Core Viewpoint - The document outlines the government's plan to enhance the market-oriented allocation system for resource and environmental factors by 2027, focusing on the establishment and improvement of trading systems for carbon emissions, water rights, and pollution discharge [1] Group 1: Policy Objectives - By 2027, the trading system for carbon emissions rights and water rights is expected to be fundamentally improved [1] - The pollution discharge rights trading system will be established and refined [1] - The market mechanism for energy conservation will be further developed [1] Group 2: Market Dynamics - The resource and environmental factor trading market is anticipated to become more active, with a more robust price formation mechanism [1] - The initiative aims to facilitate the smooth flow and efficient allocation of resource and environmental factors, thereby fully unleashing market potential [1] - The support for achieving related resource and environmental goals is expected to be effectively enhanced [1]

健全资源环境要素市场化配置体系，推进碳排放权、用水权、排污权等市场化交易，是提升资源环境要 素利用效率的关键举措。为深化资源环境要素市场化配置改革，经党中央、国务院同意，现提出如下意 见。 一、总体要求 坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十届二中、三中全会精 神，全面贯彻习近平经济思想、习近平生态文明思想，坚持和加强党的全面领导，坚持稳中求进工作总 基调，坚持有效市场、有为政府，坚持问题导向、分类施策，坚持目标导向、协同推进，坚持循序渐 进、防范风险，建立健全资源环境要素配额分配、市场交易、监督管理等制度，完善资源环境要素交易 市场，健全权责清晰、运行顺畅、协同高效的资源环境要素市场化配置体系，促进资源环境要素支持发 展新质生产力，协同推进降碳、减污、扩绿、增长，加快经济社会发展全面绿色转型。 主要目标是：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，资源环境要素交易市场更加活跃、价格形成机制更加健全，推动资源环境要素畅通流 动、高效配置，充分释放市场潜力，对实现相关资源环境目标的支撑作用有效增强。 二、完善资源环境要素配额 ...

"当前，电力现货市场逐步完善，辅助服务市场正在起步，容量市场尚未建立，抽水蓄能全面参与电力 市场仍面临一些挑战，需要结合全国电力市场改革稳步有序实施。"赵增海建议，坚持安全与发展并重 原则，选择典型区域开展差异化试点，同步完善市场机制设计，提升主体市场运营能力，统筹规划调度 运营，建立动态评估优化机制，通过试点经验总结和市场反馈分析，持续迭代升级市场机制，最终形成 具有中国特色的抽水蓄能市场化发展模式，实现行业可持续健康发展与电力系统安全稳定运行的有机统 一。 水电水利规划设计总院副院长赵增海表示，抽水蓄能作为当前技术最为成熟、经济性最具优势，且具备 大规模开发潜力的灵活调节电源，是适应新能源跃升发展、加快构建新型电力系统的重要技术支撑，推 进其高质量发展具有重大战略意义。 在规划引领、政策支持、产业链支撑下，"十四五"以来我国抽水蓄能发展步入快车道。截至2024年底， 我国抽水蓄能电站投产总装机容量达5869万千瓦，其中华东区域装机容量最大，华北区域、南方区域次 之，成为电力保供和低碳转型的生力军。同时，全国抽水蓄能电站核准在建总装机容量约2亿千瓦。 我国抽水蓄能站点资源禀赋得天独厚。报告显示，综合考虑地理 ...

Core Viewpoint - The recent decline in government bond futures and the drop in deposit rates signal a new phase in China's interest rate marketization, presenting both opportunities and risks for the bond market [3][4]. Group 1: Market Performance - As of May 29, 2025, government bond futures collectively fell, with the 30-year main contract down 0.58%, the 10-year down 0.25%, the 5-year down 0.16%, and the 2-year down 0.05% [3]. - The 30-year government bond ETF (博时) saw a decrease of 0.57%, with the latest price at 110.86 yuan, indicating active market trading with a turnover of 17.94% and a transaction volume of 1.288 billion yuan [3]. - The 30-year government bond ETF has reached a new high in size at 7.197 billion yuan and a new high in shares at 64.6597 million [4]. Group 2: Fund Flows and Performance - The 30-year government bond ETF has experienced continuous net inflows over the past six days, with a maximum single-day net inflow of 202 million yuan, totaling 503 million yuan, averaging 83.7532 million yuan per day [4]. - The ETF's net value increased by 14.13% over the past year, ranking 3rd out of 378 in the index bond fund category, placing it in the top 0.79% [4]. - The ETF has a maximum monthly return of 5.35% since inception, with the longest consecutive monthly gains being four months and the longest gain percentage at 10.58% [4]. Group 3: Risk and Fees - The 30-year government bond ETF has a Sharpe ratio of 1.02 for the past year, indicating a favorable risk-adjusted return [5]. - The maximum drawdown since inception is 6.89%, with a relative benchmark drawdown of 1.28% [5]. - The management fee for the ETF is 0.15%, and the custody fee is 0.05%, contributing to its overall cost structure [5].

中经记者 石健 北京报道 655家区县城投公司中，总资产达30.26万亿元、年营收合计1.77万亿元……近日，城投网和江苏现代资 产投资管理顾问有限公司（以下简称"现代咨询"）联合发布了2024年区县城投经营数据。 《中国经营报》记者注意到，随着债务化解和城投平台转型齐头并进，区县级城投公司经营水平和治理 能力进一步提升。尤其是在头部区县城投公司中，已经有61家城投公司总资产超过千亿元。但就营收水 平看，655家区县城投营业收入平均值为27.04亿元，75%的城投公司不及平均值。 从特色化挖掘动能 丁伯康认为，从今年所发布的区县城投公司经营数据来看，当前城投转型正处于"风险突围"与"动能重 塑"的关键阶段。尤其是化解存量债务仍然是目前区县城投突破发展困局的攻坚点。 在多位区县城投负责人看来，对于未来区县城投发展，化解债务是前提，差异化发展是方向，市场化转 型是手段，融资能力提升是支撑，区县城投正从"风险突围"向"动能重塑"转变。 近一成区县城投总资产过千亿元 趋势数据显示，纳入统计的区县级城投公司共有655家。截至2024年年底，总资产规模合计总量为30.26 万亿元，年营业收入合计为1.77万亿元。570家 ...

在数字经济成为全球经济增长新引擎的背景下，我国正加速推进数据要素市场化配置改革，释放数据要素价值潜能。作为国内领先的数据智能服务商，唐煦 数畅积极响应国家政策号召，依托技术创新与场景深耕，打造覆盖数据"数据资源→数据托管→数据产品→数据产品流通→数据确权入表→数据交易所挂牌 交易→数据资产→金融创新服务→城市数字身份，实现全链路数据价值挖掘，为政企客户提供安全、高效、合规的数据要素解决方案，助力数字经济高质量 发展。 政策引领，抢抓数据要素市场化机遇 近年来，国家相继出台《关于构建数据基础制度更好发挥数据要素作用的意见》《"数据要素×"三年行动计划》等政策，明确数据作为新型生产要素的战略 地位。唐煦数畅紧抓时代机遇，以"释放数据价值，驱动数智转型"为使命，构建从数据资源化到资产化的完整服务链条，推动数据要素在金融、医疗、工 业、政务等领域的深度融合应用，赋能实体经济提质增效。 1.数据托管与治理 政府端：建立政务数据统一托管平台，实现跨部门数据归集、数据治理、数据产品的开发流通、数据确权交易、数据资产的金融服务、数据安全存储等服 务。 企业/商户端：提供合规化数据托管服务，支持结构化与非结构化数据清洗、脱敏、 ...

证券代码：000591 证券简称：太阳能 中节能太阳能股份有限公司 投资者关系活动记录表 编号：2025-07 | 投 资 者 关 | □特定对象调研 | | | □分析师会议 | | --- | --- | --- | --- | --- | | 系 活 动 类 | □媒体采访 | | | □业绩说明会 | | 别 | □新闻发布会 | | | □路演活动 | | | □现场参观 | | | | | | ☑其他 民生证券策略会 | | | | | 参 与 单 位 名 称 及 人 | 民生证券 黎静 易方达基金 | | | | | 员姓名 | 唐博伦 | | 任宇佳 | | | 时间 | 2025 年 5 月 28 日 | 10：00~11：00 | （周三）上午 | | | 地点 | 现场会议 | | | | | 公 司 接 待 人员姓名 | 董事会办公室（法律风控部）： | 黄中化 张文婷 | | | | | 一、就公司 2024 | 年度整体运营情况及未来规划进行交流。 | | | | | 二、提问及公司回复情况 | | | | | 交 流 内 容 及 具 体 问 | 1、公司 25 年规划。 | | ...

Core Viewpoint - The Chinese government has issued the "Implementation Opinions on Accelerating the High-Quality Development of the Technology Service Industry," aiming to develop an integrated technology market and optimize the policy environment for technology transactions [1][2]. Group 1: Policy Development - The issuance of the "Implementation Opinions" follows previous policies that emphasize the importance of technology market construction, providing a policy guarantee for the development of an integrated technology market [2]. - Significant achievements have been made in regional coordinated development, market-oriented allocation of technology factors, and the establishment of a national unified technology trading service platform [2]. Group 2: Market Performance - In 2024, the national technology contract transaction volume is expected to reach 6.8 trillion yuan, representing a year-on-year growth of 11.2%, maintaining double-digit growth for eight consecutive years [2]. - From January to April this year, 228,000 technology contracts were registered nationwide, with a transaction volume of 1.6 trillion yuan, reflecting a year-on-year increase of 13.3% [2]. Group 3: Regional Initiatives - Various regions are exploring the construction of integrated technology markets tailored to local conditions, such as Beijing's establishment of over 20 benchmark incubators and 110 technology transfer institutions [2]. - Shanghai has developed a complete technology transfer ecosystem that integrates trading, basic services, professional technical services, and capital services [2]. Group 4: Challenges and Future Directions - Challenges in the integrated development of the technology market include inconsistent regional rules, a need for improved regulatory frameworks, and varying capabilities of technology transfer service institutions [3]. - Future efforts will focus on establishing unified technology trading rules, a credit system for the technology market, and enhancing regional cooperation to facilitate technology transfer [3][4]. Group 5: Infrastructure Development - The establishment of a national unified technology trading service platform will serve as a digital foundation for the market, facilitating the entire process of technology resource registration, valuation, trading, and settlement [4]. - The government plans to encourage the growth of technology transfer service institutions through tax incentives, financial subsidies, and reduced administrative barriers [4].

在A股IPO方面，2024年首家实现上市的光储企业艾罗能源、和2025年首家实现上市的光储企业首航新 能，均以逆变器为主要业务，在新能源IPO普遍遇冷，光伏主材更是"零上市"的情况下，这也足以看出 市场对逆变器环节相对乐观的评价和预期。 多家逆变器企业和研究机构都提到，光伏装机的持续增长、海外市场的持续扩张，以及行业相对健康的 供需、较稳定的价格走势，再加之企业在成本控制、技术迭代、效率提升等方面的努力和进步，支撑了 这一环节的高光表现。 市场波动或将加剧 近一年半以来，光伏制造板块受产能过剩、降价潮、"内卷"式竞争等影响，一片愁云惨淡，多数企业业 绩大幅失血，2024年板块70余家企业近半遭遇亏损，但其中，不少逆变器企业却交出了更胜以往的成绩 单，成为最大亮点。 不过，近期国内外逆变器市场，从政策、舆论到需求，都传来了一些坏消息，这一光伏制造韧性最强的 环节，也要面临着更加不确定的未来。 风光的2024 2024年，沪深两市10家以逆变器为主营业务或在领域做到头部的上市公司中，除了在欧洲市场遭遇打 击、海外库存积压导致营收、净利双降的老牌企业固德威出现0.62亿元的亏损外，其他企业全部实现盈 利。龙头阳光电 ...

Group 1 - The meeting led by Liu Liehong emphasized the importance of promoting the marketization and value realization of data elements, aiming for a high-quality economic and social development through data innovation and efficiency improvement [1] - Desheng Technology has been actively involved in the data element sector, particularly through its participation in the Guangzhou Data Exchange (Tianhe) service area, establishing a comprehensive data ecosystem [2][3] Group 2 - Desheng Technology has established a full layout of data operation services across G, B, and C ends, contributing to the government's digital economy strategy and enhancing enterprise competitiveness through data asset management [2][3] - The Tianhe service area model created by Desheng Technology is recognized as an innovative example in the development of the data element market, integrating operational services, product incubation, and enterprise cultivation [2][3] - The data trading performance in Tianhe District has been significant, with a cumulative transaction amount exceeding 1.3 billion, accounting for over 50% of Guangzhou's total data trading [3] Group 3 - Desheng Technology has cultivated 248 data element enterprises in Tianhe District and launched 452 trading items, promoting innovation in data applications [3] - The establishment of the Tianhe District Data Element Industry Association, with Desheng Technology as the secretary unit, aims to optimize resource allocation and enhance collaboration within the data industry [3][4] - Looking ahead, Desheng Technology plans to leverage its data asset management capabilities and ISO55013 certification to further develop the data element industry in Tianhe District and contribute to the digital economy in Guangzhou [4]