Summary of Conference Call Industry Overview - The conference call primarily discusses the coal machinery industry, focusing on the performance and outlook of coal machinery companies and their valuations [1][2][3]. Key Points and Arguments - Current valuations of coal machinery companies are generally low, with some trading at around six to seven times earnings and others below ten times [1]. - Dividend yields for these companies are attractive, with some offering yields around 7% and others around 5% [1]. - There is a market divide regarding the sustainability of earnings in the coal machinery sector, with concerns about entering a down cycle starting from the first half of 2024 [1][2]. - Recent surveys indicate that leading companies in the coal machinery sector have seen year-on-year growth in new orders, contradicting fears of a prolonged down cycle [2][3]. - The resilience of orders and earnings in the coal machinery sector appears to be better than market expectations [3]. Industry Dynamics - The coal machinery industry is closely linked to coal prices, which affect the profitability of coal enterprises and subsequently their capital expenditures [4]. - Historical data shows that coal prices have fluctuated significantly, impacting the demand for coal machinery. For instance, coal prices dropped from 800 RMB per ton in 2011 to around 400 RMB by the end of 2015, leading to a substantial decline in profit margins [5][6]. - The coal industry's capacity utilization rates have varied, with a notable drop to below 60% in 2016, which negatively impacted equipment demand [5][9]. - The current coal price is around 800 RMB per ton, with coal enterprises maintaining a profitability level close to 20%, which is relatively strong compared to historical standards [8][9]. Future Projections - The coal production target for 2024 is set at 4.76 billion tons, with a capacity utilization rate of 73%, indicating a healthy demand for coal machinery despite a slight decline in order growth [9][10]. - By 2027, the coal industry is expected to peak in production, with a target of 4.878 billion tons, which could sustain machinery demand if coal prices remain stable [10]. - The demand for coal machinery is anticipated to shift from new demand to replacement demand, with significant equipment needing replacement in the coming years due to their operational lifespans [11][12]. - The update cycles for different types of coal machinery vary, with hydraulic supports having a longer replacement cycle of 8 to 10 years compared to other equipment [13][14]. Investment Considerations - The coal machinery sector is viewed as a relatively stable investment within the A-share market, provided that capital expenditures do not decline significantly [17]. - The strong operational capabilities of low PE coal machinery companies, such as Zhengmei Machinery, enhance their attractiveness to investors [17][18]. - Overall, the resilience of orders and earnings, along with attractive dividend yields, positions the coal machinery sector favorably within the infrastructure investment landscape [18].

南方财经全媒体记者郭晓洁 21世纪经济报道记者李德尚玉 实习生 余忠梅 广州报道 随着绿色金融市场的快速发展，相关的资讯和数据变得越来越丰富。绿色金融周报从宏观视角和机构绿色金融实践等角度，关 注绿色金融领域的最新前沿动态，追踪绿色金融市场的最新趋势，为绿色金融相关参与方提供决策依据和参考。 1、深交所：绿色低碳领域上市公司市值占比达20% 4月7日，深交所发布《深圳证券交易所绿色债券白皮书》（以下简称《绿债白皮书》），梳理总结近年来深交所绿色债券市场 发展情况和典型案例，引导帮助企业用好用足债券市场工具推动自身绿色低碳发展，助力加快经济社会发展全面绿色转型，厚 植高质量发展的绿色底色。 《绿债白皮书》系统呈现了深交所的整体政策框架、绿色金融相关实践、典型案例和发展趋势四个方面的内容。在具体举措 上，主要从三个方面进行：一是支持符合绿色可持续发展理念的上市公司集群化发展；二是扩展绿色金融产品序列，构建低碳 可持续投融资产品配置平台；三是深化境内外合作，合力培育绿色可持续发展市场生态，多措并举推动绿色低碳产业发展。在 实践成果方面，截至2025年3月末，绿色低碳领域上市公司市值占比达20%，累计发行可持续主题债 ...

Core Insights - The national carbon market in China is a government-led trading system aimed at reducing carbon emissions, officially launched on July 16, 2021, covering 2,225 enterprises in the power sector with an annual emission coverage of approximately 4.5 billion tons, making it the largest carbon trading market globally [1][2] Group 1: Key Terminology - Carbon Emission Allowance (CEA) allows companies to emit a specific amount of CO₂, where 1 allowance equals 1 ton of CO₂ equivalent (tCO₂e). Companies must hold enough allowances to cover their emissions by the end of the compliance period to avoid penalties [3][4] - Carbon Allowance refers to the emissions permits allocated to companies by the government, with a future trend of decreasing free allowances and increasing paid allowances to incentivize emission reductions [5] - Carbon Trading involves the buying and selling of carbon allowances or reduction credits, primarily through agreements, with potential future inclusion of financial instruments like futures and options [6] Group 2: Market Mechanisms - CCER (China Certified Emission Reduction) represents carbon credits generated from projects like renewable energy and forestry, which can offset up to 5% of a company's emissions [7] - The MRV (Monitoring, Reporting, Verification) system ensures the accuracy of carbon emission data, serving as the foundation for fair market operations [8] - Carbon Price is the market price for carbon allowances, currently ranging from 50 to 80 RMB per ton, significantly lower than the EU price of approximately 80 Euros per ton, with expectations of gradual increases as policies tighten [9][10] Group 3: Goals and Strategies - Peak Carbon refers to the point at which CO₂ emissions reach their highest level before beginning to decline, with China committing to achieve this by 2030 [11][12] - Carbon Neutrality aims for net-zero emissions by 2060 through emission reductions, carbon sinks, and technological innovations [15] - Carbon Sink involves natural processes, such as forests absorbing CO₂, which can be developed into carbon credit projects [16] Group 4: Financial and Regulatory Aspects - Carbon Finance encompasses financial innovations related to the carbon market, enhancing market liquidity and reducing compliance costs for companies [17] - Carbon Footprint measures the total carbon emissions produced directly or indirectly by individuals, companies, or products throughout their lifecycle [18] - Carbon Border Tax is a proposed tariff on high-carbon imports to balance domestic and international carbon costs, with potential implications for high-carbon exporting companies [19] Group 5: Monitoring and Verification - Carbon Monitoring utilizes technologies like sensors and satellites to track carbon emissions and greenhouse gas concentrations, with pilot projects already underway in 16 cities [20][21] - Carbon Accounting systematically quantifies carbon emissions for companies or products over a specific period, adhering to international standards [22] - Carbon Verification involves third-party audits of carbon emission reports to ensure data accuracy, a requirement for major emitters in the national carbon market [27]

Core Viewpoint - China has elevated carbon neutrality to a national strategic level, implementing a series of policies and action plans to achieve energy conservation and carbon reduction goals [1][2]. Policy and Action Plans - The State Council has introduced the "2024-2025 Energy Conservation and Carbon Reduction Action Plan," outlining specific targets and action paths for energy conservation and carbon reduction [1]. - In March 2025, the National Development and Reform Commission and other departments issued a document to promote the green power certificate market for renewable energy [1]. Industry Structure - The carbon neutrality industry chain in China can be divided into three main parts: 1. Front-end energy structure adjustment, replacing high-carbon energy with low-carbon and renewable energy. 2. Mid-end improvement of energy conservation and emission reduction levels, including industrial structure adjustments [1]. 3. Back-end carbon capture and storage technologies [2]. Carbon Trading - Carbon trading plays a crucial role in the development of carbon neutrality, allowing one party to purchase greenhouse gas reduction credits from another, which can be used to mitigate climate change [2]. Economic Opportunities - The carbon neutrality industry holds significant development potential, fostering new industries such as renewable energy, energy conservation, and carbon capture, creating numerous job opportunities and driving technological innovation [2]. - The development of the carbon neutrality industry is not only a response to climate change but also a new engine for promoting high-quality economic growth [2]. Key Companies in Carbon Neutrality - Major companies in the carbon neutrality sector include: - China Three Gorges New Energy Group Co., Ltd. (Registered Capital: 2,862,522 million RMB, Established: 1985) [4]. - Longi Green Energy Technology Co., Ltd. (Registered Capital: 757,804.44 million RMB, Established: 2000) [2]. - China Yangtze Power Co., Ltd. (Registered Capital: 2,446,821.8 million RMB, Established: 2002) [2]. - Inner Mongolia Baotou Steel Union Co., Ltd. (Registered Capital: 4,540,494.2248 million RMB, Established: 1999) [2]. - Hebei Iron and Steel Co., Ltd. (Registered Capital: 1,033,712.1 million RMB, Established: 1997) [2]. - Anhui Conch Cement Co., Ltd. (Registered Capital: 529,930.25 million RMB, Established: 1997) [2]. - Beijing Qingxin Environmental Technology Co., Ltd. (Registered Capital: 142,438.86 million RMB, Established: 2001) [2]. Carbon Neutrality Leadership - China Three Gorges New Energy is recognized as a leading enterprise in the carbon neutrality sector, managing significant hydropower capacity and actively promoting low-carbon development [5][6].

康希诺: 2024年度环境、社会及管治（ESG）报告暨可持续发 展报告 关于本报告 本期环境、社会及管治（ESG）暨可持续发展报告本着客观、规范、透明和全面的原则，详细披露了康希诺生物在经营与发 展、环境、劳工与社区、价值链等领域内的 ESG 与可持续发 展的社会责任实践和绩效。 编制依据 汇报原则 本报告依照香港联合交易所有限公司《香港联合交易所有限公司证券上市规则》附录 C2《环 重要性： 为编制本报告，本公司开展议题重要性评估程序，以确定本报告的披露内容及各 境、社会及管治报告守则》及上海证券交易所《上海证券交易所上市公司环境信息披露指 议题内容的 详实程度。2024 年度重大性议题分析结果已呈列在"利益相关方沟通"小节中。 引》要求，参考上海证券交易所《上市公司自律监管指引 第 14 号——可持续发展报告（试 量化：本报告在环境、社会范畴均披露定量数据以展现 我们在各关键 ESG 绩效指标中的 行）》，并参照全球可持续发展标准委员会 (GSSB) 发布的《GRI 可持续发展报告标准》 （GRI 表现。 Standards）要求编写。 报告范围 平衡：本报告客观披露正面及负面信息，确保内容平 衡。 一致 ...

Group 1 - The company’s wholly-owned subsidiary, Chengtong Carbon Sink, has won a bid for a forestry carbon sink resource cooperation development project in Ningdu County, Jiangxi Province [1][2] - The project covers a total forestry land area of 4.5279 million acres, including all types of forest land eligible for carbon sink projects under national policies and international voluntary reduction mechanisms [1][2] - The project development timeline is set to be completed within 15 months from the signing of the cooperation contract, with a revenue-sharing model for the project's profits over a 20-year cooperation period [2] Group 2 - The project aligns with the national goals of "3060" carbon peak and carbon neutrality, enhancing the company's positioning in the carbon trading market and improving its brand image [2] - The company emphasizes that the project will not affect its operational independence and will not create business dependency on the project counterpart [2]

2 月 15 日-2 月 21 日，上证综指单周累计上涨 0.97 个百分点，报 3379.11；沪深 300 指数单周上涨 1 个百分点。环保（申万）指数 上涨 2.2%，跑赢沪深 300 指数（上涨 1%）1.2 个百分点，跑输创 业板指数（上涨 2.99%）0.79 个百分点。2025 年初至今，环保工 程及服务板块整体指数表现一般，累计涨幅为 1%，跑输沪深 300 指数 0.11 个百分点。 投资建议： 证券研究报告·行业动态 民营企业座谈强调清偿账款，环 保行业盈利质量有望增强 核心观点 近期召开的民营企业座谈会明确提出对民营企业公平参与市场 竞争、解决融资难融资贵、解决拖欠民营企业账款问题等做出部 署；此后，国家发改委也表示要加力推动解决拖欠民营企业账款 问题，加快促进民营经济发展。具体来看，中央财办有关同志表 示 2025 年解决拖欠账款相关工作将进一步深入推进，地方政府 要落实属地责任，用好新增地方政府专项债等政策，尽最大能力 加快偿还拖欠企业账款。对于环保行业来说，地方政府是企业的 主要客户，受地方账款拖欠的影响较大。伴随化债资金的就位和 地方转向债券的发行，环卫行业应收账款有望加速回收， ...

Financial Data and Key Indicators Changes - The discussion emphasizes the need to accelerate the construction of a new power system to achieve carbon peak and carbon neutrality goals, focusing on optimizing grid structure and enhancing control capabilities [1][2] - The challenges faced include ensuring stable power supply and reasonable electricity pricing while effectively utilizing clean energy [1][3] Business Line Data and Key Indicators Changes - The main issues in promoting large-scale renewable energy bases include unclear pricing mechanisms and difficulties in grid regulation [3][4] - The need for enhancing transmission channel technologies and promoting high-quality development of distribution networks is highlighted [4][5] Market Data and Key Indicators Changes - The discussion points out the significant changes in power supply and demand dynamics, particularly due to extreme weather conditions and global events, leading to increased volatility and uncertainty in electricity supply [8][9] - The necessity for demand-side response capabilities and the construction of virtual power plants is emphasized to improve overall system efficiency and safety [8][27] Company Strategy and Development Direction and Industry Competition - The strategy includes building friendly renewable energy power stations and enhancing the integration of electric vehicles with the grid [6][7] - The focus is on developing shared energy storage technologies to respond to market fluctuations and improve energy utilization efficiency [9][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges in ensuring energy supply and promoting renewable energy sales at the national level, particularly regarding the transmission of energy from large renewable bases [15][16] - The future development of energy storage technologies is expected to play a crucial role in enhancing the flexibility and responsiveness of the power system [9][10] Other Important Information - The need for a robust market mechanism and agent construction mechanism to improve the efficiency of energy storage devices in conjunction with renewable energy is highlighted [6][7] - The discussion includes the importance of establishing a rapid ramp-up market to enhance the profitability of fast-response resources like energy storage [22][23] Q&A Session Summary Question: Why was the 2024-2027 New Power System Action Plan released? - The plan was introduced to address challenges encountered in the construction of the new power system and to provide targeted solutions for current issues [12] Question: What are the main issues in the construction of the new power system? - The core issues include ensuring sufficient power supply, stable electricity prices, and effective utilization of renewable energy [13] Question: What safety issues does the new power system face from the grid perspective? - Key safety issues include the need to expand the grid structure to accommodate more volatile renewable energy sources and the challenges posed by the increasing load from electric vehicles [14] Question: What specific measures are taken to ensure the stability of the power system? - Measures include optimizing the main grid structure, enhancing stability research, and improving energy quality [16] Question: What is the core goal of the high-quality development of the distribution network? - The goal is to ensure that renewable energy can be effectively integrated and to address the limitations of existing distribution networks [17][18] Question: What challenges does the intelligent scheduling system face? - Challenges include the need for a new scheduling model to accommodate the diverse energy sources and the transition from passive to active distribution networks [19] Question: How can the performance of renewable energy power stations be improved? - By implementing actions to enhance system friendliness and optimizing the integration of energy storage with renewable energy [20] Question: What are the environmental issues associated with traditional coal power? - Traditional coal power can lead to significant pollution, and the plan is to use intelligent microgrids to provide energy in these areas [21] Question: Why is the demand-side collaboration action proposed? - It is proposed to address the volatility in electricity supply and demand dynamics observed in recent years [25][26] Question: What is the significance of building virtual power plants? - Virtual power plants aim to optimize the management of various resources to improve the efficiency and safety of the power system [27] Question: What are the expected impacts of a capacity compensation mechanism for energy storage? - The mechanism could provide compensation for energy storage that effectively supports grid capacity, but specific policies are still under exploration [32][33]

中国教培在美国找到新市场 据市调机构 Sensor Tower，本月两款 AI 教培应用 Gauth 和 Question AI 都曾登顶过 App Store 美国教 育类免费榜（今日排名分别为第五和第六）。二者上个月的全球下载量（iOS 和 Android 合计）均为 约 170 万次，相当于热门 AI 应用 Gemini、Perplexity 的两倍多（Gemini 只统计了 Android 下载 量）。 中国教培在美国找到新市场 日本连续 33 年成全球最大债权国 拼多多继续对农业下重注 看起来总出错的 Google 关注《晚点财经》并设为星标，第一时间获取每日商业精华。 Gauth 由字节跳动于 2019 年发布，字节目前仍在官网招聘 Gauth 美国市场的运营人员，年薪 8.4 万至 18 万美元；Question AI 则由作业帮开发，上线仅一年。为了规避海外监管和数据隐私风险，两款应 用的发布实体总部都位于新加坡。 相较于人类老师，AI 助手虽然仍不可避免地会产生 "幻觉"，不懂装懂并输出错误答案，但胜在耐 心、讲解详细、响应及时，以及便宜。在美国充一年会员的费用可能和请一小时家教价格差不多。 ...

。麦加芯彩新材料科技（上海） 股份有限公司 MEGA P&C Advanced Materials (Shanghai) Company Limited （上海市嘉定区马陆镇思诚路 1515 号） 首次公开发行股票并在主板上市 招股意向书 保荐机构（主承销商） （北京市西城区金融大街 7 号英蓝国际金融中心 12 层 F1201-F1210、F1211B- F1215A、F1231-F1232 单元、15 层 F1519-F1521、F1523-F1531 单元） 麦加芯彩新材料科技（上海）股份有限公司 招股意向书 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 1 麦加芯彩新材料科技（上海） ...