农业作为重要的基础产业，其绿色转型不仅关系生态安全和资源可持续利用，也直接影响乡村振兴和共 同富裕目标的实现。在"双碳"目标背景下，农业绿色低碳转型正由单一的污染物排放控制，逐步转向兼 顾生态效益与经济效益的系统性变革。 作者单位：云南大学 云南花卉产业具备以低碳理念引领产业升级的结构性优势。云南是我国最大的鲜切花生产基地，花卉产 业已成为部分地区乡村经济的重要支柱。从碳排放结构看，花卉产业具有排放环节相对集中、管理节点 清晰的特点。设施生产、温控照明、水肥管理以及冷链物流等环节是花卉产业碳排放的主要来源。这种 结构特征，使其具备开展碳足迹核算和精细化减排管理的现实基础。同时，花卉产业附加值高、市场导 向明显，产品主要面向城市消费和国际市场，对品质标准和可持续理念的响应度较高，为降碳投入转化 为市场回报提供了空间。此外，云南花卉产业在龙头企业带动、产业组织化程度以及区域品牌建设等方 面已具备一定基础，为低碳理念的系统融入创造了良好条件。这些因素共同决定了花卉产业不仅是农业 低碳转型的重点领域，也具备率先探索路径、形成示范经验的条件。 碳足迹成为衔接低碳生产与市场溢价的关键纽带。推动降碳投入转化为品牌溢价，关键 ...

图为北海"电港储运"一体化能源基地全景图 图为4号机组顺利通过168小时试运行 12月27日，广西北海公司4号机组经过168小时满负荷试运行后，各项性能指标均达到设计要求，正式投入商业运行。至此，北海公司一期、二期4台百万千 瓦发电机组全部投产，总装机容量达400万千瓦。 随着4号机组投运，北海"电港储运"一体化能源基地建成，两座10万吨级通用码头可接卸全球煤炭，配套年储运1000万吨级储煤场，形成"码头卸煤—基地储 煤—机组燃煤"的完整链条，为广西建设国家综合能源安全保障区，推进"一区两地一园一通道"建设，高水平共建西部陆海新通道提供坚实能源支撑。 作为广西能源发展"十四五"规划的重点项目，北海公司深入践行"四个革命、一个合作"能源安全新战略，聚焦新型电力系统建设需求，一、二期分别建设两 台100万千瓦超超临界二次再热燃煤机组和两台100万千瓦超超临界一次再热燃煤机组。其中二期投产的3、4号机组是广西区域同类型机组中参数等级最优、 排放指标最低、能耗指标最优、调峰能力最强、变负荷速率最快的燃煤机组，是广西区域最大的支撑性、调节性电源，为电网安全稳定和新型电力系统建设 提供坚强保障。 图为厂区地面光伏项目 同 ...

Core Insights - A new energy company in Hainan has adopted a cumulative put option strategy for hedging the price of lithium carbonate extracted from retired batteries, addressing the risks of declining prices and cost inversion [1][3] - This project provides a new model for price risk management in the battery recycling industry, combining economic benefits with strategic significance [2] Project Background - The recycling of used power batteries has become a focus for manufacturers, automakers, and third-party recycling companies, with predictions indicating that the retired battery volume in China will exceed 580,000 tons in 2023 and reach 820,000 tons by 2025 [3] - The company recycles batteries to extract lithium carbonate, which accounts for over 60% of its sales revenue, and aims to hedge against price declines to improve profitability [3][4] Risk Management Needs - Starting in May 2024, lithium carbonate futures prices experienced significant declines, leading to a cost inversion situation that traditional futures hedging could not address [4] - The company and Dongzheng Runhe Capital Management identified that prices would likely remain low in the short term, prompting the need to lock in higher sales prices [4] Option Design Strategy - The company planned to produce 60 tons of lithium carbonate by the end of September 2024 and sought to sell it at prices above the spot market to stabilize cash flow [5] - Dongzheng Runhe designed a cumulative put option to help the company manage risks while optimizing inventory costs and achieving high-price pre-sales [5] Option Scheme Details - On September 26, 2024, the lithium carbonate market rebounded to 79,700 yuan/ton, and the company executed a transaction with an option period from September 26 to October 23, 2024 [6][9] - The option allowed the company to secure a selling price of 82,750 yuan/ton, which was 3,050 yuan/ton higher than the spot price [6][9] Project Outcome - During the holding period, the lithium carbonate market fluctuated downwards, leading the company to terminate the option early on October 18, 2024, realizing a profit of 35,805.43 yuan [11][13] - This initial attempt at a cumulative put option successfully achieved the goal of increasing revenue and reinforced the company's confidence in using structured derivatives for operational stability [11][13] Project Summary - The project provided the company with a selling price above market rates, addressing cost inversion issues and enhancing the resilience of the resource recycling industry [13] - It also strengthened the company's ability to withstand market cycles, providing financial support for technological research and capacity expansion [13] - The project serves as a replicable risk management template for the battery recycling industry, promoting a shift from "price competition" to "value management" [13]

Core Insights - China's offshore wind power industry has achieved a historic leap from following to leading globally, with significant technological breakthroughs and a focus on deep-sea development [1][2] Group 1: Industry Development - The first 16 MW floating wind turbine, "Three Gorges Leading," has been assembled, marking a milestone in offshore wind hydrogen production [1] - As of September 2025, China's cumulative installed offshore wind capacity reached 44.61 million kW, maintaining the world's leading position in new installations for seven consecutive years from 2018 to 2024 [2] - The offshore wind power industry is entering a critical phase of scale and intensive development, requiring collaborative innovation, technological breakthroughs, and policy support [1][2] Group 2: Policy and Regulation - The Ministry of Industry and Information Technology has proposed new regulations for the wind power equipment industry, setting entry barriers based on R&D investment, production capacity, quality control, and green manufacturing [1] - The new regulations signal the acceleration of outdated capacity elimination and a shift towards a technology-intensive and low-carbon industry [1][5] Group 3: Market Dynamics - Coastal provinces like Jiangsu and Guangdong have become the main battlegrounds for offshore wind development, with installed capacities exceeding 10 million kW [3] - The offshore wind energy resources in China are vast, with a technical development potential of approximately 278 million kW, indicating significant room for growth [4] Group 4: Industry Challenges - The transition to a market-oriented model has introduced revenue volatility for offshore wind projects, necessitating enhanced risk management across the industry [6] - Key technological breakthroughs are required for large-scale, intelligent, and deep-sea development, focusing on flexible design, lightweight processes, and smart operation systems [6] Group 5: Collaborative Efforts - The Three Gorges Group has achieved 86 supply-demand cooperation agreements with a contract value of approximately 9.3 billion yuan, showcasing the effectiveness of industry collaboration [7] - The future of market competition will rely on collaborative efforts across the industry chain, emphasizing the importance of quality improvement and innovation [6][7]

12月25日，国家电投集团在北京正式发布全球首套超高温热泵储能技术——"储诺"。相较于传统储能技术，"储诺"超高 温热泵储能技术布置灵活度高，无需依赖特定地理条件，无论是平原电站还是山地产业园均可快速部署。 热泵储能，也被称作卡诺电池。其结合热泵循环与热机循环，可实现电能与热能之间的高效双向转换。该技术具有布置 灵活、储能密度高、容量成本低、储能效率高且可实现高品质冷热电联供等优势。 据介绍，除布置灵活度高，"储诺"超高温热泵储能技术循环效率无衰减，规模化电电转化效率65%以上，在不同负荷下 效率稳定。同时，储能技术参数优势明显，储热高温560℃以上，低温可达-60℃，储能密度可达每立方米80~120千瓦 时，远超常规压缩空气储能，同等空间下储能容量可提升10倍以上。该技术应用场景广泛，可实现高品质冷热电联供， 耦合新能源大基地、煤电、核电、高耗能等产业，提升绿电比例，满足运行灵活性及节能减排需求。 据了解，国家电投集团中央研究院自2018年提出气体超高温热泵储能技术体系并进行研发布局，经过多年探索，攻克了 系统构型、核心设备、系统控制等系统关键技术，建立了具备完全自主知识产权的热泵储能技术体系，成功建设了全 ...

Group 1 - The "East Data West Computing" project has significantly enhanced the green computing power supply capacity and solidified the green foundation of computing infrastructure over the past two years [1] - By the end of 2025, the green electricity proportion in newly built data centers at national hub nodes is expected to exceed 80% [1] - The push for green transformation in data centers is driven by higher energy-saving requirements, leading to increased adoption of renewable energy sources such as solar, wind, and hydropower [1][2] Group 2 - The integration of data centers as a new type of infrastructure is crucial for supporting the deep development of the digital economy, necessitating a scientific layout and green, efficient operations [2] - Policies have been implemented to promote the green transformation of data centers, including the issuance of 22 key tasks aimed at fostering low-carbon development in the digital industry [2] - The establishment of a standardized system for the national integrated computing network enhances the quality and reliability of computing services, supporting the healthy development of the green data center industry [3] Group 3 - The demand for computing power is experiencing explosive growth, with the market size expected to reach 835.1 billion yuan by 2025, reflecting the robust development and market potential of the computing industry [4] - The "dual carbon" goals and related policies provide clear green development targets for data center industry chain enterprises, driving innovation in energy-efficient solutions [4] - High voltage direct current technology is being developed to support the integration of renewable energy sources, reducing reliance on traditional energy and promoting the growth of green data centers [4][5] Group 4 - Innovations in cooling technology, such as immersion liquid cooling, are crucial for the efficient operation of data centers, leading to lower Power Usage Effectiveness (PUE) and enabling the use of high-density computing equipment [5] - The construction of green data centers is fostering collaborative innovation across the industry chain, involving operators, equipment manufacturers, energy suppliers, and software developers [5] - Green data centers are driving technological innovation and product development, pushing the industry towards a greener, more efficient, and intelligent future [5]

Core Insights - The increasing contradiction between "U.S. power shortages" and explosive growth in computing power demand is driving a rigid demand for electricity from high-energy-consuming facilities like data centers, creating a historic opportunity for gas turbines as a rapid response and efficient power supply solution [1][19] - Major international gas turbine companies like General Electric (GE Vernova) and Siemens Energy are experiencing strong stock performance, reflecting market expectations for future growth, with GE Vernova's stock up over 115% this year and over 430% since its spin-off [20][1] - The strong demand wave from overseas is transmitting through the supply chain, providing unprecedented development opportunities for related A-share listed companies deeply integrated into the overseas power generation equipment supply chain, with expectations for a dual explosion in orders and performance by 2026 [20][1] Electricity Demand and Supply Gap - The electricity gap in the U.S. is continuously expanding, with the U.S. Energy Information Administration (EIA) predicting that electricity consumption will reach 4,267 billion kilowatt-hours by 2026, driven primarily by AI data centers and cryptocurrency mining [2][20] - Morgan Stanley estimates that the cumulative electricity gap for U.S. data centers from 2025 to 2028 will reach 47 gigawatts, equivalent to the total electricity consumption of nine Miami areas, with a shortfall of 6-16 gigawatts expected even after accounting for rapid power supply solutions [2][20] Gas Turbines as a Core Solution - In the context of electricity shortages, gas turbines are becoming the core choice for addressing the U.S. power gap due to their quick startup speed, strong peak-shaving capabilities, and low carbon emissions [21][20] - Compared to traditional coal power, gas turbines can start within hours and respond quickly to the intermittent power demands of data centers, while also providing stable power supply as a baseload source, unaffected by weather conditions [21][20] Global Energy Transition and Gas Turbines - The global energy transition is accelerating under the "dual carbon" goals, with gas turbines serving as a core equipment for transitional energy due to their lower carbon emissions compared to coal power [3][21] - Policies like the U.S. Inflation Reduction Act (IRA) support clean energy projects, including gas power generation, particularly for low-carbon modifications like hydrogen combustion in gas turbines [3][21] Performance and Capacity Expansion of Major Players - GE Vernova and Siemens Energy have provided strong performance guidance and capacity expansion plans, indicating high industry prosperity, with GE Vernova expecting revenues of $41-42 billion in 2026 and a significant increase in gas turbine orders [4][22] - GE Vernova's new gas turbine orders reached 18 gigawatts in Q4 2025, tripling year-on-year, with total orders expected to exceed 80 gigawatts, reflecting a doubling from the beginning of the year [22][25] - Siemens Energy's gas turbine orders reached 26 gigawatts, with a 94% year-on-year increase, and an order value of €23 billion, indicating strong demand from data centers [25][29] Supply Chain Opportunities for A-Share Companies - A-share gas turbine supply companies have achieved technological breakthroughs in various segments, with some becoming core suppliers to overseas giants [34][36] - Companies like Yingliu Technology and Zhenjiang Co. are positioned to benefit from the expansion of GE Vernova and Siemens Energy in North America, with substantial orders and production capacity [35][36] - The demand for key materials and components, such as high-temperature alloy materials and precision parts, is expected to grow significantly, with domestic companies like Sry New Materials leading in the production of high-purity chromium powder [36][34]

FD TET 交易所市场债券成就 5079亿 5079亿元 2104亿元 2020年末 2025年末 全省交易所债券存量规模变化 3.2倍 2025年，河南地区 1065亿元 较2020年大幅增加3.2倍 43.8% 54.2% 2020年末 2025年末 产业类债券存量占比 180.05zz 专项品种公司债券发行180.05亿元, 为历年最高。 518zz 交投集团"十四五"期间 累计完成交易所债券融资达518亿元 自2025年5月7日债 券市场"科技板"推 HLUS 河南省交易 债券市场是直接融资体系的核心。一个繁荣的债券市场，既可通过对企业信用的精准定价，破解"融资 难、融资贵"难题，又能以更高的发行效率、更长的融资期限，为企业研发创新注入"耐心资本"，让企 业沉下心布局长远、深耕突破。 充分利用债市功能、灵活对接产业需求，是河南资本市场的传统。从1998年"97中国神马债券"的首单发 行，到2025年交易所市场公司债存量突破5000亿元大关，多年来，河南债券市场稳健发力，以一个 个"全国首单"，支持科技创新，助力民营经济，为地方新质生产力发展注入了大量金融活水。 面向"十五五"，河南债券市场融资渠道将 ...

（来源：中国经济导报） 转自：中国经济导报 日前，国家发展改革委、工业和信息化部、国家能源局发布《国家级零碳园区建设名单（第一批）》， 北京经济技术开发区、天津经济技术开发区、海南海口国家高新技术产业开发区等52个园区入选。图为 海口国家高新技术产业开发区一角。新华社 本报记者 | 甄敬怡 不同于单一的示范工程，首批园区还承担着"制度样板"的使命。国家级零碳园区建设采用"1项核心指标 +5项引导指标"的考核体系，从单位能耗碳排放、清洁能源消费占比到工业固废综合利用率等维度，形 成了可量化、可考核的建设标准。业内人士表示，随着零碳园区的先行建设，我国也将逐步完善相关规 划设计、技术装备、商业模式和管理规范，有计划、分步骤推进各类园区低碳化零碳化改造，助力园区 和企业减碳增效，为实现"双碳"目标提供坚实有力支撑。 12月26日，首批国家级零碳园区建设名单（以下简称"名单"）重磅出炉。从2024年中央经济工作会议要 求"建立一批零碳园区"，到2025年《政府工作报告》再次作出明确部署，再到2025年6月国家发展改革 委等部门发布《关于开展零碳园区建设的通知》，零碳园区建设从顶层设计到实践落地，步伐迅速而稳 健。 1 ...

Core Viewpoint - The power sector experienced significant declines, particularly in thermal power stocks, due to downward pressure on long-term electricity prices for 2026, which fell short of market expectations [2][5]. Group 1: Stock Performance - Major thermal power stocks saw substantial declines, with Guodian Power down 7.96%, Anhui Energy down 6.46%, and Huaneng International down 5.07% [2][3]. - Other notable declines included Shanghai Electric and Inner Mongolia Huadian, both dropping over 5% [2]. Group 2: Electricity Price Trends - The long-term electricity price for Guangdong in 2026 was set at 372.14 cents/kWh, a decrease of 19.72 cents/kWh from the previous year, nearing the lower limit of the benchmark price [5]. - In Jiangsu, the average price for January 2026 was 324.71 yuan/MWh, down 19.9% year-on-year, reflecting significant downward pressure on electricity prices in economically developed regions [5]. Group 3: Market Analysis - Analysts suggest that the ongoing market reforms may lead to a gradual increase in electricity prices, with the introduction of capacity pricing mechanisms reinforcing the foundational role of coal power [4]. - Despite the current downward trend, some institutions believe that the electricity market may not be overly pessimistic for 2026, as the government is beginning to focus on stabilizing electricity prices [7]. Group 4: Competitive Landscape - The retail electricity market has seen irrational competition, with companies engaging in aggressive pricing strategies to capture market share, leading to a temporary failure in price discovery [6]. - The introduction of new policies may help mitigate the excessive price competition among retail electricity companies, potentially restoring order to the market [7]. Group 5: Future Outlook - The construction of a new power system under the "dual carbon" goals is expected to rely on enhanced system regulation and support from the government, which may improve the performance of power operators in the future [8].