, fewer delays, and higher certainty [1][3] Group 2: Market Infrastructure and Efficiency - The existing central clearing and settlement system will remain, ensuring service levels are maintained while shortening the securities transfer and registration process [3] - The elimination of paper documents will reduce risks and delays associated with physical operations, ultimately enhancing market capacity and processing speed [3] - The USM will also contribute to sustainability by reducing the carbon footprint associated with printing, transporting, and storing paper documents [3] Group 3: Industry Collaboration and Transition - The implementation of USM requires collaboration across the industry, with securities transitioning in phases [4] - During the transition, both paper and paperless securities will operate concurrently to ensure market readiness and continuity [4] - HKEX will work closely with intermediaries and issuers to plan and implement necessary system optimizations and conduct training for market participants [4] Group 4: Fee Structure and Market Optimization - HKEX will adjust the fee structure to make it simpler, fairer, and more predictable, aligning with the needs of a digitalized operation [5] - Recent market optimization measures have already improved trading convenience and increased market liquidity, such as the severe weather trading arrangements and new IPO pricing mechanisms [5]

2025年全新设立的四个特别项目，将目光投向了更具时代意义的维度。"最佳典藏酒店"彰显历久弥新的 传承魅力；"绿色先锋酒店"聚焦于将环保可持续深刻融入建筑、运营与社区公益的实践标杆；"社区英 雄酒店"则关注那些通过创新商业空间激活社区、焕新传统文化的项目；"年度文化旅途创新"项目，旨 在推介在目的地体验层面进行开创性设计的城市或文旅项目。这些新项目的设立，共同勾勒出未来高端 旅行的完整价值图谱：时间深度、文化根植、环境责任与社会连接。 "中国酒店Top10"无疑是当晚的焦点，十家酒店代表了中国旅宿美学的最高水准与未来方向。它们不仅 以恒久如一的极致服务、独特的设计语言和深入肌理的可持续发展实践赢得赞誉，更深层次的价值在于 其与所在地文化的真挚连接与和谐共生。每一家上榜酒店都超越了"住宿"功能本身，成为旅行者感知当 地风土、历史与人文的窗口，真正重新定义了属于中国的、具有世界影响力的待客之道与旅宿哲学。 《悦游》2025金榜的揭晓，既是对过去一年行业佼佼者的致敬，更是旅宿行业面向未来的展望。在全球 化语境深化与消费价值重塑的今天，中国旅行市场正以前所未有的自信与创造力，参与并引领全球旅行 业态的变革。悦游金榜以 ...

Core Viewpoint - The company, Fuen Co., Ltd., is facing significant challenges ahead of its IPO, with expectations of declining profits and a decrease in gross margins, raising concerns about its competitive edge in the sustainable fabric market [1][5]. Group 1: Company Overview - Fuen Co., Ltd. specializes in eco-friendly fabrics, primarily recycled materials, and has established itself as a leading supplier for major brands like Uniqlo and H&M [1][2]. - The company plans to raise 1.25 billion yuan through its IPO, with 800 million yuan allocated for an integrated project on recycled eco-friendly fabrics and 450 million yuan for a high-end recycled materials research institute [2]. Group 2: Market Position and Competitive Advantage - Fuen Co., Ltd. has a unique competitive advantage due to its sustainable and eco-friendly philosophy, which is becoming a standard in the industry as more competitors gain certification [3]. - The company is the largest supplier of recycled blended fabrics for H&M and Uniqlo, indicating a strong market position [3]. Group 3: Financial Performance and Projections - The company forecasts a revenue of 1.71 billion yuan for 2025, a decrease of 5.8% year-on-year, with a projected net profit of 230 million yuan, down 16.6% [5]. - The gross margin for the first half of 2025 is expected to be 26.6%, a decline of over two percentage points compared to the previous year [5][7]. Group 4: Challenges and Risks - The gross margin for recycled fabrics has been declining, with the gross margin for recycled blended fabrics dropping from 29.6% in 2023 to 27% in the first half of 2025 [6][7]. - The company relies heavily on outsourcing, with over 30% of its production outsourced, raising concerns about potential technology leakage [3][4]. - Rising raw material costs, including a nearly 5% increase in yarn prices and a similar rise in fabric prices, are pressuring the company's margins [9][10]. Group 5: Inventory and Accounts Receivable - The company has seen a significant increase in inventory, with a 20% rise compared to 2022, leading to substantial impairment provisions [11]. - The accounts receivable turnover rate has decreased from approximately 8 times in 2022 to 6.5 times in 2024, indicating slower collection from customers [11].

Core Insights - BOE Technology Group held its "Renew 2026" year-end media event in Wuhan, focusing on sustainable development in the display industry and showcasing advancements in green technology, low-carbon operations, and social responsibility [1][3] Group 1: Strategic Vision - The event outlined a comprehensive blueprint for "Renew 2026" across four dimensions: AI renewal, technology renewal, ecological renewal, and sustainable renewal [3] - The "AI renewal" strategy aims to inject core intelligence into the "screen and IoT" ecosystem [3] - "Technology renewal" focuses on three core technology brands: ADS Pro, f-OLED, and α-MLED, driving technological upgrades and reinforcing competitive advantages [3] - "Ecological renewal" emphasizes open collaboration with global partners to explore new technologies and applications, transitioning from single technology empowerment to ecosystem co-prosperity [3] - The "sustainable renewal" initiative positions sustainable development as a core aspect of corporate growth, introducing China's first sustainable development brand "ONE" along with six strategic pillars [3][4] Group 2: Sustainable Development Practices - BOE integrates green development principles throughout its R&D, manufacturing, and operations, establishing a sustainable development system that combines organization, strategy, and branding [4] - The Wuhan BOE 10.5-generation TFT-LCD production line is highlighted as a chlorine-free and smart factory model, focusing on green manufacturing, energy conservation, and supply chain collaboration [4] - The company extends its social responsibility initiatives into education, culture, and international cooperation, promoting educational equity through projects like "Lighting the Growth Path" and collaborating with UNESCO on STEM education in Africa [4] Group 3: Emerging Business Areas - BOE is proactively expanding into emerging business areas, particularly in energy technology, as part of its "screen and IoT" strategy [5] - In the perovskite photovoltaic sector, BOE has achieved rapid breakthroughs from laboratory to pilot production, setting multiple world records, including a certified steady-state efficiency of 27.37% for small battery devices [5] - The company has successfully launched the world's first integrated perovskite building photovoltaic (BIPV) project, demonstrating applications in various settings [5] Group 4: Smart Energy Solutions - In the smart energy sector, BOE focuses on zero-carbon comprehensive services, providing a one-stop solution for factories and parks [6] - The company has developed the BES smart energy management system, integrating AI and IoT technologies for intelligent coordination of energy, information, and value flows [6] - BOE's self-owned renewable energy stations have a total capacity of 770 megawatts, with an annual green electricity supply capability of approximately 1 billion kilowatt-hours [6] - The company has introduced the "New Generation Charging" multimedia charging pile, enhancing urban green service nodes and enriching the smart energy ecosystem [6]

在食品消费领域，包括康师傅、益海嘉里集团等企业;在钢铁制造领域，包括宝钢股份（600019）、河 钢集团等企业。 在商贸流通领域，包括凤宇翔商贸、海源合商贸等企业;在新材料及绿色包装领域，包括道恩新材料、 合兴包装（002228）等企业。 12月23日，以"智绘零碳未来 共赴绿色新程"为主题的海尔智家（600690）碳中和战略发布会在青岛顺 利举行。现场，海尔智家颁发了"可持续发展生态伙伴卓越奖"，以表彰在绿色供应链、低碳创新、循环 经济等领域与海尔智家同心同行、贡献卓著的生态伙伴。 据了解，此次获奖的生态伙伴来自认证咨询、食品消费、钢铁制造、商贸流通、新材料及绿色包装等多 个领域。 其中，在认证咨询领域，包括欧睿国际、德国莱茵T V、中创碳投、中国质量认证中心、德勤、普华永 道等。 颁奖并非终点，而是一个崭新协同阶段的开始。未来，海尔智家将进一步凝聚伙伴力量，推动形成更紧 密的绿色发展共同体，共赴零碳新程。 ...

魔爵赤霞珠干红葡萄酒 在全球葡萄酒业浩瀚星河中，作为全球领先的葡萄酒生产商、南美最大的葡萄酒生产集团——干露葡萄酒集团 旗下备受推崇的标志性酒庄，魔爵酒庄如同一颗历经百年淬炼的明星，凭借其深厚的历史积淀、稳健的市场表 现与前瞻的发展视野，持续散发着引领时代的光芒。2025年，魔爵酒庄在品质、创新、可持续发展与文旅体验 等多维度全面突破，不仅印证了其坚实的实力根基，更为世界葡萄酒产业的未来勾勒出清晰而动人的蓝图。 行业排名印证责任担当：魔爵酒庄登顶智利饮料业可持续发展榜首 魔爵日晷园项目生态 "这是一座面向未来的葡萄园。" 正如魔爵酒庄首席执行官兼技术总监恩里克·蒂拉多（Enrique Tirado）先生所 言，日晷园项目不仅为现有 125 公顷的魔爵葡萄园提供了优化管理方案，更将为未来葡萄园的更新改造奠定基 础，其研究成果将持续指导酒庄在不同气候条件下实现葡萄品质的稳定提升。通过与魔爵酒庄研发与创新中心 （CII）的深度合作，日晷园项目已收集到一系列关键科学数据：从水分利用效率、光合作用强度，到果串微气 候与多酚化合物生成，每一份发现都为优化葡萄园管理提供了科学蓝图，旨在提升水资源效能、增强生物多样 性，并培 ...

12月22日晚间，华工科技产业股份有限公司发布公告称，公司董事会于当日收到董事吴涛先生递交的书面辞职报告。吴涛先生因 公司治理结构调整及工作原因，申请辞去其担任的公司第九届董事会董事职务。离任后，吴涛先生将不在公司担任任何职务。 公告指出，根据《公司法》及《公司章程》等相关规定，吴涛先生的离任不会导致公司董事会成员人数低于法定最低人数，不会 影响公司董事会的规范运作与公司的正常经营发展，其离任自辞职报告送达董事会之日起生效。 同日，为完善公司治理结构，华工科技召开职工代表大会，选举汪若红女士担任公司第九届董事会职工董事，任期自本次职工代 表大会通过之日起至第九届董事会任期届满之日止。 汪若红女士的任职资格符合《公司法》和《公司章程》的规定，汪若红女士 当选公司职工董事后，公司董事会中兼任高级管理人员以及由职工代表担任的董事人数总计未超过公司董事总数的二分之一，符 合相关法律、法规的要求。 据公告显示，汪若红女士于2014年5月入职武汉华工激光有限责任公司，任职工业设计工程师。在职期间曾任武汉华工激光有限责 任公司工业设计部副经理、经理，华工科技第八届、第九届监事会职工代表监事。现任武汉华工激光有限责任公司工业 ...

据悉，欧盟NG最高评级认证，是欧盟针对可持续基础设施与环境管理领域设立的权威评价体系，广州 水投净水公司是广州市6家获得此项认证的国有企业之一。获得此项认证，标志着公司在水务行业绿色 转型领域的实践获得国际认可，运营管理理念与实践契合全球可持续发展趋势，在污染物削减、资源回 收、碳减排等方面表现突出，为未来走向国际市场提供有力支撑，同时也为中国水务环保产业国际化发 展提供有益借鉴。 首届"绿色转型奖"由欧盟委员会与绿色城市大会联合发起，聚焦中欧合作，表彰在《中欧应对气候变化 联合声明》框架下，为促进区域绿色转型及深化中欧气候合作做出杰出贡献的中国城市政府、组织与企 业。凭借在推动区域绿色转型中的突出贡献，广州水投净水公司荣获首届"绿色转型奖"，诠释中国水务 企业参与全球环境治理的责任担当。 近年来，广州水投净水公司深耕绿色水务领域，擦亮广州"绿色名片"，落实国家"双碳"战略，参与全球 环境治理。在污水处理环节，持续推进工艺提质增效，提升出水水质标准；在水资源循环领域，积极拓 展再生水回用场景，提高水资源综合利用率；在低碳发展层面，深耕工艺技术创新，降低设施全生命周 期碳排放；在智慧运维方面，搭建一体化智慧水务 ...

Core Insights - China's inclusive finance has accelerated under policy guidance and technological empowerment, but faces challenges in risk prevention, coverage breadth, and institutional motivation, forming a "impossible triangle" that the industry must address [1] Policy and Market Dynamics - The development of inclusive finance in China has shown significant results, with policies and market mechanisms working in tandem to create a positive interaction [2] - Structural monetary policy tools like re-loans and discounts, along with fiscal incentives, have formed a targeted "combination punch" to support small and micro enterprises [2] - Efforts to enhance financing coordination for small businesses and improve credit service platforms have been made, aiming to guide financial resources to weaker sectors [2] Market Developments - The market has seen a collaborative effort across various financial sectors, with banks increasing the supply of first loans, credit loans, and renewals to meet financing needs [3] - Insurance institutions are providing multi-dimensional risk protection, while guarantee institutions are enhancing credit support for asset-light businesses [3] - By September 2025, the balance of inclusive micro-loans in China is projected to grow from 15.1 trillion yuan at the end of 2020 to 36.1 trillion yuan, a 139% increase over five years, with an average annual growth rate exceeding 20% [3] Challenges and Future Directions - Deep-rooted issues remain, particularly in financing accessibility for agricultural entities and tech startups, necessitating further efforts in risk prevention and sustainable business practices [4] - Key areas for future focus include building a robust credit system, upgrading risk prevention chains, and refining incentive mechanisms to balance risk control and sustainable development [4] Guangzhou's Inclusive Finance Practices - Guangzhou has positioned inclusive finance as a key driver for supporting the real economy and enhancing public welfare, with a focus on small businesses and agricultural entities [5] - By October 2025, the balance of inclusive micro-loans in Guangzhou reached 940.32 billion yuan, accounting for 10.8% of total loans, with agricultural loans at 422.16 billion yuan, reflecting a 15.34% year-on-year growth [6] Unique Features of Guangzhou's Approach - Guangzhou has developed a risk-sharing system to enhance financial support for small and micro enterprises, including a dual-mode risk-sharing mechanism [7] - The city emphasizes digital technology to improve service efficiency, with financial institutions investing in digital platforms and smart risk control systems [8] - Financial products are tailored to specific industry scenarios and customer needs, ensuring precise allocation of financial resources [9] - A multi-layered inclusive insurance system has been established to provide comprehensive coverage for vulnerable groups, enhancing social safety nets [10] Role of the Guangzhou Inclusive Finance Development Promotion Association - The association plays a crucial role in connecting financial institutions and enterprises, enhancing the effectiveness of inclusive finance services [11] - It has compiled a comprehensive policy guide and product directory to support practitioners and facilitate access to financial services [12] - The association fosters collaboration within the inclusive finance sector through conferences and training, promoting best practices and directing resources to key areas [13] Future Outlook for Inclusive Finance - The core essence of high-quality development in inclusive finance has shifted from mere coverage to a focus on precision, efficiency, and risk management [13] - Future trends include a shift from policy-driven to market-led initiatives, a transition from single credit services to comprehensive financial solutions, and a balanced approach to risk governance and sustainable development [14]

（来源：经济日报） 转自：经济日报 以"美美与共，和而不同"为主题的"2025中国汽车行业全球化及可持续发展论坛"日前在京举办，来自行业协会、整车及零部件龙头企业等嘉宾围绕全球汽车 产业格局演变、中国汽车行业技术演进和生态开放、企业ESG价值创造等话题开展深入研讨。 中国汽车工程学会名誉理事长、华汽基金会理事长付于武发布《中国汽车可持续发展倡议书》，倡导："汽车企业以可持续发展理念为引领，积极回应利益 相关方期待，规范竞争行为，共同维护良好的行业秩序，推动企业自身和社会经济实现可持续发展。" 商道咨询管理合伙人、北京分公司总经理彭纪来表示，电动化、智能化和供应链重塑带来的新机遇背后，也叠加了电池回收、数据安全、供应链本土化等多 重挑战，行业面临"价格战挤压利润、短期生存压力与长期可持续投入难以兼顾"的核心矛盾。车企要制定供应链赋能路线图，将ESG风险管控前置，筑牢出 海合规防线，打造全球竞争力。 2025中国汽 主办:华汽基金会 协办:中国汽车工程学会、北京汽车博物馆 联合主办:华汽研究院 1 200 11 50 17 RT Vitamine 英美 25 中国汽车全球化 25 与可持续发展论坛 与芬 20 * ...