交通银行深入贯彻落实"两山"理念，积极服务国家"双碳"战略，扎实做好绿色金融大文章，持续助 力节能环保、减污降碳等关键环节，聚焦基础设施绿色升级、能源绿色低碳转型、绿色消费、节能降碳 产业等领域加大投入。 交通银行相关负责人介绍，近年来，交行始终厚植绿色经营发展理念，将持续完善绿色金融服务体 系，推动绿色金融大文章取得新成效，为经济社会绿色转型贡献金融力量，绿色贷款保持平稳增长。 创新金融服务，助推企业绿色转型。在浙江，交行根据农业转型金融相关标准，运用自主开发的 ESG评价系统，推出转型金融特色服务方案，在湖州南浔落地了浙江省首笔农业领域转型贷款。 牵头标准制定，打造行业服务样板。在交行总部所在地上海，交行发挥主场优势，践行责任担当， 联合人民银行上海总部、上海市委金融办，牵头研究编制《水上运输业转型金融目录》，并根据相关试 点应用工作要求，积极助力转型企业享受金融支持。 近期，交行上海市分行成功落地甲醇双燃料船舶转型金融贷款，向中远海运集团所属中远海运能源 运输股份有限公司及其子公司投放资金近3亿元。本笔贷款将《水上运输业转型金融目录》中新造船舶 能效设计指数作为关键指标与贷款利率挂钩，所支持建造的油轮采 ...

Group 1 - The core viewpoint of the reports indicates that while photovoltaic (PV) technology has been perceived as having continuous advancements and lower long-term costs compared to wind energy, a comprehensive cost analysis from the consumer's perspective reveals that wind energy has significant advantages in system costs [1][2] - The report highlights that as the proportion of renewable energy generation increases, the instability of renewable output leads to rising system costs, which in some regions can exceed the actual generation costs [1] - The main component of system costs is peak-shaving costs, which include reasonable profits for flexible coal power units and compensations for frequent startups and reduced operating hours [1] Group 2 - The report identifies a critical issue with the output curve of PV energy, which is misaligned with peak electricity demand times, resulting in PV output being near zero during peak demand hours [2] - In scenarios with low renewable energy installations, PV's predictability can alleviate midday peak pressures, while wind energy's unpredictability can lead to it being classified as "garbage electricity" [2] - However, as the share of renewable energy significantly increases, the concentrated output characteristics of PV become a major disadvantage, while the law of large numbers helps smooth the total output power of multiple wind farms, reducing the unpredictability and volatility of wind energy [2]

随着新能源发电量占比持续提升，新能源出力不稳定的问题带来了日益增长的系统成 本，在很多区域甚至超过了发电成本。系统成本最主要的构成就是调峰成本，包括了煤电等 灵活性机组的合理利润，以及对频繁启停和利用小时数下降补偿。 新能源尤其是光伏，出力曲线的最大问题是与用电需求在时间上错配，如每天用电量的 最高峰出现在傍晚6点-8点，而此时光伏出力接近零；用电量相对较少的中午则是光伏出力 最大的时点。出力曲线形状的劣势无法通过光伏自身的技术进步弥补。在新能源装机量小的 情况下，光伏好预测且可以降低午高峰压力是优势，而风电因为难预测且短期波动大成 为"垃圾电"。但在新能源比例大幅提高的情况下，光伏集中出力特性成为最大劣势，而在大 数定律下多个风场集群平滑了总输出功率，降低了风电的不可预测性和波动性。（华源证券 查浩,刘晓宁,戴映炘） 【责任编辑：杨梓安 】 以下为研究报告摘要： 自双碳战略提出以来，在相当长的时间内，市场普遍认为光伏新技术层出不穷、转换效 率持续提升，而风电仅是机械结构，技术进步空间有限，因此长期来看光伏的综合成本将低 于风电。如果单纯从风电和光伏成本来看，上述结论没有太大问题，但由于目前电力终端同 质化问 ...

Core Viewpoint - Dongying is transforming from a resource-based economy reliant on oil and gas to a green energy model, leveraging its abundant geothermal resources to drive economic and ecological benefits [2][15]. Geothermal Resource Overview - Dongying has identified 5,655 square kilometers of exploitable geothermal resources, accounting for 68.6% of its total area, with depths ranging from 1,300 to 2,200 meters and water temperatures between 54°C and 86°C [3][4]. - The total geothermal water resource is estimated at 344.7 billion cubic meters, equivalent to 128.47 billion tons of standard coal, representing about 30% of the province's total [3]. Development History - Initial geological surveys in Dongying focused on oil and gas, with geothermal resources being an unexpected discovery until the early 2000s [4]. - The first significant geothermal well, Dongre 1, was completed in December 2002, marking the beginning of geothermal resource development in the city [5]. Technological Innovations - Dongying has implemented advanced techniques such as "heat extraction without water consumption" and negative pressure reinjection to enhance geothermal energy utilization [6][7]. - The city has developed innovative reinjection well designs to address challenges associated with sandstone formations, which have low porosity and permeability [7]. Policy Support and Framework - The local government has established a robust policy framework to support geothermal energy development, including various measures and guidelines to facilitate exploration and utilization [11][12]. - Dongying aims to achieve a geothermal heating and cooling area of 35 million square meters by 2030, with streamlined approval processes for new projects [13]. Future Directions - The city plans to promote shallow geothermal energy utilization in large public buildings and explore new management and operational models for deeper geothermal resources [14]. - Ongoing projects include drilling deeper geothermal wells to explore high-temperature resources, potentially filling gaps in provincial geothermal resource assessments [14]. Economic and Ecological Impact - The shift to geothermal energy is expected to reduce heating costs and carbon emissions significantly, with projections of saving 15 yuan per square meter in heating costs and reducing coal consumption by 220,000 tons annually [6][10]. - Dongying's transition to green energy is seen as a model for other resource-based cities in China, contributing to national energy security and ecological sustainability [15].

Group 1 - Cement companies are actively responding to the national "dual carbon" strategy by implementing ultra-low emissions and energy-saving carbon reduction modifications, utilizing distributed photovoltaic power generation and waste heat power generation technologies as effective means for energy conservation and emission reduction [1][2][3] - Waste heat power generation technology recovers medium and low-temperature waste heat from kiln emissions to generate electricity, converting thermal energy produced during clinker production into electrical energy, thus achieving resource recycling and reducing carbon emissions [1] - In 2024, Taipai Group reported a waste heat power generation output of 34.374 million kilowatt-hours, resulting in a reduction of approximately 330,000 tons of carbon dioxide emissions [1] - Shengfeng Cement utilized waste heat power generation to produce 473 million kilowatt-hours in 2024, leading to a reduction of 389,800 tons of carbon dioxide emissions [2] - Yatai Group implemented pure low-temperature waste heat power generation measures, reducing carbon dioxide emissions by 115,600 tons in 2024 [3] - Wanyanqing has ten operational waste heat power generation units with a total installed capacity of 80.30 MW, which can meet about 50% of the electricity demand for the company's kiln system [3] - A waste heat power generation project by Xinjiang Tianshan Cement, contracted by China National Materials Group, has a capacity of 10 MW and is expected to generate 44.08 million kilowatt-hours annually, reducing carbon emissions by an average of 3,700 tons per year [3] Group 2 - Analysts indicate that waste heat power generation has become an important factor for downstream concrete and construction companies in "green procurement" and ESG ratings, enhancing the image of cement companies and increasing their social responsibility [3]

Group 1 - The report maintains a positive outlook on the power equipment industry, highlighting the recovery in wind and thermal power sectors and the potential of fusion energy storage [1][3] - Wind power is expected to see a revaluation of the value of complete machines, with offshore wind and export logic gradually becoming apparent [3][37] - The profitability of wind turbine manufacturers has reached a historical low but is anticipated to rebound as the pace of turbine size increase slows down [10][19] Group 2 - The report emphasizes the importance of traditional energy sources during the 14th Five-Year Plan, with a significant increase in coal-fired power approvals expected in 2025 [38][42] - The energy storage market is accelerating its development, with a focus on both spot and ancillary service markets [3][37] - The report suggests that the nuclear fusion sector should be monitored closely for bidding rhythms and strategic positioning within the core industry chain [3][37] Group 3 - The offshore wind sector is poised for a resurgence, with a backlog of projects ready to commence construction, particularly in Guangdong and Jiangsu provinces [27][28] - The report indicates that the high-voltage and direct current cable market is benefiting from the transition to higher voltage systems, with leading cable manufacturers likely to see improved margins [32][33] - The report provides a valuation table for key companies in the wind power equipment sector, recommending specific stocks such as Goldwind Technology and Dongfang Cable [34][35]

Group 1: Industrial Development in Tai'an - Tai'an has been focusing on new industrialization and brand building since 2022, implementing a "chain leader system" to drive investment and enterprise cultivation [1][3] - The city is enhancing technological innovation and digital-physical integration while promoting green, low-carbon, and high-quality development [1][3] Group 2: Key Enterprises and Achievements - Taikai Group has been a leader in the power transmission and transformation industry, achieving sales revenue of 30.1 billion in 2024, with R&D investment of 1.34 billion and tax contributions of 1.35 billion [3] - The company has received numerous accolades, including being recognized as a "National Manufacturing Single Champion" and having over 1,200 patents [3] - Taihe Electric has a strong focus on R&D and aims to enhance its core product capacity while promoting domestic supply stability and international market expansion [4] Group 3: Innovations and Future Strategies - Shandong Ruifu Lithium Industry is positioned as a key supplier in the lithium battery materials sector, with an annual production capacity of 65,000 tons of lithium salt [5][6] - The company is developing a low-carbon circular industry chain and aims to enhance resource utilization through innovative technologies [6] - Super Power Group is investing in new technologies and materials, focusing on AI, big data, and advanced battery materials to maintain its leadership in the battery industry [7]

Core Viewpoint - The 2025 Shandong Clean Energy Industry Expo is a significant initiative aimed at supporting the province's green, low-carbon, and high-quality development goals, aligning with the national "dual carbon" strategy, and providing a platform for industry collaboration and business opportunities [5][6]. Strategic Importance - The expo represents Shandong's commitment to national missions, as outlined in the State Council's opinions on supporting the province's transformation towards green, low-carbon development [5]. - It serves as a vital platform to showcase Shandong's achievements in green transformation and to explore low-carbon development paths [5]. Industry Value - Shandong has established a solid foundation in the clean energy sector, with complete supply chains in photovoltaic, wind power, and energy storage, led by major companies like Shandong Energy and Weichai [6]. - The expo will focus on three core values for participating companies: a stage for showcasing cutting-edge technologies, a hub for market demand connection, and a bridge for linking global resources [6]. Long-term Development Goals - The Shandong Trade Promotion Council aims to establish the expo as a benchmark for industry upgrades, open cooperation, and supply-demand matching [6]. - The expo will facilitate deep integration of production, education, research, and application, and enhance collaboration with countries along the "Belt and Road" initiative [6]. Future Opportunities - The expo is positioned as both a showcase of Shandong's clean energy achievements and a platform for future opportunities [7]. - The council invites domestic and international enterprises and professionals to participate in the expo, emphasizing shared opportunities and contributions towards the national "dual carbon" goals [7].

目前，兖矿能源主营业务除煤炭业务外，还包括煤化工以及电力业务。据了解，兖矿能源在高端化工新 材料产业发展规划方面，将加快延链增值，推进绿色低碳转型，加快推动煤炭向燃料和原料并重发展。 此外兖矿能源战略布局新疆，在做优做强鲁南化工、未来能源、荣信化工、榆林能化等4个化工园区的 基础上，建设大煤化基地，发挥煤炭成本低、品种优、易开采等优势，推动煤炭深加工和高效利用。 今年以来，煤价下行，煤炭上市公司业绩显现压力。8月13日晚，兖矿能源（600188）公告，经初步测 算，预计2025年半年度实现净利润46.5亿元，同比减少38%；预计扣非净利润44亿元，同比减少39%。 兖矿能源表示，报告期内，公司优化生产组织扩能增量，主要产品产能高效释放，挖潜增效精准发力， 成本管控取得良好效果，化工业务实现较好协同增盈，一定程度上对冲了煤炭价格周期性下行影响。但 由于煤炭供需总体宽松，煤价较同期大幅下降，影响归母净利润同比减少。 兖矿能源在近期接受投资者调研时分析指出，2025年上半年，国内主产区煤炭产能稳定释放，进口煤量 保持高位，全社会煤炭消费回落，新能源发电占比提升抑制火电需求，电厂日耗偏低、社会库存高位运 行，国内煤炭 ...

在"1500万吨/年煤炭分质清洁高效转化示范项目"（二期项目）中，中控技术将依托自主研发 的"1+2+N"工业AI驱动的企业智能运行新架构，构建覆盖煤炭热解、化工合成、能源回收全产业链 的"感知-评估-决策-执行"智能闭环。通过深度融合集散控制、安全仪表控制与高级报警管理、智能高级 过程控制等前沿技术，实现从项目设计到运维的全流程智能化管控，助力陕煤榆林化学打造具备"自感 知、自诊断、自决策"能力的卓越级智能工厂。这种全流程、全周期的智能化解决方案，不仅契合国 家"双碳"战略目标，更能为企业带来显著的降本增效成果，其技术创新性与商业可持续性令人期待。 根据规划，二期项目全部投产后，预计年销售收入可达1340亿元，年利润超300亿元，创造就业岗位 7000余个，推动煤炭从"燃料"向高附加值原料转型。此次深度合作，不仅是中控技术在煤化工智能化赛 道的重要里程碑，更为陕煤榆林化学"技术领先、工艺成熟、投资合理、产品多元、成本可控、效益可 见、运行可靠、风险可担"的目标实现提供了可靠助力。 作为陕煤榆林化学的核心合作伙伴，中控技术于2020年开始助力其一期项目——全球最大煤制乙二醇装 置（180万吨/年乙二醇项目）落 ...